Tandy Leather Financials
This page shows Tandy Leather (TLF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Merchandise margins stayed steady, but overhead pressure and non-operating cash movements became the main drivers of reported results.
From FY2023 to FY2025, gross margin stayed in the high-50s even as operating margin slid from5.8% to-1.3% , so the squeeze is happening below the merchandise line rather than in core product economics. FY2025 still showed$9.1M of net income while operating cash flow was-$556K , a sharp gap that points to earnings support outside the year’s normal selling activity.
The balance sheet looks liquid on the surface, with a current ratio above 5.0x even after a weaker operating year. But inventory of
Cash increased to
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Tandy Leather's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Tandy Leather has an operating margin of -1.3%, meaning the company retains $-1 of operating profit per $100 of revenue. This below-average margin results in a low score of 24/100, suggesting thin profitability after operating expenses. This is down from 0.8% the prior year.
Tandy Leather's revenue grew a modest 2.6% year-over-year to $76.3M. This slow but positive growth earns a score of 33/100.
Tandy Leather carries a low D/E ratio of 0.65, meaning only $0.65 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 89/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 5.16, Tandy Leather holds $5.16 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Tandy Leather generated -$556K in operating cash flow, capex of $7.5M consumed most of it, leaving -$8.1M in free cash flow. This results in a low score of 16/100, reflecting heavy capital investment rather than weak cash generation.
Tandy Leather's ROE of 17.3% shows moderate profitability relative to equity, earning a score of 34/100. This is up from 1.5% the prior year.
Tandy Leather passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Tandy Leather generates $-0.06 in operating cash flow (-$556K OCF vs $9.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Tandy Leather earns $-1.7 in operating income for every $1 of interest expense (-$963K vs $552K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Tandy Leather generated $76.3M in revenue in fiscal year 2025. This represents an increase of 2.6% from the prior year.
Tandy Leather's EBITDA was -$63K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 103.4% from the prior year.
Tandy Leather reported $9.1M in net income in fiscal year 2025. This represents an increase of 1000.6% from the prior year.
Tandy Leather earned $1.10 per diluted share (EPS) in fiscal year 2025. This represents an increase of 1122.2% from the prior year.
Cash & Balance Sheet
Tandy Leather generated -$8.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 617.1% from the prior year.
Tandy Leather held $16.1M in cash against $0 in long-term debt as of fiscal year 2025.
Tandy Leather had 8M shares outstanding in fiscal year 2025. This represents a decrease of 5.0% from the prior year.
Margins & Returns
Tandy Leather's gross margin was 57.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.9 percentage points from the prior year.
Tandy Leather's operating margin was -1.3% in fiscal year 2025, reflecting core business profitability. This is down 2.1 percentage points from the prior year.
Tandy Leather's net profit margin was 11.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 10.8 percentage points from the prior year.
Tandy Leather's ROE was 17.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 15.9 percentage points from the prior year.
Capital Allocation
Tandy Leather spent $1.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Tandy Leather invested $7.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 152.7% from the prior year.
TLF Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $19.7M-11.7% | $22.3M+28.9% | $17.3M-2.9% | $17.8M-6.6% | $19.0M-7.0% | $20.5M+18.0% | $17.4M+0.4% | $17.3M |
| Cost of Revenue | $7.7M-24.7% | $10.2M+43.4% | $7.1M-1.5% | $7.2M-13.4% | $8.3M-13.7% | $9.6M+31.5% | $7.3M+0.8% | $7.3M |
| Gross Profit | $12.0M-0.7% | $12.1M+18.8% | $10.2M-3.8% | $10.6M-1.4% | $10.7M-1.2% | $10.8M+8.2% | $10.0M0.0% | $10.0M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $365K+159.5% | -$613K+9.6% | -$678K-1127.3% | $66K-74.8% | $262K+43.2% | $183K+168.5% | -$267K-523.8% | $63K |
| Interest Expense | $86K-5.5% | $91K-7.1% | $98K-43.4% | $173K-8.9% | $190K+192.3% | $65K-23.5% | $85K-12.4% | $97K |
| Income Tax | $146K+128.1% | -$519K-7.9% | -$481K-2631.6% | $19K-99.5% | $4.2M+4875.0% | $84K+264.7% | -$51K-204.1% | $49K |
| Net Income | $222K+123.9% | -$930K+31.2% | -$1.4M-579.4% | -$199K-101.7% | $11.6M+3378.4% | $333K+352.3% | -$132K-230.7% | $101K |
| EPS (Diluted) | $0.03 | N/A | $-0.17-750.0% | $-0.02-101.5% | $1.35 | N/A | $-0.02-300.0% | $0.01 |
TLF Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $81.5M-5.9% | $86.6M+2.5% | $84.5M+10.5% | $76.5M-1.8% | $77.9M+4.0% | $74.9M+2.6% | $73.0M+0.3% | $72.8M |
| Current Assets | $44.9M-11.2% | $50.6M+1.9% | $49.7M-8.8% | $54.5M-8.3% | $59.4M+17.6% | $50.5M+0.3% | $50.4M-0.8% | $50.8M |
| Cash & Equivalents | $10.1M-37.2% | $16.1M+33.9% | $12.0M-26.8% | $16.4M-30.4% | $23.6M+77.8% | $13.3M+32.0% | $10.1M-12.8% | $11.5M |
| Inventory | $33.7M+1.4% | $33.2M-7.5% | $35.9M-0.7% | $36.2M+5.4% | $34.4M-3.4% | $35.6M-6.8% | $38.1M+2.6% | $37.2M |
| Accounts Receivable | $313K-26.4% | $425K+39.8% | $304K-23.6% | $398K+32.2% | $301K-9.1% | $331K-5.7% | $351K-10.9% | $394K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $35.0M+2.9% | $34.0M+9.2% | $31.2M+52.7% | $20.4M-7.7% | $22.1M+24.5% | $17.8M+15.3% | $15.4M+1.1% | $15.3M |
| Current Liabilities | $10.6M+8.3% | $9.8M+3.1% | $9.5M-14.7% | $11.1M-15.5% | $13.2M+33.4% | $9.9M+25.4% | $7.9M-0.4% | $7.9M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $46.5M-11.6% | $52.6M-1.5% | $53.4M-4.9% | $56.1M+0.6% | $55.8M-2.4% | $57.2M-0.8% | $57.6M+0.1% | $57.5M |
| Retained Earnings | $55.0M-9.6% | $60.8M-1.5% | $61.8M-3.8% | $64.2M-0.3% | $64.4M-0.1% | $64.5M+0.5% | $64.2M-0.2% | $64.3M |
TLF Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $906K-81.8% | $5.0M+581.2% | -$1.0M+73.9% | -$4.0M-639.7% | -$536K-111.9% | $4.5M+943.2% | -$535K-4.1% | -$514K |
| Capital Expenditures | $587K-38.0% | $947K-51.0% | $1.9M-41.9% | $3.3M+149.9% | $1.3M+99.3% | $668K-24.7% | $887K+341.3% | $201K |
| Free Cash Flow | $319K-92.1% | $4.0M+235.9% | -$3.0M+59.3% | -$7.3M-290.5% | -$1.9M-148.6% | $3.8M+370.3% | -$1.4M-98.9% | -$715K |
| Investing Cash Flow | -$587K+38.0% | -$947K+51.0% | -$1.9M+41.9% | -$3.3M-114.1% | $23.6M+3627.8% | -$668K+24.7% | -$887K-341.3% | -$201K |
| Financing Cash Flow | -$6.2M-5886.9% | $107K+108.3% | -$1.3M-635.2% | -$176K+98.6% | -$12.7M | $0 | $0 | $0 |
| Dividends Paid | $6.1M | $0 | $0 | $0-100.0% | $12.7M | $0 | $0 | $0 |
| Share Buybacks | N/A | -$107K-108.3% | $1.3M | N/A | N/A | $0 | $0 | N/A |
TLF Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.0%+6.8pp | 54.3%-4.6pp | 58.9%-0.6pp | 59.5%+3.2pp | 56.3%+3.3pp | 52.9%-4.8pp | 57.8%-0.2pp | 58.0% |
| Operating Margin | 1.9%+4.6pp | -2.8%+1.2pp | -3.9%-4.3pp | 0.4%-1.0pp | 1.4%+0.5pp | 0.9%+2.4pp | -1.5%-1.9pp | 0.4% |
| Net Margin | 1.1%+5.3pp | -4.2%+3.6pp | -7.8%-6.7pp | -1.1%-62.0pp | 60.9%+59.2pp | 1.6%+2.4pp | -0.8%-1.3pp | 0.6% |
| Return on Equity | 0.5%+2.2pp | -1.8%+0.8pp | -2.5%-2.2pp | -0.4%-21.1pp | 20.8%+20.2pp | 0.6%+0.8pp | -0.2%-0.4pp | 0.2% |
| Return on Assets | 0.3%+1.3pp | -1.1%+0.5pp | -1.6%-1.3pp | -0.3%-15.1pp | 14.9%+14.4pp | 0.4%+0.6pp | -0.2%-0.3pp | 0.1% |
| Current Ratio | 4.23-0.9 | 5.16-0.1 | 5.22+0.3 | 4.89+0.4 | 4.51-0.6 | 5.11-1.3 | 6.39-0.0 | 6.42 |
| Debt-to-Equity | 0.75+0.1 | 0.65+0.1 | 0.58+0.2 | 0.36-0.0 | 0.40+0.1 | 0.31+0.0 | 0.270.0 | 0.27 |
| FCF Margin | 1.6%-16.5pp | 18.1%+35.3pp | -17.2%+23.8pp | -41.0%-31.2pp | -9.8%-28.6pp | 18.8%+27.0pp | -8.2%-4.1pp | -4.1% |
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Frequently Asked Questions
What is Tandy Leather's annual revenue?
Tandy Leather (TLF) reported $76.3M in total revenue for fiscal year 2025. This represents a 2.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Tandy Leather's revenue growing?
Tandy Leather (TLF) revenue grew by 2.6% year-over-year, from $74.4M to $76.3M in fiscal year 2025.
Is Tandy Leather profitable?
Yes, Tandy Leather (TLF) reported a net income of $9.1M in fiscal year 2025, with a net profit margin of 11.9%.
What is Tandy Leather's EBITDA?
Tandy Leather (TLF) had EBITDA of -$63K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Tandy Leather's gross margin?
Tandy Leather (TLF) had a gross margin of 57.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Tandy Leather's operating margin?
Tandy Leather (TLF) had an operating margin of -1.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Tandy Leather's net profit margin?
Tandy Leather (TLF) had a net profit margin of 11.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Tandy Leather's return on equity (ROE)?
Tandy Leather (TLF) has a return on equity of 17.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Tandy Leather's free cash flow?
Tandy Leather (TLF) generated -$8.1M in free cash flow during fiscal year 2025. This represents a -617.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Tandy Leather's operating cash flow?
Tandy Leather (TLF) generated -$556K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Tandy Leather's total assets?
Tandy Leather (TLF) had $86.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Tandy Leather's capital expenditures?
Tandy Leather (TLF) invested $7.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Tandy Leather's current ratio?
Tandy Leather (TLF) had a current ratio of 5.16 as of fiscal year 2025, which is generally considered healthy.
What is Tandy Leather's debt-to-equity ratio?
Tandy Leather (TLF) had a debt-to-equity ratio of 0.65 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Tandy Leather's return on assets (ROA)?
Tandy Leather (TLF) had a return on assets of 10.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Tandy Leather's cash runway?
Based on fiscal year 2025 data, Tandy Leather (TLF) had $16.1M in cash against an annual operating cash burn of $556K. This gives an estimated cash runway of approximately 347 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Tandy Leather's Piotroski F-Score?
Tandy Leather (TLF) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Tandy Leather's earnings high quality?
Tandy Leather (TLF) has an earnings quality ratio of -0.06x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Tandy Leather cover its interest payments?
Tandy Leather (TLF) has an interest coverage ratio of -1.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Tandy Leather?
Tandy Leather (TLF) scores 49 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.