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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and Repay Holdings Corp (RPAY). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $78.6M, roughly 1.5× Repay Holdings Corp). DULUTH HOLDINGS INC. runs the higher net margin — -8.8% vs -178.3%, a 169.5% gap on every dollar of revenue. On growth, Repay Holdings Corp posted the faster year-over-year revenue change (0.4% vs -9.6%). Repay Holdings Corp produced more free cash flow last quarter ($23.2M vs $-8.9M). Over the past eight quarters, Repay Holdings Corp's revenue compounded faster (-1.3% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Repay Holdings Corp is a leading payment technology provider delivering integrated end-to-end payment processing solutions for businesses across North America. Its offerings include credit/debit card processing, ACH transfer services, POS system integrations and digital payment tools, serving retail, healthcare, automotive and e-commerce segments to help clients streamline transaction workflows and boost operational efficiency.
DLTH vs RPAY — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $78.6M |
| Net Profit | $-10.1M | $-140.1M |
| Gross Margin | 53.8% | 74.2% |
| Operating Margin | -7.7% | -182.2% |
| Net Margin | -8.8% | -178.3% |
| Revenue YoY | -9.6% | 0.4% |
| Net Profit YoY | 64.6% | -3304.1% |
| EPS (diluted) | $-0.29 | $-1.68 |
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 | $78.6M | ||
| Q3 25 | $131.7M | $77.7M | ||
| Q2 25 | $102.7M | $75.6M | ||
| Q1 25 | $241.3M | $77.3M | ||
| Q4 24 | $127.1M | $78.3M | ||
| Q3 24 | $141.6M | $79.1M | ||
| Q2 24 | $116.7M | $74.9M | ||
| Q1 24 | $245.6M | $80.7M |
| Q4 25 | $-10.1M | $-140.1M | ||
| Q3 25 | $1.3M | $-6.4M | ||
| Q2 25 | $-15.3M | $-102.3M | ||
| Q1 25 | $-5.6M | $-7.9M | ||
| Q4 24 | $-28.2M | $-4.1M | ||
| Q3 24 | $-2.0M | $3.2M | ||
| Q2 24 | $-7.9M | $-4.1M | ||
| Q1 24 | $6.4M | $-5.2M |
| Q4 25 | 53.8% | 74.2% | ||
| Q3 25 | 54.7% | 74.4% | ||
| Q2 25 | 52.0% | 75.7% | ||
| Q1 25 | 44.1% | 75.9% | ||
| Q4 24 | 52.3% | 76.3% | ||
| Q3 24 | 52.3% | 77.8% | ||
| Q2 24 | 52.8% | 78.2% | ||
| Q1 24 | 48.2% | 76.2% |
| Q4 25 | -7.7% | -182.2% | ||
| Q3 25 | 1.8% | -3.9% | ||
| Q2 25 | -12.0% | -138.7% | ||
| Q1 25 | -1.8% | -4.7% | ||
| Q4 24 | -17.4% | -1.5% | ||
| Q3 24 | -1.1% | -0.9% | ||
| Q2 24 | -7.7% | -4.6% | ||
| Q1 24 | 3.6% | -3.1% |
| Q4 25 | -8.8% | -178.3% | ||
| Q3 25 | 1.0% | -8.3% | ||
| Q2 25 | -14.9% | -135.2% | ||
| Q1 25 | -2.3% | -10.3% | ||
| Q4 24 | -22.2% | -5.3% | ||
| Q3 24 | -1.4% | 4.1% | ||
| Q2 24 | -6.7% | -5.4% | ||
| Q1 24 | 2.6% | -6.5% |
| Q4 25 | $-0.29 | $-1.68 | ||
| Q3 25 | $0.04 | $-0.08 | ||
| Q2 25 | $-0.45 | $-1.15 | ||
| Q1 25 | $-0.17 | $-0.09 | ||
| Q4 24 | $-0.84 | $-0.04 | ||
| Q3 24 | $-0.06 | $0.03 | ||
| Q2 24 | $-0.24 | $-0.04 | ||
| Q1 24 | $0.20 | $-0.06 |
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 | $115.7M |
| Total DebtLower is stronger | — | $280.1M |
| Stockholders' EquityBook value | $160.6M | $484.4M |
| Total Assets | $468.0M | $1.2B |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $115.7M | ||
| Q3 25 | $5.7M | $95.7M | ||
| Q2 25 | $8.6M | $162.6M | ||
| Q1 25 | $3.3M | $165.5M | ||
| Q4 24 | $9.3M | $189.5M | ||
| Q3 24 | $9.8M | $168.7M | ||
| Q2 24 | $6.8M | $147.1M | ||
| Q1 24 | $32.2M | $128.3M |
| Q4 25 | — | $280.1M | ||
| Q3 25 | — | $279.5M | ||
| Q2 25 | — | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | — | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | — | $435.6M | ||
| Q1 24 | — | $434.9M |
| Q4 25 | $160.6M | $484.4M | ||
| Q3 25 | $170.0M | $616.9M | ||
| Q2 25 | $167.9M | $633.7M | ||
| Q1 25 | $182.7M | $755.7M | ||
| Q4 24 | $188.1M | $761.3M | ||
| Q3 24 | $215.7M | $754.7M | ||
| Q2 24 | $218.4M | $815.4M | ||
| Q1 24 | $222.8M | $813.8M |
| Q4 25 | $468.0M | $1.2B | ||
| Q3 25 | $433.8M | $1.3B | ||
| Q2 25 | $463.7M | $1.4B | ||
| Q1 25 | $452.4M | $1.5B | ||
| Q4 24 | $533.1M | $1.6B | ||
| Q3 24 | $488.6M | $1.6B | ||
| Q2 24 | $471.4M | $1.5B | ||
| Q1 24 | $491.2M | $1.5B |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-8.9M | $23.2M |
| FCF MarginFCF / Revenue | -7.8% | 29.6% |
| Capex IntensityCapex / Revenue | 2.0% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $90.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $23.3M | ||
| Q3 25 | $32.0M | $32.2M | ||
| Q2 25 | $-56.5M | $33.1M | ||
| Q1 25 | $41.2M | $2.5M | ||
| Q4 24 | $-41.1M | $34.3M | ||
| Q3 24 | $16.6M | $60.1M | ||
| Q2 24 | $-33.7M | $31.0M | ||
| Q1 24 | $69.7M | $24.8M |
| Q4 25 | $-8.9M | $23.2M | ||
| Q3 25 | $29.8M | $32.1M | ||
| Q2 25 | $-57.8M | $33.0M | ||
| Q1 25 | $38.7M | $2.4M | ||
| Q4 24 | $-43.7M | $34.0M | ||
| Q3 24 | $15.0M | $59.8M | ||
| Q2 24 | $-35.2M | $30.5M | ||
| Q1 24 | $60.6M | $24.7M |
| Q4 25 | -7.8% | 29.6% | ||
| Q3 25 | 22.6% | 41.3% | ||
| Q2 25 | -56.3% | 43.6% | ||
| Q1 25 | 16.0% | 3.0% | ||
| Q4 24 | -34.4% | 43.5% | ||
| Q3 24 | 10.6% | 75.6% | ||
| Q2 24 | -30.2% | 40.7% | ||
| Q1 24 | 24.7% | 30.6% |
| Q4 25 | 2.0% | 0.1% | ||
| Q3 25 | 1.7% | 0.2% | ||
| Q2 25 | 1.3% | 0.1% | ||
| Q1 25 | 1.0% | 0.2% | ||
| Q4 24 | 2.1% | 0.3% | ||
| Q3 24 | 1.2% | 0.3% | ||
| Q2 24 | 1.3% | 0.6% | ||
| Q1 24 | 3.7% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | 25.40× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.52× | ||
| 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% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
