Does TANDY LEATHER FACTORY, INC have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores TANDY LEATHER FACTORY, INC (TLF) 49.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 95, returns on capital 7, balance-sheet safety 55, capital discipline 40.

Is TLF stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $1.32 per share versus a recent price of $2.40 — 81% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has TLF's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 49.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

TANDY LEATHER FACTORY, INC

TLF · Materials · $19.3M mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power95

Median gross margin 57.5% over 10y, very stable.

Returns on capital7

Median ROIC 3.2%, above the 9% hurdle in 20% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline40

Owner earnings -14.5%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

81% above value

Owner earnings (normalized): $592000
Est. intrinsic value / share: $1.32
Recent price: $2.40
Discount to value: 81% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for TLF yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale49.6 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — TLF has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#74 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#72ATR AptarGroup, Inc50.3 out of 100, Shallow moatShallow moat
#73FSI FLEXIBLE SOLUTIONS INTERNATIONAL INC.49.7 out of 100, Shallow moatShallow moat
#75LYB LYONDELLBASELL INDUSTRIES N.V.49.4 out of 100, Shallow moatShallow moat
#76MYE Myers Industries, Inc.49.2 out of 100, Shallow moatShallow moat

Compare TLF with its nearest peers →All Materials companies on the Index →

Common questions about TLF

Does TANDY LEATHER FACTORY, INC have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores TANDY LEATHER FACTORY, INC (TLF) 49.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 95, returns on capital 7, balance-sheet safety 55, capital discipline 40.
Is TLF stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $1.32 per share versus a recent price of $2.40 — 81% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has TLF's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 49.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell TLF. See the disclaimer.