TANDY LEATHER FACTORY INC TLF
(including, but not limited to, statements to the effect that Tandy Leather Factory, Inc. ("TLF") or its management "anticipates," "plans," "estimates," "expects," "believes," "intends," and other similar expressions) that are not statements of
management's current plans, expectations, estimates, assumptions and beliefs concerning future events impacting us and should be read carefully because they involve risks and uncertainties. We assume no obligation to update or otherwise revise these
those discussed below and elsewhere in this Form 10-K and particularly in "Item 1A. Risk Factors" and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations." Unless the context otherwise indicates, references
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $76.3M | $74.4M | $76.2M | $80.3M | $82.7M | $64.1M | $74.9M | $83.2M | $82.4M | $82.9M |
| Cost of revenue | $32.8M | $32.6M | $31.1M | $33.8M | $35.7M | $28.0M | $33.0M | $32.3M | $33.3M | $31.2M |
| Gross profit | $43.5M | $41.8M | $45.2M | $46.5M | $47.0M | $36.1M | $42.0M | $50.9M | $49.1M | $51.7M |
| Total operating expenses | — | — | — | — | — | — | — | $46.8M | $44.9M | $41.4M |
| Operating income | -$963.0K | $628.0K | $4.4M | $1.4M | $2.3M | -$6.3M | -$2.6M | $6.0M | $6.4M | $10.3M |
| Interest expense | $552.0K | $331.0K | $93.0K | $9.0K | $16.0K | $7.0K | $36.0K | $305.0K | $205.6K | $155.2K |
| Pre-tax income | $12.3M | $1.1M | $4.5M | $1.4M | $2.2M | -$6.3M | -$2.6M | $6.2M | $6.3M | $10.2M |
| Income tax | $3.2M | $264.0K | $777.0K | $181.0K | $839.0K | $1.4M | $690.0K | $1.8M | $3.9M | $3.8M |
| Net income | $9.1M | $827.0K | $3.8M | $1.2M | $1.4M | -$4.9M | -$1.9M | $4.4M | $2.5M | $6.4M |
| EPS, basic | 1.11 | 0.10 | 0.45 | 0.15 | 0.16 | -0.54 | -0.21 | 0.48 | 0.27 | 0.69 |
| EPS, diluted | 1.10 | 0.09 | 0.45 | 0.15 | 0.16 | -0.54 | -0.21 | 0.48 | 0.27 | 0.69 |
| Shares, diluted (wtd. avg.) | $8.3M | $8.8M | $8.4M | $8.4M | $8.7M | $9.1M | $9.0M | $9.2M | $9.2M | $9.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $16.1M | $13.3M | $12.2M | $8.0M | $10.2M | $10.3M | $15.9M | $24.1M | $18.1M | $16.9M |
| Receivables | $425.0K | $331.0K | $300.0K | $400.0K | $600.0K | $400.0K | $409.0K | $496.3K | $461.2K | $561.0K |
| Inventory | $33.2M | $35.6M | $38.0M | $38.2M | $38.1M | $36.8M | $24.0M | $35.1M | $34.5M | $33.2M |
| Total current assets | $50.6M | $50.5M | $51.3M | $47.3M | $50.4M | $51.0M | $52.5M | $56.2M | $54.8M | $53.3M |
| Property, plant and equipment | $10.2M | $12.3M | $10.5M | $11.2M | $11.8M | $12.4M | $12.9M | $15.0M | $15.6M | $15.7M |
| Goodwill | — | — | — | — | — | — | $0 | $958.5K | $962.9K | $956.2K |
| Other intangibles | — | — | — | $5.0K | $6.0K | $6.0K | $7.0K | $18.1K | $19.2K | $20.8K |
| Total assets | $86.6M | $74.9M | $72.1M | $68.6M | $73.1M | $75.7M | $80.1M | $73.8M | $72.9M | $70.7M |
| Accounts payable | — | — | — | — | $4.8M | $5.7M | $5.8M | $3.1M | $2.4M | $1.6M |
| Short-term debt | — | — | — | $0 | $79.0K | $0 | $0 | $1.7M | $614.3K | $614.3K |
| Total current liabilities | $9.8M | $9.9M | $8.9M | $8.9M | $12.2M | $12.9M | $12.2M | $8.1M | $8.4M | $8.2M |
| Long-term debt | — | — | — | $0 | $336.0K | $446.0K | $0 | $6.6M | $6.8M | $6.8M |
| Retained earnings | $60.8M | $64.5M | $63.7M | $59.9M | $58.7M | $57.3M | $62.2M | $62.8M | $60.1M | $59.5M |
| Total equity | $52.6M | $57.2M | $56.3M | $51.5M | $51.5M | $52.2M | $56.4M | $58.3M | $55.9M | $52.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$556.0K | $4.5M | $4.5M | $1.2M | $3.7M | -$12.5M | $10.5M | $7.8M | $2.5M | $7.7M |
| Depreciation and amortisation | $900.0K | $1.2M | $1.2M | $1.2M | $1.1M | $1.0M | $1.7M | $1.8M | $1.9M | $1.7M |
| Stock-based compensation | $484.0K | $548.0K | $770.0K | $1.1M | $797.0K | $887.0K | $770.0K | $327.6K | $239.6K | $199.9K |
| Capital expenditure | $7.5M | $3.0M | $576.0K | $635.0K | $1.0M | $1.3M | $269.0K | $1.1M | $1.7M | $1.7M |
| Investing cash flow | $17.4M | -$3.0M | -$576.0K | -$625.0K | -$1.0M | $6.3M | -$9.2M | -$1.1M | -$1.7M | -$1.5M |
| Financing cash flow | -$14.1M | -$1.0K | -$26.0K | -$2.2M | -$2.8M | $416.0K | -$9.7M | -$57.0K | $150.7K | -$94.5K |
| Dividends paid | $12.7M | $0 | — | — | — | — | — | — | — | — |
| Buybacks | $1.4M | $0 | $11.0K | $1.8M | $2.7M | $0 | $735.0K | $1.7M | $0 | $3.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-016857.
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