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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
VIRTUS INVESTMENT PARTNERS, INC. is the larger business by last-quarter revenue ($199.5M vs $114.9M, roughly 1.7× DULUTH HOLDINGS INC.). VIRTUS INVESTMENT PARTNERS, INC. runs the higher net margin — 3.6% vs -8.8%, a 12.4% gap on every dollar of revenue. On growth, VIRTUS INVESTMENT PARTNERS, INC. posted the faster year-over-year revenue change (-4.1% vs -9.6%). Over the past eight quarters, VIRTUS INVESTMENT PARTNERS, INC.'s revenue compounded faster (-5.7% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
DLTH vs VRTS — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $199.5M |
| Net Profit | $-10.1M | $7.1M |
| Gross Margin | 53.8% | — |
| Operating Margin | -7.7% | 7.7% |
| Net Margin | -8.8% | 3.6% |
| Revenue YoY | -9.6% | -4.1% |
| Net Profit YoY | 64.6% | -78.1% |
| EPS (diluted) | $-0.29 | $1.05 |
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.
| Q1 26 | — | $199.5M | ||
| Q4 25 | $114.9M | $208.0M | ||
| Q3 25 | $131.7M | $216.4M | ||
| Q2 25 | $102.7M | $210.5M | ||
| Q1 25 | $241.3M | $217.9M | ||
| Q4 24 | $127.1M | $233.5M | ||
| Q3 24 | $141.6M | $227.0M | ||
| Q2 24 | $116.7M | $224.4M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $-10.1M | $33.9M | ||
| Q3 25 | $1.3M | $31.3M | ||
| Q2 25 | $-15.3M | $42.7M | ||
| Q1 25 | $-5.6M | $28.1M | ||
| Q4 24 | $-28.2M | $39.5M | ||
| Q3 24 | $-2.0M | $49.1M | ||
| Q2 24 | $-7.9M | $26.0M |
| Q1 26 | — | — | ||
| Q4 25 | 53.8% | — | ||
| Q3 25 | 54.7% | — | ||
| Q2 25 | 52.0% | — | ||
| Q1 25 | 44.1% | — | ||
| Q4 24 | 52.3% | — | ||
| Q3 24 | 52.3% | — | ||
| Q2 24 | 52.8% | — |
| Q1 26 | — | 7.7% | ||
| Q4 25 | -7.7% | 19.1% | ||
| Q3 25 | 1.8% | 21.7% | ||
| Q2 25 | -12.0% | 21.5% | ||
| Q1 25 | -1.8% | 16.8% | ||
| Q4 24 | -17.4% | 21.7% | ||
| Q3 24 | -1.1% | 24.3% | ||
| Q2 24 | -7.7% | 19.7% |
| Q1 26 | — | 3.6% | ||
| Q4 25 | -8.8% | 16.3% | ||
| Q3 25 | 1.0% | 14.5% | ||
| Q2 25 | -14.9% | 20.3% | ||
| Q1 25 | -2.3% | 12.9% | ||
| Q4 24 | -22.2% | 16.9% | ||
| Q3 24 | -1.4% | 21.6% | ||
| Q2 24 | -6.7% | 11.6% |
| Q1 26 | — | $1.05 | ||
| Q4 25 | $-0.29 | $5.15 | ||
| Q3 25 | $0.04 | $4.65 | ||
| Q2 25 | $-0.45 | $6.12 | ||
| Q1 25 | $-0.17 | $4.05 | ||
| Q4 24 | $-0.84 | $4.65 | ||
| Q3 24 | $-0.06 | $5.71 | ||
| Q2 24 | $-0.24 | $2.43 |
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 | $136.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.6M | $93.6B |
| Total Assets | $468.0M | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $136.6M | ||
| 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 26 | — | — | ||
| Q4 25 | — | $390.0M | ||
| Q3 25 | — | $390.6M | ||
| Q2 25 | — | $231.3M | ||
| Q1 25 | — | $231.7M | ||
| Q4 24 | — | $232.1M | ||
| Q3 24 | — | $237.5M | ||
| Q2 24 | — | $247.6M |
| Q1 26 | — | $93.6B | ||
| Q4 25 | $160.6M | $934.0M | ||
| Q3 25 | $170.0M | $918.7M | ||
| Q2 25 | $167.9M | $896.4M | ||
| Q1 25 | $182.7M | $893.7M | ||
| Q4 24 | $188.1M | $897.5M | ||
| Q3 24 | $215.7M | $889.0M | ||
| Q2 24 | $218.4M | $868.7M |
| Q1 26 | — | — | ||
| Q4 25 | $468.0M | $4.3B | ||
| Q3 25 | $433.8M | $3.9B | ||
| Q2 25 | $463.7M | $3.7B | ||
| Q1 25 | $452.4M | $3.7B | ||
| Q4 24 | $533.1M | $4.0B | ||
| Q3 24 | $488.6M | $3.6B | ||
| Q2 24 | $471.4M | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× |
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 | — |
| Free Cash FlowOCF − Capex | $-8.9M | — |
| FCF MarginFCF / Revenue | -7.8% | — |
| Capex IntensityCapex / Revenue | 2.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-6.7M | $-67.2M | ||
| Q3 25 | $32.0M | $108.3M | ||
| Q2 25 | $-56.5M | $75.8M | ||
| Q1 25 | $41.2M | $-3.8M | ||
| Q4 24 | $-41.1M | $1.8M | ||
| Q3 24 | $16.6M | $69.1M | ||
| Q2 24 | $-33.7M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-8.9M | $-74.1M | ||
| Q3 25 | $29.8M | $106.9M | ||
| Q2 25 | $-57.8M | $74.2M | ||
| Q1 25 | $38.7M | $-6.8M | ||
| Q4 24 | $-43.7M | $-3.8M | ||
| Q3 24 | $15.0M | $68.7M | ||
| Q2 24 | $-35.2M | $68.6M |
| Q1 26 | — | — | ||
| Q4 25 | -7.8% | -35.6% | ||
| Q3 25 | 22.6% | 49.4% | ||
| Q2 25 | -56.3% | 35.2% | ||
| Q1 25 | 16.0% | -3.1% | ||
| Q4 24 | -34.4% | -1.6% | ||
| Q3 24 | 10.6% | 30.3% | ||
| Q2 24 | -30.2% | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 3.3% | ||
| Q3 25 | 1.7% | 0.7% | ||
| Q2 25 | 1.3% | 0.7% | ||
| Q1 25 | 1.0% | 1.4% | ||
| Q4 24 | 2.1% | 2.4% | ||
| Q3 24 | 1.2% | 0.2% | ||
| Q2 24 | 1.3% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | -1.99× | ||
| Q3 25 | 25.40× | 3.45× | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | — | -0.13× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 2.69× |
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% |
VRTS
| Investment management fees | $169.1M | 85% |
| Administration and shareholder service fees | $17.3M | 9% |
| Distribution and service fees | $11.6M | 6% |
