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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and INDEPENDENT BANK CORP (INDB). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $114.9M, roughly 1.8× DULUTH HOLDINGS INC.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -8.8%, a 44.2% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs -9.6%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $-8.9M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
DLTH vs INDB — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $212.5M |
| Net Profit | $-10.1M | $75.3M |
| Gross Margin | 53.8% | — |
| Operating Margin | -7.7% | — |
| Net Margin | -8.8% | 35.5% |
| Revenue YoY | -9.6% | 46.9% |
| Net Profit YoY | 64.6% | 50.6% |
| EPS (diluted) | $-0.29 | $1.51 |
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 | $212.5M | ||
| Q3 25 | $131.7M | $203.3M | ||
| Q2 25 | $102.7M | $147.5M | ||
| Q1 25 | $241.3M | $145.5M | ||
| Q4 24 | $127.1M | $144.7M | ||
| Q3 24 | $141.6M | $141.7M | ||
| Q2 24 | $116.7M | $137.9M | ||
| Q1 24 | $245.6M | $137.4M |
| Q4 25 | $-10.1M | $75.3M | ||
| Q3 25 | $1.3M | $34.3M | ||
| Q2 25 | $-15.3M | $51.1M | ||
| Q1 25 | $-5.6M | $44.4M | ||
| Q4 24 | $-28.2M | $50.0M | ||
| Q3 24 | $-2.0M | $42.9M | ||
| Q2 24 | $-7.9M | $51.3M | ||
| Q1 24 | $6.4M | $47.8M |
| 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% | — | ||
| Q3 25 | 1.8% | 21.8% | ||
| Q2 25 | -12.0% | 44.6% | ||
| Q1 25 | -1.8% | 39.3% | ||
| Q4 24 | -17.4% | — | ||
| Q3 24 | -1.1% | 39.0% | ||
| Q2 24 | -7.7% | 48.1% | ||
| Q1 24 | 3.6% | 45.5% |
| Q4 25 | -8.8% | 35.5% | ||
| Q3 25 | 1.0% | 16.8% | ||
| Q2 25 | -14.9% | 34.6% | ||
| Q1 25 | -2.3% | 30.5% | ||
| Q4 24 | -22.2% | 34.6% | ||
| Q3 24 | -1.4% | 30.3% | ||
| Q2 24 | -6.7% | 37.2% | ||
| Q1 24 | 2.6% | 34.8% |
| Q4 25 | $-0.29 | $1.51 | ||
| Q3 25 | $0.04 | $0.69 | ||
| Q2 25 | $-0.45 | $1.20 | ||
| Q1 25 | $-0.17 | $1.04 | ||
| Q4 24 | $-0.84 | $1.18 | ||
| Q3 24 | $-0.06 | $1.01 | ||
| Q2 24 | $-0.24 | $1.21 | ||
| Q1 24 | $0.20 | $1.12 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.6M | $3.6B |
| Total Assets | $468.0M | $24.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | — | ||
| Q3 25 | $5.7M | — | ||
| Q2 25 | $8.6M | — | ||
| Q1 25 | $3.3M | — | ||
| Q4 24 | $9.3M | — | ||
| Q3 24 | $9.8M | — | ||
| Q2 24 | $6.8M | — | ||
| Q1 24 | $32.2M | — |
| Q4 25 | $160.6M | $3.6B | ||
| Q3 25 | $170.0M | $3.5B | ||
| Q2 25 | $167.9M | $3.1B | ||
| Q1 25 | $182.7M | $3.0B | ||
| Q4 24 | $188.1M | $3.0B | ||
| Q3 24 | $215.7M | $3.0B | ||
| Q2 24 | $218.4M | $2.9B | ||
| Q1 24 | $222.8M | $2.9B |
| Q4 25 | $468.0M | $24.9B | ||
| Q3 25 | $433.8M | $25.0B | ||
| Q2 25 | $463.7M | $20.0B | ||
| Q1 25 | $452.4M | $19.9B | ||
| Q4 24 | $533.1M | $19.4B | ||
| Q3 24 | $488.6M | $19.4B | ||
| Q2 24 | $471.4M | $19.4B | ||
| Q1 24 | $491.2M | $19.3B |
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 | $78.9M |
| Free Cash FlowOCF − Capex | $-8.9M | $75.5M |
| FCF MarginFCF / Revenue | -7.8% | 35.5% |
| Capex IntensityCapex / Revenue | 2.0% | 1.6% |
| Cash ConversionOCF / Net Profit | — | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $78.9M | ||
| Q3 25 | $32.0M | $52.2M | ||
| Q2 25 | $-56.5M | $106.7M | ||
| Q1 25 | $41.2M | $13.3M | ||
| Q4 24 | $-41.1M | $42.9M | ||
| Q3 24 | $16.6M | $70.2M | ||
| Q2 24 | $-33.7M | $65.6M | ||
| Q1 24 | $69.7M | $51.1M |
| Q4 25 | $-8.9M | $75.5M | ||
| Q3 25 | $29.8M | $49.7M | ||
| Q2 25 | $-57.8M | $102.5M | ||
| Q1 25 | $38.7M | $11.3M | ||
| Q4 24 | $-43.7M | $36.5M | ||
| Q3 24 | $15.0M | $64.4M | ||
| Q2 24 | $-35.2M | $61.9M | ||
| Q1 24 | $60.6M | $46.7M |
| Q4 25 | -7.8% | 35.5% | ||
| Q3 25 | 22.6% | 24.4% | ||
| Q2 25 | -56.3% | 69.5% | ||
| Q1 25 | 16.0% | 7.8% | ||
| Q4 24 | -34.4% | 25.2% | ||
| Q3 24 | 10.6% | 45.4% | ||
| Q2 24 | -30.2% | 44.9% | ||
| Q1 24 | 24.7% | 34.0% |
| Q4 25 | 2.0% | 1.6% | ||
| Q3 25 | 1.7% | 1.2% | ||
| Q2 25 | 1.3% | 2.9% | ||
| Q1 25 | 1.0% | 1.4% | ||
| Q4 24 | 2.1% | 4.4% | ||
| Q3 24 | 1.2% | 4.1% | ||
| Q2 24 | 1.3% | 2.7% | ||
| Q1 24 | 3.7% | 3.2% |
| Q4 25 | — | 1.05× | ||
| Q3 25 | 25.40× | 1.52× | ||
| Q2 25 | — | 2.09× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | — | 1.64× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | 10.86× | 1.07× |
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% |
INDB
Segment breakdown not available.
