TANDY LEATHER FACTORY INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TANDY LEATHER FACTORY INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	82.9	82.4	83.2	74.9	64.1	82.7	80.3	76.2	74.4	76.3
Cost of revenue	31.2	33.3	32.3	33	28	35.7	33.8	31.1	32.6	32.8
Gross profit	51.7	49.1	50.9	42	36.1	47	46.5	45.2	41.8	43.5
Operating expenses	41.4	44.9	46.8
Operating income	10.3	6.38	5.96	-2.6	-6.35	2.3	1.39	4.41	0.63	-0.96
Interest expense	0.16	0.21	0.3	0.04	0.01	0.02
Other non-operating income	-0.1	-0.04	0.25	0	0.07	-0.11	0.02	0.14	0.46	13.3
Pre-tax income	10.2	7.16	3.7	-2.59	-6.28	2.19	1.41	4.55	1.09	12.3
Income tax	3.8	3.86	1.81	-0.69	-1.38	0.84	0.18	0.78	0.26	3.2
Net income	6.4	2.48	4.4	-1.9	-4.9	1.35	1.23	3.77	0.83	9.1
EBITDA	12	8.25	7.76	-0.9	-5.35	3.4	2.59	5.61	1.83	-0.06
EPS, basic	0.39	0.27	0.48	-0.21	-0.54	0.16	0.15	0.45	0.10	1.11
EPS, diluted	0.39	0.27	0.48	-0.21	-0.54	0.16	0.15	0.45	0.09	1.10
Shares, basic (weighted)	16.5	9.24	9.19	8.97	9.06	8.71	8.36	8.34	8.49	8.23
Shares, diluted (weighted)	16.6	9.25	9.21	8.97	9.06	8.72	8.39	8.37	8.78	8.26

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	16.9	18.1	24.1	15.9	10.3	10.2	7.98	12.2	13.3	16.1
Short-term investments			0	9.15
Receivables	0.56	0.46	0.41	0.41	0.4	0.6	0.4	0.3	0.33	0.43
Inventory	33.2	34.5	33.3	24	36.8	38.1	38.2	38	35.6	33.2
Other current assets	0.14	0.33	0.33	0.3	0.27	0.14	0.11	0.11	0.1	0.11
Total current assets	53.3	54.8	59.8	52.5	51	50.4	47.3	51.3	50.5	50.6
Property, plant and equipment	15.7	15.6	14.5	12.9	12.4	11.8	11.2	10.5	12.3	10.2
Lease right-of-use assets		0	0	13.9	11.8	10.4	9.74	9	10.3	24.7
Goodwill	0.96	0.96	0.95	0
Intangible assets	0.02	0.02	0.02	0.01	0.01	0.01	0.01
Other non-current assets	0.33	0.38	0.39	0.35	0.39	0.39	0.39	0.44	0.52	0.71
Total assets	70.7	72.9	76.8	80.1	75.7	73.1	68.6	72.1	74.9	86.6
Accounts payable	1.62	2.41	2.15	5.75	5.74	4.79	3.08	2.33	3.11	2.15
Accrued liabilities	5.94	5.05	5.4	2.66	3.64	4.3	0.98	1.85	0.7	1.67
Deferred revenue	0.91	0.91	0.65	0
Short-term debt	0.61	0.61	0.52	0	0	0.08	0
Total current liabilities	8.25	8.42	8.08	12.2	12.9	12.2	8.87	8.93	9.89	9.8
Long-term debt	6.76	6.76	8.45	0	0.45	0.34	0
Lease liabilities		0	0	10.7	9.25	8.19	7.47	6.25	7.56	23.9
Other non-current liabilities		0.6	0.56	0.51	0.46	0.42	0.33	0.21	0.08	0.15
Total liabilities	18.1	17	18.5	23.7	23.5	21.6	17.1	15.8	17.8	34
Total debt	7.37	7.37	8.97	0	0.45	0.42	0
Paid-in capital	6.37	3.94	4.27	5.04	5.92	3.96	3.22	3.98	4.53	3.65
Retained earnings	59.5	60.1	64.5	62.2	57.3	58.7	59.9	63.7	64.5	60.8
Treasury stock	-10.3	-7.38	-9.04	-9.77	-9.77	-9.77	-9.77	-9.77	-9.77	-9.77
Other comprehensive income	-1.89	-0.76	-1.44	-1.08	-1.29	-1.37	-1.9	-1.54	-2.11	-2.15
Shareholders' equity	52.5	55.9	58.3	56.4	52.2	51.5	51.5	56.3	57.2	52.6
Total equity	52.5	55.9	58.3	56.4	52.2	51.5	51.5	56.3	57.2	52.6
Total liabilities and equity	70.7	72.9	76.8	80.1	75.7	73.1	68.6	72.1	74.9	86.6
Shares outstanding	16.3	9.27	9.06		9.15	8.55	8.29	8.4	8.5	8.07

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	6.4	2.48	4.4	-1.9	-4.9	1.35	1.23	3.77	0.83	9.1
Depreciation and amortization	1.72	1.88	1.8	1.7	1	1.1	1.2	1.2	1.2	0.9
Stock-based compensation	0.2	0.24	0.33	0.77	0.89	0.8	1.06	0.77	0.55	0.48
Deferred income tax	0.21	-0.07	0.27	-0.13	-0.08	0.08	0	-0.36	0.03	0.6
Change in receivables	-0.01	0.09	0.05	-0.02	0.09	-0.33	0.24	0.11	-0.07	-0.09
Change in inventory	0.41	-2.98	1.03	9.33	-12.7	-2.78	-0.33	0.23	1.99	2.61
Change in payables	-0.36	0.76	-0.15	3.5	-0.44	1.14	-1.74	-0.75	1.12	-1.29
Cash from operations	7.72	2.47	7.77	10.5	-12.5	3.72	1.15	4.54	4.55	-0.56
Capital expenditures	-1.7	-1.69	-1.09	-0.27	-1.31	-1	-0.64	-0.58	-2.98	-7.54
Purchases of investments		0	0	-18.1	0
Cash from investing	-1.55	-1.66	-1.06	-9.16	6.26	-1	-0.63	-0.58	-2.98	17.4
Debt issued	3.66	0	1.6	0	0.42	0
Debt repaid		0	0	-8.97	0	0	-0.36	0
Stock issued	0	0.22	0	0
Share buybacks	-3.68	0	-1.65	-0.74	0	-2.74	-1.8	-0.01	0	-1.36
Dividends paid									0	-12.7
Cash from financing	-0.09	0.15	-0.06	-9.7	0.42	-2.78	-2.17	-0.03	-0	-14.1
Exchange rate effect	-0.18	0.26	-0.67	0.22	0.28	-0.11	-0.54	0.25	-0.45	0.12
Net change in cash	5.9	1.22	5.99	-8.17	-5.58	-0.17	-2.18	4.18	1.11	2.82
Free cash flow	6.02	0.77	6.68	10.2	-13.8	2.72	0.52	3.96	1.57	-8.09
Interest paid	0.16	0.21	0.3	0.04	0.02	0.02	0.02	0	0
Income taxes paid	4.22	2.24	1.36	0.72	0.06	-0.99	-0.43	0.98	1.69	1.85

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.63 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	59.5%	Gross profit / revenue.
Operating margin	-0.5%	Operating income / revenue.
Pre-tax margin	-2.5%	Pre-tax income / revenue.
Net margin	-1.9%	Net income / revenue.
FCF margin	-3.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	1.6%	Cash from operations / revenue.
Return on equity (ROE)	-3.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.8%	Net income / average total assets.
Return on invested capital (ROIC)	-0.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.6%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-253.3%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-103.4%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	1,001.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	95.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	1,122.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	94.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-112.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-617.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-8.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	15.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.55x	Current assets / current liabilities.
Quick ratio	0.69x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.66x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	42.5%	Total liabilities / total assets.
Working capital	$34.7M	Current assets - current liabilities.
Tangible book value	$47.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.95x	Revenue / average total assets.
Fixed asset turnover	7.32x	Revenue / average property, plant and equipment.
Inventory turnover	0.84x	Cost of revenue / average inventory.
Days inventory	433 days	365 x average inventory / cost of revenue.
Receivables turnover	254x	Revenue / average receivables.
Days sales outstanding	1 days	365 x average receivables / revenue.
Days payables	35 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	399 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	288.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.18	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$9.47	Revenue / diluted weighted shares.
FCF per share	-$0.28	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.15	Cash from operations / diluted weighted shares.
Book value per share	$5.73	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.73	Tangible book value / shares outstanding.
Cash per share	$0.79	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$21.5M	Share price x shares outstanding.
Enterprise value	$15.1M	Market cap + total debt - cash - short-term investments.
P/S	0.28x	Market cap / revenue.
P/B	0.46x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.46x	Market cap / tangible book value, when positive.
P/OCF	17.6x	Market cap / cash from operations, when positive.
EV/Sales	0.20x	Enterprise value / revenue.
FCF yield	-10.7%	Free cash flow / market cap.
Earnings yield	-6.7%	Net income / market cap (the inverse of P/E).
Dividend yield	28.1%	Dividends paid over the period / market cap.
Shareholder yield	28.1%	(Dividends paid + share buybacks) / market cap.

What was TANDY LEATHER FACTORY INC's revenue in fiscal 2025?

TANDY LEATHER FACTORY INC reported revenue of $76.3M for fiscal 2025, 2.6% higher than the year before.

Was TANDY LEATHER FACTORY INC profitable in fiscal 2025?

Yes. Net income was $9.1M, a net margin of 11.9%.

How much free cash flow did TANDY LEATHER FACTORY INC generate in fiscal 2025?

Cash from operations of $556.0K minus capital expenditures of $7.5M left free cash flow of -$8.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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