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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
Mayville Engineering Company, Inc. is the larger business by last-quarter revenue ($134.3M vs $114.9M, roughly 1.2× DULUTH HOLDINGS INC.). Mayville Engineering Company, Inc. runs the higher net margin — -3.2% vs -8.8%, a 5.5% gap on every dollar of revenue. On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs -9.6%). Mayville Engineering Company, Inc. produced more free cash flow last quarter ($10.2M vs $-8.9M). Over the past eight quarters, Mayville Engineering Company, Inc.'s revenue compounded faster (-8.8% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
DLTH vs MEC — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $134.3M |
| Net Profit | $-10.1M | $-4.4M |
| Gross Margin | 53.8% | 6.8% |
| Operating Margin | -7.7% | -4.1% |
| Net Margin | -8.8% | -3.2% |
| Revenue YoY | -9.6% | 10.7% |
| Net Profit YoY | 64.6% | -127.3% |
| EPS (diluted) | $-0.29 | $-0.22 |
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 | $134.3M | ||
| Q3 25 | $131.7M | $144.3M | ||
| Q2 25 | $102.7M | $132.3M | ||
| Q1 25 | $241.3M | $135.6M | ||
| Q4 24 | $127.1M | $121.3M | ||
| Q3 24 | $141.6M | $135.4M | ||
| Q2 24 | $116.7M | $163.6M | ||
| Q1 24 | $245.6M | $161.3M |
| Q4 25 | $-10.1M | $-4.4M | ||
| Q3 25 | $1.3M | $-2.7M | ||
| Q2 25 | $-15.3M | $-1.1M | ||
| Q1 25 | $-5.6M | $20.0K | ||
| Q4 24 | $-28.2M | $16.0M | ||
| Q3 24 | $-2.0M | $3.0M | ||
| Q2 24 | $-7.9M | $3.8M | ||
| Q1 24 | $6.4M | $3.2M |
| Q4 25 | 53.8% | 6.8% | ||
| Q3 25 | 54.7% | 11.0% | ||
| Q2 25 | 52.0% | 10.3% | ||
| Q1 25 | 44.1% | 11.3% | ||
| Q4 24 | 52.3% | 8.9% | ||
| Q3 24 | 52.3% | 12.6% | ||
| Q2 24 | 52.8% | 13.6% | ||
| Q1 24 | 48.2% | 13.0% |
| Q4 25 | -7.7% | -4.1% | ||
| Q3 25 | 1.8% | 0.0% | ||
| Q2 25 | -12.0% | 0.1% | ||
| Q1 25 | -1.8% | 1.2% | ||
| Q4 24 | -17.4% | 19.0% | ||
| Q3 24 | -1.1% | 4.2% | ||
| Q2 24 | -7.7% | 5.0% | ||
| Q1 24 | 3.6% | 4.7% |
| Q4 25 | -8.8% | -3.2% | ||
| Q3 25 | 1.0% | -1.9% | ||
| Q2 25 | -14.9% | -0.8% | ||
| Q1 25 | -2.3% | 0.0% | ||
| Q4 24 | -22.2% | 13.2% | ||
| Q3 24 | -1.4% | 2.2% | ||
| Q2 24 | -6.7% | 2.3% | ||
| Q1 24 | 2.6% | 2.0% |
| Q4 25 | $-0.29 | $-0.22 | ||
| Q3 25 | $0.04 | $-0.13 | ||
| Q2 25 | $-0.45 | $-0.05 | ||
| Q1 25 | $-0.17 | $0.00 | ||
| Q4 24 | $-0.84 | $0.76 | ||
| Q3 24 | $-0.06 | $0.14 | ||
| Q2 24 | $-0.24 | $0.18 | ||
| Q1 24 | $0.20 | $0.16 |
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 | $1.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.6M | $240.7M |
| Total Assets | $468.0M | $563.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $1.5M | ||
| Q3 25 | $5.7M | $1.2M | ||
| Q2 25 | $8.6M | $206.0K | ||
| Q1 25 | $3.3M | $183.0K | ||
| Q4 24 | $9.3M | $206.0K | ||
| Q3 24 | $9.8M | $178.0K | ||
| Q2 24 | $6.8M | $314.0K | ||
| Q1 24 | $32.2M | $314.0K |
| Q4 25 | $160.6M | $240.7M | ||
| Q3 25 | $170.0M | $244.8M | ||
| Q2 25 | $167.9M | $246.8M | ||
| Q1 25 | $182.7M | $250.0M | ||
| Q4 24 | $188.1M | $251.8M | ||
| Q3 24 | $215.7M | $238.4M | ||
| Q2 24 | $218.4M | $238.1M | ||
| Q1 24 | $222.8M | $234.0M |
| Q4 25 | $468.0M | $563.6M | ||
| Q3 25 | $433.8M | $585.6M | ||
| Q2 25 | $463.7M | $433.7M | ||
| Q1 25 | $452.4M | $447.7M | ||
| Q4 24 | $533.1M | $445.6M | ||
| Q3 24 | $488.6M | $466.0M | ||
| Q2 24 | $471.4M | $488.2M | ||
| Q1 24 | $491.2M | $499.9M |
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 | $13.4M |
| Free Cash FlowOCF − Capex | $-8.9M | $10.2M |
| FCF MarginFCF / Revenue | -7.8% | 7.6% |
| Capex IntensityCapex / Revenue | 2.0% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $13.4M | ||
| Q3 25 | $32.0M | $1.9M | ||
| Q2 25 | $-56.5M | $15.0M | ||
| Q1 25 | $41.2M | $8.3M | ||
| Q4 24 | $-41.1M | $38.0M | ||
| Q3 24 | $16.6M | $17.9M | ||
| Q2 24 | $-33.7M | $23.3M | ||
| Q1 24 | $69.7M | $10.6M |
| Q4 25 | $-8.9M | $10.2M | ||
| Q3 25 | $29.8M | $-1.1M | ||
| Q2 25 | $-57.8M | $12.5M | ||
| Q1 25 | $38.7M | $5.4M | ||
| Q4 24 | $-43.7M | $35.6M | ||
| Q3 24 | $15.0M | $15.1M | ||
| Q2 24 | $-35.2M | $19.2M | ||
| Q1 24 | $60.6M | $7.8M |
| Q4 25 | -7.8% | 7.6% | ||
| Q3 25 | 22.6% | -0.8% | ||
| Q2 25 | -56.3% | 9.5% | ||
| Q1 25 | 16.0% | 4.0% | ||
| Q4 24 | -34.4% | 29.4% | ||
| Q3 24 | 10.6% | 11.1% | ||
| Q2 24 | -30.2% | 11.7% | ||
| Q1 24 | 24.7% | 4.9% |
| Q4 25 | 2.0% | 2.4% | ||
| Q3 25 | 1.7% | 2.1% | ||
| Q2 25 | 1.3% | 1.8% | ||
| Q1 25 | 1.0% | 2.2% | ||
| Q4 24 | 2.1% | 1.9% | ||
| Q3 24 | 1.2% | 2.1% | ||
| Q2 24 | 1.3% | 2.5% | ||
| Q1 24 | 3.7% | 1.7% |
| Q4 25 | — | — | ||
| Q3 25 | 25.40× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 416.65× | ||
| Q4 24 | — | 2.38× | ||
| Q3 24 | — | 6.03× | ||
| Q2 24 | — | 6.15× | ||
| Q1 24 | 10.86× | 3.28× |
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% |
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
