MeritValue

Capri Holdings Ltd

CPRIdata completeness 100%17 fiscal years on file
The thesis, from the filings

Capri Holdings Ltd earns about 8% on invested capital, below its ~9% cost of capital, and has bought back 21% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $11.85 and $15.8 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$5.65B1$5.62B2$4.14B3$3.62B3$3.47B3
Net income$822M4$616M5−$229M6−$1.18B6$137M6
Operating cash flow$704M7$771M8$309M9$281M9$77M9
Capital expenditure$131M10$226M11$135M12$74M12$63M12
Free cash flow (derived)$573M7$545M8$174M9$207M9$14M9
Total debt$2.34B13$3.66B14$3.46B15$3B16$728M16
Cash & equivalents$169M17$249M18$199M19$107M20$135M20
Diluted shares152.5M134.0M118.1M118.3M119.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$6.68
your share of equity
Profit it earned you last year
$11.43
Free cash flow it threw off
$1.17
Debt you’d be carrying
$60.74

10 shares is a claim on $6.68 of net worth that earned you $11.43 and generated $1.17 of cash last year, against $60.74 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
8% avg · 5y
FY22 18%FY23 11%FY24 0%FY25 -0%FY26 12%

It earned about 8% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−21% shares · 5y

Share count is down 21% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 69% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $11.85 and $15.8 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$14.23
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$174M
DCF · Growth Exit 5Y
$15.8
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$174M
Earnings Power Value
$11.85
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$137M
  • growthAssumed0.0%
Graham Number
$4.14
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $15.8
The three cases
Bear0.0%$15.8
Base0.0%$15.8
Bull5.0%$20.82

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-04-02 · accession 0001530721-24-000041 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-04-01 · accession 0001530721-25-000052 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-30 · accession 0001530721-26-000047 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-04-02 · accession 0001530721-24-000041 (NetIncomeLoss)
  5. 10-K · period ending 2023-04-01 · accession 0001530721-25-000052 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-30 · accession 0001530721-26-000047 (NetIncomeLoss)
  7. 10-K · period ending 2022-04-02 · accession 0001530721-24-000041 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-04-01 · accession 0001530721-25-000052 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-30 · accession 0001530721-26-000047 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-04-02 · accession 0001530721-24-000041 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-04-01 · accession 0001530721-25-000052 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-03-30 · accession 0001530721-26-000047 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-04-02 · accession 0001530721-23-000087 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-04-01 · accession 0001530721-24-000041 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-03-30 · accession 0001530721-25-000052 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-03-29 · accession 0001530721-26-000047 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-04-02 · accession 0001530721-23-000087 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-04-01 · accession 0001530721-24-000041 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-03-30 · accession 0001530721-25-000052 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-03-29 · accession 0001530721-26-000047 (CashAndCashEquivalentsAtCarryingValue)