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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and RE/MAX Holdings, Inc. (RMAX). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $71.1M, roughly 1.6× RE/MAX Holdings, Inc.). RE/MAX Holdings, Inc. runs the higher net margin — 2.0% vs -8.8%, a 10.8% gap on every dollar of revenue. On growth, RE/MAX Holdings, Inc. posted the faster year-over-year revenue change (-1.8% vs -9.6%). RE/MAX Holdings, Inc. produced more free cash flow last quarter ($33.5M vs $-8.9M). Over the past eight quarters, RE/MAX Holdings, Inc.'s revenue compounded faster (-4.7% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
RE/MAX is an international real estate franchise operating in over 100 countries and territories that, in 2015, had over 100,000 agents in 6,800 offices.
DLTH vs RMAX — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $71.1M |
| Net Profit | $-10.1M | $1.4M |
| Gross Margin | 53.8% | — |
| Operating Margin | -7.7% | 13.1% |
| Net Margin | -8.8% | 2.0% |
| Revenue YoY | -9.6% | -1.8% |
| Net Profit YoY | 64.6% | -75.2% |
| EPS (diluted) | $-0.29 | — |
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 | $71.1M | ||
| Q3 25 | $131.7M | $73.2M | ||
| Q2 25 | $102.7M | $72.8M | ||
| Q1 25 | $241.3M | $74.5M | ||
| Q4 24 | $127.1M | $72.5M | ||
| Q3 24 | $141.6M | $78.5M | ||
| Q2 24 | $116.7M | $78.5M | ||
| Q1 24 | $245.6M | $78.3M |
| Q4 25 | $-10.1M | $1.4M | ||
| Q3 25 | $1.3M | $4.0M | ||
| Q2 25 | $-15.3M | $4.7M | ||
| Q1 25 | $-5.6M | $-2.0M | ||
| Q4 24 | $-28.2M | $5.8M | ||
| Q3 24 | $-2.0M | $966.0K | ||
| Q2 24 | $-7.9M | $3.7M | ||
| Q1 24 | $6.4M | $-3.4M |
| 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% | 13.1% | ||
| Q3 25 | 1.8% | 25.0% | ||
| Q2 25 | -12.0% | 19.3% | ||
| Q1 25 | -1.8% | 7.2% | ||
| Q4 24 | -17.4% | 5.9% | ||
| Q3 24 | -1.1% | 19.4% | ||
| Q2 24 | -7.7% | 20.6% | ||
| Q1 24 | 3.6% | 5.8% |
| Q4 25 | -8.8% | 2.0% | ||
| Q3 25 | 1.0% | 5.4% | ||
| Q2 25 | -14.9% | 6.4% | ||
| Q1 25 | -2.3% | -2.6% | ||
| Q4 24 | -22.2% | 8.0% | ||
| Q3 24 | -1.4% | 1.2% | ||
| Q2 24 | -6.7% | 4.7% | ||
| Q1 24 | 2.6% | -4.3% |
| Q4 25 | $-0.29 | — | ||
| Q3 25 | $0.04 | — | ||
| Q2 25 | $-0.45 | — | ||
| Q1 25 | $-0.17 | — | ||
| Q4 24 | $-0.84 | — | ||
| Q3 24 | $-0.06 | — | ||
| Q2 24 | $-0.24 | — | ||
| Q1 24 | $0.20 | — |
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 | $118.7M |
| Total DebtLower is stronger | — | $432.2M |
| Stockholders' EquityBook value | $160.6M | $452.4M |
| Total Assets | $468.0M | $582.5M |
| Debt / EquityLower = less leverage | — | 0.96× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $118.7M | ||
| Q3 25 | $5.7M | $107.5M | ||
| Q2 25 | $8.6M | $94.3M | ||
| Q1 25 | $3.3M | $89.1M | ||
| Q4 24 | $9.3M | $96.6M | ||
| Q3 24 | $9.8M | $83.8M | ||
| Q2 24 | $6.8M | $66.1M | ||
| Q1 24 | $32.2M | $82.1M |
| Q4 25 | — | $432.2M | ||
| Q3 25 | — | $433.3M | ||
| Q2 25 | — | $434.4M | ||
| Q1 25 | — | $435.3M | ||
| Q4 24 | — | $436.2M | ||
| Q3 24 | — | $437.2M | ||
| Q2 24 | — | $438.1M | ||
| Q1 24 | — | $439.0M |
| Q4 25 | $160.6M | $452.4M | ||
| Q3 25 | $170.0M | $448.1M | ||
| Q2 25 | $167.9M | $442.4M | ||
| Q1 25 | $182.7M | $433.5M | ||
| Q4 24 | $188.1M | $429.5M | ||
| Q3 24 | $215.7M | $423.1M | ||
| Q2 24 | $218.4M | $418.4M | ||
| Q1 24 | $222.8M | $412.0M |
| Q4 25 | $468.0M | $582.5M | ||
| Q3 25 | $433.8M | $582.2M | ||
| Q2 25 | $463.7M | $574.8M | ||
| Q1 25 | $452.4M | $571.4M | ||
| Q4 24 | $533.1M | $581.6M | ||
| Q3 24 | $488.6M | $578.6M | ||
| Q2 24 | $471.4M | $571.4M | ||
| Q1 24 | $491.2M | $566.7M |
| Q4 25 | — | 0.96× | ||
| Q3 25 | — | 0.97× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 1.00× | ||
| Q4 24 | — | 1.02× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.07× |
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 | $40.9M |
| Free Cash FlowOCF − Capex | $-8.9M | $33.5M |
| FCF MarginFCF / Revenue | -7.8% | 47.1% |
| Capex IntensityCapex / Revenue | 2.0% | 10.4% |
| Cash ConversionOCF / Net Profit | — | 28.39× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $56.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $40.9M | ||
| Q3 25 | $32.0M | $17.7M | ||
| Q2 25 | $-56.5M | $4.6M | ||
| Q1 25 | $41.2M | $5.7M | ||
| Q4 24 | $-41.1M | $59.7M | ||
| Q3 24 | $16.6M | $17.6M | ||
| Q2 24 | $-33.7M | $15.9M | ||
| Q1 24 | $69.7M | $9.4M |
| Q4 25 | $-8.9M | $33.5M | ||
| Q3 25 | $29.8M | $16.4M | ||
| Q2 25 | $-57.8M | $2.9M | ||
| Q1 25 | $38.7M | $4.0M | ||
| Q4 24 | $-43.7M | $53.0M | ||
| Q3 24 | $15.0M | $16.3M | ||
| Q2 24 | $-35.2M | $14.0M | ||
| Q1 24 | $60.6M | $6.8M |
| Q4 25 | -7.8% | 47.1% | ||
| Q3 25 | 22.6% | 22.4% | ||
| Q2 25 | -56.3% | 4.0% | ||
| Q1 25 | 16.0% | 5.3% | ||
| Q4 24 | -34.4% | 73.2% | ||
| Q3 24 | 10.6% | 20.8% | ||
| Q2 24 | -30.2% | 17.8% | ||
| Q1 24 | 24.7% | 8.6% |
| Q4 25 | 2.0% | 10.4% | ||
| Q3 25 | 1.7% | 1.8% | ||
| Q2 25 | 1.3% | 2.2% | ||
| Q1 25 | 1.0% | 2.3% | ||
| Q4 24 | 2.1% | 9.1% | ||
| Q3 24 | 1.2% | 1.7% | ||
| Q2 24 | 1.3% | 2.4% | ||
| Q1 24 | 3.7% | 3.3% |
| Q4 25 | — | 28.39× | ||
| Q3 25 | 25.40× | 4.45× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 10.28× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | — | 4.29× | ||
| 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% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
