TLF Tandy Leather Factory, Inc. - common stock

NASDAQ · Retail · View on SEC EDGAR ↗
$2.60
Price · Aug 19, 2026
Fundamentals as of Aug 11, 2026

About Tandy Leather Factory, Inc. - common stock Company overview from Wikipedia

Tandy Leather Factory, Inc. is an American specialty retailer and wholesale distributor of leather and leatherwork related products. It operates more than 100 stores worldwide. Originally part of the Tandy Corporation, Tandy Leather has gone through a series of acquisitions and mergers, eventually being sold to The Leather Factory in 2000. The Tandy Leather flagship store next to their corporate headquarters in Fort Worth, Texas also houses the Al and Ann Stohlman Leathercraft Museum.

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Tandy Leather Factory, Inc. is an American specialty retailer and wholesale distributor of leather and leatherwork related products. It operates more than 100 stores worldwide. Originally part of the Tandy Corporation, Tandy Leather has gone through a series of acquisitions and mergers, eventually being sold to The Leather Factory in 2000. The Tandy Leather flagship store next to their corporate headquarters in Fort Worth, Texas also houses the Al and Ann Stohlman Leathercraft Museum.

Origin

Tandy Leather began as a family-owned leather goods company based in Fort Worth, Texas in 1919. Norton Hinckley and Dave L. Tandy partnered to start the Hinckley-Tandy Leather Company and concentrated their efforts on selling sole leather and other supplies to shoe repair dealers in Texas. During World War II, civilian leather rationing prompted the company to move towards leatherworking as a hobby, which gave the company supply priority by providing for the armed forces.

Tandy's son, Charles joined the business after returning from the war in 1948. He had been tracking the growth of leathercraft through correspondence with his father and wanted to put more focus on this industry. Among his first moves was the opening of the first two retail stores in 1950 specializing exclusively in leathercraft. Norton Hinckley did not agree with the transition and the founders came to an agreement where the company split and Hinckley would continue in the shoe findings industry.

Tandy Leather relied heavily on its formula of mail order sales, however the venture made a 100 percent return on investment the first year. Tandy had $2.9 million in sales and opened 15 stores within the first two years. The following decade was filled with rapid growth through the continuous opening of new stores and the acquisition of other handicraft companies. By 1961, Tandy Leather was operating 125 stores in 105 cities of the United States and Canada and the company name was changed to Tandy Corporation. In 1963, Tandy Corporation acquired management control of the Radio Shack Corporation and, after two years, Charles Tandy had turned the company's $4 million loss into a profit. During that time of recovery, the Tandy Corporation purchased common stock until they owned 85% of the outstanding Radio Shack common stock.

In 1975, the Tandy Corporation Board of Directors announced a plan to separate Tandy's businesses into three distinct publicly held companies. The two new companies would be named Tandycrafts, Inc. and Tex Tan-Hickok, Inc. This plan was publicized as a strategy to provide intensive leadership and tailored management of the three distinct and diverse businesses of the company. With this transition, Radio Shack and Tandy Leather Company were no longer under the same corporate umbrella.

The beginning of The Leather Factory

Wray Thompson was promoted to President of Tandy Leather Company in 1976 and Dave Ferrill was promoted to the position of National Sales Manager; they oversaw 288 stores. Ron Morgan was promoted to the Eastern Divisional VP in 1977. Although they opened their 300th store that year, the popularity of Nature-Tand's products had begun to slide as reflected by their sales and profit records.

Charles Tandy died unexpectedly on November 4, 1978, at the age of 60. Concurrently, key stakeholders began to question the direction of the company and Wray Thompson resigned from his position as president.

Wray Thompson's future in the leathercraft industry was uncertain, however Ron Morgan paid Wray Thompson a visit and the two colleagues began to brainstorm; before the evening was over, they had developed an informal plan for a shared new enterprise in the leathercraft industry.

Initially three separate companies were set up:

Midas Leathercraft Tool Company, Inc. – an importer/exporter of New Zealand made tools

MT Enterprises – a partnership engaged in finding and developing customers to consult in the leathercraft industry

Midas Leathercraft – a retail leathercraft store similar to that of a Tandy store, where the partners would also office.

Shortly thereafter, the partners were contacted by the Scholze Tannery, a division of The Brown Group in Chattanooga, Tennessee, to solicit a consulting agreement to help Scholze join the leathercraft market. Wray Thompson and Ron Morgan departed for Chattanooga, TN in 1980 to set up the new company later to be known as The Leather Factory. Prior to their departure they hired Jon Thompson, Wray Thompson's oldest son, to begin the task of setting up Midas Leathercraft retail operations in Arlington, TX.

With merchandise finally in Tennessee, Jon Thompson was called to Chattanooga as he had been waiting three months to open his own store as a dealer for The Leather Factory in Arlington, TX. Help in Tennessee was still sparse, so Jon Thompson pulled, packed and shipped his own store opening merchandise order before driving straight through from Tennessee to Texas before the freight truck arrived.

By 1984, the manufacturer Ivan Leathercraft was producing over 1,000 items for Midas Leathercraft Tool Company, who then supplied those items to The Leather Factory and others. They had opened six stores and named George Hurst, long-time associate and ex-merchandising manager for Tandy, general manager of The Leather Factory. Regardless of their mounting success, the Brown Group decided to sell off or close down all companies that were under $100 million annually, unprofitable or non-shoe related. The Leather Factory, consisting of six locations, was offered for sale.

Midas Leathercraft purchases assets of The Leather Factory

Through Midas Leathercraft Tool Company, the partners purchased the assets of The Leather Factory in January 1985. Midas, with just over $200,000 in assets, took on a debt of just under $1.2 million for the asset purchase of the company. Two of the six managers chose not to gamble on new owners, so Wray Thompson called on former Tandy Leather Regional Manager Clyde Angus and his son, Mark, who had run the family's western store in Pennsylvania.

The Leather Factory introduced their wholesale club in 1986. Membership fees were allocated to the advertising budget which allowed the company to produce more mailing pieces and sales. By 1989, they had moved their warehouse and factory from Chattanooga to Fort Worth, Texas, and opened their twelfth location.

By 1991, The Leather Factory had acquired American Leather Company and fourteen stores were open. Wray Thompson and Ron Morgan promoted from within to free them up from day-to-day buying and selling. Jon Thompson was put in charge of operations and Mark Angus, The Leather Factory leader in sales gains and profits, was promoted to sales manager and relocated to Ft. Worth. Greg Sartor, former president of ST Leather, was hired as the craft sales manager. In 1993, The Leather Factory went public via a reverse merger on the American Stock exchange and five new Vice Presidents were named: Jon Thompson, Dave Ferrill, Mark Angus, Greg Sartor and Robin Myers Morgan.

TLF purchases Tandy Leather Company

In 1999, Tandy Leather Company closed all of its sales units and became solely a mail order/internet marketer. On November 30, 2000, The Leather Factory purchased the operating assets of Tandy Leather Company. Shannon Greene, who joined the company in 1997 as controller, was named Chief Financial Officer and The Leather Factory hired Jim Linnell to develop and lead a new chain of Tandy Leather stores.

In 2005, The Leather Factory name was officially changed to Tandy Leather Factory. CEO Wray Thompson stated

Tandy Leather Company, founded by Charles Tandy and his father, was the first U.S. company dedicated to leathercraft. As such, we believe that Tandy’s name recognition is the best in the industry. On the other hand, The Leather Factory has provided over twenty years of stability and predictability that enabled us to purchase Tandy Leather Company several years ago. In order to accurately reflect the long-term stability of The Leather Factory while at the same time promote the name recognition of Tandy Leather Company, it makes sense to change our corporate name to Tandy Leather Factory, Inc.

In 2006, Wray Thompson retired after nearly 50 years in the industry – having been president of Tandy Leather with 21 years of service and co-founder of The Leather Factory over 27 years. Ron Morgan, the company's president since 2001, was appointed the new CEO.

Ron Morgan and Robin Myers Morgan both retired in 2009, with 40 and 39 years in the industry. Jon Thompson, the company's president and chief operating officer, was named CEO of Tandy Leather Factory. Other executives include Mark Angus as senior vice president and Shannon Greene as chief financial officer.

In 2012, Tandy opened a second European location in Cadiz, Spain. International markets were expanded further in 2011 with the opening of the first Australian combination wholesale/retail store in Minto, just outside Sydney. In 2013, Tandy opened its Flagship store next to the headquarters and Bob Moore Construction was awarded the TEXO/AGC Distinguished Building Award for the design of the glass building that can be seen from the nearby Interstate 20. The Al and Ann Stohlman Museum has been moved to the lobby of the Tandy Leather Factory headquarters.

Tandy Leather Museum & Gallery

In the lobby of the Tandy Leather corporate headquarters in Fort Worth, Texas, there is a public museum and art gallery featuring historic pieces of leather art, including the Al and Ann Stohlman Collection. Other artists' work on exhibit include Ken Griffin, George Hurst, Jim Linnell, Al Shelton, Christine Stanley, and others.

== References ==

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

TLF Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$2.60
Market Cap
P/E (TTM)
2.5
EPS (TTM)
$1.10
Revenue (TTM)
$76M
Div Yield
ROE
Debt/Equity
52W Range
$2 – $3

TLF Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $76M
8-point trend, -8.3%
2018-12-31 2025-12-31
EPS $1.10
8-point trend, +129.2%
2018-12-31 2025-12-31
Free Cash Flow
7-point trend, -75.1%
2018-12-31 2024-12-31
Margins
7-point trend, -7.7%
2018-12-31 2024-12-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
TLF
Peer Median
P/E (TTM)
5-point trend, -92.3%
2.5
17.0

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
TLF
Peer Median

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
TLF
Peer Median

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
TLF
Peer Median
Revenue YoY
5-point trend, -7.7%
2.6%
Revenue CAGR 3Y
5-point trend, -7.7%
-1.7%
Revenue CAGR 5Y
5-point trend, -7.7%
3.6%
EPS YoY
5-point trend, +587.5%
1122.2%
Net Income YoY
5-point trend, +572.2%
1000.6%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
TLF
Peer Median
EPS (Diluted)
5-point trend, +587.5%
$1.10

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
TLF
Peer Median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
Payout Ratio
5Y Div CAGR
Ex-dateAmount
Feb. 25, 2026$0.7500
Feb. 19, 2025$1.5000
July 2, 2014$0.2500
Feb. 28, 2012$0.2500
June 1, 2010$0.7500

TLF Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 5 analysts
  • Strong Buy 1 20.0%
  • Buy 3 60.0%
  • Hold 1 20.0%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.01%
Period EPS Actual EPS Est Surprise
March 31, 2026 $0.03
Dec. 31, 2025 $-0.08
Sept. 30, 2025 $-0.17
Sept. 30, 2022 $0.09 $-0.08 0.17%
June 30, 2022 $-0.07 $0.08 -0.15%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
TLF 2.5 2.6%
AKA $115M -3.7 4.4% -5.2% -29.7% 57.3%
CATO -9.8 0.62% -0.90% -3.7%
PLCE $91M -1.0 -12.8% -7.3% 298.9% 29.9%
LVLU $16M -1.1 -10.6% -4.9% -377.4% 43.2%
DXLG -1.1 -6.9%
DBGI -5.8 -36.1%
DBGI -5.8 -36.1%
XELB -0.2 -40.2%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 15
Annual Income Statement data for TLF
Metric Trend 2025202420232022202120202019201820172016
Revenue 10-point trend, -8.0% $76M $74M $76M $80M $83M $64M $75M $83M $82M $83M
Cost of Revenue 10-point trend, +5.0% $33M $33M $31M $34M $36M $28M $33M $32M $33M $31M
Gross Profit 10-point trend, -15.8% $44M $42M $45M $46M $47M $36M $42M $51M $49M $52M
Operating Expenses 3-point trend, -73.3% · · · · · · · $11M $45M $41M
Operating Income 10-point trend, -109.3% $-963.0K $628.0K $4M $1M $2M $-6M $-3M $6M $6M $10M
Interest Expense 6-point trend, -89.7% · · · · $16.0K $7.0K $36.0K $305.0K $205.6K $155.2K
Other Non-op 10-point trend, -6234.0% $-4M $132.0K $42.0K $11.0K $-91.0K $76.0K $40.0K $553.6K $167.1K $57.3K
Pretax Income 10-point trend, +20.6% $12M $1M $5M $1M $2M $-6M $-3M $6M $6M $10M
Income Tax 10-point trend, -15.9% $3M $264.0K $777.0K $181.0K $839.0K $-1M $-690.0K $2M $4M $4M
Net Income 10-point trend, +42.2% $9M $827.0K $4M $1M $1M $-5M $-2M $4M $2M $6M
EPS (Basic) 10-point trend, +60.9% $1.11 $0.10 $0.45 $0.15 $0.16 $-0.54 $-0.21 $0.48 $0.27 $0.69
EPS (Diluted) 10-point trend, +59.4% $1.10 $0.09 $0.45 $0.15 $0.16 $-0.54 $-0.21 $0.48 $0.27 $0.69
Shares (Basic) 10-point trend, -11.5% 8,234,862 8,493,989 8,339,658 8,363,390 8,709,866 9,062,598 8,973,246 9,185,203 9,242,092 9,301,867
Shares (Diluted) 10-point trend, -11.3% 8,264,174 8,783,063 8,369,976 8,394,567 8,720,469 9,062,598 8,973,246 9,205,008 9,245,537 9,321,558
EBITDA 9-point trend, -94.8% · $628.0K $4M $1M $2M $-6M $-3M $6M $9M $12M
Balance Sheet 30
Annual Balance Sheet data for TLF
Metric Trend 2025202420232022202120202019201820172016
Cash & Equivalents 10-point trend, -4.6% $16M $13M $12M $8M $10M $10M $16M $24M $18M $17M
Short-term Investments 2-point trend, +9152000.00 · · · · · · $9M $0 · ·
Receivables 10-point trend, -24.2% $425.0K $331.0K $300.0K $400.0K $600.0K $400.0K $409.0K $408.2K $461.2K $561.0K
Inventory 10-point trend, +0.2% $33M $36M $38M $38M $38M $37M $24M $33M $35M $33M
Prepaid Expense 8-point trend, -55.2% $721.0K $898.0K $475.0K $272.0K $483.0K · · $1M $1M $2M
Other Current Assets 10-point trend, -20.8% $111.0K $96.0K $113.0K $106.0K $141.0K $265.0K $297.0K $331.8K $328.5K $140.2K
Current Assets 10-point trend, -5.1% $51M $51M $51M $47M $50M $51M $53M $60M $55M $53M
PP&E (Net) 10-point trend, -34.7% $10M $12M $11M $11M $12M $12M $13M $15M $16M $16M
PP&E (Gross) 10-point trend, +2.6% $26M $32M $29M $28M $28M $27M $27M $28M $27M $26M
Accum. Depreciation 10-point trend, +61.6% $16M $19M $18M $17M $16M $15M $15M $14M $12M $10M
Goodwill 4-point trend, -100.0% · · · · · · $0 $954.8K $962.9K $956.2K
Intangibles 7-point trend, -76.0% · · · $5.0K $6.0K $6.0K $7.0K $16.5K $19.2K $20.8K
Other Non-current Assets 10-point trend, +112.3% $710.0K $517.0K $438.0K $392.0K $394.0K $387.0K $345.0K $386.1K $379.7K $334.4K
Total Assets 10-point trend, +22.6% $87M $75M $72M $69M $73M $76M $80M $77M $73M $71M
Accounts Payable 6-point trend, +195.1% · · · · $5M $6M $6M $2M $2M $2M
Accrued Liabilities 6-point trend, -27.5% · · · · $4M $4M $3M $5M $5M $6M
Current Liabilities 10-point trend, +18.8% $10M $10M $9M $9M $12M $13M $12M $8M $8M $8M
Capital Leases 9-point trend, +23868000.00 $24M $8M $6M $7M $8M $9M $11M $0 $0 ·
Deferred Tax 7-point trend, -100.0% · $0 $9.0K $0 · · $296.0K $0 $0 $2M
Other Non-current Liabilities 9-point trend, -75.0% $149.0K $76.0K $205.0K $326.0K $417.0K $463.0K $509.0K $555.3K $596.8K ·
Long-term Debt 7-point trend, -100.0% · · · $0 $415.0K $446.0K $0 $9M $7M $7M
Total Debt 7-point trend, -100.0% · · · $0 $415.0K $446.0K $0 $9M $7M $7M
Common Stock 10-point trend, -18.4% $22.0K $23.0K $23.0K $23.0K $24.0K $25.0K $25.0K $24.8K $24.8K $27.0K
Paid-in Capital 10-point trend, -42.7% $4M $5M $4M $3M $4M $6M $5M $4M $4M $6M
Retained Earnings 10-point trend, +2.3% $61M $64M $64M $60M $59M $57M $62M $64M $60M $59M
Treasury Stock 10-point trend, -4.9% $10M $10M $10M $10M $10M $10M $10M $9M $7M $10M
AOCI 10-point trend, -13.7% $-2M $-2M $-2M $-2M $-1M $-1M $-1M $-1M $-762.3K $-2M
Stockholders' Equity 10-point trend, +0.1% $53M $57M $56M $51M $52M $52M $56M $58M $56M $53M
Liabilities + Equity 10-point trend, +22.6% $87M $75M $72M $69M $73M $76M $80M $77M $73M $71M
Shares Outstanding 9-point trend, -12.2% 8,072,875 8,496,581 8,399,245 8,293,150 8,547,335 9,150,806 · 9,060,561 9,270,862 9,193,162
Cash Flow 19
Annual Cash Flow data for TLF
Metric Trend 2025202420232022202120202019201820172016
D&A 3-point trend, +4.5% · · · · · · · $2M $2M $2M
Stock-based Comp 10-point trend, +142.2% $484.0K $548.0K $770.0K $1M $797.0K $887.0K $770.0K $327.6K $239.6K $199.9K
Deferred Tax 10-point trend, +190.1% $595.0K $31.0K $-364.0K $0 $82.0K $-84.0K $-131.0K $273.4K $-74.5K $205.1K
Amort. of Intangibles 3-point trend, -57.7% · · · · · · · $2.7K $1.6K $6.4K
Other Non-cash 3-point trend, +443.6% · · · · · · · $3M $-3M $-986.8K
Operating Cash Flow 10-point trend, -107.2% $-556.0K $5M $5M $1M $4M $-13M $10M $8M $2M $8M
CapEx 10-point trend, +344.0% $8M $3M $576.0K $635.0K $1M $1M $269.0K $1M $2M $2M
Investing Cash Flow 10-point trend, +1223.4% $17M $-3M $-576.0K $-625.0K $-1M $6M $-9M $-1M $-2M $-2M
Debt Issued 6-point trend, -100.0% · · · · $0 $416.0K $0 $2M $0 $4M
Net Debt Issued 7-point trend, -100.0% · · $0 $-359.0K $0 $416.0K $-9M $2M · $4M
Stock Issued · · · · · · · · · $0
Stock Repurchased 10-point trend, -62.9% $1M $0 $11.0K $2M $3M $0 $735.0K $2M $0 $4M
Net Stock Activity 8-point trend, +100.0% · $0 $-11.0K $-2M $-3M $0 $-735.2K $-2M · $-4M
Dividends Paid 2-point trend, +12745000.00 $13M $0 · · · · · · · ·
Financing Cash Flow 10-point trend, -14822.0% $-14M $-1.0K $-26.0K $-2M $-3M $416.0K $-10M $-57.0K $150.7K $-94.5K
Net Change in Cash 10-point trend, -52.3% $3M $1M $4M $-2M $-174.0K $-6M $-8M $6M $1M $6M
Taxes Paid 10-point trend, -56.1% $2M $2M $984.0K $-430.0K $-994.0K $56.0K $715.0K $1M $2M $4M
Free Cash Flow 9-point trend, -73.2% · $2M $4M $519.0K $3M $-14M $10M $6M $1M $6M
Levered FCF 6-point trend, -52.9% · · · · $3M $-14M $10M $6M $1M $6M
Profitability 8
Annual Profitability data for TLF
Metric Trend 2025202420232022202120202019201820172016
Gross Margin 9-point trend, -9.9% · 56.2% 59.2% 57.9% 56.9% 56.3% 56.0% 60.9% 63.3% 62.4%
Operating Margin 9-point trend, -93.2% · 0.84% 5.8% 1.7% 2.8% -9.9% -3.5% 4.6% 8.8% 12.4%
Net Margin 9-point trend, -85.6% · 1.1% 4.9% 1.5% 1.6% -7.6% -2.5% 2.4% 5.4% 7.7%
Pretax Margin 9-point trend, -88.0% · 1.5% 6.0% 1.8% 2.6% -9.8% -3.5% 4.5% 8.7% 12.3%
EBITDA Margin 9-point trend, -94.2% · 0.84% 5.8% 1.7% 2.8% -9.9% -3.5% 6.8% 11.1% 14.5%
ROA 9-point trend, -87.7% · 1.1% 5.4% 1.7% 1.8% -6.3% -2.3% 2.6% 6.0% 9.1%
ROE 9-point trend, -88.1% · 1.4% 6.9% 2.4% 2.6% -9.4% -3.4% 3.3% 7.6% 12.1%
ROIC 9-point trend, -92.2% · 0.83% 6.5% 2.4% 2.7% -9.4% -3.4% 3.0% 6.7% 10.6%
Liquidity & Solvency 5
Annual Liquidity & Solvency data for TLF
Metric Trend 2025202420232022202120202019201820172016
Current Ratio 9-point trend, -20.9% · 5.1 5.7 5.3 4.1 3.9 4.3 8.7 8.3 6.5
Quick Ratio 9-point trend, -34.9% · 1.4 1.4 0.9 0.9 0.8 1.3 3.5 2.7 2.1
Debt / Equity 7-point trend, -100.0% · · · 0.0 0.0 0.0 0.0 0.2 0.1 0.1
LT Debt / Equity 7-point trend, -100.0% · · · 0.0 0.0 0.0 0.0 0.1 0.1 0.1
Interest Coverage 6-point trend, +116.6% · · · · 143.8 -906.9 -71.7 12.6 35.2 66.4
Efficiency 3
Annual Efficiency data for TLF
Metric Trend 2025202420232022202120202019201820172016
Asset Turnover 9-point trend, -14.3% · 1.0 1.1 1.1 1.1 0.8 0.9 1.1 1.1 1.2
Inventory Turnover 9-point trend, -5.2% · 0.9 0.8 0.9 1.0 0.9 1.2 0.9 0.9 0.9
Receivables Turnover 9-point trend, +58.4% · 235.8 229.6 165.6 163.0 168.9 173.2 201.0 161.1 148.9
Per Share 5
Annual Per Share data for TLF
Metric Trend 2025202420232022202120202019201820172016
Book Value / Share 7-point trend, +16.1% · $6.73 $6.71 $6.21 $6.03 · · $6.56 $6.42 $5.79
Revenue / Share 9-point trend, -4.8% · $8.47 $9.11 $9.57 $9.48 $7.07 $8.35 $9.05 $8.89 $8.90
Cash Flow / Share 9-point trend, -36.0% · $0.52 $0.54 $0.14 $0.43 $-1.38 $1.17 $0.80 $0.33 $0.81
Cash / Share 7-point trend, -14.2% · $1.56 $1.45 $0.96 $1.19 · · $2.66 $1.98 $1.82
EPS (TTM) 10-point trend, +59.4% $1.10 $0.09 $0.45 $0.15 $0.16 $-0.54 $-0.21 $0.48 $0.27 $0.69
Growth Rates 7
Annual Growth Rates data for TLF
Metric Trend 2025202420232022202120202019201820172016
Revenue YoY 5-point trend, -91.0% 2.6% -2.4% -5.1% -2.8% 29.0% · · · · ·
Revenue CAGR 3Y 3-point trend, -128.4% -1.7% -3.5% 6.0% · · · · · · ·
Revenue CAGR 5Y 3.6% · · · · · · · · ·
EPS YoY 4-point trend, +18055.5% 1122.2% -80.0% 200.0% -6.2% · · · · · ·
EPS CAGR 3Y 2-point trend, +640.3% 94.3% -17.4% · · · · · · · ·
Net Income YoY 4-point trend, +10767.4% 1000.6% -78.0% 207.1% -9.4% · · · · · ·
Net Income CAGR 3Y 2-point trend, +727.3% 95.0% -15.2% · · · · · · · ·
Valuation (TTM) 16
Annual Valuation (TTM) data for TLF
Metric Trend 2025202420232022202120202019201820172016
Revenue TTM 10-point trend, -8.0% $76M $74M $76M $80M $83M $64M $75M $83M $82M $83M
Net Income TTM 10-point trend, +42.2% $9M $827.0K $4M $1M $1M $-5M $-2M $4M $2M $6M
Market Cap 7-point trend, -45.8% · $41M $36M $35M $44M · · $51M $72M $75M
Enterprise Value 5-point trend, -58.4% · · · $27M $34M · · $36M $61M $66M
P/E 10-point trend, -78.8% 2.5 53.2 9.5 28.3 32.2 -5.9 -27.2 11.8 28.7 11.7
P/S 7-point trend, -39.6% · 0.5 0.5 0.4 0.5 · · 0.6 0.9 0.9
P/B 7-point trend, -49.1% · 0.7 0.6 0.7 0.9 · · 0.9 1.2 1.4
P / Tangible Book 5-point trend, -50.8% 0.4 0.7 0.6 0.7 0.9 · · · · ·
P / Cash Flow 7-point trend, -10.1% · 8.9 7.9 30.5 11.8 · · 7.0 23.8 10.0
P / FCF 7-point trend, +102.4% · 26.0 9.0 67.9 16.2 · · 8.2 53.9 12.8
EV / EBITDA 5-point trend, +260.2% · · · 19.6 14.9 · · 6.5 6.7 5.5
EV / FCF 5-point trend, +368.2% · · · 52.5 12.6 · · 5.8 45.7 11.2
EV / Revenue 5-point trend, -57.1% · · · 0.3 0.4 · · 0.4 0.7 0.8
Dividend Yield · 0.00% · · · · · · · ·
Earnings Yield 10-point trend, +371.2% 40.2% 1.9% 10.6% 3.5% 3.1% -16.9% -3.7% 8.5% 3.5% 8.5%
Annual Payout 2-point trend, +12745000.00 $13M $0 · · · · · · · ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $76M$74M$76M$80M$83M
Gross Margin % 56.2%59.2%57.9%56.9%
Operating Margin % 0.84%5.8%1.7%2.8%
Net Income $9M$827.0K$4M$1M$1M
Diluted EPS $1.10$0.09$0.45$0.15$0.16
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 0.00.0
Current Ratio 5.15.75.34.1
Quick Ratio 1.41.40.90.9
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $2M$4M$519.0K$3M

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Institutional owners (13F) 25 filers · $11.1M total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
4 (+4 vs prior Q) 1 (-2 vs prior Q) 5 (+1 vs prior Q) 2 (-3 vs prior Q) +206K

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
Bandera Partners LLC $6,658,991 2,857,936 59.89% Shares
JCP Investment Management, LLC $2,041,217 876,059 18.36% Shares
Brooklands Fund Management Ltd $498,302 215,717 4.48% Shares
Value Investment Professionals, LLC $428,578 183,939 3.85% Shares
FIRST FOUNDATION ADVISORS $396,163 170,027 3.56% Shares
VANGUARD CAPITAL MANAGEMENT LLC $336,517 144,428 3.03% Shares
MONEY CONCEPTS CAPITAL CORP $187,796 80,599 1.69% Shares
Values First Advisors, Inc. $134,625 57,779 1.21% Shares
George Kaiser Family Foundation $101,222 43,443 0.91% Shares
RENAISSANCE TECHNOLOGIES LLC $62,705 26,912 0.56% Shares
VANGUARD FIDUCIARY TRUST CO $59,730 25,635 0.54% Shares
DIMENSIONAL FUND ADVISORS LP $45,801 19,657 0.41% Shares
GEODE CAPITAL MANAGEMENT, LLC $43,542 18,680 0.39% Shares
VANGUARD GROUP INC $31,981 11,672 0.29% Shares
JAMES INVESTMENT RESEARCH, INC. $29,295 12,573 0.26% Shares
NewEdge Advisors, LLC $29,295 12,573 0.26% Shares
STATE STREET CORP $28,093 12,057 0.25% Shares
Tower Research Capital LLC (TRC) $3,439 1,476 0.03% Shares
OSAIC HOLDINGS, INC. $1,976 848 0.02% Shares
BARCLAYS PLC $33 14 0.00% Shares
MORGAN STANLEY $18 7 0.00% Shares
Caitong International Asset Management Co., Ltd $12 5 0.00% Shares
CALDWELL SUTTER CAPITAL, INC. $5 2 0.00% Shares
WELLS FARGO & COMPANY/MN $1 1 0.00% Shares
ROYAL BANK OF CANADA $0 8 0.00% Shares

Company insiders 20 insiders · 4 officers · 15 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Lars Johan Hedberg Chief Executive Officer Feb. 18, 2026 M 60,350 0 0 $0
Shannon L Greene CEO/CFO March 22, 2016 A 184,671 0 0 $0
Mark J Angus PRESIDENT March 22, 2016 A 30,484 0 0 $0
William M Warren SECRETARY April 10, 2018 J 26,383 0 0 $0
John Richmond Sullivan Director June 9, 2026 M 10,371 0 0 $0
Johnathan Lee Gehre Director June 9, 2026 M 10,371 0 0 $0
Diana Saadeh-Jajeh Director June 9, 2026 M 13,503 0 0 $0
Victoria Marie Cantrell Director June 9, 2026 M 29,935 0 0 $0
Pappas James C Director Dec. 3, 2018 J 859,197 0 0 $0
Field T Lange Director June 13, 2017 X 17,264 0 0 $0
Joseph R Mannes Director May 19, 2017 X 40,265 0 0 $0
Edward L Martin III Director Feb. 23, 2017 A 7,064 0 0 $0
Bryan J Wilkinson Director March 22, 2016 A 5,263 0 0 $0
Wray J Thompson Director Sept. 14, 2012 S 16,519 0 0 $0
Michael A Markwardt Director Nov. 21, 2006 X 6,000 0 0 $0
H W Markwardt Director Nov. 21, 2006 X 6,000 0 0 $0
Ronald C Morgan 10% owner Jan. 7, 2010 S 1,112,500 0 0 $0
MARXE AUSTIN W & GREENHOUSE DAVID M 10% owner Feb. 22, 2007 S 800,000 0 0 $0
Jon W Thompson May 3, 2016 S 119,062 0 0 $0
Michael A Nery Aug. 12, 2014 S 900,000 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 11 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
FIRST FOUNDATION ADVISORS ×2 filings Aug. 4, 2023 Initial filing Passive investment SEC
JCP Investment Partnership, LP, JCP Investment Partners, LP, JCP Investment Holdings, LLC, JCP Investment Management, LLC, James C. Pappas ×4 filings May 26, 2022 Initial filing SEC
BANDERA MASTER FUND L.P., BANDERA PARTNERS LLC, GREGORY BYLINSKY, JEFFERSON GRAMM ×5 filings May 18, 2022 Initial filing SEC
Nery Capital Partners, L.P., Michael A. Nery ×3 filings Jan. 7, 2015 Initial filing SEC
Bandera Partners LLC, Gregory Bylinsky, Jefferson Gramm, Andrew Shpiz ×4 filings Nov. 14, 2012 Initial filing SEC
Ronald C. Morgan, Robin L. Morgan Sept. 13, 2006 Initial filing SEC
J. Wray Thompson, Sr. Sept. 13, 2006 Initial filing SEC
Undisclosed reporting person Oct. 3, 2003 Initial filing SEC
Undisclosed reporting person Aug. 1, 2002 Initial filing SEC
Undisclosed reporting person Jan. 22, 2002 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person Jan. 22, 2002 Initial filing SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 5 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
DFSU · Dimensional ETF Trust 0.00% 1,360 NS April 30, 2026 N-PORT
DCOR · Dimensional ETF Trust 0.00% 1,058 NS April 30, 2026 N-PORT
VXF · VANGUARD INDEX FUNDS 0.00% 40,447 SH Aug. 8, 2026 Daily
VTI · VANGUARD INDEX FUNDS 0.00% 103,981 SH Aug. 8, 2026 Daily
DFAC · Dimensional ETF Trust 0.00% 857 NS April 30, 2026 N-PORT