Recent News
On April 6, 2026 Tapestry expanded its board to eleven members and appointed Matt Madrigal, Chief Technology Officer of Pinterest, as a director; the filing noted standard non‑employee director cash and equity compensation and emphasized his technology and e‑commerce expertise.
Technical Analysis
Directional indicators show a low-strength environment: ADX at 18.54 indicates no established trend, so momentum signals carry more weight for short-term moves.
Both DI+ and DI- registered reversals—DI+ showing a dip-and-reversal and DI- showing a peak-and-reversal—each read as bullish by directional rules; with ADX low, those bullish signals imply short-lived relief rallies rather than a sustained breakout.
MACD sits negative at -3.49 with a dip-and-reversal pattern; MACD remains below its signal line (-2.88), so momentum has begun to re-accelerate but has not yet confirmed a full bullish crossover—near-term momentum favors recovery but lacks conviction.
MRO registers -16.3 (negative), indicating price sits below the modeled target and therefore carries upside potential to mean reversion; the moderately negative magnitude supports a tactical recovery rather than an immediate sharp move.
RSI at 48.25 experienced a dip-and-reversal and sits near neutral; this level supports the view of consolidation with scope for measured rallies while sellers retain influence near recent averages.
Price positions mixed versus moving averages: the close at $135.79 sits above the 200‑day average ($125.62) and just above the 20‑day average ($135.19), yet below the 50‑day average ($142.52) and below key Ichimoku lines (Tenkan 138.82; Kijun 143.45). That alignment implies intermediate resistance overhead and an overall consolidation band bounded by the 50‑day and 20‑day regimes.
Volatility and volume offer context: 42‑day beta at 1.95 and a 42‑day volatility measure near historical average signal that moves could amplify on catalyst days; current volume slightly below recent 10‑day average supports contained price action absent fresh news.
Fundamental Analysis
Top-line: total revenue of $1,920,600,000 with YoY revenue growth of -16.43% and QoQ change showing a large negative swing (-149.68% as reported). Revenue contraction contrasts with margin expansion, producing a mixed operating profile.
Profitability: operating margin at 22.259% and EBIT margin at 22.342% reflect strong margin performance; EBIT margin increased YoY by 39.11% but declined QoQ by 21.75%. The EBIT margin sits marginally above the industry peer high of 22.311%, indicating top-line weakness paired with outsized margin control.
Earnings flow: reported EPS $1.66 versus estimate $1.30, an EPS surprise of $0.36 (≈27.69% above estimate). Forward EPS stands at $1.92 with a forward P/E of 72.77; reported trailing P/E sits at 86.40, signaling elevated multiplicative expectations relative to current earnings.
Balance sheet and liquidity: cash and short‑term investments $1,068,600,000, current ratio 1.84 and quick ratio 1.27, supporting near‑term liquidity. Debt profile heavy: total debt $3,923,200,000 and debt‑to‑equity 5.75x, markedly above the industry peer mean debt‑to‑equity of 0.6966; interest coverage about 32.76, which limits near‑term solvency stress despite leverage.
Capital efficiency and returns: return on equity 50.38% and return on invested capital 11.59%—ROE sits well above the industry peer high of 11.828%, reflecting strong earnings relative to a compact equity base (total equity $682,400,000) rather than broader operating leverage improvement alone.
Cash generation: free cash flow $225,800,000 and free cash flow yield 0.78%; free cash growth shows recent weakness QoQ. Inventory days (~129 days) and a cash conversion cycle (~66 days) improved QoQ, aiding working capital conversion despite revenue declines.
Valuation summary: WMDST values the stock as over‑valued. Key market multiples include EV/R (EVR) ~16.59, enterprise multiple ~65.98, P/S ~15.11 and P/B ~42.52—each indicating rich market expectations relative to operating scale and book equity.
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 | $ 541.5 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 | $ 1.92 | |
| 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: 86.542 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: 0.544 median: 0.302 mean: 0.28 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: 2.443 median: 0.793 mean: 0.697 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: 7.15 median: 6.241 mean: 5.43 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: 128.062 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 median: 7.797 mean: 7.469 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 mean: 0.316 median: 0.301 TPR: 0.296 low: 0.217 |
|
| Receivables Turnover | 5.974 | |
| Receivables Turnover Ratio QoQ | -25.1 % | |
| Receivables Turnover Ratio YoY | 4.277 % | |
| Receivables Turnover Ratio IPRWA | high: 6.913 TPR: 5.974 mean: 2.222 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: 0.837 TPR: 0.51 low: 0.446 |
|
| 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: 217.092 mean: 105.625 median: 98.132 TPR: 65.507 low: 55.619 |
|
| 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: 2.22 median: 2.139 TPR: 1.841 low: 0.583 |
|
| Quick Ratio | 1.269 | |
| Quick Ratio QoQ | 15.011 % | |
| Quick Ratio YoY | 3.939 % | |
| Quick Ratio IPRWA | high: 3.175 mean: 1.49 median: 1.448 TPR: 1.269 low: 0.298 |
|
| 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: -1.569 low: -8.254 median: -8.254 |
|
| 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: 0.241 % median: -9.238 % TPR: -23.25 % low: -27.211 % |
|
| Earnings Growth | -38.29 % | |
| Earnings Growth QoQ | -140.646 % | |
| Earnings Growth YoY | -21.052 % | |
| Earnings Growth IPRWA | high: 93.436 % mean: -5.716 % 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: 46.603 % median: 40.163 % low: 36.522 % |
|
| EBIT Margin | 22.342 % | |
| EBIT Margin QoQ | -21.753 % | |
| EBIT Margin YoY | 39.107 % | |
| EBIT Margin IPRWA | TPR: 22.342 % high: 22.311 % mean: 9.069 % median: 4.903 % low: -4.024 % |
|
| 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: 8.919 % median: 4.903 % low: -3.476 % |
|
| 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: 46.475 % mean: 1.444 % TPR: 0.778 % median: 0.323 % low: -8.074 % |
|
| Free Cash Growth | -78.236 % | |
| Free Cash Growth QoQ | -106.554 % | |
| Free Cash Growth YoY | 2.765 % | |
| Free Cash Growth IPRWA | high: 379.964 % median: -26.425 % mean: -61.378 % 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: 2.433 % 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: 0.118 mean: 0.051 median: 0.037 low: -0.162 |
|
| 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: 4.055 % median: 2.0 % low: -4.05 % |
|