Tandy Leather Factory, Inc. (TLF) Key Metrics
TLF valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $19.6M
- Enterprise value
- $43.1M
- P/E (TTM)
- — 10-yr median 21.4
- Forward P/E
- 11.7
- PEG ratio
- 5.92
- Price / sales
- 0.3 10-yr median 0.6
- Price / book
- 0.5 10-yr median 0.8
- EV / EBITDA
- 6.7 10-yr median 6.1
- Dividend yield
- —
- Beta
- 0.70
TLF key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsTLF valuation Price multiples at each fiscal year-end price.
TLF returns How much profit the business earns on the capital it uses.
TLF per-share figures Results divided by the shares outstanding at year-end.
TLF financial health Debt, liquidity and how easily interest is covered.
TLF efficiency & capital use Working capital cycle and where the cash goes.
TLF valuation history
TLF returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
TLF debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
TLF cash returned to shareholders
TLF price vs earnings per share
TLF key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $22.6M | $42.1M | $35.7M | $35.7M | $44.9M | $29.0M | $51.2M | $52.3M | $71.7M | $75.5M |
| Enterprise value | $33.9M | $39.6M | $32.9M | $38.1M | $46.4M | $31.9M | $40.7M | $37.2M | $60.7M | $66.1M |
| P/E ratio | 2.5 | 50.9 | 9.5 | 29.1 | 33.2 | — | — | 26.6 | 16.1 | 11.8 |
| Price / sales | 0.3 | 0.6 | 0.5 | 0.4 | 0.5 | 0.5 | 0.7 | 0.6 | 0.9 | 0.9 |
| Price / book | 0.4 | 0.7 | 0.6 | 0.7 | 0.9 | 0.6 | 0.9 | 0.9 | 1.2 | 1.4 |
| Price / free cash flow | — | 26.9 | 9.0 | 68.7 | 16.5 | — | 5.0 | 9.1 | 53.8 | 12.9 |
| Price / operating cash flow | — | 9.3 | 7.9 | 30.9 | 12.1 | — | 4.9 | 7.6 | 23.7 | 10.0 |
| EV / sales | 0.4 | 0.5 | 0.4 | 0.5 | 0.6 | 0.5 | 0.5 | 0.4 | 0.7 | 0.8 |
| EV / EBITDA | 1.8 | 6.8 | 3.6 | 6.3 | 5.9 | 10.9 | 8.0 | 4.5 | 6.6 | 5.5 |
| EV / free cash flow | — | 25.3 | 8.3 | 73.3 | 17.1 | — | 4.0 | 6.4 | 45.6 | 11.3 |
| Earnings yield | 40.2% | 2.0% | 10.6% | 3.4% | 3.0% | −16.9% | −3.7% | 3.8% | 6.2% | 8.5% |
| Free cash flow yield | −35.7% | 3.7% | 11.1% | 1.5% | 6.0% | −47.7% | 19.9% | 11.0% | 1.9% | 7.7% |
| Dividend yield | 56.3% | 0.0% | — | — | — | — | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 62.3% | 0.0% | 0.0% | 5.0% | 6.2% | 2.5% | 1.4% | 3.2% | 0.0% | 4.9% |
| Share price at fiscal year-end | $2.74 | $4.79 | $4.26 | $4.25 | $5.15 | $3.20 | $5.71 | $5.68 | $7.75 | $8.10 |
| Per share | ||||||||||
| Revenue per share | $9.24 | $8.47 | $9.11 | $9.57 | $9.48 | $7.07 | $8.35 | $9.03 | $8.90 | $8.90 |
| Earnings per share | $1.10 | $0.09 | $0.45 | $0.15 | $0.16 | −$0.54 | −$0.21 | $0.21 | $0.48 | $0.69 |
| Operating cash flow per share | −$0.07 | $0.52 | $0.54 | $0.14 | $0.43 | −$1.38 | $1.17 | $0.75 | $0.33 | $0.81 |
| Free cash flow per share | −$0.98 | $0.18 | $0.47 | $0.06 | $0.31 | −$1.53 | $1.14 | $0.63 | $0.14 | $0.63 |
| Cash per share | $1.95 | $1.51 | $1.45 | $0.95 | $1.16 | $1.14 | $2.79 | $2.61 | $1.98 | $1.81 |
| Book value per share | $6.36 | $6.51 | $6.73 | $6.13 | $5.91 | $5.76 | $6.29 | $6.46 | $6.44 | $5.76 |
| Tangible book value per share | $6.36 | $6.51 | $6.73 | $6.13 | $5.91 | $5.76 | $6.29 | $6.35 | $6.33 | $5.66 |
| Dividends per share | $1.54 | $0.00 | — | — | — | — | — | — | $0.00 | $0.00 |
| Capex per share | $0.91 | $0.34 | $0.07 | $0.08 | $0.11 | $0.14 | $0.03 | $0.12 | $0.18 | $0.18 |
| Debt per share | $3.31 | $1.23 | $1.13 | $1.23 | $1.34 | $1.46 | $1.61 | $0.97 | $0.80 | $0.80 |
| Shares outstanding | 8.3M | 8.8M | 8.4M | 8.4M | 8.7M | 9.1M | 9.0M | 9.2M | 9.2M | 9.3M |
| Change in shares outstanding | −5.9% | +4.9% | −0.3% | −3.7% | −3.8% | +1.0% | −2.5% | −0.4% | −0.8% | −7.8% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 16.6% | 1.5% | 7.0% | 2.4% | 2.6% | −9.0% | −3.3% | 3.3% | 7.9% | 12.2% |
| Return on invested capital (ROIC) | −1.2% | 0.9% | 6.8% | 2.3% | 2.6% | −9.9% | −4.5% | 4.4% | 9.7% | 14.7% |
| Return on assets (ROA) | 11.3% | 1.1% | 5.4% | 1.7% | 1.8% | −6.3% | −2.4% | 2.6% | 6.1% | 9.5% |
| Return on tangible assets | 10.5% | 1.1% | 5.2% | 1.8% | 1.9% | −6.4% | −2.4% | 2.6% | 6.0% | 9.2% |
| Free cash flow margin | −10.6% | 2.1% | 5.2% | 0.6% | 3.3% | −21.6% | 13.6% | 6.9% | 1.6% | 7.0% |
| Income quality (OCF / net income) | −0.06 | 5.50 | 1.20 | 0.94 | 2.74 | — | — | 3.49 | 0.68 | 1.18 |
| Financial health | ||||||||||
| Total debt | $27.4M | $10.8M | $9.4M | $10.4M | $11.7M | $13.3M | $14.5M | $9.0M | $7.4M | $7.4M |
| Cash & short-term investments | $16.1M | $13.3M | $12.2M | $8.0M | $10.2M | $10.3M | $25.1M | $24.1M | $18.3M | $16.9M |
| Net debt | $11.3M | −$2.5M | −$2.7M | $2.4M | $1.5M | $2.9M | −$10.6M | −$15.1M | −$11.0M | −$9.4M |
| Debt / equity | 0.52 | 0.19 | 0.17 | 0.20 | 0.23 | 0.25 | 0.26 | 0.15 | 0.12 | 0.14 |
| Debt / assets | 0.32 | 0.14 | 0.13 | 0.15 | 0.16 | 0.17 | 0.18 | 0.12 | 0.10 | 0.11 |
| Net debt / EBITDA | 0.61 | −0.43 | −0.30 | 0.39 | 0.19 | 1.01 | −2.08 | −1.82 | −1.19 | −0.78 |
| Current ratio | 5.16 | 5.11 | 5.74 | 5.33 | 4.13 | 3.95 | 4.29 | 8.71 | 8.28 | 6.47 |
| Quick ratio | 1.77 | 1.52 | 1.48 | 1.02 | 1.01 | 1.10 | 2.33 | 3.81 | 2.94 | 2.44 |
| Interest coverage | — | — | — | 154.2 | 143.8 | -906.9 | -72.1 | 12.6 | 35.2 | 66.4 |
| Working capital | $40.8M | $40.6M | $42.3M | $38.4M | $38.2M | $38.1M | $40.3M | $53.2M | $50.8M | $45.1M |
| Invested capital | $63.9M | $54.6M | $53.6M | $53.9M | $53.0M | $55.1M | $45.8M | $44.4M | $48.6M | $44.3M |
| Tangible asset value | $52.6M | $57.2M | $56.3M | $51.5M | $51.5M | $52.2M | $56.4M | $58.5M | $58.6M | $52.7M |
| Net current asset value | $16.5M | $32.8M | $35.5M | $30.1M | $28.9M | $26.8M | $28.8M | $43.5M | $42.4M | $36.4M |
| Graham number | $12.56 | $3.71 | $8.26 | $4.49 | $4.54 | — | — | $5.57 | $8.35 | $9.44 |
| Graham net-net per share | −$0.12 | $1.57 | $1.88 | $1.25 | $1.01 | $0.76 | $1.53 | $2.68 | $2.38 | $1.82 |
| Capital allocation | ||||||||||
| Dividends paid | $12.7M | $0 | — | — | — | — | — | — | $0 | $0 |
| Share buybacks (net) | $1.4M | $0 | $11,000 | $1.8M | $2.8M | $735,199 | $735,000 | $1.7M | $0 | $3.7M |
| Dividend payout ratio | 140.0% | 0.0% | — | — | — | — | — | — | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | — | 0.0% | 0.3% | 346.4% | 101.8% | — | 7.2% | 28.7% | 0.0% | 62.9% |
| Capex / revenue | 9.9% | 4.0% | 0.8% | 0.8% | 1.2% | 2.0% | 0.4% | 1.3% | 2.1% | 2.0% |
| Capex / operating cash flow | — | 65.6% | 12.7% | 55.0% | 26.9% | — | 2.6% | 15.9% | 55.9% | 22.5% |
| Capex / depreciation | 1.22 | 0.63 | 0.12 | 0.14 | 0.23 | 0.31 | 0.05 | 0.61 | 0.90 | 0.99 |
| Stock-based compensation / revenue | 0.6% | 0.7% | 1.0% | 1.3% | 1.0% | 1.4% | 1.0% | 0.4% | 0.3% | 0.2% |
| SG&A / revenue | — | 53.7% | 51.9% | 54.3% | 51.2% | 56.7% | 53.8% | 51.6% | 52.2% | 47.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 2.7 | 3.0 | 2.8 | 5.1 | 10.4 | 10.0 | 2.0 | 1.9 | 2.3 | 2.5 |
| Days of inventory on hand | 382.9 | 411.9 | 447.8 | 411.6 | 383.1 | 396.1 | 320.7 | 399.5 | 425.9 | 390.4 |
| Days payables outstanding | 31.6 | 33.7 | 34.7 | 38.3 | 48.8 | 71.8 | 38.1 | 11.5 | 12.7 | 21.1 |
| Cash conversion cycle (days) | 354.1 | 381.2 | 415.9 | 378.4 | 344.7 | 334.2 | 284.6 | 389.8 | 415.5 | 371.8 |
| Receivables turnover | 133.90 | 121.26 | 128.77 | 71.16 | 35.26 | 36.49 | 183.36 | 191.17 | 161.07 | 148.85 |
| Payables turnover | 11.55 | 10.83 | 10.52 | 9.52 | 7.48 | 5.08 | 9.59 | 31.63 | 28.82 | 17.31 |
| Inventory turnover | 0.95 | 0.89 | 0.82 | 0.89 | 0.95 | 0.92 | 1.14 | 0.91 | 0.86 | 0.93 |
| Asset turnover | 0.94 | 1.01 | 1.08 | 1.13 | 1.11 | 0.82 | 0.96 | 1.10 | 1.13 | 1.23 |
| Average receivables | $570,000 | $613,500 | $592,000 | $1.1M | $2.3M | $1.8M | $408,585 | $434,691 | $511,098 | $557,095 |
| Average payables | $2.8M | $3.0M | $3.0M | $3.6M | $4.8M | $5.5M | $3.4M | $1.0M | $1.0M | $1.8M |
| Average inventory | $34.4M | $36.8M | $38.1M | $38.2M | $37.4M | $30.4M | $29.0M | $35.6M | $35.2M | $33.4M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.3% | 1.3% | 1.4% |
Computed from TLF's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
TLF valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Tandy Leather Factory traded at 2.5 times earnings, against a 10-year median of 21.4. Tandy Leather Factory earned a return on equity of 16.6% and a return on invested capital of −1.2% in fiscal 2025. It ended the year with $27.4 million of debt and $16.1 million in cash and short-term investments, net debt of $11.3 million. It returned $14.1 million to shareholders: $12.7 million in dividends and $1.4 million in share buybacks. The share count fell 11.3% from 9.3M to 8.3M over 9 years.
See the TLF income statement, the TLF chart for price history, or the TLF stock overview for the latest quote and news.
TLF key metrics FAQ
What is Tandy Leather Factory's P/E ratio?
Tandy Leather Factory traded at 2.5 times earnings at the end of fiscal 2025.
What is Tandy Leather Factory's EV/EBITDA?
Tandy Leather Factory's enterprise value was 1.8 times EBITDA at the end of fiscal 2025 (enterprise value $33.9 million, EBITDA $18.5 million); the current EV/EBITDA is 6.7.
What is Tandy Leather Factory's return on equity?
Tandy Leather Factory's return on equity (ROE) was 16.6% in fiscal 2025: net income of $9.1 million on average shareholders' equity of $54.9 million.
What is Tandy Leather Factory's ROIC?
Tandy Leather Factory's return on invested capital was −1.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Tandy Leather Factory have?
Tandy Leather Factory had total debt of $27.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.52 and $11.3 million of net debt (0.61 times EBITDA).
What is Tandy Leather Factory's dividend yield?
Tandy Leather Factory paid $12.7 million in dividends in fiscal 2025 ($1.54 per share), a payout ratio of 140.0%.
Does Tandy Leather Factory buy back its shares?
Yes. Tandy Leather Factory spent $1.4 million on net share repurchases in fiscal 2025 Shares outstanding changed −5.9% over the year, to 8.3M..
What is Tandy Leather Factory's free cash flow yield?
Tandy Leather Factory generated -$8.1 million of free cash flow in fiscal 2025, a free cash flow yield of −35.7% on its market value at year-end ($22.6 million).
What is Tandy Leather Factory's current ratio?
Tandy Leather Factory's current ratio was 5.16 at the end of fiscal 2025: current assets were 5.16 times current liabilities.