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TAPESTRY, INC.

TPR· NYSE· Leather & Leather Products

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
22.6%
ROIC, 5 yr avg
38.0%
Revenue, 5 yr CAGR
+6.9%
We record prices for the companies we cover; TPR is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2026

Market cap
–
Enterprise value
–
Diluted shares
210.2M
Revenue
$8.0B
Free cash flow
$1.8B
Owner earnings
$1.7B

Valuation · FY2026

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2026

Gross
77.8%
Operating
23.9%
Net
19.1%
Free cash flow
22.6%
Owner earnings
21.3%
Stock pay
1.3%

Returns

ROIC, FY2026
81.2%
ROIC, 5 yr avg
38.0%
ROE, FY2026
220.7%
ROE, 5 yr avg
69.8%

Growth (CAGR)

Revenue, 3 yr
6.3%
Revenue, 5 yr
6.9%
Revenue, 9 yr
6.6%
Diluted EPS, 3 yr
23.3%
Diluted EPS, 5 yr
19.8%
Diluted EPS, 9 yr
14.9%
Free cash flow, 3 yr
31.8%
Free cash flow, 5 yr
8.5%
Free cash flow, 9 yr
13.7%

Financial health · FY2026

Cash and investments
$1.2B
Total debt
$2.4B
Net debt
$1.2B
Debt/Equity
3.5x
Debt/FCF
1.3x

Shareholder returns · FY2026

Dividend yield
–
Payout ratio
21.3%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-5.8%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$8.0B

+6.6% a year over 9 years

FY2017: Revenue $4.5BFY2018: Revenue $5.9BFY2019: Revenue $6.0BFY2020: Revenue $5.0BFY2021: Revenue $5.7BFY2022: Revenue $6.7BFY2023: Revenue $6.7BFY2024: Revenue $6.7BFY2025: Revenue $7.0BFY2026: Revenue $8.0B
FY2017FY2026

Margins

Gross77.8%Operating23.9%Net19.1%

FY2026

FY2017: Gross 68.6%, Operating 17.5%, Net 13.2%FY2018: Gross 65.5%, Operating 11.4%, Net 6.8%FY2019: Gross 67.3%, Operating 13.6%, Net 10.7%FY2020: Gross 65.3%, Operating -11.1%, Net -13.1%FY2021: Gross 71.0%, Operating 16.8%, Net 14.5%FY2022: Gross 69.6%, Operating 17.6%, Net 12.8%FY2023: Gross 70.8%, Operating 17.6%, Net 14.1%FY2024: Gross 73.3%, Operating 17.1%, Net 12.2%FY2025: Gross 75.4%, Operating 5.9%, Net 2.6%FY2026: Gross 77.8%, Operating 23.9%, Net 19.1%
FY2017FY2026

Free cash flow and owner earnings

Free cash flow$1.8BOwner earnings$1.7B

Free cash flow +13.7% a year

FY2017: Free cash flow $570.7M, Owner earnings $497.1MFY2018: Free cash flow $730.1M, Owner earnings $648.8MFY2019: Free cash flow $518.2M, Owner earnings $433.4MFY2020: Free cash flow $201.6M, Owner earnings $148.5MFY2021: Free cash flow $1.2B, Owner earnings $1.1BFY2022: Free cash flow $759.3M, Owner earnings $687.1MFY2023: Free cash flow $791.0M, Owner earnings $712.2MFY2024: Free cash flow $1.1B, Owner earnings $1.1BFY2025: Free cash flow $1.1B, Owner earnings $1.0BFY2026: Free cash flow $1.8B, Owner earnings $1.7B
FY2017FY2026

Diluted shares

210.2M

-25.7% over 9 years, net buybacks

FY2017: Diluted shares 282.8MFY2018: Diluted shares 288.6MFY2019: Diluted shares 290.8MFY2020: Diluted shares 278.6MFY2021: Diluted shares 283.0MFY2022: Diluted shares 270.1MFY2023: Diluted shares 241.3MFY2024: Diluted shares 233.2MFY2025: Diluted shares 222.5MFY2026: Diluted shares 210.2M
FY2017FY2026

Return on invested capital

81.2%

FY2026

FY2017: ROIC 40.4%FY2018: ROIC 12.4%FY2019: ROIC 17.7%FY2020: ROIC –FY2021: ROIC 31.6%FY2022: ROIC 31.7%FY2023: ROIC 30.0%FY2024: ROIC 30.6%FY2025: ROIC 16.4%FY2026: ROIC 81.2%
FY2017FY2026

Net debt (below zero)

-$1.2B

$1.2B more debt than cash

FY2017: Net cash $1.5BFY2018: Net cash -$368.1MFY2019: Net cash -$383.7MFY2020: Net cash -$877.1MFY2021: Net cash $415.8MFY2022: Net cash -$746.8MFY2023: Net cash -$927.3MFY2024: Net cash -$103.0MFY2025: Net cash -$1.3BFY2026: Net cash -$1.2B
FY2017FY2026

Every figure, year by year

Fiscal yearFY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
The business
Revenue$4.5B$5.9B$6.0B$5.0B$5.7B$6.7B$6.7B$6.7B$7.0B$8.0B
Revenue growth-0.1%31.0%2.5%-17.7%15.8%16.3%-0.4%0.2%5.1%14.2%
Gross margin68.6%65.5%67.3%65.3%71.0%69.6%70.8%73.3%75.4%77.8%
Operating margin17.5%11.4%13.6%-11.1%16.8%17.6%17.6%17.1%5.9%23.9%
Net income$591.0M$397.5M$643.4M-$652.1M$834.2M$856.3M$936.0M$816.0M$183.2M$1.5B
Net margin13.2%6.8%10.7%-13.1%14.5%12.8%14.1%12.2%2.6%19.1%
Diluted EPS$2.09$1.38$2.21$-2.34$2.95$3.17$3.88$3.50$0.82$7.27
Return on invested capital?40.4%12.4%17.7%–31.6%31.7%30.0%30.6%16.4%81.2%
Cash
Operating cash flow$853.8M$997.5M$792.4M$407.0M$1.3B$853.2M$975.2M$1.3B$1.2B$2.0B
Capital expenditure$283.1M$267.4M$274.2M$205.4M$116.0M$93.9M$184.2M$108.9M$122.7M$166.0M
Free cash flow$570.7M$730.1M$518.2M$201.6M$1.2B$759.3M$791.0M$1.1B$1.1B$1.8B
Stock-based compensation$73.6M$81.3M$84.8M$53.1M$64.1M$72.2M$78.8M$85.9M$87.3M$104.5M
Owner earnings?$497.1M$648.8M$433.4M$148.5M$1.1B$687.1M$712.2M$1.1B$1.0B$1.7B
Free cash flow per share$2.02$2.53$1.78$0.72$4.27$2.81$3.28$4.92$4.92$8.62
Capital allocation
Dividends paid$378.0M$384.1M$390.7M$380.3M$0$264.4M$283.3M$321.4M$299.3M$326.1M
Share repurchases$0$0$100.0M$300.0M$0$1.6B$703.5M$0$1.7B$1.6B
Diluted shares282.8M288.6M290.8M278.6M283.0M270.1M241.3M233.2M222.5M210.2M
Share count change?1.3%2.1%0.8%-4.2%1.6%-4.6%-10.7%-3.4%-4.6%-5.5%
Balance sheet
Cash and equivalents$2.7B$1.2B$969.2M$1.4B$2.0B$789.8M$726.1M$6.1B$1.1B$974.7M
Short-term investments$410.7M$6.6M$264.6M$8.1M$8.1M$163.4M$15.4M$1.1B$19.6M$177.3M
Total debt$1.6B$1.6B$1.6B$2.3B$1.6B$1.7B$1.7B$7.3B$2.4B$2.4B
Net debt-$1.5B$368.1M$383.7M$877.1M-$415.8M$746.8M$927.3M$103.0M$1.3B$1.2B
Shareholders' equity$3.0B$3.2B$3.5B$2.3B$3.3B$2.3B$2.3B$2.9B$857.8M$692.1M

Latest filings

All on EDGAR
2026-09-25DEF 14AProxy statement
2026-08-1310-KAnnual report
2026-08-138-KEarnings release
2026-05-0710-QQuarterly report
2026-05-078-KEarnings release
2026-02-0510-QQuarterly report
2026-02-058-KEarnings release
2025-11-0610-QQuarterly report
2025-11-068-KEarnings release
2025-09-26DEF 14AProxy statement

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