TANDY LEATHER FACTORY INC — Form 8-K
Filed August 11, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 48/100
What the filing says
Tandy Leather reported Q2 2026 revenues of $18.0M (up 1.5% YoY from $17.8M), operating income of $0.5M (up 723% from near-zero in 2025), and net income of $0.4M versus a $0.2M loss in 2025. Gross margins improved to 64.8% from 59.5%. However, cash fell sharply from $16.1M (Dec 31, 2025) to $6.4M (June 30, 2026), driven by a $6.0M dividend paid in Q1 2026 and ~$4.0M in inventory and capital spending, including a new store in Waco, Texas and a new POS system. The company operates 101 stores across 40 US states and 6 Canadian provinces.
Why this rating
Modest revenue growth and operating margin improvement are positive, but flat absolute sales and steep cash burn relative to $15.9M market cap material—dividend payment at 37.6% of cash base is aggressive for a micro-cap.
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