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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and BRC Group Holdings, Inc. (RILY). Click either name above to swap in a different company.
BRC Group Holdings, Inc. is the larger business by last-quarter revenue ($188.3M vs $114.9M, roughly 1.6× DULUTH HOLDINGS INC.). BRC Group Holdings, Inc. runs the higher net margin — 47.9% vs -8.8%, a 56.7% gap on every dollar of revenue. On growth, DULUTH HOLDINGS INC. posted the faster year-over-year revenue change (-9.6% vs -21.9%). Over the past eight quarters, BRC Group Holdings, Inc.'s revenue compounded faster (-15.4% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
DLTH vs RILY — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $188.3M |
| Net Profit | $-10.1M | $90.3M |
| Gross Margin | 53.8% | 79.5% |
| Operating Margin | -7.7% | 32.3% |
| Net Margin | -8.8% | 47.9% |
| Revenue YoY | -9.6% | -21.9% |
| Net Profit YoY | 64.6% | 1710.8% |
| EPS (diluted) | $-0.29 | $2.78 |
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 | $188.3M | ||
| Q3 25 | $131.7M | $215.3M | ||
| Q2 25 | $102.7M | $188.2M | ||
| Q1 25 | $241.3M | $197.2M | ||
| Q4 24 | $127.1M | $241.0M | ||
| Q3 24 | $141.6M | $225.5M | ||
| Q2 24 | $116.7M | $256.0M | ||
| Q1 24 | $245.6M | $263.4M |
| Q4 25 | $-10.1M | $90.3M | ||
| Q3 25 | $1.3M | $91.1M | ||
| Q2 25 | $-15.3M | $139.5M | ||
| Q1 25 | $-5.6M | $-10.0M | ||
| Q4 24 | $-28.2M | $-5.6M | ||
| Q3 24 | $-2.0M | $-284.4M | ||
| Q2 24 | $-7.9M | $-433.6M | ||
| Q1 24 | $6.4M | $-49.2M |
| Q4 25 | 53.8% | 79.5% | ||
| Q3 25 | 54.7% | 83.7% | ||
| Q2 25 | 52.0% | 81.3% | ||
| Q1 25 | 44.1% | 81.4% | ||
| Q4 24 | 52.3% | 79.8% | ||
| Q3 24 | 52.3% | 82.1% | ||
| Q2 24 | 52.8% | 84.5% | ||
| Q1 24 | 48.2% | 85.3% |
| Q4 25 | -7.7% | 32.3% | ||
| Q3 25 | 1.8% | 30.4% | ||
| Q2 25 | -12.0% | 5.7% | ||
| Q1 25 | -1.8% | -31.2% | ||
| Q4 24 | -17.4% | -69.2% | ||
| Q3 24 | -1.1% | -36.4% | ||
| Q2 24 | -7.7% | -90.8% | ||
| Q1 24 | 3.6% | -6.1% |
| Q4 25 | -8.8% | 47.9% | ||
| Q3 25 | 1.0% | 42.3% | ||
| Q2 25 | -14.9% | 74.1% | ||
| Q1 25 | -2.3% | -5.1% | ||
| Q4 24 | -22.2% | -2.3% | ||
| Q3 24 | -1.4% | -126.1% | ||
| Q2 24 | -6.7% | -169.4% | ||
| Q1 24 | 2.6% | -18.7% |
| Q4 25 | $-0.29 | $2.78 | ||
| Q3 25 | $0.04 | $2.91 | ||
| Q2 25 | $-0.45 | $4.50 | ||
| Q1 25 | $-0.17 | $-0.39 | ||
| Q4 24 | $-0.84 | $-0.01 | ||
| Q3 24 | $-0.06 | $-9.39 | ||
| Q2 24 | $-0.24 | $-14.35 | ||
| Q1 24 | $0.20 | $-1.71 |
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 | $226.6M |
| Total DebtLower is stronger | — | $1.4B |
| Stockholders' EquityBook value | $160.6M | $-171.5M |
| Total Assets | $468.0M | $1.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $226.6M | ||
| Q3 25 | $5.7M | $184.2M | ||
| Q2 25 | $8.6M | $267.4M | ||
| Q1 25 | $3.3M | $138.3M | ||
| Q4 24 | $9.3M | $146.9M | ||
| Q3 24 | $9.8M | $159.2M | ||
| Q2 24 | $6.8M | $236.9M | ||
| Q1 24 | $32.2M | $190.7M |
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $160.6M | $-171.5M | ||
| Q3 25 | $170.0M | $-260.5M | ||
| Q2 25 | $167.9M | $-351.7M | ||
| Q1 25 | $182.7M | $-496.8M | ||
| Q4 24 | $188.1M | $-488.2M | ||
| Q3 24 | $215.7M | $-497.6M | ||
| Q2 24 | $218.4M | $-218.3M | ||
| Q1 24 | $222.8M | $228.4M |
| Q4 25 | $468.0M | $1.7B | ||
| Q3 25 | $433.8M | $1.7B | ||
| Q2 25 | $463.7M | $1.5B | ||
| Q1 25 | $452.4M | $1.5B | ||
| Q4 24 | $533.1M | $1.8B | ||
| Q3 24 | $488.6M | $2.2B | ||
| Q2 24 | $471.4M | $3.2B | ||
| Q1 24 | $491.2M | $5.0B |
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 | $26.2M |
| Free Cash FlowOCF − Capex | $-8.9M | — |
| FCF MarginFCF / Revenue | -7.8% | — |
| Capex IntensityCapex / Revenue | 2.0% | — |
| Cash ConversionOCF / Net Profit | — | 0.29× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $26.2M | ||
| Q3 25 | $32.0M | $-60.6M | ||
| Q2 25 | $-56.5M | $-25.6M | ||
| Q1 25 | $41.2M | $184.0K | ||
| Q4 24 | $-41.1M | $-2.7M | ||
| Q3 24 | $16.6M | $19.5M | ||
| Q2 24 | $-33.7M | $111.5M | ||
| Q1 24 | $69.7M | $135.4M |
| Q4 25 | $-8.9M | — | ||
| Q3 25 | $29.8M | — | ||
| Q2 25 | $-57.8M | — | ||
| Q1 25 | $38.7M | — | ||
| Q4 24 | $-43.7M | — | ||
| Q3 24 | $15.0M | — | ||
| Q2 24 | $-35.2M | — | ||
| Q1 24 | $60.6M | — |
| Q4 25 | -7.8% | — | ||
| Q3 25 | 22.6% | — | ||
| Q2 25 | -56.3% | — | ||
| Q1 25 | 16.0% | — | ||
| Q4 24 | -34.4% | — | ||
| Q3 24 | 10.6% | — | ||
| Q2 24 | -30.2% | — | ||
| Q1 24 | 24.7% | — |
| Q4 25 | 2.0% | — | ||
| Q3 25 | 1.7% | — | ||
| Q2 25 | 1.3% | — | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 1.2% | — | ||
| Q2 24 | 1.3% | — | ||
| Q1 24 | 3.7% | — |
| Q4 25 | — | 0.29× | ||
| Q3 25 | 25.40× | -0.66× | ||
| Q2 25 | — | -0.18× | ||
| 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% |
RILY
| Transferred At Point In Time | $101.4M | 54% |
| Wealth Management Segment | $30.7M | 16% |
| Corporate Finance Consulting And Investment Banking Fees | $27.1M | 14% |
| Services And Fees | $24.8M | 13% |
| Commissions Fees And Reimbursed Expenses | $4.8M | 3% |
