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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and INDEPENDENT BANK CORP (IBCP). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $58.9M, roughly 2.0× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -8.8%, a 37.4% gap on every dollar of revenue. Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (2.1% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
DLTH vs IBCP — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $58.9M |
| Net Profit | $-10.1M | $16.9M |
| Gross Margin | 53.8% | — |
| Operating Margin | -7.7% | — |
| Net Margin | -8.8% | 28.6% |
| Revenue YoY | -9.6% | — |
| Net Profit YoY | 64.6% | 8.2% |
| EPS (diluted) | $-0.29 | $0.81 |
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.
| Q1 26 | — | $58.9M | ||
| Q4 25 | $114.9M | $58.3M | ||
| Q3 25 | $131.7M | $57.3M | ||
| Q2 25 | $102.7M | $55.9M | ||
| Q1 25 | $241.3M | $54.1M | ||
| Q4 24 | $127.1M | $62.0M | ||
| Q3 24 | $141.6M | $51.4M | ||
| Q2 24 | $116.7M | $56.5M |
| Q1 26 | — | $16.9M | ||
| Q4 25 | $-10.1M | $18.6M | ||
| Q3 25 | $1.3M | $17.5M | ||
| Q2 25 | $-15.3M | $16.9M | ||
| Q1 25 | $-5.6M | $15.6M | ||
| Q4 24 | $-28.2M | $18.5M | ||
| Q3 24 | $-2.0M | $13.8M | ||
| Q2 24 | $-7.9M | $18.5M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | -7.7% | 34.8% | ||
| Q3 25 | 1.8% | 37.0% | ||
| Q2 25 | -12.0% | 37.0% | ||
| Q1 25 | -1.8% | 35.3% | ||
| Q4 24 | -17.4% | 36.7% | ||
| Q3 24 | -1.1% | 33.7% | ||
| Q2 24 | -7.7% | 41.0% |
| Q1 26 | — | 28.6% | ||
| Q4 25 | -8.8% | 31.8% | ||
| Q3 25 | 1.0% | 30.5% | ||
| Q2 25 | -14.9% | 30.2% | ||
| Q1 25 | -2.3% | 28.8% | ||
| Q4 24 | -22.2% | 29.8% | ||
| Q3 24 | -1.4% | 26.9% | ||
| Q2 24 | -6.7% | 32.8% |
| Q1 26 | — | $0.81 | ||
| Q4 25 | $-0.29 | $0.88 | ||
| Q3 25 | $0.04 | $0.84 | ||
| Q2 25 | $-0.45 | $0.81 | ||
| Q1 25 | $-0.17 | $0.74 | ||
| Q4 24 | $-0.84 | $0.87 | ||
| Q3 24 | $-0.06 | $0.65 | ||
| Q2 24 | $-0.24 | $0.88 |
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 | $174.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.6M | $510.6M |
| Total Assets | $468.0M | $5.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $174.9M | ||
| Q4 25 | $8.2M | $138.4M | ||
| Q3 25 | $5.7M | $208.7M | ||
| Q2 25 | $8.6M | $146.2M | ||
| Q1 25 | $3.3M | $128.1M | ||
| Q4 24 | $9.3M | $119.9M | ||
| Q3 24 | $9.8M | $121.6M | ||
| Q2 24 | $6.8M | $214.3M |
| Q1 26 | — | $510.6M | ||
| Q4 25 | $160.6M | $503.0M | ||
| Q3 25 | $170.0M | $490.7M | ||
| Q2 25 | $167.9M | $469.3M | ||
| Q1 25 | $182.7M | $467.3M | ||
| Q4 24 | $188.1M | $454.7M | ||
| Q3 24 | $215.7M | $452.4M | ||
| Q2 24 | $218.4M | $430.5M |
| Q1 26 | — | $5.6B | ||
| Q4 25 | $468.0M | $5.5B | ||
| Q3 25 | $433.8M | $5.5B | ||
| Q2 25 | $463.7M | $5.4B | ||
| Q1 25 | $452.4M | $5.3B | ||
| Q4 24 | $533.1M | $5.3B | ||
| Q3 24 | $488.6M | $5.3B | ||
| Q2 24 | $471.4M | $5.3B |
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 | — |
| Free Cash FlowOCF − Capex | $-8.9M | — |
| FCF MarginFCF / Revenue | -7.8% | — |
| Capex IntensityCapex / Revenue | 2.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-6.7M | $76.7M | ||
| Q3 25 | $32.0M | $18.2M | ||
| Q2 25 | $-56.5M | $19.0M | ||
| Q1 25 | $41.2M | $31.7M | ||
| Q4 24 | $-41.1M | $63.2M | ||
| Q3 24 | $16.6M | $17.2M | ||
| Q2 24 | $-33.7M | $8.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-8.9M | $70.2M | ||
| Q3 25 | $29.8M | $16.5M | ||
| Q2 25 | $-57.8M | $16.7M | ||
| Q1 25 | $38.7M | $30.6M | ||
| Q4 24 | $-43.7M | $55.2M | ||
| Q3 24 | $15.0M | $15.7M | ||
| Q2 24 | $-35.2M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | -7.8% | 120.3% | ||
| Q3 25 | 22.6% | 28.9% | ||
| Q2 25 | -56.3% | 29.8% | ||
| Q1 25 | 16.0% | 56.5% | ||
| Q4 24 | -34.4% | 89.1% | ||
| Q3 24 | 10.6% | 30.6% | ||
| Q2 24 | -30.2% | 12.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 11.1% | ||
| Q3 25 | 1.7% | 2.9% | ||
| Q2 25 | 1.3% | 4.1% | ||
| Q1 25 | 1.0% | 2.1% | ||
| Q4 24 | 2.1% | 12.8% | ||
| Q3 24 | 1.2% | 2.9% | ||
| Q2 24 | 1.3% | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.13× | ||
| Q3 25 | 25.40× | 1.04× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | 2.03× | ||
| Q4 24 | — | 3.42× | ||
| Q3 24 | — | 1.25× | ||
| Q2 24 | — | 0.47× |
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% |
IBCP
| Net Interest Income | $46.9M | 80% |
| Noninterest Income | $12.0M | 20% |
