TLF

MKT CAP:$19M

Tandy Leather Factory, Inc.

Market Cap

$19M

Consumer Cyclical·Specialty Retail·🇺🇸 United States·NASDAQ

Consumer Cyc.·Specialty Retail·🇺🇸·NASDAQ

Stock Price

$2.35-$0.36 (-13.28%)

Apr 23, 2026

Company Details

Tandy 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 workb...

CEO

Johan Hedberg

IPO Date

Sep 27, 1993

Website

www.tandyleather.com

Key Metrics TTM

Revenue

$75M

-0.4% YoY

Net Income

$13M

EPS (Diluted)

$1.47

Free Cash Flow

-$7M

Revenue / Share

$8.79

Gross Margin

56.5%

Operating Margin

0.3%

Net Margin

17.0%

FCF Margin

-9.0%

P/S

0.3x

P/E

1.5x

Earnings Reports

FY 2025

Feb 24, 2026

$76M+2.6%EPS $1.10

Q2 2025

Aug 11, 2025

$18M+2.8%EPS -$0.02

Q1 2025

May 12, 2025

$19M-1.2%EPS $1.47

FY 2024

Feb 26, 2025

$74M-2.4%EPS $0.09

Q4 2024

Feb 26, 2025

$20M-1.8%EPS $0.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$19M	$11M	$11.0K
Q4 21	$23M	$12M	$600.0K
Q1 22	$21M	$12M	$829.0K
Q2 22	$18M	$11M	-$737.0K
Q3 22	$19M	$12M	$976.0K
Q4 22	$22M	$12M	$319.0K
Q1 23	$20M	$12M	$981.0K
Q2 23	$17M	$11M	$790.0K
Q3 23	$18M	$11M	$880.0K
Q4 23	$21M	$10M	$2M
Q1 24	$19M	$11M	$649.0K
Q2 24	$17M	$10M	$63.0K
Q3 24	$17M	$10M	-$267.0K
Q4 24	$20M	$11M	$183.0K
Q1 25	$19M	$11M	$262.0K
Q2 25	$18M	$11M	$66.0K

Valuation

Quarter	P/S	P/E
Q3 21	0.2x	21.9x
Q4 21	0.2x	14.0x
Q1 22	0.2x	15.1x
Q2 22	0.2x	151.1x
Q3 22	0.2x	21.9x
Q4 22	0.2x	15.4x
Q1 23	0.2x	15.2x
Q2 23	0.2x	8.0x
Q3 23	0.2x	8.3x
Q4 23	0.2x	5.0x
Q1 24	0.3x	5.2x
Q2 24	0.3x	5.9x
Q3 24	0.3x	7.8x
Q4 24	0.3x	22.9x
Q1 25	0.3x	1.5x
Q2 25	0.3x	1.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$733.0K	$422.0K
Q4 21	$6M	$5M
Q1 22	$277.0K	$113.0K
Q2 22	-$2M	-$2M
Q3 22	-$2M	-$3M
Q4 22	$5M	$5M
Q1 23	$797.0K	$710.0K
Q2 23	$2M	$1M
Q3 23	-$1M	-$1M
Q4 23	$3M	$3M
Q1 24	$1M	-$141.0K
Q2 24	-$514.0K	-$715.0K
Q3 24	-$535.0K	-$1M
Q4 24	$5M	$4M
Q1 25	-$536.0K	-$2M
Q2 25	-$4M	-$7M

Capital Expenditures

Quarter	CapEx
Q3 21	$311.0K
Q4 21	$478.0K
Q1 22	$164.0K
Q2 22	$290.0K
Q3 22	$371.0K
Q4 22	$190.0K
Q1 23	$87.0K
Q2 23	$87.0K
Q3 23	$160.0K
Q4 23	$242.0K
Q1 24	$1M
Q2 24	$201.0K
Q3 24	$887.0K
Q4 24	$668.0K
Q1 25	$1M
Q2 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+20.6%	+11.8%
Q4 21	+7.4%	+2.5%
Q1 22	-4.2%	-3.7%
Q2 22	-0.8%	+7.3%
Q3 22	-1.2%	-6.2%
Q4 22	-4.5%	-3.4%
Q1 23	-0.7%	-1.5%
Q2 23	-5.0%	-12.8%
Q3 23	-7.9%	-7.8%
Q4 23	-6.8%	-13.4%
Q1 24	-5.3%	-3.9%
Q2 24	-1.1%	+3.2%
Q3 24	-1.1%	+5.7%
Q4 24	-1.8%	+6.3%
Q1 25	-1.2%	+0.8%
Q2 25	+2.8%	+2.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$206.0K	1.1%
Q4 21	$204.0K	0.9%
Q1 22	$340.0K	1.7%
Q2 22	$225.0K	1.2%
Q3 22	$248.0K	1.3%
Q4 22	$247.0K	1.1%
Q1 23	$228.0K	1.1%
Q2 23	$219.0K	1.3%
Q3 23	$209.0K	1.2%
Q4 23	$114.0K	0.5%
Q1 24	$197.0K	1.0%
Q2 24	$157.0K	0.9%
Q3 24	$180.0K	1.0%
Q4 24	$14.0K	0.1%
Q1 25	$93.0K	0.5%
Q2 25	$118.0K	0.7%

OpEx Breakdown

Quarter	G&A	S&M
Q4 21	$6M	$4M
Q4 23	$4M	$4M
Q4 24	$5M	$5M

Revenue by Geography

Quarter	Canada	Other Countries Member	United States
Q2 25	$2M	$222.0K	$16M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$10M	$0	$10M
Q2 22	$6M	$0	$6M
Q3 22	$3M	$0	$3M
Q4 22	$8M	$0	$8M
Q1 23	$9M	$0	$9M
Q2 23	$10M	$0	$10M
Q3 23	$9M	$0	$9M
Q4 23	$12M	$0	$12M
Q1 24	$12M	$0	$12M
Q2 24	$12M	$0	$12M
Q3 24	$10M	$0	$10M
Q4 24	$13M	$0	$13M
Q1 25	$24M	$0	$24M
Q2 25	$16M	$0	$16M
Q3 25	$12M	$0	$12M
Q4 25	$16M	$0	$16M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	9M	-0.1%	-4.2%
Q4 21	9M	-1.0%	-2.6%
Q1 22	9M	0.0%	-2.6%
Q2 22	8M	-3.5%	-4.5%
Q3 22	8M	-0.1%	-4.5%
Q4 22	8M	+0.7%	-2.9%
Q1 23	8M	+0.3%	-2.6%
Q2 23	8M	+0.1%	+1.1%
Q3 23	8M	+0.5%	+1.6%
Q4 23	8M	+0.2%	+1.1%
Q1 24	9M	+0.9%	+1.7%
Q2 24	9M	+0.1%	+1.7%
Q3 24	9M	+0.1%	+1.3%
Q4 24	8M	-0.2%	+0.9%
Q1 25	9M	+1.2%	+1.1%
Q2 25	8M	-1.2%	-0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	—	—
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	$37.0K	605
Q1 23	$33.7K	605
Q2 23	$28.9K	605
Q3 23	$29.0K	605
Q4 23	$40.5K	515
Q1 24	$37.4K	515
Q2 24	$33.6K	515
Q3 24	$33.7K	515
Q4 24	$37.8K	542
Q1 25	$35.1K	542
Q2 25	$32.8K	542

Revenue / Employee