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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and Vital Farms, Inc. (VITL). Click either name above to swap in a different company.
Vital Farms, Inc. is the larger business by last-quarter revenue ($213.6M vs $114.9M, roughly 1.9× DULUTH HOLDINGS INC.). Vital Farms, Inc. runs the higher net margin — 7.6% vs -8.8%, a 16.4% gap on every dollar of revenue. On growth, Vital Farms, Inc. posted the faster year-over-year revenue change (28.7% vs -9.6%). DULUTH HOLDINGS INC. produced more free cash flow last quarter ($-8.9M vs $-32.1M). Over the past eight quarters, Vital Farms, Inc.'s revenue compounded faster (20.2% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Vital Tomosi Dairy Limited is a dairy processing company in Uganda. The company is a joint venture between Vital Capital Fund, "an impact investing fund primarily focused on Sub-Saharan Africa", and "Tomosi Dairy Farms, a Ugandan producer of dairy products".
DLTH vs VITL — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $213.6M |
| Net Profit | $-10.1M | $16.3M |
| Gross Margin | 53.8% | 35.8% |
| Operating Margin | -7.7% | 10.0% |
| Net Margin | -8.8% | 7.6% |
| Revenue YoY | -9.6% | 28.7% |
| Net Profit YoY | 64.6% | 54.3% |
| EPS (diluted) | $-0.29 | $0.35 |
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 | $213.6M | ||
| Q3 25 | $131.7M | $198.9M | ||
| Q2 25 | $102.7M | $184.8M | ||
| Q1 25 | $241.3M | $162.2M | ||
| Q4 24 | $127.1M | $166.0M | ||
| Q3 24 | $141.6M | $145.0M | ||
| Q2 24 | $116.7M | $147.4M | ||
| Q1 24 | $245.6M | $147.9M |
| Q4 25 | $-10.1M | $16.3M | ||
| Q3 25 | $1.3M | $16.4M | ||
| Q2 25 | $-15.3M | $16.6M | ||
| Q1 25 | $-5.6M | $16.9M | ||
| Q4 24 | $-28.2M | $10.6M | ||
| Q3 24 | $-2.0M | $7.4M | ||
| Q2 24 | $-7.9M | $16.3M | ||
| Q1 24 | $6.4M | $19.0M |
| Q4 25 | 53.8% | 35.8% | ||
| Q3 25 | 54.7% | 37.7% | ||
| Q2 25 | 52.0% | 38.9% | ||
| Q1 25 | 44.1% | 38.5% | ||
| Q4 24 | 52.3% | 36.1% | ||
| Q3 24 | 52.3% | 36.9% | ||
| Q2 24 | 52.8% | 39.1% | ||
| Q1 24 | 48.2% | 39.8% |
| Q4 25 | -7.7% | 10.0% | ||
| Q3 25 | 1.8% | 10.8% | ||
| Q2 25 | -12.0% | 12.9% | ||
| Q1 25 | -1.8% | 13.4% | ||
| Q4 24 | -17.4% | 7.8% | ||
| Q3 24 | -1.1% | 6.4% | ||
| Q2 24 | -7.7% | 11.6% | ||
| Q1 24 | 3.6% | 16.3% |
| Q4 25 | -8.8% | 7.6% | ||
| Q3 25 | 1.0% | 8.3% | ||
| Q2 25 | -14.9% | 9.0% | ||
| Q1 25 | -2.3% | 10.4% | ||
| Q4 24 | -22.2% | 6.4% | ||
| Q3 24 | -1.4% | 5.1% | ||
| Q2 24 | -6.7% | 11.1% | ||
| Q1 24 | 2.6% | 12.9% |
| Q4 25 | $-0.29 | $0.35 | ||
| Q3 25 | $0.04 | $0.36 | ||
| Q2 25 | $-0.45 | $0.36 | ||
| Q1 25 | $-0.17 | $0.37 | ||
| Q4 24 | $-0.84 | $0.23 | ||
| Q3 24 | $-0.06 | $0.16 | ||
| Q2 24 | $-0.24 | $0.36 | ||
| Q1 24 | $0.20 | $0.43 |
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 | $48.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.6M | $351.3M |
| Total Assets | $468.0M | $518.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $48.8M | ||
| Q3 25 | $5.7M | $93.8M | ||
| Q2 25 | $8.6M | $108.2M | ||
| Q1 25 | $3.3M | $156.3M | ||
| Q4 24 | $9.3M | $150.6M | ||
| Q3 24 | $9.8M | $149.5M | ||
| Q2 24 | $6.8M | $133.2M | ||
| Q1 24 | $32.2M | $113.8M |
| Q4 25 | $160.6M | $351.3M | ||
| Q3 25 | $170.0M | $331.2M | ||
| Q2 25 | $167.9M | $309.8M | ||
| Q1 25 | $182.7M | $288.9M | ||
| Q4 24 | $188.1M | $269.3M | ||
| Q3 24 | $215.7M | $253.4M | ||
| Q2 24 | $218.4M | $238.4M | ||
| Q1 24 | $222.8M | $213.3M |
| Q4 25 | $468.0M | $518.7M | ||
| Q3 25 | $433.8M | $481.5M | ||
| Q2 25 | $463.7M | $430.8M | ||
| Q1 25 | $452.4M | $376.9M | ||
| Q4 24 | $533.1M | $359.3M | ||
| Q3 24 | $488.6M | $344.7M | ||
| Q2 24 | $471.4M | $320.5M | ||
| Q1 24 | $491.2M | $300.2M |
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 | $5.8M |
| Free Cash FlowOCF − Capex | $-8.9M | $-32.1M |
| FCF MarginFCF / Revenue | -7.8% | -15.1% |
| Capex IntensityCapex / Revenue | 2.0% | 17.8% |
| Cash ConversionOCF / Net Profit | — | 0.35× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $-48.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $5.8M | ||
| Q3 25 | $32.0M | $23.4M | ||
| Q2 25 | $-56.5M | $-761.0K | ||
| Q1 25 | $41.2M | $5.3M | ||
| Q4 24 | $-41.1M | $14.8M | ||
| Q3 24 | $16.6M | $10.0M | ||
| Q2 24 | $-33.7M | $16.1M | ||
| Q1 24 | $69.7M | $23.9M |
| Q4 25 | $-8.9M | $-32.1M | ||
| Q3 25 | $29.8M | $-10.6M | ||
| Q2 25 | $-57.8M | $-7.6M | ||
| Q1 25 | $38.7M | $2.1M | ||
| Q4 24 | $-43.7M | $-3.4M | ||
| Q3 24 | $15.0M | $6.4M | ||
| Q2 24 | $-35.2M | $10.5M | ||
| Q1 24 | $60.6M | $22.6M |
| Q4 25 | -7.8% | -15.1% | ||
| Q3 25 | 22.6% | -5.3% | ||
| Q2 25 | -56.3% | -4.1% | ||
| Q1 25 | 16.0% | 1.3% | ||
| Q4 24 | -34.4% | -2.0% | ||
| Q3 24 | 10.6% | 4.4% | ||
| Q2 24 | -30.2% | 7.2% | ||
| Q1 24 | 24.7% | 15.3% |
| Q4 25 | 2.0% | 17.8% | ||
| Q3 25 | 1.7% | 17.1% | ||
| Q2 25 | 1.3% | 3.7% | ||
| Q1 25 | 1.0% | 1.9% | ||
| Q4 24 | 2.1% | 10.9% | ||
| Q3 24 | 1.2% | 2.5% | ||
| Q2 24 | 1.3% | 3.8% | ||
| Q1 24 | 3.7% | 0.9% |
| Q4 25 | — | 0.35× | ||
| Q3 25 | 25.40× | 1.43× | ||
| Q2 25 | — | -0.05× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.34× | ||
| Q2 24 | — | 0.99× | ||
| Q1 24 | 10.86× | 1.26× |
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% |
VITL
| Eggs And Egg Related Products | $205.8M | 96% |
| Butter And Butter Related Products | $7.7M | 4% |
