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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and FARMERS NATIONAL BANC CORP (FMNB). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $71.5M, roughly 1.6× FARMERS NATIONAL BANC CORP). FARMERS NATIONAL BANC CORP runs the higher net margin — 20.5% vs -8.8%, a 29.3% gap on every dollar of revenue. On growth, FARMERS NATIONAL BANC CORP posted the faster year-over-year revenue change (3.2% vs -9.6%). FARMERS NATIONAL BANC CORP produced more free cash flow last quarter ($52.2M vs $-8.9M). Over the past eight quarters, FARMERS NATIONAL BANC CORP's revenue compounded faster (6.2% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Farmers National Banc Corp (OH) is a regional financial holding company based in Ohio, the United States. It offers full-spectrum retail and commercial banking products, wealth management solutions, and insurance services, primarily catering to individual consumers, small and medium-sized enterprises, and local community clients in Ohio and adjacent Midwestern U.S. regions.
DLTH vs FMNB — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $71.5M |
| Net Profit | $-10.1M | $14.6M |
| Gross Margin | 53.8% | — |
| Operating Margin | -7.7% | 24.8% |
| Net Margin | -8.8% | 20.5% |
| Revenue YoY | -9.6% | 3.2% |
| Net Profit YoY | 64.6% | 1.7% |
| EPS (diluted) | $-0.29 | $0.39 |
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 | $71.5M | ||
| Q3 25 | $131.7M | $70.8M | ||
| Q2 25 | $102.7M | $69.8M | ||
| Q1 25 | $241.3M | $67.8M | ||
| Q4 24 | $127.1M | $69.3M | ||
| Q3 24 | $141.6M | $70.3M | ||
| Q2 24 | $116.7M | $66.5M | ||
| Q1 24 | $245.6M | $63.4M |
| Q4 25 | $-10.1M | $14.6M | ||
| Q3 25 | $1.3M | $12.5M | ||
| Q2 25 | $-15.3M | $13.9M | ||
| Q1 25 | $-5.6M | $13.6M | ||
| Q4 24 | $-28.2M | $14.4M | ||
| Q3 24 | $-2.0M | $8.5M | ||
| Q2 24 | $-7.9M | $11.8M | ||
| Q1 24 | $6.4M | $11.2M |
| 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% | 24.8% | ||
| Q3 25 | 1.8% | 20.7% | ||
| Q2 25 | -12.0% | 23.4% | ||
| Q1 25 | -1.8% | 24.1% | ||
| Q4 24 | -17.4% | 25.5% | ||
| Q3 24 | -1.1% | 14.4% | ||
| Q2 24 | -7.7% | 21.3% | ||
| Q1 24 | 3.6% | 21.2% |
| Q4 25 | -8.8% | 20.5% | ||
| Q3 25 | 1.0% | 17.6% | ||
| Q2 25 | -14.9% | 19.9% | ||
| Q1 25 | -2.3% | 20.0% | ||
| Q4 24 | -22.2% | 20.8% | ||
| Q3 24 | -1.4% | 12.1% | ||
| Q2 24 | -6.7% | 17.7% | ||
| Q1 24 | 2.6% | 17.7% |
| Q4 25 | $-0.29 | $0.39 | ||
| Q3 25 | $0.04 | $0.33 | ||
| Q2 25 | $-0.45 | $0.37 | ||
| Q1 25 | $-0.17 | $0.36 | ||
| Q4 24 | $-0.84 | $0.38 | ||
| Q3 24 | $-0.06 | $0.23 | ||
| Q2 24 | $-0.24 | $0.31 | ||
| Q1 24 | $0.20 | $0.30 |
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 | — |
| Total DebtLower is stronger | — | $86.7M |
| Stockholders' EquityBook value | $160.6M | $485.7M |
| Total Assets | $468.0M | $5.2B |
| Debt / EquityLower = less leverage | — | 0.18× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | — | ||
| Q3 25 | $5.7M | — | ||
| Q2 25 | $8.6M | — | ||
| Q1 25 | $3.3M | — | ||
| Q4 24 | $9.3M | — | ||
| Q3 24 | $9.8M | — | ||
| Q2 24 | $6.8M | — | ||
| Q1 24 | $32.2M | — |
| Q4 25 | — | $86.7M | ||
| Q3 25 | — | $86.6M | ||
| Q2 25 | — | $86.4M | ||
| Q1 25 | — | $86.3M | ||
| Q4 24 | — | $86.2M | ||
| Q3 24 | — | $86.0M | ||
| Q2 24 | — | $88.9M | ||
| Q1 24 | — | $88.8M |
| Q4 25 | $160.6M | $485.7M | ||
| Q3 25 | $170.0M | $465.9M | ||
| Q2 25 | $167.9M | $437.7M | ||
| Q1 25 | $182.7M | $429.1M | ||
| Q4 24 | $188.1M | $406.0M | ||
| Q3 24 | $215.7M | $439.7M | ||
| Q2 24 | $218.4M | $396.7M | ||
| Q1 24 | $222.8M | $397.0M |
| Q4 25 | $468.0M | $5.2B | ||
| Q3 25 | $433.8M | $5.2B | ||
| Q2 25 | $463.7M | $5.2B | ||
| Q1 25 | $452.4M | $5.2B | ||
| Q4 24 | $533.1M | $5.1B | ||
| Q3 24 | $488.6M | $5.2B | ||
| Q2 24 | $471.4M | $5.2B | ||
| Q1 24 | $491.2M | $5.1B |
| Q4 25 | — | 0.18× | ||
| Q3 25 | — | 0.19× | ||
| Q2 25 | — | 0.20× | ||
| Q1 25 | — | 0.20× | ||
| Q4 24 | — | 0.21× | ||
| Q3 24 | — | 0.20× | ||
| Q2 24 | — | 0.22× | ||
| Q1 24 | — | 0.22× |
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 | $60.0M |
| Free Cash FlowOCF − Capex | $-8.9M | $52.2M |
| FCF MarginFCF / Revenue | -7.8% | 73.0% |
| Capex IntensityCapex / Revenue | 2.0% | 11.0% |
| Cash ConversionOCF / Net Profit | — | 4.10× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $85.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $60.0M | ||
| Q3 25 | $32.0M | $10.7M | ||
| Q2 25 | $-56.5M | $14.0M | ||
| Q1 25 | $41.2M | $15.7M | ||
| Q4 24 | $-41.1M | $66.6M | ||
| Q3 24 | $16.6M | $23.9M | ||
| Q2 24 | $-33.7M | $16.6M | ||
| Q1 24 | $69.7M | $13.7M |
| Q4 25 | $-8.9M | $52.2M | ||
| Q3 25 | $29.8M | $9.0M | ||
| Q2 25 | $-57.8M | $12.4M | ||
| Q1 25 | $38.7M | $12.2M | ||
| Q4 24 | $-43.7M | $54.9M | ||
| Q3 24 | $15.0M | $20.4M | ||
| Q2 24 | $-35.2M | $14.4M | ||
| Q1 24 | $60.6M | $12.2M |
| Q4 25 | -7.8% | 73.0% | ||
| Q3 25 | 22.6% | 12.8% | ||
| Q2 25 | -56.3% | 17.8% | ||
| Q1 25 | 16.0% | 18.0% | ||
| Q4 24 | -34.4% | 79.2% | ||
| Q3 24 | 10.6% | 29.1% | ||
| Q2 24 | -30.2% | 21.6% | ||
| Q1 24 | 24.7% | 19.2% |
| Q4 25 | 2.0% | 11.0% | ||
| Q3 25 | 1.7% | 2.4% | ||
| Q2 25 | 1.3% | 2.3% | ||
| Q1 25 | 1.0% | 5.2% | ||
| Q4 24 | 2.1% | 16.9% | ||
| Q3 24 | 1.2% | 4.9% | ||
| Q2 24 | 1.3% | 3.3% | ||
| Q1 24 | 3.7% | 2.4% |
| Q4 25 | — | 4.10× | ||
| Q3 25 | 25.40× | 0.86× | ||
| Q2 25 | — | 1.01× | ||
| Q1 25 | — | 1.15× | ||
| Q4 24 | — | 4.63× | ||
| Q3 24 | — | 2.80× | ||
| Q2 24 | — | 1.41× | ||
| Q1 24 | 10.86× | 1.22× |
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% |
FMNB
Segment breakdown not available.
