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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and H2O AMERICA (HTO). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $114.9M, roughly 1.7× DULUTH HOLDINGS INC.). H2O AMERICA runs the higher net margin — 8.1% vs -8.8%, a 16.9% gap on every dollar of revenue. On growth, H2O AMERICA posted the faster year-over-year revenue change (1.5% vs -9.6%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
DLTH vs HTO — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $199.4M |
| Net Profit | $-10.1M | $16.2M |
| Gross Margin | 53.8% | — |
| Operating Margin | -7.7% | 16.6% |
| Net Margin | -8.8% | 8.1% |
| Revenue YoY | -9.6% | 1.5% |
| Net Profit YoY | 64.6% | -29.2% |
| EPS (diluted) | $-0.29 | $0.45 |
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 | $199.4M | ||
| Q3 25 | $131.7M | $243.5M | ||
| Q2 25 | $102.7M | $197.8M | ||
| Q1 25 | $241.3M | $164.9M | ||
| Q4 24 | $127.1M | $196.5M | ||
| Q3 24 | $141.6M | $216.7M | ||
| Q2 24 | $116.7M | $173.1M | ||
| Q1 24 | $245.6M | $150.0M |
| Q4 25 | $-10.1M | $16.2M | ||
| Q3 25 | $1.3M | $45.1M | ||
| Q2 25 | $-15.3M | $24.7M | ||
| Q1 25 | $-5.6M | $16.6M | ||
| Q4 24 | $-28.2M | $22.9M | ||
| Q3 24 | $-2.0M | $38.7M | ||
| Q2 24 | $-7.9M | $20.7M | ||
| Q1 24 | $6.4M | $11.7M |
| 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% | 16.6% | ||
| Q3 25 | 1.8% | 26.5% | ||
| Q2 25 | -12.0% | 22.2% | ||
| Q1 25 | -1.8% | 21.8% | ||
| Q4 24 | -17.4% | 22.2% | ||
| Q3 24 | -1.1% | 26.9% | ||
| Q2 24 | -7.7% | 23.4% | ||
| Q1 24 | 3.6% | 18.6% |
| Q4 25 | -8.8% | 8.1% | ||
| Q3 25 | 1.0% | 18.5% | ||
| Q2 25 | -14.9% | 12.5% | ||
| Q1 25 | -2.3% | 10.0% | ||
| Q4 24 | -22.2% | 11.7% | ||
| Q3 24 | -1.4% | 17.8% | ||
| Q2 24 | -6.7% | 12.0% | ||
| Q1 24 | 2.6% | 7.8% |
| Q4 25 | $-0.29 | $0.45 | ||
| Q3 25 | $0.04 | $1.27 | ||
| Q2 25 | $-0.45 | $0.71 | ||
| Q1 25 | $-0.17 | $0.49 | ||
| Q4 24 | $-0.84 | $0.70 | ||
| Q3 24 | $-0.06 | $1.17 | ||
| Q2 24 | $-0.24 | $0.64 | ||
| Q1 24 | $0.20 | $0.36 |
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 | $20.7M |
| Total DebtLower is stronger | — | $1.9B |
| Stockholders' EquityBook value | $160.6M | $1.5B |
| Total Assets | $468.0M | $5.1B |
| Debt / EquityLower = less leverage | — | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $20.7M | ||
| Q3 25 | $5.7M | $11.3M | ||
| Q2 25 | $8.6M | $19.8M | ||
| Q1 25 | $3.3M | $23.7M | ||
| Q4 24 | $9.3M | $11.1M | ||
| Q3 24 | $9.8M | $4.0M | ||
| Q2 24 | $6.8M | $22.8M | ||
| Q1 24 | $32.2M | $4.5M |
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $160.6M | $1.5B | ||
| Q3 25 | $170.0M | $1.5B | ||
| Q2 25 | $167.9M | $1.5B | ||
| Q1 25 | $182.7M | $1.4B | ||
| Q4 24 | $188.1M | $1.4B | ||
| Q3 24 | $215.7M | $1.3B | ||
| Q2 24 | $218.4M | $1.3B | ||
| Q1 24 | $222.8M | $1.2B |
| Q4 25 | $468.0M | $5.1B | ||
| Q3 25 | $433.8M | $5.0B | ||
| Q2 25 | $463.7M | $4.8B | ||
| Q1 25 | $452.4M | $4.7B | ||
| Q4 24 | $533.1M | $4.7B | ||
| Q3 24 | $488.6M | $4.6B | ||
| Q2 24 | $471.4M | $4.4B | ||
| Q1 24 | $491.2M | $4.4B |
| Q4 25 | — | 1.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| 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 | $63.5M |
| Free Cash FlowOCF − Capex | $-8.9M | — |
| FCF MarginFCF / Revenue | -7.8% | — |
| Capex IntensityCapex / Revenue | 2.0% | — |
| Cash ConversionOCF / Net Profit | — | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $63.5M | ||
| Q3 25 | $32.0M | $77.3M | ||
| Q2 25 | $-56.5M | $60.8M | ||
| Q1 25 | $41.2M | $43.2M | ||
| Q4 24 | $-41.1M | $41.5M | ||
| Q3 24 | $16.6M | $53.5M | ||
| Q2 24 | $-33.7M | $49.3M | ||
| Q1 24 | $69.7M | $51.2M |
| Q4 25 | $-8.9M | — | ||
| Q3 25 | $29.8M | — | ||
| Q2 25 | $-57.8M | — | ||
| Q1 25 | $38.7M | — | ||
| Q4 24 | $-43.7M | — | ||
| Q3 24 | $15.0M | — | ||
| Q2 24 | $-35.2M | — | ||
| Q1 24 | $60.6M | — |
| Q4 25 | -7.8% | — | ||
| Q3 25 | 22.6% | — | ||
| Q2 25 | -56.3% | — | ||
| Q1 25 | 16.0% | — | ||
| Q4 24 | -34.4% | — | ||
| Q3 24 | 10.6% | — | ||
| Q2 24 | -30.2% | — | ||
| Q1 24 | 24.7% | — |
| Q4 25 | 2.0% | — | ||
| Q3 25 | 1.7% | — | ||
| Q2 25 | 1.3% | — | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 1.2% | — | ||
| Q2 24 | 1.3% | — | ||
| Q1 24 | 3.7% | — |
| Q4 25 | — | 3.92× | ||
| Q3 25 | 25.40× | 1.71× | ||
| Q2 25 | — | 2.47× | ||
| Q1 25 | — | 2.61× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | — | 2.38× | ||
| Q1 24 | 10.86× | 4.38× |
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% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
