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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and Vericel Corp (VCEL). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $92.9M, roughly 1.2× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs -8.8%, a 33.8% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -9.6%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-8.9M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
DLTH vs VCEL — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $92.9M |
| Net Profit | $-10.1M | $23.2M |
| Gross Margin | 53.8% | 78.7% |
| Operating Margin | -7.7% | 24.1% |
| Net Margin | -8.8% | 25.0% |
| Revenue YoY | -9.6% | 23.3% |
| Net Profit YoY | 64.6% | 17.3% |
| EPS (diluted) | $-0.29 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $131.7M | $67.5M | ||
| Q2 25 | $102.7M | $63.2M | ||
| Q1 25 | $241.3M | $52.6M | ||
| Q4 24 | $127.1M | $75.4M | ||
| Q3 24 | $141.6M | $57.9M | ||
| Q2 24 | $116.7M | $52.7M | ||
| Q1 24 | $245.6M | $51.3M |
| Q4 25 | $-10.1M | $23.2M | ||
| Q3 25 | $1.3M | $5.1M | ||
| Q2 25 | $-15.3M | $-553.0K | ||
| Q1 25 | $-5.6M | $-11.2M | ||
| Q4 24 | $-28.2M | $19.8M | ||
| Q3 24 | $-2.0M | $-901.0K | ||
| Q2 24 | $-7.9M | $-4.7M | ||
| Q1 24 | $6.4M | $-3.9M |
| Q4 25 | 53.8% | 78.7% | ||
| Q3 25 | 54.7% | 73.5% | ||
| Q2 25 | 52.0% | 73.7% | ||
| Q1 25 | 44.1% | 69.0% | ||
| Q4 24 | 52.3% | 77.6% | ||
| Q3 24 | 52.3% | 71.9% | ||
| Q2 24 | 52.8% | 69.5% | ||
| Q1 24 | 48.2% | 68.9% |
| Q4 25 | -7.7% | 24.1% | ||
| Q3 25 | 1.8% | 5.1% | ||
| Q2 25 | -12.0% | -3.2% | ||
| Q1 25 | -1.8% | -24.3% | ||
| Q4 24 | -17.4% | 24.5% | ||
| Q3 24 | -1.1% | -4.3% | ||
| Q2 24 | -7.7% | -11.5% | ||
| Q1 24 | 3.6% | -10.7% |
| Q4 25 | -8.8% | 25.0% | ||
| Q3 25 | 1.0% | 7.5% | ||
| Q2 25 | -14.9% | -0.9% | ||
| Q1 25 | -2.3% | -21.4% | ||
| Q4 24 | -22.2% | 26.3% | ||
| Q3 24 | -1.4% | -1.6% | ||
| Q2 24 | -6.7% | -8.9% | ||
| Q1 24 | 2.6% | -7.5% |
| Q4 25 | $-0.29 | $0.46 | ||
| Q3 25 | $0.04 | $0.10 | ||
| Q2 25 | $-0.45 | $-0.01 | ||
| Q1 25 | $-0.17 | $-0.23 | ||
| Q4 24 | $-0.84 | $0.40 | ||
| Q3 24 | $-0.06 | $-0.02 | ||
| Q2 24 | $-0.24 | $-0.10 | ||
| Q1 24 | $0.20 | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.6M | $354.6M |
| Total Assets | $468.0M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $137.5M | ||
| Q3 25 | $5.7M | $135.4M | ||
| Q2 25 | $8.6M | $116.9M | ||
| Q1 25 | $3.3M | $112.9M | ||
| Q4 24 | $9.3M | $116.2M | ||
| Q3 24 | $9.8M | $101.7M | ||
| Q2 24 | $6.8M | $102.5M | ||
| Q1 24 | $32.2M | $110.6M |
| Q4 25 | $160.6M | $354.6M | ||
| Q3 25 | $170.0M | $321.9M | ||
| Q2 25 | $167.9M | $306.8M | ||
| Q1 25 | $182.7M | $295.5M | ||
| Q4 24 | $188.1M | $292.0M | ||
| Q3 24 | $215.7M | $257.5M | ||
| Q2 24 | $218.4M | $243.0M | ||
| Q1 24 | $222.8M | $233.9M |
| Q4 25 | $468.0M | $488.0M | ||
| Q3 25 | $433.8M | $453.3M | ||
| Q2 25 | $463.7M | $435.6M | ||
| Q1 25 | $452.4M | $424.6M | ||
| Q4 24 | $533.1M | $432.7M | ||
| Q3 24 | $488.6M | $390.4M | ||
| Q2 24 | $471.4M | $376.8M | ||
| Q1 24 | $491.2M | $356.7M |
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 | $15.0M |
| Free Cash FlowOCF − Capex | $-8.9M | $12.8M |
| FCF MarginFCF / Revenue | -7.8% | 13.8% |
| Capex IntensityCapex / Revenue | 2.0% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $15.0M | ||
| Q3 25 | $32.0M | $22.1M | ||
| Q2 25 | $-56.5M | $8.2M | ||
| Q1 25 | $41.2M | $6.6M | ||
| Q4 24 | $-41.1M | $22.2M | ||
| Q3 24 | $16.6M | $10.2M | ||
| Q2 24 | $-33.7M | $18.5M | ||
| Q1 24 | $69.7M | $7.2M |
| Q4 25 | $-8.9M | $12.8M | ||
| Q3 25 | $29.8M | $19.5M | ||
| Q2 25 | $-57.8M | $81.0K | ||
| Q1 25 | $38.7M | $-7.6M | ||
| Q4 24 | $-43.7M | $8.5M | ||
| Q3 24 | $15.0M | $-9.2M | ||
| Q2 24 | $-35.2M | $1.8M | ||
| Q1 24 | $60.6M | $-6.8M |
| Q4 25 | -7.8% | 13.8% | ||
| Q3 25 | 22.6% | 28.8% | ||
| Q2 25 | -56.3% | 0.1% | ||
| Q1 25 | 16.0% | -14.5% | ||
| Q4 24 | -34.4% | 11.2% | ||
| Q3 24 | 10.6% | -15.9% | ||
| Q2 24 | -30.2% | 3.4% | ||
| Q1 24 | 24.7% | -13.3% |
| Q4 25 | 2.0% | 2.4% | ||
| Q3 25 | 1.7% | 3.9% | ||
| Q2 25 | 1.3% | 12.9% | ||
| Q1 25 | 1.0% | 27.0% | ||
| Q4 24 | 2.1% | 18.3% | ||
| Q3 24 | 1.2% | 33.5% | ||
| Q2 24 | 1.3% | 31.8% | ||
| Q1 24 | 3.7% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | 25.40× | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
