Tapestry Inc (TPR)
Payables turnover
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue (ttm) | US$ in thousands | 1,721,800 | 1,713,600 | 1,709,800 | 1,738,800 | 1,781,700 | 1,828,600 | 1,864,800 | 1,909,600 | 1,946,000 | 2,004,900 | 2,026,100 | 2,073,800 | 2,034,100 | 1,977,700 | 1,906,700 | 1,734,600 | 1,664,400 | 1,431,000 | 1,526,100 | 1,620,700 |
| Payables | US$ in thousands | 456,100 | 393,300 | 513,800 | 544,000 | 452,200 | 373,100 | 462,900 | 386,500 | 416,900 | 331,000 | 436,700 | 510,900 | 520,700 | 478,900 | 468,200 | 414,000 | 445,200 | 409,500 | 386,300 | 296,000 |
| Payables turnover | 3.78 | 4.36 | 3.33 | 3.20 | 3.94 | 4.90 | 4.03 | 4.94 | 4.67 | 6.06 | 4.64 | 4.06 | 3.91 | 4.13 | 4.07 | 4.19 | 3.74 | 3.49 | 3.95 | 5.48 |
June 30, 2025 calculation
Payables turnover = Cost of revenue (ttm) ÷ Payables
= $1,721,800K ÷ $456,100K
= 3.78
The payables turnover ratio for Tapestry Inc. exhibits notable fluctuations over the period from September 2020 to June 2025. Initially, the ratio was 5.48 as of September 30, 2020, indicating that the company was paying its accounts payable approximately 5.5 times annually. During the subsequent quarters, a downward trend is observed, reaching a low of 3.49 in March 2021, which suggests a slower payment cycle or a lengthening of the accounts payable period during this period.
From mid-2021 onwards, the ratio demonstrates some recovery, reaching approximately 4.19 in September 2021 and maintaining a relatively stable range around 4.07 to 4.13 through the end of 2021 and into mid-2022. This stabilization is followed by a slight decline to approximately 3.91 in June 2022, and a mild upward trend again in late 2022, peaking at 4.64 in December 2022. The ratio significantly increased to 6.06 in March 2023, indicating an acceleration in paying suppliers, possibly attributed to strategic changes or improved liquidity.
Subsequently, the ratio declined again to 4.67 in June 2023 but then increased to 4.94 by September 2023. By the end of 2023, it decreased somewhat to 4.03, then rose again to 4.90 in the first quarter of 2024, before declining to 3.94 in June 2024 and further to 3.20 in September 2024. The last data points from December 2024 to June 2025 show some recovery, with ratios of 3.33 and 4.36, respectively, and a slight decrease to 3.78 by mid-2025.
Overall, the payables turnover ratio demonstrates variability, with periods of both acceleration and slowdown in payment frequency. The fluctuations may reflect changes in the company’s vendor relationships, payment strategies, liquidity position, operational adjustments, or external economic factors influencing the timing of accounts payable payments.
Peer comparison
Jun 30, 2025