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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$21.6M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -58%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $3.8M is below the $52.2M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-02-01 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~10.0% on $59.2M of debt.
Cash of $3.8M is below short-term debt of $49.2M — relies on refinancing/operations.
Mostly short-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
A reverse discounted cash flow is not shown for a company with no positive EBITDA.
No positive EBITDA in the recent record, so there is no return on capital to compare against its cost. Equity is negative, so debt/equity and ROE invert their signs and read as the opposite of what they mean.
Classified from the filings: EBITDA negative in each of the last 2 years.
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2023 | FY2022 | FY2021 | FY2021 | FY2020 | FY2019 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $441.4M 100.0% | $468.7M 100.0% | $498.8M 100.0% | $558.2M 100.0% | $543.5M 100.0% | $603.9M 100.0% | $647.1M 100.0% | $634.1M 100.0% | $594.3M 100.0% | $561.8M 100.0% |
| Cost of Revenue | $319.4M 72.4% | $341.7M 72.9% | $379.0M 76.0% | $369.8M 66.2% | $370.7M 68.2% | $438.4M 72.6% | $444.0M 68.6% | $426.6M 67.3% | $391.8M 65.9% | $359.3M 64.0% |
| Cost of Products | — | — | — | — | — | — | — | $374.9M 59.1% | $351.3M 59.1% | $324.1M 57.7% |
| Gross Profit | $122.0M 27.6% | $127.0M 27.1% | $119.8M 24.0% | $188.4M 33.8% | $172.8M 31.8% | $165.4M 27.4% | $203.1M 31.4% | $207.5M 32.7% | $202.5M 34.1% | $202.5M 36.0% |
| Total Operating Expenses | $136.0M 30.8% | $151.4M 32.3% | $162.5M 32.6% | $163.1M 29.2% | $164.6M 30.3% | $218.5M 36.2% | $198.2M 30.6% | $198.2M 31.3% | $185.5M 31.2% | $176.3M 31.4% |
| Operating Income | -$14.0M -3.2% | -$24.4M -5.2% | -$42.8M -8.6% | $25.3M 4.5% | $8.3M 1.5% | -$53.0M -8.8% | $4.9M 0.8% | $9.4M 1.5% | $17.0M 2.9% | $26.2M 4.7% |
| Interest Expense | $5.9M 1.3% | $3.3M 0.7% | $1.7M 0.3% | $320K 0.1% | $571K 0.1% | $457K 0.1% | $267K 0.0% | $275K 0.0% | $276K 0.0% | $346K 0.1% |
| Interest & Investment Income | — | — | — | — | — | — | — | — | — | $1K 0.0% |
| Other Income (Expense), net | $504K 0.1% | $499K 0.1% | $335K 0.1% | $344K 0.1% | $376K 0.1% | $911K 0.2% | $1.2M 0.2% | $739K 0.1% | $252K 0.0% | $252K 0.0% |
| Pretax Income | -$22.8M -5.2% | -$27.2M -5.8% | -$44.2M -8.9% | $25.4M 4.5% | $8.1M 1.5% | -$52.6M -8.7% | $5.8M 0.9% | $9.8M 1.5% | $17.0M 2.9% | $26.1M 4.6% |
| Income Tax Expense | $316K 0.1% | $519K 0.1% | $543K 0.1% | $3.3M 0.6% | -$8.5M -1.6% | $678K 0.1% | $2.0M 0.3% | $4.5M 0.7% | $5.9M 1.0% | $9.5M 1.7% |
| Net Income | -$23.1M -5.2% | -$27.8M -5.9% | -$44.7M -9.0% | $22.0M 3.9% | $16.6M 3.1% | -$53.3M -8.8% | $3.8M 0.6% | $5.3M 0.8% | $11.0M 1.9% | $16.6M 2.9% |
| Per Share | ||||||||||
| EPS (Basic) | -$1.77 | -$2.16 | -$3.52 | $1.61 | $1.18 | -$3.79 | $0.24 | $0.33 | $0.70 | $0.97 |
| EPS (Diluted) | -$1.77 | -$2.16 | -$3.52 | $1.51 | $1.12 | -$3.79 | $0.24 | $0.33 | $0.68 | $0.94 |
| Weighted Avg Shares (Basic) | 13.1M | 12.9M | 12.7M | 13.7M | 14.2M | 14.1M | 15.4M | 16.0M | 15.9M | 17.1M |
| Weighted Avg Shares (Diluted) | 13.1M | 12.9M | 12.7M | 14.6M | 14.9M | 14.1M | 15.6M | 16.2M | 16.1M | 17.6M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 38 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CVS | $115.4B | 64.9× | 11.5× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | -0.9× | 656 |
| JD | $34.7B | 27.9× | 9.0× | 0.2× | 17.9% | 16.0% | 1.8% | 10.3% | 9.9% | -10.3× | 77 |
| ULTA | $27.5B | 25.0× | 14.8× | 2.2× | 9.7% | 39.1% | 9.3% | 41.1% | 40.3% | -0.2× | 291 |
| CPNG | $25.8B | 130.6× | 21.3× | 0.8× | 14.1% | 29.4% | 0.6% | 4.5% | 3.3% | -4.8× | 108 |
| CDW | $19.2B | 19.0× | 12.4× | 0.9× | 6.8% | 21.7% | 4.8% | 40.9% | 13.0% | 2.6× | 201 |
| W | $15.9B | — | 54.9× | 1.3× | 5.1% | 30.2% | -2.5% | 11.3% | -63.9% | 5.6× | 91 |
| DKS | $14.2B | 14.4× | 8.1× | 0.8× | 28.1% | 32.9% | 4.9% | 15.3% | 15.3% | -0.9× | 199 |
| CHWY | $8.6B | 40.9× | 20.1× | 0.7× | 6.2% | 29.8% | 1.8% | 44.7% | 44.7% | -2.2× | 130 |
| FCFS | $7.8B | 24.4× | — | 2.1× | 8.0% | 50.3% | 9.0% | 14.5% | 7.4% | — | 110 |
| VIPS | $6.1B | 1.3× | 2.7× | 0.4× | 2.0% | 23.1% | 6.8% | 17.7% | 15.5% | -1.8× | 45 |
| NSIT | $5.1B | 35.5× | 10.7× | 0.6× | -5.2% | 21.4% | 1.9% | 9.5% | 9.5% | -0.8× | 66 |
| BBWI | $4.6B | 7.3× | 5.5× | 0.6× | -0.2% | 43.7% | 8.9% | -50.7% | 24.9% | 2.1× | 91 |
| SIG | $4.5B | 16.6× | 6.7× | 0.7× | 1.6% | 39.5% | 4.3% | 15.0% | 15.0% | -1.6× | 65 |
| ASO | $3.6B | 10.7× | 6.0× | 0.6× | 2.0% | 34.8% | 6.2% | 17.4% | 14.2% | 0.2× | 73 |
| PTRN | $2.9B | — | 62.9× | 1.2× | 39.3% | 43.6% | 0.6% | 2.8% | 2.8% | -6.8× | 13 |
| GRDN | $2.6B | — | 26.4× | 1.8× | 17.9% | 20.2% | 3.4% | 22.6% | 22.6% | -0.7× | 19 |
| GCT | $2.1B | 16.3× | 11.1× | 1.6× | 11.1% | 23.3% | 10.6% | 28.3% | 28.3% | -2.5× | 41 |
| EZPW | $1.7B | 19.8× | 9.8× | 1.4× | 9.7% | 58.5% | 8.6% | 10.7% | 7.1% | 0.3× | 63 |
| SBH | $1.7B | 9.6× | 5.7× | 0.5× | -0.4% | 51.6% | 5.3% | 24.7% | 11.7% | 1.7× | 51 |
| RVLV | $1.6B | 26.1× | 16.6× | 1.3× | 8.5% | 53.5% | 5.0% | 12.0% | 12.0% | -3.7× | 31 |
| REAL | $1.5B | — | 143.8× | 2.1× | 15.4% | 74.6% | -6.0% | 10.1% | 10.1% | -16.7× | 31 |
| SVV | $1.4B | 66.5× | 10.1× | 0.8× | 9.2% | — | 1.3% | 5.2% | 2.0% | 3.1× | 24 |
| SPH | $1.2B | 11.1× | 8.7× | 0.8× | 7.9% | 60.6% | 7.4% | — | — | 4.3× | 31 |
| WINA | $1.0B | 25.3× | 18.2× | 11.8× | 5.9% | 96.4% | 48.4% | -77.6% | -77.6% | -0.2× | 37 |
| WOOF | $748M | 87.0× | 6.3× | 0.1× | -2.5% | 38.7% | 0.2% | 0.8% | 0.3% | 3.9× | 29 |
| TBHC | — | — | — | — | -5.8% | 27.6% | -5.2% | 122% | -57.6% | — | — |
Peers = companies sharing TBHC's sector (Retail-Retail Stores, NEC) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
No current price collected.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 122% against ROIC -58% — 179% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 7.3× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2021 | FY2022 | FY2023 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 67.3 | 68.6 | 72.6 | 68.2 | 66.2 | 76.0 | 72.9 | 72.4 |
| Gross Profit | 32.7 | 31.4 | 27.4 | 31.8 | 33.8 | 24.0 | 27.1 | 27.6 |
| Operating Income | 1.5 | 0.8 | -8.8 | 1.5 | 4.5 | -8.6 | -5.2 | -3.2 |
| Income Tax | 0.7 | 0.3 | 0.1 | -1.6 | 0.6 | 0.1 | 0.1 | 0.1 |
| Net Income | 0.8 | 0.6 | -8.8 | 3.1 | 3.9 | -9.0 | -5.9 | -5.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TBHC: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 36.0% | 4.7% | 2.9% |
| FY2017 | 34.1% | 2.9% | 1.9% |
| FY2019 | 32.7% | 1.5% | 0.8% |
| FY2020 | 31.4% | 0.8% | 0.6% |
| FY2021 | 27.4% | -8.8% | -8.8% |
| FY2021 | 31.8% | 1.5% | 3.1% |
| FY2022 | 33.8% | 4.5% | 3.9% |
| FY2023 | 24.0% | -8.6% | -9.0% |
| FY2025 | 27.1% | -5.2% | -5.9% |
| FY2026 | 27.6% | -3.2% | -5.2% |
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: market_cap.
Cash conversion of 0.26x sits below the level that would make the earnings clearly cash-backed.
Reported free cash flow is -$22M; after share-based compensation it is -$23M. The difference is a real cost that the cash flow statement adds back.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
This schedule comes from a filing dated 2025-02-01, 637 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2025-02-01 (10-K); cash from the 2025-02-01 balance sheet; FCF from FY2026. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2025-02-01. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
No current price or share count, so the market's assumption cannot be solved for.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: market_cap, free_cash_flow.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$23M | −$23M |
| Share-based comp | $1M | −$22M |
| Other non-cash & working capital | $3M | −$19M |
| Operating cash flow | −$19M | −$19M |
| Capex | −$2M | −$22M |
| Free cash flow | −$22M | −$22M |
| FCF after SBC | −$23M | −$23M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | -6.7% | -68.8% | -62.1 points |
| FY2021 | -10.0% | 230.0% | 240.0 points |
| FY2022 | 2.7% | 42.4% | 39.7 points |
| FY2023 | -10.6% | -82.1% | -71.5 points |
| FY2025 | -6.0% | 208.8% | 214.8 points |
| FY2026 | -5.8% | -23.1% | -17.3 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 1.8 days | 69.4 days | 32.9 days | 38.3 days |
| FY2021 | 0.6 days | 78.8 days | 49.5 days | 29.9 days |
| FY2021 | 2.2 days | 61.1 days | 54.3 days | 9 days |
| FY2022 | 3.1 days | 112.6 days | 61.7 days | 53.9 days |
| FY2023 | 0.6 days | 81 days | 42.1 days | 39.5 days |
| FY2025 | 2 days | 79.1 days | 49.1 days | 32 days |
| FY2026 | 1.7 days | 93.6 days | 50.2 days | 45 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -6.7 percent |
| FY2021 | -10.7 percent |
| FY2021 | -16.0 percent |
| FY2022 | 15.9 percent |
| FY2023 | -9.7 percent |
| FY2025 | -5.3 percent |
| FY2026 | -1.6 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 7 consecutive years to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2026) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.