NYSE · Consumer Cyclical

Tapestry, Inc.

TPR · Luxury Goods

$139.75

▼ -2.99 (-2.09%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Tapestry, Inc. at $139.75.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability B

Gross Profit Margin 75.4%

Operating Margin 18.1%

Net Income Margin 2.6%

Fin. Health D

Years to Pay Off Debt 21.3 yrs

Working Capital vs Long-Term Debt -$1.0B

Working Capital $1.3B

Valuation F

Margin of Safety 0.0%

Price-to-Book 32.98x

Cash Flow C

Free Cash Flow $1.1B

CapEx % of Net Income 67.0%

Owner Earnings $531M

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $28.6B

Enterprise Value $31.8B

P/E (TTM) 54.17

Dividend Yield 1.05%

Exchange NYSE

Key Margins

Gross Profit 75.4%

Operating Margin 18.1%

Net Margin 2.6%

Company Info

Sector Consumer Cyclical

Industry Luxury Goods

Employees 12500

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Tapestry, Inc. at $139.75.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $139.75, the stock trades at a 1481% premium to its Graham Number of $8.84. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Tapestry, Inc.

Tapestry, Inc. provides accessories and lifestyle brand products in North America, Greater China, rest of Asia, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women's handbags, fashion designs, business cases, computer bags, messenger style bags, backpacks, travel bags, and totes; and accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories, including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, technology accessories, gifting, straps, and charms. The company also provides women's and men's footwear, which casual and dress shoes, boots, sneakers, and sandals; and other products which includes outerwear, ready-to-wear, jewelry, watches, eyewear, fragrance, scarves, hats, gloves, and other products. It offers its products through retail and outlet stores, brand e-commerce sites, and concession shop-in-shops under the Coach, Kate Spade, and Stuart Weitzman brand names. 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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	75.4% ▲	73.3%	70.8%	69.6%
Operating Margin %	18.1% ▲	17.1%	17.6%	17.6%
Net Income %	2.6% ▼	12.2%	14.1%	12.8%
Diluted EPS	0.82 ▼	3.50	3.88	3.17

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$6.6B	$13.4B	$7.1B	$7.3B	N/A
Total Debt	$3.9B ↓	$8.8B	$3.3B	$3.3B	N/A
Working Capital	$1.3B ▼	$7.1B	$1.1B	$1.1B	N/A
Years to Pay Debt	21.28	10.74	3.52	3.81	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$1.1B ▼	$1.1B	$791M	$759M	N/A
Owner Earnings	$531M	$1.2B	$1.3B	$1.2B	N/A
CapEx % of Net Income	67.0%	13.3%	19.7%	11.0%	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	-148,185	0	0	-9,773
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	1,501,300	1,365,900	1,394,900	1,365,400
Total Unusual Items	-974,900	0	0	-53,700
Total Unusual Items Excluding Goodwill	-974,900	0	0	-53,700
Net Income From Continuing Operation Net Minority Interest	183,200	816,000	936,000	856,300
Reconciled Depreciation	224,900	229,000	224,200	206,000
Reconciled Cost Of Revenue	1,721,800	1,781,700	1,946,000	2,034,100
EBITDA	526,400	1,365,900	1,394,900	1,311,700
EBIT	301,500	1,136,900	1,170,700	1,105,700
Net Interest Income	-85,400	-125,000	-27,600	-58,700
Interest Expense	85,400	125,000	27,600	58,700
Normalized Income	1,009,915	816,000	936,000	900,227
Net Income From Continuing And Discontinued Operation	183,200	816,000	936,000	856,300
Total Expenses	5,740,900	5,531,100	5,488,500	5,508,700
Total Operating Income As Reported	415,000	1,140,100	1,172,400	1,175,800
Diluted Average Shares	222,500	233,200	241,300	270,100
Basic Average Shares	216,800	229,200	236,400	264,300
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	183,200	816,000	936,000	856,300
Net Income Common Stockholders	183,200	816,000	936,000	856,300
Net Income	183,200	816,000	936,000	856,300
Net Income Including Noncontrolling Interests	183,200	816,000	936,000	856,300
Net Income Continuous Operations	183,200	816,000	936,000	856,300
Tax Provision	32,900	195,900	207,100	190,700
Pretax Income	216,100	1,011,900	1,143,100	1,047,000
Other Income Expense	-968,300	-3,200	-1,700	-70,100
Other Non Operating Income Expenses	6,600	-3,200	-1,700	-16,400
Special Income Charges	-974,900	0	0	-53,700
Other Special Charges	120,100			53,700
Impairment Of Capital Assets	854,800	0	0	0
Net Non Operating Interest Income Expense	-85,400	-125,000	-27,600	-58,700
Interest Expense Non Operating	85,400	125,000	27,600	58,700
Operating Income	1,269,800	1,140,100	1,172,400	1,175,800
Operating Expense	4,019,100	3,749,400	3,542,500	3,474,600
Selling General And Administration	4,019,100	3,749,400	3,542,500	3,474,600
Gross Profit	5,288,900	4,889,500	4,714,900	4,650,400
Cost Of Revenue	1,721,800	1,781,700	1,946,000	2,034,100
Total Revenue	7,010,700	6,671,200	6,660,900	6,684,500
Operating Revenue	7,010,700	6,671,200	6,660,900	6,684,500

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	208,100	230,200	227,400	241,200
Share Issued	208,100	230,200	227,400	241,200
Net Debt	1,294,600	1,098,600	934,700	900,600
Total Debt	3,899,200	8,764,500	3,292,000	3,261,400
Tangible Book Value	-845,100	339,200	-309,800	-322,600
Invested Capital	3,252,400	10,137,500	3,938,600	3,975,900
Working Capital	1,348,700	7,092,100	1,077,000	1,105,000
Net Tangible Assets	-845,100	339,200	-309,800	-322,600
Capital Lease Obligations	1,504,600	1,523,900	1,631,200	1,571,000
Common Stock Equity	857,800	2,896,900	2,277,800	2,285,500
Total Capitalization	3,235,700	9,834,100	3,913,600	3,944,700
Total Equity Gross Minority Interest	857,800	2,896,900	2,277,800	2,285,500
Stockholders Equity	857,800	2,896,900	2,277,800	2,285,500
Gains Losses Not Affecting Retained Earnings	-261,200	-145,900	-189,900	-170,900
Other Equity Adjustments	-261,200	-145,900	-189,900	-170,900
Retained Earnings	-2,556,800	-722,200	-1,216,800	-1,166,200
Additional Paid In Capital	3,673,700	3,762,700	3,682,200	3,620,200
Capital Stock	2,100	2,300	2,300	2,400
Common Stock	2,100	2,300	2,300	2,400
Total Liabilities Net Minority Interest	5,722,700	10,499,400	4,839,000	4,979,800
Total Non Current Liabilities Net Minority Interest	4,165,800	8,787,800	3,552,500	3,511,000
Other Non Current Liabilities	216,800	205,700	259,300	206,500
Derivative Product Liabilities	256,100	137,200
Tradeand Other Payables Non Current		0	43,500	95,300	127,100
Non Current Deferred Liabilities	109,400	283,500	280,200	267,700
Non Current Deferred Taxes Liabilities	79,800	251,300	240,000	221,700
Long Term Debt And Capital Lease Obligation	3,583,500	8,161,400	2,969,500	2,941,500
Long Term Capital Lease Obligation	1,205,600	1,224,200	1,333,700	1,282,300
Long Term Debt	2,377,900	6,937,200	1,635,800	1,659,200
Current Liabilities	1,556,900	1,711,600	1,286,500	1,468,800
Other Current Liabilities	48,200
Current Debt And Capital Lease Obligation	315,700	603,100	322,500	319,900
Current Capital Lease Obligation	299,000	299,700	297,500	288,700
Current Debt	16,700	303,400	25,000	31,200
Other Current Borrowings	16,700	303,400	25,000	31,200
Line Of Credit				31,200	0
Payables And Accrued Expenses	1,193,000	1,108,500	964,000	1,148,900
Current Accrued Expenses	680,100	606,600	505,300	592,400
Interest Payable	56,600	104,700	38,900
Payables	512,900	501,900	458,700	556,500
Total Tax Payable	56,800	49,700	41,800	35,800
Income Tax Payable	56,800	49,700	41,800	35,800
Accounts Payable	456,100	452,200	416,900	520,700
Total Assets	6,580,500	13,396,300	7,116,800	7,265,300
Total Non Current Assets	3,674,900	4,592,600	4,753,300	4,691,500
Other Non Current Assets	117,700	161,700	182,100	209,500
Non Current Deferred Assets	33,800	44,100	40,400	47,900
Non Current Deferred Taxes Assets	33,800	44,100	40,400	47,900
Goodwill And Other Intangible Assets	1,702,900	2,557,700	2,587,600	2,608,100
Other Intangible Assets	719,600	1,353,600	1,360,100	1,366,600
Goodwill	983,300	1,204,100	1,227,500	1,241,500
Net PPE	1,820,500	1,829,100	1,943,200	1,826,000
Accumulated Depreciation	-1,215,000	-1,263,300	-1,237,600	-1,187,700
Gross PPE	3,035,500	3,092,400	3,180,800	3,013,700
Leases	750,400	720,400	778,500	738,200
Construction In Progress	40,800	42,200	14,300	40,400
Other Properties	1,331,000	1,314,400	1,378,700	1,281,600
Machinery Furniture Equipment	905,200	1,007,300	1,001,300	945,500
Land And Improvements	8,100	8,100	8,000	8,000
Current Assets	2,905,600	8,803,700	2,363,500	2,573,800
Other Current Assets	98,500	139,800	133,600	51,700
Assets Held For Sale Current	176,400	0
Prepaid Assets	133,800	170,900	126,300	105,200
Inventory	860,700	824,800	919,500	994,200
Receivables	516,600	464,400	442,600	469,500
Taxes Receivable	277,300	236,200	231,100	217,200
Accounts Receivable	239,300	228,200	211,500	252,300
Allowance For Doubtful Accounts Receivable	-5,700	-6,900	-5,800	-3,700
Gross Accounts Receivable	245,000	235,100	217,300	256,000
Cash Cash Equivalents And Short Term Investments	1,119,600	7,203,800	741,500	953,200
Other Short Term Investments	19,600	1,061,800	15,400	163,400
Cash And Cash Equivalents	1,100,000	6,142,000	726,100	789,800

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	1,093,900	1,146,700	791,000	759,300
Repurchase Of Capital Stock	-2,018,700	0	-703,500	-1,600,000
Repayment Of Debt	-8,163,300	-468,800	-31,200	-900,000
Issuance Of Debt	3,264,600	6,089,500	0	998,500
Capital Expenditure	-122,700	-108,900	-184,200	-93,900
Interest Paid Supplemental Data	394,900	262,800	82,600	67,800
Income Tax Paid Supplemental Data	189,500	200,100	231,900	179,700
End Cash Position	1,100,000	6,142,000	726,100	789,800
Other Cash Adjustment Outside Changein Cash	-23,700	0	0
Beginning Cash Position	6,142,000	726,100	789,800	2,007,700
Effect Of Exchange Rate Changes	26,300	-12,200	-8,700	-39,400
Changes In Cash	-5,044,600	5,428,100	-55,000	-1,178,500
Financing Cash Flow	-7,175,200	5,214,400	-1,035,900	-1,778,100
Cash Flow From Continuing Financing Activities	-7,175,200	5,214,400	-1,035,900	-1,778,100
Net Other Financing Charges	-114,600	-112,200	-56,700	-86,900
Proceeds From Stock Option Exercised	156,100	27,300	38,800	74,700
Cash Dividends Paid	-299,300	-321,400	-283,300	-264,400
Common Stock Dividend Paid	-299,300	-321,400	-283,300	-264,400
Net Common Stock Issuance	-2,018,700	0	-703,500	-1,600,000
Common Stock Payments	-2,018,700	0	-703,500	-1,600,000
Net Issuance Payments Of Debt	-4,898,700	5,620,700	-31,200	98,500
Net Short Term Debt Issuance			0	0	-700,000
Short Term Debt Payments			0	0	-700,000
Net Long Term Debt Issuance	-4,898,700	5,620,700	-31,200	98,500
Long Term Debt Payments	-8,163,300	-468,800	-31,200	-900,000
Long Term Debt Issuance	3,264,600	6,089,500	0	998,500
Investing Cash Flow	914,000	-1,041,900	5,700	-253,600
Cash Flow From Continuing Investing Activities	914,000	-1,041,900	5,700	-253,600
Net Investment Purchase And Sale	1,036,700	-933,000	189,900	-159,700
Sale Of Investment	2,923,100	1,780,000	196,600	380,700
Purchase Of Investment	-1,886,400	-2,713,000	-6,700	-540,400
Net PPE Purchase And Sale	-122,700	-108,900	-184,200	-93,900
Sale Of PPE			0	0	23,900
Purchase Of PPE	-122,700	-108,900	-184,200	-93,900
Operating Cash Flow	1,216,600	1,255,600	975,200	853,200
Cash Flow From Continuing Operating Activities	1,216,600	1,255,600	975,200	853,200
Change In Working Capital	-39,300	167,900	-258,900	-377,500
Change In Other Current Liabilities	3,900	-21,200	-61,100	-9,200
Change In Other Current Assets	15,200	-100	-100,700	-30,900
Change In Payables And Accrued Expense	41,000	140,700	-191,100	70,300
Change In Payable	-15,000	49,100	-98,100	86,400
Change In Account Payable	-15,000	49,100	-98,100	86,400
Change In Inventory	-108,200	85,800	49,900	-311,700
Change In Receivables	8,800	-37,300	44,100	-96,000
Changes In Account Receivables	8,800	-37,300	44,100	-96,000
Other Non Cash Items	-78,200	-50,000	-51,800	-7,300
Stock Based Compensation	87,300	85,900	78,800	72,200
Provisionand Write Offof Assets	3,600	4,300	5,700	19,900
Asset Impairment Charge	854,800	0	0	0
Deferred Tax	-139,800	2,500	41,200	29,900
Deferred Income Tax	-139,800	2,500	41,200	29,900
Depreciation Amortization Depletion	224,900	229,000	224,200	206,000
Depreciation And Amortization	224,900	229,000	224,200	206,000
Amortization Cash Flow	62,000	55,000	42,000	10,700
Amortization Of Intangibles	62,000	55,000	42,000	10,700
Depreciation	162,900	174,000	182,200	195,300
Operating Gains Losses	120,100			53,700	-13,200
Gain Loss On Sale Of PPE			0	0	-13,200
Net Income From Continuing Operations	183,200	816,000	936,000	856,300

These metrics estimate what Tapestry, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$8.84

Margin of Safety

Market Cap ÷ Company Value

3.77

P/B Ratio

32.98

Warren's Owner Earnings

$531M

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$7.0B

vs > $1.5B revenue

❌ Strong Financial Condition

1.87x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.05%

vs Uninterrupted dividends

❌ Earnings Growth

-74.1% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

54.2x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

32.98x P/B (P/E×P/B: 1786.7)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-13.91

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$69.69

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	67.0%	13.3%	19.7%	11.0%	N/A
Repurchase of Capital Stock	-$2.0B	$0M	-$704M	-$1.6B	N/A
Free Cash Flow	$1.1B ▼	$1.1B ▲	$791M ▲	$759M •	N/A •
Warren's Owner Earnings	$531M	$1.2B	$1.3B	$1.2B	N/A

Peers & Industry

No auto-detected peers for Luxury Goods. You can manually compare TPR against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.34%

Low — management has little skin in the game

Return on Equity (ROE)

21.4%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

2.8%

Fair — average asset utilization

Share Buybacks (Latest Year)

$2.0B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-55.5% YoY

Debt is declining — management is deleveraging

Leadership Team

Joanne Crevoiserat

President, CEO & Director

Age 61

Pay: $6,766,671

3.694% of net income

Scott Roe CPA

CFO & COO

Age 60

Pay: $3,344,624

1.826% of net income

Todd Kahn

CEO & Brand President of Coach

Age 61

Pay: $4,022,611

2.196% of net income

Yann Bozec

President of Tapestry Asia Pacific and President & CEO of Coach Asia Pacific

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	12.36%	25,032,212
Blackrock Inc.	9.32%	18,878,341
State Street Corporation	4.73%	9,578,111
Schroder Investment Management Group	4.62%	9,350,221
Geode Capital Management, LLC	2.92%	5,912,917
FMR, LLC	2.69%	5,443,073
Srs Investment Management, Llc	2.49%	5,045,999
Bank of America Corporation	2.28%	4,612,597

⚠️ Very high debt-to-equity — leverage risk

Risk Analysis

Beta (Market Risk)

1.47

Moderate volatility — moves slightly more than market

Short Interest

7.2% of float

Moderate short interest

Debt-to-Equity

7.15x

High leverage — significant financial risk

Current Ratio

1.63x

Adequate liquidity

52-Week Price Range

Low: $71.99 Current: $139.75 High: $161.97

Currently at 75% of 52-week range

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