A Business at a Glance
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TAPESTRY, INC.
TPR
$31.9B
Mkt Cap
$142.60
+2.49%
TAPESTRY, INC. (TPR) has a current P/E ratio of 55.3, compared to its historical median P/E of 12.5. The stock is currently considered Expensive based on its historical valuation range.
TAPESTRY, INC. (TPR) has a 5-year average return on invested capital (ROIC) of 27.7%. This indicates strong capital allocation and a potential competitive advantage.
TAPESTRY, INC. (TPR) has a market capitalization of $28.8B. It is classified as a large-cap stock.
Yes, TAPESTRY, INC. (TPR) pays a dividend with a trailing twelve-month yield of 1.10%. The company also returns capital through share buybacks, with a buyback yield of 4.52%.
Based on historical P/E analysis, TAPESTRY, INC. (TPR) appears expensive. The current P/E of 55.3 is 344% above its historical median of 12.5. The estimated fair value CAGR (P/E method) is 14.9%.
TAPESTRY, INC. (TPR) operates in the Leather & Leather Products industry, within the Consumer Cyclical sector.
TAPESTRY, INC. (TPR) reported annual revenue of $7.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Tapestry, Inc. is a house of iconic accessories and lifestyle brands comprising Coach, Kate Spade, and Stuart Weitzman (sold in August 2025), with Coach representing 79.9% of fiscal 2025 net sales. The company operates a diversified business model across three channels: direct-to-consumer (DTC, approximately 86% of fiscal 2025 sales) through retail stores, outlet locations, and e-commerce; wholesale through department stores and specialty retailers (approximately 13% of sales); and licensing partnerships that generate royalties. Coach, founded in 1941, focuses on accessories and lifestyle collections with a legacy of craftsmanship; Kate Spade, launched in 1993, designs handbags, ready-to-wear, jewelry, and home décor with a bold, optimistic brand positioning; and Stuart Weitzman specializes in luxury footwear and handbags. The company's unit economics are characterized by strong direct-to-consumer profitability, with handbags and accessories representing the core product categories (54.9% and 25.8% of Tapestry sales respectively in fiscal 2025), while footwear and other lifestyle products drive incremental growth. Tapestry operates globally with significant presence in North America and China, supported by a transformed omni-channel business model that integrates physical retail with digital platforms, leveraging data analytics and consumer insights to drive customer acquisition, retention, and lifetime value. The company's competitive moat is built on distinctive brand heritage, design excellence, craftsmanship, and emotional consumer connections, particularly with Gen Z consumers, combined with operational discipline and a sophisticated merchandising capability that enables rapid response to market trends and consumer preferences.
【Strong momentum and margin expansion】 Management expects continued double-digit earnings growth and operating margin expansion driven by disciplined pricing, improved average unit retail (AUR), and operational leverage, with the company positioned to deliver mid-single-digit revenue growth as a baseline going forward. Coach is expected to sustain high-teens to low-20s growth rates supported by new customer acquisition, particularly among Gen Z consumers, and footwear expansion, while Kate Spade is undergoing a strategic reset focused on brand heat and profitable growth through reduced promotional activity and targeted marketing investments. The company is navigating tariff headwinds through operational improvements and pricing discipline while maintaining investment in long-term brand building, with management confident in structural competitive advantages and the durability of its growth drivers across geographies, particularly in China and North America. Capital allocation remains focused on returning substantially all free cash flow to shareholders through dividends and share repurchases while maintaining investment-grade leverage below 2.5x, reflecting confidence in organic cash generation and sustainable value creation.
| Metric | Target | Period |
|---|---|---|
| Revenue | $7.95 billion | FY2026 |
| Operating margin | approximately 23% | FY2026 |
| EPS | in the area of $6.95 | FY2026 |
| Adjusted free cash flow | approach $1.6 billion | FY2026 |
| Coach revenue growth | over 20% | FY2026 |
| Greater China revenue growth | over 30% | FY2026 |
| Shareholder returns | approximately $1.6 billion | FY2026 |
Revenue (FY2026): “For the fiscal year, we now expect revenue to be in the area of $7.95 billion, representing pro forma growth of 16% in constant currency”
Operating margin (FY2026): “our outlook now assumes an operating margin of approximately 23%, which is up approximately 300 basis points compared to last year and 120 basis points above our prior outlook”
EPS (FY2026): “Taken together, we now expect EPS to be in the area of $6.95, representing growth over 35% compared to last year and ahead of our prior outlook of $6.40-$6.45”
Adjusted free cash flow (FY2026): “Moving on, we now anticipate adjusted free cash flow to approach $1.6 billion”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 7.9B | 7.0B | 6.7B | 6.7B | 6.7B | 5.7B |
| Net Income | 663M | 183M | 816M | 936M | 856M | 834M |
| EPS | $3.32 | $0.82 | $3.50 | $3.88 | $3.17 | $2.95 |
| Free Cash Flow | 1.8B | 1.1B | 1.1B | 791M | 759M | 1.2B |
| ROIC | 35.0% | 11.9% | 29.7% | 30.1% | 32.7% | 34.0% |
| Gross Margin | 76.2% | 75.4% | 73.3% | 70.8% | 69.6% | 71.0% |
| Debt/Equity | 3.51 | 2.81 | 2.52 | 0.73 | 0.74 | 0.49 |
| Dividends/Share | $1.57 | $1.40 | $1.40 | $1.20 | $1.00 | $0.00 |
| Operating Income | 889M | 415M | 1.1B | 1.2B | 1.2B | 968M |
| Operating Margin | 11.3% | 5.9% | 17.1% | 17.6% | 17.6% | 16.8% |
| ROE | 97.1% | 9.8% | 31.5% | 41.0% | 30.9% | 30.1% |
| Shares Outstanding | 202M | 223M | 233M | 241M | 270M | 283M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 4.8B | 4.2B | 4.5B | 4.5B | 5.9B | 6.0B | 5.0B | 5.7B | 6.7B | 6.7B | 6.7B | 7.0B | 7.9B |
| Gross Margin | 68.6% | 69.4% | 67.9% | 68.6% | 65.5% | 67.3% | 65.3% | 71.0% | 69.6% | 70.8% | 73.3% | 75.4% | 76.2% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 2.2B | 2.3B | 2.4B | 2.3B | 3.2B | 3.2B | 3.3B | 3.1B | 3.5B | 3.5B | 3.7B | 4.0B | 4.2B |
| EBIT | 1.1B | 618M | 654M | 787M | 672M | 820M | -551M | 968M | 1.2B | 1.2B | 1.1B | 415M | 889M |
| Op. Margin | 23.3% | 14.7% | 14.5% | 17.5% | 11.4% | 13.6% | -11.1% | 16.8% | 17.6% | 17.6% | 17.1% | 5.9% | 11.3% |
| Net Income | 781M | 402M | 461M | 591M | 398M | 643M | -652M | 834M | 856M | 936M | 816M | 183M | 663M |
| Net Margin | 16.3% | 9.6% | 10.3% | 13.2% | 6.8% | 10.7% | -13.1% | 14.5% | 12.8% | 14.1% | 12.2% | 2.6% | 8.4% |
| Non-Recurring | 108M | 49M | 18M | 8.5M | 135M | 33M | 14M | 13M | 15M | 0 | 0 | 244M | 244M |
| Returns on Capital | |||||||||||||
| ROIC | 51.3% | 20.1% | 18.1% | 22.4% | 16.2% | 13.8% | -14.5% | 34.0% | 32.7% | 30.1% | 29.7% | 11.9% | 35.0% |
| ROE | 32.4% | 16.4% | 17.8% | 20.8% | 12.7% | 19.0% | -22.5% | 30.1% | 30.9% | 41.0% | 31.5% | 9.8% | 97.1% |
| ROA | 21.7% | 9.7% | 9.6% | 11.0% | 6.4% | 9.5% | -8.8% | 10.2% | 10.9% | 13.0% | 8.0% | 1.8% | 10.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 985M | 937M | 759M | 854M | 998M | 792M | 407M | 1.3B | 853M | 975M | 1.3B | 1.2B | 1.9B |
| Free Cash Flow | 766M | 738M | 362M | 571M | 730M | 518M | 202M | 1.2B | 759M | 791M | 1.1B | 1.1B | 1.8B |
| Owner Earnings | 701M | 608M | 453M | 561M | 645M | 437M | -475M | 1.0B | 586M | 714M | 996M | 966M | 1.6B |
| CapEx | 220M | 199M | 396M | 283M | 267M | 274M | 205M | 116M | 94M | 184M | 109M | 123M | 148M |
| Maint. CapEx | 189M | 241M | 219M | 219M | 271M | 270M | 829M | 221M | 195M | 182M | 174M | 163M | 159M |
| Growth CapEx | 30M | 0 | 177M | 64M | 0 | 3.8M | 0 | 0 | 0 | 2.0M | 0 | 0 | 0 |
| D&A | 189M | 241M | 219M | 219M | 271M | 270M | 829M | 221M | 195M | 182M | 174M | 163M | 159M |
| CapEx/OCF | 22.3% | 21.3% | 52.3% | 33.2% | 26.8% | 34.6% | 50.5% | 8.8% | 11.0% | 18.9% | 8.7% | 10.1% | 7.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 377M | 372M | 375M | 378M | 384M | 391M | 380M | 0 | 264M | 283M | 321M | 299M | 318M |
| Dividend Yield | 3.8% | 5.0% | 5.2% | 4.4% | 3.6% | 4.2% | 7.0% | N/A | 2.8% | 3.4% | 3.8% | 2.2% | 1.1% |
| Share Buybacks | 525M | 0 | 0 | 0 | 0 | 100M | 300M | 0 | 1.6B | 704M | 0 | 1.7B | 1.3B |
| Buyback Yield | 7.7% | N/A | N/A | N/A | N/A | 1.3% | 9.7% | N/A | 20.3% | 7.3% | N/A | 8.9% | 4.5% |
| Stock-Based Comp | 95M | 89M | 87M | 74M | 81M | 85M | 53M | 64M | 72M | 79M | 86M | 87M | 101M |
| Debt Repayment | 500K | 500K | 15M | 285M | 1.1B | 0 | 0 | 12M | 900M | 31M | 469M | 7.2B | 7.2B |
| Balance Sheet | |||||||||||||
| Net Debt | -728M | -626M | -434M | -1.5B | 368M | 384M | 877M | -416M | 747M | 927M | 103M | 1.3B | 1.3B |
| Cash & Equiv. | 592M | 1.3B | 859M | 2.7B | 1.2B | 969M | 1.4B | 2.0B | 790M | 726M | 6.1B | 1.1B | 1.1B |
| Long-Term Debt | 0 | 889M | 870M | 1.6B | 1.6B | 1.6B | 1.6B | 1.6B | 1.7B | 1.6B | 7.0B | 2.4B | 2.4B |
| Debt/Equity | 0.06 | 0.36 | 0.33 | 0.53 | 0.50 | 0.46 | 1.02 | 0.49 | 0.74 | 0.73 | 2.52 | 2.81 | 3.51 |
| Interest Coverage | 658.9 | 51.9 | 19.9 | 29.4 | 7.8 | 12.3 | -7.7 | 13.2 | 17.1 | 16.1 | 3.1 | 1.5 | 1.5 |
| Equity | 2.4B | 2.5B | 2.7B | 3.0B | 3.2B | 3.5B | 2.3B | 3.3B | 2.3B | 2.3B | 2.9B | 858M | 682M |
| Total Assets | 3.7B | 4.7B | 4.9B | 5.8B | 6.7B | 6.9B | 7.9B | 8.4B | 7.3B | 7.1B | 13.4B | 6.6B | 6.5B |
| Total Liabilities | 1.2B | 2.2B | 2.2B | 2.8B | 3.4B | 3.4B | 5.6B | 5.1B | 5.0B | 4.8B | 10.5B | 5.7B | 5.8B |
| Intangibles | 9.8M | 360M | 347M | 341M | 1.7B | 1.7B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 720M | 717M |
| Retained Earnings | -220M | -190M | -104M | 108M | 119M | 292M | -993M | -159M | -1.2B | -1.2B | -722M | -2.6B | -3.2B |
| Working Capital | 1.0B | 1.7B | 1.3B | 3.2B | 1.5B | 1.6B | 811M | 1.9B | 1.1B | 1.1B | 7.1B | 1.3B | 1.2B |
| Current Assets | 1.9B | 2.5B | 2.2B | 4.0B | 2.4B | 2.6B | 2.6B | 3.4B | 2.6B | 2.4B | 8.8B | 2.9B | 2.7B |
| Current Liabilities | 813M | 835M | 827M | 754M | 938M | 918M | 1.7B | 1.4B | 1.5B | 1.3B | 1.7B | 1.6B | 1.5B |
| Per Share Data | |||||||||||||
| EPS | 2.79 | 1.45 | 1.65 | 2.09 | 1.38 | 2.21 | -2.34 | 2.95 | 3.17 | 3.88 | 3.50 | 0.82 | 3.32 |
| Owner EPS | 2.50 | 2.19 | 1.62 | 1.98 | 2.24 | 1.50 | -1.71 | 3.67 | 2.17 | 2.96 | 4.27 | 4.33 | 8.12 |
| Book Value | 8.64 | 8.97 | 9.61 | 10.62 | 11.26 | 12.07 | 8.17 | 11.53 | 8.46 | 9.44 | 12.43 | 3.84 | 3.37 |
| Cash Flow/Share | 3.52 | 3.38 | 2.72 | 3.02 | 3.46 | 2.72 | 1.46 | 4.68 | 3.16 | 4.04 | 5.39 | 5.45 | 4.06 |
| Dividends/Share | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.01 | 0.00 | 1.00 | 1.20 | 1.40 | 1.40 | 1.57 |
| Shares Out. | 280.0M | 277.5M | 279.1M | 282.8M | 288.0M | 291.1M | 278.7M | 282.8M | 270.1M | 241.2M | 233.1M | 223.4M | 202.3M |
| Valuation | |||||||||||||
| P/E Ratio | 8.8 | 18.3 | 17.9 | 17.9 | 27.7 | 12.1 | N/A | 12.8 | 9.2 | 10.3 | 11.9 | 105.5 | 43.0 |
| P/FCF | 8.9 | 10.0 | 22.7 | 18.6 | 15.1 | 15.1 | 15.3 | 8.8 | 10.4 | 12.2 | 8.4 | 17.7 | 16.4 |
| EV/EBIT | 5.6 | 10.9 | 11.9 | 11.5 | 16.9 | 10.0 | N/A | 10.6 | 7.4 | 9.0 | 8.8 | 49.7 | 34.0 |
| Price/Book | 2.8 | 3.0 | 3.1 | 3.5 | 3.4 | 2.2 | 1.4 | 3.3 | 3.5 | 4.2 | 3.3 | 22.5 | 42.3 |
| Price/Sales | 2.1 | 1.8 | 1.6 | 1.9 | 1.8 | 1.6 | 1.1 | 1.3 | 1.4 | 1.3 | 1.3 | 1.9 | 3.7 |
| FCF Yield | 11.2% | 10.0% | 4.4% | 5.4% | 6.6% | 6.6% | 6.5% | 11.3% | 9.6% | 8.2% | 11.8% | 5.7% | 6.1% |
| Market Cap | 6.8B | 7.4B | 8.2B | 10.6B | 11.0B | 7.8B | 3.1B | 10.6B | 7.9B | 9.6B | 9.7B | 19.3B | 28.8B |
| Avg. Price | 35.25 | 26.85 | 25.76 | 30.57 | 36.65 | 32.16 | 19.55 | 26.87 | 34.35 | 34.86 | 36.22 | 60.27 | 142.60 |
| Year-End Price | 24.44 | 26.55 | 29.47 | 37.44 | 38.18 | 26.84 | 11.09 | 37.64 | 29.21 | 39.99 | 41.52 | 86.48 | 142.60 |
TAPESTRY, INC. passes 6 of 9 quality checks, suggesting mixed fundamentals.
TAPESTRY, INC. trades at 55.3x trailing earnings, compared to its 15-year median P/E of 12.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 17.6x vs a median of 15.1x. The company's 5-year average ROIC is 27.7% with a gross margin of 72.0%. Total shareholder yield (dividends + buybacks) is 5.6%. At current prices, the estimated annualized return to fair value is +23.3%.
TAPESTRY, INC. (TPR) has a net profit margin of 2.6%. This is a modest margin.
TAPESTRY, INC. (TPR) generated $1.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
TAPESTRY, INC. (TPR) has a debt-to-equity ratio of 2.81. This indicates higher leverage, which may increase financial risk.
TAPESTRY, INC. (TPR) reported earnings per share (EPS) of $0.82 in its most recent fiscal year.
TAPESTRY, INC. (TPR) has a return on equity (ROE) of 9.8%. This indicates moderate shareholder returns.
TAPESTRY, INC. (TPR) has a 5-year average gross margin of 72.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for TAPESTRY, INC. (TPR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
TAPESTRY, INC. (TPR) has a book value per share of $3.84, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued double-digit earnings growth and operating margin expansion driven by disciplined pricing, improved average unit retail (AUR), and operational leverage, with the company positioned to deliver mid-single-digit revenue growth as a baseline going forward. Coach is expected to sustain high-teens to low-20s growth rates supported by new customer acquisition, particularly among Gen Z consumers, and footwear expansion, while Kate Spade is undergoing a strategic reset focused on brand heat and profitable growth through reduced promotional activity and targeted marketing investments. The company is navigating tariff headwinds through operational improvements and pricing discipline while maintaining investment in long-term brand building, with management confident in structural competitive advantages and the durability of its growth drivers across geographies, particularly in China and North America. Capital allocation remains focused on returning substantially all free cash flow to shareholders through dividends and share repurchases while maintaining investment-grade leverage below 2.5x, reflecting confidence in organic cash generation and sustainable value creation.
Based on recent SEC filings and earnings calls, TAPESTRY, INC. (TPR) has provided the following forward guidance: Revenue: $7.95 billion (FY2026); Operating margin: approximately 23% (FY2026); EPS: in the area of $6.95 (FY2026); Adjusted free cash flow: approach $1.6 billion (FY2026); Coach revenue growth: over 20% (FY2026), plus 2 additional metrics.
Coach revenue growth (FY2026): “By brand, this guidance now incorporates growth of over 20% at Coach”
Greater China revenue growth (FY2026): “In Greater China, we now expect to achieve growth of over 30%”
Shareholder returns (FY2026): “In fiscal 2026, we now expect to return approximately $1.6 billion or approximately 100% of our expected adjusted free cash flow to shareholders through dividends and share repurchases”