What is Duluth Holdings Inc.'s operating margin?

Duluth Holdings Inc. (DLTH) reported operating margin of -3.9% in Q3 2025.

What is the long-term trend for Duluth Holdings Inc.'s operating margin?

Over 3 years (2020 to 2024), Duluth Holdings Inc.'s operating margin has grown at a 15.8% compound annual growth rate (CAGR), from 3.8% to -5.9%.

What does operating margin mean?

Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.

Duluth Holdings Inc. DLTH Operating margin

Operating margin at other companies

V.F. CorporationVFC

6%—

W.W. GraingerGWW

14.2%-1.1pp

Dick's Sporting GoodsDKS

6.1%-5.0pp

Lands' End, Inc.LE

0.2%-3.3pp

Designer BrandsDBI

1.2%+0.4pp

Carter'sCRI

5%-3.1pp

Other financials

Income statement

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Revenue$98.6M-4.0%

Gross profit$56.6M+6.1%

Operating income-$9.2M+25.3%

Net income-$10.1M+34.0%

EPS (diluted)-$0.29+35.6%

Balance sheet

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Cash & equivalents$6.1M-28.5%

Total debt$144.3M-10.6%

Total equity$159.4M-5.1%

Total assets$380.7M-17.9%

Cash flow

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Operating cash flow-$13.4M+76.2%

CapEx$1.8M+33.6%

Free cash flow-$15.2M+73.7%

Valuation

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Market cap$170.25M+130%

Enterprise value$308.45M+35.9%

P/S0.3×+0.2×

Profitability

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Gross margin54.3%+5.3pp

Net margin-5%—

FCF margin10.5%—

Returns & leverage

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Return on equity-17%—

Debt / equity0.9×-0.1×

Current ratio1.6×+0.3×

Where this comes from

Calculated from Duluth Holdings Inc.’s reported figures.

operating income/total revenue=-3.9%

Based on trailing twelve months.

The official record: Duluth Holdings Inc.’s 10-Q, filed December 17, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is Duluth Holdings Inc.'s operating margin?: Duluth Holdings Inc. (DLTH) reported operating margin of -3.9% in Q3 2025.
What is the long-term trend for Duluth Holdings Inc.'s operating margin?: Over 3 years (2020 to 2024), Duluth Holdings Inc.'s operating margin has grown at a 15.8% compound annual growth rate (CAGR), from 3.8% to -5.9%.
What does operating margin mean?: Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.