# Capri Holdings (CPRI.US)

Canonical: https://gigainvestors.com/s/CPRI

Analysis as of: 2026-10-16T07:27:41.675Z. Financial observations: FY2010–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $15.85 per share; close as of 2026-10-15.

Estimated value: low $14.56 per share, central $16.51 per share, high $19.11 per share. Buy at or below the central value $16.51 per share. Valuation as of 2026-10-16T07:27:41.675Z; scenarios are not confidence intervals.

Expected annual return: 10.3% at the stated quote. About 10.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 3

- Operating margin variation: 2.35×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.16×

- FY2019: 0.14×

- FY2020: -0.03×

- FY2021: 0.16×

- FY2022: 0.16×

- FY2023: 0.12×

- FY2024: -0.17×

- FY2025: -0.17×

- FY2026: 0.02×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 18.4%

- ROIC, second-lowest year: -15.4%

- Typical minus recent gross margin: 3.3 pp

- Typical gross margin (annual median): 62.2%

- Recent gross margin (lower of latest and 3-year median): 58.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.2%

- ROIC including acquisitions, ten-year median: 11.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 40.1%

- FY2018: 31.8%

- FY2019: 20.3%

- FY2020: -3.4%

- FY2021: 21.0%

- FY2022: 20.2%

- FY2023: 16.6%

- FY2024: -15.4%

- FY2025: -22.7%

- FY2026: 5.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$692M

- Net income, five-year total: -$834M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.3 pp

- Working capital / revenue, final three-year average: 17.5%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: $884M

- FY2023: $569M

- FY2024: -$1.2B

- FY2025: -$1.1B

- FY2026: $150M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 31.8% vs -15.4%

- Per-share earnings: 3.82 to -10.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -4.5%

- Ordinary dilution, 5-year annual growth: -4.7%

- Market cap gain: -$3.9B

- Cumulative retained earnings: $874M

- Diluted shares, 10-year annual growth: -4.5%

- Diluted shares, 5-year annual growth: -4.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: -$13.81

- Per-share value, starting three-year median: $3.82

- Per-share value, ending three-year median: -$10.00

- Buybacks concentrated in cheaper years (correlation): 0.82

- Average buyback yield: 7.9%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $3.8B

- Cumulative net income, 10 years: $1.5B

- ROIC, first three-year median: 31.8%

- ROIC, last three-year median: -15.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: $3.29

- FY2018: $3.82

- FY2019: $3.58

- FY2020: -$1.48

- FY2021: $5.39

- FY2022: $5.39

- FY2023: $4.60

- FY2024: -$10.01

- FY2025: -$10.00

- FY2026: $0.77

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: 0.5%

- Receivables to sales index (DSRI): 1.19×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 44.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.84×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 9.55×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -19.7%

- FY2018: -11.6%

- FY2019: -2.3%

- FY2020: -13.6%

- FY2021: 1.6%

- FY2022: 1.6%

- FY2023: -2.1%

- FY2024: -22.3%

- FY2025: -28.1%

- FY2026: 0.5%

## Holders

- [Prem Watsa](https://gigainvestors.com/FFH): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Einhorn](https://gigainvestors.com/GLRE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 77% since Feb 2022 · "Capri Holdings Cuts Outlook on Inventory, Middle East Concerns" (finance.yahoo.com, Aug 2026) · sales -21.8%

Story as of 2026-10-16T09:58:33.703Z; price observation 2026-10-15.

Price needs cash profits to grow 0.4% a year for ten years

- 2025-04-10: Capri Stock Is Plummeting on $1.38 Billion Sale of Versace to Prada ([finance.yahoo.com](https://finance.yahoo.com/m/5716c595-e466-394d-aeb8-644e376445df/capri-stock-is-plummeting-on.html))

- 2025-05-28: Michael Kors Owner Capri Posts Wider-Than-Estimated Q4 Loss, Lowers Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/michael-kors-owner-capri-posts-132354163.html))

- 2025-08-06: Capri beats conservative FQ1 estimates, raises FY26 outlook ([seekingalpha.com](https://seekingalpha.com/news/4479755-capri-beats-conservative-fq1-estimates-raises-fy26-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-11-04: Capri Holdings posts surprise quarterly loss, warns of tariff hit ([finance.yahoo.com](https://finance.yahoo.com/news/capri-holdings-posts-surprise-quarterly-161849100.html))

- 2026-02-03: Capri Swings to a Profit as Versace Sale Offsets Revenue Drop ([finance.yahoo.com](https://finance.yahoo.com/m/8b667d77-efbc-32dd-8805-4ff661e669d7/capri-swings-to-a-profit-as.html))

- 2026-08-05: Capri Holdings Cuts Outlook on Inventory, Middle East Concerns ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/capri-holdings-cuts-outlook-inventory-114054263.html))

### Sales · FY2025–2026

sales -21.8%; source https://www.sec.gov/Archives/edgar/data/1530721/000153072126000047/cpri-20260328.htm; observed 2026-05-27.

- FY2017: $4.5B 

- FY2018: $4.7B 

- FY2019: $5.2B 

- FY2020: $5.6B 

- FY2021: $5.7B 

- FY2022: $5.7B 

- FY2023: $5.6B 

- FY2024: $4.4B 

- FY2025: $4.4B 

- FY2026: $3.5B 

### Gross margin · FY2026

gross margin 58.9%; source https://www.sec.gov/Archives/edgar/data/1530721/000153072126000047/cpri-20260328.htm; observed 2026-05-27.

- FY2017: 59.2% 

- FY2018: 60.6% 

- FY2019: 60.7% 

- FY2020: 58.9% 

- FY2021: 66.2% 

- FY2022: 66.2% 

- FY2023: 66.3% 

- FY2024: 63.6% 

- FY2025: 63.6% 

- FY2026: 58.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in luxury goods; annual sales are USD 3.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1530721/000153072126000047/cpri-20260328.htm (filed 2026-05-27); FY2026: revenue 3474000000; grossProfit 2046000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); CPRI.US: Capri Holdings Limited engages in the design, marketing, distribution, and retail of branded women's and men's apparel, footwear, and accessories in the United States, Canada, Latin America, Europe, the Middle East, Africa, Asia, and the Oceania. It operates through two segments: Michael Kors and Jimmy Choo. The company offers handbags, small leather goods, jewelry, scarves and belts, and footwear and related accessories through a distribution network, including retail stores, department and specialty stores, and licenses to wholesale customers, as well as e-commerce sites. It also undertakes licensing agreements relating to manufacture and sale of watches, jewelry, eyewear, and fragrances. The company was formerly known as Michael Kors Holdings Limited and changed its name to Capri Holdings Limited in December 2018. Capri Holdings Limited was founded in 1981 and is based in London, the United Kingdom.

### Why customers stay

Margins ranged from 58.9% to 63.6% during 2024–26; it earns 18.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2024: grossProfit / revenue = 63.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2025: grossProfit / revenue = 63.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1530721/000153072126000047/cpri-20260328.htm (filed 2026-05-27); FY2026: grossProfit / revenue = 58.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); 10-year return on capital observations [[2017,0.40107462896542695],[2018,0.3176446636157856],[2019,0.20274892052498825],[2020,-0.03405478221823081],[2021,0.2096557969481283],[2022,0.20239385930153228],[2023,0.16588558934040606],[2024,-0.15354872059963814],[2025,-0.22700802445548338],[2026,0.05271574481079388]]; median 0.18413972432096917. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 66% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1530721/000153072126000047/cpri-20260328.htm (filed 2026-05-27); Gross margin observations: [[2021,0.6621860629642731],[2022,0.6621860629642731],[2023,0.6627513792489766]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 4 of 10 years; bought back USD 81 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2017: growth capex 0; upkeep 170300000; owner earnings 602700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2018: growth capex 0; upkeep 123600000; owner earnings 676400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2019: growth capex 0; upkeep 184000000; owner earnings 584000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2021: growth capex 0; upkeep 131000000; owner earnings 884000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2022: growth capex 0; upkeep 131000000; owner earnings 884000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2023: growth capex 0; upkeep 226000000; owner earnings 569000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1530721/000153072126000047/cpri-20260328.htm (filed 2026-05-27); FY2026: growth capex 0; upkeep 63000000; owner earnings 150000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); Dividend observations: [[2017,0],[2018,0],[2019,29000000],[2020,0],[2021,3000000],[2022,17000000],[2023,6000000],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1530721/000153072126000047/cpri-20260328.htm (filed 2026-05-27); FY2026: cash repurchases 81000000 USD.

### Are managers owners

Insiders own 2.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); CPRI.US SharesStats.PercentInsiders = 2.645 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 0.4% yearly over ten years; actual decline was 10.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); Ten-year compound average after fade. Initial solved rate -0.007468685537691255. Price 15.85; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 3.6240366842858442 → FY2026 1.2515815714826506. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $50.78 per share

- 2016-11: $46.49 per share

- 2016-12: $42.98 per share

- 2017-01: $42.81 per share

- 2017-02: $36.50 per share

- 2017-03: $38.11 per share

- 2017-04: $37.33 per share

- 2017-05: $33.18 per share

- 2017-06: $36.25 per share

- 2017-07: $36.44 per share

- 2017-08: $42.22 per share

- 2017-09: $47.85 per share

- 2017-10: $48.81 per share

- 2017-11: $58.44 per share

- 2017-12: $62.95 per share

- 2018-01: $66.00 per share

- 2018-02: $62.93 per share

- 2018-03: $62.08 per share

- 2018-04: $68.42 per share

- 2018-05: $57.39 per share

- 2018-06: $66.60 per share

- 2018-07: $66.73 per share

- 2018-08: $72.62 per share

- 2018-09: $68.56 per share

- 2018-10: $55.41 per share

- 2018-11: $43.75 per share

- 2018-12: $37.92 per share

- 2019-01: $42.48 per share

- 2019-02: $45.60 per share

- 2019-03: $45.75 per share

- 2019-04: $44.08 per share

- 2019-05: $32.48 per share

- 2019-06: $34.68 per share

- 2019-07: $35.59 per share

- 2019-08: $26.38 per share

- 2019-09: $33.16 per share

- 2019-10: $31.07 per share

- 2019-11: $37.14 per share

- 2019-12: $38.15 per share

- 2020-01: $29.96 per share

- 2020-02: $25.82 per share

- 2020-03: $10.79 per share

- 2020-04: $15.25 per share

- 2020-05: $15.04 per share

- 2020-06: $15.63 per share

- 2020-07: $14.98 per share

- 2020-08: $15.84 per share

- 2020-09: $18.00 per share

- 2020-10: $21.22 per share

- 2020-11: $35.38 per share

- 2020-12: $42.00 per share

- 2021-01: $41.66 per share

- 2021-02: $46.67 per share

- 2021-03: $51.00 per share

- 2021-04: $55.08 per share

- 2021-05: $56.71 per share

- 2021-06: $57.19 per share

- 2021-07: $56.31 per share

- 2021-08: $56.51 per share

- 2021-09: $48.41 per share

- 2021-10: $53.24 per share

- 2021-11: $59.22 per share

- 2021-12: $64.91 per share

- 2022-01: $60.07 per share

- 2022-02: $67.74 per share

- 2022-03: $51.39 per share

- 2022-04: $47.70 per share

- 2022-05: $48.74 per share

- 2022-06: $41.01 per share

- 2022-07: $48.68 per share

- 2022-08: $47.18 per share

- 2022-09: $38.44 per share

- 2022-10: $45.68 per share

- 2022-11: $57.35 per share

- 2022-12: $57.32 per share

- 2023-01: $66.49 per share

- 2023-02: $49.57 per share

- 2023-03: $47.00 per share

- 2023-04: $41.50 per share

- 2023-05: $35.10 per share

- 2023-06: $35.89 per share

- 2023-07: $36.91 per share

- 2023-08: $52.49 per share

- 2023-09: $52.61 per share

- 2023-10: $51.18 per share

- 2023-11: $48.44 per share

- 2023-12: $50.24 per share

- 2024-01: $48.74 per share

- 2024-02: $46.13 per share

- 2024-03: $45.30 per share

- 2024-04: $35.48 per share

- 2024-05: $34.55 per share

- 2024-06: $33.08 per share

- 2024-07: $33.54 per share

- 2024-08: $35.72 per share

- 2024-09: $42.44 per share

- 2024-10: $19.74 per share

- 2024-11: $23.41 per share

- 2024-12: $21.06 per share

- 2025-01: $24.78 per share

- 2025-02: $21.98 per share

- 2025-03: $19.73 per share

- 2025-04: $15.04 per share

- 2025-05: $18.12 per share

- 2025-06: $17.70 per share

- 2025-07: $18.19 per share

- 2025-08: $20.59 per share

- 2025-09: $19.92 per share

- 2025-10: $20.75 per share

- 2025-11: $25.37 per share

- 2025-12: $24.40 per share

- 2026-01: $22.57 per share

- 2026-02: $20.51 per share

- 2026-03: $17.62 per share

- 2026-04: $19.51 per share

- 2026-05: $18.51 per share

- 2026-06: $18.57 per share

- 2026-07: $15.93 per share

- 2026-08: $13.25 per share

- 2026-09: $14.12 per share

- 2026-10: $15.85 per share

## Annual estimated value (USD per share)

- FY2017: low $52.06 per share, central $59.12 per share, high $68.53 per share

- FY2018: low $48.80 per share, central $55.46 per share, high $64.34 per share

- FY2019: low $54.57 per share, central $62.03 per share, high $71.97 per share

- FY2020: low $70.34 per share, central $99.12 per share, high $115.88 per share

- FY2021: low $68.43 per share, central $97.42 per share, high $114.31 per share

- FY2022: low $72.61 per share, central $103.57 per share, high $121.60 per share

- FY2023: low $57.70 per share, central $72.94 per share, high $85.03 per share

- FY2024: low $42.58 per share, central $48.32 per share, high $55.96 per share

- FY2025: low $42.23 per share, central $47.96 per share, high $55.59 per share

- FY2026: low $14.23 per share, central $16.11 per share, high $18.62 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1530721/000153072126000047/cpri-20260328.htm); period 2026-03-28, filed 2026-05-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.