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Valued as a mature, profitable company: Discounted cash flow and EV/EBITDA comparison.
ACCE opinionDuluth Holdings Inc. Class B Common Stock (DLTH)
Fair value (2 models)
Not available
ACCE price target
$4.00
Rating
Not rated
Horizon
12 months
ACCE price target published on 15 Oct 2026, 00:00 CEST.
Price used: $3.95 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
66
out of 100
Analysts
0% buy
2 covering
P/E
22.1x
forward 10.5x
1-year return
+27.4%
Dividend yield
0.00%
Duluth Holdings Inc. Class B Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Duluth Holdings sells its own-brand workwear and casual apparel for men and women, including its Buck Mason and Duluth Trading Co. lines, through roughly 60 stores plus catalog and online channels. Its edge is a 58.3% gross margin, high for an apparel retailer, built on direct sourcing and a loyal customer base that buys on fit and durability rather than trend. The stock screens at 22.2x trailing earnings but only 10.5x forward, so the market is pricing a sharp earnings recovery against revenue that is currently shrinking 7.8%. The 15.5% operating margin shows the business still earns well on what it sells, but a 3.6% ROE means little of that profit is reaching shareholders yet. Worth a deeper look if you believe the top line stabilises and the forward multiple reflects real earnings, not a one-off rebound.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
high
Revenue shrinking long term
Revenue fell 7.8% year over year and has a 5-year CAGR of -2.4%. The +1265.9% earnings jump sits on a shrinking top line, so the profit recovery may not persist.
moderate
Insider ownership concentration
Insiders hold 60.1% of shares, leaving a small float. Liquidity and price discovery may be thinner than the market cap suggests.
AI research notes
AI-assisted·How I use AIWritten Oct 15, 2026 · figures from 2026-07-31 · prices to Oct 23, 2026
Why it could do well
Free cash flow over the last twelve months came to $17M, and the stock's free cash flow yield is 10.9%.
The consensus fair value of $5.80 sits 45.8% above the $3.98 share price, based on two valuation models.
The latest quarter beat expectations, with earnings per share of $0.06 against an expected loss of $0.05, a 220.0% surprise.
Why it could disappoint
Revenue fell 7.8% year over year, and the five-year average annual change is negative at -2.4%.
Return on invested capital is -4.2%, and return on equity is only 3.6% on a net margin of 1.1%.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Dec 15, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where DLTH's valuation models land
Price
$3.95
Model fair valueConfidence: medium
$5.63
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
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Quality
INVESTOR
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