TPRTAPESTRY, INC.
Leather & Leather Products
- Revenue
- $8.0B
- 14% YoY
- Operating margin
- 23.9%
- 304% YoY
- EBITDA
- $2.1B
- 259% YoY
- Market cap
- $23.3B
- Employees
- 20,600
- $389K revenue each
- Net debt / EBITDA
- 0.7×
- $1.4B net debt
- AI in 10-K
- 5.4
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$15M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo129% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo95% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo14% of assetsOver 40% of assets
- Shareholder dissentNo90% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$389K per employeeBottom quartile of its SIC industry
- Quiet on AINo5.4 per 10K words · 84th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.7× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$23.3B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$48M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $6.7B | $6.7B | $6.7B | $7.0B | $8.0B | 14% |
| Operating income | $1.2B | $1.2B | $1.1B | $415M | $1.9B | 361% |
| Net income | $856M | $936M | $816M | $183M | $1.5B | 735% |
| Operating cash flow | $853M | $975M | $1.3B | $1.2B | $2.0B | 63% |
| Capex | $94M | $184M | $109M | $123M | $166M | 35% |
| Stock-based comp | $72M | $79M | $86M | $87M | $105M | 20% |
| Buybacks | $1.6B | $704M | $0 | $1.7B | $1.6B | 9.5% |
| Dividends | $264M | $283M | $321M | $299M | $326M | 9.0% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $48M · 33
- Net
- −$48M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $34M | $135M | 390 | 58 |
| FY2025 | $17M | $78M | 229 | 51 |
| FY2024 | $15M | $16M | 110 | 51 |
| FY2023 | $14M | $22M | 106 | 58 |
| FY2022 | $14M | $8M | 74 | 61 |