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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and Grindr Inc. (GRND). Click either name above to swap in a different company.
Grindr Inc. is the larger business by last-quarter revenue ($126.0M vs $114.9M, roughly 1.1× DULUTH HOLDINGS INC.). Grindr Inc. runs the higher net margin — 16.1% vs -8.8%, a 24.9% gap on every dollar of revenue. On growth, Grindr Inc. posted the faster year-over-year revenue change (29.0% vs -9.6%). Grindr Inc. produced more free cash flow last quarter ($24.5M vs $-8.9M). Over the past eight quarters, Grindr Inc.'s revenue compounded faster (29.3% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Grindr is a location-based social networking and online hookup application for LGBTQ people.
DLTH vs GRND — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $126.0M |
| Net Profit | $-10.1M | $20.3M |
| Gross Margin | 53.8% | — |
| Operating Margin | -7.7% | 24.9% |
| Net Margin | -8.8% | 16.1% |
| Revenue YoY | -9.6% | 29.0% |
| Net Profit YoY | 64.6% | 116.4% |
| EPS (diluted) | $-0.29 | $0.10 |
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 | $126.0M | ||
| Q3 25 | $131.7M | $115.8M | ||
| Q2 25 | $102.7M | $104.2M | ||
| Q1 25 | $241.3M | $93.9M | ||
| Q4 24 | $127.1M | $97.6M | ||
| Q3 24 | $141.6M | $89.3M | ||
| Q2 24 | $116.7M | $82.3M | ||
| Q1 24 | $245.6M | $75.3M |
| Q4 25 | $-10.1M | $20.3M | ||
| Q3 25 | $1.3M | $30.8M | ||
| Q2 25 | $-15.3M | $16.6M | ||
| Q1 25 | $-5.6M | $27.0M | ||
| Q4 24 | $-28.2M | $-123.9M | ||
| Q3 24 | $-2.0M | $24.7M | ||
| Q2 24 | $-7.9M | $-22.4M | ||
| Q1 24 | $6.4M | $-9.4M |
| 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 | -7.7% | 24.9% | ||
| Q3 25 | 1.8% | 39.1% | ||
| Q2 25 | -12.0% | 23.4% | ||
| Q1 25 | -1.8% | 27.0% | ||
| Q4 24 | -17.4% | 20.9% | ||
| Q3 24 | -1.1% | 31.8% | ||
| Q2 24 | -7.7% | 29.8% | ||
| Q1 24 | 3.6% | 25.6% |
| Q4 25 | -8.8% | 16.1% | ||
| Q3 25 | 1.0% | 26.6% | ||
| Q2 25 | -14.9% | 16.0% | ||
| Q1 25 | -2.3% | 28.8% | ||
| Q4 24 | -22.2% | -126.9% | ||
| Q3 24 | -1.4% | 27.6% | ||
| Q2 24 | -6.7% | -27.2% | ||
| Q1 24 | 2.6% | -12.5% |
| Q4 25 | $-0.29 | $0.10 | ||
| Q3 25 | $0.04 | $0.16 | ||
| Q2 25 | $-0.45 | $0.08 | ||
| Q1 25 | $-0.17 | $0.09 | ||
| Q4 24 | $-0.84 | $-0.65 | ||
| Q3 24 | $-0.06 | $0.09 | ||
| Q2 24 | $-0.24 | $-0.13 | ||
| Q1 24 | $0.20 | $-0.05 |
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 | $87.0M |
| Total DebtLower is stronger | — | $395.9M |
| Stockholders' EquityBook value | $160.6M | $47.0M |
| Total Assets | $468.0M | $531.0M |
| Debt / EquityLower = less leverage | — | 8.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $87.0M | ||
| Q3 25 | $5.7M | $6.3M | ||
| Q2 25 | $8.6M | $120.8M | ||
| Q1 25 | $3.3M | $255.9M | ||
| Q4 24 | $9.3M | $59.2M | ||
| Q3 24 | $9.8M | $39.1M | ||
| Q2 24 | $6.8M | $16.3M | ||
| Q1 24 | $32.2M | $21.5M |
| Q4 25 | — | $395.9M | ||
| Q3 25 | — | $279.9M | ||
| Q2 25 | — | $283.5M | ||
| Q1 25 | — | $287.0M | ||
| Q4 24 | — | $290.6M | ||
| Q3 24 | — | $294.1M | ||
| Q2 24 | — | $297.7M | ||
| Q1 24 | — | $315.0M |
| Q4 25 | $160.6M | $47.0M | ||
| Q3 25 | $170.0M | $71.0M | ||
| Q2 25 | $167.9M | $187.7M | ||
| Q1 25 | $182.7M | $319.8M | ||
| Q4 24 | $188.1M | $-131.6M | ||
| Q3 24 | $215.7M | $-13.4M | ||
| Q2 24 | $218.4M | $-41.7M | ||
| Q1 24 | $222.8M | $-22.0M |
| Q4 25 | $468.0M | $531.0M | ||
| Q3 25 | $433.8M | $439.2M | ||
| Q2 25 | $463.7M | $547.6M | ||
| Q1 25 | $452.4M | $679.4M | ||
| Q4 24 | $533.1M | $479.1M | ||
| Q3 24 | $488.6M | $456.3M | ||
| Q2 24 | $471.4M | $435.0M | ||
| Q1 24 | $491.2M | $437.7M |
| Q4 25 | — | 8.42× | ||
| Q3 25 | — | 3.94× | ||
| Q2 25 | — | 1.51× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $24.8M |
| Free Cash FlowOCF − Capex | $-8.9M | $24.5M |
| FCF MarginFCF / Revenue | -7.8% | 19.5% |
| Capex IntensityCapex / Revenue | 2.0% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 1.22× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $140.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $24.8M | ||
| Q3 25 | $32.0M | $55.4M | ||
| Q2 25 | $-56.5M | $37.5M | ||
| Q1 25 | $41.2M | $23.8M | ||
| Q4 24 | $-41.1M | $29.5M | ||
| Q3 24 | $16.6M | $29.1M | ||
| Q2 24 | $-33.7M | $15.8M | ||
| Q1 24 | $69.7M | $20.4M |
| Q4 25 | $-8.9M | $24.5M | ||
| Q3 25 | $29.8M | $55.2M | ||
| Q2 25 | $-57.8M | $37.3M | ||
| Q1 25 | $38.7M | $23.7M | ||
| Q4 24 | $-43.7M | $29.3M | ||
| Q3 24 | $15.0M | $28.8M | ||
| Q2 24 | $-35.2M | $15.7M | ||
| Q1 24 | $60.6M | $20.3M |
| Q4 25 | -7.8% | 19.5% | ||
| Q3 25 | 22.6% | 47.7% | ||
| Q2 25 | -56.3% | 35.8% | ||
| Q1 25 | 16.0% | 25.2% | ||
| Q4 24 | -34.4% | 30.0% | ||
| Q3 24 | 10.6% | 32.2% | ||
| Q2 24 | -30.2% | 19.0% | ||
| Q1 24 | 24.7% | 26.9% |
| Q4 25 | 2.0% | 0.2% | ||
| Q3 25 | 1.7% | 0.2% | ||
| Q2 25 | 1.3% | 0.2% | ||
| Q1 25 | 1.0% | 0.1% | ||
| Q4 24 | 2.1% | 0.3% | ||
| Q3 24 | 1.2% | 0.4% | ||
| Q2 24 | 1.3% | 0.2% | ||
| Q1 24 | 3.7% | 0.3% |
| Q4 25 | — | 1.22× | ||
| Q3 25 | 25.40× | 1.80× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | 0.88× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.18× | ||
| 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% |
GRND
| License And Service | $102.9M | 82% |
| Advertising | $23.1M | 18% |
