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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and Northwest Bancshares, Inc. (NWBI). Click either name above to swap in a different company.
Northwest Bancshares, Inc. is the larger business by last-quarter revenue ($175.1M vs $114.9M, roughly 1.5× DULUTH HOLDINGS INC.). Northwest Bancshares, Inc. runs the higher net margin — 28.9% vs -8.8%, a 37.7% gap on every dollar of revenue. Over the past eight quarters, Northwest Bancshares, Inc.'s revenue compounded faster (33.7% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Northwest Bank is a bank headquartered in Warren, Pennsylvania. It is the leading subsidiary of Northwest Bancshares, Inc., a bank holding company, and operates 151 branches in Pennsylvania, Western New York, Northeast Ohio, Appalachian Ohio, and Indiana.
DLTH vs NWBI — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $175.1M |
| Net Profit | $-10.1M | $50.5M |
| Gross Margin | 53.8% | — |
| Operating Margin | -7.7% | — |
| Net Margin | -8.8% | 28.9% |
| Revenue YoY | -9.6% | — |
| Net Profit YoY | 64.6% | — |
| EPS (diluted) | $-0.29 | $0.34 |
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 | — | $175.1M | ||
| Q4 25 | $114.9M | $179.9M | ||
| Q3 25 | $131.7M | $168.2M | ||
| Q2 25 | $102.7M | $150.4M | ||
| Q1 25 | $241.3M | $156.2M | ||
| Q4 24 | $127.1M | $154.3M | ||
| Q3 24 | $141.6M | $139.1M | ||
| Q2 24 | $116.7M | $98.0M |
| Q1 26 | — | $50.5M | ||
| Q4 25 | $-10.1M | — | ||
| Q3 25 | $1.3M | $3.2M | ||
| Q2 25 | $-15.3M | $33.7M | ||
| Q1 25 | $-5.6M | $43.5M | ||
| Q4 24 | $-28.2M | — | ||
| Q3 24 | $-2.0M | $33.6M | ||
| Q2 24 | $-7.9M | $4.7M |
| 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% | 32.6% | ||
| Q3 25 | 1.8% | 2.1% | ||
| Q2 25 | -12.0% | 29.3% | ||
| Q1 25 | -1.8% | 36.2% | ||
| Q4 24 | -17.4% | 27.5% | ||
| Q3 24 | -1.1% | 31.3% | ||
| Q2 24 | -7.7% | 6.1% |
| Q1 26 | — | 28.9% | ||
| Q4 25 | -8.8% | — | ||
| Q3 25 | 1.0% | 1.9% | ||
| Q2 25 | -14.9% | 22.4% | ||
| Q1 25 | -2.3% | 27.8% | ||
| Q4 24 | -22.2% | — | ||
| Q3 24 | -1.4% | 24.2% | ||
| Q2 24 | -6.7% | 4.8% |
| Q1 26 | — | $0.34 | ||
| Q4 25 | $-0.29 | $0.30 | ||
| Q3 25 | $0.04 | $0.02 | ||
| Q2 25 | $-0.45 | $0.26 | ||
| Q1 25 | $-0.17 | $0.34 | ||
| Q4 24 | $-0.84 | $0.26 | ||
| Q3 24 | $-0.06 | $0.26 | ||
| Q2 24 | $-0.24 | $0.04 |
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 | $286.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.6M | $1.9B |
| Total Assets | $468.0M | $16.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $286.7M | ||
| 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 26 | — | $1.9B | ||
| Q4 25 | $160.6M | $1.9B | ||
| Q3 25 | $170.0M | $1.9B | ||
| Q2 25 | $167.9M | $1.6B | ||
| Q1 25 | $182.7M | $1.6B | ||
| Q4 24 | $188.1M | $1.6B | ||
| Q3 24 | $215.7M | $1.6B | ||
| Q2 24 | $218.4M | $1.6B |
| Q1 26 | — | $16.9B | ||
| Q4 25 | $468.0M | $16.8B | ||
| Q3 25 | $433.8M | $16.4B | ||
| Q2 25 | $463.7M | $14.5B | ||
| Q1 25 | $452.4M | $14.5B | ||
| Q4 24 | $533.1M | $14.4B | ||
| Q3 24 | $488.6M | $14.4B | ||
| Q2 24 | $471.4M | $14.4B |
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 | $153.4M | ||
| Q3 25 | $32.0M | $41.9M | ||
| Q2 25 | $-56.5M | $-2.3M | ||
| Q1 25 | $41.2M | $107.6M | ||
| Q4 24 | $-41.1M | $127.7M | ||
| Q3 24 | $16.6M | $93.3M | ||
| Q2 24 | $-33.7M | $40.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-8.9M | $141.8M | ||
| Q3 25 | $29.8M | $38.3M | ||
| Q2 25 | $-57.8M | $-6.0M | ||
| Q1 25 | $38.7M | $105.8M | ||
| Q4 24 | $-43.7M | $125.4M | ||
| Q3 24 | $15.0M | $93.2M | ||
| Q2 24 | $-35.2M | $37.2M |
| Q1 26 | — | — | ||
| Q4 25 | -7.8% | 78.8% | ||
| Q3 25 | 22.6% | 22.8% | ||
| Q2 25 | -56.3% | -4.0% | ||
| Q1 25 | 16.0% | 67.7% | ||
| Q4 24 | -34.4% | 81.3% | ||
| Q3 24 | 10.6% | 67.0% | ||
| Q2 24 | -30.2% | 37.9% |
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 6.5% | ||
| Q3 25 | 1.7% | 2.2% | ||
| Q2 25 | 1.3% | 2.4% | ||
| Q1 25 | 1.0% | 1.2% | ||
| Q4 24 | 2.1% | 1.5% | ||
| Q3 24 | 1.2% | 0.1% | ||
| Q2 24 | 1.3% | 3.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 25.40× | 13.24× | ||
| Q2 25 | — | -0.07× | ||
| Q1 25 | — | 2.48× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.77× | ||
| Q2 24 | — | 8.56× |
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% |
NWBI
| Net Interest Income | $142.5M | 81% |
| Noninterest Income | $32.6M | 19% |
