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AGING Analysis Report
Jun 7, 2026
19 days ago · 100% complete

Tapestry, Inc.

TPR NYSE Categories PDF
Consumer Cyclical · Luxury Goods
New York City, NY 10001, United States IPO 2000 tapestry.com Updated Jun 7, 5:22pm
Price
$140.10
Market Cap
$28.3B
Employees
19,000
Beta
1.45
Avg Volume
2,132,552
CEO
Joanne C. Crevoiserat
Business Description

Tapestry, Inc. provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women's accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms. The company also provides bag collections, including business cases, computer bags, messenger-style bags, backpacks, and totes; small leather goods, such as wallets, card cases, travel organizers, and belts; and footwear, watches, fragrances, sunglasses, novelty accessories, and ready-to-wear for men. In addition, it offers women's footwear; sunglasses; bracelets, necklaces, rings, and earrings; fragrances and watches; women's seasonal lifestyle apparel collections, including outerwear and ready-to-wear, and cold weather accessories, which comprise gloves, scarves, and hats. Further, the company provides footwear items; and housewares and home accessories for kids, such as fashion bedding and tableware; and stationery and gifts. Additionally, it licenses rights to market and distribute its tech and soft accessories, jewelry, watches, eyewear, and fragrances under the Coach brand; and tableware and housewares, fashion beddings, tech accessories, watches, sleepwear, eyewear, stationery and gifts, and fragrances under the Kate Spade brand. As of July 2, 2022, the company operated through a network of 945 Coach stores, 398 Kate Spade stores, and 100 Stuart Weitzman stores. It sells its products through e-commerce sites and concession shop-in-shops, and wholesale customers, as well as through independent third-party distributors. The company was formerly known as Coach, Inc. and changed its name to Tapestry, Inc. in October 2017. Tapestry, Inc. was founded in 1941 and is headquartered in New York, New York.

Business History
Generated: Jun 7, 2026 5:25pm
Price Overview
Last updated: Jun 7, 2026 5:22pm (19d ago)
$140.10
+0.03 (+0.02%)
Day Range
$136.67 – $140.81
52-Week Range
$77.79 – $161.97
50-Day MA
$142.15
200-Day MA
$127.54
Volume
2,194,620.00
Analyst Price Targets
Low $138.00
Consensus $168.54
High $187.00
(66 analysts)
Share Structure
Outstanding 202,045,000.00
Float 201,089,043.00
Free Float 99.5%
High free float — 99.5% of shares trade freely, ~0.5% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Last updated: Jun 7, 2026 5:29pm (19d ago)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Last updated: Jun 7, 2026 5:29pm (19d ago)
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
Industry comparison last run: Jun 7, 2026 5:25pm
P/E Ratio (Price per dollar of earnings)
API
Stock Price / EPS (Diluted)
42.80
Stock Price: $140.10
EPS (Diluted): 0.85
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
22.02
Stock Price: $140.10
Total Equity: $857.80M
Shares: 222,500,000
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
29.45
Market Cap: $28.31B
Total Debt: $2.39B
Cash: $1.10B
EBITDA: $526.40M
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$21.7B
Market Cap: $28.31B
Total Debt: $2.39B
Cash: $1.10B
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
75.4%
Gross Profit: $5.29B
Revenue: $7.01B
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
5.9%
Operating Income: $415.00M
Revenue: $7.01B
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
2.6%
Net Income: $183.20M
Revenue: $7.01B
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
106.4%
Net Income: $183.20M
Total Equity: $857.80M
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
13.3%
Operating Income: $415.00M
Tax Rate: 15.2%
Equity: $857.80M
Total Debt: $2.39B
Cash: $1.10B
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
1.87
Current Assets: $2.91B
Current Liabilities: $1.56B
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
2.79
Short-Term Debt: $16.70M
Long-Term Debt: $2.38B
Total Debt: $2.39B
Total Equity: $857.80M
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$31.51
Revenue: $7.01B
Shares: 222,500,000
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$3.86
Total Equity: $857.80M
Shares: 222,500,000
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$4.92
Operating CF: $1.22B
CapEx: -$122.70M
Shares: 222,500,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
1.6%
Last Dividend: N/A
Stock Price: $140.10
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
Dividends Paid: N/A
Net Income: $183.20M
Dividends paid not available in cash flow statement
Industry Benchmarks
Last run: Jun 7, 2026 5:25pm
Compares TPR against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis
Last run: Jun 7, 2026 5:28:45 pm

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
Not applicable for Mature Earner companies
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
Not applicable for Mature Earner companies
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
Not applicable for Mature Earner companies
4h Dividend Discount Model — For dividend/income stocks only
Not applicable for Mature Earner companies
4i Book Value Analysis — For deep value / turnaround stocks only
Not applicable for Mature Earner companies
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
Not applicable for Mature Earner companies
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 7, 2026 5:29pm (19d ago)
Metric 2021 2022 2023 2024 2025
Revenue $5.7B $6.7B $6.7B $6.7B $7.0B
Cost of Revenue $1.7B $2.0B $1.9B $1.8B $1.7B
Gross Profit $4.1B $4.7B $4.7B $4.9B $5.3B
Operating Expenses $3.1B $3.5B $3.5B $3.7B $4.9B
Operating Income $968.0M $1.2B $1.2B $1.1B $415.0M
Net Income $834.2M $856.3M $936.0M $816.0M $183.2M
EBITDA $1.2B $1.3B $1.4B $1.4B $526.4M
EPS $3.00 $3.24 $3.96 $3.56 $0.85
EPS (Diluted)
Balance Sheet (Annual)
Last updated: Jun 7, 2026 5:23pm (19d ago)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $2.0B $789.8M $726.1M $6.1B $1.1B
Total Current Assets $3.4B $2.6B $2.4B $8.8B $2.9B
Total Assets $8.4B $7.3B $7.1B $13.4B $6.6B
Current Liabilities $1.4B $1.5B $1.3B $1.7B $1.6B
Long-Term Debt $1.6B $1.7B $1.6B $6.9B $2.4B
Total Liabilities $5.1B $5.0B $4.8B $10.5B $5.7B
Total Equity $3.3B $2.3B $2.3B $2.9B $857.8M
Retained Earnings -$158.5M -$1.2B -$1.2B -$722.2M -$2.6B
Cash Flow (Annual)
Last updated: Jun 7, 2026 5:29pm (19d ago)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow $1.3B $853.2M $975.2M $1.3B $1.2B
Capital Expenditure -$116.0M -$93.9M -$184.2M -$108.9M -$122.7M
Free Cash Flow $1.2B $759.3M $791.0M $1.1B $1.1B
Acquisitions (net) -$1.1M -$380.7M -$154.7M $0 $0
Debt Repayment
Dividends Paid
Stock Buybacks $0 -$1.6B -$703.5M $0 -$2.0B
Net Change in Cash $581.4M -$1.2B -$63.7M $5.4B -$5.0B
Analyst Estimates (Annual)
Last updated: Jun 7, 2026 5:23pm (19d ago)
Metric 2025 2026 2027 2028
Revenue $7.0B
$7.0B – $7.0B
$8.0B
$8.0B – $8.0B
$8.4B
$8.3B – $8.8B
$8.9B
$8.9B – $8.9B
EBITDA $1.2B
$1.2B – $1.2B
$1.4B
$1.4B – $1.4B
$1.5B
$1.5B – $1.6B
$1.6B
$1.6B – $1.6B
Net Income $1.1B
$1.1B – $1.1B
$1.6B
$1.5B – $1.6B
$1.7B
$1.7B – $1.8B
$1.7B
$1.7B – $2.1B
EPS
Growth Trends (YoY %)
Last updated: Jun 7, 2026 5:29pm (19d ago)
Metric 2022 2023 2024 2025
Revenue Growth +16.3% -0.4% +0.2% +5.1%
Gross Profit Growth +13.9% +1.4% +3.7% +8.2%
Operating Income Growth +21.5% -0.3% -2.8% -63.6%
Net Income Growth +2.6% +9.3% -12.8% -77.5%
EBITDA Growth +10.5% +6.3% -2.1% -61.5%
Insider Trading (Recent)
Last updated: Jun 7, 2026 5:28pm (19d ago)
Type codes PPurchase SSale AAward / grant MOption exercise FIn-kind (tax) CConversion GGift DReturn to issuer
All SEC Form 4 codes
Open market
P Purchase
Open-market or private purchase of shares.
S Sale
Open-market or private sale of shares.
Compensation (Rule 16b-3)
A Award / grant
Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
D Return to issuer
Securities disposed back to the company under Rule 16b-3.
F In-kind (tax)
Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
I Discretionary
Discretionary transaction under an employee plan — Rule 16b-3(f).
M Option exercise
Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
C Conversion
Conversion of a derivative security into the underlying shares.
E Short expiration
Expiration of a short derivative position.
H Long expiration
Expiration or cancellation of a long derivative position with value received.
O OTM exercise
Exercise of an out-of-the-money derivative.
X ITM exercise
Exercise of an in-the-money or at-the-money derivative.
Other exempt
G Gift
Bona fide gift of securities.
L Small acquisition
Small acquisition under Rule 16a-6.
W Inheritance
Acquisition or disposition by will or the laws of descent.
Z Voting trust
Deposit into or withdrawal from a voting trust.
Other
J Other
Other acquisition or disposition (explained in a Form 4 footnote).
K Equity swap
Transaction in an equity swap or similar instrument.
U Tender / buyout
Disposition via tender of shares in a change-of-control transaction.

Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.

Date Insider Type Shares Price Value
2026-05-26 Kahn Todd M-Exempt 57,286.00 $42.31 $2.4M
2026-05-26 Kahn Todd S-Sale 19,557.00 $140.02 $2.7M
2026-05-26 Kahn Todd F-InKind 37,729.00 $140.02 $5.3M
2026-05-26 Kahn Todd M-Exempt 57,286.00 $42.31 $2.4M
2026-05-20 Kahn Todd G-Gift 426.00 $0.00 $0
2026-05-20 Kahn Todd G-Gift 1,000.00 $0.00 $0
2026-05-13 Crevoiserat Joanne C. M-Exempt 30,291.00 $15.83 $479,507
2026-05-13 Crevoiserat Joanne C. S-Sale 13,047.00 $132.90 $1.7M
2026-05-13 Crevoiserat Joanne C. S-Sale 14,729.00 $132.88 $2.0M
2026-05-13 Crevoiserat Joanne C. M-Exempt 35,770.00 $20.97 $750,097
2026-05-13 Crevoiserat Joanne C. F-InKind 17,244.00 $132.90 $2.3M
2026-05-13 Crevoiserat Joanne C. F-InKind 21,041.00 $132.88 $2.8M
2026-05-13 Crevoiserat Joanne C. M-Exempt 35,770.00 $20.97 $750,097
2026-05-13 Crevoiserat Joanne C. M-Exempt 30,291.00 $15.83 $479,507
2026-04-06 Madrigal Matthew A-Award 1,392.00 $143.70 $200,030
2026-04-06 Madrigal Matthew 0.00 $0.00 $0
2026-03-03 Dadlani Manesh S-Sale 975.00 $156.05 $152,149
2026-02-18 Crevoiserat Joanne C. M-Exempt 30,292.00 $15.83 $479,522
2026-02-18 Crevoiserat Joanne C. S-Sale 13,300.00 $154.79 $2.1M
2026-02-18 Crevoiserat Joanne C. S-Sale 15,123.00 $154.78 $2.3M
Dividend History (Last 20)
Last updated: Jun 7, 2026 5:23pm (19d ago)
Date Dividend Declaration Record Payment
2026-06-05 $0.40 2026-05-07 2026-06-05 2026-06-22
2026-03-06 $0.40 2026-02-05 2026-03-06 2026-03-23
2025-12-05 $0.40 2025-11-06 2025-12-05 2025-12-22
2025-09-05 $0.40 2025-08-14 2025-09-05 2025-09-22
2025-06-06 $0.35 2025-05-08 2025-06-06 2025-06-23
2025-03-06 $0.35 2025-02-06 2025-03-06 2025-03-24
2024-12-06 $0.35 2024-11-07 2024-12-06 2024-12-23
2024-09-06 $0.35 2024-08-15 2024-09-06 2024-09-23
2024-06-07 $0.35 2024-05-09 2024-06-07 2024-06-24
2024-03-07 $0.35 2024-02-08 2024-03-08 2024-03-25
2023-12-07 $0.35 2023-11-09 2023-12-08 2023-12-26
2023-09-07 $0.35 2023-08-11 2023-09-08 2023-09-25
2023-06-08 $0.30 2023-05-19 2023-06-09 2023-06-26
2023-03-09 $0.30 2023-02-21 2023-03-10 2023-03-27
2022-12-08 $0.30 2022-11-17 2022-12-09 2022-12-27
2022-09-08 $0.30 2022-08-18 2022-09-09 2022-09-26
2022-06-02 $0.25 2022-05-12 2022-06-03 2022-06-27
2022-03-03 $0.25 2022-02-17 2022-03-04 2022-03-28
2021-12-02 $0.25 2021-11-11 2021-12-03 2021-12-27
2021-09-03 $0.25 2021-08-19 2021-09-07 2021-09-27
Narrative Economics
The story the market is telling about this stock — the intangible X-factor (founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for TPR — it's generated by the pipeline (market-narrative step).
Delvantic AI Findings
Independent analyst synthesis · Delvantic - Cairn AI · generated 2026-06-07 17:29:25
Reviews the pipeline's own verdicts
Verdict Modestly overvalued, not disconnected — normalized earnings support $115-130 fair value vs. $140 spot; prior models are anchoring on a one-time FY25 charge that mechanically broke the P/E and FCF base. Hold, accumulate below $120, trim above $155.

Looking at the raw quarterly tape first: TPR printed $1.92B/$2.50B/$1.70B/$1.72B for the last four quarters versus $1.51B/$2.20B/$1.58B/$1.59B the year prior — that's roughly $7.84B TTM revenue, up ~12% YoY, not the 5% the momentum table suggests. More importantly, margins inflected hard: 17.9%, 22.4%, 16.1% net margins in the three clean quarters versus 12.4%, 14.1%, 12.8% a year earlier. Strip the -$517M Q4 FY25 charge (the Capri breakup/restructuring kitchen sink) and TTM net income is roughly $1.7B, putting real P/E closer to 17x — not 42.8x. The TTM ratio is mechanically broken by one quarter that everyone knows was non-recurring. This matters because every downstream model anchored on the 42.8 P/E and 2.6% net margin.

So I disagree sharply with the Synthesis and Market Forces verdicts. "Disconnected from Fundamentals" and "Strong Market Headwinds" are reading a one-time charge as the run rate. The 40.3% implied FCF growth in the reverse DCF is an artifact of using depressed FY25 FCF as the base; FCF was $1.09B reported but operationally closer to $1.4B normalized. The Market Forces note about "failed M&A strategy" and "dangerous leverage" is also stale — TPR walked away from Capri in late 2024, got the $6.1B authorization redeployed into buybacks, and the balance sheet shows $1.1B cash with no debt crisis evident in a 1.87 current ratio. Calling this "structurally impaired" while Coach is posting accelerating comps and 75% gross margins is the wrong tape read. The Pre-Flight note is closer to right: this is a kitchen-sink reset story, and the most recent three quarters are validating it.

The contrarian case — which the bear models articulate but I want to steelman properly — is that Coach's pricing-led growth is cyclical demand pulled forward from aspirational luxury consumers who will retrench in a downturn, and that the margin expansion (gross margin from 73% to 75.4%) is mix shift that mean-reverts. Insider activity supports caution: the May 2026 cluster of M-Exempt + S-Sale pairs is classic option-exercise-and-dump, ~100k+ shares net sold near recent highs, not insiders buying the "turnaround." Also worth flagging: revenue CAGR of 2.6% over five years is real — this isn't a growth company, and a re-rating above ~20x normalized earnings requires believing the recent acceleration sticks through a consumer cycle. ROIC of 13.3% is decent but not exceptional for an asset-light brand business; the $28B market cap already capitalizes meaningful operating leverage.

Where the data is thin: no debt figure disclosed in the tile (TPR carries ~$7B gross debt post-bond issuance for the aborted Capri deal, much of which has been retired — material to EV/EBITDA of 29.5x which is also TTM-distorted), no equity number, and the annual FY25 net income of $183M is entirely a charge artifact. The ROE of 106% is mathematical noise from a depleted equity base post-buyback. My read: fair value on normalized $5.50-6.00 EPS at 20-22x (justified by mid-single-digit organic growth, buyback-driven double-digit EPS growth, and luxury-adjacent margins) is $115-130. At $140 the stock is modestly rich but not "disconnected" — it's pricing in continued execution of a real turnaround that the last three quarters are delivering. I'd be a buyer in the $115-120 zone, a holder here, and a trimmer above $155 absent another quarter of >20% net margin. The synthesis models are anchoring on broken TTM denominators; the narrative layer correctly identifies this as anchored-to-cash-flows, which is the right frame.

GPT Critique
Second-opinion review · gpt-4o · generated 2026-06-07 17:29:36
Reviews the Opus findings above
Verdict I agree with Opus — modestly overvalued at $140, with a fair value closer to $115-130. However, I maintain concerns about strategic vulnerabilities in the luxury segment transition.

In my independent analysis of Tapestry, Inc., several key points emerge from the raw data. Notably, the company experienced a significant drop in net income in 2025 to $183.2 million from $816 million in 2024, largely due to a one-time charge. This distortion is evident when considering the quarterly results, where a $517.1 million loss occurred in Q4 2025. This anomaly skews the trailing twelve-month (TTM) P/E ratio to an inflated 42.8x, whereas the normalized earnings suggest a more reasonable multiple around 17x. Tapestry's recent revenue growth, approximately 12% YoY, contrasts with the 2.6% CAGR over five years, highlighting its recent momentum but also underscoring its historical stagnation. The company's strong cash position, with $1.1 billion and no reported debt, adds a layer of financial stability.

I find myself in agreement with Opus on several fronts. Opus correctly identifies the P/E distortion due to the non-recurring charge, arguing that the real earnings backdrop supports a fair valuation range of $115-130, given normalized earnings. Their dismissal of the "strong market headwinds" narrative as outdated is also valid, given the recent operational improvements and the absence of a current debt crisis. Opus's point about insider selling activities, which suggest a cautious stance by management, aligns with my interpretation of the recent transactions as not indicative of insider confidence in a sustained turnaround.

However, I diverge from Opus in my assessment of market forces. While Opus downplays the "structurally impaired" label, I contend that Tapestry's position between fast-fashion and true luxury segments poses ongoing strategic challenges. The growth story, heavily reliant on Coach's pricing power and international expansion, may face headwinds from shifting consumer trends and increasing competition. Furthermore, the narrative of a turnaround requires sustained margin improvements and revenue growth, which might not be as robust as Opus suggests, given the moderate narrative durability and the cyclical nature of consumer spending in luxury goods.

A careful skeptic might argue that both Opus and my assessments overestimate Tapestry's ability to sustain its recent operational improvements. They could question the durability of Coach's growth, given its reliance on aspirational luxury consumers who may cut back spending in an economic downturn. Additionally, the skeptic might highlight the lack of clarity around debt and equity figures, suggesting that the financial health is not as solid as it appears.

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My Notes personal — only you see this
Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30