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Side-by-side financial comparison of TANDY LEATHER FACTORY INC (TLF) and Waterstone Financial, Inc. (WSBF). Click either name above to swap in a different company.
Waterstone Financial, Inc. is the larger business by last-quarter revenue ($37.2M vs $22.3M, roughly 1.7× TANDY LEATHER FACTORY INC). On growth, Waterstone Financial, Inc. posted the faster year-over-year revenue change (16.7% vs 8.7%). Waterstone Financial, Inc. produced more free cash flow last quarter ($23.0M vs $4.0M). Over the past eight quarters, TANDY LEATHER FACTORY INC's revenue compounded faster (7.4% CAGR vs 7.1%).
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.
Waterstone Financial, Inc. is a U.S. bank holding company headquartered in Wisconsin. It offers retail and commercial banking services, residential mortgages, and wealth management solutions, primarily serving consumers and small to medium-sized businesses across the U.S. Midwest region.
TLF vs WSBF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $22.3M | $37.2M |
| Net Profit | $-930.0K | — |
| Gross Margin | 54.3% | — |
| Operating Margin | -2.8% | 27.0% |
| Net Margin | -4.2% | — |
| Revenue YoY | 8.7% | 16.7% |
| Net Profit YoY | -379.3% | — |
| EPS (diluted) | $-0.18 | $0.43 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $22.3M | $37.2M | ||
| Q3 25 | $17.3M | $37.0M | ||
| Q2 25 | $17.8M | $38.0M | ||
| Q1 25 | $19.0M | $29.7M | ||
| Q4 24 | $20.5M | $31.8M | ||
| Q3 24 | $17.4M | $34.1M | ||
| Q2 24 | $17.3M | $37.2M | ||
| Q1 24 | $19.3M | $32.4M |
| Q4 25 | $-930.0K | — | ||
| Q3 25 | $-1.4M | $7.9M | ||
| Q2 25 | $-199.0K | $7.7M | ||
| Q1 25 | $11.6M | $3.0M | ||
| Q4 24 | $333.0K | — | ||
| Q3 24 | $-132.0K | $4.7M | ||
| Q2 24 | $101.0K | $5.7M | ||
| Q1 24 | $525.0K | $3.0M |
| Q4 25 | 54.3% | — | ||
| Q3 25 | 58.9% | — | ||
| Q2 25 | 59.5% | — | ||
| Q1 25 | 56.3% | — | ||
| Q4 24 | 53.0% | — | ||
| Q3 24 | 57.8% | — | ||
| Q2 24 | 58.0% | — | ||
| Q1 24 | 56.7% | — |
| Q4 25 | -2.8% | 27.0% | ||
| Q3 25 | -3.9% | 26.6% | ||
| Q2 25 | 0.4% | 25.4% | ||
| Q1 25 | 1.4% | 13.1% | ||
| Q4 24 | 0.9% | 19.5% | ||
| Q3 24 | -1.5% | 17.3% | ||
| Q2 24 | 0.4% | 19.2% | ||
| Q1 24 | 3.4% | 14.7% |
| Q4 25 | -4.2% | — | ||
| Q3 25 | -7.8% | 21.4% | ||
| Q2 25 | -1.1% | 20.3% | ||
| Q1 25 | 60.8% | 10.2% | ||
| Q4 24 | 1.6% | — | ||
| Q3 24 | -0.8% | 13.9% | ||
| Q2 24 | 0.6% | 15.4% | ||
| Q1 24 | 2.7% | 9.4% |
| Q4 25 | $-0.18 | $0.43 | ||
| Q3 25 | $-0.17 | $0.45 | ||
| Q2 25 | $-0.02 | $0.43 | ||
| Q1 25 | $1.47 | $0.17 | ||
| Q4 24 | $0.04 | $0.28 | ||
| Q3 24 | $-0.02 | $0.26 | ||
| Q2 24 | $0.01 | $0.31 | ||
| Q1 24 | $0.06 | $0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $16.1M | — |
| Total DebtLower is stronger | — | $412.3M |
| Stockholders' EquityBook value | $52.6M | $349.4M |
| Total Assets | $86.6M | $2.3B |
| Debt / EquityLower = less leverage | — | 1.18× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $16.1M | — | ||
| Q3 25 | $12.0M | — | ||
| Q2 25 | $16.4M | — | ||
| Q1 25 | $23.6M | — | ||
| Q4 24 | $13.3M | — | ||
| Q3 24 | $10.1M | — | ||
| Q2 24 | $11.5M | — | ||
| Q1 24 | $12.3M | — |
| Q4 25 | — | $412.3M | ||
| Q3 25 | — | $469.1M | ||
| Q2 25 | — | $465.7M | ||
| Q1 25 | — | $395.9M | ||
| Q4 24 | — | $446.5M | ||
| Q3 24 | — | $560.1M | ||
| Q2 24 | — | $660.8M | ||
| Q1 24 | — | $634.2M |
| Q4 25 | $52.6M | $349.4M | ||
| Q3 25 | $53.4M | $345.5M | ||
| Q2 25 | $56.1M | $341.5M | ||
| Q1 25 | $55.8M | $341.4M | ||
| Q4 24 | $57.2M | $339.1M | ||
| Q3 24 | $57.6M | $342.0M | ||
| Q2 24 | $57.5M | $334.9M | ||
| Q1 24 | $57.2M | $338.0M |
| Q4 25 | $86.6M | $2.3B | ||
| Q3 25 | $84.5M | $2.3B | ||
| Q2 25 | $76.5M | $2.3B | ||
| Q1 25 | $77.9M | $2.2B | ||
| Q4 24 | $74.9M | $2.2B | ||
| Q3 24 | $73.0M | $2.2B | ||
| Q2 24 | $72.8M | $2.3B | ||
| Q1 24 | $72.4M | $2.2B |
| Q4 25 | — | 1.18× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | — | 1.36× | ||
| Q1 25 | — | 1.16× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | — | 1.64× | ||
| Q2 24 | — | 1.97× | ||
| Q1 24 | — | 1.88× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $5.0M | $24.2M |
| Free Cash FlowOCF − Capex | $4.0M | $23.0M |
| FCF MarginFCF / Revenue | 18.1% | 61.9% |
| Capex IntensityCapex / Revenue | 4.3% | 3.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-8.1M | $43.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.0M | $24.2M | ||
| Q3 25 | $-1.0M | $32.7M | ||
| Q2 25 | $-4.0M | $-38.4M | ||
| Q1 25 | $-536.0K | $26.7M | ||
| Q4 24 | $4.5M | $48.1M | ||
| Q3 24 | $-535.0K | $74.1M | ||
| Q2 24 | $-514.0K | $-39.5M | ||
| Q1 24 | $1.1M | $-9.9M |
| Q4 25 | $4.0M | $23.0M | ||
| Q3 25 | $-3.0M | $32.4M | ||
| Q2 25 | $-7.3M | $-38.5M | ||
| Q1 25 | $-1.9M | $26.5M | ||
| Q4 24 | $3.8M | $47.0M | ||
| Q3 24 | $-1.4M | $73.9M | ||
| Q2 24 | $-715.0K | $-39.7M | ||
| Q1 24 | $-141.0K | $-10.3M |
| Q4 25 | 18.1% | 61.9% | ||
| Q3 25 | -17.2% | 87.5% | ||
| Q2 25 | -41.0% | -101.2% | ||
| Q1 25 | -9.8% | 89.2% | ||
| Q4 24 | 18.8% | 147.5% | ||
| Q3 24 | -8.2% | 216.9% | ||
| Q2 24 | -4.1% | -106.7% | ||
| Q1 24 | -0.7% | -31.9% |
| Q4 25 | 4.3% | 3.1% | ||
| Q3 25 | 11.2% | 0.8% | ||
| Q2 25 | 18.7% | 0.2% | ||
| Q1 25 | 7.0% | 0.9% | ||
| Q4 24 | 3.3% | 3.5% | ||
| Q3 24 | 5.1% | 0.6% | ||
| Q2 24 | 1.2% | 0.4% | ||
| Q1 24 | 6.4% | 1.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.13× | ||
| Q2 25 | — | -4.98× | ||
| Q1 25 | -0.05× | 8.81× | ||
| Q4 24 | 13.55× | — | ||
| Q3 24 | — | 15.67× | ||
| Q2 24 | -5.09× | -6.92× | ||
| Q1 24 | 2.07× | -3.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
