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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and Perma-Pipe International Holdings, Inc. (PPIH). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $61.1M, roughly 1.9× Perma-Pipe International Holdings, Inc.). Perma-Pipe International Holdings, Inc. runs the higher net margin — 10.3% vs -8.8%, a 19.1% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs -9.6%). Perma-Pipe International Holdings, Inc. produced more free cash flow last quarter ($12.4M vs $-8.9M). Over the past eight quarters, Perma-Pipe International Holdings, Inc.'s revenue compounded faster (23.4% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Perma-Pipe International Holdings, Inc. designs, manufactures and supplies pre-insulated piping systems and integrated leak detection solutions. Its offerings cater to oil & gas, district heating and cooling, industrial, and municipal infrastructure segments, with a global footprint spanning North America, the Middle East, Europe and Asia.
DLTH vs PPIH — Head-to-Head
Income Statement — Q3 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $61.1M |
| Net Profit | $-10.1M | $6.3M |
| Gross Margin | 53.8% | 34.4% |
| Operating Margin | -7.7% | 18.6% |
| Net Margin | -8.8% | 10.3% |
| Revenue YoY | -9.6% | 47.1% |
| Net Profit YoY | 64.6% | 153.5% |
| EPS (diluted) | $-0.29 | $0.77 |
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 | $61.1M | ||
| Q3 25 | $131.7M | $47.9M | ||
| Q2 25 | $102.7M | $46.7M | ||
| Q1 25 | $241.3M | $45.0M | ||
| Q4 24 | $127.1M | $41.6M | ||
| Q3 24 | $141.6M | $37.5M | ||
| Q2 24 | $116.7M | $34.3M | ||
| Q1 24 | $245.6M | $40.2M |
| Q4 25 | $-10.1M | $6.3M | ||
| Q3 25 | $1.3M | $851.0K | ||
| Q2 25 | $-15.3M | $5.0M | ||
| Q1 25 | $-5.6M | $1.8M | ||
| Q4 24 | $-28.2M | $2.5M | ||
| Q3 24 | $-2.0M | $3.3M | ||
| Q2 24 | $-7.9M | $1.4M | ||
| Q1 24 | $6.4M | $8.6M |
| Q4 25 | 53.8% | 34.4% | ||
| Q3 25 | 54.7% | 30.1% | ||
| Q2 25 | 52.0% | 35.8% | ||
| Q1 25 | 44.1% | 33.7% | ||
| Q4 24 | 52.3% | 33.9% | ||
| Q3 24 | 52.3% | 35.9% | ||
| Q2 24 | 52.8% | 30.6% | ||
| Q1 24 | 48.2% | 30.0% |
| Q4 25 | -7.7% | 18.6% | ||
| Q3 25 | 1.8% | 6.7% | ||
| Q2 25 | -12.0% | 16.9% | ||
| Q1 25 | -1.8% | 12.1% | ||
| Q4 24 | -17.4% | 13.4% | ||
| Q3 24 | -1.1% | 16.4% | ||
| Q2 24 | -7.7% | 9.1% | ||
| Q1 24 | 3.6% | 11.3% |
| Q4 25 | -8.8% | 10.3% | ||
| Q3 25 | 1.0% | 1.8% | ||
| Q2 25 | -14.9% | 10.6% | ||
| Q1 25 | -2.3% | 3.9% | ||
| Q4 24 | -22.2% | 6.0% | ||
| Q3 24 | -1.4% | 8.8% | ||
| Q2 24 | -6.7% | 4.2% | ||
| Q1 24 | 2.6% | 21.5% |
| Q4 25 | $-0.29 | $0.77 | ||
| Q3 25 | $0.04 | $0.10 | ||
| Q2 25 | $-0.45 | $0.61 | ||
| Q1 25 | $-0.17 | $0.23 | ||
| Q4 24 | $-0.84 | $0.31 | ||
| Q3 24 | $-0.06 | $0.40 | ||
| Q2 24 | $-0.24 | $0.18 | ||
| Q1 24 | $0.20 | $1.07 |
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 | $27.2M |
| Total DebtLower is stronger | — | $12.7M |
| Stockholders' EquityBook value | $160.6M | $85.8M |
| Total Assets | $468.0M | $217.0M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $27.2M | ||
| Q3 25 | $5.7M | $17.3M | ||
| Q2 25 | $8.6M | $18.8M | ||
| Q1 25 | $3.3M | $15.7M | ||
| Q4 24 | $9.3M | $13.3M | ||
| Q3 24 | $9.8M | $9.5M | ||
| Q2 24 | $6.8M | $7.7M | ||
| Q1 24 | $32.2M | $5.8M |
| Q4 25 | — | $12.7M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $15.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $15.2M |
| Q4 25 | $160.6M | $85.8M | ||
| Q3 25 | $170.0M | $80.2M | ||
| Q2 25 | $167.9M | $77.9M | ||
| Q1 25 | $182.7M | $72.1M | ||
| Q4 24 | $188.1M | $71.2M | ||
| Q3 24 | $215.7M | $68.6M | ||
| Q2 24 | $218.4M | $65.5M | ||
| Q1 24 | $222.8M | $65.7M |
| Q4 25 | $468.0M | $217.0M | ||
| Q3 25 | $433.8M | $189.0M | ||
| Q2 25 | $463.7M | $178.3M | ||
| Q1 25 | $452.4M | $165.2M | ||
| Q4 24 | $533.1M | $160.7M | ||
| Q3 24 | $488.6M | $157.8M | ||
| Q2 24 | $471.4M | $155.7M | ||
| Q1 24 | $491.2M | $155.7M |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.21× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.23× |
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 | $17.3M |
| Free Cash FlowOCF − Capex | $-8.9M | $12.4M |
| FCF MarginFCF / Revenue | -7.8% | 20.2% |
| Capex IntensityCapex / Revenue | 2.0% | 8.1% |
| Cash ConversionOCF / Net Profit | — | 2.74× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $17.3M | ||
| Q3 25 | $32.0M | $-2.0M | ||
| Q2 25 | $-56.5M | $733.0K | ||
| Q1 25 | $41.2M | $6.0M | ||
| Q4 24 | $-41.1M | $5.2M | ||
| Q3 24 | $16.6M | $2.8M | ||
| Q2 24 | $-33.7M | $-73.0K | ||
| Q1 24 | $69.7M | $7.1M |
| Q4 25 | $-8.9M | $12.4M | ||
| Q3 25 | $29.8M | $-4.6M | ||
| Q2 25 | $-57.8M | $-194.0K | ||
| Q1 25 | $38.7M | $4.7M | ||
| Q4 24 | $-43.7M | $4.8M | ||
| Q3 24 | $15.0M | $2.2M | ||
| Q2 24 | $-35.2M | $-662.0K | ||
| Q1 24 | $60.6M | $4.2M |
| Q4 25 | -7.8% | 20.2% | ||
| Q3 25 | 22.6% | -9.6% | ||
| Q2 25 | -56.3% | -0.4% | ||
| Q1 25 | 16.0% | 10.5% | ||
| Q4 24 | -34.4% | 11.6% | ||
| Q3 24 | 10.6% | 5.8% | ||
| Q2 24 | -30.2% | -1.9% | ||
| Q1 24 | 24.7% | 10.5% |
| Q4 25 | 2.0% | 8.1% | ||
| Q3 25 | 1.7% | 5.3% | ||
| Q2 25 | 1.3% | 2.0% | ||
| Q1 25 | 1.0% | 2.9% | ||
| Q4 24 | 2.1% | 0.8% | ||
| Q3 24 | 1.2% | 1.7% | ||
| Q2 24 | 1.3% | 1.7% | ||
| Q1 24 | 3.7% | 7.2% |
| Q4 25 | — | 2.74× | ||
| Q3 25 | 25.40× | -2.40× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 3.42× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | -0.05× | ||
| Q1 24 | 10.86× | 0.82× |
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% |
PPIH
Segment breakdown not available.
