vs
Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
SPS COMMERCE INC is the larger business by last-quarter revenue ($192.7M vs $114.9M, roughly 1.7× DULUTH HOLDINGS INC.). SPS COMMERCE INC runs the higher net margin — 13.4% vs -8.8%, a 22.2% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -9.6%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $-8.9M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
DLTH vs SPSC — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $192.7M |
| Net Profit | $-10.1M | $25.8M |
| Gross Margin | 53.8% | 70.4% |
| Operating Margin | -7.7% | 18.0% |
| Net Margin | -8.8% | 13.4% |
| Revenue YoY | -9.6% | 12.7% |
| Net Profit YoY | 64.6% | 47.2% |
| EPS (diluted) | $-0.29 | $0.69 |
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 | $192.7M | ||
| Q3 25 | $131.7M | $189.9M | ||
| Q2 25 | $102.7M | $187.4M | ||
| Q1 25 | $241.3M | $181.5M | ||
| Q4 24 | $127.1M | $170.9M | ||
| Q3 24 | $141.6M | $163.7M | ||
| Q2 24 | $116.7M | $153.6M | ||
| Q1 24 | $245.6M | $149.6M |
| Q4 25 | $-10.1M | $25.8M | ||
| Q3 25 | $1.3M | $25.6M | ||
| Q2 25 | $-15.3M | $19.7M | ||
| Q1 25 | $-5.6M | $22.2M | ||
| Q4 24 | $-28.2M | $17.6M | ||
| Q3 24 | $-2.0M | $23.5M | ||
| Q2 24 | $-7.9M | $18.0M | ||
| Q1 24 | $6.4M | $18.0M |
| Q4 25 | 53.8% | 70.4% | ||
| Q3 25 | 54.7% | 69.5% | ||
| Q2 25 | 52.0% | 68.1% | ||
| Q1 25 | 44.1% | 68.7% | ||
| Q4 24 | 52.3% | 67.5% | ||
| Q3 24 | 52.3% | 68.5% | ||
| Q2 24 | 52.8% | 66.1% | ||
| Q1 24 | 48.2% | 65.6% |
| Q4 25 | -7.7% | 18.0% | ||
| Q3 25 | 1.8% | 16.4% | ||
| Q2 25 | -12.0% | 14.1% | ||
| Q1 25 | -1.8% | 14.3% | ||
| Q4 24 | -17.4% | 14.5% | ||
| Q3 24 | -1.1% | 15.6% | ||
| Q2 24 | -7.7% | 15.1% | ||
| Q1 24 | 3.6% | 10.3% |
| Q4 25 | -8.8% | 13.4% | ||
| Q3 25 | 1.0% | 13.5% | ||
| Q2 25 | -14.9% | 10.5% | ||
| Q1 25 | -2.3% | 12.2% | ||
| Q4 24 | -22.2% | 10.3% | ||
| Q3 24 | -1.4% | 14.3% | ||
| Q2 24 | -6.7% | 11.7% | ||
| Q1 24 | 2.6% | 12.0% |
| Q4 25 | $-0.29 | $0.69 | ||
| Q3 25 | $0.04 | $0.67 | ||
| Q2 25 | $-0.45 | $0.52 | ||
| Q1 25 | $-0.17 | $0.58 | ||
| Q4 24 | $-0.84 | $0.46 | ||
| Q3 24 | $-0.06 | $0.62 | ||
| Q2 24 | $-0.24 | $0.48 | ||
| Q1 24 | $0.20 | $0.48 |
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 | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.6M | $973.9M |
| Total Assets | $468.0M | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $151.4M | ||
| Q3 25 | $5.7M | $133.7M | ||
| Q2 25 | $8.6M | $107.6M | ||
| Q1 25 | $3.3M | $94.9M | ||
| Q4 24 | $9.3M | $241.0M | ||
| Q3 24 | $9.8M | $205.8M | ||
| Q2 24 | $6.8M | $271.8M | ||
| Q1 24 | $32.2M | $290.8M |
| Q4 25 | $160.6M | $973.9M | ||
| Q3 25 | $170.0M | $958.9M | ||
| Q2 25 | $167.9M | $949.8M | ||
| Q1 25 | $182.7M | $920.9M | ||
| Q4 24 | $188.1M | $854.7M | ||
| Q3 24 | $215.7M | $829.4M | ||
| Q2 24 | $218.4M | $703.4M | ||
| Q1 24 | $222.8M | $683.0M |
| Q4 25 | $468.0M | $1.2B | ||
| Q3 25 | $433.8M | $1.2B | ||
| Q2 25 | $463.7M | $1.1B | ||
| Q1 25 | $452.4M | $1.1B | ||
| Q4 24 | $533.1M | $1.0B | ||
| Q3 24 | $488.6M | $1.0B | ||
| Q2 24 | $471.4M | $854.5M | ||
| Q1 24 | $491.2M | $839.8M |
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 | $45.9M |
| Free Cash FlowOCF − Capex | $-8.9M | $38.2M |
| FCF MarginFCF / Revenue | -7.8% | 19.8% |
| Capex IntensityCapex / Revenue | 2.0% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $45.9M | ||
| Q3 25 | $32.0M | $60.6M | ||
| Q2 25 | $-56.5M | $32.3M | ||
| Q1 25 | $41.2M | $40.0M | ||
| Q4 24 | $-41.1M | $40.6M | ||
| Q3 24 | $16.6M | $53.3M | ||
| Q2 24 | $-33.7M | $29.4M | ||
| Q1 24 | $69.7M | $34.1M |
| Q4 25 | $-8.9M | $38.2M | ||
| Q3 25 | $29.8M | $54.6M | ||
| Q2 25 | $-57.8M | $25.7M | ||
| Q1 25 | $38.7M | $33.8M | ||
| Q4 24 | $-43.7M | $34.3M | ||
| Q3 24 | $15.0M | $48.1M | ||
| Q2 24 | $-35.2M | $24.4M | ||
| Q1 24 | $60.6M | $30.5M |
| Q4 25 | -7.8% | 19.8% | ||
| Q3 25 | 22.6% | 28.7% | ||
| Q2 25 | -56.3% | 13.7% | ||
| Q1 25 | 16.0% | 18.6% | ||
| Q4 24 | -34.4% | 20.1% | ||
| Q3 24 | 10.6% | 29.4% | ||
| Q2 24 | -30.2% | 15.9% | ||
| Q1 24 | 24.7% | 20.4% |
| Q4 25 | 2.0% | 4.0% | ||
| Q3 25 | 1.7% | 3.2% | ||
| Q2 25 | 1.3% | 3.6% | ||
| Q1 25 | 1.0% | 3.4% | ||
| Q4 24 | 2.1% | 3.6% | ||
| Q3 24 | 1.2% | 3.2% | ||
| Q2 24 | 1.3% | 3.3% | ||
| Q1 24 | 3.7% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | 25.40× | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | 10.86× | 1.89× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
