Duluth Holdings Inc.
DLTH Consumer Cyclical Apparel Retail
Duluth Holdings Inc.’s revenue for fiscal 2026 (year ended January 2026) was $565.2 million, down 9.81% from fiscal 2025. In the quarter to July 2026, revenue fell 7.84%, EPS grew 1,200.0%, free cash flow fell 5.47% and total debt fell 41.7%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Duluth Holdings Inc. (DLTH) Altman Z-score
Duluth Holdings Inc.'s Altman Z-score for fiscal 2026 is 1.94, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 1.94 | 0.20 |
| FY2025 | 1.74 | (0.40) |
| FY2024 | 2.14 | (0.16) |
| FY2023 | 2.30 | (0.95) |
| FY2022 | 3.25 | 0.56 |
| FY2021 | 2.68 | 0.17 |
| FY2020 | 2.51 | (3.83) |
| FY2019 | 6.34 | (0.92) |
| FY2018 | 7.26 | (6.77) |
| FY2017 | 14.03 | 1.63 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.16 | — | 0.19 | |
| Retained earnings / total assets | 0.15 | — | 0.21 | |
| EBIT / total assets | (0.03) | — | −0.08 | |
| Market value of equity / total liabilities | 0.35 | — | 0.21 | |
| Sales / total assets | 1.40 | — | 1.40 | |
| Altman Z-score | Grey zone | 1.94 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.10 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SHOE Shoe Station Group Inc. compare | 3.1× |
| ZUMZ Zumiez Inc. compare | 2.9× |
| LE Lands' End, Inc. compare | 2.7× |
| SFIX Stitch Fix, Inc. compare | 2.6× |
| DLTH Duluth Holdings Inc. | 1.9× |
| JILL J.Jill, Inc. compare | 1.8× |
| CURV Torrid Holdings Inc. compare | 1.4× |
| TLYS Tilly's, Inc. compare | 1.4× |
| AKA a.k.a. Brands Holding Corp. compare | 0.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets