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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $101.1M, roughly 1.1× FORRESTER RESEARCH, INC.). DULUTH HOLDINGS INC. runs the higher net margin — -8.8% vs -33.5%, a 24.7% gap on every dollar of revenue. On growth, FORRESTER RESEARCH, INC. posted the faster year-over-year revenue change (-6.5% vs -9.6%). FORRESTER RESEARCH, INC. produced more free cash flow last quarter ($-4.3M vs $-8.9M). Over the past eight quarters, FORRESTER RESEARCH, INC.'s revenue compounded faster (0.5% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.
DLTH vs FORR — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $101.1M |
| Net Profit | $-10.1M | $-33.9M |
| Gross Margin | 53.8% | 56.7% |
| Operating Margin | -7.7% | -36.6% |
| Net Margin | -8.8% | -33.5% |
| Revenue YoY | -9.6% | -6.5% |
| Net Profit YoY | 64.6% | -7941.4% |
| EPS (diluted) | $-0.29 | $-1.75 |
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 | $101.1M | ||
| Q3 25 | $131.7M | $94.3M | ||
| Q2 25 | $102.7M | $111.7M | ||
| Q1 25 | $241.3M | $89.9M | ||
| Q4 24 | $127.1M | $108.0M | ||
| Q3 24 | $141.6M | $102.5M | ||
| Q2 24 | $116.7M | $121.8M | ||
| Q1 24 | $245.6M | $100.1M |
| Q4 25 | $-10.1M | $-33.9M | ||
| Q3 25 | $1.3M | $-2.1M | ||
| Q2 25 | $-15.3M | $3.9M | ||
| Q1 25 | $-5.6M | $-87.3M | ||
| Q4 24 | $-28.2M | $432.0K | ||
| Q3 24 | $-2.0M | $-5.8M | ||
| Q2 24 | $-7.9M | $6.3M | ||
| Q1 24 | $6.4M | $-6.7M |
| Q4 25 | 53.8% | 56.7% | ||
| Q3 25 | 54.7% | 60.0% | ||
| Q2 25 | 52.0% | 55.5% | ||
| Q1 25 | 44.1% | 55.9% | ||
| Q4 24 | 52.3% | 58.8% | ||
| Q3 24 | 52.3% | 60.5% | ||
| Q2 24 | 52.8% | 57.3% | ||
| Q1 24 | 48.2% | 54.9% |
| Q4 25 | -7.7% | -36.6% | ||
| Q3 25 | 1.8% | 4.7% | ||
| Q2 25 | -12.0% | 6.2% | ||
| Q1 25 | -1.8% | -97.5% | ||
| Q4 24 | -17.4% | -0.5% | ||
| Q3 24 | -1.1% | -0.7% | ||
| Q2 24 | -7.7% | 9.3% | ||
| Q1 24 | 3.6% | -9.3% |
| Q4 25 | -8.8% | -33.5% | ||
| Q3 25 | 1.0% | -2.3% | ||
| Q2 25 | -14.9% | 3.5% | ||
| Q1 25 | -2.3% | -97.1% | ||
| Q4 24 | -22.2% | 0.4% | ||
| Q3 24 | -1.4% | -5.7% | ||
| Q2 24 | -6.7% | 5.2% | ||
| Q1 24 | 2.6% | -6.7% |
| Q4 25 | $-0.29 | $-1.75 | ||
| Q3 25 | $0.04 | $-0.11 | ||
| Q2 25 | $-0.45 | $0.20 | ||
| Q1 25 | $-0.17 | $-4.62 | ||
| Q4 24 | $-0.84 | $0.02 | ||
| Q3 24 | $-0.06 | $-0.30 | ||
| Q2 24 | $-0.24 | $0.33 | ||
| Q1 24 | $0.20 | $-0.35 |
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 | $63.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.6M | $126.5M |
| Total Assets | $468.0M | $404.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $63.3M | ||
| Q3 25 | $5.7M | $65.1M | ||
| Q2 25 | $8.6M | $67.8M | ||
| Q1 25 | $3.3M | $75.6M | ||
| Q4 24 | $9.3M | $56.1M | ||
| Q3 24 | $9.8M | $62.8M | ||
| Q2 24 | $6.8M | $58.9M | ||
| Q1 24 | $32.2M | $61.4M |
| Q4 25 | $160.6M | $126.5M | ||
| Q3 25 | $170.0M | $157.7M | ||
| Q2 25 | $167.9M | $159.5M | ||
| Q1 25 | $182.7M | $147.4M | ||
| Q4 24 | $188.1M | $229.5M | ||
| Q3 24 | $215.7M | $234.3M | ||
| Q2 24 | $218.4M | $237.1M | ||
| Q1 24 | $222.8M | $230.9M |
| Q4 25 | $468.0M | $404.0M | ||
| Q3 25 | $433.8M | $414.2M | ||
| Q2 25 | $463.7M | $436.0M | ||
| Q1 25 | $452.4M | $439.8M | ||
| Q4 24 | $533.1M | $503.9M | ||
| Q3 24 | $488.6M | $505.3M | ||
| Q2 24 | $471.4M | $524.2M | ||
| Q1 24 | $491.2M | $555.7M |
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 | $-3.2M |
| Free Cash FlowOCF − Capex | $-8.9M | $-4.3M |
| FCF MarginFCF / Revenue | -7.8% | -4.2% |
| Capex IntensityCapex / Revenue | 2.0% | 1.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $-3.2M | ||
| Q3 25 | $32.0M | $1.2M | ||
| Q2 25 | $-56.5M | $-3.6M | ||
| Q1 25 | $41.2M | $26.7M | ||
| Q4 24 | $-41.1M | $-1.8M | ||
| Q3 24 | $16.6M | $264.0K | ||
| Q2 24 | $-33.7M | $-2.9M | ||
| Q1 24 | $69.7M | $611.0K |
| Q4 25 | $-8.9M | $-4.3M | ||
| Q3 25 | $29.8M | $524.0K | ||
| Q2 25 | $-57.8M | $-4.2M | ||
| Q1 25 | $38.7M | $26.1M | ||
| Q4 24 | $-43.7M | $-2.5M | ||
| Q3 24 | $15.0M | $-223.0K | ||
| Q2 24 | $-35.2M | $-3.7M | ||
| Q1 24 | $60.6M | $-815.0K |
| Q4 25 | -7.8% | -4.2% | ||
| Q3 25 | 22.6% | 0.6% | ||
| Q2 25 | -56.3% | -3.8% | ||
| Q1 25 | 16.0% | 29.0% | ||
| Q4 24 | -34.4% | -2.3% | ||
| Q3 24 | 10.6% | -0.2% | ||
| Q2 24 | -30.2% | -3.1% | ||
| Q1 24 | 24.7% | -0.8% |
| Q4 25 | 2.0% | 1.1% | ||
| Q3 25 | 1.7% | 0.7% | ||
| Q2 25 | 1.3% | 0.5% | ||
| Q1 25 | 1.0% | 0.7% | ||
| Q4 24 | 2.1% | 0.6% | ||
| Q3 24 | 1.2% | 0.5% | ||
| Q2 24 | 1.3% | 0.7% | ||
| Q1 24 | 3.7% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | 25.40× | — | ||
| Q2 25 | — | -0.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -4.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.46× | ||
| 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% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
