MeritValue

DULUTH HOLDINGS INC.

DLTHdata completeness 88%13 fiscal years on file
The thesis, from the filings

DULUTH HOLDINGS INC. earns about 0% on invested capital, but has diluted owners by 5% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$698.6M1$653.3M2$646.7M3$626.6M4$565.2M4
Net income$29.7M5$2.3M6−$9.92M7−$43.7M8−$16.4M8
Operating cash flow$92M9−$1.4M10$38.7M11−$16.9M12$24.2M12
Capital expenditure$10.4M13$27.1M14$49.1M15$8.33M16$7.6M16
Free cash flow (derived)$81.6M9−$28.5M10−$10.4M11−$25.2M12$16.6M12
Total debt—————
Cash & equivalents$77.1M17$45.5M18$32.2M19$3.34M20$16.3M20
Diluted shares32.9M33.0M33.0M33.4M34.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$48.81
your share of equity
Profit it earned you last year
−$4.73
Free cash flow it threw off
$4.79
Debt you’d be carrying
—

10 shares is a claim on $48.81 of net worth that earned you −$4.73 and generated $4.79 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
0% avg · 5y
FY22 22%FY23 3%FY24 -4%FY25 -16%FY26 -5%

It earned an average 0% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+5% shares · 5y

Share count is up 5% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-01-30 · accession 0001649744-23-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-01-29 · accession 0001649744-24-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-01-28 · accession 0001649744-25-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-02-02 · accession 0001193125-26-117508 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-01-30 · accession 0001649744-23-000008 (NetIncomeLoss)
  6. 10-K · period ending 2023-01-29 · accession 0001649744-24-000006 (NetIncomeLoss)
  7. 10-K · period ending 2024-01-28 · accession 0001649744-25-000006 (NetIncomeLoss)
  8. 10-K · period ending 2025-02-02 · accession 0001193125-26-117508 (NetIncomeLoss)
  9. 10-K · period ending 2022-01-30 · accession 0001649744-23-000008 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-01-29 · accession 0001649744-24-000006 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-01-28 · accession 0001649744-25-000006 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-02-02 · accession 0001193125-26-117508 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-01-30 · accession 0001649744-23-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-01-29 · accession 0001649744-24-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-01-28 · accession 0001649744-25-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-02-02 · accession 0001193125-26-117508 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-01-30 · accession 0001649744-23-000008 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-01-29 · accession 0001649744-24-000006 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-01-28 · accession 0001649744-25-000006 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-02-02 · accession 0001193125-26-117508 (CashAndCashEquivalentsAtCarryingValue)