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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and Industrial Logistics Properties Trust (ILPT). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $113.9M, roughly 1.0× Industrial Logistics Properties Trust). Industrial Logistics Properties Trust runs the higher net margin — -1.6% vs -8.8%, a 7.2% gap on every dollar of revenue. On growth, Industrial Logistics Properties Trust posted the faster year-over-year revenue change (3.1% vs -9.6%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $-8.9M). Over the past eight quarters, Industrial Logistics Properties Trust's revenue compounded faster (0.7% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
DLTH vs ILPT — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $113.9M |
| Net Profit | $-10.1M | $-1.8M |
| Gross Margin | 53.8% | — |
| Operating Margin | -7.7% | -22.1% |
| Net Margin | -8.8% | -1.6% |
| Revenue YoY | -9.6% | 3.1% |
| Net Profit YoY | 64.6% | 92.6% |
| EPS (diluted) | $-0.29 | $-0.02 |
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 | $113.9M | ||
| Q3 25 | $131.7M | $110.9M | ||
| Q2 25 | $102.7M | $112.1M | ||
| Q1 25 | $241.3M | $111.9M | ||
| Q4 24 | $127.1M | $110.5M | ||
| Q3 24 | $141.6M | $108.9M | ||
| Q2 24 | $116.7M | $110.6M | ||
| Q1 24 | $245.6M | $112.2M |
| Q4 25 | $-10.1M | $-1.8M | ||
| Q3 25 | $1.3M | $-21.6M | ||
| Q2 25 | $-15.3M | $-21.3M | ||
| Q1 25 | $-5.6M | $-21.5M | ||
| Q4 24 | $-28.2M | $-24.1M | ||
| Q3 24 | $-2.0M | $-25.0M | ||
| Q2 24 | $-7.9M | $-23.2M | ||
| Q1 24 | $6.4M | $-23.4M |
| 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% | -22.1% | ||
| Q3 25 | 1.8% | -29.4% | ||
| Q2 25 | -12.0% | -30.8% | ||
| Q1 25 | -1.8% | -26.9% | ||
| Q4 24 | -17.4% | -31.1% | ||
| Q3 24 | -1.1% | -33.5% | ||
| Q2 24 | -7.7% | -32.4% | ||
| Q1 24 | 3.6% | -31.7% |
| Q4 25 | -8.8% | -1.6% | ||
| Q3 25 | 1.0% | -19.4% | ||
| Q2 25 | -14.9% | -19.0% | ||
| Q1 25 | -2.3% | -19.2% | ||
| Q4 24 | -22.2% | -21.8% | ||
| Q3 24 | -1.4% | -22.9% | ||
| Q2 24 | -6.7% | -20.9% | ||
| Q1 24 | 2.6% | -20.9% |
| Q4 25 | $-0.29 | $-0.02 | ||
| Q3 25 | $0.04 | $-0.33 | ||
| Q2 25 | $-0.45 | $-0.32 | ||
| Q1 25 | $-0.17 | $-0.33 | ||
| Q4 24 | $-0.84 | $-0.37 | ||
| Q3 24 | $-0.06 | $-0.38 | ||
| Q2 24 | $-0.24 | $-0.35 | ||
| 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 | $94.8M |
| Total DebtLower is stronger | — | $4.2B |
| Stockholders' EquityBook value | $160.6M | $489.7M |
| Total Assets | $468.0M | $5.2B |
| Debt / EquityLower = less leverage | — | 8.56× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $94.8M | ||
| Q3 25 | $5.7M | $83.2M | ||
| Q2 25 | $8.6M | $58.6M | ||
| Q1 25 | $3.3M | $108.0M | ||
| Q4 24 | $9.3M | $131.7M | ||
| Q3 24 | $9.8M | $153.9M | ||
| Q2 24 | $6.8M | $146.2M | ||
| Q1 24 | $32.2M | $128.4M |
| Q4 25 | — | $4.2B | ||
| Q3 25 | — | $4.2B | ||
| Q2 25 | — | $4.2B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | — | $4.3B |
| Q4 25 | $160.6M | $489.7M | ||
| Q3 25 | $170.0M | $494.1M | ||
| Q2 25 | $167.9M | $519.1M | ||
| Q1 25 | $182.7M | $539.5M | ||
| Q4 24 | $188.1M | $562.0M | ||
| Q3 24 | $215.7M | $585.9M | ||
| Q2 24 | $218.4M | $618.3M | ||
| Q1 24 | $222.8M | $643.2M |
| Q4 25 | $468.0M | $5.2B | ||
| Q3 25 | $433.8M | $5.2B | ||
| Q2 25 | $463.7M | $5.2B | ||
| Q1 25 | $452.4M | $5.4B | ||
| Q4 24 | $533.1M | $5.4B | ||
| Q3 24 | $488.6M | $5.5B | ||
| Q2 24 | $471.4M | $5.5B | ||
| Q1 24 | $491.2M | $5.5B |
| Q4 25 | — | 8.56× | ||
| Q3 25 | — | 8.49× | ||
| Q2 25 | — | 8.09× | ||
| Q1 25 | — | 7.96× | ||
| Q4 24 | — | 7.65× | ||
| Q3 24 | — | 7.35× | ||
| Q2 24 | — | 6.96× | ||
| Q1 24 | — | 6.70× |
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 | $60.7M |
| Free Cash FlowOCF − Capex | $-8.9M | $42.0M |
| FCF MarginFCF / Revenue | -7.8% | 36.9% |
| Capex IntensityCapex / Revenue | 2.0% | 16.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $79.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $60.7M | ||
| Q3 25 | $32.0M | $22.7M | ||
| Q2 25 | $-56.5M | $18.4M | ||
| Q1 25 | $41.2M | $11.4M | ||
| Q4 24 | $-41.1M | $2.0M | ||
| Q3 24 | $16.6M | $-3.4M | ||
| Q2 24 | $-33.7M | $10.8M | ||
| Q1 24 | $69.7M | $8.0M |
| Q4 25 | $-8.9M | $42.0M | ||
| Q3 25 | $29.8M | $17.6M | ||
| Q2 25 | $-57.8M | $15.2M | ||
| Q1 25 | $38.7M | $5.0M | ||
| Q4 24 | $-43.7M | $-3.7M | ||
| Q3 24 | $15.0M | $-5.9M | ||
| Q2 24 | $-35.2M | $9.4M | ||
| Q1 24 | $60.6M | $5.9M |
| Q4 25 | -7.8% | 36.9% | ||
| Q3 25 | 22.6% | 15.9% | ||
| Q2 25 | -56.3% | 13.5% | ||
| Q1 25 | 16.0% | 4.5% | ||
| Q4 24 | -34.4% | -3.4% | ||
| Q3 24 | 10.6% | -5.5% | ||
| Q2 24 | -30.2% | 8.5% | ||
| Q1 24 | 24.7% | 5.2% |
| Q4 25 | 2.0% | 16.4% | ||
| Q3 25 | 1.7% | 4.6% | ||
| Q2 25 | 1.3% | 2.9% | ||
| Q1 25 | 1.0% | 5.7% | ||
| Q4 24 | 2.1% | 5.2% | ||
| Q3 24 | 1.2% | 2.3% | ||
| Q2 24 | 1.3% | 1.3% | ||
| Q1 24 | 3.7% | 1.9% |
| Q4 25 | — | — | ||
| Q3 25 | 25.40× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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% |
ILPT
Segment breakdown not available.
