At a glance
Capri Holdings Ltd is worth $1.58B, about 13 times its fiscal 2026 earnings. Revenue fell 4.1% to $3.47B in fiscal 2026, with 3.9% kept as profit. It pays no dividend; it spent $2.22B buying back its shares over FY2022–FY2026. The stock returned −31.2% over the past year with dividends reinvested and −22.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 73.9% in the 2020 crash (S&P 500: 33.7%) and 47.3% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Capri Holdings, formerly called Michael Kors Holdings, is a fashion luxury group that owns two brands: Michael Kors and Jimmy Choo. It designs handbags, small leather goods, shoes and clothing, and relies mainly on outside contractors abroad to make them. In the fiscal year ended March 28, 2026, revenue was $3.47 billion. Accessories brought in about 56%, footwear about 25%, apparel about 13% and other items about 7%.
Michael Kors supplies about 83% of revenue. Designer Michael Kors launched the brand in 1981. It sells through 673 company-run stores (including concessions, which are branded spaces inside other stores), its own websites, department stores and licensing deals in more than 100 countries. Jimmy Choo has been built around women's luxury shoes since 1996. It supplies about 17% of revenue through 211 stores and similar channels. Licensing means other companies pay to use a brand name, as with Jimmy Choo fragrance and eyewear.
Capri sells directly to shoppers in its stores and online. It also sells wholesale to department stores such as Macy's, Nordstrom, Saks Fifth Avenue and Harrods, which resell the goods. The Americas produced about 58% of revenue, Europe, the Middle East and Africa about 29%, and Asia about 13%. Total revenue fell 4.1% in fiscal 2026. Michael Kors sales in the Americas slid from $2.30 billion in fiscal 2024 to $1.85 billion.
Price history
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CPRI -31.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Accessories | $1.94B | 55.7% |
| Footwear | $853.0M | 24.6% |
| Apparel | $446.0M | 12.8% |
| Other | $239.0M | 6.9% |
By business segment
| Michael Kors | $2.87B | 82.7% |
| Jimmy Choo | $600.0M | 17.3% |
By geography
| The Americas | $2.03B | 58.4% |
| EMEA | $1.00B | 28.9% |
| Asia | $442.0M | 12.7% |
Latest results
- In Q2 FY2027 (ended Sep 26, 2026), revenue was $809.0M, down 5.5% from a year earlier, and net income was $27.0M.
- For fiscal 2026, revenue was $3.47B (-4.1% year over year) with a 3.9% net margin.
Financial health check
| Operating margin | 0.7% weak |
|---|---|
| Free cash flow margin | 0.4% watch |
| Return on equity (FY2026) | 171.3% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2026) | 4.2% watch |
| Net cash (cash minus debt) | $-355.0M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $4.06B | $-62.0M | $513.0M |
| FY2022 | $5.65B | $822.0M | $573.0M |
| FY2023 | $5.62B | $616.0M | $545.0M |
| FY2024 | $4.14B | $-229.0M | $174.0M |
| FY2025 | $3.62B | $-1.18B | $207.0M |
| FY2026 | $3.47B | $137.0M | $14.0M |
Valuation snapshot
| Market value | $1.58B |
|---|---|
| P/E ratio | 13.4 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Capri Holdings Ltd’s market value went from $7.06B at the end of 2016 to $1.58B on Oct 28, 2026, down 78%; since the end of 2025 it is down 46%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.58B | -45.6% |
| 2025 | $2.91B | +17.1% |
| 2024 | $2.48B | -57.5% |
| 2023 | $5.84B | -20.9% |
| 2022 | $7.38B | -24.4% |
| 2021 | $9.77B | +54.4% |
| 2020 | $6.33B | +9.4% |
| 2019 | $5.78B | +1.5% |
| 2018 | $5.70B | -40.5% |
| 2017 | $9.57B | +35.6% |
| 2016 | $7.06B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CPRI price data to Oct 28, 2026 | -37.3% | -31.2% | -33.0% | -22.3% | -11.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -37.3% |
| 2025 | +15.9% |
| 2024 | -58.1% |
| 2023 | -12.3% |
| 2022 | -11.7% |
| 2021 | +54.5% |
| 2020 | +10.1% |
| 2019 | +0.6% |
| 2018 | -39.8% |
| 2017 | +46.5% |
| 2016 | +7.3% |
| 2015 | -46.7% |
| 2014 | -7.5% |
| 2013 | +59.1% |
| 2012 | +87.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 66.7% over that stretch · deepest drop along the way 73.9%, back to its old high 7.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 36.1% over that stretch · deepest drop along the way 47.3%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (19 read): 1 open-market purchases ($989K) and 3 sales ($2.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 29, 2026 | Krista A McDonough Chief Legal & Sustain Officer | sell | $1.7M |
| Mar 11, 2026 | John D Idol Chairman & CEO, Director | buy | $989K |
| Jun 8, 2026 | Stephen F Reitman Director | sell | $349K |
| Dec 9, 2025 | Rajal Mehta Interim CFO | sell | $260K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.8% | Sep 30, 2026 |
| Vanguard Portfolio Management | 5.75% | Jun 30, 2026 |
| Vanguard Capital Management | 5.08% | Mar 31, 2026 |
| FMR LLC | 1.9% | Jul 31, 2026 |
ETFs with the most weight in CPRI
| RFV Invesco S&P MidCap 400® Pure Value ETF | 0.62% |
| FFND One Global ETF | 0.49% |
| FBCG Fidelity Blue Chip Growth ETF | 0.2% |
| IVOV Vanguard S&P Mid-Cap 400 Value ETF | 0.18% |
| VFVA Vanguard U.S. Value Factor ETF | 0.18% |
| JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF | 0.17% |
| RWK Invesco S&P MidCap 400 Revenue ETF | 0.17% |
| DTAN Sparkline International Intangible Value ETF | 0.16% |
What could go wrong
- Michael Kors could lose its appeal. Michael Kors brings in about 83% of revenue. Capri warns shoppers may see its brands as outdated. Michael Kors sales in the Americas fell from $2.30 billion in fiscal 2024 to $1.85 billion in fiscal 2026.
- Growth plan and cost cuts may fall short. Capri is pursuing standalone growth plans and cost cuts. In fiscal 2026 it kept just 0.7 cents of operating profit per dollar of sales, leaving little cushion if the plan stalls.
- Department store partners could cut back. Wholesale partners such as Macy's, Nordstrom and Saks Fifth Avenue resell Capri's goods. If they order less, merge, restructure or go out of business, Capri loses a key route to shoppers.
- Tariffs raise costs on imported goods. Capri's products are made outside the US. The company says tariffs, inflation and shipping disruptions, including in the Red Sea, have already raised its costs, and new duties could squeeze profits further.
- A luxury slowdown hurts sales and pricing. When budgets tighten, shoppers buy fewer bags and shoes, and Capri may have to discount more. It cites Bain estimates that the personal luxury goods market shrank in 2025 for a second straight year.
- Debt and loan terms could limit flexibility. As of June 27, 2026, Capri had $352 million of debt and $114 million of cash. Its loans include covenants, or required financial tests, and missing them could trigger a default.
Recent events
- Quarterly results released
- Other company announcement
- Quarterly results released
- Shareholder vote results
- Major agreement signed; New debt or financial obligation
- Executive or board change
- Quarterly results released
- Executive or board change
- Executive or board change; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Capri Holdings paid no dividends from fiscal 2022 through fiscal 2026, so it offers no regular income. Investors who need income from it would have to cash in shares. Instead, Capri spent about $2.2 billion buying back its own shares over those five years, mostly in fiscal 2022 and 2023. The share count fell 24.5% between October 2021 and July 2026. Buybacks shrank to $81 million in fiscal 2026, when free cash flow (cash left after running and investing in the business) was just $14 million.
The stock has fallen hard in downturns. In the 2020 COVID crash it dropped 73.9% within a month, then recovered by November 13, 2020. In the 2022 bear market, a broad slide in stock prices, it fell 47.3% and had not regained its earlier peak as of October 28, 2026. Its worst drop from a peak over its trading history through that date was 92.5%. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Capri Holdings pay a dividend?
No. Capri paid no dividends from fiscal 2022 through fiscal 2026. Instead, it returned cash through buybacks, which means it bought back its own shares. It spent about $2.2 billion this way over those five years. Most of that came in fiscal 2022 and 2023, and buybacks fell to $81 million in fiscal 2026. The share count dropped 24.5%, from about 150.5 million on October 27, 2021, to about 113.7 million on July 31, 2026. Investors who need regular income from their holdings would get none here.
How does Capri Holdings make money?
Capri sells luxury accessories, shoes and clothing under two brands. In the fiscal year ended March 28, 2026, Michael Kors brought in about 83% of its $3.47 billion of revenue and Jimmy Choo about 17%. Accessories such as handbags made up 55.7% of sales, footwear 24.6% and apparel 12.8%. Sales run through 673 Michael Kors and 211 Jimmy Choo stores, Capri's own websites, department stores such as Macy's, Nordstrom and Harrods, and licensing deals. The Americas supplied 58.4% of revenue.
Is Capri Holdings profitable?
Yes, but barely, after two years of losses. In the fiscal year ended March 28, 2026, Capri earned $137 million in net income, or $1.14 per diluted share, on $3.47 billion of revenue. Operating income, the profit from running the business, was just $23 million, a 0.7% margin. Before that came net losses of $229 million in fiscal 2024 and $1.18 billion in fiscal 2025. In the quarter ended June 27, 2026, revenue fell 3.5% year over year to $769 million, while net income rose 30.2% to $69 million.
How much debt does Capri Holdings have?
Capri had $352 million of total debt as of June 27, 2026, and $114 million of cash and investments. That left net debt (debt minus cash) of about $238 million. Shareholders' equity was just $138 million against $3.21 billion of assets, which is a thin cushion. Capri says it has reduced its borrowing. It also warns that missing its financial covenants, the tests written into its loan agreements, could trigger a default. On June 25, 2026, it disclosed a major new agreement and a new debt obligation.
Why has Capri Holdings stock dropped so much?
The fall has come alongside shrinking sales, large losses and a weaker luxury market. As of October 28, 2026, the stock had lost a total of 72% over five years, 31.2% over one year and 37.3% since the start of 2026. Revenue fell from $4.14 billion in fiscal 2024 to $3.47 billion in fiscal 2026. Capri cites Bain estimates that the global personal luxury goods market shrank in 2025 for a second straight year. The shares swing sharply: they fell 73.9% during the 2020 COVID crash.