Is the business good?
How good a business is TPR?
Tapestry, Inc. earns 35% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
35%
Return on invested capital · cost of capital 9.0% · 26 points above what the capital costs: growth creates value
- Operating margin
- 11%
Operating margin · Consumer Cyclical median 8.4% · 12 months to Q3 2026
- Cash conversion
- 2.65×
Cash conversion · 1.04× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −2.6%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | −11% |
| FY2021 | 17% |
| FY2022 | 18% |
| FY2023 | 18% |
| FY2024 | 17% |
| FY2025 | 5.9% |
Details›
- Gross margin12 months to Q3 2026
- 76%
- Operating margin12 months to Q3 2026
- 11%
- Net margin12 months to Q3 2026
- 8.4%
- Free cash flow margin
- 22%
- Revenue, trailing twelve months
- $7.85B
- Free cash flow, trailing twelve months
- $1.75B
- Net income, trailing twelve months
- $663M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 35%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Consumer Cyclical
Ranks #27 of 255 by Smart Score