A Business at a Glance
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Macy's, Inc.
M
$6.5B
Mkt Cap
$23.38
+0.21%
Macy's, Inc. (M) has a current P/E ratio of 13.8, compared to its historical median P/E of 5.2. The stock is currently considered Expensive based on its historical valuation range.
Macy's, Inc. (M) has a 5-year average return on invested capital (ROIC) of 17.1%. This indicates strong capital allocation and a potential competitive advantage.
Macy's, Inc. (M) has a market capitalization of $6.2B. It is classified as a mid-cap stock.
Yes, Macy's, Inc. (M) pays a dividend with a trailing twelve-month yield of 3.17%. The company also returns capital through share buybacks, with a buyback yield of 3.23%.
Based on historical P/E analysis, Macy's, Inc. (M) appears expensive. The current P/E of 13.8 is 165% above its historical median of 5.2. The estimated fair value CAGR (P/E method) is -15.0%.
Macy's, Inc. (M) operates in the Retail-Department Stores industry, within the Consumer Defensive sector.
Macy's, Inc. (M) reported annual revenue of $22.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
Macy's, Inc. operates a multi-brand, multi-channel department store business through nameplates including Macy's, Macy's Backstage, Macy's small format, Bloomingdale's, Bloomingdale's The Outlet, Bloomie's, and Bluemercury, with approximately 680 store locations across 43 U.S. states, the District of Columbia, Puerto Rico, and Guam as of February 2025, plus licensed operations in the Middle East. The company generates revenue by selling a broad assortment of merchandise including women's apparel and accessories, shoes, cosmetics and fragrances, men's and kids' apparel, and home furnishings across urban and suburban locations in densely populated areas. The business model relies on seasonal retail operations with significant sales concentration in November and December, supported by private label brands owned by the company and distributed through an integrated omnichannel platform combining physical stores with digital fulfillment. The company operates wholly-owned subsidiaries providing credit card services through FDS Bank, technology and data processing through Macy's Systems and Technology, private label merchandise design and development through Macy's Merchandising Group, and logistics and distribution through Macy's Logistics and Operations. Competitive differentiation derives from curated product assortments, private label brand portfolio, omnichannel integration, and customer service across multiple price points and customer demographics, competing against department stores, specialty retailers, discount stores, and online platforms in a highly fragmented retail landscape.
【Momentum-driven growth trajectory】 Management has demonstrated five consecutive quarters of better-than-expected top-line and bottom-line results with four consecutive quarters of comparable sales growth, supported by the "Bold New Chapter" strategic initiatives focused on strengthening and reimagining the Macy's nameplate, particularly the Reimagine 200 locations which continue to outperform. The company expects to build on this momentum through the remainder of fiscal 2026 and beyond, with gross margin expected to expand sequentially as the year progresses despite near-term tariff headwinds, driven by pricing actions, inventory management improvements, and operational efficiencies from distribution network modernization. Management remains focused on factors within its control including curated merchandising, targeted marketing, traffic-driving promotions, and improved omnichannel delivery capabilities, while maintaining prudent guidance flexibility to respond to macroeconomic uncertainty and competitive dynamics. The company is committed to optimizing its store fleet through disciplined closures while reinvesting savings into growth initiatives, with expectations for continued positive comparable sales performance across its go-forward business and all nameplates.
| Metric | Target | Period |
|---|---|---|
| Net sales | $21.5 billion–$21.75 billion | FY2027 (full year) |
| Net sales | $21.4 billion–$21.65 billion | FY2026 (full year) |
| Adjusted diluted EPS | $1.90–$2.10 | FY2026 (full year) |
| Net sales | $4.575 billion–$4.625 billion | Q1 FY2026 |
| Adjusted EBITDA as a percent of total revenue | 7.7%–7.9% | FY2026 (full year) |
| Net sales | $21.475 billion–$21.625 billion | FY2025 (full year) |
| Adjusted diluted EPS | $2.00–$2.20 | FY2025 (full year) |
| Net sales | $21.15 billion–$21.45 billion | FY2025 (full year) |
| Adjusted diluted EPS | $1.70–$2.05 | FY2025 (full year) |
Net sales (FY2027 (full year)): “For the full year, we now expect net sales of approximately $21.5 billion-$21.75 billion.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2027 Earnings Call, Q3 FY2027 Earnings Call, Q2 FY2027 Earnings Call, Q1 FY2027 Earnings Call
| Metric | TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| Revenue | 22.7B | 22.6B | 23.0B | 23.9B | 25.4B | 25.4B |
| Net Income | 477M | 642M | 582M | 45M | 1.1B | 1.4B |
| EPS | $1.72 | $2.32 | $2.07 | $0.16 | $4.08 | $4.55 |
| Free Cash Flow | 1.2B | 1.1B | 760M | 674M | 727M | 2.4B |
| ROIC | 10.2% | 12.9% | 11.5% | 4.9% | 22.9% | 33.2% |
| Gross Margin | - | 40.3% | 40.3% | 40.4% | 39.7% | 41.1% |
| Debt/Equity | 0.56 | 0.50 | 0.61 | 0.74 | 0.73 | 0.91 |
| Dividends/Share | $0.74 | $0.73 | $0.69 | $0.66 | $0.63 | $0.30 |
| Operating Income | 784M | 1.0B | 909M | 301M | 1.7B | 2.4B |
| Operating Margin | 3.5% | 4.6% | 4.0% | 1.3% | 6.6% | 9.3% |
| ROE | 11.0% | 13.6% | 13.6% | 1.1% | 29.8% | 46.3% |
| Shares Outstanding | 266M | 277M | 281M | 281M | 281M | 314M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 28.1B | 27.1B | 25.8B | 24.8B | 25.0B | 24.6B | 17.3B | 25.4B | 25.4B | 23.9B | 23.0B | 22.6B | 22.7B |
| Gross Margin | 40.0% | 39.1% | 39.4% | 39.0% | 39.1% | 38.2% | 29.2% | 41.1% | 39.7% | 40.4% | 40.3% | 40.3% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 8.4B | 8.5B | 9.3B | 9.0B | 9.0B | 9.0B | 6.8B | 8.2B | 8.5B | 8.4B | 8.3B | 8.2B | 8.3B |
| EBIT | 2.8B | 2.0B | 1.4B | 1.9B | 1.7B | 970M | -4.5B | 2.4B | 1.7B | 301M | 909M | 1.0B | 784M |
| Op. Margin | 10.0% | 7.5% | 5.3% | 7.5% | 7.0% | 3.9% | -25.8% | 9.3% | 6.6% | 1.3% | 4.0% | 4.6% | 3.5% |
| Net Income | 1.5B | 1.1B | 627M | 1.6B | 1.1B | 564M | -3.9B | 1.4B | 1.1B | 45M | 582M | 642M | 477M |
| Net Margin | 5.4% | 4.0% | 2.4% | 6.3% | 4.4% | 2.3% | -22.7% | 5.6% | 4.5% | 0.2% | 2.5% | 2.8% | 2.1% |
| Non-Recurring | 41M | 648M | 642M | 677M | 533M | 482M | 3.4B | 100M | 109M | 1.1B | 276M | 255M | 110M |
| Returns on Capital | |||||||||||||
| ROIC | 15.8% | 11.9% | 8.9% | 19.1% | 13.6% | 7.5% | -46.5% | 33.2% | 22.9% | 4.9% | 11.5% | 12.9% | 10.2% |
| ROE | 26.2% | 22.3% | 14.6% | 31.1% | 18.2% | 8.8% | -88.3% | 46.3% | 29.8% | 1.1% | 13.6% | 13.6% | 11.0% |
| ROA | 7.1% | 5.1% | 3.1% | 7.9% | 5.7% | 2.8% | -20.3% | 8.1% | 6.7% | 0.3% | 3.6% | 3.9% | 2.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.7B | 2.0B | 1.8B | 2.0B | 1.7B | 1.6B | 649M | 2.7B | 1.6B | 1.3B | 1.3B | 1.4B | 1.6B |
| Free Cash Flow | 1.9B | 1.2B | 1.2B | 1.5B | 1.1B | 706M | 311M | 2.4B | 727M | 674M | 760M | 1.1B | 1.2B |
| Owner Earnings | 1.6B | 858M | 682M | 927M | 710M | 589M | -341M | 1.8B | 704M | 361M | 339M | 477M | 600M |
| CapEx | 770M | 777M | 596M | 487M | 657M | 902M | 338M | 354M | 888M | 631M | 518M | 373M | 391M |
| Maint. CapEx | 1.0B | 1.1B | 1.1B | 991M | 962M | 981M | 959M | 874M | 857M | 897M | 881M | 894M | 896M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31M | 0 | 0 | 0 | 0 |
| D&A | 1.0B | 1.1B | 1.1B | 991M | 962M | 981M | 959M | 874M | 857M | 897M | 881M | 894M | 896M |
| CapEx/OCF | 28.4% | 39.2% | 33.1% | 24.6% | 37.9% | 56.1% | 52.1% | 13.1% | 55.0% | 48.4% | 40.5% | N/A | 25.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 421M | 456M | 459M | 461M | 463M | 466M | 117M | 90M | 173M | 181M | 192M | 197M | 197M |
| Dividend Yield | 3.1% | 3.9% | 6.1% | 8.9% | 6.2% | 10.1% | 5.4% | 1.5% | 3.4% | 4.5% | 4.3% | N/A | 3.2% |
| Share Buybacks | 1.9B | 2.0B | 316M | 1.0M | 0 | 1.0M | 1.0M | 500M | 601M | 38M | 1.0M | 250M | 201M |
| Buyback Yield | 13.1% | 21.5% | 4.6% | 0.0% | N/A | 0.0% | 0.0% | 7.2% | 11.9% | 0.8% | 0.0% | 0.0% | 3.2% |
| Stock-Based Comp | 73M | 65M | 61M | 58M | 63M | 38M | 31M | 55M | 54M | 47M | 58M | 59M | 59M |
| Debt Repayment | 174M | 347M | 754M | 988M | 1.1B | 567M | 2.0B | 2.7B | 3.1B | 961M | 522M | 844M | 844M |
| Balance Sheet | |||||||||||||
| Net Debt | 6.0B | 6.3B | 5.5B | 4.3B | 3.3B | 4.1B | 3.5B | 1.6B | 2.1B | 2.0B | 1.5B | 1.2B | 1.5B |
| Cash & Equiv. | 2.2B | 1.1B | 1.3B | 1.5B | 1.2B | 685M | 1.7B | 1.7B | 862M | 1.0B | 1.3B | 1.2B | 894M |
| Long-Term Debt | 8.2B | 6.8B | 6.4B | 5.8B | 4.4B | 3.7B | 4.3B | 3.3B | 3.0B | 3.0B | 2.8B | 2.4B | 2.4B |
| Debt/Equity | 1.54 | 1.74 | 1.56 | 1.00 | 0.69 | 0.75 | 2.05 | 0.91 | 0.73 | 0.74 | 0.61 | 0.50 | 0.56 |
| Interest Coverage | 7.1 | 5.6 | 3.7 | 5.8 | 6.7 | 4.7 | -15.8 | 9.2 | 9.7 | 1.8 | 5.8 | 7.4 | 7.4 |
| Equity | 5.4B | 4.3B | 4.3B | 5.7B | 6.4B | 6.4B | 2.6B | 3.6B | 4.1B | 4.0B | 4.6B | 4.9B | 4.3B |
| Total Assets | 21.3B | 20.6B | 19.9B | 19.6B | 19.2B | 21.2B | 17.7B | 17.6B | 16.9B | 16.2B | 16.4B | 16.2B | 17.1B |
| Total Liabilities | 16.0B | 16.3B | 15.5B | 13.8B | 12.8B | 14.8B | 15.2B | 14.0B | 12.8B | 12.2B | 11.8B | 11.4B | 2.5B |
| Intangibles | 496M | 514M | 498M | 488M | 478M | 439M | 437M | 435M | 432M | 430M | 425M | 420M | 421M |
| Retained Earnings | 7.3B | 6.3B | 6.1B | 7.2B | 8.1B | 8.0B | 3.9B | 5.3B | 6.3B | 6.1B | 6.5B | 6.9B | 6.9B |
| Working Capital | 3.5B | 1.9B | 2.0B | 2.5B | 2.2B | 1.1B | 827M | 1.3B | 992M | 1.6B | 2.0B | 2.2B | 1.5B |
| Current Assets | 8.6B | 7.7B | 7.6B | 7.6B | 7.4B | 6.8B | 6.2B | 6.8B | 5.9B | 6.1B | 6.5B | 6.7B | 7.4B |
| Current Liabilities | 5.1B | 5.7B | 5.6B | 5.2B | 5.2B | 5.8B | 5.4B | 5.4B | 4.9B | 4.5B | 4.5B | 4.5B | 5.9B |
| Per Share Data | |||||||||||||
| EPS | 4.22 | 3.22 | 2.02 | 5.10 | 3.56 | 1.81 | -12.68 | 4.55 | 4.08 | 0.16 | 2.07 | 2.32 | 1.72 |
| Owner EPS | 4.42 | 2.58 | 2.20 | 3.02 | 2.28 | 1.89 | -1.10 | 5.67 | 2.51 | 1.28 | 1.21 | 1.72 | 2.26 |
| Book Value | 14.87 | 12.77 | 13.93 | 18.71 | 20.68 | 20.47 | 8.21 | 11.52 | 14.53 | 14.35 | 16.19 | 17.56 | 16.28 |
| Cash Flow/Share | 7.49 | 5.96 | 5.80 | 6.44 | 5.57 | 5.16 | 2.09 | 8.63 | 5.75 | 4.64 | 4.55 | 5.17 | 5.16 |
| Dividends/Share | 1.16 | 1.37 | 1.48 | 1.50 | 1.51 | 1.51 | 0.38 | 0.30 | 0.63 | 0.66 | 0.69 | 0.73 | 0.74 |
| Shares Out. | 361.6M | 332.9M | 310.4M | 307.1M | 311.2M | 311.6M | 311.0M | 314.3M | 280.9M | 281.3M | 281.2M | 276.7M | 265.9M |
| Valuation | |||||||||||||
| P/E Ratio | 9.5 | 8.7 | 11.2 | 4.1 | 5.2 | 5.9 | N/A | 4.9 | 4.3 | 105.4 | 6.6 | N/A | 13.6 |
| P/FCF | 7.5 | 7.7 | 5.7 | 4.3 | 5.3 | 4.7 | 12.8 | 2.9 | 6.9 | 7.0 | 5.1 | N/A | 5.3 |
| EV/EBIT | 6.2 | 7.5 | 8.8 | 5.1 | 4.7 | 6.9 | N/A | 2.9 | 3.7 | 18.9 | 4.4 | N/A | 9.9 |
| Price/Book | 2.7 | 2.2 | 1.6 | 1.1 | 0.9 | 0.5 | 1.6 | 1.9 | 1.2 | 1.2 | 0.8 | N/A | 1.4 |
| Price/Sales | 0.5 | 0.4 | 0.3 | 0.2 | 0.3 | 0.2 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | N/A | 0.3 |
| FCF Yield | 13.4% | 12.9% | 17.4% | 23.1% | 18.7% | 21.2% | 7.8% | 34.0% | 14.4% | 14.2% | 19.7% | N/A | 18.7% |
| Market Cap | 14.5B | 9.3B | 6.9B | 6.4B | 5.8B | 3.3B | 4.0B | 6.9B | 5.0B | 4.7B | 3.8B | 0 | 6.2B |
| Avg. Price | 37.41 | 35.38 | 24.23 | 16.86 | 23.93 | 14.74 | 6.96 | 18.51 | 18.25 | 14.28 | 15.94 | 0.00 | 23.38 |
| Year-End Price | 40.05 | 28.01 | 22.29 | 20.96 | 18.48 | 10.68 | 12.79 | 22.08 | 17.97 | 16.87 | 13.69 | 0.00 | 23.38 |
Macy's, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
Macy's, Inc. trades at 13.8x trailing earnings, compared to its 15-year median P/E of 5.2x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 5.3x vs a median of 5.3x. The company's 5-year average ROIC is 17.1% with a gross margin of 40.4%. Total shareholder yield (dividends + buybacks) is 6.4%. At current prices, the estimated annualized return to fair value is +3.4%.
Macy's, Inc. (M) has a net profit margin of 2.8%. This is a modest margin.
Macy's, Inc. (M) generated $1.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Macy's, Inc. (M) has a debt-to-equity ratio of 0.50. This indicates moderate leverage.
Macy's, Inc. (M) reported earnings per share (EPS) of $2.32 in its most recent fiscal year.
Macy's, Inc. (M) has a return on equity (ROE) of 13.6%. This indicates moderate shareholder returns.
Macy's, Inc. (M) has a 5-year average gross margin of 40.4%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for Macy's, Inc. (M), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Macy's, Inc. (M) has a book value per share of $17.56, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management has demonstrated five consecutive quarters of better-than-expected top-line and bottom-line results with four consecutive quarters of comparable sales growth, supported by the "Bold New Chapter" strategic initiatives focused on strengthening and reimagining the Macy's nameplate, particularly the Reimagine 200 locations which continue to outperform. The company expects to build on this momentum through the remainder of fiscal 2026 and beyond, with gross margin expected to expand sequentially as the year progresses despite near-term tariff headwinds, driven by pricing actions, inventory management improvements, and operational efficiencies from distribution network modernization. Management remains focused on factors within its control including curated merchandising, targeted marketing, traffic-driving promotions, and improved omnichannel delivery capabilities, while maintaining prudent guidance flexibility to respond to macroeconomic uncertainty and competitive dynamics. The company is committed to optimizing its store fleet through disciplined closures while reinvesting savings into growth initiatives, with expectations for continued positive comparable sales performance across its go-forward business and all nameplates.
Based on recent SEC filings and earnings calls, Macy's, Inc. (M) has provided the following forward guidance: Net sales: $21.5 billion–$21.75 billion (FY2027 (full year)); Net sales: $21.4 billion–$21.65 billion (FY2026 (full year)); Adjusted diluted EPS: $1.90–$2.10 (FY2026 (full year)); Net sales: $4.575 billion–$4.625 billion (Q1 FY2026); Adjusted EBITDA as a percent of total revenue: 7.7%–7.9% (FY2026 (full year)), plus 4 additional metrics.
Net sales (FY2026 (full year)): “With that, for the full year, we expect net sales of approximately $21.4 billion-$21.65 billion.”
Adjusted diluted EPS (FY2026 (full year)): “We expect Adjusted diluted EPS of $1.90-$2.10.”
Net sales (Q1 FY2026): “For the first quarter, we expect net sales of approximately $4.575 billion-$4.625 billion.”
Adjusted EBITDA as a percent of total revenue (FY2026 (full year)): “We expect Adjusted EBITDA as a percent of total revenue of 7.7%-7.9% versus 7.9% in fiscal 2025”
Net sales (FY2025 (full year)): “Based on fourth quarter guidance, our revised full year 2025 guidance assumes net sales of approximately $21.475 billion-$21.625 billion.”
Adjusted diluted EPS (FY2025 (full year)): “And finally, we have raised our expected adjusted EPS to $2.00-$2.20.”
Net sales (FY2025 (full year)): “Our revised forecast assumes net sales of approximately $21.15 - $21.45 billion.”