Tapestry Inc
TPR—
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Tapestry Inc AI Insights
Informational only. Not investment advice.Snapshot
- Debt/equity of 10.5x with tangible book value negative (-1.3B) - equity cushion essentially zero after intangibles[Debt to Equity]
- FCF of 1.1B TTM (15% yield on 7.2B revenue) vs 4.2B total debt - deleveraging capacity exists but timeline matters[Free Cash Flow TTM]
- Operating margin 18.7% TTM vs industry median 7.4% - 2.5x advantage despite acquisition integration costs[Operating Margin TTM]
Watch Triggers
- Gross Margin TTM: Falls below 70% — Brand pricing power is thesis cornerstone - compression signals competitive pressure or discounting
- Free Cash Flow TTM: Drops below 800M — Deleveraging timeline extends materially; dividend sustainability questioned at 330M annual payout
- Goodwill: Any impairment charge — Would signal brand value destruction and likely trigger equity concerns given negative tangible book
Bull Case
Gross margin 75.7% TTM (vs 46.6% industry median) with 13% revenue growth signals brand pricing power intact post-acquisition
Gross Margin TTMTotal Revenue 1yr Growth
FCF conversion of 89% (1.08B FCF / 1.21B operating cash flow) enables rapid debt paydown while maintaining 1.45 dividend
Free Cash Flow TTMCash Flow TTMDividends Paid Per Share TTM
Bear Case
975M goodwill (244% of equity) creates impairment risk - any brand deterioration could wipe remaining equity
GoodwillCommon Stockholders Equity
Net margin 3.8% TTM vs 4.4% industry median despite superior gross margins - SG&A bloat or integration costs eroding profitability
Net Margin TTMOperating Expense TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
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Forward Thesis
Debt reduction of 800M-1B annually feasible, cutting leverage to 3x EBITDA within 3 years
1-3ymed
- FCF of 1.1B provides deleveraging firepower
- Capex only 1.8% of revenue - minimal reinvestment needs
- Interest expense 67.5M manageable vs 1.3B operating income
FCF TTM 1.08B vs total debt 4.2BCapital expenditure TTM only 129.5MOperating income 1.35B covers interest 20x
Valuation Context
Caveats
Public Strategies Rankings
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TPR Fundamentals
Manufacturing → Leather and Allied Product Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$30.15B | — | ||
$33.04B | — | ||
56 | — | ||
$7.51B | +10.9% | — | |
$2.58 | +47.9% | — | |
20.9% | +3.4% | — | |
6.95% | -4.8% | — | |
$1.64B | +91.5% | — | |
55.3% | +15.5% | — | |
Beta 5Y (Monthly) | unknown | — |
TPR Dividend History
63 dividends
2026
$0.400003/06/26$0.4000
2025
$1.500012/05/25$0.4000
09/05/25$0.4000
06/06/25$0.3500
03/06/25$0.3500
2024
$1.400012/06/24$0.3500
09/06/24$0.3500
06/07/24$0.3500
03/07/24$0.3500
2023
$1.300012/07/23$0.3500
09/07/23$0.3500
06/08/23$0.3000
03/09/23$0.3000
2022
$1.100012/08/22$0.3000
09/08/22$0.3000
06/02/22$0.2500
03/03/22$0.2500
2021
$0.500012/02/21$0.2500
09/03/21$0.2500
2020
$0.337503/05/20$0.3375
2019
$1.350012/05/19$0.3375
09/05/19$0.3375
06/06/19$0.3375
03/07/19$0.3375
2018
$1.350012/06/18$0.3375
09/06/18$0.3375
06/07/18$0.3375
03/08/18$0.3375
2017
$1.350012/07/17$0.3375
09/07/17$0.3375
06/07/17$0.3375
03/08/17$0.3375
2016
$1.350012/07/16$0.3375
09/08/16$0.3375
06/01/16$0.3375
03/02/16$0.3375
2015
$1.350012/02/15$0.3375
09/03/15$0.3375
06/03/15$0.3375
03/04/15$0.3375
2014
$1.350012/03/14$0.3375
09/05/14$0.3375
06/04/14$0.3375
03/05/14$0.3375
2013
$1.312512/04/13$0.3375
09/05/13$0.3375
06/05/13$0.3375
03/06/13$0.3000
2012
$1.125012/05/12$0.3000
09/06/12$0.3000
05/31/12$0.3000
03/07/12$0.2250
2011
$0.825012/01/11$0.2250
09/01/11$0.2250
06/02/11$0.2250
03/03/11$0.1500
2010
$0.525012/02/10$0.1500
09/02/10$0.1500
06/04/10$0.1500
03/04/10$0.0750
2009
$0.225012/03/09$0.0750
09/03/09$0.0750
06/04/09$0.0750
TPR Stock Splits
2 stock splits
04/05/050.5:1 split
08/15/010.25:1 split
TPR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/05/26 | 12/27/25 | 10-Q | |
11/06/25 | 09/27/25 | 10-Q | |
08/14/25 | 06/28/25 | Unknown | |
05/08/25 | 03/29/25 | 10-Q | |
02/06/25 | 12/28/24 | 10-Q | |
11/07/24 | 09/28/24 | 10-Q | |
08/15/24 | 06/29/24 | 10-K | |
05/09/24 | 03/30/24 | 10-Q | |
02/08/24 | 12/30/23 | 10-Q | |
11/09/23 | 09/30/23 | 10-Q | |
08/17/23 | 07/01/23 | 10-K | |
05/11/23 | 04/01/23 | 10-Q | |
02/09/23 | 12/31/22 | 10-Q | |
11/10/22 | 10/01/22 | 10-Q | |
08/18/22 | 07/02/22 | 10-K | |
05/12/22 | 04/02/22 | 10-Q | |
02/10/22 | 01/01/22 | 10-Q | |
11/12/21 | 10/02/21 | 10-Q | |
08/19/21 | 07/03/21 | 10-K | |
05/06/21 | 03/27/21 | 10-Q | |
02/04/21 | 12/26/20 | 10-Q | |
11/04/20 | 09/26/20 | 10-Q | |
08/13/20 | 06/27/20 | 10-K | |
05/06/20 | 03/28/20 | 10-Q | |
02/06/20 | 12/28/19 | 10-Q | |
11/07/19 | 09/28/19 | 10-Q | |
08/15/19 | 06/29/19 | 10-K | |
05/09/19 | 03/30/19 | 10-Q | |
02/07/19 | 12/29/18 | 10-Q | |
11/08/18 | 09/29/18 | 10-Q | |
08/16/18 | 06/30/18 | 10-K | |
05/09/18 | 03/31/18 | 10-Q | |
02/07/18 | 12/30/17 | 10-Q | |
11/09/17 | 09/30/17 | 10-Q | |
08/18/17 | 07/01/17 | 10-K | |
05/10/17 | 04/01/17 | 10-Q | |
02/08/17 | 12/31/16 | 10-Q | |
11/09/16 | 10/01/16 | 10-Q | |
08/19/16 | 07/02/16 | 10-K | |
05/04/16 | 03/26/16 | 10-Q | |
02/03/16 | 12/26/15 | 10-Q | |
11/04/15 | 09/26/15 | 10-Q | |
08/14/15 | 06/27/15 | 10-K | |
05/06/15 | 03/28/15 | 10-Q | |
02/04/15 | 12/27/14 | 10-Q | |
11/06/14 | 09/27/14 | 10-Q | |
08/15/14 | 06/28/14 | 10-K | |
05/06/14 | 03/29/14 | 10-Q | |
02/05/14 | 12/28/13 | 10-Q | |
11/06/13 | 09/28/13 | 10-Q | |
08/22/13 | 06/29/13 | 10-K | |
05/07/13 | 03/30/13 | 10-Q | |
02/05/13 | 12/29/12 | 10-Q | |
11/07/12 | 09/29/12 | 10-Q | |
08/22/12 | 06/30/12 | 10-K | |
05/09/12 | 03/31/12 | 10-Q | |
02/08/12 | 12/31/11 | 10-Q | |
11/09/11 | 10/01/11 | 10-Q | |
08/19/11 | 07/02/11 | 10-K | |
05/11/11 | 04/02/11 | 10-Q | |
02/09/11 | 01/01/11 | 10-Q | |
11/08/10 | 10/02/10 | 10-Q | |
08/25/10 | 07/03/10 | 10-K | |
05/05/10 | 03/27/10 | 10-Q | |
02/03/10 | 12/31/09 | 10-Q | |
11/04/09 | 09/30/09 | 10-Q | |
08/19/09 | 06/30/09 | 10-K | |
05/06/09 | 03/31/09 | 10-Q | |
02/04/09 | 12/31/08 | Unknown | -- |
10/31/08 | 09/30/08 | Unknown | -- |
08/21/08 | 06/30/08 | 4 | |
05/07/08 | 03/30/08 | Unknown | -- |
02/06/08 | 12/31/07 | Unknown | -- |
11/08/07 | 09/30/07 | Unknown | -- |
08/23/07 | 06/30/07 | 10-K | |
05/04/07 | 03/30/07 | Unknown | -- |
02/08/07 | 12/31/06 | Unknown | -- |
11/07/06 | 09/30/06 | 10-Q | |
08/25/06 | 06/30/06 | 11-K | |
05/05/06 | 03/30/06 | Unknown | -- |
02/09/06 | 12/31/05 | 10-Q | |
11/09/05 | 09/30/05 | Unknown | -- |
09/09/05 | 06/30/05 | 11-K | |
05/12/05 | 03/30/05 | Unknown | -- |
02/10/05 | 12/31/04 | Unknown | -- |
11/08/04 | 09/30/04 | Unknown | -- |
09/16/04 | 06/30/04 | 11-K | |
05/07/04 | 03/30/04 | Unknown | -- |
02/06/04 | 12/31/03 | Unknown | -- |
11/07/03 | 09/30/03 | Unknown | -- |
09/18/03 | 06/30/03 | 11-K | |
05/09/03 | 03/30/03 | Unknown | -- |
02/07/03 | 12/31/02 | Unknown | -- |
11/12/02 | 09/30/02 | Unknown | -- |
09/20/02 | 06/30/02 | 11-K | |
04/30/02 | 03/31/02 | 10-Q | |
02/06/02 | 12/31/01 | Unknown | -- |
11/13/01 | 09/30/01 | Unknown | -- |
09/21/01 | 06/30/01 | 10-K405 | |
05/09/01 | 03/30/01 | Unknown | -- |
02/06/01 | 12/31/00 | Unknown | -- |
11/14/00 | 09/30/00 | 10-Q |