TAPESTRY, INC.

TPR

Tapestry, Inc. provides accessories and lifestyle brand products in North America, Greater China, rest of Asia, and internationally. The company operates in two segments, Coach and Kate Spade.

About the company

Tapestry, Inc. provides accessories and lifestyle brand products in North America, Greater China, rest of Asia, and internationally. The company operates in two segments, Coach and Kate Spade.

Country: United StatesPrice: $114.12Market Cap: $22.8B

Investment snapshot

6%positive consensus

Scored 36d ago

Positive

BUY / PASS

Neutral / negative

2 / 12

NEUTRAL / FAIL

Median fair value

$25.31

-77.8% vs price

Models with upside

0 / 16

Positive margin of safety

Key risk

TPR overvalued: all 10 models price fair value below $114.12 (median $25.31)

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Scored from 10-K36d ago

Metric	O'Shaughnessy Systematic Factor Composite	Lynch GARP	Buffett Quality Compounder	Pabrai Dhandho Framework	Akre Three-Legged Stool	Schloss Asset-Value Discipline	Neff Low-P/E Total Return	Sleep Scale Economies Shared	Templeton Global Bargain Hunter	Marks Risk-Aware Value	Munger Quality Focus	Ackman Activist Value	Dreman Contrarian Value	Piotroski F-Score	Greenblatt Magic Formula	Graham Defensive Value
Verdict	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	NEUTRAL	FAIL	FAIL	FAIL	NEUTRAL	FAIL	PASS	Not ranked	FAIL
Score
Analysis
Intrinsic Value	N/A	N/A				N/A	N/A	N/A						N/A
Margin of Safety	N/A	N/A	-882.9%	-2375.5%	-157.0%	N/A	N/A	N/A	-237.8%	-543.7%	-93.5%	-83.7%	-344.0%	N/A	-357.8%	-1208.7%
Data As Of	10-K (2026-08-25)	10-K (2026-08-25)	10-K (2026-08-25)	10-K (2026-08-25)	10-K (2026-08-25)	10-K (2026-08-24)	10-K (2026-08-24)	10-K (2026-08-23)	10-K (2026-08-23)	10-K (2026-08-23)	10-K (2026-08-23)	10-K (2026-08-23)	10-K (2026-08-23)	10-K (2026-08-23)	10-K (2026-08-23)	10-K (2026-08-23)

Where It Passes

Where It Falls Short

Valuation models0% pass✗ 10▾
TPR overvalued: all 10 models price fair value below $114.12 (median $25.31)
Buffett fair value$11.61
✗Buffett-882.9% margin vs $114.12
Pabrai fair value$4.61
✗Pabrai-2375.5% margin vs $114.12
Akre fair value$44.40
✗Akre-157.0% margin vs $114.12
Templeton fair value$33.78
✗Templeton-237.8% margin vs $114.12
Marks fair value$17.73
✗Marks-543.7% margin vs $114.12
Munger fair value$58.98
✗Munger-93.5% margin vs $114.12
Ackman fair value$62.11
✗Ackman-83.7% margin vs $114.12
Dreman fair value$25.70
✗Dreman-344.0% margin vs $114.12
Greenblatt fair value$24.93
✗Greenblatt-357.8% margin vs $114.12
Graham fair value$8.72
✗Graham-1208.7% margin vs $114.12
Valuation8% pass✓ 1✗ 25▾
11 of 12 flag TPR's valuation — Oshaughnessy, Lynch, Pabrai +8 more
Revenue / market capitalization+0.3081; #3136/5203 (top 60.3%)
✗OshaughnessyTop 10% of eligible cross-section
Net income / market capitalization+0.81%; #2877/6251 (top 46.0%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+4.81%; #1532/4487 (top 34.1%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-19.13%; #4523/6203 (top 72.9%)
✗OshaughnessyTop 10% of eligible cross-section
Basic earnings-growth PEG (dividends excluded)P/E 139.2x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
P/E or FCF YieldP/E=139.2x, FCF Yield=4.8%
✗PabraiP/E < 15 or FCF Yield > 10%
Price / Book Value per Share27.69x
✗SchlossP/B <= 0.80x (app cutoff)✗Templeton< 1.5x✗Dreman< 1.2x
Price / Tangible Book Value per Share27.69x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change-50.0%
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Price / Diluted EPS139.2x
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E-0.19
✗Neff> 0.7 (Neff's published traditional edge)
Price / EPS139.2x
✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)✗Dreman< 12x
Price vs. Trailing Low162% of trailing low ($70.41)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
P/B or P/E vs. Historical AverageP/E=139.2x, P/B=27.7x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-313.5% (IV=$27.60 vs Price=$114.12)
✗Marks>= 20% below intrinsic value
Valuation ReasonablenessP/E=139.2x, OE Yield=0.9%
✗MungerP/E < 25 or Owner Earnings Yield > 5%
Price / FCF per Share21.7x
✓Ackman<= 25
Price / (CFO / Shares)19.5x
✗Dreman< 8x
EBIT / Enterprise Value1.7%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=1.7%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Price / 3-yr avg EPS62.0x
✗Graham<= 15x
Price-to-Book Ratio27.7x
✗Graham<= 1.5x
P/E x P/B1,717.3
✗Graham<= 22.5
Verdicts8% pass✓ 1✗ 12▾
Split decision: 12 FAIL · 2 NEUTRAL · 1 PASS
Overall verdict
✗OshaughnessyFAIL (Rank #887/953 (Top 93.1%))✗LynchFAIL (1/7)✗BuffettFAIL (3/9)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗SchlossFAIL (3/7)✗NeffFAIL (3/6)•SleepNEUTRAL (4/6)✗TempletonFAIL (2/8)✗MarksFAIL (2/5)✗MungerFAIL (1/4)•AckmanNEUTRAL (6/9)✗DremanFAIL (3/11)✓PiotroskiPASS (F-Score 5)•GreenblattNot ranked✗GrahamFAIL (1/9)
Debt & Leverage9% pass✓ 3✗ 11▾
10 of 11 flag TPR's debt & leverage — Lynch, Buffett, Akre +7 more
Total Debt / Equity2.79
✗Lynch< 0.33
Cash - Long-term Debt$-1.3B
✗LynchPositive preferred
Debt/Equity & Interest CoverageD/E: 2.79, IC: 1.5x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Debt Levels2.79
✗AkreDebt/Equity < 0.3✗MungerDebt/Equity < 0.5
Total Debt / Shareholders' Equity2.79x
✗SchlossD/E < 1.00x✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗Dreman< 0.8
Current Assets / Current Liabilities1.87x
✓SchlossCurrent ratio >= 1.50x (app cutoff)✓Dreman> 1.5
Interest Coverage & Debt/EBITDAIC=1.5x, D/EBITDA=4.1x
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity2.79
✗Ackman<= 1.0
LT Debt / Total Assets Change36.42% -> 36.42%
✓PiotroskiDecreased YoY
LT Debt vs Net Current AssetsLT Debt $2.4B vs NCA $1.3B
✗GrahamLT Debt <= Net Current Assets
Profitability13% pass✓ 9✗ 22▾
13 of 15 flag TPR's profitability — Oshaughnessy, Lynch, Buffett +10 more
Net income / market capitalization+0.81%; #2877/6251 (top 46.0%)
✗OshaughnessyTop 10% of eligible cross-section
Basic earnings-growth PEG (dividends excluded)P/E 139.2x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR-27.4%
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE21.4%
✓Lynch> 15%
Net Income Positive (10+ years)15/17 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)26.8%
✓Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)5.9% (latest)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$223.4M
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)0.97
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Margin of SafetyP/E=139.2x, P/B=27.7x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity23.6% (3-yr avg)
✓AkreROE > 20% (3-year avg)
Positive Diluted-EPS Years8/10 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
3-5 Year Diluted EPS CAGR-27.4% over 4 years
✗Neff7%-20% annualized
Revenue growth vs. gross and operating margin trendgross margin 73.3% -> 75.4%, operating margin 17.1% -> 5.9%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-Year EPS CAGR-27.4% CAGR over 4 years
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend17.1% (2023) -> 5.9% (2025)
✗TempletonNon-negative operating-margin trend over 3 years
Discount to Intrinsic Value-313.5% (IV=$27.60 vs Price=$114.12)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency15/17 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue5.9%
✗Ackman>= 15%
Net Income / Shareholders Equity21.4%
✓Ackman>= 15%
Pre-Tax Income / Revenue3.1%
✗Dreman>= 8%
Net Income / Shareholders' Equity21.4%
✓Dreman> 12%
Net Income / Total Assets2.78%
✓PiotroskiROA > 0
ROA Change YoY2.78% -> 2.78% (delta: +0.00%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=18.49%, ROA=2.78%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY75.4% -> 75.4%
✗PiotroskiImproved YoY
EBIT / Enterprise Value1.7%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=1.7%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Positive EPS (10 years)15/17 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)-13.9%
✗Graham>= 33% growth
Growth13% pass✓ 3✗ 10▾
7 of 8 flag TPR's growth — Lynch, Neff, Sleep +4 more
Basic earnings-growth PEG (dividends excluded)P/E 139.2x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR-27.4%
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: 0.0% vs Rev: 0.0%
✗LynchInventory growth < Revenue growth
3-5 Year Diluted EPS CAGR-27.4% over 4 years
✗Neff7%-20% annualized
Revenue growth vs. gross and operating margin trendgross margin 73.3% -> 75.4%, operating margin 17.1% -> 5.9%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR7.2%
✓SleepCAGR > 7%
5-Year EPS CAGR-27.4% CAGR over 4 years
✗Templeton> 0% (5-year EPS CAGR)
Positive Net Income Frequency15/17 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth0.0%
✗Ackman>= 5%
Positive EPS Growth Frequency3/5 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
EPS Growth Direction$2.17 (2007) -> $0.82 (2025)
✗DremanPositive over recent years
EPS CAGR-5.3% CAGR over 18 years
✗Dreman> 5% annualized
EPS Growth (3-yr avg, 10-yr window)-13.9%
✗Graham>= 33% growth
Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag TPR's efficiency — Akre, Sleep, Munger +3 more
ROIC (3-5 yr avg)21.7%
✓Buffett> 10%
ROIC - WACC+11.7%
✓BuffettPositive (WACC = 10%)
ROIC (high and growing)FY2023: ROIC=8.8%; FY2024: ROIC=10.0%; FY2025: ROIC=10.1%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC0.0% (RR=0% x ROIC=10.1%)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)2/5 years above 12% (latest 10.1%)
✗SleepROIC > 12% in a majority of years
Return on Invested Capital10.1%
✗Munger> 15%
Current Assets / Current Liabilities1.87
✓Dreman> 1.5
Current Ratio Change YoY1.87 -> 1.87
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY1.07x -> 1.07x
✗PiotroskiImproved YoY
EBIT / (NWC + Net Fixed Assets)
✗Greenblatt> 25%
Current Ratio1.87
✗Graham>= 2.0
Cash Flow50% pass✓ 7✗ 5▾
5 of 10 pass — Oshaughnessy, Lynch, Buffett +2 more object
(Operating cash flow - capex) / market capitalization+4.81%; #1532/4487 (top 34.1%)
✗OshaughnessyTop 10% of eligible cross-section
FCF Positive and Growing$1.1B
✗LynchPositive and growing
Free Cash Flow Proxy$223.4M
✗BuffettPositive and growing
P/E or FCF YieldP/E=139.2x, FCF Yield=4.8%
✗PabraiP/E < 15 or FCF Yield > 10%
Operating Cash Flow - Capital Expenditures$1.1B
✓Neff> $0 (app proxy for a strong fundamental case)
Positive Operating Cash Flow frequency17/17 years positive
✓SleepPositive OCF in >= 70% of available years
FCF Positive17/17 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap4.6%
✓Ackman>= 4%
Price / FCF per Share21.7x
✓Ackman<= 25
Price / (CFO / Shares)19.5x
✗Dreman< 8x
Operating Cash Flow$1.2B
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=18.49%, ROA=2.78%
✓PiotroskiCFO/Assets > ROA

Business & financials

Company Profile

Industry: Apparel

SIC Sector: Leather Products

Size: Large Cap($22.8B)

Revenue: $7.0B+0.0% YoY

Net Income: $183.2M+0.0% YoY

Financial Snapshot

Operating Margin5.9%

Return on Equity21.4%

Debt / Equity2.79

Current Ratio1.87

EPS (Diluted)$0.82+0.0% 1y

Shares Retired−0.0% / 8.5% 2y

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LULUlululemon athletica inc.

$10.7B

Shareholder Return

Fiscal 2025

Issued 0.0% of shares last year, 8.5% over two.

Buybacks: —
Dividends: $299.3M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22

7.5% = 2.6% + 4.7%

FY23

22.4% = −4.7% + 28.4%

FY24

−78.9% = −77.5% + −5.9%

FY25

0.0% = 0.0% + 0.0%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Annual data (10-K) · Last 5 years

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Market Cap	$22.8B	$14.9Best.	$8.4Best.	$10.1Best.	$9.5Best.
Revenue	$7.0B	$7.0B↑5%	$6.7B	$6.7B↑16%	$5.7B
Operating Income	$415.0M	$415.0M↓64%	$1.1B↓3%	$1.2B↑21%	$968.0M
Net Income	$183.2M	$183.2M↓78%	$816.0M↓5%	$856.3M↑3%	$834.2M
EPS (Diluted)	$0.82	$0.82↓79%	$3.88↑22%	$3.17↑7%	$2.95
Gross Margin	75.4%	75.4%↑3%	73.3%↑5%	69.6%↓2%	71.0%
Operating Margin	5.9%	5.9%↓65%	17.1%↓3%	17.6%↑4%	16.8%
ROE	21.4%	21.4%↓24%	28.2%↓25%	37.5%↑46%	25.6%
Total Debt	$2.4B↓1%	$2.4B↓67%	$7.3B↑330%	$1.7B↑6%	$1.6B
Shareholders' Equity	$857.8M	$857.8M↓70%	$2.9B↑27%	$2.3B↓30%	$3.3B
Current Ratio	1.87	1.87↓64%	5.14↑194%	1.75↓26%	2.37
Debt / Equity	2.79↓1%	2.81↑12%	2.52↑239%	0.74↑52%	0.49
Operating Cash Flow	$1.2B	$1.2B↓3%	$1.3B↑47%	$853.2M↓36%	$1.3B
Free Cash Flow	$1.1B	$1.1B↓5%	$1.1B↑51%	$759.3M↓37%	$1.2B

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Apparel

TPR vs Peers — Financial Grading

Revenue$7.0BTop 25%

Net Income$183.2MBottom 25%

ROE21.4%Median

D/E2.79Bottom 25%

Op. Margin5.9%Bottom 25%

Curr. Ratio1.87Median

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
CINTAS CORPCTAS	$79.0B	$197.74	$10.3B	$1.8B	38.7%	0.52	22.8%	2.09	3/9	5/9	1/7	1/3	F-Score 5	5/11
Amer Sports, Inc.AS	$15.2B	$27.24	$6.6B	$427.4M	7.4%	0.14	10.7%	1.50	2/9	3/9	2/7	1/3	F-Score 7	4/11
DECKERS OUTDOOR CORPDECK	$10.8B	$77.68	$5.5B	$1.0B	41.0%	—	23.1%	3.54	2/9	5/9	3/7	3/3	F-Score 7	5/11
lululemon athletica inc.LULU	$10.7B	$96.87	$11.1B	$1.6B	31.8%	0.00	19.9%	2.26	4/9	5/9	3/7	3/3	F-Score 4	5/11
On Holding AGONON	$9.9B	$29.55	$3.8B	$257.3M	12.5%	0.32	12.5%	2.71	2/9	5/9	2/7	1/3	F-Score 7	4/11
Gildan Activewear Inc.GIL	$7.9B	$42.62	$3.6B	$398.9M	11.2%	1.21	17.1%	2.11	3/9	5/9	1/7	0/3	F-Score 4	5/11
LEVI STRAUSS & COLEVI	$7.6B	$19.75	$6.3B	$578.1M	25.4%	0.46	10.8%	1.55	3/9	5/9	2/7	1/3	F-Score 7	5/11
Crocs, Inc.CROX	$6.3B	$126.14	$4.0B	$81.2M	-6.3%	0.95	3.7%	1.27	2/9	4/9	0/7	1/3	F-Score 5	2/11