Macy's Inc.

Retail-Department Stores

MSolid9 of 11 basics passed

$22.67

-0.53%

Market cap $5.92B

$22.67

-0.53%

Market cap $5.92B

Founded in 1858 and based in New York City, Macy's operates about 430 eponymous stores, 60 stores under the Bloomingdale's (full-price and outlet) and Bloomie's names, and 170 freestanding Bluemercury specialty beauty stores.

It is a $5.92B consumer company. Revenue shrank 16.7% over the last year, it keeps 2¢ of every dollar of sales as profit, and its net debt equals ~1.8 years of free cash flow. It trades at 7.9× earnings — around the middle of its own history.

Website: macysinc.com
Location: New York, NY
Employees: 90 134
Sector: Consumer Cyclical

Share price · 3 years

$11.15 → $22.67+103.3%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $47.4B
Profit: keeps 2¢ of every $1 sold; $1.17B
Free cash flow: cash left after running the business; $2.13B
Net debt: debt minus cash on hand; $3.79B
P/E: years of profit in the price; 7.9
EPS: earnings per share, TTM; $4.48
Dividend: pays out 26% of profit · 9% of FCF; 3.34%
Shares: down 16% since 2017 — buybacks; 261.2M
Volatility: beta vs the market — under 1 swings less; 1.44

Revenue, last 10 years

52-week range

Low $16.51$22.67High $26.21

Today's price is 64% of the way from the year's low to its high.

P/E vs its history5y

8.0×median 8.5×

Higher than 47% of past days — around the middle of its own history.

Valuation vs own history

P/E

8.0×

53%

P/S

0.3×

23%

EV/EBITDA

11.1×

25%

P/B

1.2×

51%

FCF yield

23.7%

70%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Standing in Consumer Cyclical

Size$5.92Btop 93%
Revenue growth-4%top 94%
Net margin3%top 73%
Return on equity16%top 63%
P/E7.9×top 1%
Dividend yield3.34%top 19%

Ranked against 99 Consumer Cyclical companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation; Growth and Profitability lag behind.

Valuation87

P/E vs own history47th pct · 12/25
FCF yield35.9% · 25/25
P/S0.3x · 25/25
EV/EBITDA3.7x · 25/25

Growth0

Revenue CAGR-1.9% · 0/25
Net income CAGR-14.1% · 0/25
EPS CAGR ~5Y-34.8% · 0/25
Fwd implied growth-18.4% · 0/25

Profitability36

ROIC3.4% · 5/25
ROE15.8% · 20/25
Net margin2.5% · 6/25
Operating margin4.7% · 5/25

Health58

Altman Z1.82 · 10/25
Current ratio1.59 · 18/25
Interest coverage9.8x · 18/25
Net cash / debtD/A 24% · 12/25

Quality66

Piotroski F4/9 · 10/25
Beneish M-3.31 · 25/25
FCF conversion165% · 25/25
Margin stabilityσ 24.4% · 6/25

Moat51

ROIC >12% years10/12 yrs · 20/25
Median gross margin39.5% · 13/25
FCF-positive years10/12 yrs · 18/25
Worst-year net marginworst -41.7% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2022Financial
Best year on record
$2.69B net income
FY2021Financial
Positive free cash flow every year since
7-year streak
FY2016Financial
First recorded profitable year
$1.01B net income
FY2016Financial
Revenue already above $50B
$60.4B in first reported year

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$10 749 today — price return only

$14.8B revenue in FY2027

Profitable 7 years in a row

Positive free cash flow 7 years in a row

90 134 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (40.7%)
Interest covered 9.8× by operating earnings

Watch-outs

Revenue shrinking 16.7% year over year
Loss-making in 1 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago-16.7% YoY
Profitable — makes more than it spends$1.17B TTM
Profit growing — earnings are higher than last year-17.1% YoY
Generates cash — cash left after running and investing$2.13B TTM
Debt under control — could handle its obligations~1.8y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$5.92B market cap
Not printing shares — share count not ballooning — you keep your slice-7.0% shares over ~5y
Proven track record — years of profitability behind it11/12 profitable years
Financially stable — balance sheet not near distressAltman Z 1.8 — grey
Pays a dividend — returns cash to shareholdersyield 3.34%
Valuation not extreme — price not wildly above earningsP/E 7.9

Peer comparisonMacy's Inc. vs 6 largest consumer cyclical peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
M this company	$5.9B	7.9	-16.7%	2.5%	Solid
AMZN Amazon.Com Inc	$2.8T	20.9	+15.8%	17.4%	Mixed
TSLA Tesla, Inc.	$1.5T	397.1	+11.8%	3.7%	Strong
NFLX NetFlix Inc	$292.8B	21.4	+16.0%	28.2%	Solid
HD Home Depot, Inc.	$290.4B	20.4	-16.0%	8.7%	Solid
DIS The Walt Disney Company	$186.5B	21.7	+4.6%	8.7%	Solid
MCD McDonald's Corporation	$166.9B	18.9	+6.3%	31.7%	Strained

Head-to-head: M vs AMZN · M vs TSLA · M vs NFLX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 5Hold 10Sell 2

Appendix · Financial records

The full statements behind this CV, FY2016–FY2027. For readers who want to check the numbers.

Profit & lossRevenue $47.4B · net income $1.17B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2027 revenue flows to profit

RevenueNet income

Revenue (TTM)

$47.4B

YoY -16.7%

Net income (TTM)

$1.17B

Margin 2.5%

Gross margin

40.7%

Operating margin

4.7%

P/E ratio

7.9

Dividend yield

3.34%

Income statement — full detail

Figures in USD billions · EPS in USD

	2022	2023	2024	2025	2026	2027
Revenue	56.9	55.4	53.1	51.9	52.2	14.8
Gross profit	21.9	22.8	21.8	21.4	21.6	6.2
Operating income (EBIT)	4.1	1.6	1.8	1.7	1.6	0.3
Net income	2.7	0.7	1.1	0.9	1.1	0.3
EPS (diluted)	9.58	2.53	3.90	3.39	4.08	1.13

Cash flowFree cash flow $2.13B · operating cash flow $2.89B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$2.13B

Margin 4.5%

Operating cash flow (TTM)

$2.89B

FCF margin

4.7%

Cash flow statement — full detail

Figures in USD billions

	2022	2023	2024	2025	2026	2027
Operating cash flow	2.7	2.0	1.5	1.9	2.6	0.9
Capital expenditure	-2.1	-1.7	-1.3	-0.9	-0.9	-0.2
Free cash flow	0.6	0.3	0.2	0.9	1.7	0.6
FCF margin	1.0%	0.6%	0.3%	1.8%	3.2%	4.3%

Balance sheetAssets $15.7B · net debt $3.79B (FY2027)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $15.7B of assets is financed

69%

31%

Liabilities $10.8B — borrowed moneyEquity $4.93B — owners' stake

Cash vs debt

Total debt $5.09B − cash $1.29B = net debt $3.79B

Cash on hand covers 25% of debt.

Altman Z-Score

1.82

Grey zone

Debt repayment

3.6 yrs

Years of free cash flow to clear net debt

Interest coverage

9.8x

EBIT ÷ interest expense

ROE

15.8%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2022	2023	2024	2025	2026	2027
Cash & equivalents	0.9	1.0	1.3	1.2	1.2	1.3
Total assets	16.9	16.2	16.4	16.2	16.2	15.7
Total liabilities	12.8	12.1	11.8	11.4	11.4	10.8
Total debt	3.0	3.0	2.8	2.4	5.6	5.1
Equity	4.1	4.1	4.6	4.9	4.9	4.9
Net debt	2.1	2.0	1.5	1.2	4.3	3.8

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Deeper analysis of M on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $22.67 · market cap $5.92B.