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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and FTAI Infrastructure Inc. (FIP). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($143.5M vs $114.9M, roughly 1.2× DULUTH HOLDINGS INC.). DULUTH HOLDINGS INC. runs the higher net margin — -8.8% vs -68.1%, a 59.3% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs -9.6%). DULUTH HOLDINGS INC. produced more free cash flow last quarter ($-8.9M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
DLTH vs FIP — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $143.5M |
| Net Profit | $-10.1M | $-97.7M |
| Gross Margin | 53.8% | — |
| Operating Margin | -7.7% | -45.7% |
| Net Margin | -8.8% | -68.1% |
| Revenue YoY | -9.6% | 77.7% |
| Net Profit YoY | 64.6% | 21.6% |
| EPS (diluted) | $-0.29 | $-1.04 |
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 | $114.9M | $143.5M | ||
| Q3 25 | $131.7M | $140.6M | ||
| Q2 25 | $102.7M | $122.3M | ||
| Q1 25 | $241.3M | $96.2M | ||
| Q4 24 | $127.1M | $80.8M | ||
| Q3 24 | $141.6M | $83.3M | ||
| Q2 24 | $116.7M | $84.9M | ||
| Q1 24 | $245.6M | $82.5M |
| Q4 25 | $-10.1M | $-97.7M | ||
| Q3 25 | $1.3M | $-104.5M | ||
| Q2 25 | $-15.3M | $-70.0M | ||
| Q1 25 | $-5.6M | $120.2M | ||
| Q4 24 | $-28.2M | $-124.7M | ||
| Q3 24 | $-2.0M | $-43.0M | ||
| Q2 24 | $-7.9M | $-48.1M | ||
| Q1 24 | $6.4M | $-50.3M |
| 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 | -7.7% | -45.7% | ||
| Q3 25 | 1.8% | -70.8% | ||
| Q2 25 | -12.0% | -56.4% | ||
| Q1 25 | -1.8% | 81.8% | ||
| Q4 24 | -17.4% | -152.7% | ||
| Q3 24 | -1.1% | -51.7% | ||
| Q2 24 | -7.7% | -56.4% | ||
| Q1 24 | 3.6% | -58.8% |
| Q4 25 | -8.8% | -68.1% | ||
| Q3 25 | 1.0% | -74.4% | ||
| Q2 25 | -14.9% | -57.2% | ||
| Q1 25 | -2.3% | 125.0% | ||
| Q4 24 | -22.2% | -154.4% | ||
| Q3 24 | -1.4% | -51.6% | ||
| Q2 24 | -6.7% | -56.7% | ||
| Q1 24 | 2.6% | -60.9% |
| Q4 25 | $-0.29 | $-1.04 | ||
| Q3 25 | $0.04 | $-1.38 | ||
| Q2 25 | $-0.45 | $-0.73 | ||
| Q1 25 | $-0.17 | $0.89 | ||
| Q4 24 | $-0.84 | $-1.21 | ||
| Q3 24 | $-0.06 | $-0.45 | ||
| Q2 24 | $-0.24 | $-0.52 | ||
| Q1 24 | $0.20 | $-0.54 |
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 | $57.4M |
| Total DebtLower is stronger | — | $3.8B |
| Stockholders' EquityBook value | $160.6M | $21.3M |
| Total Assets | $468.0M | $5.7B |
| Debt / EquityLower = less leverage | — | 176.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $57.4M | ||
| Q3 25 | $5.7M | $34.7M | ||
| Q2 25 | $8.6M | $33.6M | ||
| Q1 25 | $3.3M | $26.3M | ||
| Q4 24 | $9.3M | $27.8M | ||
| Q3 24 | $9.8M | $20.3M | ||
| Q2 24 | $6.8M | $33.1M | ||
| Q1 24 | $32.2M | $23.0M |
| Q4 25 | — | $3.8B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.3B |
| Q4 25 | $160.6M | $21.3M | ||
| Q3 25 | $170.0M | $181.1M | ||
| Q2 25 | $167.9M | $375.5M | ||
| Q1 25 | $182.7M | $476.2M | ||
| Q4 24 | $188.1M | $202.7M | ||
| Q3 24 | $215.7M | $370.8M | ||
| Q2 24 | $218.4M | $394.8M | ||
| Q1 24 | $222.8M | $402.5M |
| Q4 25 | $468.0M | $5.7B | ||
| Q3 25 | $433.8M | $5.5B | ||
| Q2 25 | $463.7M | $4.4B | ||
| Q1 25 | $452.4M | $4.1B | ||
| Q4 24 | $533.1M | $2.4B | ||
| Q3 24 | $488.6M | $2.4B | ||
| Q2 24 | $471.4M | $2.5B | ||
| Q1 24 | $491.2M | $2.3B |
| Q4 25 | — | 176.99× | ||
| Q3 25 | — | 20.59× | ||
| Q2 25 | — | 8.21× | ||
| Q1 25 | — | 5.79× | ||
| Q4 24 | — | 7.84× | ||
| Q3 24 | — | 4.14× | ||
| Q2 24 | — | 3.94× | ||
| Q1 24 | — | 3.34× |
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 | $-2.8M |
| Free Cash FlowOCF − Capex | $-8.9M | $-68.6M |
| FCF MarginFCF / Revenue | -7.8% | -47.8% |
| Capex IntensityCapex / Revenue | 2.0% | 45.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $-398.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $-2.8M | ||
| Q3 25 | $32.0M | $-24.4M | ||
| Q2 25 | $-56.5M | $-5.2M | ||
| Q1 25 | $41.2M | $-85.7M | ||
| Q4 24 | $-41.1M | $-8.1M | ||
| Q3 24 | $16.6M | $14.2M | ||
| Q2 24 | $-33.7M | $-17.6M | ||
| Q1 24 | $69.7M | $-3.9M |
| Q4 25 | $-8.9M | $-68.6M | ||
| Q3 25 | $29.8M | $-90.7M | ||
| Q2 25 | $-57.8M | $-87.5M | ||
| Q1 25 | $38.7M | $-151.7M | ||
| Q4 24 | $-43.7M | $-34.3M | ||
| Q3 24 | $15.0M | $-11.7M | ||
| Q2 24 | $-35.2M | $-32.1M | ||
| Q1 24 | $60.6M | $-16.7M |
| Q4 25 | -7.8% | -47.8% | ||
| Q3 25 | 22.6% | -64.5% | ||
| Q2 25 | -56.3% | -71.6% | ||
| Q1 25 | 16.0% | -157.7% | ||
| Q4 24 | -34.4% | -42.4% | ||
| Q3 24 | 10.6% | -14.0% | ||
| Q2 24 | -30.2% | -37.9% | ||
| Q1 24 | 24.7% | -20.3% |
| Q4 25 | 2.0% | 45.9% | ||
| Q3 25 | 1.7% | 47.2% | ||
| Q2 25 | 1.3% | 67.3% | ||
| Q1 25 | 1.0% | 68.6% | ||
| Q4 24 | 2.1% | 32.5% | ||
| Q3 24 | 1.2% | 31.1% | ||
| Q2 24 | 1.3% | 17.2% | ||
| Q1 24 | 3.7% | 15.6% |
| Q4 25 | — | — | ||
| Q3 25 | 25.40× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -0.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 10.86× | — |
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% |
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
