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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and Midland States Bancorp, Inc. (MSBI). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $79.5M, roughly 1.4× Midland States Bancorp, Inc.). Midland States Bancorp, Inc. runs the higher net margin — 23.2% vs -8.8%, a 32.0% gap on every dollar of revenue. Over the past eight quarters, Midland States Bancorp, Inc.'s revenue compounded faster (-6.4% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Rainier Bancorporation was the Seattle-based parent corporation of Rainier National Bank, a Washington state bank with branches throughout the state. Rainier traced its roots back to the National Bank of Commerce, which was founded by Richard Holyoke in 1889. The name Rainier National Bank was adopted in 1974. Rainier Bancorp expanded into Alaska with the purchase of Anchorage's People's Bank & Trust in 1983 and into Oregon with the purchase of Gresham's Mount Hood Security Bank in 1986, expa...
DLTH vs MSBI — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $79.5M |
| Net Profit | $-10.1M | $18.5M |
| Gross Margin | 53.8% | — |
| Operating Margin | -7.7% | — |
| Net Margin | -8.8% | 23.2% |
| Revenue YoY | -9.6% | — |
| Net Profit YoY | 64.6% | 739.3% |
| EPS (diluted) | $-0.29 | $0.74 |
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.
| Q1 26 | — | $79.5M | ||
| Q4 25 | $114.9M | $85.6M | ||
| Q3 25 | $131.7M | $81.1M | ||
| Q2 25 | $102.7M | $82.2M | ||
| Q1 25 | $241.3M | $76.1M | ||
| Q4 24 | $127.1M | $93.9M | ||
| Q3 24 | $141.6M | $92.7M | ||
| Q2 24 | $116.7M | $90.9M |
| Q1 26 | — | $18.5M | ||
| Q4 25 | $-10.1M | $-2.9M | ||
| Q3 25 | $1.3M | $7.6M | ||
| Q2 25 | $-15.3M | $12.0M | ||
| Q1 25 | $-5.6M | $-141.0M | ||
| Q4 24 | $-28.2M | $-30.8M | ||
| Q3 24 | $-2.0M | $20.4M | ||
| Q2 24 | $-7.9M | $25.7M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | -7.7% | -5.5% | ||
| Q3 25 | 1.8% | 13.9% | ||
| Q2 25 | -12.0% | 18.1% | ||
| Q1 25 | -1.8% | -181.2% | ||
| Q4 24 | -17.4% | -66.5% | ||
| Q3 24 | -1.1% | 26.9% | ||
| Q2 24 | -7.7% | 35.0% |
| Q1 26 | — | 23.2% | ||
| Q4 25 | -8.8% | -4.9% | ||
| Q3 25 | 1.0% | 9.3% | ||
| Q2 25 | -14.9% | 14.6% | ||
| Q1 25 | -2.3% | -185.4% | ||
| Q4 24 | -22.2% | -52.5% | ||
| Q3 24 | -1.4% | 22.1% | ||
| Q2 24 | -6.7% | 28.3% |
| Q1 26 | — | $0.74 | ||
| Q4 25 | $-0.29 | $-0.22 | ||
| Q3 25 | $0.04 | $0.24 | ||
| Q2 25 | $-0.45 | $0.44 | ||
| Q1 25 | $-0.17 | $-6.58 | ||
| Q4 24 | $-0.84 | $-1.49 | ||
| Q3 24 | $-0.06 | $0.83 | ||
| Q2 24 | $-0.24 | $1.06 |
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 | $89.4M |
| Total DebtLower is stronger | — | $33.2M |
| Stockholders' EquityBook value | $160.6M | $569.5M |
| Total Assets | $468.0M | $6.5B |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $89.4M | ||
| Q4 25 | $8.2M | $127.8M | ||
| Q3 25 | $5.7M | $166.1M | ||
| Q2 25 | $8.6M | $176.6M | ||
| Q1 25 | $3.3M | $102.0M | ||
| Q4 24 | $9.3M | $114.8M | ||
| Q3 24 | $9.8M | $121.9M | ||
| Q2 24 | $6.8M | $124.6M |
| Q1 26 | — | $33.2M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $569.5M | ||
| Q4 25 | $160.6M | $565.5M | ||
| Q3 25 | $170.0M | $584.0M | ||
| Q2 25 | $167.9M | $573.7M | ||
| Q1 25 | $182.7M | $571.4M | ||
| Q4 24 | $188.1M | $710.8M | ||
| Q3 24 | $215.7M | $771.2M | ||
| Q2 24 | $218.4M | $736.8M |
| Q1 26 | — | $6.5B | ||
| Q4 25 | $468.0M | $6.5B | ||
| Q3 25 | $433.8M | $6.9B | ||
| Q2 25 | $463.7M | $7.1B | ||
| Q1 25 | $452.4M | $7.3B | ||
| Q4 24 | $533.1M | $7.5B | ||
| Q3 24 | $488.6M | $7.7B | ||
| Q2 24 | $471.4M | $7.7B |
| Q1 26 | — | 0.06× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| Free Cash FlowOCF − Capex | $-8.9M | — |
| FCF MarginFCF / Revenue | -7.8% | — |
| Capex IntensityCapex / Revenue | 2.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-6.7M | $125.7M | ||
| Q3 25 | $32.0M | $80.0M | ||
| Q2 25 | $-56.5M | $28.1M | ||
| Q1 25 | $41.2M | $24.7M | ||
| Q4 24 | $-41.1M | $176.5M | ||
| Q3 24 | $16.6M | $46.5M | ||
| Q2 24 | $-33.7M | $31.4M |
| Q1 26 | — | — | ||
| Q4 25 | $-8.9M | $120.3M | ||
| Q3 25 | $29.8M | $78.6M | ||
| Q2 25 | $-57.8M | $26.7M | ||
| Q1 25 | $38.7M | $22.9M | ||
| Q4 24 | $-43.7M | $169.6M | ||
| Q3 24 | $15.0M | $44.4M | ||
| Q2 24 | $-35.2M | $29.9M |
| Q1 26 | — | — | ||
| Q4 25 | -7.8% | 140.6% | ||
| Q3 25 | 22.6% | 96.9% | ||
| Q2 25 | -56.3% | 32.4% | ||
| Q1 25 | 16.0% | 30.1% | ||
| Q4 24 | -34.4% | 180.6% | ||
| Q3 24 | 10.6% | 47.9% | ||
| Q2 24 | -30.2% | 32.9% |
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 6.2% | ||
| Q3 25 | 1.7% | 1.7% | ||
| Q2 25 | 1.3% | 1.7% | ||
| Q1 25 | 1.0% | 2.4% | ||
| Q4 24 | 2.1% | 7.3% | ||
| Q3 24 | 1.2% | 2.3% | ||
| Q2 24 | 1.3% | 1.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 25.40× | 10.58× | ||
| Q2 25 | — | 2.33× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.28× | ||
| Q2 24 | — | 1.22× |
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% |
MSBI
| Net Interest Income | $57.4M | 72% |
| Noninterest Income | $22.1M | 28% |
