Tapestry (TPR)
Consumer Discretionary · $22.4B market cap · SEC CIK 0001116132
fundamentals score out of 100
Next reports on Nov 4, 2026, with analysts expecting $1.57 in earnings per share.
The case for TPR
- Generated $1.8B of free cash flow in FY2025, 23% of revenue.
- Earns 263% on shareholder equity, a figure flattered by a small equity base.
- Free cash flow of 8.1% of its market value a year: a lot of cash for the price.
- Revenue growing 14.2% year over year.
- Earnings per share up 1030.9%.
- Pays a 4.6% dividend while you wait.
The case against
- Heavily leveraged. Debt is 3.4× equity.
- Priced at 43× book value. Very little hard asset backing here.
- The price trend is weak (30/100): -1.0% over a year, -21.2% over three months, 27% of the way up its 52-week range.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Consumer Discretionary companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 55 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 69 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 89 |
| Momentumhow the price has behaved lately | 30 |
| Stabilityhow violently it moves, what it owes and what it pays you | 60 |
- Each factor except momentum is half fixed thresholds, half rank among the 48 Consumer Discretionary companies.
Key numbers
| Price / earnings | 14.7× |
|---|---|
| Price / book | 42.79× |
| Price / sales | 2.8× |
| Revenue growth (YoY) | +14.2% |
| EPS growth (YoY) | +1030.9% |
| Gross margin | 78% |
| Operating margin | 24% |
| Net margin | 19% |
| Return on equity | 263% |
| Debt / equity | 3.44× |
| Current ratio | 1.75 |
| Dividend yield | 4.58% |
| Beta | 1.46 |
| 52-week range | $93.00 – $164.80 |
| Position in that range | 27% of the way up |
| 3-month return | -21.2% |
| 1-year return | -1.0% |
Five years of financials, as filed
Pulled from Tapestry's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $8.0B | $7.0B | $6.7B | $6.7B | $5.7B |
| Gross profit | $6.2B | $5.3B | $4.7B | $4.7B | $4.1B |
| Operating income | $1.9B | $415M | $1.2B | $1.2B | $968M |
| Net income | $1.5B | $183M | $936M | $856M | $834M |
| Operating cash flow | $2.0B | $1.2B | $975M | $853M | $1.3B |
| Capital expenditure | $166M | $123M | $184M | $93.9M | $116M |
| Total assets | $6.5B | $7.3B | $13.8B | $7.3B | $7.9B |
| Total liabilities | $6.0B | $5.9B | $11.2B | $4.9B | $5.0B |
| Shareholder equity | $551M | $1.3B | $2.7B | $2.3B | $2.9B |
| Cash | $1.1B | $983M | $6.8B | $830M | $1.3B |
| Long-term debt | $2.4B | $2.4B | $7.8B | $1.7B | $1.2B |
| Free cash flow | $1.8B | $1.1B | $791M | $759M | $1.2B |
| Gross margin | 77.8% | 75.4% | 70.8% | 69.6% | 71.0% |
| Operating margin | 23.9% | 5.9% | 17.6% | 17.6% | 16.8% |
| Net margin | 19.1% | 2.6% | 14.1% | 12.8% | 14.5% |
| Diluted shares | 210M | 223M | 241M | 270M | 283M |
Share count is down 25.7% over 4 years. Buybacks have been shrinking the pie.
What Tapestry says it does
Tapestry, Inc. (the "Company") is a global house of iconic accessories and lifestyle brands uniting the magic of Coach and kate spade new york. Together, we stretch what’s possible – advancing brands further than they could go alone, expanding their reach to new geographies and generations. Inspired by our consumers, we create experiences and products that build lasting brand love and elevate everyday life. OUR BRANDS The Company has two reportable segments: • Coach - Coach is a global fashion house of accessories and lifestyle collections, founded in New York City in 1941. Inspired by the vision of Expressive Luxury and the inclusive and courageous spirit of its hometown, the brand makes beautiful things, crafted to last – for you to be yourself in. Coach has built a legacy of craftsmanship and a community that champions the courage to be real. Coach includes global sales of primarily Coach brand products to customers through…
Risk factors TPR lists in its 10-K
- Risks Related to Macroeconomic Conditions
- Economic conditions, such as an economic recession, downturn, periods of inflation or uncertainty, could materially adversely affect our financial condition, results of operations and consumer purchases of discretionary items
- We face risks associated with potential changes to international trade and policy agreements and the imposition of additional tariffs on importing our products
- Risks Related to our Business and our Industry
- We face risks associated with operating in international markets
- Our business is subject to the risks inherent in global sourcing activities
- A decline in the volume of traffic to our stores could have a negative impact on our net sales
- The success of our business depends on our ability to retain the value of our brands and respond to changing consumer preferences and fashion trends in a timely manner
- The growth of our business depends on the successful execution of our global omni-channel expansion efforts and our ability to execute our digital and e-commerce priorities and our multi-channel strategies
- The successful implementation of the Company’s 2028 growth strategy, Amplify, is key to the long-term success of our business
- Significant competition in our industry could adversely affect our business
- Our success depends, in part, on attracting, developing and retaining qualified employees, including key personnel
- Mergers, acquisitions and other strategic investments may not be successful in achieving intended benefits, cost savings and synergies and may disrupt current operations
- We may seek to sell one or more lines of our business in an effort to maximize shareholder value, which may adversely affect our business, our reputation, our results of operations and financial position or our stock price