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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and ESSENTIAL PROPERTIES REALTY TRUST, INC. (EPRT). Click either name above to swap in a different company.
ESSENTIAL PROPERTIES REALTY TRUST, INC. is the larger business by last-quarter revenue ($158.8M vs $114.9M, roughly 1.4× DULUTH HOLDINGS INC.). ESSENTIAL PROPERTIES REALTY TRUST, INC. runs the higher net margin — 37.8% vs -8.8%, a 46.5% gap on every dollar of revenue. On growth, ESSENTIAL PROPERTIES REALTY TRUST, INC. posted the faster year-over-year revenue change (22.8% vs -9.6%). Over the past eight quarters, ESSENTIAL PROPERTIES REALTY TRUST, INC.'s revenue compounded faster (20.6% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Essential Properties Realty Trust is a publicly traded real estate investment trust (REIT) that acquires, owns and manages a diversified portfolio of single-tenant net-leased commercial properties across the United States. Its assets primarily cover essential service-oriented sectors including casual dining, automotive services, medical clinics, early childhood education centers and light industrial facilities, with tenants mostly holding robust long-term operating track records.
DLTH vs EPRT — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $158.8M |
| Net Profit | $-10.1M | $60.0M |
| Gross Margin | 53.8% | — |
| Operating Margin | -7.7% | 56.5% |
| Net Margin | -8.8% | 37.8% |
| Revenue YoY | -9.6% | 22.8% |
| Net Profit YoY | 64.6% | 6.5% |
| EPS (diluted) | $-0.29 | $0.28 |
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.
| Q1 26 | — | $158.8M | ||
| Q4 25 | $114.9M | $149.9M | ||
| Q3 25 | $131.7M | $144.9M | ||
| Q2 25 | $102.7M | $137.1M | ||
| Q1 25 | $241.3M | $129.4M | ||
| Q4 24 | $127.1M | $119.7M | ||
| Q3 24 | $141.6M | $117.1M | ||
| Q2 24 | $116.7M | $109.3M |
| Q1 26 | — | $60.0M | ||
| Q4 25 | $-10.1M | $68.1M | ||
| Q3 25 | $1.3M | $65.6M | ||
| Q2 25 | $-15.3M | $63.2M | ||
| Q1 25 | $-5.6M | $56.1M | ||
| Q4 24 | $-28.2M | $55.4M | ||
| Q3 24 | $-2.0M | $49.1M | ||
| Q2 24 | $-7.9M | $51.5M |
| Q1 26 | — | — | ||
| 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 26 | — | 56.5% | ||
| Q4 25 | -7.7% | 65.9% | ||
| Q3 25 | 1.8% | 64.7% | ||
| Q2 25 | -12.0% | 64.1% | ||
| Q1 25 | -1.8% | 61.6% | ||
| Q4 24 | -17.4% | 66.1% | ||
| Q3 24 | -1.1% | 59.7% | ||
| Q2 24 | -7.7% | 61.1% |
| Q1 26 | — | 37.8% | ||
| Q4 25 | -8.8% | 45.4% | ||
| Q3 25 | 1.0% | 45.3% | ||
| Q2 25 | -14.9% | 46.1% | ||
| Q1 25 | -2.3% | 43.4% | ||
| Q4 24 | -22.2% | 46.3% | ||
| Q3 24 | -1.4% | 42.0% | ||
| Q2 24 | -6.7% | 47.1% |
| Q1 26 | — | $0.28 | ||
| Q4 25 | $-0.29 | $0.34 | ||
| Q3 25 | $0.04 | $0.33 | ||
| Q2 25 | $-0.45 | $0.32 | ||
| Q1 25 | $-0.17 | $0.29 | ||
| Q4 24 | $-0.84 | $0.31 | ||
| Q3 24 | $-0.06 | $0.27 | ||
| Q2 24 | $-0.24 | $0.29 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $8.2M | $15.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.6M | $4.4B |
| Total Assets | $468.0M | $7.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $15.2M | ||
| Q4 25 | $8.2M | $60.2M | ||
| Q3 25 | $5.7M | $23.8M | ||
| Q2 25 | $8.6M | $20.8M | ||
| Q1 25 | $3.3M | $47.0M | ||
| Q4 24 | $9.3M | $40.7M | ||
| Q3 24 | $9.8M | $32.7M | ||
| Q2 24 | $6.8M | $23.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $1.9B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $160.6M | $4.2B | ||
| Q3 25 | $170.0M | $3.8B | ||
| Q2 25 | $167.9M | $3.8B | ||
| Q1 25 | $182.7M | $3.8B | ||
| Q4 24 | $188.1M | $3.6B | ||
| Q3 24 | $215.7M | $3.2B | ||
| Q2 24 | $218.4M | $3.2B |
| Q1 26 | — | $7.2B | ||
| Q4 25 | $468.0M | $6.9B | ||
| Q3 25 | $433.8M | $6.6B | ||
| Q2 25 | $463.7M | $6.3B | ||
| Q1 25 | $452.4M | $6.1B | ||
| Q4 24 | $533.1M | $5.8B | ||
| Q3 24 | $488.6M | $5.5B | ||
| Q2 24 | $471.4M | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.60× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.61× | ||
| Q1 25 | — | 0.56× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.69× | ||
| Q2 24 | — | 0.59× |
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 | $-6.7M | — |
| Free Cash FlowOCF − Capex | $-8.9M | — |
| FCF MarginFCF / Revenue | -7.8% | — |
| Capex IntensityCapex / Revenue | 2.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-6.7M | $381.1M | ||
| Q3 25 | $32.0M | $99.0M | ||
| Q2 25 | $-56.5M | $99.8M | ||
| Q1 25 | $41.2M | $77.2M | ||
| Q4 24 | $-41.1M | $308.5M | ||
| Q3 24 | $16.6M | $73.5M | ||
| Q2 24 | $-33.7M | $81.1M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | — | 5.60× | ||
| Q3 25 | 25.40× | 1.51× | ||
| Q2 25 | — | 1.58× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | — | 5.57× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | — | 1.57× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLTH
| Sales Channel Directly To Consumer | $67.4M | 59% |
| Sales Channel Through Intermediary | $47.4M | 41% |
EPRT
| Rental revenue 1,2 | $149.4M | 94% |
| Other | $8.6M | 5% |
| Other revenue | $779.0K | 0% |
