Latest Ratios: P/E Ratio 2.1x · EV/EBITDA 5.9x · ROE 16.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $19M | $23M | $42M | $36M | $36M | $45M | $29M | $51M | $52M | $72M | $75M |
| Enterprise Value | $31M | $34M | $40M | $33M | $38M | $46M | $32M | $50M | $37M | $61M | $66M |
| P/E Ratio → | 2.15 | 2.49 | 50.85 | 9.47 | 28.33 | 32.19 | — | — | 27.05 | 28.70 | 11.74 |
| P/S Ratio | 0.25 | 0.30 | 0.57 | 0.47 | 0.44 | 0.54 | 0.45 | 0.68 | 0.63 | 0.87 | 0.91 |
| P/B Ratio | 0.37 | 0.43 | 0.74 | 0.63 | 0.69 | 0.87 | 0.56 | 0.91 | 0.88 | 1.20 | 1.41 |
| P/FCF | — | — | 26.88 | 9.00 | 68.74 | 16.54 | — | 5.02 | 9.07 | 53.80 | 12.92 |
| P/OCF | — | — | 9.25 | 7.86 | 30.92 | 12.09 | — | 4.89 | 7.62 | 23.71 | 10.01 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.44 | 0.53 | 0.43 | 0.47 | 0.56 | 0.50 | 0.66 | 0.45 | 0.74 | 0.80 |
| EV / EBITDA | 5.87 | 6.53 | 7.38 | 3.64 | 14.70 | 13.63 | — | — | 6.61 | 6.66 | 5.50 |
| EV / EBIT | — | 2.76 | 63.00 | 7.47 | 23.30 | 13.07 | — | — | 5.71 | 8.24 | 6.38 |
| EV / FCF | — | — | 25.28 | 8.31 | 73.35 | 17.10 | — | 4.88 | 6.45 | 45.56 | 11.31 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.0% | 57.0% | 56.2% | 59.2% | 57.9% | 56.9% | 56.3% | 56.0% | 60.9% | 63.3% | 62.4% |
| Operating Margin | -1.3% | -1.3% | 0.8% | 5.8% | 1.7% | 2.8% | -9.9% | -3.5% | 4.6% | 8.8% | 12.4% |
| Net Profit Margin | 11.9% | 11.9% | 1.1% | 4.9% | 1.5% | 1.6% | -7.6% | -2.5% | 2.4% | 5.4% | 7.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.6% | 16.6% | 1.5% | 7.0% | 2.4% | 2.6% | -9.0% | -3.3% | 3.3% | 7.9% | 12.2% |
| ROA | 11.3% | 11.3% | 1.1% | 5.4% | 1.7% | 1.8% | -6.3% | -2.4% | 2.6% | 6.1% | 9.5% |
| ROIC | -1.2% | -1.2% | 0.9% | 6.2% | 1.9% | 3.2% | -8.6% | -3.9% | 6.2% | 11.7% | 17.5% |
| ROCE | -1.4% | -1.4% | 1.0% | 7.2% | 2.3% | 3.7% | -9.7% | -3.8% | 5.6% | 11.1% | 17.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.52 | 0.52 | 0.19 | 0.17 | 0.20 | 0.23 | 0.25 | 0.26 | 0.15 | 0.12 | 0.14 |
| Debt / EBITDA | 5.27 | 5.27 | 2.01 | 1.04 | 4.00 | 3.43 | — | — | 1.59 | 0.81 | 0.62 |
| Net Debt / Equity | — | 0.21 | -0.04 | -0.05 | 0.05 | 0.03 | 0.06 | -0.03 | -0.25 | -0.18 | -0.18 |
| Net Debt / EBITDA | 2.17 | 2.17 | -0.47 | -0.30 | 0.92 | 0.44 | — | — | -2.68 | -1.20 | -0.78 |
| Debt / FCF | — | — | -1.60 | -0.69 | 4.61 | 0.56 | — | -0.14 | -2.62 | -8.23 | -1.61 |
| Interest Coverage | — | — | — | — | — | 222.00 | -185.00 | -1.19 | 21.37 | 35.85 | 66.74 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.16 | 5.16 | 5.11 | 5.74 | 5.33 | 4.13 | 3.95 | 4.29 | 8.71 | 8.28 | 6.47 |
| Quick Ratio | 1.77 | 1.77 | 1.52 | 1.48 | 1.02 | 1.01 | 1.10 | 2.33 | 3.81 | 2.94 | 2.44 |
| Cash Ratio | 1.64 | 1.64 | 1.34 | 1.36 | 0.90 | 0.83 | 0.80 | 2.05 | 3.49 | 2.63 | 2.04 |
| Asset Turnover | — | 0.88 | 0.99 | 1.06 | 1.17 | 1.13 | 0.84 | 0.94 | 1.09 | 1.10 | 1.17 |
| Inventory Turnover | 0.99 | 0.99 | 0.92 | 0.82 | 0.89 | 0.94 | 0.76 | 1.37 | 0.96 | 0.81 | 0.94 |
| Days Sales Outstanding | — | 2.03 | 3.51 | 2.45 | 3.05 | 7.00 | 17.67 | 1.99 | 1.79 | 2.04 | 2.47 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 65.3% | 56.3% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 140.0% | 140.0% | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 46.6% | 40.1% | 2.0% | 10.6% | 3.5% | 3.1% | — | — | 3.7% | 3.5% | 8.5% |
| FCF Yield | — | — | 3.7% | 11.1% | 1.5% | 6.0% | — | 19.9% | 11.0% | 1.9% | 7.7% |
| Buyback Yield | 7.1% | 6.0% | 0.0% | 0.0% | 5.0% | 6.2% | 0.0% | 1.4% | 3.2% | 0.0% | 4.9% |
| Total Shareholder Yield | 72.4% | 62.3% | 0.0% | 0.0% | 5.0% | 6.2% | 0.0% | 1.4% | 3.2% | 0.0% | 4.9% |
| Shares Outstanding | — | $8M | $9M | $8M | $8M | $9M | $9M | $9M | $9M | $9M | $9M |
High fixed cost retail
According to current market data, TLF trades at a P/S ratio of 0.25 and a P/B of 0.37, suggesting that investors are pricing the company closer to a liquidation scenario than a going-concern growth entity, despite its established niche in the specialty leathercraft market.
The extremely low valuation multiples indicate that the market is heavily discounting the company's future earnings potential due to the persistent negative operating margins. Investors appear to be valuing the tangible asset base and cash reserves while assigning negligible value to the retail store network's ability to generate sustainable long-term growth.
Based on reported figures, ROIC has struggled to maintain positive territory, fluctuating between -0.9% and 2.4% over the last ten quarters, which indicates that the company is failing to generate returns on invested capital that exceed its cost of capital in its current configuration.
The inability to consistently compound capital suggests that the heavy investment in physical retail infrastructure is not yielding the necessary sales density to drive profitability. This trend warrants further investigation into whether the company's capital allocation strategy is overly focused on maintaining a legacy footprint rather than pivoting toward higher-margin B2B channels.
As reported in financial statements, the cash conversion cycle has remained elevated, often exceeding 300 days, primarily driven by a high days inventory outstanding (DIO) that frequently surpasses 400 days, reflecting significant challenges in managing inventory turnover within the specialty retail segment.
The prolonged inventory holding period suggests that the company may be carrying excessive stock or struggling with product obsolescence, which ties up liquidity and increases the risk of future write-downs. This inefficiency in working capital management is a primary drag on the company's overall operational performance and cash flow generation.
Data from recent filings shows a debt-to-equity ratio of 0.60, which remains relatively low compared to broader retail peers, yet the company's inability to maintain consistent interest coverage suggests that even modest debt levels could become a burden if operating performance does not improve.
While the balance sheet appears healthy on the surface, the lack of consistent operating income means that the company has little margin for error in servicing its obligations. Investors should monitor whether the recent increase in debt is being deployed effectively to improve store-level productivity or if it is merely serving as a stopgap for operational cash burn.
The P/E ratio of 2.15 is frequently misapplied to TLF, as it obscures the fact that the company's net income is often bolstered by non-operating items rather than core retail profitability, making it a poor indicator of the company's true earning power.
Analysts should instead focus on EV/Sales or EV/EBITDA to better understand the valuation of the underlying business operations, as these metrics strip away the distortions caused by non-recurring income. Relying on P/E in this context may lead to a false sense of value, as the headline earnings do not reflect the structural challenges of the retail store footprint.
Includes 30+ ratios · 30 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TLF stock.
Tandy Leather Factory, Inc.'s current P/E ratio is 2.1x. The historical average is 17.6x.
Tandy Leather Factory, Inc.'s current EV/EBITDA is 5.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.9x.
Tandy Leather Factory, Inc.'s return on equity (ROE) is 16.6%. The historical average is 8.9%.
Based on historical data, Tandy Leather Factory, Inc. is trading at a P/E of 2.1x. Compare with industry peers and growth rates for a complete picture.
Tandy Leather Factory, Inc.'s current dividend yield is 65.35% with a payout ratio of 140.0%.
Tandy Leather Factory, Inc. has 57.0% gross margin and -1.3% operating margin.
Tandy Leather Factory, Inc.'s Debt/EBITDA ratio is 5.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.