Tandy Leather Factory, Inc. (TLF) 10-Year Financial Performance & Capital Metrics

TLF • • Industrial / General

Consumer CyclicalSpecialty RetailNiche Specialty RetailUnique Retail Concepts

AboutTandy Leather Factory, Inc., together with its subsidiaries, operates as a retailer of leather and leathercraft-related items in North America and Spain. It offers leather, hand tools, hardware, kits, liquids, teaching materials, open workbenches, machinery, and related accessories and supplies. The company also manufactures leather laces, cut leather pieces, do-it-yourself kits, thread laces, belt strips and straps, and Craftaids. In addition, it offers production services, including cutting, splitting, and assembly services to business customers. The company sells its products under the Tandy Leather, Eco-Flo, Craftool, CraftoolPro, Dr. Jackson's, and TandyPro brand names through company-owned stores; and orders generated from its websites, such as tandyleather.com, tandyleather.ca, tandyleather.eu, and tandyleather.com.au. It operates 106 retail stores, including 95 stores in the United States; ten stores in Canada; and one store in Spain. The company was formerly known as The Leather Factory, Inc. and changed its name to Tandy Leather Factory, Inc. in 2005. Tandy Leather Factory, Inc. was founded in 1919 and is headquartered in Fort Worth, Texas.Show more

Revenue $74M -2.4%
EBITDA $5M -40.7%
Net Income $827K -78.1%
EPS (Diluted) 0.09 -79.1%
Gross Margin 56.19% -5.2%
EBITDA Margin 7.2% -39.2%
Operating Margin 0.84% -85.4%
Net Margin 1.11% -77.5%
ROE 1.46% -79.2%
ROIC 0.87% -85.9%
Debt/Equity 0.19 +12.6%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Trading at only 0.4x book value

✗Weaknesses

✗Weak 3Y average ROE of 3.6%
✗Weak Piotroski F-Score: 3/9
✗Thin 5Y average net margin of 0.3%
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-1.14%

5Y-0.14%

3Y-3.45%

TTM-0.28%

Profit (Net Income) CAGR

10Y-20.01%

5Y-

3Y-15.15%

TTM371.29%

EPS CAGR

10Y-18.74%

5Y-

3Y-16.19%

TTM357.7%

ROCE

10Y Avg5.4%

5Y Avg0.9%

3Y Avg3.49%

Latest0.98%

Peer Comparison

Unique Retail Concepts

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NPTTexxon Holding Limited Ordinary shares	141.1M	6.36	148.60	21.74%	0.14%	2.91%		0.80
TLFTandy Leather Factory, Inc.	22.91M	2.84	30.15	-2.41%	15.37%	21.46%	6.83%	0.19
BBWBuild-A-Bear Workshop, Inc.	919.54M	71.03	18.69	2.12%	11.34%	38.12%	3.02%	0.70
MNSOMINISO Group Holding Limited	5.96B	19.64	2.34	48.12%	13.85%	22.96%	23.6%	0.30
FLWS1-800-FLOWERS.COM, Inc.	170.55M	4.66	-1.49	-7.96%	-13.19%	-100.58%		1.01
ZKHZKH Group Limited	466.38M	3.52	-2.15	0.46%	-2.64%	-7.72%	31.31%	0.18
BNEDBarnes & Noble Education, Inc.	304.44M	8.94	-3.58	2.75%	-4.09%	-24.18%		0.66
JBDIJBDI Holdings Limited	12.9M	0.67	-13.56	-15.54%	-10.4%	-103.5%	7.12%	5.28

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	84.16M	82.92M	82.32M	83.1M	74.92M	64.08M	82.66M	80.33M	76.23M	74.39M
Revenue Growth %	0.01%	-0.01%	-0.01%	0.01%	-0.1%	-0.14%	0.29%	-0.03%	-0.05%	-0.02%
Cost of Goods Sold+	32.09M	31.21M	30.21M	32.52M	32.96M	28.03M	35.66M	33.84M	31.07M	32.59M
COGS % of Revenue	0.38%	0.38%	0.37%	0.39%	0.44%	0.44%	0.43%	0.42%	0.41%	0.44%
Gross Profit+	52.07M	51.71M	52.11M	50.58M	41.96M	36.06M	47M	46.5M	45.16M	41.8M
Gross Margin %	0.62%	0.62%	0.63%	0.61%	0.56%	0.56%	0.57%	0.58%	0.59%	0.56%
Gross Profit Growth %	-0%	-0.01%	0.01%	-0.03%	-0.17%	-0.14%	0.3%	-0.01%	-0.03%	-0.07%
Operating Expenses+	41.6M	41.41M	44.87M	46.75M	44.56M	42.41M	44.7M	45.11M	40.75M	41.18M
OpEx % of Revenue	0.49%	0.5%	0.55%	0.56%	0.59%	0.66%	0.54%	0.56%	0.53%	0.55%
Selling, General & Admin	40M	39.68M	42.99M	42.89M	40.3M	36.35M	42.34M	43.66M	39.55M	39.98M
SG&A % of Revenue	0.48%	0.48%	0.52%	0.52%	0.54%	0.57%	0.51%	0.54%	0.52%	0.54%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	74.36K	57.29K	126.86K	180.19K	4.25M	6.05M	2.36M	1.45M	1.21M	1.2M
Operating Income+	10.47M	10.3M	7.24M	3.83M	-2.6M	-6.35M	2.3M	1.39M	4.41M	628K
Operating Margin %	0.12%	0.12%	0.09%	0.05%	-0.03%	-0.1%	0.03%	0.02%	0.06%	0.01%
Operating Income Growth %	-0.12%	-0.02%	-0.3%	-0.47%	-1.68%	-1.44%	1.36%	-0.4%	2.18%	-0.86%
EBITDA+	12.04M	12.02M	9.12M	5.63M	-942K	-5.33M	3.4M	2.59M	9.04M	5.36M
EBITDA Margin %	0.14%	0.14%	0.11%	0.07%	-0.01%	-0.08%	0.04%	0.03%	0.12%	0.07%
EBITDA Growth %	-0.1%	-0%	-0.24%	-0.38%	-1.17%	-4.65%	1.64%	-0.24%	2.49%	-0.41%
D&A (Non-Cash Add-back)	1.57M	1.72M	1.88M	1.8M	1.66M	1.02M	1.1M	1.2M	4.63M	4.73M
EBIT	10.55M	10.36M	7.37M	6.52M	-43K	-1.29M	3.55M	1.63M	4.41M	628K
Net Interest Income+	-330K	-155.19K	-205.56K	-304.96K	-36K	-7K	-16K	9K	93K	331K
Interest Income	0	0	0	0	0	0	0	9K	93K	331K
Interest Expense	330K	155.19K	205.56K	304.96K	36K	7K	16K	0	0	0
Other Income/Expense	-255.65K	-97.9K	-903.55K	248.62K	1.38M	2.82M	-107K	20K	135K	463K
Pretax Income+	10.22M	10.2M	7.16M	3.7M	-1.21M	-3.52M	2.19M	1.41M	4.54M	1.09M
Pretax Margin %	0.12%	0.12%	0.09%	0.04%	-0.02%	-0.05%	0.03%	0.02%	0.06%	0.01%
Income Tax+	3.82M	3.8M	2.71M	1.74M	690K	1.38M	839K	181K	777K	264K
Effective Tax Rate %	0.63%	0.63%	0.62%	0.53%	1.57%	1.39%	0.62%	0.87%	0.83%	0.76%
Net Income+	6.4M	6.4M	4.45M	1.96M	-1.9M	-4.9M	1.35M	1.23M	3.77M	827K
Net Margin %	0.08%	0.08%	0.05%	0.02%	-0.03%	-0.08%	0.02%	0.02%	0.05%	0.01%
Net Income Growth %	-0.17%	-0%	-0.3%	-0.56%	-1.97%	-1.58%	1.28%	-0.09%	2.07%	-0.78%
Net Income (Continuing)	6.4M	6.4M	4.45M	4.4M	-1.9M	-4.9M	1.35M	1.23M	3.77M	827K
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.63	0.69	0.27	0.21	-0.21	-0.54	0.16	0.15	0.45	0.09
EPS Growth %	-0.16%	0.1%	-0.61%	-0.22%	-2%	-1.57%	1.3%	-0.06%	2%	-0.79%
EPS (Basic)	0.64	0.69	0.27	0.21	-0.21	-0.54	0.16	0.15	0.45	0.10
Diluted Shares Outstanding	10.1M	9.32M	9.25M	9.21M	8.97M	9.06M	8.72M	8.39M	8.37M	8.78M
Basic Shares Outstanding	10.08M	9.3M	9.24M	9.19M	8.97M	9.06M	8.71M	8.36M	8.34M	8.49M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	47.56M	53.31M	57.81M	60.14M	52.52M	51.01M	50.45M	47.25M	51.25M	50.54M
Cash & Short-Term Investments	10.96M	16.86M	18.34M	24.07M	25.06M	10.33M	10.15M	7.97M	12.16M	13.27M
Cash Only	10.96M	16.86M	18.34M	24.07M	15.91M	10.33M	10.15M	7.97M	12.16M	13.27M
Short-Term Investments	0	0	0	0	9.15M	0	0	0	0	0
Accounts Receivable	553.21K	560.98K	461.21K	408.17K	409K	3.1M	1.59M	672K	512K	715K
Days Sales Outstanding	2.4	2.47	2.04	1.79	1.99	17.67	7	3.05	2.45	3.51
Inventory	33.58M	33.18M	37.31M	33.87M	24.04M	36.78M	38.08M	38.23M	37.99M	35.56M
Days Inventory Outstanding	382	388	450.84	380.15	266.25	479	389.79	412.34	446.39	398.26
Other Current Assets	70.2K	1.1M	189.03K	751.71K	296.99K	265K	141K	106K	113K	96K
Total Non-Current Assets+	17.01M	17.29M	17.1M	16M	27.6M	25.36M	22.64M	21.33M	20.88M	24.39M
Property, Plant & Equipment	15.7M	15.65M	15.47M	14.4M	26.82M	24.21M	22.24M	20.93M	19.57M	22.66M
Fixed Asset Turnover	5.36x	5.30x	5.32x	5.77x	2.79x	2.65x	3.72x	3.84x	3.90x	3.28x
Goodwill	953.36K	956.2K	962.95K	954.76K	0	0	0	0	0	0
Intangible Assets	27.28K	20.84K	19.22K	16.5K	7K	6K	6K	5K	0	0
Long-Term Investments	-370.98K	0	0	0	0	0	-707K	0	0	0
Other Non-Current Assets	329.68K	334.41K	379.69K	386.11K	344.82K	387K	394K	387K	438K	517K
Total Assets+	64.57M	70.61M	74.91M	76.14M	80.11M	76.38M	73.08M	68.58M	72.14M	74.92M
Asset Turnover	1.30x	1.17x	1.10x	1.09x	0.94x	0.84x	1.13x	1.17x	1.06x	0.99x
Asset Growth %	0.03%	0.09%	0.06%	0.02%	0.05%	-0.05%	-0.04%	-0.06%	0.05%	0.04%
Total Current Liabilities+	8.33M	8.25M	6.98M	6.9M	12.23M	12.92M	12.21M	8.87M	8.93M	9.89M
Accounts Payable	1.98M	1.62M	474.1K	1.58M	5.29M	5.74M	3.8M	3.31M	2.6M	3.42M
Days Payables Outstanding	22.56	18.97	5.73	17.76	58.63	74.72	38.88	35.7	30.49	38.35
Short-Term Debt	231.95K	614.31K	614.31K	519.52K	0	3.54M	79K	0	0	0
Deferred Revenue (Current)	902.24K	909.3K	905.66K	843.18K	319.12K	0	351K	256K	223K	320K
Other Current Liabilities	4.51M	4.43M	1.67M	1.7M	1.06M	2.52M	1.44M	977K	1.85M	2.2M
Current Ratio	5.71x	6.47x	8.28x	8.71x	4.29x	3.95x	4.13x	5.33x	5.74x	5.11x
Quick Ratio	1.68x	2.44x	2.94x	3.81x	2.33x	1.10x	1.01x	1.02x	1.48x	1.52x
Cash Conversion Cycle	361.84	371.5	447.15	364.18	209.61	421.95	357.91	379.69	418.35	363.41
Total Non-Current Liabilities+	5.26M	8.67M	8.39M	9.78M	11.46M	11.26M	9.38M	8.25M	6.86M	7.88M
Long-Term Debt	3.48M	6.76M	6.76M	8.45M	0	446K	336K	0	0	0
Capital Lease Obligations	79.4K	0	0	0	10.65M	9.27M	8.21M	7.47M	6.25M	7.56M
Deferred Tax Liabilities	1.7M	1.91M	1.64M	1.56M	1.13M	1.07M	1.12M	0	9K	0
Other Non-Current Liabilities	44.15K	1.96M	0	1.97M	804.66K	463K	832K	776K	593K	324K
Total Liabilities	13.59M	16.92M	15.38M	16.68M	23.69M	24.18M	21.58M	17.12M	15.79M	17.77M
Total Debt+	3.86M	7.44M	7.37M	8.97M	14.48M	13.26M	11.66M	10.37M	9.43M	10.77M
Net Debt	-7.1M	-9.42M	-10.97M	-15.1M	-1.43M	2.94M	1.51M	2.39M	-2.73M	-2.5M
Debt / Equity	0.08x	0.14x	0.12x	0.15x	0.26x	0.25x	0.23x	0.20x	0.17x	0.19x
Debt / EBITDA	0.32x	0.62x	0.81x	1.59x	-	-	3.43x	4.00x	1.04x	2.01x
Net Debt / EBITDA	-0.59x	-0.78x	-1.20x	-2.68x	-	-	0.44x	0.92x	-0.30x	-0.47x
Interest Coverage	31.74x	66.38x	35.23x	12.55x	-72.14x	-906.86x	143.75x	-	-	-
Total Equity+	50.97M	53.69M	59.54M	59.46M	56.42M	52.19M	51.5M	51.46M	56.35M	57.15M
Equity Growth %	0.04%	0.05%	0.11%	-0%	-0.05%	-0.07%	-0.01%	-0%	0.09%	0.01%
Book Value per Share	5.05	5.76	6.44	6.46	6.29	5.76	5.91	6.13	6.73	6.51
Total Shareholders' Equity	50.97M	53.69M	59.54M	59.46M	56.42M	52.19M	51.5M	51.46M	56.35M	57.15M
Common Stock	27.06K	27.14K	27.15K	27.23K	25.07K	25K	24K	23K	23K	23K
Retained Earnings	53.07M	59.47M	63.92M	65.72M	62.21M	57.31M	58.66M	59.89M	63.66M	64.49M
Treasury Stock	-6.6M	-10.28M	-7.38M	-9.04M	-9.77M	-9.77M	-9.77M	-9.77M	-9.77M	-9.77M
Accumulated OCI	-1.69M	-1.89M	-962.1K	-1.51M	-1.08M	-1.29M	-1.37M	-1.9M	-1.54M	-2.11M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	8.2M	7.54M	3.02M	6.86M	10.47M	-12.53M	3.72M	1.15M	4.54M	4.55M
Operating CF Margin %	0.1%	0.09%	0.04%	0.08%	0.14%	-0.2%	0.04%	0.01%	0.06%	0.06%
Operating CF Growth %	5.96%	-0.08%	-0.6%	1.27%	0.53%	-2.2%	1.3%	-0.69%	2.93%	0%
Net Income	6.4M	6.4M	4.45M	1.96M	-1.9M	-4.9M	1.35M	1.23M	3.77M	827K
Depreciation & Amortization	1.57M	1.72M	1.88M	1.8M	5.14M	4.21M	4.31M	4.43M	4.63M	4.73M
Stock-Based Compensation	145.32K	199.87K	239.6K	327.63K	770K	887K	797K	1.06M	770K	548K
Deferred Taxes	289.17K	205.11K	-215.58K	-91K	-334K	442K	83K	-10K	-902K	-342K
Other Non-Cash Items	-865.86K	-146.31K	886.81K	-215.76K	1.15M	1.13M	15K	9K	0	0
Working Capital Changes	660.69K	-840.5K	-4.22M	3.08M	5.65M	-14.3M	-2.84M	-5.56M	-3.73M	-1.22M
Change in Receivables	71.85K	-7.78K	99.77K	53.04K	-23K	86K	-325K	244K	107K	-72K
Change in Inventory	-709.05K	407K	-4.13M	3.44M	9.33M	-12.69M	-2.78M	-328K	231K	1.99M
Change in Payables	728.16K	-361.49K	-208.43K	-197.96K	3.5M	-440K	1.14M	-1.74M	-752K	1.12M
Cash from Investing+	-2.16M	-1.55M	-1.7M	-1.07M	-9.16M	6.26M	-1M	-625K	-576K	-2.98M
Capital Expenditures	-2.17M	-1.7M	-1.69M	-1.09M	-269K	-1.31M	-1M	-635K	-576K	-2.98M
CapEx % of Revenue	0.03%	0.02%	0.02%	0.01%	0%	0.02%	0.01%	0.01%	0.01%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	11.96K	152.38K	-7.71K	23.71K	113K	46K	0	10K	0	0
Cash from Financing+	-5.71M	-94.55K	150.72K	-56.98K	-9.7M	416K	-2.78M	-2.17M	-26K	-1K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	9.92K	0	223.4K	0	0	0	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	6.02M	5.84M	1.33M	5.77M	10.2M	-13.84M	2.71M	519K	3.96M	1.56M
FCF Margin %	0.07%	0.07%	0.02%	0.07%	0.14%	-0.22%	0.03%	0.01%	0.05%	0.02%
FCF Growth %	6.87%	-0.03%	-0.77%	3.33%	0.77%	-2.36%	1.2%	-0.81%	6.63%	-0.6%
FCF per Share	0.60	0.63	0.14	0.63	1.14	-1.53	0.31	0.06	0.47	0.18
FCF Conversion (FCF/Net Income)	1.28x	1.18x	0.68x	3.49x	-5.50x	2.56x	2.74x	0.94x	1.20x	5.50x
Interest Paid	330K	155.19K	205.56K	304.96K	36K	17K	16K	15K	0	0
Taxes Paid	3.74M	4.22M	2.24M	1.36M	715K	56K	0	0	984K	1.69M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	12.79%	12.23%	7.86%	3.3%	-3.28%	-9.02%	2.61%	2.38%	6.99%	1.46%
Return on Invested Capital (ROIC)	17.85%	17.53%	11.7%	6.18%	-3.92%	-8.65%	3.19%	1.95%	6.16%	0.87%
Gross Margin	61.87%	62.36%	63.31%	60.87%	56.01%	56.27%	56.86%	57.88%	59.25%	56.19%
Net Margin	7.61%	7.72%	5.41%	2.36%	-2.54%	-7.65%	1.64%	1.53%	4.94%	1.11%
Debt / Equity	0.08x	0.14x	0.12x	0.15x	0.26x	0.25x	0.23x	0.20x	0.17x	0.19x
Interest Coverage	31.74x	66.38x	35.23x	12.55x	-72.14x	-906.86x	143.75x	-	-	-
FCF Conversion	1.28x	1.18x	0.68x	3.49x	-5.50x	2.56x	2.74x	0.94x	1.20x	5.50x
Revenue Growth	0.88%	-1.47%	-0.73%	0.94%	-9.84%	-14.46%	28.99%	-2.81%	-5.11%	-2.41%

Frequently Asked Questions

Valuation & Price

Tandy Leather Factory, Inc. (TLF) has a price-to-earnings (P/E) ratio of 30.1x. This suggests investors expect higher future growth.

Growth & Financials

Tandy Leather Factory, Inc. (TLF) reported $74.6M in revenue for fiscal year 2024. This represents a 13% increase from $66.1M in 2011.

Tandy Leather Factory, Inc. (TLF) saw revenue decline by 2.4% over the past year.

Yes, Tandy Leather Factory, Inc. (TLF) is profitable, generating $11.5M in net income for fiscal year 2024 (1.1% net margin).

Dividend & Returns

Tandy Leather Factory, Inc. (TLF) has a return on equity (ROE) of 1.5%. This is below average, suggesting room for improvement.

Tandy Leather Factory, Inc. (TLF) had negative free cash flow of $8.3M in fiscal year 2024, likely due to heavy capital investments.

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