Duluth Holdings Inc. Financial Ratios — DLTH Stock

Profitability (USD)

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Return on Common Equity (%)	- -	70.52	43.67	21.31	18.88	15.62	11.17	7.29	14.13	1.01	-4.34	-21.27	-9.16
Return on Assets (%)	- -	37.41	28.65	15.41	12.32	8.93	4.92	2.75	5.76	0.44	-1.95	-9.26	-3.83
Return on Capital (%)	- -	58.58	39.4	19.88	17.1	13.89	7.26	4.45	7.93	1.22	- -	- -	- -
Return on Invested Capital (%)	- -	59.86	39.51	19.55	16.55	13.5	6.88	4.29	7.73	1.12	- -	- -	- -
Gross Margin (%)	56.41	56.49	57.05	56.94	55.37	54.64	53.3	51.9	54.01	52.57	50.25	49.23	53.37
EBITDA Margin (%)	10.71	11.15	10.52	10.55	9.42	8.76	8.15	8.26	10.5	5.67	3.49	0.51	2.93
Operating Margin (%)	9.94	10.36	9.58	9.31	7.86	6.54	4.57	3.79	6.31	0.95	-1.48	-4.65	-1.58
Incremental Operating Margin (%)	- -	11.36	7.09	8.13	2.17	0.11	-19.09	-16.81	33.25	83.64	- -	- -	- -
Pretax Margin (%)	9.84	10.4	9.54	9.32	7.53	5.57	3.89	2.82	5.65	0.45	-1.98	-6.58	-2.67
Profit Margin (%)	9.51	10.2	9.02	5.67	4.95	4.08	3.07	2.13	4.25	0.35	-1.53	-6.97	-2.9
Net Income to Common Margin (%)	9.51	10.2	9.02	5.67	4.95	4.08	3.07	2.13	4.25	0.35	-1.53	-6.97	-2.9
Effective Tax Rate (%)	- -	- -	4.61	38.58	33.45	26.73	22.69	25.74	25.07	23.97	- -	- -	- -
Dvd Payout Ratio (%)	26.73	61.38	215.08	0.88	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	27.24	-50.26	21.13	18.88	15.62	11.17	7.29	14.13	1.01	-4.34	-21.27	-9.16

Credit (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Total Debt	5	6	5	4	28	68	223	237	190	200	186	163	147
ST Debt	1	1	1	1	- -	- -	14	17	16	19	20	19	20
LT Debt	4	4	4	3	28	68	210	221	174	181	166	144	127
Total Debt/EBITDA	0.29	0.22	0.16	0.1	0.63	1.37	4.45	4.5	2.59	5.4	8.24	51.48	8.91
Net Debt/EBITDA	-0.14	-0.09	-1.03	-0.59	-0.03	0.9	1.3	0.56	-0.68	-0.51	-0.27	6.9	0.48
Total Debt/EBIT	0.31	0.24	0.17	0.12	0.76	1.84	7.95	9.8	4.31	32.08	-19.46	-5.6	-16.51
Net Debt/EBIT	-0.15	-0.09	-1.13	-0.66	-0.04	1.2	2.33	1.22	-1.13	-3.03	0.64	-0.75	-0.9
EBITDA to Interest Expense	70.41	75.8	104.53	204.63	22.34	8.37	11.23	8.42	15.54	10.14	5.44	0.7	3.18
EBITDA-CapEx/Interest Expense	54.48	60.35	80.66	56.84	-1.04	-0.55	5.76	6.55	13.35	2.73	-6.38	-1.13	1.72
EBIT to Interest Expense	65.38	70.46	95.26	180.42	18.65	6.25	6.29	3.87	9.35	1.71	-2.3	-6.39	-1.72
Interest Expense	- -	- -	- -	- -	2	6	4	6	5	4	4	5	5
Common Equity/Total Assets	54.52	51.91	73.65	71.28	61.02	54.33	37.65	37.68	43.91	43.99	45.8	41.05	42.75
Long-Term Debt/Equity (%)	13.46	11.12	4.75	2.97	20.09	42.38	119.06	115.81	78.11	79.54	75.46	80.21	76.62
Long-Term Debt/Capital (%)	11.57	9.67	4.5	2.87	16.72	29.69	52.44	51.48	42.07	42.15	40.63	41.67	40.19
Long-Term Debt/Total Assets (%)	7.58	6	3.57	2.17	12.55	22.98	44.23	42.83	33.74	34.26	33.76	31.86	31.62
Total Debt/Equity (%)	16.34	14.85	5.55	3.63	20.16	42.7	126.91	124.63	85.42	87.98	84.74	90.79	88.75
Total Debt/Capital (%)	14.05	12.92	5.26	3.5	16.77	29.91	55.9	55.41	46.01	46.63	45.63	47.17	46.55
Total Debt/Total Assets (%)	9.2	8.01	4.16	2.65	12.59	23.15	47.15	46.1	36.9	37.9	37.91	36.06	36.62
Net Debt to Equity	-7.85	-5.74	-36.3	-20.45	-0.97	27.85	37.18	15.5	-22.34	-8.3	-2.81	12.18	4.82
Net Debt/Capital (%)	-8.5	-6.09	-56.97	-24.78	-0.82	19.57	16.47	7.73	-14.79	-4.92	-1.64	6.39	2.67
EBITDA	17	26	32	40	44	50	50	53	73	37	23	3	17
EBITDA-CapEx	14	21	25	11	-2	-3	26	41	63	10	-26	-5	9
Operating Income (Loss)	16	24	29	35	37	37	28	24	44	6	-10	-29	-9

Liquidity (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Cash Ratio	0.38	0.29	1.53	0.68	0.06	0.01	0.03	0.49	0.66	0.39	0.3	0.03	0.15
Current Ratio	2.12	1.93	3.99	2.88	2.02	2.25	2.03	2.19	1.92	1.87	1.71	1.49	1.59
Quick Ratio	0.4	0.29	1.54	0.7	0.06	0.1	0.05	0.52	0.71	0.44	0.37	0.06	0.18
CFO/Avg Current Liab	- -	0.96	0.54	0.68	0.7	0.6	0.13	0.58	0.87	-0.01	0.35	-0.14	0.2
Common Equity/Total Assets	54.52	51.91	73.65	71.28	61.02	54.33	37.65	37.68	43.91	43.99	45.8	41.05	42.75
Long-Term Debt/Equity (%)	13.46	11.12	4.75	2.97	20.09	42.38	119.06	115.81	78.11	79.54	75.46	80.21	76.62
Long-Term Debt/Capital (%)	11.57	9.67	4.5	2.87	16.72	29.69	52.44	51.48	42.07	42.15	40.63	41.67	40.19
Long-Term Debt/Total Assets (%)	7.58	6	3.57	2.17	12.55	22.98	44.23	42.83	33.74	34.26	33.76	31.86	31.62
Total Debt/Equity (%)	16.34	14.85	5.55	3.63	20.16	42.7	126.91	124.63	85.42	87.98	84.74	90.79	88.75
Total Debt/Capital (%)	14.05	12.92	5.26	3.5	16.77	29.91	55.9	55.41	46.01	46.63	45.63	47.17	46.55
Total Debt/Total Assets (%)	9.2	8.01	4.16	2.65	12.59	23.15	47.15	46.1	36.9	37.9	37.91	36.06	36.62
CFO/Total Liabilities	67.55	69.23	47.17	48.02	35.66	23	2.8	15.64	31.41	-0.46	14.25	-6.2	10.22
CFO/CapEx	4.14	4.29	1.95	0.71	0.64	0.59	0.34	4.32	8.89	-0.05	0.79	-2.03	3.18
Altman's Z-Score	5.16	5.56	12.41	14.04	7.26	6.34	2.51	2.69	3.25	2.3	2.14	1.8	1.95

Working Capital (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Accounts Receivable Turnover	- -	24,437.92	16,440.92	11,572.8	9,720.56	242.21	201.55	297.8	168.84	113.66	107.82	126.27	169.22
Days Sales Outstanding	- -	0.01	0.02	0.03	0.04	1.51	1.81	1.23	2.16	3.21	3.39	2.89	2.16
Inventory Turnover	- -	2.8	2.7	2.58	2.63	2.75	2.34	2.05	2.32	2.2	2.25	2.14	1.74
Days Inventory Outstanding	- -	130.57	135.04	141.6	138.69	132.6	155.87	177.83	157.04	166.2	162.15	170.6	209.25
Accounts Payable Turnover	- -	9.24	11.65	17.76	17.23	12.46	11.56	9.32	7.45	6.71	5.44	5.73	3.74
Accounts Payable Turnover Days	- -	39.52	31.32	20.56	21.18	29.3	31.57	39.15	48.97	54.36	67.07	63.65	97.7
Cash Conversion Cycle	- -	91.07	103.75	121.08	117.55	104.8	126.11	139.91	110.24	115.05	98.46	109.85	113.71
Inventory to Cash Days	- -	-130.55	-135.02	-141.57	-138.65	-131.09	-154.06	-176.6	-154.88	-162.99	-158.76	-167.71	-207.1
Inventories	31	41	55	70	90	98	148	152	125	157	129	169	133
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	31	41	55	70	90	98	148	149	123	155	126	167	131
Other Inventory	1	1	1	1	2	2	2	2	2	2	3	2	2

Enterprise Value (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Market Capitalization	- -	- -	417	713	561	766	273	405	492	218	161	97	83
- Cash & Cash Equivalents	8	8	38	24	3	1	2	47	77	46	32	3	16
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	1	1	2	3	3	- -	-2	-3	-3	-3	-3	-3	-3
+ Total Debt	5	6	5	4	28	68	223	237	190	200	186	163	147
Enterprise Value	-1	-1	386	696	589	834	492	592	602	369	312	254	212
Total Capital	36	44	96	118	167	229	400	428	413	429	408	346	317
Total Debt/Capital (%)	14.05	12.92	5.26	3.5	16.77	29.91	55.9	55.41	46.01	46.63	45.63	47.17	46.55
Total Debt / EV	-3.64	-7.92	0.01	0.01	0.05	0.08	0.45	0.4	0.32	0.54	0.6	0.64	0.7
EV/Sales	- -	- -	1.27	1.85	1.25	1.47	0.8	0.93	0.86	0.56	0.48	0.41	0.37
EV/EBITDA	- -	- -	12.06	17.53	13.27	16.75	9.81	11.23	8.21	9.96	13.8	80.23	12.8
EV/EBIT	- -	- -	13.23	19.88	15.9	22.42	17.51	24.46	13.65	59.23	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	26.59	34.16	18.9	23.51	41.7	10.69	6.3	267.15	7.44	- -	7.11
EV/Free Cash Flow to Firm	- -	- -	17.68	14.19	7.59	9.42	13.58	8.82	5.69	12.97	3.43	- -	5.66
Diluted Market Cap	- -	- -	429	729	569	772	274	406	495	219	161	97	83
Diluted Enterprise Value	-1	-1	398	712	597	839	493	594	605	371	312	254	212
EV per Share	- -	- -	15.28	22.07	18.5	25.98	15.23	18.26	18.45	11.26	9.46	7.62	6.11
TTM Sales	163	232	304	376	471	568	616	639	699	653	647	627	565
TTM EBITDA	17	26	32	40	44	50	50	53	73	37	23	3	17
TTM Operating Income	16	24	29	35	37	37	28	24	44	6	-10	-29	-9
TTM Cash Flow to Firm	17	23	15	20	31	35	12	55	96	1	42	-12	30
TTM Free Cash Flow to Firm	21	28	22	49	78	88	36	67	106	28	91	-4	37

Multiples (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Price/Free Cash Flow	- -	- -	19.93	14.91	7.45	9.17	8.34	6.5	4.84	8.55	1.83	-11.35	2.63
EV/EBIT	- -	- -	13.23	19.88	15.9	22.42	17.51	24.46	13.65	59.23	- -	- -	- -
Enterprise Value	-1	-1	386	696	589	834	492	592	602	369	312	254	212
Low Price	- -	- -	12.76	14	15.13	15.96	7.51	2.82	12.25	5.64	4.65	2.8	1.58
EV/Sales	- -	- -	1.27	1.85	1.25	1.47	0.8	0.93	0.86	0.56	0.48	0.41	0.37
EV/EBITDA	- -	- -	12.06	17.53	13.27	16.75	9.81	11.23	8.21	9.96	13.8	80.23	12.8
Price/Earnings	- -	- -	15.19	33.46	24.02	33.09	14.43	29.8	16.56	94.59	- -	- -	- -
Price/Earnings Average	- -	- -	13.91	36.78	26.51	32.74	23.49	21.79	17.08	139.73	-19.78	-2.99	-5.28
Price/Earnings High	- -	- -	16.78	56.49	32.41	49.43	45.88	41.33	22.82	223.96	-26.17	-3.88	-9.84
Price/Earnings Low	- -	- -	11.74	20.71	20.64	22.11	12.82	6.73	13.45	80.22	-15.44	-2.14	-3.34
Price/Book Value	- -	- -	4.69	6.41	4.12	4.78	1.53	2.09	2.17	0.94	0.71	0.52	0.48
Price/Book Value Average	- -	- -	4.3	7.05	4.55	4.73	2.49	1.52	2.24	1.39	0.87	0.7	0.5
Price/Book Value High	- -	- -	5.18	10.83	5.56	7.13	4.86	2.89	2.99	2.22	1.15	0.91	0.94
Price/Book Value Low	- -	- -	3.63	3.97	3.54	3.19	1.36	0.47	1.77	0.8	0.68	0.5	0.32
Price/Tangible Book Value	- -	- -	4.63	6.29	4.04	4.8	1.56	2.13	2.21	0.96	0.73	0.54	0.5
Price/Tangible Book Value Average	- -	- -	4.24	6.91	4.45	4.75	2.53	1.56	2.28	1.42	0.9	0.73	0.52
Price/Tangible Book Value High	- -	- -	5.11	10.62	5.45	7.17	4.95	2.96	3.05	2.28	1.19	0.95	0.97
Price/Tangible Book Value Low	- -	- -	3.58	3.89	3.47	3.21	1.38	0.48	1.8	0.82	0.7	0.52	0.33
Price/Sales	- -	- -	1.37	1.9	1.19	1.35	0.44	0.63	0.7	0.33	0.25	0.16	0.15
Price/Sales Average	- -	- -	1.25	2.08	1.31	1.33	0.72	0.46	0.73	0.49	0.3	0.21	0.15
Price/Sales High	- -	- -	1.51	3.2	1.61	2.01	1.41	0.88	0.97	0.79	0.4	0.27	0.29
Price/Sales Low	- -	- -	1.06	1.17	1.02	0.9	0.39	0.14	0.57	0.28	0.24	0.15	0.1
Price/Cash Flow	- -	- -	29.33	35.21	18.78	24.64	32.71	7.97	5.35	-156.11	4.16	-5.76	3.45
Price/Cash Flow Average	- -	- -	26.85	38.71	20.72	24.38	53.25	5.83	5.52	-230.61	5.08	-7.72	3.58
Price/Cash Flow High	- -	- -	32.38	59.45	25.34	36.81	104.01	11.06	7.37	-369.62	6.71	-10.02	6.67
Price/Cash Flow Low	- -	- -	22.67	21.79	16.14	16.46	29.07	1.8	4.34	-132.4	3.96	-5.52	2.26
Price/Free Cash Flow Average	- -	- -	18.25	16.39	8.22	9.08	13.58	4.75	4.99	12.63	2.24	-15.21	2.73
Price/Free Cash Flow High	- -	- -	22.01	25.17	10.05	13.7	26.53	9.02	6.67	20.24	2.96	-19.74	5.08
Price/Free Cash Flow Low	- -	- -	15.4	9.23	6.4	6.13	7.42	1.47	3.93	7.25	1.75	-10.88	1.72
EV/Sales Average	- -	- -	1.15	2.04	1.37	1.45	1.08	0.76	0.88	0.72	0.54	0.46	0.38
EV/Sales High	- -	- -	1.41	3.16	1.67	2.13	1.77	1.17	1.13	1.02	0.64	0.52	0.51
EV/Sales Low	- -	- -	0.96	1.13	1.08	1.02	0.75	0.44	0.73	0.51	0.47	0.4	0.32
EV/EBITDA Average	-0.08	-0.03	10.96	19.31	14.58	16.59	13.22	9.17	8.42	12.77	15.37	90.69	12.99
EV/EBITDA High	-0.08	-0.03	13.42	29.89	17.69	24.35	21.66	14.2	10.74	18.01	18.18	102.97	17.51
EV/EBITDA Low	-0.08	-0.03	9.1	10.68	11.5	11.64	9.2	5.29	6.95	9.07	13.47	78.96	11.06
EV/EBIT Average	-0.09	-0.03	12.02	21.9	17.46	22.2	23.61	19.97	14	75.92	-36.29	-9.87	-24.05
EV/EBIT High	-0.09	-0.03	14.72	33.91	21.19	32.59	38.68	30.93	17.87	107.07	-42.92	-11.21	-32.42
EV/EBIT Low	-0.09	-0.03	9.98	12.12	13.77	15.58	16.43	11.53	11.56	53.92	-31.8	-8.6	-20.48
Last Price	- -	- -	16.51	22.62	17.61	23.88	8.45	12.47	15.08	6.65	4.88	2.92	2.41
High Price	- -	- -	18.23	38.19	23.76	35.67	26.87	17.3	20.78	15.74	7.88	5.08	4.66
Enterprise Value Average	-1	-1	350	767	647	826	664	484	617	473	347	287	215
Enterprise Value High	-1	-1	429	1,187	785	1,212	1,087	749	788	667	411	326	290
Enterprise Value Low	-1	-1	291	424	510	579	462	279	510	336	304	250	183

Shares Outstanding	31	31	32	32	32	33	33	33	33	33	34	35	37
Diluted Weighted Avg Shares	31	31	26	32	32	32	32	33	33	33	33	33	35
Basic Weighted Avg Shares	31	31	25	32	32	32	32	32	33	33	33	33	35
Revenue per Share	5.21	7.41	12.05	11.93	14.8	17.71	19.05	19.69	21.42	19.93	19.62	18.78	16.33
EBITDA per Share	0.56	0.83	1.27	1.26	1.39	1.55	1.55	1.63	2.25	1.13	0.69	0.09	0.48
Operating Income per Share	0.52	0.77	1.15	1.11	1.16	1.16	0.87	0.75	1.35	0.19	-0.29	-0.87	-0.26
Basic EPS, GAAP	0.5	0.76	1.09	0.68	0.73	0.72	0.59	0.42	0.91	0.07	-0.3	-1.31	-0.47
Basic EPS from Cont Ops	0.51	0.77	1.1	0.68	0.74	0.72	0.57	0.41	0.91	0.07	-0.3	-1.31	-0.47
Diluted EPS, GAAP	0.5	0.76	1.06	0.66	0.72	0.72	0.58	0.42	0.9	0.07	-0.3	-1.31	-0.47
Diluted EPS from Cont Ops	0.51	0.77	1.07	0.67	0.73	0.72	0.57	0.41	0.9	0.07	-0.3	-1.31	-0.47
Dividend per Share	0.14	0.48	2.38	0.01	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.52	0.72	0.56	0.64	0.94	0.97	0.26	1.56	2.82	-0.04	1.17	-0.51	0.7
Free Cash Flow per Basic Share	0.4	0.55	0.27	-0.27	-0.52	-0.68	-0.5	1.2	2.5	-0.87	-0.32	-0.76	0.48
Cash & Equivalents per Share	0.24	0.25	1.5	0.76	0.09	0.02	0.07	1.44	2.36	1.39	0.98	0.1	0.47
Book Value per Share	0.97	1.18	3.52	3.53	4.27	5	5.52	5.98	6.94	7.08	6.83	5.57	4.97
Tangible Book Value per Share	0.99	1.21	3.57	3.6	4.36	4.98	5.43	5.85	6.81	6.91	6.64	5.37	4.79

Duluth Holdings Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)