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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and NPK International Inc. (NPKI). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $75.2M, roughly 1.5× NPK International Inc.). On growth, NPK International Inc. posted the faster year-over-year revenue change (30.7% vs -9.6%). NPK International Inc. produced more free cash flow last quarter ($5.8M vs $-8.9M). Over the past eight quarters, NPK International Inc.'s revenue compounded faster (23.9% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
DLTH vs NPKI — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $75.2M |
| Net Profit | $-10.1M | — |
| Gross Margin | 53.8% | 37.7% |
| Operating Margin | -7.7% | 16.7% |
| Net Margin | -8.8% | — |
| Revenue YoY | -9.6% | 30.7% |
| Net Profit YoY | 64.6% | — |
| EPS (diluted) | $-0.29 | $0.17 |
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 | $75.2M | ||
| Q3 25 | $131.7M | $68.8M | ||
| Q2 25 | $102.7M | $68.2M | ||
| Q1 25 | $241.3M | $64.8M | ||
| Q4 24 | $127.1M | $57.5M | ||
| Q3 24 | $141.6M | $44.2M | ||
| Q2 24 | $116.7M | $66.8M | ||
| Q1 24 | $245.6M | $49.0M |
| Q4 25 | $-10.1M | — | ||
| Q3 25 | $1.3M | $5.7M | ||
| Q2 25 | $-15.3M | $8.7M | ||
| Q1 25 | $-5.6M | $10.0M | ||
| Q4 24 | $-28.2M | — | ||
| Q3 24 | $-2.0M | $-174.3M | ||
| Q2 24 | $-7.9M | $8.0M | ||
| Q1 24 | $6.4M | $7.3M |
| Q4 25 | 53.8% | 37.7% | ||
| Q3 25 | 54.7% | 31.9% | ||
| Q2 25 | 52.0% | 36.9% | ||
| Q1 25 | 44.1% | 39.0% | ||
| Q4 24 | 52.3% | 39.2% | ||
| Q3 24 | 52.3% | 27.5% | ||
| Q2 24 | 52.8% | 37.2% | ||
| Q1 24 | 48.2% | 36.0% |
| Q4 25 | -7.7% | 16.7% | ||
| Q3 25 | 1.8% | 13.2% | ||
| Q2 25 | -12.0% | 17.0% | ||
| Q1 25 | -1.8% | 20.9% | ||
| Q4 24 | -17.4% | 20.2% | ||
| Q3 24 | -1.1% | 2.8% | ||
| Q2 24 | -7.7% | 18.7% | ||
| Q1 24 | 3.6% | 14.2% |
| Q4 25 | -8.8% | — | ||
| Q3 25 | 1.0% | 8.2% | ||
| Q2 25 | -14.9% | 12.7% | ||
| Q1 25 | -2.3% | 15.4% | ||
| Q4 24 | -22.2% | — | ||
| Q3 24 | -1.4% | -394.3% | ||
| Q2 24 | -6.7% | 12.0% | ||
| Q1 24 | 2.6% | 14.9% |
| Q4 25 | $-0.29 | $0.17 | ||
| Q3 25 | $0.04 | $0.07 | ||
| Q2 25 | $-0.45 | $0.10 | ||
| Q1 25 | $-0.17 | $0.11 | ||
| Q4 24 | $-0.84 | $0.10 | ||
| Q3 24 | $-0.06 | $-1.99 | ||
| Q2 24 | $-0.24 | $0.09 | ||
| Q1 24 | $0.20 | $0.08 |
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 | $5.1M |
| Total DebtLower is stronger | — | $16.9M |
| Stockholders' EquityBook value | $160.6M | $351.2M |
| Total Assets | $468.0M | $441.8M |
| Debt / EquityLower = less leverage | — | 0.05× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $5.1M | ||
| Q3 25 | $5.7M | $35.6M | ||
| Q2 25 | $8.6M | $26.0M | ||
| Q1 25 | $3.3M | $20.8M | ||
| Q4 24 | $9.3M | $17.8M | ||
| Q3 24 | $9.8M | $42.9M | ||
| Q2 24 | $6.8M | $35.1M | ||
| Q1 24 | $32.2M | $37.7M |
| Q4 25 | — | $16.9M | ||
| Q3 25 | — | $9.5M | ||
| Q2 25 | — | $9.3M | ||
| Q1 25 | — | $8.1M | ||
| Q4 24 | — | $7.7M | ||
| Q3 24 | — | $14.0M | ||
| Q2 24 | — | $58.0M | ||
| Q1 24 | — | $77.4M |
| Q4 25 | $160.6M | $351.2M | ||
| Q3 25 | $170.0M | $333.9M | ||
| Q2 25 | $167.9M | $328.8M | ||
| Q1 25 | $182.7M | $326.9M | ||
| Q4 24 | $188.1M | $326.5M | ||
| Q3 24 | $215.7M | $316.5M | ||
| Q2 24 | $218.4M | $426.6M | ||
| Q1 24 | $222.8M | $421.6M |
| Q4 25 | $468.0M | $441.8M | ||
| Q3 25 | $433.8M | $404.5M | ||
| Q2 25 | $463.7M | $393.7M | ||
| Q1 25 | $452.4M | $390.0M | ||
| Q4 24 | $533.1M | $393.7M | ||
| Q3 24 | $488.6M | $389.6M | ||
| Q2 24 | $471.4M | $624.8M | ||
| Q1 24 | $491.2M | $640.8M |
| Q4 25 | — | 0.05× | ||
| Q3 25 | — | 0.03× | ||
| Q2 25 | — | 0.03× | ||
| Q1 25 | — | 0.02× | ||
| Q4 24 | — | 0.02× | ||
| Q3 24 | — | 0.04× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.18× |
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 | $18.0M |
| Free Cash FlowOCF − Capex | $-8.9M | $5.8M |
| FCF MarginFCF / Revenue | -7.8% | 7.6% |
| Capex IntensityCapex / Revenue | 2.0% | 16.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $26.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $18.0M | ||
| Q3 25 | $32.0M | $24.7M | ||
| Q2 25 | $-56.5M | $21.4M | ||
| Q1 25 | $41.2M | $8.8M | ||
| Q4 24 | $-41.1M | $-4.1M | ||
| Q3 24 | $16.6M | $2.8M | ||
| Q2 24 | $-33.7M | $27.6M | ||
| Q1 24 | $69.7M | $11.9M |
| Q4 25 | $-8.9M | $5.8M | ||
| Q3 25 | $29.8M | $12.0M | ||
| Q2 25 | $-57.8M | $9.7M | ||
| Q1 25 | $38.7M | $-1.2M | ||
| Q4 24 | $-43.7M | $-17.7M | ||
| Q3 24 | $15.0M | $-6.7M | ||
| Q2 24 | $-35.2M | $21.0M | ||
| Q1 24 | $60.6M | $-1.9M |
| Q4 25 | -7.8% | 7.6% | ||
| Q3 25 | 22.6% | 17.4% | ||
| Q2 25 | -56.3% | 14.3% | ||
| Q1 25 | 16.0% | -1.8% | ||
| Q4 24 | -34.4% | -30.8% | ||
| Q3 24 | 10.6% | -15.2% | ||
| Q2 24 | -30.2% | 31.4% | ||
| Q1 24 | 24.7% | -3.9% |
| Q4 25 | 2.0% | 16.3% | ||
| Q3 25 | 1.7% | 18.5% | ||
| Q2 25 | 1.3% | 17.1% | ||
| Q1 25 | 1.0% | 15.5% | ||
| Q4 24 | 2.1% | 23.6% | ||
| Q3 24 | 1.2% | 21.4% | ||
| Q2 24 | 1.3% | 9.9% | ||
| Q1 24 | 3.7% | 28.3% |
| Q4 25 | — | — | ||
| Q3 25 | 25.40× | 4.37× | ||
| Q2 25 | — | 2.47× | ||
| Q1 25 | — | 0.88× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.43× | ||
| Q1 24 | 10.86× | 1.64× |
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% |
NPKI
| Rental Revenue | $34.8M | 46% |
| Products | $25.5M | 34% |
| Services | $14.9M | 20% |
