Stock fact sheet · data as of
Duluth Holdings Inc. (DLTH): fair value, margin of safety and Wheel Score
Consumer Cyclical · Apparel - Retail · United States · Blend
Is DLTH undervalued?
Duluth Holdings Inc. (DLTH) closed at 4.00 on 16 Oct 2026. The GLS average fair value - the simple average of the 8 valuation models that produced a positive number - is 10.22, which puts the price 61% below it. 6 of the 8 models value the shares above the current price. A gap this wide is rare in our universe of ~7,400 US stocks and is exactly what the Value part of the Wheel Score rewards; it is also where the question "why is it this cheap?" matters most.
The 8 models disagree widely: DCF gives 0.9382 while 10 Cap gives 34.05. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
The nightly engine files DLTH under Blend.
Nine valuation models for DLTH
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 0.9382 | -77% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 4.36 | +9% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 9.58 | +139% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 4.19 | +5% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 10.25 | +156% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 34.05 | +751% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 16.57 | +314% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 1.86 | -53% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -1.70 | -142% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 5.00 | +25% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
On financial health DLTH scores 8/9 (Piotroski): most of the nine tests - positive earnings and cash flow, falling debt, rising margins and turnover - are passed, which is the kind of balance sheet a wheel trader is happy to be assigned. The GLS Moat score is low at 1.8 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.
Returns on capital are thin or negative - ROIC -5.2%, ROE -9.7%, ROA -4.1% - with debt at 0.87 times equity and a free-cash-flow yield of 37.9%.
Duluth Holdings Inc. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Business One 71%, Business Two 24%, Business Three 6% (quarter Q4 FY2019).
Institutional ownership scores 2/10, insider activity 10/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 8 / 9 | ROIC | -5.2% |
|---|---|---|---|
| GLS Moat | 1.8 / 10 | ROE | -9.7% |
| Debt / equity | 0.87 | ROA | -4.1% |
| Free-cash-flow yield | 37.9% | Payout ratio | 0% |
| Institutions | 2 / 10 | Insiders · Congress | 10 · 5 / 10 |
Wheel Score 64: Fair
DLTH scores 64 out of 100 on the Wheel Score (Fair band, 50-64): a usable but unremarkable fit for the wheel strategy. The parts: Value 25/25, Health 18/20, Moat 3/15, Premium 13/20, Stability 5/20. Moat (3/15) is where the points are missing.
Implied volatility is 89% on the near-the-money contracts 20-60 days out - above the 60% ceiling of the sweet spot. Premiums are large, but the Wheel Score tapers the Premium points (13 of 20) because volatility this high usually comes with a reason. Chain open interest is thin - 598 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 72k shares a day on a market cap of $152M, with a beta of 1.35 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score gives that 5 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 61% margin of safety | |
| Health | 18 / 20 | Piotroski 8/9 | |
| Moat | 3 / 15 | moat 1.8/10 | |
| Premium | 13 / 20 | implied volatility 89% | |
| Stability | 5 / 20 | 72k shares/day, $152M cap, beta 1.35 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 15 Dec 2026, 60 days away - outside the window of a 30-45-day put sold today.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Apparel - Retail
The 12 companies below are the closest to Duluth Holdings Inc. by market cap within the Apparel - Retail industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| TLYS Tilly's, Inc. | 4.55 | 3.27 | -39% | 37Weak | $137M |
| AKA a.k.a. Brands Holding Corp. | 10.18 | 29.36 | +65% | 39No options | $112M |
| ZUMZ Zumiez Inc. | 14.12 | 36.18 | +61% | 74Good | $216M |
| CURV Torrid Holdings Inc. | 2.45 | 14.03 | +83% | 45Weak | $244M |
| JILL J.Jill, Inc. | 24.68 | 53.48 | +54% | 39No options | $278M |
| LE Lands' End, Inc. | 10.28 | 319.56 | +97% | 63Fair | $304M |
| SFIX Stitch Fix, Inc. | 2.39 | 5.26 | +55% | 45Weak | $319M |
| SHOE Shoe Station Group Inc. | 13.24 | 32.83 | +60% | 69Good | $359M |
| RENT Rent the Runway, Inc. | 1.71 | 34.24 | +95% | 39No options | $57M |
| GCO Genesco Inc. | 37.42 | 116.09 | +68% | 68Good | $405M |
| CTRN Citi Trends, Inc. | 49.94 | 20.51 | -144% | 30Weak | $416M |
| CAL Caleres, Inc. | 13.14 | 42.46 | +69% | 75Good | $453M |
⚖ Compare DLTH with 7 of them All Consumer Cyclical stocks →
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Start free See the Sunday ScanQuestions about DLTH
Is DLTH undervalued right now?
By the GLS models, yes: at 4.00 the stock is 61% below the average fair value of 10.22 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of DLTH and what does it mean?
DLTH scores 64 out of 100 (Fair). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for DLTH?
10.22 per share as of 16 Oct 2026 - the simple average of the 8 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Duluth Holdings Inc. report earnings next?
The next earnings report is due on 15 Dec 2026, 60 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does DLTH have listed options, and how liquid are they?
Yes. The nightly snapshot found 30 listed contracts with 598 open interest across all expiries and implied volatility of 89% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.