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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and P10, Inc. (PX). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $81.0M, roughly 1.4× P10, Inc.). P10, Inc. runs the higher net margin — 11.7% vs -8.8%, a 20.5% gap on every dollar of revenue. On growth, P10, Inc. posted the faster year-over-year revenue change (-4.7% vs -9.6%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $-8.9M). Over the past eight quarters, P10, Inc.'s revenue compounded faster (10.7% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
DLTH vs PX — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $81.0M |
| Net Profit | $-10.1M | $9.5M |
| Gross Margin | 53.8% | — |
| Operating Margin | -7.7% | 31.9% |
| Net Margin | -8.8% | 11.7% |
| Revenue YoY | -9.6% | -4.7% |
| Net Profit YoY | 64.6% | 79.0% |
| EPS (diluted) | $-0.29 | $0.08 |
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 | $81.0M | ||
| Q3 25 | $131.7M | $75.9M | ||
| Q2 25 | $102.7M | $72.7M | ||
| Q1 25 | $241.3M | $67.7M | ||
| Q4 24 | $127.1M | $85.0M | ||
| Q3 24 | $141.6M | $74.2M | ||
| Q2 24 | $116.7M | $71.1M | ||
| Q1 24 | $245.6M | $66.1M |
| Q4 25 | $-10.1M | $9.5M | ||
| Q3 25 | $1.3M | $2.1M | ||
| Q2 25 | $-15.3M | $3.4M | ||
| Q1 25 | $-5.6M | $4.5M | ||
| Q4 24 | $-28.2M | $5.3M | ||
| Q3 24 | $-2.0M | $1.4M | ||
| Q2 24 | $-7.9M | $7.0M | ||
| Q1 24 | $6.4M | $5.0M |
| 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% | 31.9% | ||
| Q3 25 | 1.8% | 14.1% | ||
| Q2 25 | -12.0% | 24.4% | ||
| Q1 25 | -1.8% | 16.6% | ||
| Q4 24 | -17.4% | 26.9% | ||
| Q3 24 | -1.1% | 11.9% | ||
| Q2 24 | -7.7% | 23.7% | ||
| Q1 24 | 3.6% | 18.3% |
| Q4 25 | -8.8% | 11.7% | ||
| Q3 25 | 1.0% | 2.8% | ||
| Q2 25 | -14.9% | 4.7% | ||
| Q1 25 | -2.3% | 6.7% | ||
| Q4 24 | -22.2% | 6.2% | ||
| Q3 24 | -1.4% | 1.9% | ||
| Q2 24 | -6.7% | 9.8% | ||
| Q1 24 | 2.6% | 7.6% |
| Q4 25 | $-0.29 | $0.08 | ||
| Q3 25 | $0.04 | $0.02 | ||
| Q2 25 | $-0.45 | $0.03 | ||
| Q1 25 | $-0.17 | $0.04 | ||
| Q4 24 | $-0.84 | $0.05 | ||
| Q3 24 | $-0.06 | $0.01 | ||
| Q2 24 | $-0.24 | $0.06 | ||
| Q1 24 | $0.20 | $0.04 |
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 | $28.2M |
| Total DebtLower is stronger | — | $373.2M |
| Stockholders' EquityBook value | $160.6M | $403.5M |
| Total Assets | $468.0M | $928.3M |
| Debt / EquityLower = less leverage | — | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $28.2M | ||
| Q3 25 | $5.7M | $40.0M | ||
| Q2 25 | $8.6M | $33.4M | ||
| Q1 25 | $3.3M | $74.4M | ||
| Q4 24 | $9.3M | $67.5M | ||
| Q3 24 | $9.8M | $61.5M | ||
| Q2 24 | $6.8M | $31.2M | ||
| Q1 24 | $32.2M | $29.0M |
| Q4 25 | — | $373.2M | ||
| Q3 25 | — | $393.4M | ||
| Q2 25 | — | $373.0M | ||
| Q1 25 | — | $357.2M | ||
| Q4 24 | — | $319.8M | ||
| Q3 24 | — | $319.4M | ||
| Q2 24 | — | $300.6M | ||
| Q1 24 | — | $314.0M |
| Q4 25 | $160.6M | $403.5M | ||
| Q3 25 | $170.0M | $396.8M | ||
| Q2 25 | $167.9M | $388.9M | ||
| Q1 25 | $182.7M | $374.3M | ||
| Q4 24 | $188.1M | $386.9M | ||
| Q3 24 | $215.7M | $394.1M | ||
| Q2 24 | $218.4M | $396.9M | ||
| Q1 24 | $222.8M | $400.1M |
| Q4 25 | $468.0M | $928.3M | ||
| Q3 25 | $433.8M | $936.0M | ||
| Q2 25 | $463.7M | $932.2M | ||
| Q1 25 | $452.4M | $877.4M | ||
| Q4 24 | $533.1M | $869.3M | ||
| Q3 24 | $488.6M | $857.0M | ||
| Q2 24 | $471.4M | $823.2M | ||
| Q1 24 | $491.2M | $832.8M |
| Q4 25 | — | 0.93× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 0.96× | ||
| Q1 25 | — | 0.95× | ||
| Q4 24 | — | 0.83× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | — | 0.76× | ||
| Q1 24 | — | 0.78× |
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 | $23.0M |
| Free Cash FlowOCF − Capex | $-8.9M | $18.1M |
| FCF MarginFCF / Revenue | -7.8% | 22.3% |
| Capex IntensityCapex / Revenue | 2.0% | 6.0% |
| Cash ConversionOCF / Net Profit | — | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $23.0M | ||
| Q3 25 | $32.0M | $-8.6M | ||
| Q2 25 | $-56.5M | $13.4M | ||
| Q1 25 | $41.2M | $-4.7M | ||
| Q4 24 | $-41.1M | $101.0M | ||
| Q3 24 | $16.6M | $27.5M | ||
| Q2 24 | $-33.7M | $34.8M | ||
| Q1 24 | $69.7M | $11.0M |
| Q4 25 | $-8.9M | $18.1M | ||
| Q3 25 | $29.8M | $-9.5M | ||
| Q2 25 | $-57.8M | $11.6M | ||
| Q1 25 | $38.7M | $-6.0M | ||
| Q4 24 | $-43.7M | $96.6M | ||
| Q3 24 | $15.0M | $25.2M | ||
| Q2 24 | $-35.2M | $33.9M | ||
| Q1 24 | $60.6M | $10.7M |
| Q4 25 | -7.8% | 22.3% | ||
| Q3 25 | 22.6% | -12.6% | ||
| Q2 25 | -56.3% | 15.9% | ||
| Q1 25 | 16.0% | -8.9% | ||
| Q4 24 | -34.4% | 113.6% | ||
| Q3 24 | 10.6% | 34.0% | ||
| Q2 24 | -30.2% | 47.7% | ||
| Q1 24 | 24.7% | 16.2% |
| Q4 25 | 2.0% | 6.0% | ||
| Q3 25 | 1.7% | 1.2% | ||
| Q2 25 | 1.3% | 2.5% | ||
| Q1 25 | 1.0% | 1.9% | ||
| Q4 24 | 2.1% | 5.2% | ||
| Q3 24 | 1.2% | 3.0% | ||
| Q2 24 | 1.3% | 1.3% | ||
| Q1 24 | 3.7% | 0.4% |
| Q4 25 | — | 2.43× | ||
| Q3 25 | 25.40× | -4.01× | ||
| Q2 25 | — | 3.96× | ||
| Q1 25 | — | -1.05× | ||
| Q4 24 | — | 19.12× | ||
| Q3 24 | — | 19.54× | ||
| Q2 24 | — | 4.98× | ||
| Q1 24 | 10.86× | 2.18× |
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% |
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
