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what it is
Tile Shop sells tile, stone, grout, and installation gear through specialty retail stores across the United States.
how it gets paid
Last year The Tile Shop Hldgs made $337M in revenue.
why it's growing
FY 2025 net sales were about $337M, down roughly 3% vs. FY 2024 (~$347M). Recent quarters show gross margin near ~63%, but operating leverage is still tight.
what just happened
Q3 2025 net sales were ~$83M, down ~1.7% YoY, with a diluted loss of ~$0.04 per share (vs. roughly breakeven a year earlier).
At a glance
C++ balance sheet — some cracks in the foundation
35/100 earnings predictability — expect surprises
1.9% return on capital — nothing to write home about
-$0.10 fy2025 eps est
delisting / deregistration plan (2025) — check latest filings
xvary composite: 41/100 — below average
What they do
Tile Shop sells tile, stone, grout, and installation gear through specialty retail stores across the United States.
Tile is tactile—you want to see it before you renovate. Q3 2025 gross margin was ~62.9%, but operating results were slightly negative that quarter, so the model still depends on traffic and cost control, not just markup.
How they make money
$337M
annual revenue · FY 2025 net sales fell ~3% vs. FY 2024
total revenue
$337M
~3%
The products that matter
core tile sales
Tile & Stone Products
~$270M · roughly 80% of sales
this is the center of the business, contributing roughly $270M of the $337M revenue base. if demand slips here, there is nowhere else to hide.
core revenue driver
installation add-ons
Setting & Maintenance
~$67M · roughly 20% of sales
grout, adhesives, sealers, and tools add roughly $67M of sales. it is smaller, but it rides on every tile purchase and helps the ticket size.
attach sales
physical store base
140-store footprint
140 stores · ~$337M FY net sales
~$2.4M net sales per store is a rough FY scale check— useful only if you keep the same store count and revenue base in view.
fixed-cost burden
Key numbers
$0
borrowings drawn
As of Q3 2025, the company reported no borrowings outstanding on its line of credit (lease and working-capital obligations still matter).
~0%
operating margin (FY)
FY 2025 swung to a small operating loss on lower sales— the squeeze is operations and traffic, not just gross margin.
62.9%
gross margin (Q3 2025)
Q3 2025 gross margin was 62.9% (down from 66.5% YoY)— product economics are still OK, but delivery, discounts, and costs are pressing.
$83M
Q3 2025 net sales
Net sales fell ~1.7% YoY in Q3 2025— demand is still soft in a weak remodeling cycle.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 25 / 100
- long-term debt no drawn debt on revolver (see latest 10-Q)
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for TTSH right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Q3 2025 net sales were ~$83M, down ~1.7% YoY, with diluted EPS of about -$0.04.
Gross margin was 62.9% in Q3 2025 (down from 66.5% YoY). The company also reported no borrowings outstanding on its credit facility and ~$24.1M cash at quarter-end— but traffic and costs are still the story.
$83M
Q3 net sales
-$0.04
diluted EPS
62.9%
gross margin
the number that mattered
FY net sales slid ~3% with a small net loss— gross margin is still there, but the store base needs traffic to convert it.
source: company earnings report / SEC filing
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What could go wrong
the #1 risk is store-level deleveraging in a weak remodeling cycle.
med
housing-linked demand stays soft
Sales fell 3% to $337M. Tile is a purchase people delay when home turnover slows or remodeling budgets get cut.
If revenue keeps shrinking from here, the fixed store base becomes a bigger problem each quarter.
med
good gross margin keeps getting swallowed below the line
Gross margin stayed near ~63% in recent quarters, yet FY 2025 still produced a small net loss. That is a cost-and-traffic issue, not just merchandise pricing.
If that gap does not close, better product mix will not rescue earnings.
med
debt and cash burn limit patience
Even with no drawn revolver debt in Q3 2025, leases, working capital, and weak traffic can still tighten liquidity if the cycle stays soft.
With a market cap near $120M, the balance sheet has almost as much presence in the story as the equity does.
~$337M of FY net sales and a small FY net loss add up to a retailer with thin room for error— especially while demand is choppy.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
sales per store
Using the numbers on this page, the chain is doing roughly $2.4M of annual revenue per store. If that slips, fixed costs get louder.
trend
gross margin versus operating margin
Solid gross margin only helps if traffic and SG&A cooperate— watch whether comps stabilize or keep drifting.
calendar
next earnings print
You want two things in the same release: sales no longer falling from the current 3% decline and a return to profit from the current $4.5M loss.
risk
housing turnover and remodel demand
This is a housing-sensitive retailer selling a postponable product. If home activity stays soft, demand does not bounce just because inventory exists.
Analyst rankings
earnings predictability
35 / 100
in human-speak, analysts do not see a stable earnings pattern here.
risk rank
3
middle-of-the-pack on balance-sheet risk does not mean high quality. it means the business is not broken enough to be last.
source: institutional data
Institutional activity
institutional ownership data for TTSH is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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