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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and Ramaco Resources, Inc. (METC). Click either name above to swap in a different company.
Ramaco Resources, Inc. is the larger business by last-quarter revenue ($121.0M vs $114.9M, roughly 1.1× DULUTH HOLDINGS INC.). DULUTH HOLDINGS INC. runs the higher net margin — -8.8% vs -11.0%, a 2.2% gap on every dollar of revenue. On growth, DULUTH HOLDINGS INC. posted the faster year-over-year revenue change (-9.6% vs -27.7%). DULUTH HOLDINGS INC. produced more free cash flow last quarter ($-8.9M vs $-17.5M). Over the past eight quarters, Ramaco Resources, Inc.'s revenue compounded faster (-22.7% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Ramaco Resources, Inc. is a U.S.-based mining company focused on high-grade metallurgical coal production. It operates mining assets across the Appalachian region, supplying products to global steel manufacturing and industrial clients, with core operations centered on sustainable low-cost metallurgical coal extraction and distribution.
DLTH vs METC — Head-to-Head
Income Statement — Q3 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $121.0M |
| Net Profit | $-10.1M | $-13.3M |
| Gross Margin | 53.8% | 15.8% |
| Operating Margin | -7.7% | -12.0% |
| Net Margin | -8.8% | -11.0% |
| Revenue YoY | -9.6% | -27.7% |
| Net Profit YoY | 64.6% | -5468.2% |
| EPS (diluted) | $-0.29 | — |
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 | — | ||
| Q3 25 | $131.7M | $121.0M | ||
| Q2 25 | $102.7M | $153.0M | ||
| Q1 25 | $241.3M | $134.7M | ||
| Q4 24 | $127.1M | $170.9M | ||
| Q3 24 | $141.6M | $167.4M | ||
| Q2 24 | $116.7M | $155.3M | ||
| Q1 24 | $245.6M | $172.7M |
| Q4 25 | $-10.1M | — | ||
| Q3 25 | $1.3M | $-13.3M | ||
| Q2 25 | $-15.3M | $-14.0M | ||
| Q1 25 | $-5.6M | $-9.5M | ||
| Q4 24 | $-28.2M | $3.9M | ||
| Q3 24 | $-2.0M | $-239.0K | ||
| Q2 24 | $-7.9M | $5.5M | ||
| Q1 24 | $6.4M | $2.0M |
| Q4 25 | 53.8% | — | ||
| Q3 25 | 54.7% | 15.8% | ||
| Q2 25 | 52.0% | 12.3% | ||
| Q1 25 | 44.1% | 15.2% | ||
| Q4 24 | 52.3% | 20.4% | ||
| Q3 24 | 52.3% | 19.5% | ||
| Q2 24 | 52.8% | 21.0% | ||
| Q1 24 | 48.2% | 19.1% |
| Q4 25 | -7.7% | — | ||
| Q3 25 | 1.8% | -12.0% | ||
| Q2 25 | -12.0% | -9.1% | ||
| Q1 25 | -1.8% | -8.9% | ||
| Q4 24 | -17.4% | 3.7% | ||
| Q3 24 | -1.1% | 1.0% | ||
| Q2 24 | -7.7% | 3.5% | ||
| Q1 24 | 3.6% | 1.9% |
| Q4 25 | -8.8% | — | ||
| Q3 25 | 1.0% | -11.0% | ||
| Q2 25 | -14.9% | -9.1% | ||
| Q1 25 | -2.3% | -7.0% | ||
| Q4 24 | -22.2% | 2.3% | ||
| Q3 24 | -1.4% | -0.1% | ||
| Q2 24 | -6.7% | 3.6% | ||
| Q1 24 | 2.6% | 1.2% |
| Q4 25 | $-0.29 | — | ||
| Q3 25 | $0.04 | — | ||
| Q2 25 | $-0.45 | — | ||
| Q1 25 | $-0.17 | — | ||
| Q4 24 | $-0.84 | $0.06 | ||
| Q3 24 | $-0.06 | $-0.03 | ||
| Q2 24 | $-0.24 | $0.08 | ||
| Q1 24 | $0.20 | $0.00 |
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 | $193.8M |
| Total DebtLower is stronger | — | $116.3M |
| Stockholders' EquityBook value | $160.6M | $526.9M |
| Total Assets | $468.0M | $849.7M |
| Debt / EquityLower = less leverage | — | 0.22× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | — | ||
| Q3 25 | $5.7M | $193.8M | ||
| Q2 25 | $8.6M | $28.1M | ||
| Q1 25 | $3.3M | $43.5M | ||
| Q4 24 | $9.3M | $33.0M | ||
| Q3 24 | $9.8M | $22.9M | ||
| Q2 24 | $6.8M | $27.6M | ||
| Q1 24 | $32.2M | $30.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $116.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $88.2M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $160.6M | — | ||
| Q3 25 | $170.0M | $526.9M | ||
| Q2 25 | $167.9M | $347.4M | ||
| Q1 25 | $182.7M | $355.2M | ||
| Q4 24 | $188.1M | $362.8M | ||
| Q3 24 | $215.7M | $361.8M | ||
| Q2 24 | $218.4M | $366.1M | ||
| Q1 24 | $222.8M | $372.3M |
| Q4 25 | $468.0M | — | ||
| Q3 25 | $433.8M | $849.7M | ||
| Q2 25 | $463.7M | $674.6M | ||
| Q1 25 | $452.4M | $685.7M | ||
| Q4 24 | $533.1M | $674.7M | ||
| Q3 24 | $488.6M | $645.4M | ||
| Q2 24 | $471.4M | $659.2M | ||
| Q1 24 | $491.2M | $674.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.24× | ||
| 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 | $-1.4M |
| Free Cash FlowOCF − Capex | $-8.9M | $-17.5M |
| FCF MarginFCF / Revenue | -7.8% | -14.5% |
| Capex IntensityCapex / Revenue | 2.0% | 13.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $-24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | — | ||
| Q3 25 | $32.0M | $-1.4M | ||
| Q2 25 | $-56.5M | $-4.3M | ||
| Q1 25 | $41.2M | $26.0M | ||
| Q4 24 | $-41.1M | $15.7M | ||
| Q3 24 | $16.6M | $37.4M | ||
| Q2 24 | $-33.7M | $34.4M | ||
| Q1 24 | $69.7M | $25.2M |
| Q4 25 | $-8.9M | — | ||
| Q3 25 | $29.8M | $-17.5M | ||
| Q2 25 | $-57.8M | $-19.8M | ||
| Q1 25 | $38.7M | $7.6M | ||
| Q4 24 | $-43.7M | $5.1M | ||
| Q3 24 | $15.0M | $25.6M | ||
| Q2 24 | $-35.2M | $20.3M | ||
| Q1 24 | $60.6M | $6.5M |
| Q4 25 | -7.8% | — | ||
| Q3 25 | 22.6% | -14.5% | ||
| Q2 25 | -56.3% | -13.0% | ||
| Q1 25 | 16.0% | 5.6% | ||
| Q4 24 | -34.4% | 3.0% | ||
| Q3 24 | 10.6% | 15.3% | ||
| Q2 24 | -30.2% | 13.1% | ||
| Q1 24 | 24.7% | 3.7% |
| Q4 25 | 2.0% | — | ||
| Q3 25 | 1.7% | 13.3% | ||
| Q2 25 | 1.3% | 10.2% | ||
| Q1 25 | 1.0% | 13.7% | ||
| Q4 24 | 2.1% | 6.2% | ||
| Q3 24 | 1.2% | 7.0% | ||
| Q2 24 | 1.3% | 9.1% | ||
| Q1 24 | 3.7% | 10.8% |
| Q4 25 | — | — | ||
| Q3 25 | 25.40× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.06× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 6.21× | ||
| Q1 24 | 10.86× | 12.40× |
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% |
METC
| Export Coal Revenues | $73.0M | 60% |
| Domestic Coal Revenues | $48.0M | 40% |
