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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and CPI Card Group Inc. (PMTS). Click either name above to swap in a different company.
CPI Card Group Inc. is the larger business by last-quarter revenue ($153.1M vs $114.9M, roughly 1.3× DULUTH HOLDINGS INC.). CPI Card Group Inc. runs the higher net margin — 4.8% vs -8.8%, a 13.6% gap on every dollar of revenue. On growth, CPI Card Group Inc. posted the faster year-over-year revenue change (22.3% vs -9.6%). CPI Card Group Inc. produced more free cash flow last quarter ($35.2M vs $-8.9M). Over the past eight quarters, CPI Card Group Inc.'s revenue compounded faster (16.9% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
CPI Card Group Inc. is a leading provider of payment card production and associated solutions, including contactless and contact credit/debit cards, prepaid cards, and card personalization services. It primarily serves financial institutions, fintech firms, and retail brands across its core North American market.
DLTH vs PMTS — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $153.1M |
| Net Profit | $-10.1M | $7.3M |
| Gross Margin | 53.8% | 31.5% |
| Operating Margin | -7.7% | 12.0% |
| Net Margin | -8.8% | 4.8% |
| Revenue YoY | -9.6% | 22.3% |
| Net Profit YoY | 64.6% | 8.5% |
| EPS (diluted) | $-0.29 | $0.62 |
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 | $153.1M | ||
| Q3 25 | $131.7M | $138.0M | ||
| Q2 25 | $102.7M | $129.8M | ||
| Q1 25 | $241.3M | $122.8M | ||
| Q4 24 | $127.1M | $125.1M | ||
| Q3 24 | $141.6M | $124.8M | ||
| Q2 24 | $116.7M | $118.8M | ||
| Q1 24 | $245.6M | $111.9M |
| Q4 25 | $-10.1M | $7.3M | ||
| Q3 25 | $1.3M | $2.3M | ||
| Q2 25 | $-15.3M | $518.0K | ||
| Q1 25 | $-5.6M | $4.8M | ||
| Q4 24 | $-28.2M | $6.8M | ||
| Q3 24 | $-2.0M | $1.3M | ||
| Q2 24 | $-7.9M | $6.0M | ||
| Q1 24 | $6.4M | $5.5M |
| Q4 25 | 53.8% | 31.5% | ||
| Q3 25 | 54.7% | 29.7% | ||
| Q2 25 | 52.0% | 30.9% | ||
| Q1 25 | 44.1% | 33.2% | ||
| Q4 24 | 52.3% | 34.1% | ||
| Q3 24 | 52.3% | 35.8% | ||
| Q2 24 | 52.8% | 35.7% | ||
| Q1 24 | 48.2% | 37.1% |
| Q4 25 | -7.7% | 12.0% | ||
| Q3 25 | 1.8% | 9.4% | ||
| Q2 25 | -12.0% | 7.3% | ||
| Q1 25 | -1.8% | 11.5% | ||
| Q4 24 | -17.4% | 12.7% | ||
| Q3 24 | -1.1% | 14.3% | ||
| Q2 24 | -7.7% | 12.5% | ||
| Q1 24 | 3.6% | 12.6% |
| Q4 25 | -8.8% | 4.8% | ||
| Q3 25 | 1.0% | 1.7% | ||
| Q2 25 | -14.9% | 0.4% | ||
| Q1 25 | -2.3% | 3.9% | ||
| Q4 24 | -22.2% | 5.4% | ||
| Q3 24 | -1.4% | 1.0% | ||
| Q2 24 | -6.7% | 5.1% | ||
| Q1 24 | 2.6% | 4.9% |
| Q4 25 | $-0.29 | $0.62 | ||
| Q3 25 | $0.04 | $0.19 | ||
| Q2 25 | $-0.45 | $0.04 | ||
| Q1 25 | $-0.17 | $0.40 | ||
| Q4 24 | $-0.84 | $0.56 | ||
| Q3 24 | $-0.06 | $0.11 | ||
| Q2 24 | $-0.24 | $0.51 | ||
| Q1 24 | $0.20 | $0.46 |
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 | $21.7M |
| Total DebtLower is stronger | — | $286.7M |
| Stockholders' EquityBook value | $160.6M | $-17.3M |
| Total Assets | $468.0M | $403.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $21.7M | ||
| Q3 25 | $5.7M | $16.0M | ||
| Q2 25 | $8.6M | $17.1M | ||
| Q1 25 | $3.3M | $31.5M | ||
| Q4 24 | $9.3M | $33.5M | ||
| Q3 24 | $9.8M | $14.7M | ||
| Q2 24 | $6.8M | $7.5M | ||
| Q1 24 | $32.2M | $17.1M |
| Q4 25 | — | $286.7M | ||
| Q3 25 | — | $308.4M | ||
| Q2 25 | — | $310.9M | ||
| Q1 25 | — | $280.7M | ||
| Q4 24 | — | $280.4M | ||
| Q3 24 | — | $280.2M | ||
| Q2 24 | — | $269.7M | ||
| Q1 24 | — | $265.3M |
| Q4 25 | $160.6M | $-17.3M | ||
| Q3 25 | $170.0M | $-25.7M | ||
| Q2 25 | $167.9M | $-29.0M | ||
| Q1 25 | $182.7M | $-29.7M | ||
| Q4 24 | $188.1M | $-35.6M | ||
| Q3 24 | $215.7M | $-42.8M | ||
| Q2 24 | $218.4M | $-44.6M | ||
| Q1 24 | $222.8M | $-48.5M |
| Q4 25 | $468.0M | $403.2M | ||
| Q3 25 | $433.8M | $407.1M | ||
| Q2 25 | $463.7M | $399.8M | ||
| Q1 25 | $452.4M | $351.9M | ||
| Q4 24 | $533.1M | $349.7M | ||
| Q3 24 | $488.6M | $342.3M | ||
| Q2 24 | $471.4M | $321.4M | ||
| Q1 24 | $491.2M | $319.8M |
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 | $39.6M |
| Free Cash FlowOCF − Capex | $-8.9M | $35.2M |
| FCF MarginFCF / Revenue | -7.8% | 23.0% |
| Capex IntensityCapex / Revenue | 2.0% | 2.9% |
| Cash ConversionOCF / Net Profit | — | 5.39× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $41.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $39.6M | ||
| Q3 25 | $32.0M | $10.0M | ||
| Q2 25 | $-56.5M | $4.3M | ||
| Q1 25 | $41.2M | $5.6M | ||
| Q4 24 | $-41.1M | $26.7M | ||
| Q3 24 | $16.6M | $12.5M | ||
| Q2 24 | $-33.7M | $-4.8M | ||
| Q1 24 | $69.7M | $8.9M |
| Q4 25 | $-8.9M | $35.2M | ||
| Q3 25 | $29.8M | $5.3M | ||
| Q2 25 | $-57.8M | $533.0K | ||
| Q1 25 | $38.7M | $292.0K | ||
| Q4 24 | $-43.7M | $21.6M | ||
| Q3 24 | $15.0M | $11.1M | ||
| Q2 24 | $-35.2M | $-6.0M | ||
| Q1 24 | $60.6M | $7.4M |
| Q4 25 | -7.8% | 23.0% | ||
| Q3 25 | 22.6% | 3.8% | ||
| Q2 25 | -56.3% | 0.4% | ||
| Q1 25 | 16.0% | 0.2% | ||
| Q4 24 | -34.4% | 17.3% | ||
| Q3 24 | 10.6% | 8.9% | ||
| Q2 24 | -30.2% | -5.0% | ||
| Q1 24 | 24.7% | 6.6% |
| Q4 25 | 2.0% | 2.9% | ||
| Q3 25 | 1.7% | 3.4% | ||
| Q2 25 | 1.3% | 2.9% | ||
| Q1 25 | 1.0% | 4.3% | ||
| Q4 24 | 2.1% | 4.0% | ||
| Q3 24 | 1.2% | 1.2% | ||
| Q2 24 | 1.3% | 1.0% | ||
| Q1 24 | 3.7% | 1.3% |
| Q4 25 | — | 5.39× | ||
| Q3 25 | 25.40× | 4.32× | ||
| Q2 25 | — | 8.39× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | — | 3.94× | ||
| Q3 24 | — | 9.70× | ||
| Q2 24 | — | -0.79× | ||
| Q1 24 | 10.86× | 1.63× |
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% |
PMTS
| US Debit And Credit | $128.9M | 84% |
| US Prepaid Debit | $24.4M | 16% |
