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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $88.4M, roughly 1.3× OPAL Fuels Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -8.8%, a 27.1% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs -9.6%). DULUTH HOLDINGS INC. produced more free cash flow last quarter ($-8.9M vs $-13.4M). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
DLTH vs OPAL — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $88.4M |
| Net Profit | $-10.1M | $16.2M |
| Gross Margin | 53.8% | — |
| Operating Margin | -7.7% | 7.5% |
| Net Margin | -8.8% | 18.3% |
| Revenue YoY | -9.6% | 18.7% |
| Net Profit YoY | 64.6% | 401.5% |
| EPS (diluted) | $-0.29 | $0.08 |
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 | $88.4M | ||
| Q3 25 | $131.7M | $77.9M | ||
| Q2 25 | $102.7M | $77.4M | ||
| Q1 25 | $241.3M | $83.0M | ||
| Q4 24 | $127.1M | $74.5M | ||
| Q3 24 | $141.6M | $82.6M | ||
| Q2 24 | $116.7M | $69.8M | ||
| Q1 24 | $245.6M | $64.0M |
| Q4 25 | $-10.1M | $16.2M | ||
| Q3 25 | $1.3M | $11.4M | ||
| Q2 25 | $-15.3M | $7.6M | ||
| Q1 25 | $-5.6M | $1.3M | ||
| Q4 24 | $-28.2M | $-5.4M | ||
| Q3 24 | $-2.0M | $17.1M | ||
| Q2 24 | $-7.9M | $1.9M | ||
| Q1 24 | $6.4M | $677.0K |
| 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% | 7.5% | ||
| Q3 25 | 1.8% | 4.6% | ||
| Q2 25 | -12.0% | -1.1% | ||
| Q1 25 | -1.8% | -2.3% | ||
| Q4 24 | -17.4% | -0.5% | ||
| Q3 24 | -1.1% | 14.9% | ||
| Q2 24 | -7.7% | 8.1% | ||
| Q1 24 | 3.6% | 5.6% |
| Q4 25 | -8.8% | 18.3% | ||
| Q3 25 | 1.0% | 14.6% | ||
| Q2 25 | -14.9% | 9.8% | ||
| Q1 25 | -2.3% | 1.5% | ||
| Q4 24 | -22.2% | -7.2% | ||
| Q3 24 | -1.4% | 20.7% | ||
| Q2 24 | -6.7% | 2.7% | ||
| Q1 24 | 2.6% | 1.1% |
| Q4 25 | $-0.29 | $0.08 | ||
| Q3 25 | $0.04 | $0.05 | ||
| Q2 25 | $-0.45 | $0.03 | ||
| Q1 25 | $-0.17 | $-0.01 | ||
| Q4 24 | $-0.84 | $-0.05 | ||
| Q3 24 | $-0.06 | $0.09 | ||
| Q2 24 | $-0.24 | $-0.01 | ||
| Q1 24 | $0.20 | $-0.01 |
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 | $24.4M |
| Total DebtLower is stronger | — | $361.3M |
| Stockholders' EquityBook value | $160.6M | $-12.9M |
| Total Assets | $468.0M | $959.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $24.4M | ||
| Q3 25 | $5.7M | $29.9M | ||
| Q2 25 | $8.6M | $29.3M | ||
| Q1 25 | $3.3M | $40.1M | ||
| Q4 24 | $9.3M | $24.3M | ||
| Q3 24 | $9.8M | $31.0M | ||
| Q2 24 | $6.8M | $27.6M | ||
| Q1 24 | $32.2M | $34.2M |
| Q4 25 | — | $361.3M | ||
| Q3 25 | — | $351.2M | ||
| Q2 25 | — | $331.6M | ||
| Q1 25 | — | $307.0M | ||
| Q4 24 | — | $307.5M | ||
| Q3 24 | — | $252.9M | ||
| Q2 24 | — | $233.3M | ||
| Q1 24 | — | $208.7M |
| Q4 25 | $160.6M | $-12.9M | ||
| Q3 25 | $170.0M | $7.5M | ||
| Q2 25 | $167.9M | $-25.0M | ||
| Q1 25 | $182.7M | $57.1M | ||
| Q4 24 | $188.1M | $-148.4M | ||
| Q3 24 | $215.7M | $-180.1M | ||
| Q2 24 | $218.4M | $-273.0M | ||
| Q1 24 | $222.8M | $-382.4M |
| Q4 25 | $468.0M | $959.5M | ||
| Q3 25 | $433.8M | $916.7M | ||
| Q2 25 | $463.7M | $905.5M | ||
| Q1 25 | $452.4M | $884.9M | ||
| Q4 24 | $533.1M | $881.1M | ||
| Q3 24 | $488.6M | $831.1M | ||
| Q2 24 | $471.4M | $782.3M | ||
| Q1 24 | $491.2M | $750.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 46.95× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 5.38× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $-3.5M |
| Free Cash FlowOCF − Capex | $-8.9M | $-13.4M |
| FCF MarginFCF / Revenue | -7.8% | -15.1% |
| Capex IntensityCapex / Revenue | 2.0% | 11.1% |
| Cash ConversionOCF / Net Profit | — | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $-3.5M | ||
| Q3 25 | $32.0M | $18.2M | ||
| Q2 25 | $-56.5M | $-7.9M | ||
| Q1 25 | $41.2M | $29.7M | ||
| Q4 24 | $-41.1M | $-532.0K | ||
| Q3 24 | $16.6M | $17.7M | ||
| Q2 24 | $-33.7M | $533.0K | ||
| Q1 24 | $69.7M | $13.7M |
| Q4 25 | $-8.9M | $-13.4M | ||
| Q3 25 | $29.8M | $-9.3M | ||
| Q2 25 | $-57.8M | $-29.7M | ||
| Q1 25 | $38.7M | $18.1M | ||
| Q4 24 | $-43.7M | $-55.0M | ||
| Q3 24 | $15.0M | $-5.4M | ||
| Q2 24 | $-35.2M | $-22.5M | ||
| Q1 24 | $60.6M | $-13.0M |
| Q4 25 | -7.8% | -15.1% | ||
| Q3 25 | 22.6% | -11.9% | ||
| Q2 25 | -56.3% | -38.4% | ||
| Q1 25 | 16.0% | 21.8% | ||
| Q4 24 | -34.4% | -73.8% | ||
| Q3 24 | 10.6% | -6.5% | ||
| Q2 24 | -30.2% | -32.2% | ||
| Q1 24 | 24.7% | -20.4% |
| Q4 25 | 2.0% | 11.1% | ||
| Q3 25 | 1.7% | 35.3% | ||
| Q2 25 | 1.3% | 28.2% | ||
| Q1 25 | 1.0% | 13.9% | ||
| Q4 24 | 2.1% | 73.1% | ||
| Q3 24 | 1.2% | 27.9% | ||
| Q2 24 | 1.3% | 32.9% | ||
| Q1 24 | 3.7% | 41.8% |
| Q4 25 | — | -0.22× | ||
| Q3 25 | 25.40× | 1.60× | ||
| Q2 25 | — | -1.04× | ||
| Q1 25 | — | 23.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | 10.86× | 20.26× |
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% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
