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TLF

Tandy Leather Factory, Inc.

TLF

Tandy Leather Factory, Inc. • NASDAQ
$2.73 ▲ 1.49% (+0.04)
Market Cap $23.12 M
52w High $5.48
52w Low $2.56
Dividend Yield 1.50%
P/E 2.26
Volume 8.32K
Outstanding Shares 8.47M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $17.264M ▼ $10.848M ▲ $-1.352M ▼ -7.831% ▼ $-0.17 ▼ $-243K ▼
Q2-2025 $17.773M ▼ $10.507M ▲ $-199K ▼ -1.12% ▼ $-0.02 ▼ $1.537M ▼
Q1-2025 $19.036M ▼ $10.456M ▼ $12.676M ▲ 66.59% ▲ $1.49 ▲ $1.548M ▲
Q4-2024 $20.478M ▲ $10.661M ▲ $332K ▲ 1.621% ▲ $0.039 ▲ $439K ▼
Q3-2024 $17.351M $10.289M $-132K -0.761% $-0.016 $899K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $12.018M ▼ $84.542M ▲ $31.164M ▲ $53.378M ▼
Q2-2025 $16.419M ▼ $76.542M ▼ $19.317M ▼ $57.225M ▲
Q1-2025 $23.594M ▲ $77.916M ▲ $21.027M ▲ $56.889M ▼
Q4-2024 $13.271M ▲ $74.924M ▲ $17.771M ▲ $57.153M ▼
Q3-2024 $10.055M $73.037M $15.419M $57.618M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-2.445M ▼ $-1.035M ▲ $-1.933M ▲ $-1.294M ▼ $-4.401M ▲ $-2.968M ▲
Q2-2025 $-199K ▼ $-3.965M ▼ $-3.326M ▼ $-176K ▲ $-7.175M ▼ $-7.291M ▼
Q1-2025 $12.676M ▲ $-536K ▼ $23.566M ▲ $-12.745M ▼ $10.323M ▲ $-1.867M ▼
Q4-2024 $332K ▲ $4.511M ▲ $-668K ▲ $0 $3.216M ▲ $3.843M ▲
Q3-2024 $-131K $-535K $-887K $0 $-1.476M $-1.422M

Five-Year Company Overview

Income Statement

Income Statement Tandy Leather’s sales over the last several years have been fairly flat, without clear, sustained growth. The company usually stays close to break-even at the operating and net income level, which suggests very thin profitability and limited room for error. There was a notable improvement coming out of the pandemic period, but recent results still look more like stabilization than strong momentum. Overall, the income statement points to a business that is surviving and occasionally profitable, but not yet demonstrating consistent, durable earnings strength.

Balance Sheet

Balance Sheet The balance sheet looks relatively stable and simple. Total assets have held steady, with cash and debt both modest and not changing dramatically over time. Equity has inched up, which hints at gradual rebuilding of the company’s financial base rather than aggressive borrowing. This profile suggests a cautious approach to leverage, but it also implies the company does not have a large cash cushion or excess capital to deploy, so flexibility is there but not abundant.

Cash Flow

Cash Flow Cash generation from the core business has hovered around break-even in recent years, with free cash flow also close to zero after modest investment needs. Compared with the pandemic period, this is an improvement, but the business is not yet clearly throwing off strong, reliable surplus cash. Limited capital spending keeps cash demands low, yet the lack of strong operating cash flow underscores how tight the underlying economics are. Any downturn in sales or margin pressure can quickly show up in weaker cash flow.

Competitive Edge

Competitive Edge Tandy Leather occupies a specialized niche as a dedicated leathercraft retailer, with a long-standing brand, deep community roots, and the largest physical store network in this craft-focused segment. Its stores double as education and community hubs, which creates loyalty and makes it harder for general craft chains or pure online players to fully copy the experience. At the same time, the business operates in a cyclical consumer category and faces ongoing competition from broader e-commerce platforms and alternative hobby spending. Its advantage is depth and community; its challenge is scale and the overall size and volatility of the niche.

Innovation and R&D

Innovation and R&D The company’s innovation is more about format and customer experience than about heavy technology or research spending. Moving its e-commerce onto a modern platform and pushing a more cohesive digital presence are important catch-up steps rather than cutting-edge moves. The new flagship concept, focused on “make and take” projects and experiential retail, is a notable attempt to refresh the brand and attract new crafters. However, prior comments about outdated internal systems and limited visibility into broader technology upgrades suggest that back-end modernization may still be a work in progress, which could affect efficiency and scalability over time.

Summary

Overall, Tandy Leather looks like a specialized, community-oriented retailer that has stabilized after a difficult period but has not yet translated its strong brand and niche leadership into consistently strong profits or cash flow. The financials show a steady but low-growth business with thin margins, modest leverage, and limited excess cash, while the strategy leans heavily on experiential stores, education, and a refreshed digital presence to stay relevant. The key questions going forward center on whether these initiatives can lift sales and margins enough to move the company from “just getting by” toward more durable, cash-generating growth in a competitive and evolving retail landscape.

NEWS

November 10, 2025 · 4:29 PM UTC

Tandy Leather Factory Reports Third Quarter 2025 Results

Read more