Duluth Holdings Inc.

DLTH

Consumer CyclicalApparel - RetailNASDAQ

$3.26

Market Cap: $124.30M

Duluth Holdings Inc. (DLTH) Valuation Summary

Updated May 11, 2026 04:45

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1.41 – $99.58	$14.75	+352.5%
Revenue DCF 10Y	$0.08 – $73.72	$9.92	+204.2%
▸ Trading Multiples
EV/Revenue	$2.16 – $4.14	$3.21	-1.6%

Valuation History

DCF Analysis

Duluth Holdings Inc. (DLTH) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$9.92

Market Price

$3.26

Upside / Downside

+204.2%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -1.6% to a target of 7.7% over 5 years, discounted at a WACC of 6.2%, Duluth Holdings Inc. (DLTH) has an intrinsic value of $9.92 per share (range: $0.08 – $73.72).

Key Assumptions

Current Operating Margin

-1.6%

Target Operating Margin

7.7%

WACC

6.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.0%

Target CapEx/Rev

7.1%

D&A/Revenue

4.7%

Tax Rate

24.5%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	560	-0.9%	0.3%	2	1	26	(19)	-6	14	13
2027	545	-2.7%	2.1%	12	9	26	(21)	-2	16	14
2028	560	2.8%	4.0%	22	17	26	(24)	2	17	15
2029	594	6.0%	5.9%	35	26	28	(28)	5	22	18
2030	563	-5.2%	7.7%	43	33	26	(28)	-4	35	27
2031	542	-3.8%	7.7%	42	32	25	(30)	-3	31	22
2032	528	-2.4%	7.7%	41	31	25	(31)	-2	27	18
2033	523	-1.1%	7.7%	40	30	25	(33)	-1	23	15
2034	524	0.3%	7.7%	40	31	25	(35)	0	20	12
2035	533	1.6%	7.7%	41	31	25	(38)	1	17	10

Enterprise Value Bridge

Sum of PV(FCFF)163

Terminal Value (Gordon Growth at 3.0%)551

PV of Terminal Value310

Enterprise Value474

(–) Net Debt131

Equity Value342

(÷) Shares Outstanding35

Fair Value per Share$9.92

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
4.2%	$-3	$8	$30	$52	$74
5.2%	$-3	$3	$15	$27	$40
6.2%	$-3	$2	$10	$18	$27
7.2%	$-3	$1	$7	$13	$20
8.2%	$-3	$0	$5	$10	$15

Current price: $3.26. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 14.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Duluth Holdings Inc. (DLTH) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$14.75

Market Price

$3.26

Upside / Downside

+352.5%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-1.6%

Target Operating Margin

7.7%

WACC

6.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.0%

Target CapEx/Rev

7.1%

D&A/Revenue

4.7%

Tax Rate

24.5%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	560	-0.9%	0.3%	2	1	26	(22)	-6	12	11
2027	545	-2.7%	2.1%	12	9	26	(25)	-2	11	10
2028	560	2.8%	4.0%	22	17	26	(31)	2	11	9
2029	594	6.0%	5.9%	35	26	28	(37)	5	12	10
2030	563	-5.2%	7.7%	43	33	26	(40)	-4	24	18

Enterprise Value Bridge

Sum of PV(FCFF)59

Terminal Value (Gordon Growth at 3.0%)764

PV of Terminal Value582

Enterprise Value641

(–) Net Debt131

Equity Value510

(÷) Shares Outstanding35

Fair Value per Share$14.75

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
4.2%	$-4	$20	$46	$73	$100
5.2%	$-4	$9	$23	$38	$52
6.2%	$-4	$5	$15	$25	$35
7.2%	$-4	$3	$10	$18	$25
8.2%	$-4	$1	$7	$13	$19

Current price: $3.26. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 14.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.21

Market Price

$3.26

Upside / Downside

-1.6%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Duluth Holdings Inc. (DLTH) has a fair value of $3.21 based on 9 comparable companies in the Apparel - Retail industry.

EV/Revenue Valuation — Apparel - Retail

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Duluth Holdings Inc.DLTH	113	0.4x	0.4x
Fossil Group, Inc.FOSL	259	0.4x	0.3x
Playboy, Inc.PLBY	156	2.6x	4.0x
Clarus CorporationCLAR	116	0.4x	0.3x
GrowGeneration Corp.GRWG	85	0.5x	0.4x
BARK, Inc.BARK	78	0.1x	0.2x
Red Robin Gourmet Burgers, Inc.RRGB	67	0.5x	0.4x
Sportsman's Warehouse Holdings, Inc.SPWH	55	0.4x	0.4x
The Cato CorporationCATO	52	0.3x	0.2x
QVC Group Inc.QVCGA	3	0.5x	0.4x
Industry Median		0.4x	0.4x
(*) Revenue		565	638
= Enterprise Value		250	233
(-) Net Debt		131	131
Equity Value		119	102
(/) Outstanding shares		35	35
Fair Price		$3	$3

Selected Fair Value (avg of trailing + forward)

$3.21

-1.6%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$1.41 – $99.58

$14.75

+352.5%

Revenue DCF 10Y

$0.08 – $73.72

$9.92

+204.2%

▸ Trading Multiples

EV/Revenue

$2.16 – $4.14

$3.21

-1.6%

DCF Analysis

Duluth Holdings Inc. (DLTH) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$9.92

Market Price

$3.26

Upside / Downside

+204.2%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-1.6%

Target Operating Margin

7.7%

WACC

6.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.0%

Target CapEx/Rev

7.1%

D&A/Revenue

4.7%

Tax Rate

24.5%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	560	-0.9%	0.3%	2	1	26	(19)	-6	14	13
2027	545	-2.7%	2.1%	12	9	26	(21)	-2	16	14
2028	560	2.8%	4.0%	22	17	26	(24)	2	17	15
2029	594	6.0%	5.9%	35	26	28	(28)	5	22	18
2030	563	-5.2%	7.7%	43	33	26	(28)	-4	35	27
2031	542	-3.8%	7.7%	42	32	25	(30)	-3	31	22
2032	528	-2.4%	7.7%	41	31	25	(31)	-2	27	18
2033	523	-1.1%	7.7%	40	30	25	(33)	-1	23	15
2034	524	0.3%	7.7%	40	31	25	(35)	0	20	12
2035	533	1.6%	7.7%	41	31	25	(38)	1	17	10

Enterprise Value Bridge

Sum of PV(FCFF)163

Terminal Value (Gordon Growth at 3.0%)551

PV of Terminal Value310

Enterprise Value474

(–) Net Debt131

Equity Value342

(÷) Shares Outstanding35

Fair Value per Share$9.92

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
4.2%	$-3	$8	$30	$52	$74
5.2%	$-3	$3	$15	$27	$40
6.2%	$-3	$2	$10	$18	$27
7.2%	$-3	$1	$7	$13	$20
8.2%	$-3	$0	$5	$10	$15

Current price: $3.26. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 14.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.21

Market Price

$3.26

Upside / Downside

-1.6%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Duluth Holdings Inc. (DLTH) has a fair value of $3.21 based on 9 comparable companies in the Apparel - Retail industry.

EV/Revenue Valuation — Apparel - Retail

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Duluth Holdings Inc.DLTH	113	0.4x	0.4x
Fossil Group, Inc.FOSL	259	0.4x	0.3x
Playboy, Inc.PLBY	156	2.6x	4.0x
Clarus CorporationCLAR	116	0.4x	0.3x
GrowGeneration Corp.GRWG	85	0.5x	0.4x
BARK, Inc.BARK	78	0.1x	0.2x
Red Robin Gourmet Burgers, Inc.RRGB	67	0.5x	0.4x
Sportsman's Warehouse Holdings, Inc.SPWH	55	0.4x	0.4x
The Cato CorporationCATO	52	0.3x	0.2x
QVC Group Inc.QVCGA	3	0.5x	0.4x
Industry Median		0.4x	0.4x
(*) Revenue		565	638
= Enterprise Value		250	233
(-) Net Debt		131	131
Equity Value		119	102
(/) Outstanding shares		35	35
Fair Price		$3	$3

Selected Fair Value (avg of trailing + forward)

$3.21

-1.6%