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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and Piedmont Realty Trust, Inc. (PDM). Click either name above to swap in a different company.
Piedmont Realty Trust, Inc. is the larger business by last-quarter revenue ($143.3M vs $114.9M, roughly 1.2× DULUTH HOLDINGS INC.). DULUTH HOLDINGS INC. runs the higher net margin — -8.8% vs -31.4%, a 22.6% gap on every dollar of revenue. On growth, Piedmont Realty Trust, Inc. posted the faster year-over-year revenue change (0.4% vs -9.6%). Over the past eight quarters, Piedmont Realty Trust, Inc.'s revenue compounded faster (0.0% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
DLTH vs PDM — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $143.3M |
| Net Profit | $-10.1M | $-45.0M |
| Gross Margin | 53.8% | — |
| Operating Margin | -7.7% | — |
| Net Margin | -8.8% | -31.4% |
| Revenue YoY | -9.6% | 0.4% |
| Net Profit YoY | 64.6% | -27.9% |
| EPS (diluted) | $-0.29 | $-0.10 |
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 | — | $143.3M | ||
| Q4 25 | $114.9M | $142.9M | ||
| Q3 25 | $131.7M | $139.2M | ||
| Q2 25 | $102.7M | $140.3M | ||
| Q1 25 | $241.3M | $142.7M | ||
| Q4 24 | $127.1M | $143.2M | ||
| Q3 24 | $141.6M | $139.3M | ||
| Q2 24 | $116.7M | $143.3M |
| Q1 26 | — | $-45.0M | ||
| Q4 25 | $-10.1M | $-43.2M | ||
| Q3 25 | $1.3M | $-13.5M | ||
| Q2 25 | $-15.3M | $-16.8M | ||
| Q1 25 | $-5.6M | $-10.1M | ||
| Q4 24 | $-28.2M | $-30.0M | ||
| Q3 24 | $-2.0M | $-11.5M | ||
| Q2 24 | $-7.9M | $-9.8M |
| 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% | — | ||
| Q3 25 | 1.8% | — | ||
| Q2 25 | -12.0% | — | ||
| Q1 25 | -1.8% | — | ||
| Q4 24 | -17.4% | — | ||
| Q3 24 | -1.1% | — | ||
| Q2 24 | -7.7% | — |
| Q1 26 | — | -31.4% | ||
| Q4 25 | -8.8% | -30.3% | ||
| Q3 25 | 1.0% | -9.7% | ||
| Q2 25 | -14.9% | -12.0% | ||
| Q1 25 | -2.3% | -7.1% | ||
| Q4 24 | -22.2% | -20.9% | ||
| Q3 24 | -1.4% | -8.3% | ||
| Q2 24 | -6.7% | -6.8% |
| Q1 26 | — | $-0.10 | ||
| Q4 25 | $-0.29 | $-0.34 | ||
| Q3 25 | $0.04 | $-0.11 | ||
| Q2 25 | $-0.45 | $-0.14 | ||
| Q1 25 | $-0.17 | $-0.08 | ||
| Q4 24 | $-0.84 | $-0.25 | ||
| Q3 24 | $-0.06 | $-0.09 | ||
| Q2 24 | $-0.24 | $-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 | $2.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.6M | $1.5B |
| Total Assets | $468.0M | $4.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $2.3M | ||
| Q4 25 | $8.2M | $731.0K | ||
| Q3 25 | $5.7M | $3.0M | ||
| Q2 25 | $8.6M | $3.3M | ||
| Q1 25 | $3.3M | $2.9M | ||
| Q4 24 | $9.3M | $109.6M | ||
| Q3 24 | $9.8M | $133.6M | ||
| Q2 24 | $6.8M | $138.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B |
| Q1 26 | — | $1.5B | ||
| Q4 25 | $160.6M | $1.5B | ||
| Q3 25 | $170.0M | $1.5B | ||
| Q2 25 | $167.9M | $1.5B | ||
| Q1 25 | $182.7M | $1.6B | ||
| Q4 24 | $188.1M | $1.6B | ||
| Q3 24 | $215.7M | $1.6B | ||
| Q2 24 | $218.4M | $1.7B |
| Q1 26 | — | $4.0B | ||
| Q4 25 | $468.0M | $4.0B | ||
| Q3 25 | $433.8M | $4.0B | ||
| Q2 25 | $463.7M | $4.0B | ||
| Q1 25 | $452.4M | $4.0B | ||
| Q4 24 | $533.1M | $4.1B | ||
| Q3 24 | $488.6M | $4.1B | ||
| Q2 24 | $471.4M | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.49× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 1.41× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.34× |
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% | 110.3% |
| 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 | $140.6M | ||
| Q3 25 | $32.0M | $35.8M | ||
| Q2 25 | $-56.5M | $50.1M | ||
| Q1 25 | $41.2M | $3.7M | ||
| Q4 24 | $-41.1M | $198.1M | ||
| Q3 24 | $16.6M | $42.9M | ||
| Q2 24 | $-33.7M | $66.8M |
| Q1 26 | — | — | ||
| Q4 25 | $-8.9M | — | ||
| Q3 25 | $29.8M | — | ||
| Q2 25 | $-57.8M | — | ||
| Q1 25 | $38.7M | — | ||
| Q4 24 | $-43.7M | — | ||
| Q3 24 | $15.0M | — | ||
| Q2 24 | $-35.2M | — |
| Q1 26 | — | — | ||
| Q4 25 | -7.8% | — | ||
| Q3 25 | 22.6% | — | ||
| Q2 25 | -56.3% | — | ||
| Q1 25 | 16.0% | — | ||
| Q4 24 | -34.4% | — | ||
| Q3 24 | 10.6% | — | ||
| Q2 24 | -30.2% | — |
| Q1 26 | — | 110.3% | ||
| Q4 25 | 2.0% | — | ||
| Q3 25 | 1.7% | — | ||
| Q2 25 | 1.3% | — | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 1.2% | — | ||
| Q2 24 | 1.3% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 25.40× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% |
PDM
Segment breakdown not available.
