TAPESTRY, INC.
TPRdata completeness 100%19 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'
TAPESTRY, INC. earns about 19% on invested capital, far above its ~9% cost of capital, and has bought back 22% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $41.7 and $173.07 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $6.68B1 | $6.66B2 | $6.67B3 | $7.01B3 | $8B3 |
| Net income | $856.3M4 | $936M5 | $816M6 | $183.2M6 | $1.53B6 |
| Operating cash flow | $853.2M7 | $975.2M8 | $1.26B9 | $1.22B9 | $1.98B9 |
| Capital expenditure | $93.9M10 | $184.2M11 | $108.9M12 | $122.7M12 | $166M12 |
| Free cash flow (derived) | $759.3M7 | $791M8 | $1.15B9 | $1.09B9 | $1.81B9 |
| Total debt | $3.36B13 | $3.3B14 | $14.2B15 | $4.79B16 | $4.78B16 |
| Cash & equivalents | $789.8M17 | $726.1M18 | $6.14B19 | $1.1B20 | $974.7M20 |
| Diluted shares | 270.1M | 241.3M | 233.2M | 222.5M | 210.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $32.93 of net worth that earned you $72.68 and generated $86.23 of cash last year, against $227.19 of debt.
It earned about 19% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is down 22% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 42% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $41.7 and $173.07 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth13.2%
- fcfBase$1.15B
assumptions (10)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth13.2%
- fcfBase$1.15B
assumptions (8)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$856.3M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $58.5 |
| Base | 13.2% | $115.3 |
| Bull | 18.2% | $144.52 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 13.2%= 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.
- 10-K · period ending 2022-07-02 · accession 0001116132-24-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-07-01 · accession 0001116132-25-000019 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-06-29 · accession 0001116132-26-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-07-02 · accession 0001116132-24-000018 (NetIncomeLoss)
- 10-K · period ending 2023-07-01 · accession 0001116132-25-000019 (NetIncomeLoss)
- 10-K · period ending 2024-06-29 · accession 0001116132-26-000018 (NetIncomeLoss)
- 10-K · period ending 2022-07-02 · accession 0001116132-24-000018 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-07-01 · accession 0001116132-25-000019 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-06-29 · accession 0001116132-26-000018 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-07-02 · accession 0001116132-24-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-07-01 · accession 0001116132-25-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-06-29 · accession 0001116132-26-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-07-02 · accession 0001116132-23-000020 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-07-01 · accession 0001116132-24-000018 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-06-29 · accession 0001116132-25-000019 (LongTermDebtNoncurrent)
- 10-K · period ending 2025-06-28 · accession 0001116132-26-000018 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-07-02 · accession 0001116132-23-000020 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-07-01 · accession 0001116132-24-000018 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-06-29 · accession 0001116132-25-000019 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2025-06-28 · accession 0001116132-26-000018 (CashAndCashEquivalentsAtCarryingValue)