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. It offers handbags, fashion designs, business cases, computer bags, messenger style bags, backpacks, travel bags, and totes; accessories, such as small leather goods which includes mini and micro handbags...

Country: United StatesPrice: $128.98Market Cap: $25.7B

Company Profile

Industry: Apparel
SIC Sector: Leather Products
Size: Large Cap($25.7B)
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%
Shares Retired−0.0% / 8.5% 2y

Similar Companies

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DECKDECKERS OUTDOOR CORP
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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% = 9.3% + 12.0%
FY24
−78.9% = −80.4% + 8.0%
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

MetricFY 2025FY 2024FY 2023FY 2022FY 2021
Market Cap$25.7B$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↓65%$1.2B$1.2B↑21%$968.0M
Net Income$183.2M$183.2M↓80%$936.0M↑9%$856.3M↑3%$834.2M
EPS (Diluted)$0.82$0.82↓79%$3.88↑22%$3.17↑7%$2.95
Gross Margin75.4%75.4%↑7%70.8%↑2%69.6%↓2%71.0%
Operating Margin5.9%5.9%↓66%17.6%17.6%↑4%16.8%
ROE21.4%21.4%↓48%41.1%↑10%37.5%↑46%25.6%
Total Debt$2.4B$2.4B↓67%$7.2B↑328%$1.7B↑6%$1.6B
Shareholders' Equity$857.8M$857.8M↓62%$2.3B$2.3B↓30%$3.3B
Current Ratio1.871.87↓64%5.14↑194%1.75↓26%2.37
Debt / Equity2.792.79↓12%3.18↑330%0.74↑52%0.49
Operating Cash Flow$1.2B$1.2B↑25%$975.2M↑14%$853.2M↓36%$1.3B
Free Cash Flow$1.1B$1.1B↑38%$791.0M↑4%$759.3M↓37%$1.2B
Scored from 10-K1d ago
MetricMarks

Risk-Aware Value

Akre

Three-Legged Stool

Druckenmiller

Macro-Enhanced Growth

Spier

Value Checklist

Pabrai

Dhandho Framework

Munger

Quality Focus

Ackman

Activist Value

Piotroski

F-Score

Greenblatt

Magic Formula

Lynch

GARP

Buffett

Quality Compounder

Graham

Defensive Value

VerdictHOLDPASSHOLDBUYHOLDPASSHOLDPASSNot rankedFAILPASSFAIL
Score
Analysis
Intrinsic ValueN/A
Margin of Safety-604.8%-190.5%-3321.2%-1467.2%-2679.7%-141.5%-107.7%-3030.6%-409.0%N/A-979.3%-1379.1%
Data As Of10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)

Where They Agree

  • Valuation models

    TPR overvalued: all 11 models price fair value below $128.98 (median $11.95)

    Marks fair value$18.30
    ✗Marks-604.8% margin vs $128.98
    Akre fair value$44.40
    ✗Akre-190.5% margin vs $128.98
    Druckenmiller fair value$3.77
    ✗Druckenmiller-3321.2% margin vs $128.98
    Spier fair value$8.23
    ✗Spier-1467.2% margin vs $128.98
    Show 7 more metrics ▾
    Pabrai fair value$4.64
    ✗Pabrai-2679.7% margin vs $128.98
    Munger fair value$53.41
    ✗Munger-141.5% margin vs $128.98
    Ackman fair value$62.11
    ✗Ackman-107.7% margin vs $128.98
    Piotroski fair value$4.12
    ✗Piotroski-3030.6% margin vs $128.98
    Greenblatt fair value$25.34
    ✗Greenblatt-409.0% margin vs $128.98
    Buffett fair value$11.95
    ✗Buffett-979.3% margin vs $128.98
    Graham fair value$8.72
    ✗Graham-1379.1% margin vs $128.98

Where They Disagree

  • Profitability

    2 of 11 pass — Marks, Spier, Pabrai +6 more object

    Discount to Intrinsic Value-268.9% (IV=$27.60 vs Price=$101.82)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency15/17 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Return on Equity27.9% (3-yr avg)
    ✓AkreROE > 20% (3-year avg)
    EPS Growth AccelerationLatest: 0.0%, Prior: -78.9%
    ✓DruckenmillerAccelerating EPS growth
    Show 19 more metrics ▾
    Margin of SafetyP/E=124.2x, P/B=24.7x
    ✗SpierP/E < 15 AND P/B < 2.0✗PabraiP/B < 1.5 or P/E < 15
    Operating Income / Revenue5.9%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity21.4%
    ✓Ackman>= 15%
    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 Value1.8%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=1.8%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    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 (5-yr avg)29.4%
    ✓Buffett> 15% (5-yr avg)
    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)0.99
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness7.89x
    ✓Buffett$1 retained -> > $1 market value created
    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
  • Debt & Leverage

    1 of 8 pass — Marks, Akre, Munger +4 more object

    Interest Coverage & Debt/EBITDAIC=1.5x, D/EBITDA=4.1x
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Debt Levels2.79
    ✗AkreDebt/Equity < 0.3✗MungerDebt/Equity < 0.5
    Total Debt / Shareholders Equity2.79
    ✗Ackman<= 1.0
    LT Debt / Total Assets Change36.42% -> 36.42%
    ✓PiotroskiDecreased YoY
    Show 4 more metrics ▾
    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
    LT Debt vs Net Current AssetsLT Debt $2.4B vs NCA $1.3B
    ✗GrahamLT Debt <= Net Current Assets
  • Valuation

    2 of 9 pass — Marks, Spier, Pabrai +4 more object

    P/B or P/E vs. Historical AverageP/E=124.2x, P/B=24.7x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value-268.9% (IV=$27.60 vs Price=$101.82)
    ✗Marks>= 20% below intrinsic value
    Price vs. 200-day MAQualitative
    ✓DruckenmillerPrice above 200-day moving average
    Margin of SafetyP/E=124.2x, P/B=24.7x
    ✗SpierP/E < 15 AND P/B < 2.0
    Show 9 more metrics ▾
    P/E or FCF YieldP/E=124.2x, FCF Yield=5.2%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    Valuation ReasonablenessP/E=124.2x, OE Yield=1.1%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    Price / FCF per Share19.4x
    ✓Ackman<= 25
    EBIT / Enterprise Value1.8%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=1.8%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    P/E / EPS Growth RateP/E 124.2x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    Price / 3-yr avg EPS55.3x
    ✗Graham<= 15x
    Price-to-Book Ratio24.7x
    ✗Graham<= 1.5x
    P/E x P/B1,367.0
    ✗Graham<= 22.5
  • Cash Flow

    3 of 6 pass — Pabrai, Lynch and Buffett object

    FCF Positive17/17 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    P/E or FCF YieldP/E=124.2x, FCF Yield=5.2%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    (OCF - CapEx) / Market Cap5.2%
    ✓Ackman>= 4%
    Price / FCF per Share19.4x
    ✓Ackman<= 25
    Show 4 more metrics ▾
    Operating Cash Flow$1.2B
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=18.49%, ROA=2.78%
    ✓PiotroskiCFO/Assets > ROA
    FCF Positive and Growing$1.1B
    ✗LynchPositive and growing
    Free Cash Flow Proxy$223.4M
    ✗BuffettPositive and growing
  • Growth

    1 of 5 pass — Druckenmiller, Ackman, Lynch +1 more object

    Positive Net Income Frequency15/17 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    EPS Growth AccelerationLatest: 0.0%, Prior: -78.9%
    ✓DruckenmillerAccelerating EPS growth
    Revenue Growth RateLatest: 0.0%, Prior: 5.3%
    ✗DruckenmillerRevenue growth accelerating
    3yr Median Revenue Growth0.0%
    ✗Ackman>= 5%
    Show 5 more metrics ▾
    Positive EPS Growth Frequency3/5 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    P/E / EPS Growth RateP/E 124.2x (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
    EPS Growth (3-yr avg, 10-yr window)-13.9%
    ✗Graham>= 33% growth
  • Efficiency

    1 of 6 pass — Akre, Munger, Piotroski +2 more object

    ROIC (high and growing)7/16 years ROIC > 15% (latest: 10.1%)
    ✓AkreROIC > 15% for 3+ years
    Reinvestment Rate x ROIC0.0% (RR=0% x ROIC=10.1%)
    ✗AkreReinvestment Rate * ROIC > 10%
    Return on Invested Capital10.1%
    ✗Munger> 15%
    Current Ratio Change YoY1.87 -> 1.87
    ✗PiotroskiIncreased YoY
    Show 5 more metrics ▾
    Revenue / Total Assets Change YoY1.07x -> 1.07x
    ✗PiotroskiImproved YoY
    EBIT / (NWC + Net Fixed Assets)
    ✗Greenblatt> 25%
    ROIC (3-5 yr avg)22.8%
    ✓Buffett> 10%
    ROIC - WACC+12.8%
    ✓BuffettPositive (WACC = 10%)
    Current Ratio1.87
    ✗Graham>= 2.0
  • Verdicts

    Split decision: 4 HOLD · 4 PASS · 2 FAIL · 1 BUY

    Overall verdict
    •MarksHOLD (5/8)✓AkrePASS (4/7)•DruckenmillerHOLD (5/7)✓SpierBUY (7/8)•PabraiHOLD (6/8)✓MungerPASS (4/7)•AckmanHOLD (6/9)✓PiotroskiPASS (F-Score 4)•GreenblattNot ranked✗LynchFAIL (1/7)✓BuffettPASS (4/9)✗GrahamFAIL (1/9)

Historical Score Timeline

Industry Peers

Similar companies in Apparel

TPR vs Peers — Financial Grading

Revenue$7.0BMedian
Net Income$183.2MBottom 25%
ROE21.4%Median
D/E2.79Bottom 25%
Op. Margin5.9%Bottom 25%
Curr. Ratio1.87Bottom 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroski
CINTAS CORPCTAS$79.8B$199.52$10.3B$1.8B38.7%0.5222.8%2.093/96/91/71/3F-Score 5
RALPH LAUREN CORPRL$23.2B$388.92$8.1B$941.1M33.1%0.4414.5%2.135/96/95/71/3F-Score 8
lululemon athletica inc.LULU$13.6B$119.55$11.1B$1.6B31.8%—19.9%2.263/93/93/73/3F-Score 5
DECKERS OUTDOOR CORPDECK$12.7B$93.09$5.5B$1.0B41.0%—23.1%3.542/95/93/71/3F-Score 7
Gildan Activewear Inc.GIL$10.5B$56.72$3.6B$398.9M11.2%1.0817.1%2.113/96/91/70/3F-Score 4
LEVI STRAUSS & COLEVI$8.7B$22.55$6.3B$578.1M25.4%0.4610.8%1.553/95/92/71/3F-Score 7
Birkenstock Holding plcBIRK$7.0B$39.35$2.5B$408.6M12.8%0.4226.2%2.812/93/93/71/3F-Score 9
Crocs, Inc.CROX$6.3B$131.72$4.0B$81.2M-6.3%0.953.7%1.272/94/90/71/3F-Score 5