CPRICapri Holdings Ltd
Leather & Leather Products
- Revenue
- $3.5B
- 4.1% YoY
- Operating margin
- 0.7%
- 192% YoY
- EBITDA
- $144M
- 36% YoY
- Market cap
- $1.9B
- Employees
- 7,100
- $489K revenue each
- Net debt / EBITDA
- 1.6×
- $232M net debt
- AI in 10-K
- 0.9
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$12M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo97% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowYes108% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo6% of assetsOver 40% of assets
- Shareholder dissentYes78% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$489K per employeeBottom quartile of its SIC industry
- Quiet on AINo0.9 per 10K words · 32nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.6× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.9B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$1M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $5.7B | $5.6B | $4.1B | $3.6B | $3.5B | 4.1% |
| Operating income | $903M | $679M | $59M | −$26M | $23M | 188% |
| Net income | $822M | $616M | −$229M | −$1.2B | $79M | 107% |
| Operating cash flow | $704M | $771M | $309M | $281M | $77M | 73% |
| Capex | $131M | $226M | $135M | $74M | $63M | 15% |
| Stock-based comp | $85M | $78M | $55M | $50M | $34M | 32% |
| Buybacks | $661M | $1.4B | $107M | $4M | $81M | 1925% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Sep 20, 2023 | DEFM14A | Tapestry, Inc. | $57.00 | 59% |
| Sep 8, 2023 | PREM14A | Tapestry, Inc. | $57.00 | 59% |
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $989K · 1
- Open-market sells, 12 mo
- $2M · 3
- Net
- −$1M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $12M | $10M | 34 | 41 |
| FY2025 | $9M | −$3M | 41 | 39 |
| FY2024 | $11M | $10M | 90 | 43 |
| FY2023 | $14M | $11M | 94 | 52 |
| FY2022 | $15M | $16M | 102 | 76 |