vs
Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and HEALTHSTREAM INC (HSTM). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $79.7M, roughly 1.4× HEALTHSTREAM INC). On growth, HEALTHSTREAM INC posted the faster year-over-year revenue change (7.4% vs -9.6%). HEALTHSTREAM INC produced more free cash flow last quarter ($13.0M vs $-8.9M). Over the past eight quarters, HEALTHSTREAM INC's revenue compounded faster (4.7% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
HealthStream Inc is a leading U.S.-based provider of workforce development, compliance, and training solutions tailored for the healthcare industry. It offers cloud-based platforms covering clinical skill training, talent management, patient safety education, and regulatory adherence tools, serving over 4,000 healthcare organizations including hospitals, clinics, and long-term care facilities nationwide.
DLTH vs HSTM — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $79.7M |
| Net Profit | $-10.1M | — |
| Gross Margin | 53.8% | — |
| Operating Margin | -7.7% | 3.0% |
| Net Margin | -8.8% | — |
| Revenue YoY | -9.6% | 7.4% |
| Net Profit YoY | 64.6% | — |
| EPS (diluted) | $-0.29 | $0.09 |
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 | $79.7M | ||
| Q3 25 | $131.7M | $76.5M | ||
| Q2 25 | $102.7M | $74.4M | ||
| Q1 25 | $241.3M | $73.5M | ||
| Q4 24 | $127.1M | $74.2M | ||
| Q3 24 | $141.6M | $73.1M | ||
| Q2 24 | $116.7M | $71.6M | ||
| Q1 24 | $245.6M | $72.8M |
| Q4 25 | $-10.1M | — | ||
| Q3 25 | $1.3M | $6.1M | ||
| Q2 25 | $-15.3M | $5.4M | ||
| Q1 25 | $-5.6M | $4.3M | ||
| Q4 24 | $-28.2M | — | ||
| Q3 24 | $-2.0M | $5.7M | ||
| Q2 24 | $-7.9M | $4.2M | ||
| Q1 24 | $6.4M | $5.2M |
| 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% | 3.0% | ||
| Q3 25 | 1.8% | 9.9% | ||
| Q2 25 | -12.0% | 7.9% | ||
| Q1 25 | -1.8% | 6.0% | ||
| Q4 24 | -17.4% | 6.3% | ||
| Q3 24 | -1.1% | 8.9% | ||
| Q2 24 | -7.7% | 6.2% | ||
| Q1 24 | 3.6% | 7.8% |
| Q4 25 | -8.8% | — | ||
| Q3 25 | 1.0% | 8.0% | ||
| Q2 25 | -14.9% | 7.2% | ||
| Q1 25 | -2.3% | 5.9% | ||
| Q4 24 | -22.2% | — | ||
| Q3 24 | -1.4% | 7.8% | ||
| Q2 24 | -6.7% | 5.8% | ||
| Q1 24 | 2.6% | 7.2% |
| Q4 25 | $-0.29 | $0.09 | ||
| Q3 25 | $0.04 | $0.20 | ||
| Q2 25 | $-0.45 | $0.18 | ||
| Q1 25 | $-0.17 | $0.14 | ||
| Q4 24 | $-0.84 | $0.16 | ||
| Q3 24 | $-0.06 | $0.19 | ||
| Q2 24 | $-0.24 | $0.14 | ||
| Q1 24 | $0.20 | $0.17 |
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 | $36.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.6M | $354.0M |
| Total Assets | $468.0M | $520.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $36.2M | ||
| Q3 25 | $5.7M | $53.5M | ||
| Q2 25 | $8.6M | $52.1M | ||
| Q1 25 | $3.3M | $77.3M | ||
| Q4 24 | $9.3M | $59.5M | ||
| Q3 24 | $9.8M | $57.5M | ||
| Q2 24 | $6.8M | $46.1M | ||
| Q1 24 | $32.2M | $52.4M |
| Q4 25 | $160.6M | $354.0M | ||
| Q3 25 | $170.0M | $349.2M | ||
| Q2 25 | $167.9M | $350.6M | ||
| Q1 25 | $182.7M | $362.8M | ||
| Q4 24 | $188.1M | $359.4M | ||
| Q3 24 | $215.7M | $355.5M | ||
| Q2 24 | $218.4M | $349.2M | ||
| Q1 24 | $222.8M | $344.9M |
| Q4 25 | $468.0M | $520.4M | ||
| Q3 25 | $433.8M | $499.9M | ||
| Q2 25 | $463.7M | $500.1M | ||
| Q1 25 | $452.4M | $524.0M | ||
| Q4 24 | $533.1M | $510.8M | ||
| Q3 24 | $488.6M | $502.8M | ||
| Q2 24 | $471.4M | $499.6M | ||
| Q1 24 | $491.2M | $511.6M |
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 | $13.2M |
| Free Cash FlowOCF − Capex | $-8.9M | $13.0M |
| FCF MarginFCF / Revenue | -7.8% | 16.3% |
| Capex IntensityCapex / Revenue | 2.0% | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $59.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $13.2M | ||
| Q3 25 | $32.0M | $18.0M | ||
| Q2 25 | $-56.5M | $5.0M | ||
| Q1 25 | $41.2M | $27.1M | ||
| Q4 24 | $-41.1M | $11.2M | ||
| Q3 24 | $16.6M | $19.1M | ||
| Q2 24 | $-33.7M | $6.5M | ||
| Q1 24 | $69.7M | $20.9M |
| Q4 25 | $-8.9M | $13.0M | ||
| Q3 25 | $29.8M | $17.9M | ||
| Q2 25 | $-57.8M | $2.7M | ||
| Q1 25 | $38.7M | $26.0M | ||
| Q4 24 | $-43.7M | $11.0M | ||
| Q3 24 | $15.0M | $18.8M | ||
| Q2 24 | $-35.2M | $6.3M | ||
| Q1 24 | $60.6M | $20.2M |
| Q4 25 | -7.8% | 16.3% | ||
| Q3 25 | 22.6% | 23.4% | ||
| Q2 25 | -56.3% | 3.6% | ||
| Q1 25 | 16.0% | 35.4% | ||
| Q4 24 | -34.4% | 14.8% | ||
| Q3 24 | 10.6% | 25.8% | ||
| Q2 24 | -30.2% | 8.8% | ||
| Q1 24 | 24.7% | 27.8% |
| Q4 25 | 2.0% | 0.3% | ||
| Q3 25 | 1.7% | 0.1% | ||
| Q2 25 | 1.3% | 3.1% | ||
| Q1 25 | 1.0% | 1.4% | ||
| Q4 24 | 2.1% | 0.3% | ||
| Q3 24 | 1.2% | 0.4% | ||
| Q2 24 | 1.3% | 0.2% | ||
| Q1 24 | 3.7% | 1.0% |
| Q4 25 | — | — | ||
| Q3 25 | 25.40× | 2.96× | ||
| Q2 25 | — | 0.93× | ||
| Q1 25 | — | 6.25× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.34× | ||
| Q2 24 | — | 1.55× | ||
| Q1 24 | 10.86× | 4.01× |
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% |
HSTM
| Subscription Services | $77.0M | 97% |
| Professional Services | $2.7M | 3% |
