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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $57.6M, roughly 2.0× Phathom Pharmaceuticals, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs -9.6%). DULUTH HOLDINGS INC. produced more free cash flow last quarter ($-8.9M vs $-167.0M).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
DLTH vs PHAT — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $57.6M |
| Net Profit | $-10.1M | — |
| Gross Margin | 53.8% | 86.7% |
| Operating Margin | -7.7% | — |
| Net Margin | -8.8% | — |
| Revenue YoY | -9.6% | 94.1% |
| Net Profit YoY | 64.6% | 71.6% |
| EPS (diluted) | $-0.29 | — |
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 | $57.6M | ||
| Q3 25 | $131.7M | $49.5M | ||
| Q2 25 | $102.7M | $39.5M | ||
| Q1 25 | $241.3M | $28.5M | ||
| Q4 24 | $127.1M | $29.7M | ||
| Q3 24 | $141.6M | $16.4M | ||
| Q2 24 | $116.7M | $7.3M | ||
| Q1 24 | $245.6M | — |
| Q4 25 | $-10.1M | — | ||
| Q3 25 | $1.3M | $-30.0M | ||
| Q2 25 | $-15.3M | $-75.8M | ||
| Q1 25 | $-5.6M | $-94.3M | ||
| Q4 24 | $-28.2M | — | ||
| Q3 24 | $-2.0M | $-85.6M | ||
| Q2 24 | $-7.9M | $-91.4M | ||
| Q1 24 | $6.4M | — |
| Q4 25 | 53.8% | 86.7% | ||
| Q3 25 | 54.7% | 87.5% | ||
| Q2 25 | 52.0% | 87.2% | ||
| Q1 25 | 44.1% | 86.9% | ||
| Q4 24 | 52.3% | 87.1% | ||
| Q3 24 | 52.3% | 85.6% | ||
| Q2 24 | 52.8% | 81.2% | ||
| Q1 24 | 48.2% | — |
| Q4 25 | -7.7% | — | ||
| Q3 25 | 1.8% | -30.8% | ||
| Q2 25 | -12.0% | -151.7% | ||
| Q1 25 | -1.8% | -276.5% | ||
| Q4 24 | -17.4% | — | ||
| Q3 24 | -1.1% | -433.0% | ||
| Q2 24 | -7.7% | -1055.4% | ||
| Q1 24 | 3.6% | — |
| Q4 25 | -8.8% | — | ||
| Q3 25 | 1.0% | -60.5% | ||
| Q2 25 | -14.9% | -191.9% | ||
| Q1 25 | -2.3% | -330.7% | ||
| Q4 24 | -22.2% | — | ||
| Q3 24 | -1.4% | -523.3% | ||
| Q2 24 | -6.7% | -1248.6% | ||
| Q1 24 | 2.6% | — |
| Q4 25 | $-0.29 | — | ||
| Q3 25 | $0.04 | $-0.41 | ||
| Q2 25 | $-0.45 | $-1.05 | ||
| Q1 25 | $-0.17 | $-1.31 | ||
| Q4 24 | $-0.84 | — | ||
| Q3 24 | $-0.06 | $-1.32 | ||
| Q2 24 | $-0.24 | $-1.56 | ||
| Q1 24 | $0.20 | — |
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 | $130.0M |
| Total DebtLower is stronger | — | $209.1M |
| Stockholders' EquityBook value | $160.6M | $-438.2M |
| Total Assets | $468.0M | $259.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $130.0M | ||
| Q3 25 | $5.7M | $135.2M | ||
| Q2 25 | $8.6M | $149.6M | ||
| Q1 25 | $3.3M | $212.3M | ||
| Q4 24 | $9.3M | $297.3M | ||
| Q3 24 | $9.8M | $334.7M | ||
| Q2 24 | $6.8M | $276.2M | ||
| Q1 24 | $32.2M | — |
| Q4 25 | — | $209.1M | ||
| Q3 25 | — | $207.1M | ||
| Q2 25 | — | $205.1M | ||
| Q1 25 | — | $203.2M | ||
| Q4 24 | — | $201.4M | ||
| Q3 24 | — | $175.7M | ||
| Q2 24 | — | $174.4M | ||
| Q1 24 | — | — |
| Q4 25 | $160.6M | $-438.2M | ||
| Q3 25 | $170.0M | $-422.5M | ||
| Q2 25 | $167.9M | $-405.8M | ||
| Q1 25 | $182.7M | $-338.4M | ||
| Q4 24 | $188.1M | $-253.6M | ||
| Q3 24 | $215.7M | $-187.1M | ||
| Q2 24 | $218.4M | $-233.8M | ||
| Q1 24 | $222.8M | — |
| Q4 25 | $468.0M | $259.1M | ||
| Q3 25 | $433.8M | $240.3M | ||
| Q2 25 | $463.7M | $250.2M | ||
| Q1 25 | $452.4M | $294.2M | ||
| Q4 24 | $533.1M | $378.3M | ||
| Q3 24 | $488.6M | $387.0M | ||
| Q2 24 | $471.4M | $319.4M | ||
| Q1 24 | $491.2M | — |
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 | $-166.8M |
| Free Cash FlowOCF − Capex | $-8.9M | $-167.0M |
| FCF MarginFCF / Revenue | -7.8% | -290.0% |
| Capex IntensityCapex / Revenue | 2.0% | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $-166.8M | ||
| Q3 25 | $32.0M | $-14.1M | ||
| Q2 25 | $-56.5M | $-62.7M | ||
| Q1 25 | $41.2M | $-84.9M | ||
| Q4 24 | $-41.1M | $-266.8M | ||
| Q3 24 | $16.6M | $-63.6M | ||
| Q2 24 | $-33.7M | $-70.7M | ||
| Q1 24 | $69.7M | — |
| Q4 25 | $-8.9M | $-167.0M | ||
| Q3 25 | $29.8M | $-14.1M | ||
| Q2 25 | $-57.8M | $-62.8M | ||
| Q1 25 | $38.7M | $-84.9M | ||
| Q4 24 | $-43.7M | $-266.9M | ||
| Q3 24 | $15.0M | $-63.6M | ||
| Q2 24 | $-35.2M | $-70.8M | ||
| Q1 24 | $60.6M | — |
| Q4 25 | -7.8% | -290.0% | ||
| Q3 25 | 22.6% | -28.6% | ||
| Q2 25 | -56.3% | -159.0% | ||
| Q1 25 | 16.0% | -297.9% | ||
| Q4 24 | -34.4% | -899.8% | ||
| Q3 24 | 10.6% | -389.0% | ||
| Q2 24 | -30.2% | -966.2% | ||
| Q1 24 | 24.7% | — |
| Q4 25 | 2.0% | 0.4% | ||
| Q3 25 | 1.7% | 0.1% | ||
| Q2 25 | 1.3% | 0.2% | ||
| Q1 25 | 1.0% | 0.1% | ||
| Q4 24 | 2.1% | 0.5% | ||
| Q3 24 | 1.2% | 0.3% | ||
| Q2 24 | 1.3% | 0.6% | ||
| Q1 24 | 3.7% | — |
| Q4 25 | — | — | ||
| Q3 25 | 25.40× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 10.86× | — |
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% |
PHAT
Segment breakdown not available.
