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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and NICOLET BANKSHARES INC (NIC). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $104.0M, roughly 1.1× NICOLET BANKSHARES INC). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs -8.8%, a 47.6% gap on every dollar of revenue. On growth, NICOLET BANKSHARES INC posted the faster year-over-year revenue change (12.5% vs -9.6%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $-8.9M). Over the past eight quarters, NICOLET BANKSHARES INC's revenue compounded faster (12.5% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Nicolet Bankshares, Inc. is a U.S. regional bank holding company based in Green Bay, Wisconsin. They are the parent company of Nicolet National Bank, the second largest Wisconsin-based bank.
DLTH vs NIC — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $104.0M |
| Net Profit | $-10.1M | $40.3M |
| Gross Margin | 53.8% | — |
| Operating Margin | -7.7% | 48.3% |
| Net Margin | -8.8% | 38.8% |
| Revenue YoY | -9.6% | 12.5% |
| Net Profit YoY | 64.6% | 16.9% |
| EPS (diluted) | $-0.29 | $2.63 |
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 | $104.0M | ||
| Q3 25 | $131.7M | $102.9M | ||
| Q2 25 | $102.7M | $95.7M | ||
| Q1 25 | $241.3M | $89.4M | ||
| Q4 24 | $127.1M | $92.4M | ||
| Q3 24 | $141.6M | $90.7M | ||
| Q2 24 | $116.7M | $85.0M | ||
| Q1 24 | $245.6M | $82.2M |
| Q4 25 | $-10.1M | $40.3M | ||
| Q3 25 | $1.3M | $41.7M | ||
| Q2 25 | $-15.3M | $36.0M | ||
| Q1 25 | $-5.6M | $32.6M | ||
| Q4 24 | $-28.2M | $34.5M | ||
| Q3 24 | $-2.0M | $32.5M | ||
| Q2 24 | $-7.9M | $29.3M | ||
| Q1 24 | $6.4M | $27.8M |
| 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 24 | 48.2% | — |
| Q4 25 | -7.7% | 48.3% | ||
| Q3 25 | 1.8% | 50.4% | ||
| Q2 25 | -12.0% | 46.8% | ||
| Q1 25 | -1.8% | 44.9% | ||
| Q4 24 | -17.4% | 46.8% | ||
| Q3 24 | -1.1% | 45.0% | ||
| Q2 24 | -7.7% | 43.3% | ||
| Q1 24 | 3.6% | 41.8% |
| Q4 25 | -8.8% | 38.8% | ||
| Q3 25 | 1.0% | 40.6% | ||
| Q2 25 | -14.9% | 37.6% | ||
| Q1 25 | -2.3% | 36.4% | ||
| Q4 24 | -22.2% | 37.3% | ||
| Q3 24 | -1.4% | 35.8% | ||
| Q2 24 | -6.7% | 34.5% | ||
| Q1 24 | 2.6% | 33.8% |
| Q4 25 | $-0.29 | $2.63 | ||
| Q3 25 | $0.04 | $2.73 | ||
| Q2 25 | $-0.45 | $2.34 | ||
| Q1 25 | $-0.17 | $2.08 | ||
| Q4 24 | $-0.84 | $2.21 | ||
| Q3 24 | $-0.06 | $2.10 | ||
| Q2 24 | $-0.24 | $1.92 | ||
| Q1 24 | $0.20 | $1.82 |
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 | — |
| Total DebtLower is stronger | — | $134.9M |
| Stockholders' EquityBook value | $160.6M | $1.3B |
| Total Assets | $468.0M | $9.2B |
| Debt / EquityLower = less leverage | — | 0.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | — | ||
| Q3 25 | $5.7M | — | ||
| Q2 25 | $8.6M | — | ||
| Q1 25 | $3.3M | — | ||
| Q4 24 | $9.3M | — | ||
| Q3 24 | $9.8M | — | ||
| Q2 24 | $6.8M | — | ||
| Q1 24 | $32.2M | — |
| Q4 25 | — | $134.9M | ||
| Q3 25 | — | $134.6M | ||
| Q2 25 | — | $134.3M | ||
| Q1 25 | — | $156.6M | ||
| Q4 24 | — | $161.4M | ||
| Q3 24 | — | $161.2M | ||
| Q2 24 | — | $162.4M | ||
| Q1 24 | — | $162.3M |
| Q4 25 | $160.6M | $1.3B | ||
| Q3 25 | $170.0M | $1.2B | ||
| Q2 25 | $167.9M | $1.2B | ||
| Q1 25 | $182.7M | $1.2B | ||
| Q4 24 | $188.1M | $1.2B | ||
| Q3 24 | $215.7M | $1.1B | ||
| Q2 24 | $218.4M | $1.1B | ||
| Q1 24 | $222.8M | $1.1B |
| Q4 25 | $468.0M | $9.2B | ||
| Q3 25 | $433.8M | $9.0B | ||
| Q2 25 | $463.7M | $8.9B | ||
| Q1 25 | $452.4M | $9.0B | ||
| Q4 24 | $533.1M | $8.8B | ||
| Q3 24 | $488.6M | $8.6B | ||
| Q2 24 | $471.4M | $8.6B | ||
| Q1 24 | $491.2M | $8.4B |
| Q4 25 | — | 0.11× | ||
| Q3 25 | — | 0.11× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.15× |
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 | $153.5M |
| Free Cash FlowOCF − Capex | $-8.9M | $149.4M |
| FCF MarginFCF / Revenue | -7.8% | 143.7% |
| Capex IntensityCapex / Revenue | 2.0% | 3.9% |
| Cash ConversionOCF / Net Profit | — | 3.81× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $275.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $153.5M | ||
| Q3 25 | $32.0M | $45.9M | ||
| Q2 25 | $-56.5M | $38.9M | ||
| Q1 25 | $41.2M | $41.8M | ||
| Q4 24 | $-41.1M | $133.7M | ||
| Q3 24 | $16.6M | $39.6M | ||
| Q2 24 | $-33.7M | $37.3M | ||
| Q1 24 | $69.7M | $23.4M |
| Q4 25 | $-8.9M | $149.4M | ||
| Q3 25 | $29.8M | $45.9M | ||
| Q2 25 | $-57.8M | $38.4M | ||
| Q1 25 | $38.7M | $41.3M | ||
| Q4 24 | $-43.7M | $116.8M | ||
| Q3 24 | $15.0M | $34.7M | ||
| Q2 24 | $-35.2M | $34.4M | ||
| Q1 24 | $60.6M | $20.1M |
| Q4 25 | -7.8% | 143.7% | ||
| Q3 25 | 22.6% | 44.6% | ||
| Q2 25 | -56.3% | 40.1% | ||
| Q1 25 | 16.0% | 46.2% | ||
| Q4 24 | -34.4% | 126.4% | ||
| Q3 24 | 10.6% | 38.3% | ||
| Q2 24 | -30.2% | 40.5% | ||
| Q1 24 | 24.7% | 24.4% |
| Q4 25 | 2.0% | 3.9% | ||
| Q3 25 | 1.7% | 0.0% | ||
| Q2 25 | 1.3% | 0.6% | ||
| Q1 25 | 1.0% | 0.5% | ||
| Q4 24 | 2.1% | 18.3% | ||
| Q3 24 | 1.2% | 5.4% | ||
| Q2 24 | 1.3% | 3.5% | ||
| Q1 24 | 3.7% | 4.0% |
| Q4 25 | — | 3.81× | ||
| Q3 25 | 25.40× | 1.10× | ||
| Q2 25 | — | 1.08× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | — | 3.88× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | 10.86× | 0.84× |
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% |
NIC
Segment breakdown not available.
