Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Duluth Holdings Inc.DLTH · shops | |
|---|---|
| Grade |  Dfourth fifth of 258 graded peers; percentile 64.2, sampling error 2.9 points; lower is stronger |
| Rank | 166 of 258 |
| Profitability | Bpercentile 34.2 |
| Solvency | Cpercentile 54.9 |
| Growth and financing | D/Epercentile 78.8 |
| Reliability | 0.87 AUCfailure model, filers with $120M to $591M assets; 95% interval 0.83 to 0.90; 206 events, 2020 to 2025 |
| Peer failure rate | 1.03% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $120M to $591M assetstotal assets $402.6M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: dilution, distress, fortress balance sheet |
| Inputs computable | 8 of 14 |
| Graded from | filings received through Mar 20, 2026203 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $4.002026-10-08; market equity $0; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Mar 20, 2026; the document on sec.gov.
Unless the context indicates otherwise, the terms the “Company,” “Duluth,” “Duluth Trading,” “Duluth Holdings,” “Duluth Trading Company,” “Duluth Trading Co.,” “we,” “our” or “us” are used to refer to Duluth Holdings Inc. The following discussion contains references to fiscal years 2025 and 2024, which refer to our fiscal years ended February 1, 2026 and February 2, 2025, respectively. Fiscal year 2025 was a 52-week period and 2024 was a 53-week period. Duluth Trading is a lifestyle brand of men’s and women’s workwear, casual wear, outdoor apparel and accessories primarily sold through our own omnichannel platform. We offer products nationwide through our website.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 34.2 | |||||||
| Gross profitability | 74.9% | [1,3] | 42.6% | 14.1 | 242 | 2026-02-01 | |
| Return on invested capital | not computable | 10.9% | |||||
| required facts have no common fiscal period end | |||||||
| Accruals ratio | (9.5%) | [1,4-6] | (4.9%) | 25.5 | 287 | 2026-02-01 | |
| Gross margin stability, five years | 1.8 pts | [2-3,7-14] | 1.2 pts | 62.8 | 219 | 2026-02-01 | |
| Solvency, sleeve percentile 54.9 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| liabilities and a nearby cover-page share count are required at 2026-08-02 | |||||||
| Altman Z double-prime | 2.12 | [1,15-20] | 1.92 | 43.5 | 208 | 2026-02-01 | |
| Net debt to EBITDA | not computable | 1.84x | |||||
| required facts have no common fiscal period end | |||||||
| Interest coverage | (1.95x) | [18,21] | 2.26x | 82.5 | 64 | 2026-02-01 | |
| Current ratio | 1.59x | [15-16] | 1.37x | 38.8 | 295 | 2026-02-01 | |
| Growth and financing, sleeve percentile 78.8 | |||||||
| Revenue growth, three-year compound | (4.7%) | [2,8,10,12] | 1.5% | 73.9 | 269 | 2026-02-01 | |
| Free cash flow growth, three-year compound | not computable | 5.6% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 7.3% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | (8.6%) | [1,6,22-23] | 3.4% | 83.8 | 272 | 2026-02-01 | |
| Net share issuance, one year | not computable | (0.6%) | |||||
| two annual share counts are required; found 0 | |||||||
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.123; sampling error 2.9 percentile points on 258 peers.
Among 258 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 161 | Marinemax Inc. (HZO) Marinemax Inc. (HZO) C/Don the C/D boundary; percentile 62.3 NYSE · Retail-Auto & Home Supply Stores market equity $1.2B; last close $52.43 No active warnings; 13 of 14 inputs | 62.3 | C/D | |
| 162 | CarParts.com, Inc. (PRTS) CarParts.com, Inc. (PRTS) C/Don the C/D boundary; percentile 62.6 Nasdaq · Retail-Auto & Home Supply Stores market equity $69.3M; last close $8.47 No active warnings; 8 of 14 inputs | 62.6 | C/D | |
| 163 | Asbury Automotive Group Inc. (ABG) Asbury Automotive Group Inc. (ABG) Dfourth fifth; percentile 63.0 NYSE · Retail-Auto Dealers & Gasoline Stations market equity $3.0B; last close $168.19 No active warnings; 7 of 14 inputs | 63.0 | D | |
| 164 | Mcdonalds Corp. (MCD) Mcdonalds Corp. (MCD) Dfourth fifth; percentile 63.4 NYSE · Retail-Eating Places market equity $167.6B; last close $236.87 No active warnings; 8 of 14 inputs | 63.4 | D | |
| 165 | 1stdibs.com, Inc. (DIBS) 1stdibs.com, Inc. (DIBS) Dfourth fifth; percentile 63.8 Nasdaq · Retail-Catalog & Mail-Order Houses market equity $132.4M; last close $3.95 No active warnings; 8 of 14 inputs | 63.8 | D | |
| 166 | Duluth Holdings Inc. (DLTH) Duluth Holdings Inc. (DLTH) Dfourth fifth; percentile 64.2 Nasdaq · Retail-Apparel & Accessory Stores last close $4.00 No active warnings; 8 of 14 inputs | 64.2 | D | |
| 167 | NU Skin Enterprises, Inc. (NUS) NU Skin Enterprises, Inc. (NUS) Dfourth fifth; percentile 64.6 NYSE · Wholesale-Drugs, Proprietaries & Druggists' Sundries market equity $232.2M; last close $4.76 Warnings: distress, fortress balance sheet; 11 of 14 inputs | 64.6 | D | distress, fortress balance sheet |
| 168 | A.K.A. Brands Holding Corp. (AKA) A.K.A. Brands Holding Corp. (AKA) Dfourth fifth; percentile 65.0 NYSE · Retail-Catalog & Mail-Order Houses market equity $118.2M; last close $10.50 No active warnings; 8 of 14 inputs | 65.0 | D | |
| 169 | O Reilly Automotive Inc. (ORLY) O Reilly Automotive Inc. (ORLY) Dfourth fifth; percentile 65.4 Nasdaq · Retail-Auto & Home Supply Stores market equity $69.6B; last close $86.00 No active warnings; 9 of 14 inputs | 65.4 | D | |
| 170 | AerSale Corp. (ASLE) AerSale Corp. (ASLE) Dfourth fifth; percentile 65.8 Nasdaq · Wholesale-Machinery, Equipment & Supplies market equity $260.7M; last close $4.92 Warnings: short runway, fortress balance sheet; 10 of 14 inputs | 65.8 | D | short runway, fortress balance sheet |
| 171 | World Kinect Corp. (WKC) World Kinect Corp. (WKC) Dfourth fifth; percentile 66.1 NYSE · Wholesale-Petroleum & Petroleum Products (No Bulk Stations) market equity $1.9B; last close $37.25 No active warnings; 11 of 14 inputs | 66.1 | D |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | D | 64.3 | 2204 |
| sector peers, equal sleeves (the grade) | D | 64.2 | 258 |
| same exchange, equal sleeves | C/D | 59.9 | 1219 |
| sector peers, equal inputs | C/D | 60.7 | 258 |
Each letter is one fifth of the 258 graded peers, about 51 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (5.9%) | (0.1%) | 43 | hotter than 43 of 100 peers |
| Distance from 52-week high | (15.9%) | (24.1%) | 63 | closer to its high than 63 of 100 peers |
| EBIT to enterprise value | not computable | 5.3% | required accounting or market input is missing | |
| Free cash flow yield | not computable | 4.2% | required accounting or market input is missing | |
| Book value to price | not computable | 0.36 | required accounting or market input is missing | |
| Sales to price | not computable | 1.75 | required accounting or market input is missing | |
| Composite equity issuance, five years | not computable | (16.7%) | required accounting or market input is missing | |
| Relative strength against the sector, log excess return | (0.04) | 0.02 | 43 | ahead of 43 of 100 peers |
Inputs: EBIT -$10.2M; free cash flow $16.6M; book equity $177.9M; sales $565.2M; debt $28.3M; cash $26.8M.
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2026-02-01 | ||
|---|---|---|
| Return on assets above zero | (3.6%) | ✗ fail[4,6] |
| Operating cash flow above zero | $24.2M | ✓ pass[5] |
| Return on assets improved | 5.3 pts | ✓ pass[4,6,22,24] |
| Operating cash flow exceeds net income | $40.6M | ✓ pass[4-5] |
| Long-term leverage fell | n/a[1,6,22] | |
| Current ratio improved | 10.0 pts | ✓ pass[15-16,25-26] |
| No new shares issued | n/a | |
| Gross margin improved | 4.1 pts | ✓ pass[2-3,7-8] |
| Asset turnover improved | (2.6 pts) | ✗ fail[2,6,8,22] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $26.8M[27] |
| Operating cash flow, four quarters | $64.1M[5,27-31] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 35 |
| 10-Q received Sep 4, 2026 | |
| Median daily dollar volume | $218,769 |
| 63 sessions | |
| Days since newest grade input | 203 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $402.6M | 2026-02-01 | 2026-03-20 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $565.2M | 2026-02-01 | 2026-03-20 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $301.6M | 2026-02-01 | 2026-03-20 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | -$16.4M | 2026-02-01 | 2026-03-20 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $24.2M | 2026-02-01 | 2026-03-20 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $452.4M | 2025-02-02 | 2026-03-20 | 10-K | filing · viewer · series |
| 7 | gross profit | us-gaap:GrossProfit | $308.5M | 2025-02-02 | 2026-03-20 | 10-K | filing · viewer · series |
| 8 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $626.6M | 2025-02-02 | 2026-03-20 | 10-K | filing · viewer · series |
| 9 | gross profit | us-gaap:GrossProfit | $325.0M | 2024-01-28 | 2025-03-24 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $646.7M | 2024-01-28 | 2025-03-24 | 10-K | filing · viewer · series |
| 11 | gross profit | us-gaap:GrossProfit | $343.4M | 2023-01-29 | 2024-03-22 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $653.3M | 2023-01-29 | 2024-03-22 | 10-K | filing · viewer · series |
| 13 | gross profit | us-gaap:GrossProfit | $377.3M | 2022-01-30 | 2023-03-17 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $698.6M | 2022-01-30 | 2023-03-17 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $172.1M | 2026-02-01 | 2026-03-20 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $108.2M | 2026-02-01 | 2026-03-20 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $61.3M | 2026-02-01 | 2026-03-20 | 10-K | filing · viewer · series |
| 18 | operating income | us-gaap:OperatingIncomeLoss | -$10.2M | 2026-02-01 | 2026-03-20 | 10-K | filing · viewer · series |
| 19 | book equity | us-gaap:StockholdersEquity | $169.0M | 2026-02-01 | 2026-03-20 | 10-K | filing · viewer · series |
| 20 | liabilities | us-gaap:Liabilities | $236.5M | 2026-02-01 | 2026-03-20 | 10-K | filing · viewer · series |
| 21 | interest expense | us-gaap:InterestExpense | $5.2M | 2026-02-01 | 2026-03-20 | 10-K | filing · viewer · series |
| 22 | assets | us-gaap:Assets | $491.2M | 2024-01-28 | 2025-03-24 | 10-K | filing · viewer · series |
| 23 | assets | us-gaap:Assets | $527.5M | 2023-01-29 | 2024-03-22 | 10-K | filing · viewer · series |
| 24 | net income | us-gaap:NetIncomeLoss | -$43.7M | 2025-02-02 | 2026-03-20 | 10-K | filing · viewer · series |
| 25 | current assets | us-gaap:AssetsCurrent | $191.6M | 2025-02-02 | 2026-03-20 | 10-K | filing · viewer · series |
| 26 | current liabilities | us-gaap:LiabilitiesCurrent | $128.6M | 2025-02-02 | 2026-03-20 | 10-K | filing · viewer · series |
| 27 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $26.8M | 2026-08-02 | 2026-09-04 | 10-Q | filing · viewer · series |
| 28 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $15.5M | 2026-08-02 | 2026-09-04 | 10-Q | filing · viewer · series |
| 29 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$13.4M | 2026-05-03 | 2026-06-09 | 10-Q | filing · viewer · series |
| 30 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$31.1M | 2025-11-02 | 2025-12-17 | 10-Q | filing · viewer · series |
| 31 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$24.4M | 2025-08-03 | 2026-09-04 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 64.2 is 4.2 points from the nearest band edge; sampling error is 2.9 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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