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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and Mistras Group, Inc. (MG). Click either name above to swap in a different company.
Mistras Group, Inc. is the larger business by last-quarter revenue ($181.5M vs $114.9M, roughly 1.6× DULUTH HOLDINGS INC.). Mistras Group, Inc. runs the higher net margin — 2.1% vs -8.8%, a 10.9% gap on every dollar of revenue. On growth, Mistras Group, Inc. posted the faster year-over-year revenue change (5.1% vs -9.6%). Mistras Group, Inc. produced more free cash flow last quarter ($26.0M vs $-8.9M). Over the past eight quarters, Mistras Group, Inc.'s revenue compounded faster (-0.8% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Mistras Group, Inc. is a global provider of asset integrity and protection solutions, offering non-destructive testing, inspection, real-time monitoring, and engineering consulting services. Its key client segments include oil and gas, aerospace, power generation, and manufacturing industries, with operations spanning North America, Europe, and Asia-Pacific, helping clients enhance operational safety, extend asset lifespans, and minimize unplanned downtime.
DLTH vs MG — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $181.5M |
| Net Profit | $-10.1M | $3.8M |
| Gross Margin | 53.8% | 28.4% |
| Operating Margin | -7.7% | 7.0% |
| Net Margin | -8.8% | 2.1% |
| Revenue YoY | -9.6% | 5.1% |
| Net Profit YoY | 64.6% | -27.4% |
| EPS (diluted) | $-0.29 | $0.12 |
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 | $181.5M | ||
| Q3 25 | $131.7M | $195.5M | ||
| Q2 25 | $102.7M | $185.4M | ||
| Q1 25 | $241.3M | $161.6M | ||
| Q4 24 | $127.1M | $172.7M | ||
| Q3 24 | $141.6M | $182.7M | ||
| Q2 24 | $116.7M | $189.8M | ||
| Q1 24 | $245.6M | $184.4M |
| Q4 25 | $-10.1M | $3.8M | ||
| Q3 25 | $1.3M | $13.1M | ||
| Q2 25 | $-15.3M | $3.0M | ||
| Q1 25 | $-5.6M | $-3.2M | ||
| Q4 24 | $-28.2M | $5.2M | ||
| Q3 24 | $-2.0M | $6.4M | ||
| Q2 24 | $-7.9M | $6.4M | ||
| Q1 24 | $6.4M | $995.0K |
| Q4 25 | 53.8% | 28.4% | ||
| Q3 25 | 54.7% | 29.8% | ||
| Q2 25 | 52.0% | 29.1% | ||
| Q1 25 | 44.1% | 25.3% | ||
| Q4 24 | 52.3% | 26.5% | ||
| Q3 24 | 52.3% | 26.8% | ||
| Q2 24 | 52.8% | 27.1% | ||
| Q1 24 | 48.2% | 25.0% |
| Q4 25 | -7.7% | 7.0% | ||
| Q3 25 | 1.8% | 10.4% | ||
| Q2 25 | -12.0% | 4.5% | ||
| Q1 25 | -1.8% | -0.6% | ||
| Q4 24 | -17.4% | 6.1% | ||
| Q3 24 | -1.1% | 6.5% | ||
| Q2 24 | -7.7% | 6.3% | ||
| Q1 24 | 3.6% | 3.0% |
| Q4 25 | -8.8% | 2.1% | ||
| Q3 25 | 1.0% | 6.7% | ||
| Q2 25 | -14.9% | 1.6% | ||
| Q1 25 | -2.3% | -2.0% | ||
| Q4 24 | -22.2% | 3.0% | ||
| Q3 24 | -1.4% | 3.5% | ||
| Q2 24 | -6.7% | 3.4% | ||
| Q1 24 | 2.6% | 0.5% |
| Q4 25 | $-0.29 | $0.12 | ||
| Q3 25 | $0.04 | $0.41 | ||
| Q2 25 | $-0.45 | $0.10 | ||
| Q1 25 | $-0.17 | $-0.10 | ||
| Q4 24 | $-0.84 | $0.17 | ||
| Q3 24 | $-0.06 | $0.20 | ||
| Q2 24 | $-0.24 | $0.20 | ||
| Q1 24 | $0.20 | $0.03 |
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 | $28.0M |
| Total DebtLower is stronger | — | $178.0M |
| Stockholders' EquityBook value | $160.6M | $235.1M |
| Total Assets | $468.0M | $578.8M |
| Debt / EquityLower = less leverage | — | 0.76× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $28.0M | ||
| Q3 25 | $5.7M | $27.8M | ||
| Q2 25 | $8.6M | $20.0M | ||
| Q1 25 | $3.3M | $18.5M | ||
| Q4 24 | $9.3M | $18.3M | ||
| Q3 24 | $9.8M | $20.4M | ||
| Q2 24 | $6.8M | $17.2M | ||
| Q1 24 | $32.2M | $16.9M |
| Q4 25 | — | $178.0M | ||
| Q3 25 | — | $202.3M | ||
| Q2 25 | — | $189.4M | ||
| Q1 25 | — | $171.9M | ||
| Q4 24 | — | $169.6M | ||
| Q3 24 | — | $189.7M | ||
| Q2 24 | — | $199.7M | ||
| Q1 24 | — | $198.4M |
| Q4 25 | $160.6M | $235.1M | ||
| Q3 25 | $170.0M | $227.4M | ||
| Q2 25 | $167.9M | $215.8M | ||
| Q1 25 | $182.7M | $198.7M | ||
| Q4 24 | $188.1M | $198.6M | ||
| Q3 24 | $215.7M | $205.2M | ||
| Q2 24 | $218.4M | $193.2M | ||
| Q1 24 | $222.8M | $187.1M |
| Q4 25 | $468.0M | $578.8M | ||
| Q3 25 | $433.8M | $596.3M | ||
| Q2 25 | $463.7M | $571.0M | ||
| Q1 25 | $452.4M | $526.8M | ||
| Q4 24 | $533.1M | $523.0M | ||
| Q3 24 | $488.6M | $551.7M | ||
| Q2 24 | $471.4M | $548.1M | ||
| Q1 24 | $491.2M | $542.1M |
| Q4 25 | — | 0.76× | ||
| Q3 25 | — | 0.89× | ||
| Q2 25 | — | 0.88× | ||
| Q1 25 | — | 0.87× | ||
| Q4 24 | — | 0.85× | ||
| Q3 24 | — | 0.92× | ||
| Q2 24 | — | 1.03× | ||
| Q1 24 | — | 1.06× |
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 | $32.1M |
| Free Cash FlowOCF − Capex | $-8.9M | $26.0M |
| FCF MarginFCF / Revenue | -7.8% | 14.3% |
| Capex IntensityCapex / Revenue | 2.0% | 3.4% |
| Cash ConversionOCF / Net Profit | — | 8.55× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $8.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $32.1M | ||
| Q3 25 | $32.0M | $4.5M | ||
| Q2 25 | $-56.5M | $-9.3M | ||
| Q1 25 | $41.2M | $5.6M | ||
| Q4 24 | $-41.1M | $25.7M | ||
| Q3 24 | $16.6M | $19.4M | ||
| Q2 24 | $-33.7M | $4.5M | ||
| Q1 24 | $69.7M | $604.0K |
| Q4 25 | $-8.9M | $26.0M | ||
| Q3 25 | $29.8M | $-4.1M | ||
| Q2 25 | $-57.8M | $-14.7M | ||
| Q1 25 | $38.7M | $1.1M | ||
| Q4 24 | $-43.7M | $22.1M | ||
| Q3 24 | $15.0M | $14.6M | ||
| Q2 24 | $-35.2M | $-284.0K | ||
| Q1 24 | $60.6M | $-4.2M |
| Q4 25 | -7.8% | 14.3% | ||
| Q3 25 | 22.6% | -2.1% | ||
| Q2 25 | -56.3% | -7.9% | ||
| Q1 25 | 16.0% | 0.7% | ||
| Q4 24 | -34.4% | 12.8% | ||
| Q3 24 | 10.6% | 8.0% | ||
| Q2 24 | -30.2% | -0.1% | ||
| Q1 24 | 24.7% | -2.3% |
| Q4 25 | 2.0% | 3.4% | ||
| Q3 25 | 1.7% | 4.4% | ||
| Q2 25 | 1.3% | 2.9% | ||
| Q1 25 | 1.0% | 2.8% | ||
| Q4 24 | 2.1% | 2.1% | ||
| Q3 24 | 1.2% | 2.6% | ||
| Q2 24 | 1.3% | 2.5% | ||
| Q1 24 | 3.7% | 2.6% |
| Q4 25 | — | 8.55× | ||
| Q3 25 | 25.40× | 0.34× | ||
| Q2 25 | — | -3.07× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.96× | ||
| Q3 24 | — | 3.02× | ||
| Q2 24 | — | 0.71× | ||
| Q1 24 | 10.86× | 0.61× |
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% |
MG
Segment breakdown not available.
