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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and indie Semiconductor, Inc. (INDI). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $58.0M, roughly 2.0× indie Semiconductor, Inc.). DULUTH HOLDINGS INC. runs the higher net margin — -8.8% vs -53.8%, a 45.0% gap on every dollar of revenue. On growth, indie Semiconductor, Inc. posted the faster year-over-year revenue change (-0.0% vs -9.6%). DULUTH HOLDINGS INC. produced more free cash flow last quarter ($-8.9M vs $-16.1M). Over the past eight quarters, indie Semiconductor, Inc.'s revenue compounded faster (5.3% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
indie Semiconductor is a fabless semiconductor manufacturer focused on designing high-performance mixed-signal and embedded system-on-chip solutions for the automotive industry. Its products support advanced driver assistance systems, in-vehicle infotainment, connected car, and electric vehicle applications, serving global auto OEMs and tier 1 suppliers across major global markets.
DLTH vs INDI — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $58.0M |
| Net Profit | $-10.1M | $-31.2M |
| Gross Margin | 53.8% | 37.3% |
| Operating Margin | -7.7% | -58.5% |
| Net Margin | -8.8% | -53.8% |
| Revenue YoY | -9.6% | -0.0% |
| Net Profit YoY | 64.6% | 9.1% |
| EPS (diluted) | $-0.29 | $-0.16 |
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 | $58.0M | ||
| Q3 25 | $131.7M | $53.7M | ||
| Q2 25 | $102.7M | $51.6M | ||
| Q1 25 | $241.3M | $54.1M | ||
| Q4 24 | $127.1M | $58.0M | ||
| Q3 24 | $141.6M | $54.0M | ||
| Q2 24 | $116.7M | $52.4M | ||
| Q1 24 | $245.6M | $52.4M |
| Q4 25 | $-10.1M | $-31.2M | ||
| Q3 25 | $1.3M | $-38.3M | ||
| Q2 25 | $-15.3M | $-39.0M | ||
| Q1 25 | $-5.6M | $-34.5M | ||
| Q4 24 | $-28.2M | $-34.4M | ||
| Q3 24 | $-2.0M | $-49.7M | ||
| Q2 24 | $-7.9M | $-19.2M | ||
| Q1 24 | $6.4M | $-31.2M |
| Q4 25 | 53.8% | 37.3% | ||
| Q3 25 | 54.7% | 40.1% | ||
| Q2 25 | 52.0% | 40.6% | ||
| Q1 25 | 44.1% | 41.7% | ||
| Q4 24 | 52.3% | 42.6% | ||
| Q3 24 | 52.3% | 39.3% | ||
| Q2 24 | 52.8% | 42.2% | ||
| Q1 24 | 48.2% | 42.5% |
| Q4 25 | -7.7% | -58.5% | ||
| Q3 25 | 1.8% | -71.4% | ||
| Q2 25 | -12.0% | -83.3% | ||
| Q1 25 | -1.8% | -72.0% | ||
| Q4 24 | -17.4% | -58.4% | ||
| Q3 24 | -1.1% | -92.5% | ||
| Q2 24 | -7.7% | -70.0% | ||
| Q1 24 | 3.6% | -94.8% |
| Q4 25 | -8.8% | -53.8% | ||
| Q3 25 | 1.0% | -71.3% | ||
| Q2 25 | -14.9% | -75.6% | ||
| Q1 25 | -2.3% | -63.9% | ||
| Q4 24 | -22.2% | -59.2% | ||
| Q3 24 | -1.4% | -92.1% | ||
| Q2 24 | -6.7% | -36.6% | ||
| Q1 24 | 2.6% | -59.6% |
| Q4 25 | $-0.29 | $-0.16 | ||
| Q3 25 | $0.04 | $-0.19 | ||
| Q2 25 | $-0.45 | $-0.20 | ||
| Q1 25 | $-0.17 | $-0.18 | ||
| Q4 24 | $-0.84 | $-0.18 | ||
| Q3 24 | $-0.06 | $-0.28 | ||
| Q2 24 | $-0.24 | $-0.11 | ||
| Q1 24 | $0.20 | $-0.19 |
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 | $145.5M |
| Total DebtLower is stronger | — | $353.4M |
| Stockholders' EquityBook value | $160.6M | $358.0M |
| Total Assets | $468.0M | $840.8M |
| Debt / EquityLower = less leverage | — | 0.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $145.5M | ||
| Q3 25 | $5.7M | $160.9M | ||
| Q2 25 | $8.6M | $192.6M | ||
| Q1 25 | $3.3M | $236.6M | ||
| Q4 24 | $9.3M | $274.2M | ||
| Q3 24 | $9.8M | $96.9M | ||
| Q2 24 | $6.8M | $112.3M | ||
| Q1 24 | $32.2M | $138.2M |
| Q4 25 | — | $353.4M | ||
| Q3 25 | — | $353.5M | ||
| Q2 25 | — | $352.5M | ||
| Q1 25 | — | $379.0M | ||
| Q4 24 | — | $381.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $160.6M | $358.0M | ||
| Q3 25 | $170.0M | $369.2M | ||
| Q2 25 | $167.9M | $390.4M | ||
| Q1 25 | $182.7M | $405.6M | ||
| Q4 24 | $188.1M | $417.9M | ||
| Q3 24 | $215.7M | $458.6M | ||
| Q2 24 | $218.4M | $470.7M | ||
| Q1 24 | $222.8M | $432.9M |
| Q4 25 | $468.0M | $840.8M | ||
| Q3 25 | $433.8M | $855.1M | ||
| Q2 25 | $463.7M | $867.6M | ||
| Q1 25 | $452.4M | $909.0M | ||
| Q4 24 | $533.1M | $941.4M | ||
| Q3 24 | $488.6M | $797.5M | ||
| Q2 24 | $471.4M | $797.3M | ||
| Q1 24 | $491.2M | $803.6M |
| Q4 25 | — | 0.99× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | — | 0.91× | ||
| 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 | $-14.4M |
| Free Cash FlowOCF − Capex | $-8.9M | $-16.1M |
| FCF MarginFCF / Revenue | -7.8% | -27.8% |
| Capex IntensityCapex / Revenue | 2.0% | 3.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $-71.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $-14.4M | ||
| Q3 25 | $32.0M | $-6.2M | ||
| Q2 25 | $-56.5M | $-7.6M | ||
| Q1 25 | $41.2M | $-29.0M | ||
| Q4 24 | $-41.1M | $-6.7M | ||
| Q3 24 | $16.6M | $-22.8M | ||
| Q2 24 | $-33.7M | $-19.7M | ||
| Q1 24 | $69.7M | $-9.3M |
| Q4 25 | $-8.9M | $-16.1M | ||
| Q3 25 | $29.8M | $-10.3M | ||
| Q2 25 | $-57.8M | $-13.6M | ||
| Q1 25 | $38.7M | $-31.4M | ||
| Q4 24 | $-43.7M | $-8.6M | ||
| Q3 24 | $15.0M | $-29.3M | ||
| Q2 24 | $-35.2M | $-23.4M | ||
| Q1 24 | $60.6M | $-11.7M |
| Q4 25 | -7.8% | -27.8% | ||
| Q3 25 | 22.6% | -19.2% | ||
| Q2 25 | -56.3% | -26.4% | ||
| Q1 25 | 16.0% | -58.0% | ||
| Q4 24 | -34.4% | -14.8% | ||
| Q3 24 | 10.6% | -54.3% | ||
| Q2 24 | -30.2% | -44.7% | ||
| Q1 24 | 24.7% | -22.3% |
| Q4 25 | 2.0% | 3.0% | ||
| Q3 25 | 1.7% | 7.8% | ||
| Q2 25 | 1.3% | 11.6% | ||
| Q1 25 | 1.0% | 4.4% | ||
| Q4 24 | 2.1% | 3.2% | ||
| Q3 24 | 1.2% | 12.1% | ||
| Q2 24 | 1.3% | 7.0% | ||
| Q1 24 | 3.7% | 4.4% |
| 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% |
INDI
| Products | $55.7M | 96% |
| Services | $2.3M | 4% |
