Recent News
On April 6, 2026 Tapestry appointed Matt Madrigal to its board of directors. On May 11, 2026 the company announced a U.S. patent award for its AI platform, Mira. A May 19, 2026 feature highlighted Coach’s stronger sales performance relative to other house brands.
Technical Analysis
ADX sits at 12.39, indicating little established trend strength and implying that directional moves lack strong conviction.
DI+ registered a dip-and-reversal, which reads as a bullish directional signal for short-term price bias; DI- is decreasing, reinforcing that bullish directional signal.
MACD stands at 0.98 and has been increasing; it sits above the signal line (-0.06), which constitutes a bullish momentum cross and supports continuation of recent upside momentum.
MRO at -12.09 remains negative, indicating price below the model target and therefore short-term upward pressure; the MRO trend is increasing toward zero, reducing downside potential pressure.
RSI at 52.83 and rising signals mild bullish momentum without overbought pressure.
Price closed at $147.42, trading above the 20-day ($141.78), 50-day ($141.95) and 200-day ($128.36) averages; 12-day EMA increases, reinforcing near-term price strength. Price sits near the upper Bollinger band and below the 2x band, suggesting limited immediate volatility expansion. Reported volume at 1.86M remains below the 10-day and 200-day average volumes, which may cap breakout conviction despite bullish indicators.
Fundamental Analysis
Tapestry reported core operating strength: EBIT of $429.1M and EBITDA of $483.0M, producing an EBIT margin of 22.34% (EBIT margin QoQ change -21.75%; EBIT margin YoY change +39.11%). Revenue totaled $1.9206B; reported net income from continuing operations equaled $343.8M. EPS came in at $1.66 versus an estimate of $1.30, a positive EPS surprise of 27.69%.
Top-line trends show contraction: YoY revenue growth equals -23.25% and QoQ revenue change equals -149.68%, indicating volatile sequential comparisons tied to prior-period bases. Gross margin remains high at 76.88% with a slight YoY lift. Operating margin (22.26%) and return-on-equity (50.38%) improved on a YoY basis, while earnings growth measures show declines on most shorter-term comparisons.
Balance sheet and cash metrics: cash and short-term investments total $1.0686B, operating cash flow stands at $262.6M and free cash flow equals $225.8M (free cash flow yield 0.78%). Working capital and current ratios provide liquidity (current ratio 1.84; quick ratio 1.27), while net debt measures $1.3306B and total debt equals $3.9232B.
Leverage reads high on equity metrics: debt-to-equity equals 5.75x and debt-to-EBITDA equals 8.12x, while interest coverage sits at 32.76x, indicating manageable interest burden despite elevated balance-sheet leverage.
Market multiples sit well above peers. Trailing P/E equals 86.40; forward P/E near 72.77; P/B equals 42.52 versus an industry peer mean of 5.34 and industry peer high near 11.07, placing the company outside the industry peer range on price-to-book. EV-to-revenue and PS of 15.11 also rank high versus standard retail/luxury multiples. WMDST values the stock as over-valued, driven by stretched price multiples relative to earnings and book.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-07 |
| NEXT REPORT DATE: | 2026-08-06 |
| CASH FLOW | Begin Period Cash Flow | $ 1.1 B |
| Operating Cash Flow | $ 262.6 M | |
| Capital Expenditures | $ -36.80 M | |
| Change In Working Capital | $ -159.00 M | |
| Dividends Paid | $ -81.00 M | |
| Cash Flow Delta | $ -6.80 M | |
| End Period Cash Flow | $ 1.0 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.9 B | |
| Forward Revenue | $ 546.8 M | |
| COSTS | ||
| Cost Of Revenue | $ 444.1 M | |
| Depreciation | $ 39.4 M | |
| Depreciation and Amortization | $ 53.9 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.5 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.5 B | |
| EBITDA | $ 483.0 M | |
| EBIT | $ 429.1 M | |
| Operating Income | $ 427.5 M | |
| Interest Income | — | |
| Interest Expense | $ 13.1 M | |
| Net Interest Income | $ -13.10 M | |
| Income Before Tax | $ 416.0 M | |
| Tax Provision | $ 72.2 M | |
| Tax Rate | 17.4 % | |
| Net Income | $ 343.8 M | |
| Net Income From Continuing Operations | $ 343.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.30 | |
| EPS Actual | $ 1.66 | |
| EPS Difference | $ 0.36 | |
| EPS Surprise | 27.692 % | |
| Forward EPS | $ 1.94 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 6.5 B | |
| Intangible Assets | $ 1.7 B | |
| Net Tangible Assets | $ -995.20 M | |
| Total Current Assets | $ 2.7 B | |
| Cash and Short-Term Investments | $ 1.1 B | |
| Cash | $ 1.0 B | |
| Net Receivables | $ 305.0 M | |
| Inventory | $ 843.9 M | |
| Long-Term Investments | $ 162.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 499.7 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 1.5 B | |
| Net Debt | $ 1.3 B | |
| Total Debt | $ 3.9 B | |
| Total Liabilities | $ 5.8 B | |
| EQUITY | ||
| Total Equity | $ 682.4 M | |
| Retained Earnings | $ -3.17 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 3.37 | |
| Shares Outstanding | 202.300 M | |
| Revenue Per-Share | $ 9.49 | |
| VALUATION | Market Capitalization | $ 29.0 B |
| Enterprise Value | $ 31.9 B | |
| Enterprise Multiple | 65.984 | |
| Enterprise Multiple QoQ | 82.463 % | |
| Enterprise Multiple YoY | 15.525 % | |
| Enterprise Multiple IPRWA | high: 118.416 median: 118.416 mean: 83.583 TPR: 65.984 low: -118.647 |
|
| EV/R | 16.594 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 9.476 | |
| Asset To Liability | 1.118 | |
| Debt To Capital | 0.852 | |
| Debt To Assets | 0.607 | |
| Debt To Assets QoQ | 0.47 % | |
| Debt To Assets YoY | 7.908 % | |
| Debt To Assets IPRWA | TPR: 0.607 high: 0.579 median: 0.302 mean: 0.283 low: 0.033 |
|
| Debt To Equity | 5.749 | |
| Debt To Equity QoQ | -19.646 % | |
| Debt To Equity YoY | 109.072 % | |
| Debt To Equity IPRWA | TPR: 5.749 high: 2.863 median: 0.793 mean: 0.735 low: 0.04 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 42.52 | |
| Price To Book QoQ | -5.848 % | |
| Price To Book YoY | 337.66 % | |
| Price To Book IPRWA | TPR: 42.52 high: 11.068 median: 6.241 mean: 5.337 low: 0.55 |
|
| Price To Earnings (P/E) | 86.403 | |
| Price To Earnings QoQ | 88.558 % | |
| Price To Earnings YoY | 26.875 % | |
| Price To Earnings IPRWA | high: 169.783 median: 169.783 mean: 125.689 TPR: 86.403 low: -4.373 |
|
| PE/G Ratio | -2.257 | |
| Price To Sales (P/S) | 15.108 | |
| Price To Sales QoQ | 51.873 % | |
| Price To Sales YoY | 64.955 % | |
| Price To Sales IPRWA | high: 15.228 TPR: 15.108 mean: 8.024 median: 7.797 low: 0.4 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 72.768 | |
| Forward PE/G | -1.9 | |
| Forward P/S | 53.585 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.718 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.296 | |
| Asset Turnover Ratio QoQ | -23.86 % | |
| Asset Turnover Ratio YoY | 35.757 % | |
| Asset Turnover Ratio IPRWA | high: 0.444 median: 0.301 mean: 0.298 TPR: 0.296 low: 0.029 |
|
| Receivables Turnover | 5.974 | |
| Receivables Turnover Ratio QoQ | -25.1 % | |
| Receivables Turnover Ratio YoY | 4.277 % | |
| Receivables Turnover Ratio IPRWA | high: 7.241 TPR: 5.974 mean: 2.266 median: 2.031 low: 1.179 |
|
| Inventory Turnover | 0.51 | |
| Inventory Turnover Ratio QoQ | -20.41 % | |
| Inventory Turnover Ratio YoY | 21.987 % | |
| Inventory Turnover Ratio IPRWA | high: 0.965 median: 0.887 mean: 0.802 TPR: 0.51 low: 0.371 |
|
| Days Sales Outstanding (DSO) | 15.275 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 65.507 | |
| Cash Conversion Cycle Days QoQ | -39.325 % | |
| Cash Conversion Cycle Days YoY | -26.606 % | |
| Cash Conversion Cycle Days IPRWA | high: 224.067 mean: 106.603 median: 98.132 TPR: 65.507 low: -87.028 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.547 | |
| CapEx To Revenue | -0.019 | |
| CapEx To Depreciation | -0.934 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 3.1 B | |
| Net Invested Capital | $ 3.1 B | |
| Invested Capital | $ 3.1 B | |
| Net Tangible Assets | $ -995.20 M | |
| Net Working Capital | $ 1.2 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.724 | |
| Current Ratio | 1.841 | |
| Current Ratio QoQ | 13.238 % | |
| Current Ratio YoY | 4.737 % | |
| Current Ratio IPRWA | high: 4.575 mean: 2.326 median: 2.139 TPR: 1.841 low: 0.249 |
|
| Quick Ratio | 1.269 | |
| Quick Ratio QoQ | 15.011 % | |
| Quick Ratio YoY | 3.939 % | |
| Quick Ratio IPRWA | high: 5.985 mean: 1.586 median: 1.448 TPR: 1.269 low: 0.142 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 8.123 | |
| Cost Of Debt | 0.275 % | |
| Interest Coverage Ratio | 32.756 | |
| Interest Coverage Ratio QoQ | -20.231 % | |
| Interest Coverage Ratio YoY | 98.208 % | |
| Interest Coverage Ratio IPRWA | high: 96.867 TPR: 32.756 mean: -1.286 median: -8.254 low: -91.0 |
|
| Operating Cash Flow Ratio | 0.283 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 79.086 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 4.244 | |
| Dividend Payout Ratio | 0.236 | |
| Dividend Rate | $ 0.40 | |
| Dividend Yield | 0.003 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.985 % | |
| Revenue Growth | -23.25 % | |
| Revenue Growth QoQ | -149.676 % | |
| Revenue Growth YoY | -16.433 % | |
| Revenue Growth IPRWA | high: 41.891 % mean: -3.743 % median: -9.238 % TPR: -23.25 % low: -42.818 % |
|
| Earnings Growth | -38.29 % | |
| Earnings Growth QoQ | -140.646 % | |
| Earnings Growth YoY | -21.052 % | |
| Earnings Growth IPRWA | high: 93.436 % mean: -15.092 % median: -33.962 % TPR: -38.29 % low: -130.0 % |
|
| MARGINS | ||
| Gross Margin | 76.877 % | |
| Gross Margin QoQ | 1.872 % | |
| Gross Margin YoY | 1.028 % | |
| Gross Margin IPRWA | TPR: 76.877 % high: 64.226 % mean: 46.198 % median: 40.163 % low: 3.448 % |
|
| EBIT Margin | 22.342 % | |
| EBIT Margin QoQ | -21.753 % | |
| EBIT Margin YoY | 39.107 % | |
| EBIT Margin IPRWA | TPR: 22.342 % high: 22.311 % mean: 9.071 % median: 4.903 % low: -164.685 % |
|
| Return On Sales (ROS) | 22.259 % | |
| Return On Sales QoQ | -22.25 % | |
| Return On Sales YoY | 38.59 % | |
| Return On Sales IPRWA | high: 22.311 % TPR: 22.259 % mean: 8.824 % median: 4.903 % low: -208.699 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 225.8 M | |
| Free Cash Flow Yield | 0.778 % | |
| Free Cash Flow Yield QoQ | -81.334 % | |
| Free Cash Flow Yield YoY | -0.384 % | |
| Free Cash Flow Yield IPRWA | high: 23.646 % mean: 1.073 % TPR: 0.778 % median: 0.323 % low: -12.198 % |
|
| Free Cash Growth | -78.236 % | |
| Free Cash Growth QoQ | -106.554 % | |
| Free Cash Growth YoY | 2.765 % | |
| Free Cash Growth IPRWA | high: 410.499 % median: -26.425 % mean: -74.22 % TPR: -78.236 % low: -734.195 % |
|
| Free Cash To Net Income | 0.657 | |
| Cash Flow Margin | 21.78 % | |
| Cash Flow To Earnings | 1.217 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 5.29 % | |
| Return On Assets QoQ | -39.237 % | |
| Return On Assets YoY | 89.402 % | |
| Return On Assets IPRWA | high: 7.152 % TPR: 5.29 % mean: 2.347 % median: 1.389 % low: -6.605 % |
|
| Return On Capital Employed (ROCE) | 8.598 % | |
| Return On Equity (ROE) | 0.504 | |
| Return On Equity QoQ | -50.525 % | |
| Return On Equity YoY | 270.176 % | |
| Return On Equity IPRWA | TPR: 0.504 high: 0.149 mean: 0.049 median: 0.037 low: -0.276 |
|
| DuPont ROE | 55.741 % | |
| Return On Invested Capital (ROIC) | 11.585 % | |
| Return On Invested Capital QoQ | -40.629 % | |
| Return On Invested Capital YoY | 124.342 % | |
| Return On Invested Capital IPRWA | high: 11.814 % TPR: 11.585 % mean: 3.895 % median: 2.0 % low: -4.05 % |
|