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) Beneish M-score
Duluth Holdings Inc.'s Beneish M-score for fiscal 2026 is −3.29; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −3.29 | (0.04) |
| FY2025 | −3.24 | (0.43) |
| FY2024 | −2.82 | (0.50) |
| FY2023 | −2.32 | (0.08) |
| FY2022 | −2.24 | (0.18) |
| FY2021 | −2.06 | (3.07) |
| FY2020 | 1.01 | (6.34) |
| FY2019 | 7.35 | 9.12 |
| FY2018 | −1.76 | (2.36) |
| FY2017 | 0.59 | 2.52 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.76 | — | 0.70 | |
| Gross margin index | 0.92 | — | 0.49 | |
| Asset quality index | 1.01 | — | 0.41 | |
| Sales growth index | 0.90 | — | 0.80 | |
| Depreciation index | 1.08 | — | 0.12 | |
| SG&A index | 1.02 | — | −0.18 | |
| Total accruals to total assets | (0.10) | — | −0.47 | |
| Leverage index | 0.98 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.29 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| DLTH Duluth Holdings Inc. | −3.3× |
| SHOE Shoe Station Group Inc. compare | −2.9× |
| LE Lands' End, Inc. compare | −2.9× |
| JILL J.Jill, Inc. compare | −2.7× |
| ZUMZ Zumiez Inc. compare | −2.7× |
| AKA a.k.a. Brands Holding Corp. compare | −2.7× |
| TLYS Tilly's, Inc. compare | −2.4× |
| SFIX Stitch Fix, Inc. compare | — |
| CURV Torrid Holdings Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI