TTSH

MKT CAP:$132M

Tile Shop Holdings, Inc.

Market Cap

$132M

Consumer Cyclical·Home Improvement·🇺🇸 United States·NASDAQ

Consumer Cyc.·Home Improvement·🇺🇸·NASDAQ

Stock Price

$3.00-$0.65 (-17.81%)

Apr 23, 2026

Company Details

Tile Shop Holdings, Inc. operates as a specialty retailer of man-made and natural stone tiles, setting and maintenance materials, and related accessories in the United States. The company offers natural stone products, including marble, tra...

CEO

Cabell H. Lolmaugh

IPO Date

Aug 22, 2012

Website

www.tileshop.com

Key Metrics TTM

Revenue

$339M

-3.8% YoY

Net Income

-$2M

EPS (Diluted)

-$0.04

Free Cash Flow

-$849.0K

Revenue / Share

$7.71

Gross Margin

63.3%

Operating Margin

-0.7%

Net Margin

-0.5%

FCF Margin

-0.3%

P/S

0.4x

P/E

—

Earnings Reports

Q4 2025

May 7, 2026

PENDING

Q3 2025

Nov 4, 2025

$83M-1.7%EPS -$0.04

Q2 2025

Aug 7, 2025

$88M-3.4%EPS $0.01

Q1 2025

May 8, 2025

$88M-4.1%EPS $0.00

FY 2024

Feb 27, 2025

$347M-8.0%EPS $0.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$90M	$60M	$3M
Q1 22	$102M	$67M	$5M
Q2 22	$108M	$71M	$10M
Q3 22	$97M	$65M	$6M
Q4 22	$87M	$56M	$3M
Q1 23	$102M	$66M	$4M
Q2 23	$99M	$63M	$8M
Q3 23	$92M	$60M	$3M
Q4 23	$84M	$55M	$1M
Q1 24	$92M	$60M	$2M
Q2 24	$91M	$60M	$2M
Q3 24	$85M	$56M	$250.0K
Q4 24	$79M	$51M	-$867.0K
Q1 25	$88M	$58M	$183.0K
Q2 25	$88M	$57M	$440.0K
Q3 25	$83M	$49M	-$2M

Valuation

Quarter	P/S	P/E
Q4 21	1.0x	24.2x
Q1 22	0.9x	26.5x
Q2 22	0.4x	11.9x
Q3 22	0.4x	10.4x
Q4 22	0.5x	12.7x
Q1 23	0.5x	13.6x
Q2 23	0.6x	18.8x
Q3 23	0.6x	21.9x
Q4 23	0.8x	30.0x
Q1 24	0.8x	32.9x
Q2 24	0.8x	56.0x
Q3 24	0.8x	80.3x
Q4 24	0.9x	129.1x
Q1 25	0.8x	353.0x
Q2 25	0.8x	—
Q3 25	0.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$5M	-$7M
Q1 22	$8M	$5M
Q2 22	$2M	-$3M
Q3 22	-$2M	-$5M
Q4 22	-$4M	-$8M
Q1 23	$26M	$22M
Q2 23	$16M	$11M
Q3 23	$15M	$12M
Q4 23	$6M	$2M
Q1 24	$19M	$16M
Q2 24	$5M	$1M
Q3 24	$5M	-$445.0K
Q4 24	-$1M	-$4M
Q1 25	$10M	$6M
Q2 25	$3M	$645.0K
Q3 25	-$2M	-$4M

Capital Expenditures

Quarter	CapEx
Q4 21	$2M
Q1 22	$3M
Q2 22	$4M
Q3 22	$3M
Q4 22	$4M
Q1 23	$3M
Q2 23	$5M
Q3 23	$3M
Q4 23	$4M
Q1 24	$3M
Q2 24	$4M
Q3 24	$6M
Q4 24	$3M
Q1 25	$4M
Q2 25	$3M
Q3 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+10.6%	+10.6%
Q1 22	+11.3%	+14.7%
Q2 22	+11.9%	+10.4%
Q3 22	+5.3%	+2.9%
Q4 22	-3.0%	-2.7%
Q1 23	-0.4%	+0.2%
Q2 23	-8.4%	-7.2%
Q3 23	-5.2%	-2.6%
Q4 23	-3.4%	-2.2%
Q1 24	-10.1%	-8.6%
Q2 24	-7.3%	-1.4%
Q3 24	-8.3%	-5.6%
Q4 24	-5.9%	-3.2%
Q1 25	-4.1%	-1.8%
Q2 25	-3.4%	-1.9%
Q3 25	-1.7%	+0.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$407.0K	0.5%
Q1 22	$492.0K	0.5%
Q2 22	$562.0K	0.5%
Q3 22	$563.0K	0.6%
Q4 22	$215.0K	0.2%
Q1 23	$405.0K	0.4%
Q2 23	$301.0K	0.3%
Q3 23	$366.0K	0.4%
Q4 23	$320.0K	0.4%
Q1 24	$392.0K	0.4%
Q2 24	$300.0K	0.3%
Q3 24	$336.0K	0.4%
Q4 24	$330.0K	0.4%
Q1 25	$378.0K	0.4%
Q2 25	$307.0K	0.3%
Q3 25	$296.0K	0.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 21	$2M	$51M	$6M	—
Q1 22	—	—	—	$62M
Q2 22	—	—	—	$61M
Q3 22	—	—	—	$59M
Q4 22	$2M	$45M	$8M	—
Q1 23	—	—	—	$61M
Q2 23	—	—	—	$56M
Q3 23	—	—	—	$57M
Q4 23	$2M	$44M	$9M	—
Q1 24	—	—	—	$58M
Q2 24	—	—	—	$58M
Q3 24	—	—	—	$56M
Q4 24	$2M	$44M	$8M	—
Q1 25	—	—	—	$58M
Q2 25	—	—	—	$56M
Q3 25	—	—	—	$51M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$13M	$0	$13M
Q2 22	$11M	$0	$11M
Q3 22	$12M	$0	$12M
Q4 22	$6M	$0	$6M
Q1 23	$9M	$0	$9M
Q2 23	$15M	$0	$15M
Q3 23	$16M	$0	$16M
Q4 23	$9M	$0	$9M
Q1 24	$24M	$0	$24M
Q2 24	$25M	$0	$25M
Q3 24	$25M	$0	$25M
Q4 24	$21M	$0	$21M
Q1 25	$27M	$0	$27M
Q2 25	$28M	$0	$28M
Q3 25	$24M	$0	$24M
Q4 25	$10M	$0	$10M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	51M	+0.1%	+0.9%
Q1 22	51M	-0.6%	+0.2%
Q2 22	51M	+0.2%	-0.2%
Q3 22	51M	-1.0%	-1.3%
Q4 22	44M	-13.6%	-14.8%
Q1 23	44M	-0.7%	-15.0%
Q2 23	44M	-0.0%	-15.1%
Q3 23	44M	+0.5%	-13.8%
Q4 23	44M	-0.1%	-0.4%
Q1 24	44M	+0.1%	+0.5%
Q2 24	44M	+0.1%	+0.6%
Q3 24	44M	+0.3%	+0.4%
Q4 24	44M	-0.2%	+0.3%
Q1 25	44M	+0.3%	+0.5%
Q2 25	44M	-0.1%	+0.3%
Q3 25	44M	+0.2%	+0.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$67.2K	1K
Q1 22	$76.3K	1K
Q2 22	$80.1K	1K
Q3 22	$72.3K	1K
Q4 22	$63.1K	1K
Q1 23	$73.6K	1K
Q2 23	$71.1K	1K
Q3 23	$66.4K	1K
Q4 23	$64.6K	1K
Q1 24	$70.1K	1K
Q2 24	$69.9K	1K
Q3 24	$64.6K	1K
Q4 24	$61.5K	1K
Q1 25	$68.2K	1K
Q2 25	$68.4K	1K
Q3 25	$64.3K	1K

Revenue / Employee