“This increase in Interest expense, net was mainly due to an increase in bond interest expense as a result of the issuance of the 2030 and 2035 Senior Notes during fiscal 2025 and lower interest income.”10-K · Aug 13, 2026 ↗
Tapestry, Inc.
TPR
Market read
Tapestry, Inc.'s current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 4 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.
- Inventory shifted from using cash to providing cash, while cash conversion fell sharply as net income grew faster than operating cash flow.
- Tapestry included estimated tariff-related cost increases in its Kate Spade impairment assessment.
Invalidation: The isolated read changes if TPR's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 4 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.
No thresholded supportive filing evidence is available yet.
No thresholded adverse filing evidence is available yet.
- Inventory shifted from using cash to providing cash, while cash conversion fell sharply as net income grew faster than operating cash flow.
- Tapestry included estimated tariff-related cost increases in its Kate Spade impairment assessment.
Company research
Understand the business, not just the ticker
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- Latest annual revenue changed +14.2% year over year.
- Operating margin changed +18.0 percentage points in the latest annual period.
- Net margin changed +16.5 percentage points in the latest annual period.
- Credit and interest rates has repeated adverse evidence across 5 filings.
- Restructuring and cost reductions has repeated adverse evidence across 5 filings.
- Tariffs and trade policy has repeated adverse evidence across 5 filings.
- P/E is 20% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 405% above the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 9, 2026
113.70Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“Net cash provided by (used in) operating activities Net cash provided by operating activities increased $761.9 million primarily due to higher net income of $1.34 billion and changes in operating assets and liabilities of $158.5 million partially offset by a…”10-K · Aug 13, 2026 ↗
“The assessment concluded that the fair values of the Kate Spade reporting unit and indefinite-lived brand intangible asset did not exceed their respective carrying values due to a reduction in both current and future expected cash flows, which includes an est…”10-K · Aug 13, 2026 ↗
“GLOBAL ECONOMIC CONDITIONS AND INDUSTRY TRENDS Current Trends and Outlook The environment in which we operate is subject to a number of different factors driving global consumer spending.”10-K · Aug 13, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.0× · EV/sales 3.2×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 12:20 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for TPR. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for TPR. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind TPR
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
CALCaleres, Inc.partnerAug 14, 2025 ▾
“32 Stuart Weitzman Business Divestiture On February 16, 2025, the Company entered into a Purchase Agreement with Caleres to sell the Stuart Weitzman Business (as defined below).”
Depended on by
CPRICapri Holdings LimitedpartnerMay 27, 2026 ▾
“Termination of the Agreement and Plan of Merger with Tapestry As previously disclosed, on August 10, 2023, Capri entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Tapestry, a Maryland corporation, and Sunrise Merger Sub, Inc., a Briti…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 8 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
TPR is currently a Early Follower in the organic co-movement group Consumer-Cyclical Tilt. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.