# Tapestry, Inc. (TPR)

> Source: Nexqual · https://nexqual.com/TPR · data as of 2026-10-22 20:01 UTC · cite as "Nexqual, Tapestry, Inc. (TPR), nexqual.com/TPR" · informational, not investment advice.

**Price:** USD 113.92 (-1.08% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 115.16 · day 112.99–115.74 · 52w 93–164.8 · market cap $22.6B · NYQ

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $8.00B, net income $1.53B (19.1% margin), free cash flow $1.81B (SEC filings).
- Valuation: P/E 14.8x (avg 46.3x at the last 3 fiscal year-ends), EV/EBITDA 11.5x, net debt $1.24B.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $10.8M; 2 not under a Rule 10b5-1 plan ($3.4M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +0.4% vs S&P 500 +14.9%; 5Y +235.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 1.56, revenue estimate $1.85B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.68B | $6.66B | $6.67B | $7.01B | $8.00B | $8.00B |
| Gross profit | $4.65B | $4.71B | $4.89B | $5.29B | $6.23B | — |
| Operating income | $1.18B | $1.17B | $1.14B | $415M | $1.91B | $1.91B |
| Net income | $856M | $936M | $816M | $183M | $1.53B | $1.53B |
| EPS (diluted) | $3.17 | $3.88 | $3.50 | $0.82 | $7.27 | — |
| Free cash flow | $759M | $791M | $1.15B | $1.09B | $1.81B | $1.81B |
| Gross margin | 69.6% | 70.8% | 73.3% | 75.4% | 77.8% | — |
| Operating margin | 17.6% | 17.6% | 17.1% | 5.9% | 23.9% | 23.9% |
| Net margin | 12.8% | 14.1% | 12.2% | 2.6% | 19.1% | 19.1% |
| Revenue growth | +16.3% | -0.4% | +0.2% | +5.1% | +14.2% | — |
| Cash + short-term investments | $953M | $742M | $7.20B | $1.12B | $1.15B | — |
| Total debt | $1.70B | $1.67B | $7.31B | $2.41B | $2.40B | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/E 14.8x · P/S 2.8x · EV/EBITDA 11.5x · EV/Sales 3.0x · P/FCF 12.5x · P/B 32.7x · FCF yield 8.02% · Earnings yield 6.76% · Dividend yield (paid, TTM) 1.44% · Buyback yield (TTM) 6.88% · Net debt $1.24B · EV $23.9B
P/E at fiscal year-ends: Jun 2026 20.1x, Jun 2025 106.6x, Jun 2024 12.2x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-09 | Kulikowsky Denise | Chief People Officer | 5,810 | $670K | 26.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-19 | Crevoiserat Joanne C. | Chief Executive Officer | 27,761 | $3.7M | 4.2% | Yes (adopted November 19, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-26 | Kahn Todd | CEO and Brand President, Coach | 19,557 | $2.7M | 18.6% | No | Too little history (no open-market trades in 2023) |
| 2026-05-13 | Crevoiserat Joanne C. | Chief Executive Officer | 27,776 | $3.7M | 4.3% | Yes (adopted November 19, 2025) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | UBS | Target lowered | Buy | $232 → $200 |
| 2026-10-16 | Raymond James | Target lowered | Outperform | $165 → $140 |
| 2026-08-14 | UBS | Target raised | Buy | $230 → $232 |
| 2026-08-14 | Morgan Stanley | Target lowered | Overweight | $164 → $159 |
| 2026-08-14 | Bernstein | Target raised | Market Perform | $180 → $185 |
| 2026-08-14 | Wells Fargo | Target lowered | Overweight | $165 → $160 |
| 2026-08-14 | Barclays | Target raised | Overweight | $182 → $185 |
| 2026-08-14 | Evercore ISI Group | Target lowered | Outperform | $175 → $160 |
| 2026-08-14 | BTIG | Target lowered | Buy | $180 → $175 |
| 2026-08-06 | Telsey Advisory Group | Target raised | Outperform | $160 → $175 |
| 2026-08-04 | JP Morgan | Target raised | Overweight | $205 → $211 |
| 2026-07-16 | Barclays | Target raised | Overweight | $179 → $182 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +0.4% | +235.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +0.4% | +27.3% |
| Volatility (annualized) | 41.6% | 37.1% |
| Max drawdown | -32.7% (Aug 2026→Sep 2026) | -38.7% (Jan 2023→Oct 2023) |

## Peers (Luxury Goods)
SIG (Signet Jewelers Limited) USD 116.94 +1.89% · CPRI (Capri Holdings Limited) USD 16.36 +4.20% · LUXE (LuxExperience B.V.) USD 9.59 +0.63% · REAL (The RealReal, Inc.) USD 10.48 -1.41% · MOV (Movado Group Inc.) USD 32.28 -0.43%

## More
Full page: https://nexqual.com/TPR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name TPR in their own reports (relationship from TPR's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Capri Holdings Ltd (CPRI) | 10-K 2026-05-27 | "During Fiscal 2025, we were reimbursed approximately $45 million for certain expenses pursuant to the termination of the Merger Agreement with Tapestry." |
| partner | CALERES INC (CAL) | 10-K 2026-04-02 | "On February 16, 2025, the Company entered into a Sale and Purchase Agreement with Tapestry, Inc. ("Tapestry") to acquire the Stuart Weitzman business (the "Acquisition")." |
| partner | MOVADO GROUP INC (MOV) | 10-K 2026-03-19 | "The Company licenses the trademark COACH® and related trademarks on an exclusive worldwide basis for use in connection with the manufacture, distribution, advertising and sale of watches pursuant to a…" |

## Revenue by business segment (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Coach | $1.64B | 87.5% | +15.2% | $612.1M | 37.3% |
| Kate Spade | $235.1M | 12.5% | -6.9% | -$11.2M | -4.8% |
| Total revenue | $1.88B | 100% | — | $600.9M | 32.0% |

## Revenue by product line (fiscal year ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Handbags | $4.02B | 50.2% | +24.6% |
| Accessories | $1.99B | 24.9% | +29.4% |
| Other | $498.1M | 6.2% | +1.0% |
| Footwear | $408.5M | 5.1% | +19.3% |
| Total revenue | $8.00B | 100% | — |
The lines above cover 86.4% of total revenue.

## Revenue by region (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $1.15B | 61.2% | +4.1% |
| Greater China | $352.2M | 18.8% | +28.6% |
| Other Asia | $214.0M | 11.4% | +4.5% |
| Other | $162.2M | 8.6% | +14.7% |
| Total revenue | $1.88B | 100% | — |

## Company outlook (8-K filed 2026-08-13)

- "Guidance • Achieved Q4 GAAP Diluted EPS of $1.68 and Non-GAAP Diluted EPS of $1.32;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.56 | $1.49 | +4.4% | $1.85B | 17 |
| Next quarter (ends 2026-12-31) | $3.02 | $3.07 | -1.6% | $2.65B | 17 |
| Current fiscal year (ends 2027-06-30) | $7.96 | $7.82 | +1.7% | $8.54B | 21 |
| Next fiscal year (ends 2028-06-30) | $8.88 | $8.83 | +0.6% | $8.99B | 21 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±10.9%; earnings reaction alone ±9.0%; last 8 reports averaged ±9.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 36.8% | ±4.4% |
| 2026-11-06 | 14 | 67.1% | ±10.9% |
| 2026-11-13 | 21 | 59.3% | ±11.6% |
| 2026-11-20 | 28 | 54.5% | ±12.3% |
| 2026-11-27 | 35 | 51.9% | ±13.0% |
| 2026-12-04 | 42 | 48.7% | ±13.4% |
| 2026-12-18 | 56 | 45.1% | ±14.3% |
| 2027-01-15 | 84 | 43.3% | ±16.7% |