Macy's
Macy's revenue fell 1.7% to $22.6 billion in fiscal 2025. Its operating margin was 4.5%, up from 4.0% a year earlier. Free cash flow was $1.1 billion, up 39.1%. It paid out $447 million in dividends and buybacks, 42% of free cash flow. The diluted share count fell 1.8%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
What Macy's does
Macy's, Inc. is a retailer that runs 665 stores, websites and mobile apps under three brands: Macy's, Bloomingdale's and Bluemercury. It sells apparel, accessories, cosmetics, home furnishings and other consumer goods, to shoppers from price-conscious value seekers to luxury buyers. It says it serves a base of nearly 40 million active customers a year.
Macy's is a department store chain for middle- to higher-income shoppers. It runs full-size and smaller stores, plus off-price stores called Macy's Backstage. Bloomingdale's is the upscale department store brand, with full-line stores, smaller Bloomies stores and an outlet format. It also has licensed stores in Dubai and Kuwait. Bluemercury sells premium skincare, fragrance and beauty treatments from neighborhood stores.
Most revenue comes from selling merchandise. The company also earns money from its credit card program, which shares profits with the card issuer, and from Macy's Media Network, which sells advertising to brands across its stores and websites. Macy's has run department stores since 1830 and calls its employees colleagues.
Its biggest risks, as it describes them
- Failing to spot and answer changing customer tastes, which could hurt demand for its products.
- Managing its inventory and merchandise selection, and losses from inventory shortage.
- Competition in retail and the need to keep its stores attractive to shoppers.
- Falling revenue from its private label and co-branded credit cards.
- Disruption at its distribution and fulfillment centers, or in its websites and apps.
Charts show fiscal years, from the 10-K filings.
Revenue and margins
Net income and earnings per share
From fiscal 2016 to 2025, earnings per share grew 1.6% a year and net income 0.3% a year, as buybacks cut the share count by 11%.
Returns on capital
Cash flow
Payouts and share count
Valuation
Two ways to value Macy's yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.
Discounted cash flow (DCF)
A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Macy's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.
Value per share on three example scenarios, from Macy's fiscal 2025 free cash flow of $1.1B, net cash of −$1.2B at January 31, 2026 and 276 million diluted shares, from its filings. The scenarios are fitted to Macy's: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -3.9% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Broadline Retail), plus 1 point as a smaller company, worth $6.4B, plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $23.59
- Value on these assumptions, against the last close
- —
- Cash flows in years 1 to 10, valued today
- —
- Everything after year 10, valued today
- —
- Plus net cash
- —
- Share of value from after year 10
How the value changes with two assumptions
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
Careful. Macy's P/E today, 8.6×, is less than half the example multiple. A gap that wide usually means one of two things: its latest earnings include large one-off items, such as a tax benefit or a gain on a sale, or investors expect its earnings to fall. Either way the examples can mislead, so they aren't set against the share price. Check the earnings in its latest filings before using them.
Value per share on three example scenarios, from Macy's earnings per share of $2.73 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.8×, the middle of Macy's own P/E today, its peers' median and its sector's median (the Consumer Discretionary median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $23.59
- Value at this multiple, against the last close
- —
- Macy's P/E at the last close
- 8.6×
| Company | Last close | Earnings per share | P/E today |
|---|---|---|---|
| MercadoLibreMELI | $1,668.72 | $36.77 | 45.4× |
| Kohl'sKSS | $23.65 | $2.30 | 10.3× |
| Macy'sM | $23.59 | $2.73 | 8.6× |
Balance sheet
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 1.7 | 0.9 | 1.0 | 1.3 | 1.2 |
| Debt incl. finance leases | 3.3 | 3.0 | 3.0 | 2.8 | 2.4 |
| Net debt (negative means net cash) | 1.6 | 2.2 | 2.0 | 1.5 | 1.2 |
| Net debt to EBITDA | 0.5x | 0.8x | 1.6x | 0.8x | 0.6x |
| Debt to equity | 0.9x | 0.7x | 0.8x | 0.6x | 0.5x |
| Interest coverage | 9.2x | 9.7x | 1.8x | 5.8x | 7.4x |
| Current ratio | 1.2x | 1.2x | 1.3x | 1.4x | 1.5x |
| Quick ratio | 0.4x | 0.3x | 0.4x | 0.4x | 0.5x |
Insider trades
Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Macy's shares on the open market, and 6 insiders sold $6.7 million.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 25, 2026 | Paul GriscomSVP and Controller | Sold | 10,077 | $25.63 | $258,274 | Form 4 |
| Jun 24, 2026 | Thomas Edwards Jr.EVP, COO & CFO | Sold | 16,419 | $24.89 | $408,669 | Form 4 |
| Apr 6, 2026 | Antony SpringChairman & CEO, Director | Sold | 50,044 | $17.92 | $896,788 | Form 4 |
| Apr 6, 2026 | Danielle L. KirganEVP, Chief HR Officer | Sold | 10,010 | $17.92 | $179,379 | Form 4 |
| Apr 6, 2026 | Olivier BronCEO, Bloomingdale's | Sold | 7,228 | $17.92 | $129,526 | Form 4 |
| Apr 6, 2026 | Tracy M PrestonEVP, CLO & Corporate Secretary | Sold | 5,271 | $17.92 | $94,456 | Form 4 |
| Apr 6, 2026 | Paul GriscomSVP and Controller | Sold | 745 | $17.92 | $13,350 | Form 4 |
| Apr 1, 2026 | Antony SpringChairman & CEO, Director | Sold | 14,606 | $18.08 | $264,076 | Form 4 |
| Apr 1, 2026 | Danielle L. KirganEVP, Chief HR Officer | Sold | 6,573 | $18.08 | $118,840 | Form 4 |
| Apr 1, 2026 | Paul GriscomSVP and Controller | Sold | 490 | $18.08 | $8,859 | Form 4 |
| Mar 30, 2026 | Antony SpringChairman & CEO, Director | Sold | 27,451 | $17.73 | $486,706 | Form 4 |
| Mar 30, 2026 | Danielle L. KirganEVP, Chief HR Officer | Sold | 5,161 | $17.73 | $91,505 | Form 4 |
Piotroski F-score
The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Fail | Pass | Pass |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | Fail | Pass | Pass |
| Current ratio rose | Pass | Pass | Pass |
| Share count didn't rise | Pass | Fail | Pass |
| Gross margin rose | Pass | Fail | Pass |
| Revenue rose relative to assets | Fail | Pass | Fail |
| F-score | 6 of 9 | 7 of 9 | 8 of 9 |
| Accruals ratio | −7.6% | −4.3% | −4.8% |
Compare
Put Macy's side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Macy's | FY25 | −1.7% | 4.5% | 4.7% | 12.9% | 0.6x | 8 | |
| Sea Limited | FY25 | 36.4% | 8.7% | 19.7% | — | −4.5x | 8 | Compare |
| MercadoLibre | FY25 | 39.1% | 11.1% | 37.3% | 35.0% | 0.8x | 4 | Compare |
| Kohl's | FY25 | −4.3% | 4.0% | 6.5% | 7.2% | 2.1x | 7 | Compare |
| Coupang | FY25 | 14.1% | 1.4% | 1.5% | — | −4.8x | 6 | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 25.9 | 24.9 | 25.0 | 24.6 | 17.3 | 25.4 | 25.4 | 23.9 | 23.0 | 22.6 |
| Revenue growth | −4.3% | −3.7% | 0.1% | −1.6% | −29.4% | 46.4% | 0.2% | −6.2% | −3.6% | −1.7% |
| Gross profit | 10.2 | 9.7 | 9.8 | 9.4 | 5.1 | 10.4 | 10.1 | 9.6 | 9.3 | 9.1 |
| Research and development | — | — | — | — | — | — | — | — | — | — |
| Operating income | 1.4 | 1.9 | 1.7 | 1.0 | −4.5 | 2.4 | 1.7 | 0.3 | 0.9 | 1.0 |
| Net income | 0.6 | 1.6 | 1.1 | 0.6 | −3.9 | 1.4 | 1.1 | 0.0 | 0.6 | 0.6 |
| Diluted EPS (US$) | 2.02 | 5.10 | 3.56 | 1.81 | −12.68 | 4.55 | 4.08 | 0.16 | 2.07 | 2.32 |
| Diluted shares (millions) | 311 | 307 | 311 | 311 | 311 | 314 | 281 | 278 | 282 | 276 |
| Cash flow | ||||||||||
| Cash from operations | 1.8 | 2.0 | 1.7 | 1.6 | 0.6 | 2.7 | 1.6 | 1.3 | 1.3 | 1.4 |
| Capital expenditure | 0.6 | 0.5 | 0.7 | 0.9 | 0.3 | 0.4 | 0.9 | 0.6 | 0.5 | 0.4 |
| Free cash flow | 1.2 | 1.5 | 1.1 | 0.7 | 0.3 | 2.4 | 0.7 | 0.7 | 0.8 | 1.1 |
| Dividends paid | 0.5 | 0.5 | 0.5 | 0.5 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 |
| Share buybacks | 0.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.5 | 0.6 | 0.0 | 0.0 | 0.2 |
| Acquisitions | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Stock-based compensation | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.1 | 0.1 | 0.0 | 0.1 | 0.1 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 1.3 | 1.5 | 1.2 | 0.7 | 1.7 | 1.7 | 0.9 | 1.0 | 1.3 | 1.2 |
| Debt incl. finance leases | 6.4 | 5.8 | 4.4 | 4.3 | 4.8 | 3.3 | 3.0 | 3.0 | 2.8 | 2.4 |
| Total assets | 19.9 | 19.6 | 19.2 | 21.2 | 17.7 | 17.6 | 16.9 | 16.2 | 16.4 | 16.2 |
| Total liabilities | 15.5 | 13.8 | 12.8 | 14.8 | 15.2 | 14.0 | 12.8 | 12.2 | 11.8 | 11.4 |
| Shareholders' equity | 4.3 | 5.7 | 6.4 | 6.4 | 2.6 | 3.6 | 4.1 | 4.0 | 4.6 | 4.9 |
| Margins and ratios | ||||||||||
| Gross margin | 39.2% | 38.8% | 39.1% | 38.2% | 29.2% | 41.1% | 39.7% | 40.4% | 40.3% | 40.3% |
| Operating margin | 5.3% | 7.5% | 7.0% | 4.0% | −25.8% | 9.2% | 6.6% | 1.3% | 4.0% | 4.5% |
| Net margin | 2.4% | 6.3% | 4.4% | 2.3% | −22.7% | 5.6% | 4.5% | 0.2% | 2.5% | 2.8% |
| Free cash flow margin | 4.7% | 6.0% | 4.3% | 2.9% | 1.8% | 9.3% | 2.9% | 2.8% | 3.3% | 4.7% |
| Return on capital | 9.1% | 19.1% | 13.6% | 7.7% | −45.3% | 33.1% | 23.0% | 4.9% | 11.5% | 12.9% |
| Return on equity | 14.6% | 31.1% | 18.2% | 8.8% | −88.3% | 46.3% | 29.8% | 1.1% | 13.6% | 13.6% |
| Return on assets | 3.1% | 7.9% | 5.7% | 2.8% | −20.3% | 8.1% | 6.7% | 0.3% | 3.6% | 3.9% |
| Net debt to EBITDA | 2.1x | 1.5x | 1.2x | 1.8x | — | 0.5x | 0.8x | 1.6x | 0.8x | 0.6x |