DLTH (Duluth Holdings) Operating Income: $-1.7 Mil (TTM As of Apr. 2026)

What is Duluth Holdings Operating Income?

Duluth Holdings DLTH -2.52% 59 Operating Income is $-1.7 Mil as of Apr. 2026. GuruFocus rates DLTH with a GF Score™ of 59/100 and a GF Value™ of $3.09 (Significantly Overvalued). The stock has 5 warning signs investors should review.

Duluth Holdings's Operating Income for the three months ended in Apr. 2026 was $-5.2 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Apr. 2026 was $-1.7 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Duluth Holdings's Operating Income for the three months ended in Apr. 2026 was $-5.2 Mil. Duluth Holdings's Revenue for the three months ended in Apr. 2026 was $98.6 Mil. Therefore, Duluth Holdings's Operating Margin % for the quarter that ended in Apr. 2026 was -5.24%.

Duluth Holdings's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Duluth Holdings's annualized ROC % for the quarter that ended in Apr. 2026 was -6.56%. Duluth Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 was -12.83%.

Duluth Holdings (NAS:DLTH) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Duluth Holdings's annualized ROC % for the quarter that ended in Apr. 2026 is calculated as:

	ROC % (Q: Apr. 2026 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jan. 2026 )	+	Invested Capital (Q: Apr. 2026 ))	/ count )
=	-20.672 * ( 1 - 0% )	/	( (314.579	+	315.784)	/ 2 )
=	-20.672	/	315.1815
=	-6.56 %

where

	Invested Capital		(Q: Jan. 2026 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	402.609	-	71.685	-	( 16.345	-	max(0, 108.247	-	172.051	+	16.345	))
=	314.579

	Invested Capital		(Q: Apr. 2026 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	380.65	-	58.732	-	( 6.134	-	max(0, 100.767	-	163.064	+	6.134	))
=	315.784

Note: The Operating Income data used here is four times the quarterly (Apr. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Duluth Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Apr. 2026 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jan. 2026		Q: Apr. 2026
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-36.552	/	( ( (215.773 + max(67.609, 0))	+	(204.024 + max(82.488, 0)) )	/	2 )
=	-36.552	/	( ( 283.382	+	286.512 )	/	2 )
=	-36.552	/	284.947
=	-12.83 %

where Working Capital is:

	Working Capital		(Q: Jan. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(2.71	+	133.362	+	19.634)	-	(71.685	+	9.192	+	7.22)
=	67.609

	Working Capital		(Q: Apr. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1.754	+	133.737	+	21.439)	-	(58.732	+	7.883	+	7.827)
=	82.488

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Apr. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Duluth Holdings's Operating Margin % for the quarter that ended in Apr. 2026 is calculated as:

Operating Margin %	=	Operating Income (Q: Apr. 2026 )	/	Revenue (Q: Apr. 2026 )
	=	-5.168	/	98.594
	=	-5.24 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Duluth Holdings Operating Income Related Terms

Duluth Holdings Operating Income Historical Data

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The historical data trend for Duluth Holdings's Operating Income can be seen below:

Duluth Holdings Operating Income Chart

Duluth Holdings Annual Data

Trend

Jan17

Jan18

Jan19

Jan20

Jan21

Jan22

Jan23

Jan24

Jan25

Jan26

Operating Income

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44.10

6.23

-9.57

-29.11

-8.93

Duluth Holdings Quarterly Data
	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23	Jan24	Apr24	Jul24	Oct24	Jan25	Apr25	Jul25	Oct25	Jan26	Apr26
Operating Income	Get a 7-Day Free Trial															-11.80	3.25	-8.83	9.00	-5.17

59GF Score

Duluth Holdings Inc DLTH

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Duluth Holdings Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Apr. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $-1.7 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of $-1.7 Mil mean?

Duluth Holdings (DLTH) has a Operating Income of $-1.7 Mil as of Apr. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Duluth Holdings and its competitors.

Is Duluth Holdings' Operating Income too high?

Duluth Holdings' current Operating Income is $-1.7 Mil. Overall, Duluth Holdings has a GF Score™ of 59/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Duluth Holdings' Operating Income compare to TLYS and CURV?

Duluth Holdings' Operating Income of $-1.7 Mil can be compared against companies in the Retail - Cyclical industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Operating Income for a Retail - Cyclical company?

A good Operating Income depends on the Retail - Cyclical industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Operating Income mean?

A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Duluth Holdings and its competitors. Duluth Holdings's current Operating Income is $-1.7 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Duluth Holdings stock overvalued right now?

Based on GuruFocus' analysis, Duluth Holdings (DLTH) is currently considered Significantly Overvalued. The stock's GF Value™ is $3.09, compared to a current price of $4.45 — trading 44% above its estimated fair value. The current Operating Income is $-1.7 Mil. Duluth Holdings' overall GF Score™ is 59/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Operating Income calculated?

Operating Income is calculated from a company's financial statements. For Duluth Holdings (DLTH), the current Operating Income is $-1.7 Mil as of Apr. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Duluth Holdings (DLTH) Overvalued in 2026?

Based on GuruFocus' analysis, Duluth Holdings stock appears to be overvalued. The current stock price of $4.45 is trading 44% above its estimated GF Value™ of $3.09. GuruFocus considers Duluth Holdings to be Significantly Overvalued.

Key valuation signals for DLTH:

Operating Income: $-1.7 Mil
GF Value™: $3.09 vs. price of $4.45 (44% above fair value)
GF Score™: 59/100 with 5 warning signs

No single metric tells the full story. See the DLTH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Duluth Holdings Business Description

Industry Consumer Cyclical Retail - Cyclical

Comparable Companies TLYS CURV AKA RENT JILL CATO KMFG BIRD BRIA DXLG XMAD:ITX TJX TSE:9983 ROST LSE:NXT BURL BOM:500251 LULU TSX:ATZ GAP

Other Exchanges 6DU:Germany

Address 201 East Front Street, Mount Horeb, WI, USA, 53572

Website https://www.duluthtrading.com

Duluth Holdings Inc is an apparel brand in the United States. The company offers shirts, pants, and casual wear for men and women under brands like Alaskan Hardgear, Armachillo, Ballroom, Cab Commander, Crouch Gusset, Dry on the Fly, Duluth Trading Co, Duluthflex, Fire Hose, Longtail T, No Polo Shirt, No Yank, Wild Boar, and others. The Company's revenue consists of the sale of apparel, footwear, and hard goods. The company operates in a single operating segment.

59GF Score

Get the complete analysis for DLTH

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$4.45

Price

$3.09

GF Value

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