Levi Strauss vs Tapestry
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The short version
- Tapestry is the larger business, with $8.0B of revenue in fiscal 2026 against $6.3B for Levi Strauss.
- Tapestry grew revenue faster (14.2%, against 4.1%).
- Tapestry kept more of each dollar of sales as operating profit (23.9% operating margin, against 10.8%).
- Tapestry turned more of its sales into free cash flow (22.6% FCF margin, against 4.9%).
- Tapestry earned a higher return on the capital invested in it (77.9%, against 22.2%).
| Latest fiscal year | LEVI · FY25 | TPR · FY26 |
|---|---|---|
| Size | ||
| Market cap | $8.3B | $23.2B |
| Revenue | $6.3B | $8.0B |
| Free cash flow | $308M | $1.8B |
| Net income | $578M | $1.5B |
| Growth | ||
| Revenue growth | 4.1% | 14.2% |
| 5-year growth | 7.1% | 6.9% |
| Share count change | −0.7% | −5.5% |
| Profitability | ||
| Gross margin | 61.7% | 77.8% |
| Operating margin | 10.8% | 23.9% |
| Net margin | 9.2% | 19.1% |
| FCF margin | 4.9% | 22.6% |
| Return on capital | 22.2% | 77.9% |
| Return on equity | 27.2% | 197.1% |
| Balance sheet | ||
| Net debt | $276M | $1.2B |
| Net debt / EBITDA | 0.3x | 0.6x |
| Dividends and buybacks | $243M | $1.9B |
| Valuation & quality | ||
| P/E | 14.1x | — |
| Piotroski F-score | 7 | 7 |
Revenue
FY17
LEVI $4.9B
TPR $4.5B
FY18
LEVI $5.6B
TPR $5.9B
FY19
LEVI $5.8B
TPR $6.0B
FY20
LEVI $4.5B
TPR $5.0B
FY21
LEVI $5.8B
TPR $5.7B
FY22
LEVI $6.2B
TPR $6.7B
FY23
LEVI $5.8B
TPR $6.7B
FY24
LEVI $6.0B
TPR $6.7B
FY25
LEVI $6.3B
TPR $7.0B
FY26
LEVI —
TPR $8.0B
LEVI
TPR
Operating margin
FY17
LEVI 9.8%
TPR 17.5%
FY18
LEVI 9.7%
TPR 11.4%
FY19
LEVI 9.8%
TPR 13.6%
FY20
LEVI −1.9%
TPR −11.1%
FY21
LEVI 11.9%
TPR 16.9%
FY22
LEVI 10.5%
TPR 17.6%
FY23
LEVI 6.1%
TPR 17.6%
FY24
LEVI 4.4%
TPR 17.1%
FY25
LEVI 10.8%
TPR 5.9%
FY26
LEVI —
TPR 23.9%
LEVI
TPR
Free cash flow
FY17
LEVI $407M
TPR $571M
FY18
LEVI $261M
TPR $730M
FY19
LEVI $237M
TPR $518M
FY20
LEVI $339M
TPR $202M
FY21
LEVI $570M
TPR $1.2B
FY22
LEVI −$39.0M
TPR $759M
FY23
LEVI $122M
TPR $791M
FY24
LEVI $671M
TPR $1.1B
FY25
LEVI $308M
TPR $1.1B
FY26
LEVI —
TPR $1.8B
LEVI
TPR
Return on capital
FY17
LEVI 33.7%
TPR 32.9%
FY18
LEVI 28.6%
TPR 17.6%
FY19
LEVI 36.4%
TPR 18.4%
FY20
LEVI −4.7%
TPR −13.8%
FY21
LEVI 42.8%
TPR 34.1%
FY22
LEVI 27.0%
TPR 33.0%
FY23
LEVI 13.2%
TPR 31.1%
FY24
LEVI 10.3%
TPR 31.7%
FY25
LEVI 22.2%
TPR 14.8%
FY26
LEVI —
TPR 77.9%
LEVI
TPR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.