Tandy Leather Factory, Inc. (TLF) Cash Flow Statement
Where TLF’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$556,000 −112.2% vs 2024
- Capital expenditures
- $7.5M 9.9% of revenue
- Free cash flow
- −$8.1M −10.6% margin
- Returned to shareholders
- $14.1M
- Change in cash
- $2.8M cash at year-end $16.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TLF operating cash flow, capex and free cash flow
TLF cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $7.5M2016 | −$556,0002025 | — | |
| Capital expenditures | $1.7M2016 | $7.5M2025 | +18.0%/yr | |
| Free cash flow | $5.8M2016 | −$8.1M2025 | — | |
| Free cash flow margin | 7.0%2016 | −10.6%2025 | −17.6 pts | |
| Operating cash flow / net income | 1.182016 | −0.062025 | −1.24 | |
| Stock-based compensation | $199,8702016 | $484,0002025 | +10.3%/yr | |
| Dividends paid | $02016 | $12.7M2025 | — | |
| Share buybacks (net) | $3.7M2016 | $1.4M2025 | −10.4%/yr | |
| Capex / revenue | 2.0%2016 | 9.9%2025 | +7.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TLF cash flow by activity
TLF net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TLF cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $9.1M | $827,000 | $3.8M | $1.2M | $1.4M | −$4.9M | −$1.9M | $2.0M | $4.5M | $6.4M |
| Depreciation & amortization | $6.2M | $4.7M | $4.6M | $4.4M | $4.3M | $4.2M | $5.1M | $1.8M | $1.9M | $1.7M |
| Stock-based compensation | $484,000 | $548,000 | $770,000 | $1.1M | $797,000 | $887,000 | $770,000 | $327,629 | $239,599 | $199,870 |
| Change in working capital | −$911,000 | −$1.2M | −$3.7M | −$5.6M | −$2.8M | −$14.3M | $5.7M | $3.1M | −$4.2M | −$840,504 |
| Other non-cash items | −$15.4M | −$342,000 | −$902,000 | −$1,000 | $98,000 | $1.6M | $814,000 | −$308,239 | $671,233 | $58,804 |
| Cash from operating activities | −$556,000 | $4.5M | $4.5M | $1.2M | $3.7M | −$12.5M | $10.5M | $6.9M | $3.0M | $7.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$7.5M | −$3.0M | −$576,000 | −$635,000 | −$1.0M | −$1.3M | −$269,000 | −$1.1M | −$1.7M | −$1.7M |
| Investments (net) | — | −$3.0M | −$134,000 | −$625,000 | −$1.0M | −$9.0M | −$9.0M | −$1.1M | −$1.7M | −$1.5M |
| Acquisitions & other investing | $24.9M | $3.0M | $134,000 | $635,000 | $1.0M | $16.6M | $113,000 | $1.1M | $1.7M | $1.7M |
| Cash from investing activities | $17.4M | −$3.0M | −$576,000 | −$625,000 | −$1.0M | $6.3M | −$9.2M | −$1.1M | −$1.7M | −$1.5M |
| Financing activities | ||||||||||
| Dividends paid | −$12.7M | $0 | — | — | — | — | — | — | $0 | $0 |
| Share repurchases & issuance (net) | −$1.4M | $0 | −$11,000 | −$1.8M | −$2.8M | −$735,199 | −$735,000 | −$1.7M | $223,404 | −$3.7M |
| Net borrowing (repayment) | $0 | −$1,000 | −$15,000 | −$373,000 | −$14,000 | −$9.0M | −$9.0M | $1.6M | −$72,686 | $3.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | $0 | $0 | $10.1M | $0 | $0 | $0 | −$1 |
| Cash from financing activities | −$14.1M | −$1,000 | −$26,000 | −$2.2M | −$2.8M | $416,000 | −$9.7M | −$56,978 | $150,718 | −$94,546 |
| Summary | ||||||||||
| Net change in cash | $2.8M | $1.1M | $4.2M | −$2.2M | −$174,000 | −$5.6M | −$8.2M | $5.7M | $1.5M | $5.9M |
| Cash at end of period | $16.1M | $13.3M | $12.2M | $8.0M | $10.2M | $10.3M | $15.9M | $24.1M | $18.3M | $16.9M |
| Free cash flow | −$8.1M | $1.6M | $4.0M | $519,000 | $2.7M | −$13.8M | $10.2M | $5.8M | $1.3M | $5.8M |
| Free cash flow margin | −10.6% | 2.1% | 5.2% | 0.6% | 3.3% | −21.6% | 13.6% | 6.9% | 1.6% | 7.0% |
| Capex / revenue | 9.9% | 4.0% | 0.8% | 0.8% | 1.2% | 2.0% | 0.4% | 1.3% | 2.1% | 2.0% |
| Operating cash flow / net income | −0.06 | 5.50 | 1.20 | 0.94 | 2.74 | — | — | 3.49 | 0.68 | 1.18 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $409,000 | $222,000 | −$930,000 | −$2.4M | −$199,000 | $12.7M | $332,000 | −$131,000 | $101,000 | $525,000 | $1.9M | $636,000 |
| Depreciation & amortization | $1.7M | $1.7M | $1.6M | $1.8M | $1.5M | $1.3M | $1.1M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M |
| Stock-based compensation | $141,000 | $93,000 | $146,000 | $127,000 | $118,000 | $93,000 | $14,000 | $180,000 | $157,000 | $197,000 | $114,000 | $209,000 |
| Change in working capital | −$5.5M | −$1.1M | $4.3M | −$2.7M | −$5.4M | $2.9M | $3.6M | −$1.9M | −$2.1M | −$876,000 | $964,000 | −$3.1M |
| Other non-cash items | −$19,000 | −$14,000 | −$209,000 | $2.3M | $67,000 | −$17.5M | −$563,000 | $111,000 | $110,000 | $0 | −$872,000 | $1,000 |
| Cash from operating activities | −$3.3M | $906,000 | $5.0M | −$1.0M | −$4.0M | −$536,000 | $4.5M | −$535,000 | −$514,000 | $1.1M | $3.3M | −$1.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$415,000 | −$587,000 | −$947,000 | −$1.9M | −$3.3M | −$1.3M | −$668,000 | −$887,000 | −$201,000 | −$1.2M | −$242,000 | −$160,000 |
| Investments (net) | — | — | — | −$1.9M | −$3.3M | $23.6M | −$668,000 | −$887,000 | −$201,000 | −$1.2M | −$242,000 | −$160,000 |
| Acquisitions & other investing | $0 | $0 | $0 | $1.9M | $3.3M | $1.3M | $668,000 | $887,000 | $201,000 | $1.2M | $242,000 | $160,000 |
| Cash from investing activities | −$415,000 | −$587,000 | −$947,000 | −$1.9M | −$3.3M | $23.6M | −$668,000 | −$887,000 | −$201,000 | −$1.2M | −$242,000 | −$160,000 |
| Financing activities | ||||||||||||
| Dividends paid | $0 | −$6.1M | −$25.5M | −$12.7M | −$12.7M | −$12.7M | — | $0 | $0 | $0 | — | — |
| Share repurchases & issuance (net) | — | — | $107,000 | −$1.3M | −$176,000 | — | $0 | $1.8M | — | — | $0 | −$11,000 |
| Net borrowing (repayment) | — | — | $0 | $0 | $0 | $0 | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | −$137,000 | $25.5M | $12.7M | $12.7M | $0 | $0 | $405,000 | $0 | −$1,000 | −$3,000 | −$9,000 |
| Cash from financing activities | $0 | −$6.2M | $107,000 | −$1.3M | −$176,000 | −$12.7M | $0 | $2.2M | $0 | −$1,000 | −$3,000 | −$20,000 |
| Summary | ||||||||||||
| Net change in cash | −$3.7M | −$6.0M | $4.1M | −$4.4M | −$7.2M | $10.3M | $3.2M | −$1.5M | −$784,000 | $156,000 | $3.5M | −$1.4M |
| Cash at end of period | $6.4M | $10.1M | $16.1M | $12.0M | $16.4M | $23.6M | $13.3M | $10.1M | $11.5M | $12.3M | $12.2M | $8.6M |
| Free cash flow | −$3.7M | $319,000 | $4.0M | −$3.0M | −$7.3M | −$1.9M | $3.8M | −$1.4M | −$715,000 | −$141,000 | $3.1M | −$1.3M |
| Free cash flow margin | −20.4% | 1.6% | 18.1% | −17.2% | −41.0% | −9.8% | 18.8% | −8.2% | −4.1% | −0.7% | 14.8% | −7.3% |
| Capex / revenue | 2.3% | 3.0% | 4.3% | 11.2% | 18.7% | 7.0% | 3.3% | 5.1% | 1.2% | 6.4% | 1.2% | 0.9% |
| Operating cash flow / net income | −8.00 | 4.08 | — | — | — | −0.04 | 13.59 | — | −5.09 | 2.07 | 1.72 | −1.77 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
TLF cash generation
In fiscal 2025 (ended December 31, 2025), Tandy Leather Factory generated -$0.6 million of cash from operations (down 112.2%) and spent $7.5 million on capital expenditures, leaving free cash flow of -$8.1 million, −10.6% of revenue. It returned $14.1 million to shareholders through dividends ($12.7 million) and net share buybacks ($1.4 million). Cash and equivalents rose by $2.8 million over the year.
Related: TLF income statement, TLF balance sheet, TLF dividend history. See the TLF stock overview for the latest quote and news.
TLF cash flow FAQ
What is Tandy Leather Factory's free cash flow?
Tandy Leather Factory's free cash flow was -$8.1 million in fiscal 2025: -$0.6 million of operating cash flow minus $7.5 million of capital expenditures It was $1.6 million a year earlier..
How much cash does Tandy Leather Factory generate from operations?
Tandy Leather Factory generated -$0.6 million of cash from operating activities in fiscal 2025, −0.06 times its net income of $9.1 million.
How much does Tandy Leather Factory spend on capital expenditures?
Tandy Leather Factory spent $7.5 million on capital expenditures in fiscal 2025, 9.9% of revenue, compared with $3.0 million the year before.
How much stock does Tandy Leather Factory buy back?
Tandy Leather Factory spent $1.4 million on net share repurchases in fiscal 2025.
How much does Tandy Leather Factory pay in dividends?
Tandy Leather Factory paid $12.7 million in dividends in fiscal 2025.