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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $100.0M, roughly 1.1× Latham Group, Inc.). Latham Group, Inc. runs the higher net margin — -7.0% vs -8.8%, a 1.8% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs -9.6%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-8.9M). Over the past eight quarters, Latham Group, Inc.'s revenue compounded faster (-4.9% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
DLTH vs SWIM — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $100.0M |
| Net Profit | $-10.1M | $-7.0M |
| Gross Margin | 53.8% | 28.0% |
| Operating Margin | -7.7% | -10.7% |
| Net Margin | -8.8% | -7.0% |
| Revenue YoY | -9.6% | 14.5% |
| Net Profit YoY | 64.6% | 76.0% |
| EPS (diluted) | $-0.29 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $131.7M | $161.9M | ||
| Q2 25 | $102.7M | $172.6M | ||
| Q1 25 | $241.3M | $111.4M | ||
| Q4 24 | $127.1M | $87.3M | ||
| Q3 24 | $141.6M | $150.5M | ||
| Q2 24 | $116.7M | $160.1M | ||
| Q1 24 | $245.6M | $110.6M |
| Q4 25 | $-10.1M | $-7.0M | ||
| Q3 25 | $1.3M | $8.1M | ||
| Q2 25 | $-15.3M | $16.0M | ||
| Q1 25 | $-5.6M | $-6.0M | ||
| Q4 24 | $-28.2M | $-29.2M | ||
| Q3 24 | $-2.0M | $5.9M | ||
| Q2 24 | $-7.9M | $13.3M | ||
| Q1 24 | $6.4M | $-7.9M |
| Q4 25 | 53.8% | 28.0% | ||
| Q3 25 | 54.7% | 35.4% | ||
| Q2 25 | 52.0% | 37.1% | ||
| Q1 25 | 44.1% | 29.5% | ||
| Q4 24 | 52.3% | 24.6% | ||
| Q3 24 | 52.3% | 32.4% | ||
| Q2 24 | 52.8% | 33.1% | ||
| Q1 24 | 48.2% | 27.7% |
| Q4 25 | -7.7% | -10.7% | ||
| Q3 25 | 1.8% | 13.3% | ||
| Q2 25 | -12.0% | 14.3% | ||
| Q1 25 | -1.8% | -4.4% | ||
| Q4 24 | -17.4% | -14.9% | ||
| Q3 24 | -1.1% | 8.9% | ||
| Q2 24 | -7.7% | 12.5% | ||
| Q1 24 | 3.6% | -1.9% |
| Q4 25 | -8.8% | -7.0% | ||
| Q3 25 | 1.0% | 5.0% | ||
| Q2 25 | -14.9% | 9.3% | ||
| Q1 25 | -2.3% | -5.4% | ||
| Q4 24 | -22.2% | -33.4% | ||
| Q3 24 | -1.4% | 3.9% | ||
| Q2 24 | -6.7% | 8.3% | ||
| Q1 24 | 2.6% | -7.1% |
| Q4 25 | $-0.29 | $-0.06 | ||
| Q3 25 | $0.04 | $0.07 | ||
| Q2 25 | $-0.45 | $0.13 | ||
| Q1 25 | $-0.17 | $-0.05 | ||
| Q4 24 | $-0.84 | $-0.24 | ||
| Q3 24 | $-0.06 | $0.05 | ||
| Q2 24 | $-0.24 | $0.11 | ||
| Q1 24 | $0.20 | $-0.07 |
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 | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $160.6M | $405.9M |
| Total Assets | $468.0M | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | — | ||
| Q3 25 | $5.7M | — | ||
| Q2 25 | $8.6M | — | ||
| Q1 25 | $3.3M | — | ||
| Q4 24 | $9.3M | — | ||
| Q3 24 | $9.8M | — | ||
| Q2 24 | $6.8M | — | ||
| Q1 24 | $32.2M | — |
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $160.6M | $405.9M | ||
| Q3 25 | $170.0M | $408.4M | ||
| Q2 25 | $167.9M | $398.4M | ||
| Q1 25 | $182.7M | $381.1M | ||
| Q4 24 | $188.1M | $387.2M | ||
| Q3 24 | $215.7M | $416.6M | ||
| Q2 24 | $218.4M | $408.1M | ||
| Q1 24 | $222.8M | $391.8M |
| Q4 25 | $468.0M | $823.2M | ||
| Q3 25 | $433.8M | $844.4M | ||
| Q2 25 | $463.7M | $822.1M | ||
| Q1 25 | $452.4M | $824.6M | ||
| Q4 24 | $533.1M | $794.2M | ||
| Q3 24 | $488.6M | $853.4M | ||
| Q2 24 | $471.4M | $830.0M | ||
| Q1 24 | $491.2M | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $14.1M |
| FCF MarginFCF / Revenue | -7.8% | 14.1% |
| Capex IntensityCapex / Revenue | 2.0% | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $23.3M | ||
| Q3 25 | $32.0M | $51.0M | ||
| Q2 25 | $-56.5M | $36.0M | ||
| Q1 25 | $41.2M | $-46.9M | ||
| Q4 24 | $-41.1M | $6.2M | ||
| Q3 24 | $16.6M | $37.2M | ||
| Q2 24 | $-33.7M | $52.4M | ||
| Q1 24 | $69.7M | $-34.5M |
| Q4 25 | $-8.9M | $14.1M | ||
| Q3 25 | $29.8M | $45.2M | ||
| Q2 25 | $-57.8M | $29.1M | ||
| Q1 25 | $38.7M | $-50.3M | ||
| Q4 24 | $-43.7M | $-98.0K | ||
| Q3 24 | $15.0M | $33.2M | ||
| Q2 24 | $-35.2M | $47.9M | ||
| Q1 24 | $60.6M | $-39.9M |
| Q4 25 | -7.8% | 14.1% | ||
| Q3 25 | 22.6% | 27.9% | ||
| Q2 25 | -56.3% | 16.8% | ||
| Q1 25 | 16.0% | -45.2% | ||
| Q4 24 | -34.4% | -0.1% | ||
| Q3 24 | 10.6% | 22.1% | ||
| Q2 24 | -30.2% | 29.9% | ||
| Q1 24 | 24.7% | -36.0% |
| Q4 25 | 2.0% | 9.2% | ||
| Q3 25 | 1.7% | 3.6% | ||
| Q2 25 | 1.3% | 4.0% | ||
| Q1 25 | 1.0% | 3.1% | ||
| Q4 24 | 2.1% | 7.2% | ||
| Q3 24 | 1.2% | 2.7% | ||
| Q2 24 | 1.3% | 2.8% | ||
| Q1 24 | 3.7% | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | 25.40× | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
