vs
Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and NATURES SUNSHINE PRODUCTS INC (NATR). Click either name above to swap in a different company.
NATURES SUNSHINE PRODUCTS INC is the larger business by last-quarter revenue ($123.8M vs $114.9M, roughly 1.1× DULUTH HOLDINGS INC.). NATURES SUNSHINE PRODUCTS INC runs the higher net margin — 3.3% vs -8.8%, a 12.1% gap on every dollar of revenue. On growth, NATURES SUNSHINE PRODUCTS INC posted the faster year-over-year revenue change (4.7% vs -9.6%). NATURES SUNSHINE PRODUCTS INC produced more free cash flow last quarter ($7.6M vs $-8.9M). Over the past eight quarters, NATURES SUNSHINE PRODUCTS INC's revenue compounded faster (5.6% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Nature's Sunshine Products, Inc. also known as "NSP", is a manufacturer of dietary supplements, including herbs, vitamins, minerals, and personal care products. It is based in Lehi, Utah, with a manufacturing facility in Spanish Fork, Utah.
DLTH vs NATR — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $123.8M |
| Net Profit | $-10.1M | $4.1M |
| Gross Margin | 53.8% | 72.5% |
| Operating Margin | -7.7% | 4.3% |
| Net Margin | -8.8% | 3.3% |
| Revenue YoY | -9.6% | 4.7% |
| Net Profit YoY | 64.6% | 1379.4% |
| EPS (diluted) | $-0.29 | $0.23 |
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 | $123.8M | ||
| Q3 25 | $131.7M | $128.3M | ||
| Q2 25 | $102.7M | $114.8M | ||
| Q1 25 | $241.3M | $113.2M | ||
| Q4 24 | $127.1M | $118.2M | ||
| Q3 24 | $141.6M | $114.6M | ||
| Q2 24 | $116.7M | $110.6M | ||
| Q1 24 | $245.6M | $111.0M |
| Q4 25 | $-10.1M | $4.1M | ||
| Q3 25 | $1.3M | $5.3M | ||
| Q2 25 | $-15.3M | $5.3M | ||
| Q1 25 | $-5.6M | $4.7M | ||
| Q4 24 | $-28.2M | $-321.0K | ||
| Q3 24 | $-2.0M | $4.3M | ||
| Q2 24 | $-7.9M | $1.3M | ||
| Q1 24 | $6.4M | $2.3M |
| Q4 25 | 53.8% | 72.5% | ||
| Q3 25 | 54.7% | 73.3% | ||
| Q2 25 | 52.0% | 71.7% | ||
| Q1 25 | 44.1% | 72.1% | ||
| Q4 24 | 52.3% | 72.0% | ||
| Q3 24 | 52.3% | 71.3% | ||
| Q2 24 | 52.8% | 71.4% | ||
| Q1 24 | 48.2% | 71.2% |
| Q4 25 | -7.7% | 4.3% | ||
| Q3 25 | 1.8% | 7.0% | ||
| Q2 25 | -12.0% | 3.7% | ||
| Q1 25 | -1.8% | 5.4% | ||
| Q4 24 | -17.4% | 3.8% | ||
| Q3 24 | -1.1% | 4.6% | ||
| Q2 24 | -7.7% | 5.1% | ||
| Q1 24 | 3.6% | 4.2% |
| Q4 25 | -8.8% | 3.3% | ||
| Q3 25 | 1.0% | 4.2% | ||
| Q2 25 | -14.9% | 4.6% | ||
| Q1 25 | -2.3% | 4.2% | ||
| Q4 24 | -22.2% | -0.3% | ||
| Q3 24 | -1.4% | 3.8% | ||
| Q2 24 | -6.7% | 1.2% | ||
| Q1 24 | 2.6% | 2.1% |
| Q4 25 | $-0.29 | $0.23 | ||
| Q3 25 | $0.04 | $0.30 | ||
| Q2 25 | $-0.45 | $0.28 | ||
| Q1 25 | $-0.17 | $0.25 | ||
| Q4 24 | $-0.84 | $-0.02 | ||
| Q3 24 | $-0.06 | $0.23 | ||
| Q2 24 | $-0.24 | $0.07 | ||
| Q1 24 | $0.20 | $0.12 |
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 | $93.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.6M | $161.6M |
| Total Assets | $468.0M | $261.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $93.9M | ||
| Q3 25 | $5.7M | $95.6M | ||
| Q2 25 | $8.6M | $81.3M | ||
| Q1 25 | $3.3M | $86.5M | ||
| Q4 24 | $9.3M | $84.7M | ||
| Q3 24 | $9.8M | $78.7M | ||
| Q2 24 | $6.8M | $68.7M | ||
| Q1 24 | $32.2M | $77.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $2.1M |
| Q4 25 | $160.6M | $161.6M | ||
| Q3 25 | $170.0M | $166.7M | ||
| Q2 25 | $167.9M | $163.7M | ||
| Q1 25 | $182.7M | $167.1M | ||
| Q4 24 | $188.1M | $161.0M | ||
| Q3 24 | $215.7M | $162.6M | ||
| Q2 24 | $218.4M | $156.4M | ||
| Q1 24 | $222.8M | $159.7M |
| Q4 25 | $468.0M | $261.1M | ||
| Q3 25 | $433.8M | $264.8M | ||
| Q2 25 | $463.7M | $254.9M | ||
| Q1 25 | $452.4M | $252.7M | ||
| Q4 24 | $533.1M | $240.9M | ||
| Q3 24 | $488.6M | $245.3M | ||
| Q2 24 | $471.4M | $235.8M | ||
| Q1 24 | $491.2M | $247.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.01× |
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 | $9.9M |
| Free Cash FlowOCF − Capex | $-8.9M | $7.6M |
| FCF MarginFCF / Revenue | -7.8% | 6.1% |
| Capex IntensityCapex / Revenue | 2.0% | 1.9% |
| Cash ConversionOCF / Net Profit | — | 2.41× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $28.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $9.9M | ||
| Q3 25 | $32.0M | $18.5M | ||
| Q2 25 | $-56.5M | $4.3M | ||
| Q1 25 | $41.2M | $2.6M | ||
| Q4 24 | $-41.1M | $12.2M | ||
| Q3 24 | $16.6M | $9.6M | ||
| Q2 24 | $-33.7M | $1.3M | ||
| Q1 24 | $69.7M | $2.2M |
| Q4 25 | $-8.9M | $7.6M | ||
| Q3 25 | $29.8M | $16.8M | ||
| Q2 25 | $-57.8M | $3.0M | ||
| Q1 25 | $38.7M | $1.5M | ||
| Q4 24 | $-43.7M | $10.0M | ||
| Q3 24 | $15.0M | $7.9M | ||
| Q2 24 | $-35.2M | $-2.0M | ||
| Q1 24 | $60.6M | $-1.5M |
| Q4 25 | -7.8% | 6.1% | ||
| Q3 25 | 22.6% | 13.1% | ||
| Q2 25 | -56.3% | 2.6% | ||
| Q1 25 | 16.0% | 1.3% | ||
| Q4 24 | -34.4% | 8.5% | ||
| Q3 24 | 10.6% | 6.9% | ||
| Q2 24 | -30.2% | -1.9% | ||
| Q1 24 | 24.7% | -1.4% |
| Q4 25 | 2.0% | 1.9% | ||
| Q3 25 | 1.7% | 1.3% | ||
| Q2 25 | 1.3% | 1.2% | ||
| Q1 25 | 1.0% | 1.0% | ||
| Q4 24 | 2.1% | 1.9% | ||
| Q3 24 | 1.2% | 1.5% | ||
| Q2 24 | 1.3% | 3.0% | ||
| Q1 24 | 3.7% | 3.3% |
| Q4 25 | — | 2.41× | ||
| Q3 25 | 25.40× | 3.46× | ||
| Q2 25 | — | 0.81× | ||
| Q1 25 | — | 0.55× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.21× | ||
| Q2 24 | — | 0.97× | ||
| Q1 24 | 10.86× | 0.94× |
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% |
NATR
| Other | $68.1M | 55% |
| General Health Products | $20.2M | 16% |
| Digestive Products | $13.8M | 11% |
| Cardiovascular Products | $12.1M | 10% |
| Personal Care Products | $4.4M | 4% |
| Immunity Products | $3.1M | 3% |
| Weight Management Products | $2.1M | 2% |
