Tandy Leather Factory, Inc.
TLF Consumer Cyclical Specialty Retail
Tandy Leather Factory, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $76.3 million, up 2.60% from fiscal 2024. In the quarter to June 2026, revenue grew 1.52%, EPS grew 350.0% and free cash flow fell 120.9%, each against the same quarter a year earlier.
Follow TLF
Tandy Leather Factory, Inc. (TLF) Altman Z-score
Tandy Leather Factory, Inc.'s Altman Z-score for fiscal 2025 is 2.79, in the grey zone (1.81–2.99).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.79 | (1.46) |
| FY2024 | 4.25 | (0.30) |
| FY2023 | 4.55 | 0.17 |
| FY2022 | 4.38 | 0.14 |
| FY2021 | 4.23 | 1.26 |
| FY2020 | 2.97 | (0.84) |
| FY2019 | 3.82 | (1.20) |
| FY2018 | 5.02 | (0.85) |
| FY2017 | 5.87 | (0.39) |
| FY2016 | 6.26 | (0.70) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.47 | — | 0.56 | |
| Retained earnings / total assets | 0.70 | — | 0.98 | |
| EBIT / total assets | (0.01) | — | −0.04 | |
| Market value of equity / total liabilities | 0.66 | — | 0.40 | |
| Sales / total assets | 0.88 | — | 0.88 | |
| Altman Z-score | Grey zone | 2.79 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.93 | ||
Z and Z″ put Tandy Leather Factory, Inc. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PTLE PTL Limited compare | 54.5× |
| JBDI JBDI Holdings Limited compare | 3.4× |
| RECT Rectitude Holdings Ltd. compare | 3.0× |
| TLF Tandy Leather Factory, Inc. | 2.8× |
| ZOOZ ZOOZ Strategy Ltd. compare | 2.2× |
| TKLF Tokyo Lifestyle Co., Ltd. compare | 2.1× |
| TCSGQ Container Store (The) compare | −0.4× |
| SPWH Sportsman's Warehouse Holdings, Inc. compare | — |
| NPT Texxon Holding Limited compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets