TILE SHOP HOLDINGS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TILE SHOP HOLDINGS, 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	324	345	357	340	325	371	395	377	347	337
Cost of revenue	97.3	108	106	104	104	118	136	134	119	122
Gross profit	227	236	251	236	222	253	259	243	228	215
Selling, general and administrative	194	210	233	237	215	233	236	227	224	221
Operating income	32.9	25.8	18.1	-1.36	6.38	20.6	22.6	16.2	3.52	-5.81
Interest expense	1.72	1.86	2.69	3.79	1.87	0.66	1.58	2.16	0.28	0.04
Other non-operating income	0.14	0.17
Pre-tax income	31.3	24.2	15.6	-5.14	4.5	20	21	14	3.24	-5.86
Income tax	12.9	13.3	5.16	-0.67	-1.53	5.18	5.33	3.92	0.92	-1.36
Net income	18.5	10.8	10.4	-4.46	6.03	14.8	15.7	10.1	2.32	-4.49
EBITDA	56	52.1	46.5	32.2	37.7	48	47.8	37.4	21.3	10.2
EPS, basic	0.36	0.21	0.20	-0.09	0.12	0.29	0.32	0.23	0.05	-0.10
EPS, diluted	0.36	0.21	0.20	-0.09	0.12	0.29	0.32	0.23	0.05	-0.10
Shares, basic (weighted)	51.4	51.7	51.9	50.6	50	50.4	48.9	43.4	43.7	43.7
Shares, diluted (weighted)	51.9	51.9	52.1	50.6	50.6	51.1	49.2	43.6	43.9	43.7
Dividend per share		0.20	0.20	0.15		0.65

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	6.07	6.62	5.56	9.1	9.62	9.36	5.95	8.62	21	10.1
Receivables	2.41	2.38	3.08	3.37	2.98	3.2	3.41	2.88	3.09	3.46
Inventory	74.3	85.3	110	97.6	74.3	97.2	121	93.7	86.3	89.4
Other current assets	8.76	4.72	7.18	8.18	9	9.77	10.4	9.25	8.66	8.86
Total current assets	96.2	106	130	122	105	127	146	115	120	113
Property, plant and equipment	141	151	158	130	99	82.3	71.1	64.3	59.7	54.3
Lease right-of-use assets				138	132	123	119	129	133	126
Other non-current assets	2.76	2.11	1.76	2.24	1.29	1.34	3.29	3.45	2.3	1.59
Total assets	265	271	298	400	343	341	346	317	320	302
Accounts payable	20.3	30.8	25.9	18.2	15.4	30.9	23.5	23.3	23.8	25.3
Accrued liabilities	33.5	22.4	24.5	24.6	34.1	38.2	31.9	27	25.6	23.9
Deferred revenue		8.06	7.38	7.73	12.2	13.8	11.3	10.7	10.9	9.92
Short-term debt	6.29	8.83
Total current liabilities	60.2	62	50.5	69.9	76.8	97.7	83.3	78.7	78.4	79.2
Long-term debt	22.1	18.2	53	63		5	45.4			25
Lease liabilities				131	123	110	103	113	114	105
Other non-current liabilities	5.77	4.77	3.75	4.34	4.15	5.56	5.01	5.54	4.6	5.32
Total liabilities	126	127	151	269	204	219	237	197	197	214
Total debt	28.4	27	53	63		5	45.4			25
Paid-in capital	186	180	172	156	159	127	128	129	130	98.5
Retained earnings	-47.1	-36.2	-25.9	-25.5	-19.5	-4.71	-19.2	-9.11	-6.79	-11.3
Other comprehensive income	-0.05	-0	-0.06	-0.07	-0.01	0.01	-0.05	-0.07
Shareholders' equity	139	144	146
Total equity	139	144	146	131	139	122	109	120	123	87.2
Total liabilities and equity	265	271	298	400	343	341	346	317	320	302
Shares outstanding	51.6	52.2	52.7	50.8	51.7	52	44.4	44.5	44.7	39.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	18.5	10.8	10.4	-4.46	6.03	14.8	15.7	10.1	2.32	-4.49
Depreciation and amortization	23	26.2	28.4	33.5	31.3	27.4	25.1	21.2	17.8	16
Stock-based compensation	4.33	3.16	2.67	2.65	2.24	2.27	1.83	1.39	1.34	1.28
Deferred income tax	-0.55	9.72	3.76	-1.62	1.88	-1.61	0.42	1.28	0.37	-1.66
Change in receivables	-0.45	0.03	-0.7	-0.29	0.39	-0.23	-0.21	0.53	-0.2	-0.38
Change in inventory	-4.42	-11	-24.8	12.5	23.3	-22.9	-23.8	27.3	7.41	-3.13
Change in payables	4.2	12	-8.2	-4.5	-3.21	15.9	-8.06	0.12	0.83	1.26
Cash from operations	53.6	45.7	18.2	38.6	65.6	39.7	2.72	62.1	27.1	5.79
Capital expenditures	-27.3	-40.6	-35.3	-27	-1.97	-11.1	-14	-15.3	-14.5	-9.56
Cash from investing	-27.3	-40.5	-34.1	-26.4	-1.97	-11.1	-14	-15.3	-14.3	-9.37
Debt repaid	-37.8	-36.6	-103
Stock issued	0.84	1.64						0
Share buybacks				-10.5			-30.2			-32
Dividends paid		-10.4	-10.4	-7.71		-32.9
Cash from financing	-23.9	-10.6	14.9	-8.62	-63.3	-28.9	9.11	-45.9	-0.5	-7.26
Exchange rate effect	-0.04	0.01	-0.05	-0.01	0.05	0.02	-0.06	-0.02	0.07
Net change in cash	2.4	-5.47	-1.09	3.54	0.35	-0.26	-2.25	0.86	12.3	-10.8
Free cash flow	26.3	5.14	-17.1	11.6	63.6	28.6	-11.3	46.7	12.6	-3.77
Interest paid	1.81	1.82	2.63	3.74	1.98	0.63	1.26	2.08	0.31	0.24
Income taxes paid	15.2	7.6	1.51	0.47	1.61	5.3	2.23	-2.22	2.35	0.6

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.06 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	63.8%	Gross profit / revenue.
Operating margin	-1.7%	Operating income / revenue.
EBITDA margin	3.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.7%	Pre-tax income / revenue.
Net margin	-1.3%	Net income / revenue.
FCF margin	-1.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	1.7%	Cash from operations / revenue.
Return on assets (ROA)	-1.4%	Net income / average total assets.
SG&A / revenue	65.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.8%	Capital expenditures / revenue.
D&A / revenue	4.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-5.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-6.0%	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	-0.6%	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	-265.3%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-52.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-40.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-23.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-293.6%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-300.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-78.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	28.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-38.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-130.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-5.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.4%	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	-2.5%	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	-0.4%	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	-3.9%	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	-2.9%	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	1.43x	Current assets / current liabilities.
Quick ratio	0.17x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Debt / assets	8.3%	Total debt / total assets.
Liabilities / assets	71.1%	Total liabilities / total assets.
Net debt	$14.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.46x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-142x	Operating income / interest expense.
Working capital	$33.8M	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.08x	Revenue / average total assets.
Fixed asset turnover	5.91x	Revenue / average property, plant and equipment.
Inventory turnover	1.39x	Cost of revenue / average inventory.
Days inventory	263 days	365 x average inventory / cost of revenue.
Receivables turnover	103x	Revenue / average receivables.
Days sales outstanding	4 days	365 x average receivables / revenue.
Days payables	74 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	193 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	165.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.10	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.
EPS, basic	-$0.10	Net income per basic share, as reported (split-adjusted).
Revenue per share	$7.71	Revenue / diluted weighted shares.
FCF per share	-$0.09	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.13	Cash from operations / diluted weighted shares.
Cash per share	$0.25	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$82.0M	Share price x shares outstanding.
Enterprise value	$96.9M	Market cap + total debt - cash - short-term investments.
P/S	0.24x	Market cap / revenue.
P/OCF	14.2x	Market cap / cash from operations, when positive.
EV/Sales	0.29x	Enterprise value / revenue.
EV/EBITDA	9.54x	Enterprise value / EBITDA, when both are positive.
FCF yield	-4.6%	Free cash flow / market cap.
Earnings yield	-5.5%	Net income / market cap (the inverse of P/E).
Shareholder yield	39.0%	(Dividends paid + share buybacks) / market cap.

What was TILE SHOP HOLDINGS, INC.'s revenue in fiscal 2025?

TILE SHOP HOLDINGS, INC. reported revenue of $336.8M for fiscal 2025, 3% lower than the year before.

Was TILE SHOP HOLDINGS, INC. profitable in fiscal 2025?

No. It reported a net loss of $4.5M.

How much free cash flow did TILE SHOP HOLDINGS, INC. generate in fiscal 2025?

Cash from operations of $5.8M minus capital expenditures of $9.6M left free cash flow of -$3.8M.

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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