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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and PARK NATIONAL CORP (PRK). Click either name above to swap in a different company.
PARK NATIONAL CORP is the larger business by last-quarter revenue ($168.3M vs $114.9M, roughly 1.5× DULUTH HOLDINGS INC.). PARK NATIONAL CORP runs the higher net margin — 25.3% vs -8.8%, a 34.1% gap on every dollar of revenue. On growth, PARK NATIONAL CORP posted the faster year-over-year revenue change (2.2% vs -9.6%). PARK NATIONAL CORP produced more free cash flow last quarter ($191.9M vs $-8.9M). Over the past eight quarters, PARK NATIONAL CORP's revenue compounded faster (4.9% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
National Retail Systems, Inc. (NRS) includes Keystone Freight Corp. & National Retail Transportation, Inc. (NRT). NRS is an asset based 3PL founded in 1952. It is headquartered in Lyndhurst, New Jersey, United States.
DLTH vs PRK — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $168.3M |
| Net Profit | $-10.1M | $42.6M |
| Gross Margin | 53.8% | — |
| Operating Margin | -7.7% | — |
| Net Margin | -8.8% | 25.3% |
| Revenue YoY | -9.6% | 2.2% |
| Net Profit YoY | 64.6% | 10.4% |
| EPS (diluted) | $-0.29 | $2.62 |
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 | $168.3M | ||
| Q3 25 | $131.7M | $169.5M | ||
| Q2 25 | $102.7M | $168.7M | ||
| Q1 25 | $241.3M | $157.9M | ||
| Q4 24 | $127.1M | $164.7M | ||
| Q3 24 | $141.6M | $170.3M | ||
| Q2 24 | $116.7M | $157.7M | ||
| Q1 24 | $245.6M | $152.8M |
| Q4 25 | $-10.1M | $42.6M | ||
| Q3 25 | $1.3M | $47.2M | ||
| Q2 25 | $-15.3M | $48.1M | ||
| Q1 25 | $-5.6M | $42.2M | ||
| Q4 24 | $-28.2M | $38.6M | ||
| Q3 24 | $-2.0M | $38.2M | ||
| Q2 24 | $-7.9M | $39.4M | ||
| Q1 24 | $6.4M | $35.2M |
| 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% | — | ||
| Q3 25 | 1.8% | 34.3% | ||
| Q2 25 | -12.0% | 35.2% | ||
| Q1 25 | -1.8% | 32.4% | ||
| Q4 24 | -17.4% | — | ||
| Q3 24 | -1.1% | 27.4% | ||
| Q2 24 | -7.7% | 30.6% | ||
| Q1 24 | 3.6% | 27.8% |
| Q4 25 | -8.8% | 25.3% | ||
| Q3 25 | 1.0% | 27.8% | ||
| Q2 25 | -14.9% | 28.5% | ||
| Q1 25 | -2.3% | 26.7% | ||
| Q4 24 | -22.2% | 23.5% | ||
| Q3 24 | -1.4% | 22.4% | ||
| Q2 24 | -6.7% | 25.0% | ||
| Q1 24 | 2.6% | 23.0% |
| Q4 25 | $-0.29 | $2.62 | ||
| Q3 25 | $0.04 | $2.92 | ||
| Q2 25 | $-0.45 | $2.97 | ||
| Q1 25 | $-0.17 | $2.60 | ||
| Q4 24 | $-0.84 | $2.38 | ||
| Q3 24 | $-0.06 | $2.35 | ||
| Q2 24 | $-0.24 | $2.42 | ||
| Q1 24 | $0.20 | $2.17 |
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 | $233.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.6M | $1.4B |
| Total Assets | $468.0M | $9.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $233.5M | ||
| Q3 25 | $5.7M | $218.9M | ||
| Q2 25 | $8.6M | $193.1M | ||
| Q1 25 | $3.3M | $237.6M | ||
| Q4 24 | $9.3M | $160.6M | ||
| Q3 24 | $9.8M | $201.7M | ||
| Q2 24 | $6.8M | $261.5M | ||
| Q1 24 | $32.2M | $306.1M |
| Q4 25 | $160.6M | $1.4B | ||
| Q3 25 | $170.0M | $1.3B | ||
| Q2 25 | $167.9M | $1.3B | ||
| Q1 25 | $182.7M | $1.3B | ||
| Q4 24 | $188.1M | $1.2B | ||
| Q3 24 | $215.7M | $1.2B | ||
| Q2 24 | $218.4M | $1.2B | ||
| Q1 24 | $222.8M | $1.2B |
| Q4 25 | $468.0M | $9.8B | ||
| Q3 25 | $433.8M | $9.9B | ||
| Q2 25 | $463.7M | $9.9B | ||
| Q1 25 | $452.4M | $9.9B | ||
| Q4 24 | $533.1M | $9.8B | ||
| Q3 24 | $488.6M | $9.9B | ||
| Q2 24 | $471.4M | $9.9B | ||
| Q1 24 | $491.2M | $9.9B |
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 | $198.3M |
| Free Cash FlowOCF − Capex | $-8.9M | $191.9M |
| FCF MarginFCF / Revenue | -7.8% | 114.1% |
| Capex IntensityCapex / Revenue | 2.0% | 3.8% |
| Cash ConversionOCF / Net Profit | — | 4.65× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $328.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $198.3M | ||
| Q3 25 | $32.0M | $52.6M | ||
| Q2 25 | $-56.5M | $49.7M | ||
| Q1 25 | $41.2M | $37.9M | ||
| Q4 24 | $-41.1M | $178.8M | ||
| Q3 24 | $16.6M | $43.8M | ||
| Q2 24 | $-33.7M | $50.9M | ||
| Q1 24 | $69.7M | $35.0M |
| Q4 25 | $-8.9M | $191.9M | ||
| Q3 25 | $29.8M | $51.1M | ||
| Q2 25 | $-57.8M | $48.4M | ||
| Q1 25 | $38.7M | $36.8M | ||
| Q4 24 | $-43.7M | $169.7M | ||
| Q3 24 | $15.0M | $41.7M | ||
| Q2 24 | $-35.2M | $49.0M | ||
| Q1 24 | $60.6M | $31.9M |
| Q4 25 | -7.8% | 114.1% | ||
| Q3 25 | 22.6% | 30.1% | ||
| Q2 25 | -56.3% | 28.7% | ||
| Q1 25 | 16.0% | 23.3% | ||
| Q4 24 | -34.4% | 103.0% | ||
| Q3 24 | 10.6% | 24.5% | ||
| Q2 24 | -30.2% | 31.1% | ||
| Q1 24 | 24.7% | 20.8% |
| Q4 25 | 2.0% | 3.8% | ||
| Q3 25 | 1.7% | 0.9% | ||
| Q2 25 | 1.3% | 0.8% | ||
| Q1 25 | 1.0% | 0.7% | ||
| Q4 24 | 2.1% | 5.6% | ||
| Q3 24 | 1.2% | 1.2% | ||
| Q2 24 | 1.3% | 1.2% | ||
| Q1 24 | 3.7% | 2.1% |
| Q4 25 | — | 4.65× | ||
| Q3 25 | 25.40× | 1.11× | ||
| Q2 25 | — | 1.03× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | — | 4.63× | ||
| Q3 24 | — | 1.14× | ||
| Q2 24 | — | 1.29× | ||
| Q1 24 | 10.86× | 0.99× |
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% |
PRK
Segment breakdown not available.
