TLFNasdaqLeather & Leather ProductsUS GAAP · USD

Tandy Leather Factory, Inc

Tandy Leather Factory, Inc. is a U.S.-based specialty retailer and manufacturer of leathercraft-related products. The company sells leather, tools, hardware, kits, teaching materials, and related supplies through company-operated stores, e-commerce sites, and a commercial division serving business customers.

Revenue76.3m USD
+2.6 %y/y
Operating profit (EBIT)-1.0m USD
−253.3 %y/y
EBIT margin-1.3%
−2.1 ppy/y
Net income9.1m USD
+1,000.6 %y/y
Free cash flow-8.1m USD
−617.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-20020406080100m USD2020: 64 m USD2020: EBIT -6.3 m USD20202021: 83 m USD2021: EBIT 2.3 m USD20212022: 80 m USD2022: EBIT 1.4 m USD20222023: 76 m USD2023: EBIT 4.4 m USD20232024: 74 m USD2024: EBIT 0.63 m USD20242025: 76 m USD2025: EBIT -0.96 m USD202576-0.96
RevenueOperating profit (EBIT)

Business

Share of revenue
Leather and leathercraft materials35 %

Raw and cut leather, leather lace, and related base materials for leatherworking.

Tools, hardware, and supplies30 %

Hand tools, machines, hardware, and consumables used in leathercraft projects.

DIY kits and teaching materials20 %

Project kits, instructional materials, and beginner-friendly craft products.

Commercial division services10 %

Cutting, splitting, assembly, and related services for business customers.

E-commerce and retail store sales5 %

Sales fulfilled through stores and global websites across consumer and trade channels.

Customers

Tandy sells to hobbyists, makers, and leathercraft enthusiasts who use its stores and websites to learn the craft and buy project materials. It also serves commercial customers that build businesses around leather and need volume pricing, custom development, and production services. The retail stores act as both sales points and community hubs, while the commercial division supports repeat business accounts.

Retail hobbyists and makers

Buy leather, tools, kits, and supplies for personal projects and learning.

E-commerce customers

Purchase specialty leathercraft items online, often outside store catchments.

Commercial leather businesses

Buy in volume and use custom product development and production services.

Community and class participants

Engage through in-store classes and open-table learning that supports repeat purchases.

Strategy

Tandy’s strategy centers on using its store network, digital channels, and commercial division to deepen customer engagement in leatherworking. The company is also focused on expanding store concepts, classes, loyalty, and BOPIS while improving product knowledge and service to reinforce its brand advantage.

Strengthen the store-led customer experienceShort term

Stores are central to product discovery, education, and brand loyalty in a tactile category.

Expand digital and omnichannel reachMedium term

E-commerce extends the assortment to customers outside store markets and supports acquisition.

Deepen commercial account relationshipsMedium term

Commercial customers can provide repeat, volume-based demand and service-led differentiation.

Geography

Q1/2026

Tandy is headquartered in Texas and operates primarily in the United States, with additional stores in Canada and Spain. Its store network and websites extend the brand beyond North America, supporting international customer access through e-commerce and a small overseas retail footprint.

United States89 %
Canada10 %
Other countries (US filing)1.2 %

Share of the revenue the company reports by geography.

Risks

Tandy’s business depends on successful execution of store, digital, and operational initiatives, and on maintaining a differentiated customer experience in a niche category. It also faces sourcing, tariff, cybersecurity, and intellectual property risks that can affect product availability, cost, brand reputation, and customer trust.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Execution risk on transformation and operational initiatives1Global sourcing and supplier disruption2Tariffs and trade restrictions3Cybersecurity and technology disruption4Trademark and brand protection5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Execution risk on transformation and operational initiativesImpact: HighLikelihood: Medium

    The company is changing store formats, pricing, marketing, and systems, which may not work as intended.

    Exposure: Store network and omnichannel operations

  2. Global sourcing and supplier disruptionImpact: HighLikelihood: Medium

    Products depend on external manufacturing and cross-border logistics, creating exposure to delays and quality issues.

    Exposure: Imported merchandise and supplier base

  3. Tariffs and trade restrictionsImpact: HighLikelihood: Medium

    Imported goods from China and other countries may become more expensive if tariffs rise.

    Exposure: Sourced merchandise costs

  4. Cybersecurity and technology disruptionImpact: MediumLikelihood: Medium

    Retail, e-commerce, and customer data systems are all technology dependent.

    ExposureWebsitesCustomer recordsInternal systems
  5. Trademark and brand protectionImpact: MediumLikelihood: Low

    The brand is a core asset in a niche specialty retail market and must be defended from infringement.

    Exposure: Tandy and Tandy Leather trademarks

Accounting

Judgemental items
Revenue recognition timing

Store sales are recognized at checkout, while web and commercial sales are recognized on shipment, affecting quarter-to-quarter comparability.

Impact: Net sales and timing of reported revenue

Sales return reserve

Management estimates future returns based on historical behavior and other factors.

Impact: Net sales and accrued liabilities

Gift card liability and breakage

Unredeemed gift cards create deferred revenue until redemption or expected breakage recognition.

Impact: Revenue timing and liabilities

Lease accounting

All locations and headquarters facilities are leased, so lease liabilities and right-of-use assets are material.

Impact: Balance sheet and operating expense presentation

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

Tandy Leather Factory, Inc (TLF) Revenue, Earnings & Financials 2025 – Clarifo