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Tile Shop Hldgs (TTSH) Financials

Tile Shop Hldgs logo
$2.95 +0.09 (+3.15%)
As of 07/20/2026 11:15 AM Eastern
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Annual Income Statements for Tile Shop Hldgs

Annual Income Statements for Tile Shop Hldgs

This table shows Tile Shop Hldgs' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 16 18 11 10 -4.46 6.03 15 16 10 2.32 -4.49
Consolidated Net Income / (Loss)		 16 18 11 10 -4.46 6.03 15 16 10 2.32 -4.49
Net Income / (Loss) Continuing Operations		 16 18 11 10 -4.46 6.03 15 16 10 2.32 -4.49
Total Pre-Tax Income 		27 31 24 16 -5.14 4.50 20 21 14 3.24 -5.86
Total Operating Income		 29 33 26 18 -1.36 6.38 21 23 16 3.52 -5.81
Total Gross Profit		 204 227 236 251 236 222 253 259 243 228 215
Total Revenue		 293 324 345 357 340 325 371 395 377 347 337
Operating Revenue		 293 324 345 357 340 325 371 395 377 347 337
Total Cost of Revenue		 89 97 108 106 104 104 118 136 134 119 122
Operating Cost of Revenue		 89 97 108 106 104 104 118 136 134 119 122
Total Operating Expenses		 174 194 210 233 237 215 233 236 227 224 221
Selling, General & Admin Expense		 174 194 210 233 237 215 233 236 227 224 221
Total Other Income / (Expense), net		 -2.45 -1.57 -1.69 -2.54 -3.78 -1.87 -0.66 -1.58 -2.16 -0.28 -0.04
Interest Expense		 2.58 1.72 1.86 2.69 3.79 1.87 0.66 1.58 2.16 0.28 0.04
Income Tax Expense		 11 13 13 5.16 -0.67 -1.53 5.18 5.33 3.92 0.92 -1.36
Basic Earnings per Share		 $0.31 $0.36 $0.21 $0.20 ($0.09) $0.12 $0.29 $0.32 $0.23 $0.05 ($0.10)
Weighted Average Basic Shares Outstanding		 51.16M 51.42M 51.70M 51.91M 50.62M 49.96M 50.39M 48.86M 43.42M 43.71M 43.70M
Diluted Earnings per Share		 $0.31 $0.36 $0.21 $0.20 ($0.09) $0.12 $0.29 $0.32 $0.23 $0.05 ($0.10)
Weighted Average Diluted Shares Outstanding		 51.30M 51.88M 51.93M 52.09M 50.62M 50.58M 51.09M 49.25M 43.62M 43.85M 43.70M
Weighted Average Basic & Diluted Shares Outstanding		 50.60M 51.30M 51.50M 52.20M 50.75M 51.67M 51.93M 44.36M 44.51M 44.66M 39.82M

Quarterly Income Statements for Tile Shop Hldgs

This table shows Tile Shop Hldgs' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 5.08 1.84 0.64 1.69 1.22 0.04 -0.63 0.17 0.39 -1.61 -3.44
Consolidated Net Income / (Loss)		 5.08 1.84 0.64 1.69 1.22 0.04 -0.63 0.17 0.39 -1.61 -3.44
Net Income / (Loss) Continuing Operations		 5.08 1.84 0.64 1.69 1.22 0.04 -0.63 0.17 0.39 -1.61 -3.44
Total Pre-Tax Income 		7.07 2.38 1.23 2.12 1.79 0.18 -0.85 0.20 0.47 -1.96 -4.56
Total Operating Income		 7.73 2.83 1.47 2.28 1.85 0.25 -0.87 0.18 0.44 -1.97 -4.47
Total Gross Profit		 63 60 55 60 60 56 51 58 57 52 48
Total Revenue		 99 92 84 92 91 85 79 88 88 83 77
Operating Revenue		 99 92 84 92 91 85 79 88 88 83 77
Total Cost of Revenue		 35 33 30 31 31 28 28 30 31 31 30
Operating Cost of Revenue		 35 33 30 31 31 28 28 30 31 31 30
Total Operating Expenses		 56 57 53 58 58 56 52 58 56 54 52
Selling, General & Admin Expense		 56 57 53 58 58 56 52 58 56 54 52
Total Other Income / (Expense), net		 -0.67 -0.45 -0.25 -0.17 -0.06 -0.07 0.02 0.02 0.03 0.00 -0.09
Interest Expense		 0.67 0.45 0.25 0.17 0.06 0.07 -0.02 -0.02 -0.03 -0.00 0.09
Income Tax Expense		 1.99 0.53 0.59 0.43 0.58 0.14 -0.22 0.03 0.08 -0.35 -1.12
Basic Earnings per Share		 $0.12 $0.04 $0.01 $0.04 $0.03 $0.00 ($0.02) $0.00 $0.01 ($0.04) ($0.07)
Weighted Average Basic Shares Outstanding		 43.36M 43.52M 43.42M 43.57M 43.69M 43.79M 43.71M 43.82M 43.88M 43.97M 43.70M
Diluted Earnings per Share		 $0.12 $0.04 $0.01 $0.04 $0.03 $0.00 ($0.02) $0.00 $0.01 ($0.04) ($0.07)
Weighted Average Diluted Shares Outstanding		 43.51M 43.73M 43.62M 43.72M 43.76M 43.89M 43.85M 43.93M 43.89M 43.97M 43.70M
Weighted Average Basic & Diluted Shares Outstanding		 44.56M 44.53M 44.51M 44.53M 44.65M 44.66M 44.66M 44.73M 44.76M 44.72M 39.82M

Annual Cash Flow Statements for Tile Shop Hldgs

This table details how cash moves in and out of Tile Shop Hldgs' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 4.57 2.40 -5.47 -1.04 3.54 0.35 -0.26 -2.25 0.86 12 -11
Net Cash From Operating Activities		 60 54 46 18 39 66 40 2.72 62 27 5.79
Net Cash From Continuing Operating Activities		 60 54 46 18 39 66 40 2.72 62 27 5.79
Net Income / (Loss) Continuing Operations		 16 18 11 10 -4.46 6.03 15 16 10 2.32 -4.49
Consolidated Net Income / (Loss)		 16 18 11 10 -4.46 6.03 15 16 10 2.32 -4.49
Depreciation Expense		 22 23 26 28 34 31 27 25 21 18 16
Amortization Expense		 0.31 0.49 0.69 0.76 0.60 0.47 0.30 0.43 0.26 0.07 0.07
Non-Cash Adjustments To Reconcile Net Income		 5.88 4.78 8.32 6.06 26 28 28 28 28 29 29
Changes in Operating Assets and Liabilities, net		 16 6.78 -0.38 -27 -17 -0.67 -31 -67 2.25 -22 -35
Net Cash From Investing Activities		 -19 -27 -41 -34 -26 -1.97 -11 -14 -15 -14 -9.37
Net Cash From Continuing Investing Activities		 -19 -27 -41 -34 -26 -1.97 -11 -14 -15 -14 -9.37
Purchase of Property, Plant & Equipment		 -19 -27 -41 -35 -27 -1.97 -11 -14 -15 -15 -9.56
Sale of Property, Plant & Equipment		 - 0.00 0.01 0.11 - - 0.00 0.00 0.06 0.10 0.20
Other Investing Activities, net		 - - - 1.03 0.61 - - 0.00 0.00 0.10 0.00
Net Cash From Financing Activities		 -37 -24 -11 15 -8.62 -63 -29 9.11 -46 -0.50 -7.26
Net Cash From Continuing Financing Activities		 -37 -24 -11 15 -8.62 -63 -29 9.11 -46 -0.50 -7.26
Repayment of Debt		 -125 -38 -37 -104 -53 -127 -5.00 -50 -65 -10 0.00
Repurchase of Common Equity		 - - - 0.00 -10 0.00 0.00 -30 0.00 0.00 -32
Issuance of Debt		 88 10 35 129 63 64 10 90 20 10 25
Other Financing Activities, net		 0.28 0.79 1.32 -0.12 -0.26 -0.17 -0.95 -0.76 -0.53 -0.50 -0.28
Other Net Changes in Cash		 - -0.04 0.01 - -0.01 - - -0.06 -0.02 0.07 0.00
Cash Interest Paid		 2.69 1.81 1.82 2.63 3.74 1.98 0.63 1.26 2.08 0.31 0.24
Cash Income Taxes Paid		 0.02 15 7.60 1.51 0.47 1.61 5.30 2.23 -2.22 2.35 0.60

Quarterly Cash Flow Statements for Tile Shop Hldgs

This table details how cash moves in and out of Tile Shop Hldgs' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Change in Cash & Equivalents		 5.86 1.78 -8.41 15 1.31 -0.28 -4.10 6.10 0.70 -3.61 -14
Net Cash From Operating Activities		 16 15 5.89 19 4.86 5.06 -1.40 9.99 3.49 -2.23 -5.47
Net Cash From Continuing Operating Activities		 16 15 5.89 19 4.86 5.06 -1.40 9.99 3.49 -2.23 -5.47
Net Income / (Loss) Continuing Operations		 5.08 1.84 0.64 1.69 1.22 0.04 -0.63 0.17 0.39 -1.61 -3.44
Consolidated Net Income / (Loss)		 5.08 1.84 0.64 1.69 1.22 0.04 -0.63 0.17 0.39 -1.61 -3.44
Depreciation Expense		 5.55 5.06 4.84 4.74 4.60 4.46 3.96 4.01 4.19 3.71 4.07
Amortization Expense		 0.07 0.06 0.06 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02
Non-Cash Adjustments To Reconcile Net Income		 7.44 6.85 7.05 7.14 7.92 7.03 7.02 7.28 7.40 7.30 7.32
Changes in Operating Assets and Liabilities, net		 -2.52 0.91 -6.70 5.01 -8.90 -6.48 -12 -1.48 -8.51 -12 -13
Net Cash From Investing Activities		 -4.71 -2.91 -4.27 -2.72 -3.54 -5.40 -2.68 -3.63 -2.78 -1.38 -1.58
Net Cash From Continuing Investing Activities		 -4.71 -2.91 -4.27 -2.72 -3.54 -5.40 -2.68 -3.63 -2.78 -1.38 -1.58
Purchase of Property, Plant & Equipment		 -4.71 -2.97 -4.27 -2.72 -3.54 -5.50 -2.78 -3.63 -2.85 -1.45 -1.64
Sale of Property, Plant & Equipment		 - - - - - - 0.10 - - 0.07 0.06
Net Cash From Financing Activities		 -5.02 -10 -10 -0.46 -0.01 -0.02 -0.02 -0.27 -0.02 - -6.98
Net Cash From Continuing Financing Activities		 -5.02 -10 -10 -0.46 -0.01 -0.02 -0.02 -0.27 -0.02 - -6.98
Issuance of Debt		 5.00 - 5.00 10 - - - 0.00 - - 25
Cash Interest Paid		 0.62 0.38 0.12 0.13 0.04 0.06 0.08 0.04 0.07 0.05 0.08
Cash Income Taxes Paid		 2.01 0.01 0.05 - 2.35 0.01 -0.00 - - 0.11 -0.03

Annual Balance Sheets for Tile Shop Hldgs

This table presents Tile Shop Hldgs' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 245 265 271 298 400 343 341 346 317 320 302
Total Current Assets		 87 96 106 130 122 105 127 146 115 120 113
Cash & Equivalents		 10 6.07 6.62 5.56 9.10 9.62 9.36 5.95 8.62 21 10
Accounts Receivable		 1.97 2.41 2.38 3.08 3.37 2.98 3.20 3.41 2.88 3.09 3.46
Inventories, net		 70 74 85 110 98 74 97 121 94 86 89
Current Deferred & Refundable Income Taxes		 0.74 1.67 5.73 3.55 3.09 8.12 6.92 3.86 0.13 0.85 1.16
Other Current Assets		 4.13 8.76 4.72 7.18 8.18 9.00 9.77 10 9.25 8.66 8.86
Plant, Property, & Equipment, net		 135 141 151 158 130 99 82 71 64 60 54
Total Noncurrent Assets		 23 28 14 8.98 147 139 131 128 138 140 134
Noncurrent Deferred & Refundable Income Taxes		 21 21 12 7.23 7.20 5.34 6.95 6.54 5.26 4.89 6.55
Other Noncurrent Operating Assets		 1.79 2.76 2.11 1.76 140 134 124 122 133 135 128
Total Liabilities & Shareholders' Equity		 245 265 271 298 400 343 341 346 317 320 302
Total Liabilities		 130 126 127 151 269 204 219 237 197 197 214
Total Current Liabilities		 40 60 62 51 70 77 98 83 79 78 79
Accounts Payable		 15 20 31 26 18 15 31 24 23 24 25
Accrued Expenses		 19 33 22 24 25 34 38 32 27 26 24
Current Deferred & Payable Income Tax Liabilities		 1.10 0.12 0.02 0.18 0.09 0.09 0.39 0.00 1.14 0.06 0.08
Other Current Liabilities		 - - - - 27 27 28 - 27 29 30
Total Noncurrent Liabilities		 90 66 65 101 199 127 121 154 118 118 135
Long-Term Debt		 51 22 18 53 63 0.00 5.00 45 0.00 0.00 25
Other Noncurrent Operating Liabilities		 3.09 5.77 4.77 3.75 136 127 116 5.01 118 118 110
Total Equity & Noncontrolling Interests		 115 139 144 146 131 139 122 109 120 123 87
Total Preferred & Common Equity		 115 139 144 146 131 139 122 109 120 123 87
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 115 139 144 146 131 139 122 109 120 123 87
Common Stock		 180 186 180 172 156 159 127 128 129 130 99
Retained Earnings		 -65 -47 -36 -26 -26 -19 -4.71 -19 -9.11 -6.79 -11

Quarterly Balance Sheets for Tile Shop Hldgs

This table presents Tile Shop Hldgs' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025
Total Assets		 361 335 325 323 326 322 321 325 324 315
Total Current Assets		 153 139 136 130 127 125 123 128 126 125
Cash & Equivalents		 12 8.62 15 16 24 25 25 27 28 24
Accounts Receivable		 4.10 3.82 3.87 3.50 3.94 3.65 3.27 3.86 4.34 3.77
Inventories, net		 121 115 107 99 89 86 85 88 86 87
Current Deferred & Refundable Income Taxes		 0.11 0.10 0.88 0.44 0.13 1.42 1.11 0.85 1.54 1.37
Other Current Assets		 12 10 9.01 10 9.74 8.50 9.20 7.79 6.67 8.42
Plant, Property, & Equipment, net		 73 68 67 65 62 60 61 60 59 57
Total Noncurrent Assets		 135 127 123 128 137 137 137 138 139 134
Noncurrent Deferred & Refundable Income Taxes		 16 5.94 4.53 4.47 4.97 4.26 4.43 4.87 4.55 5.23
Other Noncurrent Operating Assets		 119 121 118 123 132 133 132 133 134 129
Total Liabilities & Shareholders' Equity		 361 335 325 323 326 322 321 325 324 315
Total Liabilities		 239 223 209 204 205 200 197 202 200 193
Total Current Liabilities		 103 91 86 86 88 82 81 86 83 81
Accounts Payable		 33 26 24 26 24 22 21 27 26 24
Accrued Expenses		 40 38 34 33 34 31 31 30 28 28
Current Deferred & Payable Income Tax Liabilities		 2.37 0.74 0.09 0.11 1.28 0.08 0.08 0.09 0.00 0.05
Other Current Liabilities		 28 27 27 - - 29 29 30 29 30
Total Noncurrent Liabilities		 136 132 123 118 117 117 116 115 117 112
Long-Term Debt		 30 25 20 10 0.00 0.00 0.00 0.00 0.00 0.00
Other Noncurrent Operating Liabilities		 106 107 103 3.84 5.02 117 116 115 117 112
Total Equity & Noncontrolling Interests		 122 111 117 119 121 123 123 123 124 123
Total Preferred & Common Equity		 122 111 117 119 121 123 123 123 124 123
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 122 111 117 119 121 123 123 123 124 123
Common Stock		 128 128 128 129 129 129 129 130 130 130
Retained Earnings		 -6.01 -17 -12 -9.75 -7.42 -6.20 -6.16 -6.62 -6.23 -7.84

Annual Metrics And Ratios for Tile Shop Hldgs

This table displays calculated financial ratios and metrics derived from Tile Shop Hldgs' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 13.92% 10.64% 6.31% 3.67% -4.73% -4.49% 14.04% 6.47% -4.45% -7.97% -2.95%
EBITDA Growth		 25.96% 9.02% -6.43% -10.40% -30.87% 16.43% 26.47% -0.24% -21.86% -43.29% -52.08%
EBIT Growth		 39.33% 12.60% -21.29% -29.70% -107.35% 574.05% 223.24% 9.70% -28.53% -78.23% -265.31%
NOPAT Growth		 35.00% 13.16% -40.31% 4.89% -107.82% 999.20% 78.65% 10.63% -31.12% -78.35% -261.64%
Net Income Growth		 48.82% 17.63% -41.40% -3.48% -142.74% 235.13% 144.97% 6.29% -35.87% -76.95% -293.62%
EPS Growth		 47.62% 16.13% -41.67% -4.76% -145.00% 233.33% 141.67% 10.34% -28.13% -78.26% -300.00%
Operating Cash Flow Growth		 27.68% -11.14% -14.68% -60.23% 112.23% 70.10% -39.49% -93.16% 2,185.82% -56.32% -78.63%
Free Cash Flow Firm Growth		 787.33% -29.57% -89.71% -752.86% 147.46% 680.83% -58.07% -634.81% 224.14% -93.47% -136.40%
Invested Capital Growth		 -10.71% -3.91% 5.76% 17.94% -4.73% -30.10% -8.99% 136.86% -59.99% -8.20% 0.16%
Revenue Q/Q Growth		 3.01% 1.47% 0.57% 1.53% -1.55% 0.92% 2.38% -0.68% -0.79% -1.42% -0.58%
EBITDA Q/Q Growth		 6.89% -7.85% -7.78% 11.07% -9.26% 17.10% -1.85% -1.33% -6.04% -13.25% -25.46%
EBIT Q/Q Growth		 12.73% -13.75% -16.96% 31.40% -135.17% 994.25% 1.25% -1.47% -6.49% -39.92% -163.08%
NOPAT Q/Q Growth		 13.35% -15.76% -40.46% 145.94% 98.98% 1,811.37% 2.51% 0.89% -9.96% -36.23% -163.08%
Net Income Q/Q Growth		 16.99% -15.99% -41.34% 150.35% -244.10% 1,370.98% 3.02% -2.21% -7.50% -35.26% -167.82%
EPS Q/Q Growth		 14.81% -16.28% -41.67% 122.22% -200.00% 0.00% 3.57% 0.00% -11.54% -37.50% -100.00%
Operating Cash Flow Q/Q Growth		 -0.34% -10.09% -12.52% 50.70% 6.94% 5.29% -24.60% 9.21% 20.03% -21.20% -41.22%
Free Cash Flow Firm Q/Q Growth		 -8.77% 4.86% -84.32% 31.65% 108.46% 18.82% -34.80% -1,127.90% 291.12% -92.17% -136.92%
Invested Capital Q/Q Growth		 5.04% 1.92% 5.99% 4.58% -2.41% -4.20% 8.37% 103.27% -54.24% 3.85% 3.76%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 69.49% 70.00% 68.55% 70.35% 69.38% 68.15% 68.28% 65.60% 64.45% 65.66% 63.84%
EBITDA Margin		 17.71% 17.46% 15.36% 13.28% 9.64% 11.75% 13.03% 12.21% 9.98% 6.15% 3.04%
Operating Margin		 9.98% 10.15% 7.50% 5.08% -0.40% 1.96% 5.56% 5.73% 4.28% 1.01% -1.73%
EBIT Margin		 10.02% 10.20% 7.55% 5.12% -0.40% 1.96% 5.56% 5.73% 4.28% 1.01% -1.73%
Profit (Net Income) Margin		 5.36% 5.70% 3.14% 2.92% -1.31% 1.86% 3.99% 3.98% 2.67% 0.67% -1.33%
Tax Burden Percent		 58.63% 58.91% 44.78% 66.94% 86.88% 133.96% 74.04% 74.67% 71.97% 71.59% 76.75%
Interest Burden Percent		 91.20% 94.81% 92.86% 85.29% 381.93% 70.61% 96.82% 93.02% 86.61% 92.18% 100.71%
Effective Tax Rate		 41.37% 41.09% 55.22% 33.06% 0.00% -33.96% 25.96% 25.33% 28.03% 28.41% 0.00%
Return on Invested Capital (ROIC)		 10.02% 12.26% 7.26% 6.79% -0.50% 5.46% 12.41% 8.55% 5.98% 2.36% -3.99%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.86% 9.28% 3.09% 1.74% -7.50% -6.20% 18.76% 7.11% 4.04% 3.70% 9.97%
Return on Net Nonoperating Assets (RNNOA)		 5.01% 2.28% 0.40% 0.40% -2.72% -0.99% -1.10% 5.04% 2.83% -0.45% -0.29%
Return on Equity (ROE)		 15.03% 14.53% 7.65% 7.20% -3.22% 4.47% 11.31% 13.60% 8.82% 1.91% -4.28%
Cash Return on Invested Capital (CROIC)		 21.33% 16.24% 1.66% -9.67% 4.34% 40.89% 21.82% -72.71% 91.69% 10.92% -4.15%
Operating Return on Assets (OROA)		 11.81% 12.96% 9.71% 6.44% -0.39% 1.72% 6.03% 6.59% 4.88% 1.11% -1.87%
Return on Assets (ROA)		 6.31% 7.24% 4.04% 3.67% -1.28% 1.62% 4.32% 4.57% 3.04% 0.73% -1.45%
Return on Common Equity (ROCE)		 15.03% 14.53% 7.65% 7.20% -3.22% 4.47% 11.31% 13.60% 8.82% 1.91% -4.28%
Return on Equity Simple (ROE_SIMPLE)		 13.62% 13.29% 7.52% 7.14% -3.41% 4.34% 12.09% 14.44% 8.41% 1.89% 0.00%
Net Operating Profit after Tax (NOPAT)		 17 19 12 12 -0.95 8.54 15 17 12 2.52 -4.07
NOPAT Margin		 5.85% 5.98% 3.36% 3.40% -0.28% 2.63% 4.12% 4.28% 3.08% 0.73% -1.21%
Net Nonoperating Expense Percent (NNEP)		 2.16% 2.98% 4.17% 5.06% 7.00% 11.65% -6.36% 1.44% 1.94% -1.33% -13.96%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 5.92% 9.72% 2.05% -3.63%
Cost of Revenue to Revenue		 30.51% 30.00% 31.45% 29.65% 30.62% 31.85% 31.72% 34.40% 35.55% 34.34% 36.16%
SG&A Expenses to Revenue		 59.52% 59.84% 61.05% 65.28% 69.77% 66.19% 62.72% 59.88% 60.16% 64.64% 65.56%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 59.52% 59.84% 61.05% 65.28% 69.77% 66.19% 62.72% 59.88% 60.16% 64.64% 65.56%
Earnings before Interest and Taxes (EBIT)		 29 33 26 18 -1.35 6.38 21 23 16 3.52 -5.81
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 52 57 53 47 33 38 48 48 38 21 10
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 6.21 6.17 3.00 1.76 0.61 0.36 3.03 1.79 2.74 2.52 1.80
Price to Tangible Book Value (P/TBV)		 6.21 6.17 3.00 1.76 0.61 0.36 3.03 1.79 2.74 2.52 1.80
Price to Revenue (P/Rev)		 2.44 2.64 1.25 0.72 0.23 0.15 1.00 0.49 0.87 0.89 0.47
Price to Earnings (P/E)		 45.59 46.40 39.87 24.60 0.00 8.30 25.08 12.37 32.54 133.34 0.00
Dividend Yield		 0.00% 0.00% 2.42% 4.11% 12.84% 0.00% 9.12% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 2.19% 2.16% 2.51% 4.07% 0.00% 12.05% 3.99% 8.08% 3.07% 0.75% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 4.72 5.63 2.75 1.57 0.72 0.31 3.12 1.31 2.87 2.83 1.69
Enterprise Value to Revenue (EV/Rev)		 2.60 2.69 1.31 0.85 0.39 0.12 0.99 0.92 0.85 0.83 0.51
Enterprise Value to EBITDA (EV/EBITDA)		 14.68 15.43 8.53 6.41 4.04 1.04 7.57 7.54 8.48 13.52 16.84
Enterprise Value to EBIT (EV/EBIT)		 25.95 26.41 17.35 16.62 0.00 6.24 17.74 16.06 19.75 82.04 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 44.46 45.01 39.00 25.03 0.00 4.66 23.95 21.51 27.44 114.59 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 12.64 16.30 9.88 16.73 3.44 0.61 9.21 133.76 5.14 10.64 29.74
Enterprise Value to Free Cash Flow (EV/FCFF)		 20.88 33.96 170.65 0.00 16.18 0.62 13.62 0.00 1.79 24.81 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.49 0.21 0.19 0.37 0.48 0.00 0.04 1.62 0.00 0.00 0.29
Long-Term Debt to Equity		 0.45 0.16 0.13 0.37 0.48 0.00 0.04 1.37 0.00 0.00 0.29
Financial Leverage		 0.64 0.25 0.13 0.23 0.36 0.16 -0.06 0.71 0.70 -0.12 -0.03
Leverage Ratio		 2.38 2.01 1.90 1.96 2.52 2.75 2.62 2.97 2.90 2.62 2.96
Compound Leverage Factor		 2.17 1.90 1.76 1.67 9.61 1.94 2.53 2.76 2.51 2.42 2.98
Debt to Total Capital		 32.99% 17.33% 16.09% 26.75% 32.59% 0.00% 3.93% 61.89% 0.00% 0.00% 22.27%
Short-Term Debt to Total Capital		 2.76% 3.74% 5.15% 0.00% 0.00% 0.00% 0.00% 9.76% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 30.23% 13.58% 10.94% 26.75% 32.59% 0.00% 3.93% 52.12% 0.00% 0.00% 22.27%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 67.01% 82.67% 83.91% 73.25% 67.41% 100.00% 96.07% 38.11% 100.00% 100.00% 77.73%
Debt to EBITDA		 1.09 0.51 0.52 1.13 1.93 0.00 0.10 3.67 0.00 0.00 2.44
Net Debt to EBITDA		 0.89 0.29 0.38 0.99 1.63 0.00 -0.10 3.50 0.00 0.00 1.45
Long-Term Debt to EBITDA		 1.00 0.40 0.35 1.13 1.93 0.00 0.10 3.09 0.00 0.00 2.44
Debt to NOPAT		 3.31 1.50 2.38 4.40 -66.61 0.00 0.33 10.46 0.00 0.00 -6.14
Net Debt to NOPAT		 2.69 0.83 1.74 3.88 -56.17 0.00 -0.33 10.00 0.00 0.00 -3.66
Long-Term Debt to NOPAT		 3.03 1.18 1.62 4.40 -66.61 0.00 0.33 8.81 0.00 0.00 -6.14
Altman Z-Score		 4.76 5.62 3.64 2.62 1.08 1.18 2.39 1.99 2.45 2.19 1.58
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.19 1.60 1.70 2.58 1.75 1.36 1.30 1.76 1.45 1.53 1.43
Quick Ratio		 0.31 0.14 0.15 0.17 0.18 0.16 0.13 0.11 0.15 0.31 0.17
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 36 26 2.65 -17 8.20 64 27 -144 178 12 -4.23
Operating Cash Flow to CapEx		 317.28% 196.51% 112.68% 51.65% 142.83% 3,333.13% 358.55% 19.36% 406.82% 187.77% 61.82%
Free Cash Flow to Firm to Interest Expense		 14.12 14.99 1.42 -6.42 2.16 34.15 40.91 -90.90 82.34 42.29 -103.26
Operating Cash Flow to Interest Expense		 23.32 31.23 24.60 6.75 10.17 35.00 60.50 1.72 28.68 98.57 141.27
Operating Cash Flow Less CapEx to Interest Expense		 15.97 15.34 2.77 -6.32 3.05 33.95 43.63 -7.16 21.63 46.08 -87.24
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.18 1.27 1.29 1.26 0.98 0.88 1.08 1.15 1.14 1.09 1.08
Accounts Receivable Turnover		 159.32 148.02 143.73 130.74 105.47 102.46 120.03 119.37 119.86 116.33 102.91
Inventory Turnover		 1.29 1.35 1.36 1.08 1.00 1.20 1.37 1.24 1.25 1.32 1.39
Fixed Asset Turnover		 2.14 2.35 2.36 2.31 2.36 2.83 4.09 5.15 5.57 5.60 5.91
Accounts Payable Turnover		 6.31 5.57 4.24 3.74 4.73 6.17 5.08 4.99 5.72 5.06 4.96
Days Sales Outstanding (DSO)		 2.29 2.47 2.54 2.79 3.46 3.56 3.04 3.06 3.05 3.14 3.55
Days Inventory Outstanding (DIO)		 283.28 270.53 268.68 336.61 363.69 303.04 266.17 293.21 292.13 275.51 263.21
Days Payable Outstanding (DPO)		 57.87 65.50 86.03 97.57 77.10 59.16 71.82 73.11 63.77 72.20 73.62
Cash Conversion Cycle (CCC)		 227.70 207.50 185.18 241.83 290.05 247.44 197.39 223.16 231.41 206.45 193.14
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 161 155 164 193 184 129 117 278 111 102 102
Invested Capital Turnover		 1.71 2.05 2.16 2.00 1.80 2.08 3.01 2.00 1.94 3.26 3.30
Increase / (Decrease) in Invested Capital		 -19 -6.31 8.93 29 -9.15 -55 -12 160 -167 -9.11 0.16
Enterprise Value (EV)		 762 873 451 304 133 40 366 363 319 289 172
Market Capitalization		 716 857 431 257 79 50 371 194 328 309 157
Book Value per Share		 $2.24 $2.69 $2.76 $2.77 $2.57 $2.69 $2.35 $2.45 $2.69 $2.75 $1.95
Tangible Book Value per Share		 $2.24 $2.69 $2.76 $2.77 $2.57 $2.69 $2.35 $2.45 $2.69 $2.75 $1.95
Total Capital		 172 168 171 200 194 139 127 285 120 123 112
Total Debt		 57 29 28 53 63 0.00 5.00 177 0.00 0.00 25
Total Long-Term Debt		 52 23 19 53 63 0.00 5.00 149 0.00 0.00 25
Net Debt		 46 16 20 47 53 -10 -5.01 169 -8.62 -21 15
Capital Expenditures (CapEx)		 19 27 41 35 27 1.97 11 14 15 14 9.37
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 42 33 45 73 42 18 19 83 27 20 24
Debt-free Net Working Capital (DFNWC)		 52 42 52 80 52 28 29 91 36 41 34
Net Working Capital (NWC)		 47 36 44 80 52 28 29 63 36 41 34
Net Nonoperating Expense (NNE)		 1.44 0.93 0.76 1.70 3.51 2.51 0.49 1.18 1.56 0.20 0.42
Net Nonoperating Obligations (NNO)		 46 16 20 47 53 -10 -5.01 169 -8.62 -21 15
Total Depreciation and Amortization (D&A)		 23 24 27 29 34 32 28 26 21 18 16
Debt-free, Cash-free Net Working Capital to Revenue		 14.23% 10.25% 13.02% 20.54% 12.46% 5.41% 5.22% 21.08% 7.21% 5.90% 7.03%
Debt-free Net Working Capital to Revenue		 17.83% 13.05% 15.19% 22.33% 15.38% 8.57% 7.92% 23.05% 9.50% 11.94% 10.03%
Net Working Capital to Revenue		 16.21% 11.11% 12.63% 22.33% 15.38% 8.57% 7.92% 15.99% 9.50% 11.94% 10.03%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.31 $0.36 $0.21 $0.20 ($0.09) $0.12 $0.29 $0.00 $0.23 $0.05 ($0.10)
Adjusted Weighted Average Basic Shares Outstanding		 51.16M 51.42M 51.70M 51.91M 50.62M 49.96M 50.39M 0.00 43.42M 43.71M 43.70M
Adjusted Diluted Earnings per Share		 $0.31 $0.36 $0.21 $0.20 ($0.09) $0.12 $0.29 $0.00 $0.23 $0.05 ($0.10)
Adjusted Weighted Average Diluted Shares Outstanding		 51.30M 51.88M 51.93M 52.09M 50.62M 50.58M 51.09M 0.00 43.62M 43.85M 43.70M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 51.44M 51.61M 52.15M 52.92M 50.75M 51.67M 51.93M 0.00 44.51M 44.66M 39.82M
Normalized Net Operating Profit after Tax (NOPAT)		 17 19 18 12 -0.95 4.46 15 17 12 2.52 -4.07
Normalized NOPAT Margin		 5.85% 5.98% 5.25% 3.40% -0.28% 1.37% 4.12% 4.28% 3.08% 0.73% -1.21%
Pre Tax Income Margin		 9.14% 9.67% 7.01% 4.37% -1.51% 1.39% 5.38% 5.33% 3.71% 0.93% -1.74%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 11.36 19.27 14.01 6.80 -0.35 3.40 31.42 14.32 7.47 12.79 -141.80
NOPAT to Interest Expense		 6.63 11.31 6.23 4.51 -0.25 4.56 23.26 10.69 5.37 9.16 -99.26
EBIT Less CapEx to Interest Expense		 4.01 3.38 -7.83 -6.28 -7.47 2.35 14.54 5.44 0.42 -39.71 -370.32
NOPAT Less CapEx to Interest Expense		 -0.72 -4.58 -15.60 -8.56 -7.37 3.51 6.39 1.81 -1.68 -43.34 -327.78
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 95.81% 99.64% -172.66% 0.00% 223.02% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 95.81% 99.64% -406.95% 0.00% 223.02% 192.14% 0.00% 0.00% -711.59%

Quarterly Metrics And Ratios for Tile Shop Hldgs

This table displays calculated financial ratios and metrics derived from Tile Shop Hldgs' official financial filings.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -8.41% -5.19% -3.45% -10.09% -7.28% -8.26% -5.92% -4.05% -3.42% -1.71% -2.48%
EBITDA Growth		 -17.96% -32.96% -27.52% -29.37% -51.52% -40.59% -51.20% -40.28% -28.17% -62.70% -112.42%
EBIT Growth		 -20.90% -48.59% -43.29% -44.65% -76.07% -91.16% -158.98% -91.98% -76.23% -886.40% -415.69%
NOPAT Growth		 -21.25% -45.90% -63.54% -41.52% -77.38% -97.39% -179.52% -91.40% -70.76% -2,503.31% -415.69%
Net Income Growth		 -26.54% -51.77% -56.23% -32.76% -76.00% -97.78% -198.74% -89.82% -67.84% -4,036.59% -448.41%
EPS Growth		 -7.69% -50.00% -75.00% -33.33% -75.00% -100.00% -300.00% -100.00% -66.67% 0.00% -250.00%
Operating Cash Flow Growth		 882.76% 822.96% 231.72% -28.01% -68.86% -65.66% -123.85% -46.24% -28.17% -144.08% -289.25%
Free Cash Flow Firm Growth		 175.05% -326.67% 205.69% -1,398.75% 127.71% 239.11% -94.92% 230.13% -93.24% -101.12% -138.73%
Invested Capital Growth		 -4.32% 77.72% -59.99% 87.01% -19.69% -59.55% -8.20% -59.48% -1.37% 0.24% 0.16%
Revenue Q/Q Growth		 -3.39% -6.54% -8.31% 8.61% -0.38% -7.53% -5.98% 10.77% 0.29% -5.89% -6.71%
EBITDA Q/Q Growth		 33.85% -40.40% -19.94% 10.58% -8.12% -26.97% -34.24% 35.33% 10.51% -62.07% -121.89%
EBIT Q/Q Growth		 87.49% -63.42% -48.04% 55.31% -18.92% -86.49% -446.80% 121.11% 140.44% -546.82% -127.42%
NOPAT Q/Q Growth		 78.49% -60.51% -65.24% 138.66% -30.95% -95.45% -1,159.85% 125.80% 134.85% -474.21% -127.42%
Net Income Q/Q Growth		 102.19% -63.69% -65.51% 165.57% -27.83% -96.64% -1,631.71% 127.39% 127.91% -511.73% -113.38%
EPS Q/Q Growth		 100.00% -66.67% -75.00% 300.00% -25.00% -100.00% 0.00% 100.00% 0.00% -500.00% -75.00%
Operating Cash Flow Q/Q Growth		 -39.52% -5.65% -60.04% 215.71% -73.84% 4.03% -127.75% 811.82% -65.05% -163.84% -145.07%
Free Cash Flow Firm Q/Q Growth		 252.45% -1,041.24% 260.96% -164.89% 123.16% 475.03% -94.12% 1,561.27% -98.80% -195.08% -103.79%
Invested Capital Q/Q Growth		 -4.36% 100.04% -54.24% 113.63% -58.93% 0.74% 3.85% -5.71% -0.02% 2.39% 3.76%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 64.23% 64.66% 64.72% 65.76% 66.02% 66.54% 64.18% 65.98% 64.40% 62.94% 61.73%
EBITDA Margin		 13.54% 8.64% 7.54% 7.68% 7.08% 5.59% 3.91% 4.78% 5.27% 2.12% -0.50%
Operating Margin		 7.85% 3.07% 1.74% 2.49% 2.03% 0.30% -1.09% 0.21% 0.50% -2.37% -5.77%
EBIT Margin		 7.85% 3.07% 1.74% 2.49% 2.03% 0.30% -1.09% 0.21% 0.50% -2.37% -5.77%
Profit (Net Income) Margin		 5.15% 2.00% 0.75% 1.84% 1.33% 0.05% -0.79% 0.20% 0.44% -1.94% -4.44%
Tax Burden Percent		 71.88% 77.61% 51.92% 79.78% 67.95% 22.91% 74.06% 85.57% 83.58% 82.26% 75.48%
Interest Burden Percent		 91.36% 83.99% 83.33% 92.73% 96.92% 71.60% 97.81% 109.84% 106.59% 99.80% 102.06%
Effective Tax Rate		 28.12% 22.39% 48.08% 20.22% 32.05% 77.10% 0.00% 14.43% 16.42% 0.00% 0.00%
Return on Invested Capital (ROIC)		 17.51% 4.78% 1.75% 4.00% 4.53% 0.14% -2.49% 0.37% 1.46% -5.71% -13.33%
ROIC Less NNEP Spread (ROIC-NNEP)		 85.71% 4.27% 1.59% 3.80% 4.90% 0.11% -2.35% 0.40% 1.37% -4.74% -2.99%
Return on Net Nonoperating Assets (RNNOA)		 -0.48% 2.47% 1.12% 2.15% -0.42% 0.04% 0.29% 0.15% -0.30% 0.95% 0.09%
Return on Equity (ROE)		 17.03% 7.24% 2.87% 6.15% 4.10% 0.18% -2.20% 0.51% 1.17% -4.76% -13.25%
Cash Return on Invested Capital (CROIC)		 16.33% -49.16% 91.69% -54.95% 27.37% 87.12% 10.92% 85.18% 1.23% -1.82% -4.15%
Operating Return on Assets (OROA)		 9.01% 3.42% 1.98% 2.76% 2.25% 0.32% -1.19% 0.22% 0.52% -2.52% -6.26%
Return on Assets (ROA)		 5.92% 2.23% 0.86% 2.05% 1.48% 0.05% -0.86% 0.21% 0.47% -2.07% -4.82%
Return on Common Equity (ROCE)		 17.03% 7.24% 2.87% 6.15% 4.10% 0.18% -2.20% 0.51% 1.17% -4.76% -13.25%
Return on Equity Simple (ROE_SIMPLE)		 11.04% 9.17% 0.00% 7.62% 4.39% 2.91% 0.00% 0.65% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 5.56 2.20 0.76 1.82 1.26 0.06 -0.61 0.16 0.37 -1.38 -3.13
NOPAT Margin		 5.64% 2.38% 0.90% 1.99% 1.38% 0.07% -0.76% 0.18% 0.42% -1.66% -4.04%
Net Nonoperating Expense Percent (NNEP)		 -68.20% 0.51% 0.16% 0.20% -0.38% 0.03% -0.14% -0.03% 0.09% -0.97% -10.34%
Return On Investment Capital (ROIC_SIMPLE)		 - - 0.64% - - - -0.49% 0.13% 0.30% -1.12% -2.79%
Cost of Revenue to Revenue		 35.77% 35.34% 35.28% 34.24% 33.98% 33.46% 35.82% 34.02% 35.60% 37.06% 38.27%
SG&A Expenses to Revenue		 56.38% 61.59% 62.98% 63.27% 63.99% 66.24% 65.27% 65.77% 63.90% 65.31% 67.50%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 56.38% 61.59% 62.98% 63.27% 63.99% 66.24% 65.27% 65.77% 63.90% 65.31% 67.50%
Earnings before Interest and Taxes (EBIT)		 7.73 2.83 1.47 2.28 1.85 0.25 -0.87 0.18 0.44 -1.97 -4.47
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 13 7.96 6.37 7.04 6.47 4.73 3.11 4.21 4.65 1.76 -0.39
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.12 2.06 2.74 2.58 2.51 2.39 2.52 2.35 2.30 2.21 1.80
Price to Tangible Book Value (P/TBV)		 2.12 2.06 2.74 2.58 2.51 2.39 2.52 2.35 2.30 2.21 1.80
Price to Revenue (P/Rev)		 0.64 0.64 0.87 0.85 0.86 0.84 0.89 0.84 0.84 0.80 0.47
Price to Earnings (P/E)		 19.21 22.47 32.54 33.84 57.27 82.08 133.34 359.93 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 5.21% 4.45% 3.07% 2.96% 1.75% 1.22% 0.75% 0.28% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.08 1.52 2.87 1.81 2.91 2.74 2.83 2.73 2.67 2.51 1.69
Enterprise Value to Revenue (EV/Rev)		 0.65 0.97 0.85 1.17 0.79 0.76 0.83 0.76 0.75 0.73 0.51
Enterprise Value to EBITDA (EV/EBITDA)		 5.73 9.20 8.48 12.35 10.17 10.94 13.52 14.17 15.38 17.97 16.84
Enterprise Value to EBIT (EV/EBIT)		 12.62 21.33 19.75 29.96 33.59 45.98 82.04 185.13 42,787.39 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 17.05 28.54 27.44 41.41 46.83 68.17 114.59 305.32 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 7.21 7.13 5.14 7.82 6.43 7.83 10.64 14.17 14.98 25.03 29.74
Enterprise Value to Free Cash Flow (EV/FCFF)		 12.43 0.00 1.79 0.00 9.46 1.81 24.81 1.85 215.01 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.17 1.19 0.00 1.15 0.00 0.00 0.00 0.00 0.00 0.00 0.29
Long-Term Debt to Equity		 0.17 0.96 0.00 0.92 0.00 0.00 0.00 0.00 0.00 0.00 0.29
Financial Leverage		 -0.01 0.58 0.70 0.57 -0.09 0.41 -0.12 0.36 -0.22 -0.20 -0.03
Leverage Ratio		 2.69 2.84 2.90 2.84 2.71 2.66 2.62 2.66 2.62 2.59 2.96
Compound Leverage Factor		 2.46 2.39 2.42 2.63 2.62 1.90 2.57 2.92 2.79 2.58 3.02
Debt to Total Capital		 14.64% 54.28% 0.00% 53.58% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 22.27%
Short-Term Debt to Total Capital		 0.00% 10.48% 0.00% 10.75% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 14.64% 43.81% 0.00% 42.83% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 22.27%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 85.36% 45.72% 100.00% 46.42% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 77.73%
Debt to EBITDA		 0.45 3.52 0.00 4.03 0.00 0.00 0.00 0.00 0.00 0.00 2.44
Net Debt to EBITDA		 0.11 3.09 0.00 3.34 0.00 0.00 0.00 0.00 0.00 0.00 1.45
Long-Term Debt to EBITDA		 0.45 2.84 0.00 3.22 0.00 0.00 0.00 0.00 0.00 0.00 2.44
Debt to NOPAT		 1.35 10.92 0.00 13.52 0.00 0.00 0.00 0.00 0.00 0.00 -6.14
Net Debt to NOPAT		 0.32 9.60 0.00 11.20 0.00 0.00 0.00 0.00 0.00 0.00 -3.66
Long-Term Debt to NOPAT		 1.35 8.81 0.00 10.81 0.00 0.00 0.00 0.00 0.00 0.00 -6.14
Altman Z-Score		 2.11 2.05 2.30 2.18 2.20 2.12 2.15 2.04 2.04 2.03 1.59
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.59 1.51 1.45 1.44 1.52 1.52 1.53 1.48 1.53 1.54 1.43
Quick Ratio		 0.22 0.23 0.15 0.32 0.35 0.35 0.31 0.36 0.39 0.34 0.17
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 11 -104 167 -109 25 145 8.51 141 1.70 -1.62 -3.29
Operating Cash Flow to CapEx		 331.62% 496.09% 137.99% 683.67% 137.45% 91.92% -52.49% 275.70% 122.65% -160.89% -345.67%
Free Cash Flow to Firm to Interest Expense		 16.53 -229.48 682.96 -654.08 441.21 2,036.79 0.00 0.00 0.00 0.00 -35.80
Operating Cash Flow to Interest Expense		 23.38 32.53 24.03 111.98 85.32 71.25 0.00 0.00 0.00 0.00 -59.40
Operating Cash Flow Less CapEx to Interest Expense		 16.33 25.97 6.62 95.60 23.25 -6.27 0.00 0.00 0.00 0.00 -76.59
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.15 1.11 1.14 1.11 1.11 1.09 1.09 1.06 1.05 1.07 1.08
Accounts Receivable Turnover		 95.64 99.98 119.86 94.57 95.60 104.07 116.33 88.11 85.16 96.27 102.91
Inventory Turnover		 1.25 1.23 1.25 1.26 1.29 1.32 1.32 1.33 1.37 1.40 1.39
Fixed Asset Turnover		 5.37 5.49 5.57 5.61 5.67 5.59 5.60 5.63 5.72 5.76 5.91
Accounts Payable Turnover		 4.96 4.58 5.72 5.18 5.39 5.06 5.06 4.56 4.97 5.31 4.96
Days Sales Outstanding (DSO)		 3.82 3.65 3.05 3.86 3.82 3.51 3.14 4.14 4.29 3.79 3.55
Days Inventory Outstanding (DIO)		 292.59 297.01 292.13 289.02 282.11 277.43 275.51 274.35 265.86 259.93 263.21
Days Payable Outstanding (DPO)		 73.54 79.66 63.77 70.48 67.71 72.10 72.20 79.96 73.46 68.77 73.62
Cash Conversion Cycle (CCC)		 222.87 221.00 231.41 222.40 218.22 208.84 206.45 198.53 196.69 194.95 193.14
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 121 243 111 237 97 98 102 96 96 98 102
Invested Capital Turnover		 3.10 2.00 1.94 2.01 3.29 2.07 3.26 2.06 3.52 3.45 3.30
Increase / (Decrease) in Invested Capital		 -5.49 106 -167 110 -24 -145 -9.11 -141 -1.33 0.24 0.16
Enterprise Value (EV)		 252 369 319 429 283 269 289 262 257 247 172
Market Capitalization		 247 245 328 313 309 294 309 289 284 271 157
Book Value per Share		 $2.61 $2.67 $2.69 $2.73 $2.76 $2.76 $2.75 $2.76 $2.77 $2.74 $1.95
Tangible Book Value per Share		 $2.61 $2.67 $2.69 $2.73 $2.76 $2.76 $2.75 $2.76 $2.77 $2.74 $1.95
Total Capital		 137 260 120 261 123 123 123 123 124 123 112
Total Debt		 20 141 0.00 140 0.00 0.00 0.00 0.00 0.00 0.00 25
Total Long-Term Debt		 20 114 0.00 112 0.00 0.00 0.00 0.00 0.00 0.00 25
Net Debt		 4.75 124 -8.62 116 -25 -25 -21 -27 -28 -24 15
Capital Expenditures (CapEx)		 4.71 2.97 4.27 2.72 3.54 5.50 2.68 3.63 2.85 1.39 1.58
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 35 54 27 43 18 17 20 14 16 20 24
Debt-free Net Working Capital (DFNWC)		 50 71 36 67 43 42 41 41 43 44 34
Net Working Capital (NWC)		 50 44 36 39 43 42 41 41 43 44 34
Net Nonoperating Expense (NNE)		 0.48 0.35 0.13 0.13 0.04 0.02 0.02 -0.02 -0.02 0.24 0.31
Net Nonoperating Obligations (NNO)		 4.75 124 -8.62 116 -25 -25 -21 -27 -28 -24 15
Total Depreciation and Amortization (D&A)		 5.61 5.13 4.90 4.76 4.62 4.48 3.98 4.02 4.21 3.73 4.09
Debt-free, Cash-free Net Working Capital to Revenue		 9.11% 14.17% 7.21% 11.73% 4.90% 4.83% 5.90% 4.12% 4.62% 5.78% 7.03%
Debt-free Net Working Capital to Revenue		 13.07% 18.65% 9.50% 18.28% 11.94% 11.95% 11.94% 12.00% 12.78% 12.90% 10.03%
Net Working Capital to Revenue		 13.07% 11.49% 9.50% 10.63% 11.94% 11.95% 11.94% 12.00% 12.78% 12.90% 10.03%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.12 $0.04 $0.01 $0.04 $0.03 $0.00 ($0.02) $0.00 $0.01 ($0.04) ($0.07)
Adjusted Weighted Average Basic Shares Outstanding		 43.36M 43.52M 43.42M 43.57M 43.69M 43.79M 43.71M 43.82M 43.88M 43.97M 43.70M
Adjusted Diluted Earnings per Share		 $0.12 $0.04 $0.01 $0.04 $0.03 $0.00 ($0.02) $0.00 $0.01 ($0.04) ($0.07)
Adjusted Weighted Average Diluted Shares Outstanding		 43.51M 43.73M 43.62M 43.72M 43.76M 43.89M 43.85M 43.93M 43.89M 43.97M 43.70M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 44.56M 44.53M 44.51M 44.53M 44.65M 44.66M 44.66M 44.73M 44.76M 44.72M 39.82M
Normalized Net Operating Profit after Tax (NOPAT)		 5.56 2.20 0.76 1.82 1.26 0.18 -0.61 0.16 0.37 -1.38 -3.13
Normalized NOPAT Margin		 5.64% 2.38% 0.90% 1.99% 1.38% 0.21% -0.76% 0.18% 0.42% -1.66% -4.04%
Pre Tax Income Margin		 7.17% 2.58% 1.45% 2.31% 1.96% 0.21% -1.07% 0.23% 0.53% -2.36% -5.89%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 11.58 6.25 6.00 13.75 32.47 3.52 0.00 0.00 0.00 0.00 -48.60
NOPAT to Interest Expense		 8.32 4.85 3.12 10.97 22.07 0.81 0.00 0.00 0.00 0.00 -34.02
EBIT Less CapEx to Interest Expense		 4.53 -0.31 -11.42 -2.63 -29.60 -74.00 0.00 0.00 0.00 0.00 -65.78
NOPAT Less CapEx to Interest Expense		 1.27 -1.71 -14.30 -5.41 -40.00 -76.71 0.00 0.00 0.00 0.00 -51.20
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -711.59%

Financials Breakdown Chart

Key Financial Trends

Tile Shop Holdings (NASDAQ: TTSH) showed a mixed but clearly pressured financial picture in 2025, with weaker profitability and cash generation than the same period a year earlier. Revenue held up reasonably well, but higher operating expenses and working-capital outflows pushed the company back into losses in the fourth quarter and weakened operating cash flow.

What stands out most: Tile Shop is still producing solid gross profit dollars and maintains a cash balance, but the business is struggling to convert sales into consistent earnings and positive operating cash flow. Compared with 2024, profitability has deteriorated, and the balance sheet now shows a higher debt load than it did at the start of 2024.

  • Gross profit remained healthy in Q4 2025 at $47.8 million on $77.5 million of revenue, showing the company can still generate meaningful margin dollars.
  • The company ended Q3 2025 with $24.1 million in cash and equivalents, which provides some near-term liquidity.
  • Q2 2025 was profitable, with net income of $392,000, showing the business can still get back to breakeven or better in favorable quarters.
  • Inventory levels fell modestly from $88.1 million in Q1 2025 to $87.2 million in Q3 2025, suggesting some stabilization in working capital.
  • Revenue was relatively steady across the last several quarters, ranging from about $77.5 million to $91.4 million in the 2024-2025 period.
  • Depreciation remains a large non-cash add-back each quarter, which helps reported cash flow but also signals a capital-intensive store and distribution footprint.
  • The company continues to carry a meaningful amount of operating liabilities, including other noncurrent operating liabilities above $111 million in Q3 2025.
  • Diluted share count has stayed fairly stable, so recent weakness in earnings is being driven more by operating performance than by major dilution.
  • Q4 2025 ended with a net loss of $3.4 million, versus net income of $1.6 million in Q3 2025 and a small profit in Q2 2025.
  • Operating income turned negative in Q4 2025 at a loss of $4.5 million, as SG&A expense of $52.3 million exceeded gross profit.
  • Cash flow from operations was negative $5.5 million in Q4 2025, hurt by a $13.4 million use of working capital.
  • The company recorded negative free cash flow in Q4 2025 after spending $1.6 million on capex and generating negative operating cash flow.
  • Compared with Q4 2024, revenue declined from $79.5 million to $77.5 million and the net loss widened from $628,000 to $3.4 million.
  • Operating costs and SG&A remain too high relative to revenue: Q4 2025 SG&A was about 67.5% of revenue, leaving little room for profit.
  • The balance sheet has more leverage than it did in early 2024, with long-term debt rising to $0.0 in 2025 balances but other noncurrent operating liabilities still elevated and total liabilities at $192.9 million in Q3 2025.

Bottom line: Tile Shop is not in distress, but the trend is not especially favorable. Revenue is holding up, yet profitability and operating cash flow have become volatile and weakened meaningfully in late 2025. For retail investors, the key question is whether management can bring SG&A back in line with sales and restore consistent positive cash generation.

07/21/26 03:05 AM ETAI Generated. May Contain Errors.

Tile Shop Hldgs Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Tile Shop Hldgs' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Tile Shop Hldgs' net income appears to be on a downward trend, with a most recent value of -$4.49 million in 2025, falling from $15.70 million in 2015. The previous period was $2.32 million in 2024. Check out Tile Shop Hldgs' forecast to explore projected trends and price targets.

Tile Shop Hldgs' total operating income in 2025 was -$5.81 million, based on the following breakdown:
  • Total Gross Profit: $215.02 million
  • Total Operating Expenses: $220.83 million

Over the last 10 years, Tile Shop Hldgs' total revenue changed from $292.99 million in 2015 to $336.82 million in 2025, a change of 15.0%.

Tile Shop Hldgs' total liabilities were at $214.49 million at the end of 2025, a 9.0% increase from 2024, and a 65.2% increase since 2015.

In the past 10 years, Tile Shop Hldgs' cash and equivalents has ranged from $5.56 million in 2018 to $20.96 million in 2024, and is currently $10.12 million as of their latest financial filing in 2025.

Over the last 10 years, Tile Shop Hldgs' book value per share changed from 2.24 in 2015 to 1.95 in 2025, a change of -13.0%.


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Financial statements for NASDAQ:TTSH last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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