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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and TSS, Inc. (TSSI). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $60.9M, roughly 1.9× TSS, Inc.). TSS, Inc. runs the higher net margin — 20.0% vs -8.8%, a 28.8% gap on every dollar of revenue. On growth, TSS, Inc. posted the faster year-over-year revenue change (21.8% vs -9.6%). TSS, Inc. produced more free cash flow last quarter ($15.8M vs $-8.9M). Over the past eight quarters, TSS, Inc.'s revenue compounded faster (95.8% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
DLTH vs TSSI — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $60.9M |
| Net Profit | $-10.1M | $12.2M |
| Gross Margin | 53.8% | 17.6% |
| Operating Margin | -7.7% | 1.5% |
| Net Margin | -8.8% | 20.0% |
| Revenue YoY | -9.6% | 21.8% |
| Net Profit YoY | 64.6% | 535.7% |
| EPS (diluted) | $-0.29 | $0.44 |
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 | $60.9M | ||
| Q3 25 | $131.7M | $41.9M | ||
| Q2 25 | $102.7M | $44.0M | ||
| Q1 25 | $241.3M | $99.0M | ||
| Q4 24 | $127.1M | $50.0M | ||
| Q3 24 | $141.6M | $70.1M | ||
| Q2 24 | $116.7M | $12.2M | ||
| Q1 24 | $245.6M | $15.9M |
| Q4 25 | $-10.1M | $12.2M | ||
| Q3 25 | $1.3M | $-1.5M | ||
| Q2 25 | $-15.3M | $1.5M | ||
| Q1 25 | $-5.6M | $3.0M | ||
| Q4 24 | $-28.2M | $1.9M | ||
| Q3 24 | $-2.0M | $2.6M | ||
| Q2 24 | $-7.9M | $1.4M | ||
| Q1 24 | $6.4M | $15.0K |
| Q4 25 | 53.8% | 17.6% | ||
| Q3 25 | 54.7% | 11.1% | ||
| Q2 25 | 52.0% | 17.8% | ||
| Q1 25 | 44.1% | 9.3% | ||
| Q4 24 | 52.3% | 14.4% | ||
| Q3 24 | 52.3% | 11.3% | ||
| Q2 24 | 52.8% | 37.3% | ||
| Q1 24 | 48.2% | 17.1% |
| Q4 25 | -7.7% | 1.5% | ||
| Q3 25 | 1.8% | -2.2% | ||
| Q2 25 | -12.0% | 5.1% | ||
| Q1 25 | -1.8% | 4.2% | ||
| Q4 24 | -17.4% | 0.0% | ||
| Q3 24 | -1.1% | 5.4% | ||
| Q2 24 | -7.7% | 14.0% | ||
| Q1 24 | 3.6% | 1.6% |
| Q4 25 | -8.8% | 20.0% | ||
| Q3 25 | 1.0% | -3.6% | ||
| Q2 25 | -14.9% | 3.4% | ||
| Q1 25 | -2.3% | 3.0% | ||
| Q4 24 | -22.2% | 3.8% | ||
| Q3 24 | -1.4% | 3.8% | ||
| Q2 24 | -6.7% | 11.5% | ||
| Q1 24 | 2.6% | 0.1% |
| Q4 25 | $-0.29 | $0.44 | ||
| Q3 25 | $0.04 | $-0.06 | ||
| Q2 25 | $-0.45 | $0.06 | ||
| Q1 25 | $-0.17 | $0.12 | ||
| Q4 24 | $-0.84 | $0.08 | ||
| Q3 24 | $-0.06 | $0.10 | ||
| Q2 24 | $-0.24 | $0.06 | ||
| Q1 24 | $0.20 | $0.00 |
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 | $85.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.6M | $76.6M |
| Total Assets | $468.0M | $184.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $85.5M | ||
| Q3 25 | $5.7M | $70.7M | ||
| Q2 25 | $8.6M | — | ||
| Q1 25 | $3.3M | — | ||
| Q4 24 | $9.3M | $23.2M | ||
| Q3 24 | $9.8M | $46.4M | ||
| Q2 24 | $6.8M | $8.3M | ||
| Q1 24 | $32.2M | $14.4M |
| Q4 25 | $160.6M | $76.6M | ||
| Q3 25 | $170.0M | $63.4M | ||
| Q2 25 | $167.9M | $9.5M | ||
| Q1 25 | $182.7M | $9.4M | ||
| Q4 24 | $188.1M | $7.1M | ||
| Q3 24 | $215.7M | $7.7M | ||
| Q2 24 | $218.4M | $5.2M | ||
| Q1 24 | $222.8M | $3.7M |
| Q4 25 | $468.0M | $184.9M | ||
| Q3 25 | $433.8M | $165.4M | ||
| Q2 25 | $463.7M | $139.5M | ||
| Q1 25 | $452.4M | $113.5M | ||
| Q4 24 | $533.1M | $96.6M | ||
| Q3 24 | $488.6M | $67.3M | ||
| Q2 24 | $471.4M | $28.9M | ||
| Q1 24 | $491.2M | $26.8M |
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 | $16.3M |
| Free Cash FlowOCF − Capex | $-8.9M | $15.8M |
| FCF MarginFCF / Revenue | -7.8% | 25.9% |
| Capex IntensityCapex / Revenue | 2.0% | 0.9% |
| Cash ConversionOCF / Net Profit | — | 1.34× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $2.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $16.3M | ||
| Q3 25 | $32.0M | $-18.4M | ||
| Q2 25 | $-56.5M | $16.3M | ||
| Q1 25 | $41.2M | $20.6M | ||
| Q4 24 | $-41.1M | $-21.6M | ||
| Q3 24 | $16.6M | $38.6M | ||
| Q2 24 | $-33.7M | $-4.3M | ||
| Q1 24 | $69.7M | $2.6M |
| Q4 25 | $-8.9M | $15.8M | ||
| Q3 25 | $29.8M | $-24.9M | ||
| Q2 25 | $-57.8M | $5.4M | ||
| Q1 25 | $38.7M | $5.8M | ||
| Q4 24 | $-43.7M | $-28.4M | ||
| Q3 24 | $15.0M | $38.6M | ||
| Q2 24 | $-35.2M | $-6.0M | ||
| Q1 24 | $60.6M | $2.6M |
| Q4 25 | -7.8% | 25.9% | ||
| Q3 25 | 22.6% | -59.3% | ||
| Q2 25 | -56.3% | 12.3% | ||
| Q1 25 | 16.0% | 5.8% | ||
| Q4 24 | -34.4% | -56.7% | ||
| Q3 24 | 10.6% | 55.1% | ||
| Q2 24 | -30.2% | -49.4% | ||
| Q1 24 | 24.7% | 16.4% |
| Q4 25 | 2.0% | 0.9% | ||
| Q3 25 | 1.7% | 15.3% | ||
| Q2 25 | 1.3% | 24.8% | ||
| Q1 25 | 1.0% | 15.0% | ||
| Q4 24 | 2.1% | 13.4% | ||
| Q3 24 | 1.2% | 0.1% | ||
| Q2 24 | 1.3% | 13.8% | ||
| Q1 24 | 3.7% | 0.2% |
| Q4 25 | — | 1.34× | ||
| Q3 25 | 25.40× | — | ||
| Q2 25 | — | 11.02× | ||
| Q1 25 | — | 6.93× | ||
| Q4 24 | — | -11.32× | ||
| Q3 24 | — | 14.60× | ||
| Q2 24 | — | -3.09× | ||
| Q1 24 | 10.86× | 176.40× |
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% |
TSSI
| Procurement Revenues Segment | $43.2M | 71% |
| System Integration Services Segment | $14.2M | 23% |
| Facilities Segment | $3.5M | 6% |
