Duluth Holdings Inc (DLTH) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Duluth Holdings Inc stock $4.76, price $3.91, upside +21.7%, quality 54 out of 100. Rating: undervalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $1.67 – $16.75 · fair‑value band $3.77 – $5.87 · the $3.91 price screens below the $4.76 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Duluth Holdings Inc. sells casual wear, workwear, outdoor apparel, and accessories for men and women in the United States. It offers shirts, pants, shorts, underwear, outerwear, footwear, accessories, and hard goods.
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The company provides its products under the Duluth Trading, AKHG, Alaskan Hardgear, Armachillo, Ballroom, Buck Naked, Bullpen, Cab Commander, Crouch Gusset, Dang Soft, Dry on the Fly, Duluth Trading Co, Duluthflex, Fire Hose, Flexpedition, Longtail T, NoGA, No Polo Shirt, No Yank, Spit & Polish, and Wild Boar names.
It markets its products through its stores, website, direct mail, and customer contact centers. The company was formerly known as GEMPLER'S, Inc. Duluth Holdings Inc. was founded in 1989 and is headquartered in Mount Horeb, Wisconsin.
Stock analysis
Duluth Holdings Inc (DLTH) currently trades at $3.91, while our model-based Fair Value estimate is $4.76, implying the stock looks roughly 18% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $5.15 per share, and 7 of the 11 models we run sit above the $3.91 price.
Bear case: the Multiples group reads lowest at $2.19, and 4 of the 11 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $3.77 (bear) to $5.87 (bull), the price of $3.91 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 54/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Duluth Holdings Inc reported revenue of $565M in FY2026 versus $699M in FY2022, a compound −5.2%/yr. Reported net income was −$16.4M in FY2026.
Key figures
Market cap $155M Micro · P/E ratio 22.6 · P/S ratio 0.28 · EPS (TTM) $0.1800 · Net margin 1.1% · Return on equity 3.6% · Return on assets (EBIT) −0.5% (5-year average) · Operating margin 15.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).
What moves the price
The share trades about 18% below its 52-week high and 89% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −18% fair-value upside, at 22%, DLTH screens cheaper than that median.
Fair Value models
Bear$3.77Fair Value $4.76Bull$5.87
Price $3.91 · Upside +21.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 9 months old). Earnings retained since then ($0.1391 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, no officer or director bought or sold shares on the open market.
BuyRichard W SchlechtSVP, Product Dev. & Sourcing28,554 shares at $2.19$62,487Dec 24, 2025
Plus 11 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.32/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−9.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−4.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.4%
Start year 2021 (pandemic). Over 10 years: +6.4% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.9%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
3.8% (2021) → −1.6% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+2.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +0.1% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Apparel Retail · 101 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score54 · Below median
Fair Value upside+21.7% · Above median
Profitability
Return on equity (12 months)3.6% · Below median
Return on assets−4.1% · Bottom 25%
Net margin (12 months)1.1% · Below median
Operating margin (12 months)15.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−7.8% · Bottom 25%
Balance sheet
Debt / equity0.14× · Above median
Valuation Multiplesvs Apparel Retail median · lower = cheaper
P/E (12 months)22.6× · Pricier than median
P/B0.92× · Cheaper than median
P/S (12 months)0.28× · Cheapest 25%
Price / free cash flow (fiscal year)9.3× · Cheaper than median
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Is Duluth Holdings Inc (DLTH) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $4.76 versus a price of $3.91, about +22% upside (undervalued).
What is the fair value of DLTH?
Our model-based fair value for Duluth Holdings Inc is $4.76 (as of Nov 8, 2026), built from audited fundamentals. The current price: $3.91.
What is the quality score of DLTH?
Duluth Holdings Inc has a Quality Score of 54/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Duluth Holdings Inc (DLTH)?
Our model-based price target is the fair value of $4.76 (as of Nov 8, 2026) from 11 valuation models. Cautious scenario $3.77, optimistic scenario $5.87. It is a calculation from audited fundamentals, not an analyst target.
What is the Duluth Holdings Inc stock forecast for 2026?
Our models put fair value at $4.76, about +22% upside versus a price of $3.91 (undervalued). Cautious scenario $3.77, optimistic scenario $5.87. The calculation is refreshed regularly with new filings.
What is the revenue of Duluth Holdings Inc (DLTH)?
Duluth Holdings Inc reported trailing-twelve-month revenue of about $551M (latest available figure, as of Nov 8, 2026).
What growth is priced into Duluth Holdings Inc (DLTH)?
For today's price to be fair in a discounted-cash-flow model, Duluth Holdings Inc would have to grow free cash flow by +2.5 % per year for five years (discount rate 13.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.4 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of DLTH use?
Our models discount Duluth Holdings Inc at 13.9 %: a base by market capitalisation (micro), damped by beta 1.35, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Duluth Holdings Inc that is +2.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.9 %) and the same formula as our fair value.
How much growth has Duluth Holdings Inc (DLTH) delivered so far?
Over the past 5 years revenue at Duluth Holdings Inc grew -2.4 % a year. The price currently implies free-cash-flow growth of +2.5 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Duluth Holdings Inc (DLTH) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Duluth Holdings Inc (+2.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Duluth Holdings Inc (DLTH)?
The free-cash-flow yield on the price is 12.02 %: that much free cash flow Duluth Holdings Inc produces per unit of market value. When it exceeds the discount rate of our models (13.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Duluth Holdings Inc (DLTH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Duluth Holdings Inc it is $4.76 per share (as of Nov 8, 2026), against a price of $3.91. It is the blended result of 11 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Duluth Holdings Inc stock overvalued or undervalued in 2026?
As of Nov 8, 2026, DLTH trades below its calculated fair value: price $3.91, fair value $4.76, a gap of about +22% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DLTH?
No. The price is what the market pays today ($3.91); the fair value is what the company's own numbers justify ($4.76). For Duluth Holdings Inc the two are $0.8500 per share apart. That gap is exactly why we show both numbers side by side.
How much is Duluth Holdings Inc worth?
The market values Duluth Holdings Inc at about $155M (market capitalisation, as of Nov 8, 2026). Per share that is $3.91; our models calculate a fair value of $4.76 per share.
What do the bullish and bearish scenarios say about DLTH?
Our models span a range for Duluth Holdings Inc: cautious scenario $3.77, base $4.76, optimistic $5.87 per share (as of Nov 8, 2026, price $3.91). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DLTH?
Duluth Holdings Inc trades at a price-to-earnings ratio of 22.6 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $4.76 is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2017 to 2023), reported earnings: 29.9. Other multiples: PEG 0.8, P/B 0.9, P/S 0.3, EV/EBITDA 4.5.
What is the PEG ratio of DLTH?
The PEG ratio of Duluth Holdings Inc is 0.83 (P/E divided by earnings growth, as of Nov 8, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Duluth Holdings Inc (DLTH)?
Balance-sheet figures for Duluth Holdings Inc (as of Nov 8, 2026): return on equity 3.6%, debt of 0.14 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is DLTH from its 52-week high?
Duluth Holdings Inc trades at $3.91, about 18% below its 52-week high of $4.77 and 89% above the low of $2.07 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $4.76 is for.
Which stocks are comparable to Duluth Holdings Inc?
From the same area (Consumer Cyclical) we also value Industria de Diseño Textil, S.A, The TJX Companies, Inc, Fast Retailing Co, Ross Stores, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Duluth Holdings Inc stock attractive at the current price?
The data as of Nov 8, 2026: price $3.91, calculated fair value $4.76 (+22%), Quality Score 54/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DLTH calculated?
We run Duluth Holdings Inc through 11 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of $4.76 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Duluth Holdings Inc currently trades 18% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Duluth Holdings Inc (DLTH)?
The closing price on Nov 6, 2026 was $3.91. Our model-based fair value is $4.76, about +22% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Duluth Holdings Inc right now?
Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Duluth Holdings Inc
How large is the market capitalisation of Duluth Holdings Inc (DLTH)?
The market capitalisation of Duluth Holdings Inc is $155M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Duluth Holdings Inc (DLTH)?
The price-to-sales ratio of Duluth Holdings Inc is 0.28 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Duluth Holdings Inc (DLTH)?
Earnings per share at Duluth Holdings Inc are $0.1800 (price ÷ EPS = P/E 22.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Duluth Holdings Inc (DLTH)?
The net margin of Duluth Holdings Inc is 1.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Duluth Holdings Inc (DLTH)?
The return on equity (ROE) of Duluth Holdings Inc is 3.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Duluth Holdings Inc (DLTH)?
On an EBIT basis the return on assets of Duluth Holdings Inc is −0.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Duluth Holdings Inc (DLTH)?
The operating margin of Duluth Holdings Inc is 15.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Duluth Holdings Inc (DLTH)?
Revenue at Duluth Holdings Inc is growing −7.8% versus a year earlier (3y avg −4.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Duluth Holdings Inc (DLTH)?
Earnings per share at Duluth Holdings Inc are growing +12.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Duluth Holdings Inc (DLTH) carry?
The net debt of Duluth Holdings Inc is $131M (fiscal year 2026, ≈ 7.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 8, 2026