Tile Shop Holdings, Inc. (TTSH) 10-Year Financial Performance & Capital Metrics

TTSH • • Industrial / General

Consumer CyclicalHome Improvement RetailSpecialty Flooring RetailSpecialty Flooring Chains

AboutTile Shop Holdings, Inc. operates as a specialty retailer of natural stone and man-made tiles, setting and maintenance materials, and related accessories in the United States. It offers natural stone products, such as marble, travertine, granite, quartz, sandstone, slate, and onyx tiles; and man-made products, including ceramic, porcelain, glass, cement, wood look, and metal tiles primarily under the Rush River and Fired Earth brands. The company also manufactures setting and maintenance materials, such as thinset, grout, and sealers under the Superior brand name; accessories, including installation tools, shower and bath shelves, drains, and related products; and offers customers delivery service through third-party freight providers. As of March 3, 2022, it operated 143 stores in 31 states and the District of Columbia, the United States. Tile Shop Holdings, Inc. was founded in 1985 and is headquartered in Plymouth, Minnesota.Show more

Revenue $347M -8.0%
EBITDA $21M -43.1%
Net Income $2M -77.0%
EPS (Diluted) 0.05 -78.3%
Gross Margin 65.66% +1.9%
EBITDA Margin 6.13% -38.2%
Operating Margin 1.01% -76.3%
Net Margin 0.67% -75.0%
ROE 1.91% -78.3%
ROIC 1.06% -76.7%
Debt/Equity 1.16 -0.8%
Interest Coverage 12.79 +71.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Trading at only 1.4x book value
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗Weak momentum: RS Rating 7 (bottom 7%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.04%

5Y0.39%

3Y-2.17%

TTM-3.77%

Profit (Net Income) CAGR

10Y-14.05%

5Y-

3Y-46.04%

TTM-146.81%

EPS CAGR

10Y-13.37%

5Y-

3Y-44.34%

TTM-136.26%

ROCE

10Y Avg7.69%

5Y Avg5.42%

3Y Avg5.62%

Latest1.47%

Peer Comparison

Specialty Flooring Chains

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TTSHTile Shop Holdings, Inc.	169.92M	3.80	76	-7.97%	-0.5%	-1.37%	7.4%	1.16
FNDFloor & Decor Holdings, Inc.	8.14B	75.52	39.75	0.95%	4.65%	9.18%	1.92%	0.78

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	292.99M	324.16M	344.6M	357.25M	340.35M	325.06M	370.7M	394.7M	377.15M	347.07M
Revenue Growth %	0.14%	0.11%	0.06%	0.04%	-0.05%	-0.04%	0.14%	0.06%	-0.04%	-0.08%
Cost of Goods Sold+	89.38M	97.26M	108.38M	105.92M	104.23M	103.53M	117.57M	135.76M	134.09M	119.2M
COGS % of Revenue	0.31%	0.3%	0.31%	0.3%	0.31%	0.32%	0.32%	0.34%	0.36%	0.34%
Gross Profit+	203.61M	226.9M	236.22M	251.34M	236.12M	221.53M	253.13M	258.94M	243.06M	227.87M
Gross Margin %	0.69%	0.7%	0.69%	0.7%	0.69%	0.68%	0.68%	0.66%	0.64%	0.66%
Gross Profit Growth %	0.14%	0.11%	0.04%	0.06%	-0.06%	-0.06%	0.14%	0.02%	-0.06%	-0.06%
Operating Expenses+	174.38M	193.98M	210.38M	233.2M	237.48M	215.15M	232.52M	236.33M	226.9M	224.36M
OpEx % of Revenue	0.6%	0.6%	0.61%	0.65%	0.7%	0.66%	0.63%	0.6%	0.6%	0.65%
Selling, General & Admin	174.38M	193.98M	210.38M	233.2M	237.48M	215.15M	232.52M	236.33M	226.9M	224.36M
SG&A % of Revenue	0.6%	0.6%	0.61%	0.65%	0.7%	0.66%	0.63%	0.6%	0.6%	0.65%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	29.23M	32.91M	25.85M	18.14M	-1.36M	6.38M	20.61M	22.61M	16.16M	3.52M
Operating Margin %	0.1%	0.1%	0.08%	0.05%	-0%	0.02%	0.06%	0.06%	0.04%	0.01%
Operating Income Growth %	0.35%	0.13%	-0.21%	-0.3%	-1.07%	5.7%	2.23%	0.1%	-0.29%	-0.78%
EBITDA+	51.46M	55.95M	52.09M	46.53M	32.19M	37.71M	47.99M	47.75M	37.39M	21.28M
EBITDA Margin %	0.18%	0.17%	0.15%	0.13%	0.09%	0.12%	0.13%	0.12%	0.1%	0.06%
EBITDA Growth %	0.24%	0.09%	-0.07%	-0.11%	-0.31%	0.17%	0.27%	-0%	-0.22%	-0.43%
D&A (Non-Cash Add-back)	22.24M	23.04M	26.24M	28.4M	33.55M	31.34M	27.38M	25.14M	21.23M	17.76M
EBIT	29.36M	33.05M	26.02M	18.29M	-1.34M	6.38M	20.61M	22.61M	16.16M	3.52M
Net Interest Income+	-2.58M	-1.72M	-1.86M	-2.69M	-3.79M	-1.87M	-656K	-1.58M	-2.16M	-275K
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	2.58M	1.72M	1.86M	2.69M	3.79M	1.87M	656K	1.58M	2.16M	275K
Other Income/Expense	-2.45M	-1.57M	-1.69M	-2.54M	-3.78M	-1.87M	-656K	-1.58M	-2.16M	-275K
Pretax Income+	26.77M	31.34M	24.16M	15.6M	-5.14M	4.5M	19.95M	21.03M	13.99M	3.24M
Pretax Margin %	0.09%	0.1%	0.07%	0.04%	-0.02%	0.01%	0.05%	0.05%	0.04%	0.01%
Income Tax+	11.08M	12.88M	13.34M	5.16M	-674K	-1.53M	5.18M	5.33M	3.92M	921K
Effective Tax Rate %	0.59%	0.59%	0.45%	0.67%	0.87%	1.34%	0.74%	0.75%	0.72%	0.72%
Net Income+	15.7M	18.46M	10.82M	10.44M	-4.46M	6.03M	14.77M	15.7M	10.07M	2.32M
Net Margin %	0.05%	0.06%	0.03%	0.03%	-0.01%	0.02%	0.04%	0.04%	0.03%	0.01%
Net Income Growth %	0.49%	0.18%	-0.41%	-0.03%	-1.43%	2.35%	1.45%	0.06%	-0.36%	-0.77%
Net Income (Continuing)	15.7M	18.46M	10.82M	10.44M	-4.46M	6.03M	14.77M	15.7M	10.07M	2.32M
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)+	0.31	0.36	0.21	0.20	-0.09	0.12	0.29	0.32	0.23	0.05
EPS Growth %	0.48%	0.16%	-0.42%	-0.05%	-1.45%	2.33%	1.42%	0.1%	-0.28%	-0.78%
EPS (Basic)	0.31	0.36	0.21	0.20	-0.09	0.12	0.29	0.32	0.23	0.05
Diluted Shares Outstanding	51.3M	51.88M	51.93M	52.09M	50.62M	50.58M	51.09M	49.25M	43.62M	43.85M
Basic Shares Outstanding	51.16M	51.42M	51.7M	51.91M	50.62M	49.96M	50.39M	48.86M	43.42M	43.71M
Dividend Payout Ratio	-	-	0.96%	1%	-	-	2.23%	-	-	-

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+	87.35M	96.2M	105.56M	130.29M	122.18M	104.65M	127.08M	146.4M	114.56M	119.82M
Cash & Short-Term Investments	10.33M	6.07M	6.62M	5.56M	9.1M	9.62M	9.36M	5.95M	8.62M	20.96M
Cash Only	10.33M	6.07M	6.62M	5.56M	9.1M	9.62M	9.36M	5.95M	8.62M	20.96M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	2.7M	4.08M	8.11M	6.63M	6.46M	11.09M	10.13M	7.27M	3.01M	3.94M
Days Sales Outstanding	3.36	4.6	8.59	6.78	6.93	12.45	9.97	6.72	2.91	4.14
Inventory	69.88M	74.3M	85.26M	110.09M	97.62M	74.3M	97.17M	120.95M	93.68M	86.27M
Days Inventory Outstanding	285.37	278.81	287.14	379.4	341.85	261.93	301.68	325.18	255.01	264.16
Other Current Assets	3.78M	13.43M	11.3M	8.01M	8.99M	9.65M	10.42M	12.23M	9.25M	8.66M
Total Non-Current Assets+	158.08M	169.07M	165.17M	167.34M	277.63M	238.04M	213.68M	199.42M	202.11M	199.78M
Property, Plant & Equipment	135.12M	141.04M	151.41M	158.36M	268.2M	231.41M	205.39M	189.6M	193.41M	192.59M
Fixed Asset Turnover	2.17x	2.30x	2.28x	2.26x	1.27x	1.40x	1.80x	2.08x	1.95x	1.80x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	3.88M	0	0	0	0	0	0	0	0
Other Non-Current Assets	0	6.64M	2.11M	1.76M	2.24M	1.29M	1.34M	3.29M	3.45M	2.3M
Total Assets+	245.44M	265.27M	270.73M	297.63M	399.81M	342.69M	340.76M	345.82M	316.67M	319.6M
Asset Turnover	1.19x	1.22x	1.27x	1.20x	0.85x	0.95x	1.09x	1.14x	1.19x	1.09x
Asset Growth %	-0.03%	0.08%	0.02%	0.1%	0.34%	-0.14%	-0.01%	0.01%	-0.08%	0.01%
Total Current Liabilities+	40.11M	60.19M	62.03M	50.52M	69.85M	76.8M	97.71M	83.29M	78.75M	78.39M
Accounts Payable	14.58M	20.32M	30.77M	25.85M	18.18M	15.38M	30.88M	23.51M	23.34M	23.81M
Days Payables Outstanding	59.56	76.26	103.63	89.09	63.67	54.23	95.88	63.2	63.55	72.9
Short-Term Debt	4.74M	6.29M	8.83M	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	13.89M	26.6M	17.96M	18.59M	10.03M	10.36M	11.83M	12.28M	8.63M	8.07M
Current Ratio	2.18x	1.60x	1.70x	2.58x	1.75x	1.36x	1.30x	1.76x	1.45x	1.53x
Quick Ratio	0.44x	0.36x	0.33x	0.40x	0.35x	0.40x	0.31x	0.31x	0.27x	0.43x
Cash Conversion Cycle	229.18	207.15	192.09	297.09	285.11	220.15	215.77	268.7	194.37	195.4
Total Non-Current Liabilities+	90.13M	66.19M	64.82M	100.77M	199.06M	126.82M	120.82M	153.76M	118.24M	118.3M
Long-Term Debt	51.18M	22.13M	18.18M	53M	63M	0	5M	45.4M	0	0
Capital Lease Obligations	797K	697K	576K	436K	131.72M	122.68M	110.26M	103.35M	112.7M	113.7M
Deferred Tax Liabilities	25.25M	25.84M	17.4M	21.78M	0	0	0	0	0	0
Other Non-Current Liabilities	38.08M	43.36M	46.06M	47.33M	4.34M	4.15M	5.56M	5.01M	5.54M	4.6M
Total Liabilities	130.23M	126.37M	126.85M	151.28M	268.92M	203.63M	218.53M	237.05M	196.99M	196.69M
Total Debt+	52.05M	29.11M	27.59M	53.44M	221.72M	149.9M	143.45M	176.62M	139.96M	142.58M
Net Debt	41.72M	23.04M	20.97M	47.88M	212.61M	140.28M	134.09M	170.67M	131.34M	121.62M
Debt / Equity	0.45x	0.21x	0.19x	0.37x	1.69x	1.08x	1.17x	1.62x	1.17x	1.16x
Debt / EBITDA	1.01x	0.52x	0.53x	1.15x	6.89x	3.97x	2.99x	3.70x	3.74x	6.70x
Net Debt / EBITDA	0.81x	0.41x	0.40x	1.03x	6.61x	3.72x	2.79x	3.57x	3.51x	5.72x
Interest Coverage	11.31x	19.19x	13.92x	6.74x	-0.36x	3.40x	31.42x	14.32x	7.47x	12.79x
Total Equity+	115.2M	138.9M	143.87M	146.35M	130.9M	139.06M	122.22M	108.77M	119.69M	122.91M
Equity Growth %	0.23%	0.21%	0.04%	0.02%	-0.11%	0.06%	-0.12%	-0.11%	0.1%	0.03%
Book Value per Share	2.25	2.68	2.77	2.81	2.59	2.75	2.39	2.21	2.74	2.80
Total Shareholders' Equity	115.2M	138.9M	143.87M	146.35M	130.9M	139.06M	122.22M	108.77M	119.69M	122.91M
Common Stock	5K	5K	5K	5K	5K	5K	5K	4K	4K	4K
Retained Earnings	-64.98M	-47.06M	-36.24M	-25.86M	-25.52M	-19.49M	-4.71M	-19.18M	-9.11M	-6.79M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-11K	-46K	-1K	-56K	-70K	-12K	12K	-52K	-69K	0
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+	60.26M	53.55M	45.69M	18.17M	38.56M	65.6M	39.69M	2.71M	62.06M	27.11M
Operating CF Margin %	0.21%	0.17%	0.13%	0.05%	0.11%	0.2%	0.11%	0.01%	0.16%	0.08%
Operating CF Growth %	0.28%	-0.11%	-0.15%	-0.6%	1.12%	0.7%	-0.39%	-0.93%	21.86%	-0.56%
Net Income	15.7M	18.46M	10.82M	10.44M	-4.46M	6.03M	14.77M	15.7M	10.07M	2.32M
Depreciation & Amortization	22.24M	23.04M	26.24M	28.4M	33.55M	31.34M	27.38M	25.14M	21.23M	17.76M
Stock-Based Compensation	5.54M	4.33M	3.16M	2.67M	2.65M	2.24M	2.27M	1.83M	1.39M	1.34M
Deferred Taxes	5.74M	-395K	9.74M	4.43M	-1.62M	1.85M	-1.61M	417K	1.28M	366K
Other Non-Cash Items	3.43M	3.32M	5.86M	4.15M	-906K	26.65M	25.94M	26.63M	27.11M	27.83M
Working Capital Changes	7.61M	4.79M	-10.12M	-31.91M	9.36M	-2.52M	-29.05M	-67.01M	973K	-22.51M
Change in Receivables	-254K	-448K	33K	-703K	-286K	394K	-226K	-209K	528K	-203K
Change in Inventory	-1.02M	-4.42M	-10.96M	-24.84M	12.47M	23.32M	-22.88M	-23.78M	27.27M	7.41M
Change in Payables	945K	4.2M	12.05M	-8.2M	-4.5M	-3.21M	15.87M	-8.06M	123K	826K
Cash from Investing+	-18.99M	-27.25M	-40.55M	-34.14M	-26.39M	-1.97M	-11.07M	-14.03M	-15.26M	-14.34M
Capital Expenditures	-18.99M	-27.26M	-40.56M	-35.29M	-27M	-1.97M	-11.07M	-14.03M	-15.31M	-14.54M
CapEx % of Revenue	0.06%	0.08%	0.12%	0.1%	0.08%	0.01%	0.03%	0.04%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-18.99M	4K	7K	1.14M	610K	0	0	0	58K	202K
Cash from Financing+	-36.69M	-30.53M	-10.62M	14.93M	-8.62M	-63.33M	-28.9M	9.11M	-45.93M	-503K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	-10.37M	-10.4M	-7.71M	0	-32.95M	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-663K	-2.65M	1.64M	-493K	-256K	-167K	0	-1.11M	4K	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	41.27M	26.3M	5.13M	-17.12M	11.56M	63.63M	28.62M	-11.31M	46.75M	12.57M
FCF Margin %	0.14%	0.08%	0.01%	-0.05%	0.03%	0.2%	0.08%	-0.03%	0.12%	0.04%
FCF Growth %	5.91%	-0.36%	-0.8%	-4.33%	1.68%	4.5%	-0.55%	-1.4%	5.13%	-0.73%
FCF per Share	0.80	0.51	0.10	-0.33	0.23	1.26	0.56	-0.23	1.07	0.29
FCF Conversion (FCF/Net Income)	3.84x	2.90x	4.22x	1.74x	-8.64x	10.88x	2.69x	0.17x	6.16x	11.68x
Interest Paid	2.69M	1.81M	1.82M	2.63M	3.73M	1.98M	632K	1.26M	0	306K
Taxes Paid	22K	15.16M	7.6M	1.51M	471K	1.61M	5.3M	2.23M	0	2.35M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	15.03%	14.53%	7.65%	7.2%	-3.22%	4.47%	11.31%	13.6%	8.82%	1.91%
Return on Invested Capital (ROIC)	13.11%	15.48%	11.86%	7.58%	-0.38%	1.54%	5.77%	6.33%	4.57%	1.06%
Gross Margin	69.49%	70%	68.55%	70.35%	69.38%	68.15%	68.28%	65.6%	64.45%	65.66%
Net Margin	5.36%	5.7%	3.14%	2.92%	-1.31%	1.86%	3.99%	3.98%	2.67%	0.67%
Debt / Equity	0.45x	0.21x	0.19x	0.37x	1.69x	1.08x	1.17x	1.62x	1.17x	1.16x
Interest Coverage	11.31x	19.19x	13.92x	6.74x	-0.36x	3.40x	31.42x	14.32x	7.47x	12.79x
FCF Conversion	3.84x	2.90x	4.22x	1.74x	-8.64x	10.88x	2.69x	0.17x	6.16x	11.68x
Revenue Growth	13.92%	10.64%	6.31%	3.67%	-4.73%	-4.49%	14.04%	6.47%	-4.45%	-7.97%

Frequently Asked Questions

Valuation & Price

Tile Shop Holdings, Inc. (TTSH) has a price-to-earnings (P/E) ratio of 76.0x. This suggests investors expect higher future growth.

Growth & Financials

Tile Shop Holdings, Inc. (TTSH) reported $338.8M in revenue for fiscal year 2024. This represents a 122% increase from $152.7M in 2011.

Tile Shop Holdings, Inc. (TTSH) saw revenue decline by 8.0% over the past year.

Tile Shop Holdings, Inc. (TTSH) reported a net loss of $1.7M for fiscal year 2024.

Dividend & Returns

Tile Shop Holdings, Inc. (TTSH) has a return on equity (ROE) of 1.9%. This is below average, suggesting room for improvement.

Tile Shop Holdings, Inc. (TTSH) had negative free cash flow of $0.8M in fiscal year 2024, likely due to heavy capital investments.

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