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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $97.9M, roughly 1.2× Safehold Inc.). Safehold Inc. runs the higher net margin — 28.5% vs -8.8%, a 37.3% gap on every dollar of revenue. On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs -9.6%). Over the past eight quarters, Safehold Inc.'s revenue compounded faster (2.5% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
DLTH vs SAFE — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $97.9M |
| Net Profit | $-10.1M | $27.9M |
| Gross Margin | 53.8% | 98.6% |
| Operating Margin | -7.7% | 27.4% |
| Net Margin | -8.8% | 28.5% |
| Revenue YoY | -9.6% | 6.5% |
| Net Profit YoY | 64.6% | 7.1% |
| EPS (diluted) | $-0.29 | $0.38 |
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 | $97.9M | ||
| Q3 25 | $131.7M | $96.2M | ||
| Q2 25 | $102.7M | $93.8M | ||
| Q1 25 | $241.3M | $97.7M | ||
| Q4 24 | $127.1M | $91.9M | ||
| Q3 24 | $141.6M | $90.7M | ||
| Q2 24 | $116.7M | $89.9M | ||
| Q1 24 | $245.6M | $93.2M |
| Q4 25 | $-10.1M | $27.9M | ||
| Q3 25 | $1.3M | $29.3M | ||
| Q2 25 | $-15.3M | $27.9M | ||
| Q1 25 | $-5.6M | $29.4M | ||
| Q4 24 | $-28.2M | $26.0M | ||
| Q3 24 | $-2.0M | $19.3M | ||
| Q2 24 | $-7.9M | $29.7M | ||
| Q1 24 | $6.4M | $30.7M |
| Q4 25 | 53.8% | 98.6% | ||
| Q3 25 | 54.7% | 98.5% | ||
| Q2 25 | 52.0% | 99.1% | ||
| Q1 25 | 44.1% | 98.8% | ||
| Q4 24 | 52.3% | 98.8% | ||
| Q3 24 | 52.3% | 98.8% | ||
| Q2 24 | 52.8% | 98.8% | ||
| Q1 24 | 48.2% | 98.8% |
| Q4 25 | -7.7% | 27.4% | ||
| Q3 25 | 1.8% | 25.9% | ||
| Q2 25 | -12.0% | 25.5% | ||
| Q1 25 | -1.8% | 25.9% | ||
| Q4 24 | -17.4% | 24.6% | ||
| Q3 24 | -1.1% | 17.5% | ||
| Q2 24 | -7.7% | 26.7% | ||
| Q1 24 | 3.6% | 26.4% |
| Q4 25 | -8.8% | 28.5% | ||
| Q3 25 | 1.0% | 30.5% | ||
| Q2 25 | -14.9% | 29.8% | ||
| Q1 25 | -2.3% | 30.1% | ||
| Q4 24 | -22.2% | 28.3% | ||
| Q3 24 | -1.4% | 21.3% | ||
| Q2 24 | -6.7% | 33.0% | ||
| Q1 24 | 2.6% | 33.0% |
| Q4 25 | $-0.29 | $0.38 | ||
| Q3 25 | $0.04 | $0.41 | ||
| Q2 25 | $-0.45 | $0.39 | ||
| Q1 25 | $-0.17 | $0.41 | ||
| Q4 24 | $-0.84 | $0.36 | ||
| Q3 24 | $-0.06 | $0.27 | ||
| Q2 24 | $-0.24 | $0.42 | ||
| Q1 24 | $0.20 | $0.43 |
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 | $21.7M |
| Total DebtLower is stronger | — | $4.6B |
| Stockholders' EquityBook value | $160.6M | $2.4B |
| Total Assets | $468.0M | $7.2B |
| Debt / EquityLower = less leverage | — | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $21.7M | ||
| Q3 25 | $5.7M | $12.1M | ||
| Q2 25 | $8.6M | $13.9M | ||
| Q1 25 | $3.3M | $17.3M | ||
| Q4 24 | $9.3M | $8.3M | ||
| Q3 24 | $9.8M | $15.6M | ||
| Q2 24 | $6.8M | $13.4M | ||
| Q1 24 | $32.2M | $11.3M |
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $4.1B |
| Q4 25 | $160.6M | $2.4B | ||
| Q3 25 | $170.0M | $2.4B | ||
| Q2 25 | $167.9M | $2.4B | ||
| Q1 25 | $182.7M | $2.4B | ||
| Q4 24 | $188.1M | $2.3B | ||
| Q3 24 | $215.7M | $2.3B | ||
| Q2 24 | $218.4M | $2.3B | ||
| Q1 24 | $222.8M | $2.3B |
| Q4 25 | $468.0M | $7.2B | ||
| Q3 25 | $433.8M | $7.1B | ||
| Q2 25 | $463.7M | $7.1B | ||
| Q1 25 | $452.4M | $6.9B | ||
| Q4 24 | $533.1M | $6.9B | ||
| Q3 24 | $488.6M | $6.8B | ||
| Q2 24 | $471.4M | $6.8B | ||
| Q1 24 | $491.2M | $6.7B |
| Q4 25 | — | 1.90× | ||
| Q3 25 | — | 1.89× | ||
| Q2 25 | — | 1.87× | ||
| Q1 25 | — | 1.85× | ||
| Q4 24 | — | 1.84× | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 1.81× | ||
| Q1 24 | — | 1.81× |
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 | $47.8M |
| Free Cash FlowOCF − Capex | $-8.9M | — |
| FCF MarginFCF / Revenue | -7.8% | — |
| Capex IntensityCapex / Revenue | 2.0% | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $47.8M | ||
| Q3 25 | $32.0M | $-1.4M | ||
| Q2 25 | $-56.5M | $28.0M | ||
| Q1 25 | $41.2M | $8.9M | ||
| Q4 24 | $-41.1M | $37.9M | ||
| Q3 24 | $16.6M | $8.3M | ||
| Q2 24 | $-33.7M | $24.8M | ||
| Q1 24 | $69.7M | $-3.1M |
| 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 | — | 1.72× | ||
| Q3 25 | 25.40× | -0.05× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | 10.86× | -0.10× |
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% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
