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Tapestry, Inc.

TPR

Consumer Cyclical · 115.84 -1.4% today

Isolated · not yet confirmedMarket checked 10 Sept, 12:20 GMT-4

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.

Company-1.4% todayVolume comparison unavailable
Market group0 of 4 activeConsumer-Cyclical Tilt · unavailable
Disclosed network0 of 4 confirmingNo filing-linked name is confirming now
What would change this read
  • 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.

Watch this read

Research brief

The story so far

Consumer Cyclical · Luxury Goods

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.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • 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

As of Sep 10, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations600
Usable filing statements139
Verified relationships8
Evidence supporting the case
  • 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.
Evidence challenging the case
  • 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.
Questions before a position
  • 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.
Longer-term price context

Price as of Sep 9, 2026

113.70
6m-23.3%12m+8.5%24m+176.2%
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2022-07-02$6.7B+16.3%$3.17-4.6%
2023-07-01$6.7B-0.4%$3.88-10.7%
2024-06-29$6.7B+0.2%$3.50-3.4%
2025-06-28$7.0B+5.1%$0.82-4.6%
2026-06-27$8.0B+14.2%$7.27-5.5%

What management says matters

Persistent and emerging business drivers

Credit and interest ratesnegative · 5 filings
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
Restructuring and cost reductionsnegative · 5 filings
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
Tariffs and trade policymixed · 5 filings
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
Macroeconomic conditionsmixed · 2 filings
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.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

115.84-1.4% today

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.