Forensic Analysis · Retail / Consumer Discretionary · as of Sep 4, 2026

Duluth Holdings Inc. (DLTH)

A forensic read on Duluth Holdings Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Grey Zone

Financial health

2.1

Distress distance

Clean

Earnings quality

Forensic signals

-9.7%

ROE

-9.8%

Revenue growth

The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Duluth Holdings Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 2.1, placing it in the Grey zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-2.9%

FY2026

Return on invested capital. Return on invested capital is -2.9% in the latest fiscal year and slipping from 1% — well below its ~9% cost of capital, and it has been across FY2023–FY2026, so reinvested dollars have not been earning their keep.

+1.6%/yr

FY2023–FY2026

Share-count dilution. Diluted share count changed +5% over the last 3 years to FY2026 (+1.6%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~5%.

FCF ($8M)

FY2016

Shareholder returns. Returned $192,000 to shareholders (buybacks + dividends) in FY2016, but free cash flow was ($8M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $20M — 1% of that. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.

206d

FY2025→FY2026

Inventory days. Days inventory outstanding moved from 168 to 206 FY2025→FY2026 (against cost of goods sold; inventory -21% vs -17% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.

Key fundamentals

Latest Revenue$565.2M

Revenue Growth YoY-9.8%

Revenue CAGR (3yr)-4.7%

Net Margin-2.9%

Free Cash Flow$16.6M

Return on Equity-9.7%

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Data from SEC EDGAR public filings · metrics as of Sep 4, 2026. Forensic signals flag probability, not certainty.