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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $86.0M, roughly 1.3× Smart Sand, Inc.). Smart Sand, Inc. runs the higher net margin — 1.4% vs -8.8%, a 10.2% gap on every dollar of revenue. On growth, Smart Sand, Inc. posted the faster year-over-year revenue change (-5.8% vs -9.6%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $-8.9M). Over the past eight quarters, Smart Sand, Inc.'s revenue compounded faster (1.8% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
DLTH vs SND — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $86.0M |
| Net Profit | $-10.1M | $1.2M |
| Gross Margin | 53.8% | 13.0% |
| Operating Margin | -7.7% | -3.1% |
| Net Margin | -8.8% | 1.4% |
| Revenue YoY | -9.6% | -5.8% |
| Net Profit YoY | 64.6% | -68.5% |
| EPS (diluted) | $-0.29 | $0.03 |
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 | $86.0M | ||
| Q3 25 | $131.7M | $92.8M | ||
| Q2 25 | $102.7M | $85.8M | ||
| Q1 25 | $241.3M | $65.6M | ||
| Q4 24 | $127.1M | $91.4M | ||
| Q3 24 | $141.6M | $63.2M | ||
| Q2 24 | $116.7M | $73.8M | ||
| Q1 24 | $245.6M | $83.1M |
| Q4 25 | $-10.1M | $1.2M | ||
| Q3 25 | $1.3M | $3.0M | ||
| Q2 25 | $-15.3M | $21.4M | ||
| Q1 25 | $-5.6M | $-24.2M | ||
| Q4 24 | $-28.2M | $3.7M | ||
| Q3 24 | $-2.0M | $-98.0K | ||
| Q2 24 | $-7.9M | $-430.0K | ||
| Q1 24 | $6.4M | $-216.0K |
| Q4 25 | 53.8% | 13.0% | ||
| Q3 25 | 54.7% | 16.1% | ||
| Q2 25 | 52.0% | 10.4% | ||
| Q1 25 | 44.1% | 4.2% | ||
| Q4 24 | 52.3% | 14.7% | ||
| Q3 24 | 52.3% | 10.3% | ||
| Q2 24 | 52.8% | 17.7% | ||
| Q1 24 | 48.2% | 14.2% |
| Q4 25 | -7.7% | -3.1% | ||
| Q3 25 | 1.8% | 5.8% | ||
| Q2 25 | -12.0% | -0.1% | ||
| Q1 25 | -1.8% | -10.8% | ||
| Q4 24 | -17.4% | 3.9% | ||
| Q3 24 | -1.1% | -7.8% | ||
| Q2 24 | -7.7% | 4.8% | ||
| Q1 24 | 3.6% | 0.9% |
| Q4 25 | -8.8% | 1.4% | ||
| Q3 25 | 1.0% | 3.2% | ||
| Q2 25 | -14.9% | 24.9% | ||
| Q1 25 | -2.3% | -37.0% | ||
| Q4 24 | -22.2% | 4.1% | ||
| Q3 24 | -1.4% | -0.2% | ||
| Q2 24 | -6.7% | -0.6% | ||
| Q1 24 | 2.6% | -0.3% |
| Q4 25 | $-0.29 | $0.03 | ||
| Q3 25 | $0.04 | $0.08 | ||
| Q2 25 | $-0.45 | $0.54 | ||
| Q1 25 | $-0.17 | $-0.62 | ||
| Q4 24 | $-0.84 | $0.10 | ||
| Q3 24 | $-0.06 | $0.00 | ||
| Q2 24 | $-0.24 | $-0.01 | ||
| Q1 24 | $0.20 | $-0.01 |
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 | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $160.6M | $239.7M |
| Total Assets | $468.0M | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $22.6M | ||
| Q3 25 | $5.7M | $5.1M | ||
| Q2 25 | $8.6M | $4.3M | ||
| Q1 25 | $3.3M | $5.1M | ||
| Q4 24 | $9.3M | $1.6M | ||
| Q3 24 | $9.8M | $7.2M | ||
| Q2 24 | $6.8M | $6.3M | ||
| Q1 24 | $32.2M | $4.6M |
| Q4 25 | — | $15.0M | ||
| Q3 25 | — | $14.3M | ||
| Q2 25 | — | $23.5M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | — | $14.7M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $17.1M | ||
| Q1 24 | — | $25.5M |
| Q4 25 | $160.6M | $239.7M | ||
| Q3 25 | $170.0M | $239.9M | ||
| Q2 25 | $167.9M | $240.5M | ||
| Q1 25 | $182.7M | $219.9M | ||
| Q4 24 | $188.1M | $243.8M | ||
| Q3 24 | $215.7M | $243.6M | ||
| Q2 24 | $218.4M | $242.9M | ||
| Q1 24 | $222.8M | $242.5M |
| Q4 25 | $468.0M | $340.0M | ||
| Q3 25 | $433.8M | $343.1M | ||
| Q2 25 | $463.7M | $345.8M | ||
| Q1 25 | $452.4M | $326.9M | ||
| Q4 24 | $533.1M | $341.5M | ||
| Q3 24 | $488.6M | $335.8M | ||
| Q2 24 | $471.4M | $341.8M | ||
| Q1 24 | $491.2M | $349.3M |
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.06× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.11× |
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 | $22.4M |
| Free Cash FlowOCF − Capex | $-8.9M | $20.4M |
| FCF MarginFCF / Revenue | -7.8% | 23.7% |
| Capex IntensityCapex / Revenue | 2.0% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $22.4M | ||
| Q3 25 | $32.0M | $18.2M | ||
| Q2 25 | $-56.5M | $-5.1M | ||
| Q1 25 | $41.2M | $8.7M | ||
| Q4 24 | $-41.1M | $1.0M | ||
| Q3 24 | $16.6M | $5.8M | ||
| Q2 24 | $-33.7M | $14.9M | ||
| Q1 24 | $69.7M | $-3.9M |
| Q4 25 | $-8.9M | $20.4M | ||
| Q3 25 | $29.8M | $14.8M | ||
| Q2 25 | $-57.8M | $-7.8M | ||
| Q1 25 | $38.7M | $5.2M | ||
| Q4 24 | $-43.7M | $-840.0K | ||
| Q3 24 | $15.0M | $3.7M | ||
| Q2 24 | $-35.2M | $13.5M | ||
| Q1 24 | $60.6M | $-5.5M |
| Q4 25 | -7.8% | 23.7% | ||
| Q3 25 | 22.6% | 15.9% | ||
| Q2 25 | -56.3% | -9.1% | ||
| Q1 25 | 16.0% | 7.9% | ||
| Q4 24 | -34.4% | -0.9% | ||
| Q3 24 | 10.6% | 5.8% | ||
| Q2 24 | -30.2% | 18.3% | ||
| Q1 24 | 24.7% | -6.6% |
| Q4 25 | 2.0% | 2.3% | ||
| Q3 25 | 1.7% | 3.6% | ||
| Q2 25 | 1.3% | 3.1% | ||
| Q1 25 | 1.0% | 5.4% | ||
| Q4 24 | 2.1% | 2.1% | ||
| Q3 24 | 1.2% | 3.4% | ||
| Q2 24 | 1.3% | 1.8% | ||
| Q1 24 | 3.7% | 2.0% |
| Q4 25 | — | 18.99× | ||
| Q3 25 | 25.40× | 6.05× | ||
| Q2 25 | — | -0.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.28× | ||
| 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% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
