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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $91.6M, roughly 1.3× SHENANDOAH TELECOMMUNICATIONS CO). SHENANDOAH TELECOMMUNICATIONS CO runs the higher net margin — -5.9% vs -8.8%, a 2.9% gap on every dollar of revenue. On growth, SHENANDOAH TELECOMMUNICATIONS CO posted the faster year-over-year revenue change (7.2% vs -9.6%). DULUTH HOLDINGS INC. produced more free cash flow last quarter ($-8.9M vs $-78.6M). Over the past eight quarters, SHENANDOAH TELECOMMUNICATIONS CO's revenue compounded faster (15.0% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
DLTH vs SHEN — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $91.6M |
| Net Profit | $-10.1M | $-5.4M |
| Gross Margin | 53.8% | — |
| Operating Margin | -7.7% | -1.0% |
| Net Margin | -8.8% | -5.9% |
| Revenue YoY | -9.6% | 7.2% |
| Net Profit YoY | 64.6% | -95.8% |
| EPS (diluted) | $-0.29 | $-0.13 |
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 | $91.6M | ||
| Q3 25 | $131.7M | $89.8M | ||
| Q2 25 | $102.7M | $88.6M | ||
| Q1 25 | $241.3M | $87.9M | ||
| Q4 24 | $127.1M | $85.4M | ||
| Q3 24 | $141.6M | $87.6M | ||
| Q2 24 | $116.7M | $85.8M | ||
| Q1 24 | $245.6M | $69.2M |
| Q4 25 | $-10.1M | $-5.4M | ||
| Q3 25 | $1.3M | $-9.4M | ||
| Q2 25 | $-15.3M | $-9.0M | ||
| Q1 25 | $-5.6M | $-9.1M | ||
| Q4 24 | $-28.2M | $-2.7M | ||
| Q3 24 | $-2.0M | $-5.3M | ||
| Q2 24 | $-7.9M | $-12.9M | ||
| Q1 24 | $6.4M | $214.7M |
| 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% | -1.0% | ||
| Q3 25 | 1.8% | -8.0% | ||
| Q2 25 | -12.0% | -10.3% | ||
| Q1 25 | -1.8% | -6.9% | ||
| Q4 24 | -17.4% | -6.7% | ||
| Q3 24 | -1.1% | -4.8% | ||
| Q2 24 | -7.7% | -18.5% | ||
| Q1 24 | 3.6% | -4.0% |
| Q4 25 | -8.8% | -5.9% | ||
| Q3 25 | 1.0% | -10.5% | ||
| Q2 25 | -14.9% | -10.2% | ||
| Q1 25 | -2.3% | -10.4% | ||
| Q4 24 | -22.2% | -3.2% | ||
| Q3 24 | -1.4% | -6.0% | ||
| Q2 24 | -6.7% | -15.0% | ||
| Q1 24 | 2.6% | 310.0% |
| Q4 25 | $-0.29 | $-0.13 | ||
| Q3 25 | $0.04 | $-0.20 | ||
| Q2 25 | $-0.45 | $-0.19 | ||
| Q1 25 | $-0.17 | $-0.19 | ||
| Q4 24 | $-0.84 | $-0.34 | ||
| Q3 24 | $-0.06 | $-0.13 | ||
| Q2 24 | $-0.24 | $-0.24 | ||
| Q1 24 | $0.20 | $4.25 |
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 | $27.3M |
| Total DebtLower is stronger | — | $642.4M |
| Stockholders' EquityBook value | $160.6M | $880.8M |
| Total Assets | $468.0M | $1.9B |
| Debt / EquityLower = less leverage | — | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $27.3M | ||
| Q3 25 | $5.7M | $22.6M | ||
| Q2 25 | $8.6M | $29.1M | ||
| Q1 25 | $3.3M | $87.5M | ||
| Q4 24 | $9.3M | $46.3M | ||
| Q3 24 | $9.8M | $43.1M | ||
| Q2 24 | $6.8M | $43.8M | ||
| Q1 24 | $32.2M | $389.7M |
| Q4 25 | — | $642.4M | ||
| Q3 25 | — | $535.4M | ||
| Q2 25 | — | $513.1M | ||
| Q1 25 | — | $515.8M | ||
| Q4 24 | — | $418.0M | ||
| Q3 24 | — | $345.2M | ||
| Q2 24 | — | $297.4M | ||
| Q1 24 | — | $298.7M |
| Q4 25 | $160.6M | $880.8M | ||
| Q3 25 | $170.0M | $892.7M | ||
| Q2 25 | $167.9M | $902.0M | ||
| Q1 25 | $182.7M | $910.5M | ||
| Q4 24 | $188.1M | $918.6M | ||
| Q3 24 | $215.7M | $925.4M | ||
| Q2 24 | $218.4M | $933.1M | ||
| Q1 24 | $222.8M | $871.6M |
| Q4 25 | $468.0M | $1.9B | ||
| Q3 25 | $433.8M | $1.9B | ||
| Q2 25 | $463.7M | $1.8B | ||
| Q1 25 | $452.4M | $1.8B | ||
| Q4 24 | $533.1M | $1.7B | ||
| Q3 24 | $488.6M | $1.7B | ||
| Q2 24 | $471.4M | $1.7B | ||
| Q1 24 | $491.2M | $1.4B |
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | — | 0.57× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 0.34× |
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 | $28.8M |
| Free Cash FlowOCF − Capex | $-8.9M | $-78.6M |
| FCF MarginFCF / Revenue | -7.8% | -85.8% |
| Capex IntensityCapex / Revenue | 2.0% | 117.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $28.8M | ||
| Q3 25 | $32.0M | $30.7M | ||
| Q2 25 | $-56.5M | $20.9M | ||
| Q1 25 | $41.2M | $20.5M | ||
| Q4 24 | $-41.1M | $20.6M | ||
| Q3 24 | $16.6M | $24.3M | ||
| Q2 24 | $-33.7M | $2.5M | ||
| Q1 24 | $69.7M | $15.2M |
| Q4 25 | $-8.9M | $-78.6M | ||
| Q3 25 | $29.8M | $-51.4M | ||
| Q2 25 | $-57.8M | $-65.3M | ||
| Q1 25 | $38.7M | $-62.7M | ||
| Q4 24 | $-43.7M | $-72.0M | ||
| Q3 24 | $15.0M | $-51.3M | ||
| Q2 24 | $-35.2M | $-78.3M | ||
| Q1 24 | $60.6M | $-54.9M |
| Q4 25 | -7.8% | -85.8% | ||
| Q3 25 | 22.6% | -57.2% | ||
| Q2 25 | -56.3% | -73.7% | ||
| Q1 25 | 16.0% | -71.3% | ||
| Q4 24 | -34.4% | -84.3% | ||
| Q3 24 | 10.6% | -58.5% | ||
| Q2 24 | -30.2% | -91.3% | ||
| Q1 24 | 24.7% | -79.3% |
| Q4 25 | 2.0% | 117.2% | ||
| Q3 25 | 1.7% | 91.4% | ||
| Q2 25 | 1.3% | 97.3% | ||
| Q1 25 | 1.0% | 94.7% | ||
| Q4 24 | 2.1% | 108.4% | ||
| Q3 24 | 1.2% | 86.2% | ||
| Q2 24 | 1.3% | 94.2% | ||
| Q1 24 | 3.7% | 101.2% |
| Q4 25 | — | — | ||
| Q3 25 | 25.40× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 10.86× | 0.07× |
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% |
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
