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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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How management deployed cash over 7 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 1%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 7 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.
$1.8M of principal comes due within a year. Scheduled principal only (excludes interest & revolver draws). As of 2026-03-31 (20-F).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~3.2% on $61.8M of debt.
Cash vs short-term debt unavailable.
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.
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $531K dividends + $0 buybacks = $531K returned on -$10.6M FCF.
1 consecutive years of dividend increases.
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.
EOD close · as of 2026-10-30
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 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $373.2M 100.0% | $210.1M 100.0% | $195.7M 100.0% | $169.7M 100.0% | $234.8M 100.0% | $224.8M 100.0% | $139.6M 100.0% |
| Gross Profit | — | — | — | $642K 0.4% | $328K 0.1% | $7K 0.0% | — |
| Selling, General & Admin | $24.9M 6.7% | $19.2M 9.1% | $17.6M 9.0% | $28.6M 16.9% | $36.4M 15.5% | $32.5M 14.5% | $18.1M 13.0% |
| Total Operating Expenses | $370.0M 99.1% | $205.4M 97.8% | $189.9M 97.0% | $168.9M 99.5% | $227.5M 96.9% | $214.0M 95.2% | $130.2M 93.3% |
| Operating Income | $3.2M 0.9% | $4.7M 2.2% | $5.8M 3.0% | $824K 0.5% | $7.3M 3.1% | -$73K -0.0% | — |
| Interest Expense | $2.0M 0.5% | $1.7M 0.8% | $1.6M 0.8% | $2.4M 1.4% | $2.8M 1.2% | $2.3M 1.0% | $1.9M 1.4% |
| Other Income (Expense), net | $532K 0.1% | $36K 0.0% | $2.2M 1.1% | -$8.2M -4.8% | -$1.1M -0.5% | -$2.5M -1.1% | -$1.9M -1.3% |
| Pretax Income | $3.8M 1.0% | $4.8M 2.3% | $7.9M 4.1% | -$7.3M -4.3% | $6.2M 2.6% | $8.3M 3.7% | $7.5M 5.4% |
| Income Tax Expense | $3.1M 0.8% | -$1.9M -0.9% | $457K 0.2% | $714K 0.4% | $2.2M 1.0% | $3.3M 1.5% | $2.7M 1.9% |
| Net Income | $717K 0.2% | $6.6M 3.2% | $7.5M 3.8% | -$8.0M -4.7% | $3.9M 1.7% | $5.0M 2.2% | $4.9M 3.5% |
| Per Share | |||||||
| EPS (Basic) | $0.02 | $0.16 | $0.20 | -$0.22 | $0.12 | $0.18 | $0.18 |
| EPS (Diluted) | $0.02 | $0.16 | $0.20 | -$0.22 | $0.12 | $0.18 | $0.18 |
| Weighted Avg Shares (Basic) | 42.3M | 42.2M | 37.3M | 36.3M | 32.7M | 27.5M | 26.7M |
| Weighted Avg Shares (Diluted) | 42.3M | 42.2M | 37.3M | 36.3M | 32.7M | 27.5M | 26.7M |
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 | $115.5B | 65.0× | 11.6× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | -0.9× | 656 |
| JD | $34.6B | 27.9× | 9.0× | 0.2× | 17.9% | 16.0% | 1.8% | 10.3% | 9.9% | -10.3× | 77 |
| ULTA | $27.9B | 25.3× | 15.0× | 2.3× | 9.7% | 39.1% | 9.3% | 41.1% | 40.3% | -0.2× | 291 |
| CPNG | $26.2B | 132.4× | 21.7× | 0.8× | 14.1% | 29.4% | 0.6% | 4.5% | 3.3% | -4.8× | 108 |
| CDW | $20.7B | 20.4× | 13.2× | 0.9× | 6.8% | 21.7% | 4.8% | 40.9% | 13.0% | 2.6× | 201 |
| W | $16.5B | — | 56.7× | 1.3× | 5.1% | 30.2% | -2.5% | 11.3% | -63.9% | 5.6× | 91 |
| DKS | $14.0B | 14.2× | 8.0× | 0.8× | 28.1% | 32.9% | 4.9% | 15.3% | 15.3% | -0.9× | 199 |
| CHWY | $8.4B | 40.1× | 19.6× | 0.7× | 6.2% | 29.8% | 1.8% | 44.7% | 44.7% | -2.2× | 130 |
| FCFS | $8.1B | 25.3× | — | 2.2× | 8.0% | 50.3% | 9.0% | 14.5% | 7.4% | — | 110 |
| VIPS | $6.1B | 1.3× | 2.6× | 0.4× | 2.0% | 23.1% | 6.8% | 17.7% | 15.5% | -1.8× | 45 |
| NSIT | $5.2B | 36.7× | 11.1× | 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 | $4.6B | 16.8× | 6.8× | 0.7× | 1.6% | 39.5% | 4.3% | 15.0% | 15.0% | -1.6× | 65 |
| ASO | $3.7B | 10.9× | 6.1× | 0.6× | 2.0% | 34.8% | 6.2% | 17.4% | 14.2% | 0.2× | 73 |
| PTRN | $3.0B | — | 64.1× | 1.2× | 39.3% | 43.6% | 0.6% | 2.8% | 2.8% | -6.8× | 13 |
| GRDN | $2.6B | — | 26.3× | 1.8× | 17.9% | 20.2% | 3.4% | 22.6% | 22.6% | -0.7× | 19 |
| GCT | $2.2B | 16.9× | 11.6× | 1.7× | 11.1% | 23.3% | 10.6% | 28.3% | 28.3% | -2.5× | 41 |
| EZPW | $1.8B | 20.5× | 10.1× | 1.4× | 9.7% | 58.5% | 8.6% | 10.7% | 7.1% | 0.3× | 63 |
| SBH | $1.7B | 9.7× | 5.7× | 0.5× | -0.4% | 51.6% | 5.3% | 24.7% | 11.7% | 1.7× | 51 |
| RVLV | $1.6B | 26.9× | 17.1× | 1.3× | 8.5% | 53.5% | 5.0% | 12.0% | 12.0% | -3.7× | 31 |
| SVV | $1.4B | 67.6× | 10.2× | 0.9× | 9.2% | — | 1.3% | 5.2% | 2.0% | 3.1× | 24 |
| REAL | $1.4B | — | 135.6× | 2.0× | 15.4% | 74.6% | -6.0% | 10.1% | 10.1% | -16.7× | 31 |
| SPH | $1.2B | 11.0× | 8.6× | 0.8× | 7.9% | 60.6% | 7.4% | — | — | 4.3× | 31 |
| WINA | $1.0B | 25.4× | 18.3× | 11.9× | 5.9% | 96.4% | 48.4% | -77.6% | -77.6% | -0.2× | 37 |
| WOOF | $742M | 86.3× | 6.2× | 0.1× | -2.5% | 38.7% | 0.2% | 0.8% | 0.3% | 3.9× | 29 |
| TKLF | $9M | 76.5× | 16.1× | 0.0× | 77.6% | — | 0.2% | 1.7% | 0.7% | 14.1× | — |
Peers = companies sharing TKLF'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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 1 positive fiscal year (FY2024). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $1.50 today, the market must believe free cash flow compounds 23.0%/yr for a decade (off $983K on the 3-yr avg basis).
Default is 9.1% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.01B shares (market data) · net debt $61.8M
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-30
Where each multiple sits in its own 5-yr range · 18th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 5-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 2% against ROIC 1% — 1% 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
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|
| Gross Profit | — | 0.0 | 0.1 | 0.4 | — | — | — |
| SG&A | 13.0 | 14.5 | 15.5 | 16.9 | 9.0 | 9.1 | 6.7 |
| Operating Income | — | -0.0 | 3.1 | 0.5 | 3.0 | 2.2 | 0.9 |
| Income Tax | 1.9 | 1.5 | 1.0 | 0.4 | 0.2 | -0.9 | 0.8 |
| Net Income | 3.5 | 2.2 | 1.7 | -4.7 | 3.8 | 3.2 | 0.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TKLF: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -6.71pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 56.3% | 9.1% (today's — no rate published for this year) | 47.1pts |
| FY2021 | -0.1% | 9.1% (today's — no rate published for this year) | -9.2pts |
| FY2022 | 6.3% | 6.9% | -0.7pts |
| FY2023 | 0.7% | 10.4% | -9.7pts |
| FY2024 | 4.9% | 6.5% | -1.6pts |
| FY2025 | 3.5% | 8.2% | -4.7pts |
| FY2026 | 2.4% | 8.4% | -5.9pts |
| Now | 0.7% | 9.1% | -8.4pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2020 | not reported | 6.7% | 3.5% |
| FY2021 | 0.0% | -0.0% | 2.2% |
| FY2022 | 0.1% | 3.1% | 1.7% |
| FY2023 | 0.4% | 0.5% | -4.7% |
| FY2024 | not reported | 3.0% | 3.8% |
| FY2025 | not reported | 2.2% | 3.2% |
| FY2026 | not reported | 0.9% | 0.2% |
Return on equity (2%) and return on invested capital (1%) are within a couple of points in FY2026, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
Margins have compressed 2 years running even as the spread stayed positive.
Free cash flow has fallen short of reported profit in 3 of the last three years.
Shares outstanding are up 58% since FY2020 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Missing from our data, so excluded from this answer: share_based_compensation.
Stressed coverage falls to 1.1x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 1.62x |
| 5% | 1.54x |
| 10% | 1.46x |
| 15% | 1.38x |
| 20% | 1.30x |
| 25% | 1.22x |
| 30% | 1.14x |
| 35% | 1.05x |
| 40% | 0.97x |
| 45% | 0.89x |
| 50% | 0.81x |
| 55% | 0.73x |
| 60% | 0.65x |
Ladder as of 2026-03-31 (20-F); cash from the 2026-03-31 balance sheet; FCF from FY2026. No cash figure on the matching balance sheet, so no coverage line is drawn.
Balance sheet at 2026-03-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Free cash flow is negative, so debt service depends on the cash balance rather than on the business.
At $1.53, free cash flow must compound 24.52%/yr for 10 years. It has no positive compounding record to compare against, though across a reporting-basis change.
The achieved growth rate spans a reporting-basis change in FY2021, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $716,730 | $716,730 |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | −$11M | −$10M |
| Operating cash flow | −$10M | −$10M |
| Capex | −$313,995 | −$11M |
| Free cash flow | −$11M | −$11M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 61.0% | not reported | not reported |
| FY2022 | 4.5% | -6.2% | -10.7 points |
| FY2023 | -27.7% | 118.4% | 146.1 points |
| FY2024 | 15.3% | 17.8% | 2.5 points |
| FY2025 | 7.4% | 1.9% | -5.5 points |
| FY2026 | 77.6% | 74.1% | -3.5 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | not reported | not reported | not reported | not reported |
| FY2021 | 70.9 days | not reported | not reported | not reported |
| FY2022 | 63.7 days | not reported | not reported | not reported |
| FY2023 | 192.4 days | not reported | not reported | not reported |
| FY2024 | 196.5 days | not reported | not reported | not reported |
| FY2025 | 186.4 days | not reported | not reported | not reported |
| FY2026 | 182.7 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | not reported |
| FY2021 | 7.3 percent |
| FY2022 | 7.5 percent |
| FY2023 | 12.1 percent |
| FY2024 | 3.9 percent |
| FY2025 | 4.6 percent |
| FY2026 | 4.7 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 1 year 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.