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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) and DULUTH HOLDINGS INC. (DLTH). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $73.3M, roughly 1.6× Apollo Commercial Real Estate Finance, Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs -8.8%, a 48.7% gap on every dollar of revenue. On growth, Apollo Commercial Real Estate Finance, Inc. posted the faster year-over-year revenue change (4.0% vs -9.6%). Over the past eight quarters, Apollo Commercial Real Estate Finance, Inc.'s revenue compounded faster (-4.6% CAGR vs -31.6%).
Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that originates, acquires and manages commercial real estate debt assets including mortgages, mezzanine loans and mortgage-backed securities, primarily operating in the U.S. market to deliver consistent risk-adjusted returns.
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
ARI vs DLTH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $114.9M |
| Net Profit | $29.2M | $-10.1M |
| Gross Margin | — | 53.8% |
| Operating Margin | 39.7% | -7.7% |
| Net Margin | 39.9% | -8.8% |
| Revenue YoY | 4.0% | -9.6% |
| Net Profit YoY | -28.2% | 64.6% |
| EPS (diluted) | $0.19 | $-0.29 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $73.3M | $114.9M | ||
| Q3 25 | $61.6M | $131.7M | ||
| Q2 25 | $70.9M | $102.7M | ||
| Q1 25 | $65.8M | $241.3M | ||
| Q4 24 | $70.5M | $127.1M | ||
| Q3 24 | $71.6M | $141.6M | ||
| Q2 24 | $81.1M | $116.7M | ||
| Q1 24 | $80.5M | $245.6M |
| Q4 25 | $29.2M | $-10.1M | ||
| Q3 25 | $50.8M | $1.3M | ||
| Q2 25 | $20.7M | $-15.3M | ||
| Q1 25 | $26.0M | $-5.6M | ||
| Q4 24 | $40.7M | $-28.2M | ||
| Q3 24 | $-91.5M | $-2.0M | ||
| Q2 24 | $35.8M | $-7.9M | ||
| Q1 24 | $-104.5M | $6.4M |
| Q4 25 | — | 53.8% | ||
| Q3 25 | — | 54.7% | ||
| Q2 25 | — | 52.0% | ||
| Q1 25 | — | 44.1% | ||
| Q4 24 | — | 52.3% | ||
| Q3 24 | — | 52.3% | ||
| Q2 24 | — | 52.8% | ||
| Q1 24 | — | 48.2% |
| Q4 25 | 39.7% | -7.7% | ||
| Q3 25 | 82.8% | 1.8% | ||
| Q2 25 | 29.4% | -12.0% | ||
| Q1 25 | 39.7% | -1.8% | ||
| Q4 24 | 57.9% | -17.4% | ||
| Q3 24 | -127.8% | -1.1% | ||
| Q2 24 | 44.2% | -7.7% | ||
| Q1 24 | -129.6% | 3.6% |
| Q4 25 | 39.9% | -8.8% | ||
| Q3 25 | 82.4% | 1.0% | ||
| Q2 25 | 29.3% | -14.9% | ||
| Q1 25 | 39.5% | -2.3% | ||
| Q4 24 | 57.7% | -22.2% | ||
| Q3 24 | -127.9% | -1.4% | ||
| Q2 24 | 44.1% | -6.7% | ||
| Q1 24 | -129.8% | 2.6% |
| Q4 25 | $0.19 | $-0.29 | ||
| Q3 25 | $0.34 | $0.04 | ||
| Q2 25 | $0.12 | $-0.45 | ||
| Q1 25 | $0.16 | $-0.17 | ||
| Q4 24 | $0.25 | $-0.84 | ||
| Q3 24 | $-0.69 | $-0.06 | ||
| Q2 24 | $0.23 | $-0.24 | ||
| Q1 24 | $-0.76 | $0.20 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $139.8M | $8.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.9B | $160.6M |
| Total Assets | $9.9B | $468.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | $8.2M | ||
| Q3 25 | $245.9M | $5.7M | ||
| Q2 25 | $177.6M | $8.6M | ||
| Q1 25 | $166.4M | $3.3M | ||
| Q4 24 | $317.4M | $9.3M | ||
| Q3 24 | $194.3M | $9.8M | ||
| Q2 24 | $174.7M | $6.8M | ||
| Q1 24 | $161.2M | $32.2M |
| Q4 25 | $1.9B | $160.6M | ||
| Q3 25 | $1.9B | $170.0M | ||
| Q2 25 | $1.8B | $167.9M | ||
| Q1 25 | $1.9B | $182.7M | ||
| Q4 24 | $1.9B | $188.1M | ||
| Q3 24 | $1.9B | $215.7M | ||
| Q2 24 | $2.0B | $218.4M | ||
| Q1 24 | $2.0B | $222.8M |
| Q4 25 | $9.9B | $468.0M | ||
| Q3 25 | $9.5B | $433.8M | ||
| Q2 25 | $9.8B | $463.7M | ||
| Q1 25 | $8.8B | $452.4M | ||
| Q4 24 | $8.4B | $533.1M | ||
| Q3 24 | $9.1B | $488.6M | ||
| Q2 24 | $9.3B | $471.4M | ||
| Q1 24 | $9.2B | $491.2M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $142.5M | $-6.7M |
| Free Cash FlowOCF − Capex | — | $-8.9M |
| FCF MarginFCF / Revenue | — | -7.8% |
| Capex IntensityCapex / Revenue | — | 2.0% |
| Cash ConversionOCF / Net Profit | 4.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | $-6.7M | ||
| Q3 25 | $31.7M | $32.0M | ||
| Q2 25 | $63.2M | $-56.5M | ||
| Q1 25 | $39.3M | $41.2M | ||
| Q4 24 | $200.3M | $-41.1M | ||
| Q3 24 | $47.2M | $16.6M | ||
| Q2 24 | $50.2M | $-33.7M | ||
| Q1 24 | $52.8M | $69.7M |
| Q4 25 | — | $-8.9M | ||
| Q3 25 | — | $29.8M | ||
| Q2 25 | — | $-57.8M | ||
| Q1 25 | — | $38.7M | ||
| Q4 24 | — | $-43.7M | ||
| Q3 24 | — | $15.0M | ||
| Q2 24 | — | $-35.2M | ||
| Q1 24 | — | $60.6M |
| Q4 25 | — | -7.8% | ||
| Q3 25 | — | 22.6% | ||
| Q2 25 | — | -56.3% | ||
| Q1 25 | — | 16.0% | ||
| Q4 24 | — | -34.4% | ||
| Q3 24 | — | 10.6% | ||
| Q2 24 | — | -30.2% | ||
| Q1 24 | — | 24.7% |
| Q4 25 | — | 2.0% | ||
| Q3 25 | — | 1.7% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 3.7% |
| Q4 25 | 4.88× | — | ||
| Q3 25 | 0.62× | 25.40× | ||
| Q2 25 | 3.05× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 4.93× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.40× | — | ||
| Q1 24 | — | 10.86× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARI
Segment breakdown not available.
DLTH
| Sales Channel Directly To Consumer | $67.4M | 59% |
| Sales Channel Through Intermediary | $47.4M | 41% |
