M Consumer Cyclical

Macy's, Inc.

$23.88-1.85%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Consumer Cyclical
Industry: Department Stores
Country: United States
Market cap: 6.2B USD
Enterprise value: 7.4B USD
Full-time employees: 90,134

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.47 vs a peer median of 0.63)higher risk: bigger price swings (beta 1.47 vs peers 0.63)
About average: growth

Ranks #468 of 1,502 consumer cyclical companies (top 32%)

See how it ranks against its peers

Worth knowing

Buybacks largely absorbed by stock pay. Stock-based pay expense $164M vs $289M spent repurchasing shares over the 3 fiscal years to FY Jan 2026. Shares outstanding changed −3.7% from January 2023 to August 2026.
Over three fiscal years Macy's recorded $164M of stock-based pay expense and spent $289M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (−3.7%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years Macy's recorded $164M of stock-based pay expense and spent $289M repurchasing shares. The share count barely moved (−3.7%), so much of the repurchasing offset new employee shares rather than shrinking the count.
Annual revenue fell three years running. Fiscal-year revenue down each year from FY Jan 2023 to FY Jan 2026.
Macy's's fiscal-year revenue declined in each of the three years to FY Jan 2026.
Sales growing faster than profits. Since FY Jan 2023: revenue −11%, operating profit −39%.
Since FY Jan 2023, Macy's's revenue changed −11% while operating profit fell 39%: costs rose faster than sales.
Profit is backed by cash. Free cash flow is 189% of reported profit.
Macy's's free cash flow is 189% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

StockQuotient Score

60/ 100

Oct 5 61 → Nov 4 60 (-1)

Valuation

Is the price right?

97/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ EBITDA yield
▲ FCF yield
▲ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield12.0%

SEC filings · 12 months to Aug 2026Reported value30% base weight · Z-score 2.32Sector median: 0.0439 · MAD: 0.0329

EBITDA yield27.3%

SEC filings · 12 months to Aug 2026Reported value50% base weight · Z-score 4.02Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield22.7%

SEC filings · 12 months to Aug 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 3.03Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield79.0%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

54/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ EPS growth
▼ 3-yr revenue
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth56.1%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score 2.04Sector median: 0.0420 · MAD: 0.2537

3-year revenue growth-2.4%

SEC filings · 3 years to Aug 2026Reported value33% base weight · Z-score -1.05Sector median: 0.0425 · MAD: 0.0636

Revenue growth0.4%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score -0.52Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

61/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROIC
▲ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin5.0%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score -0.29Sector median: 0.0638 · MAD: 0.0461

Return on assets4.8%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score 0.57Sector median: 0.0331 · MAD: 0.0254

Return on invested capital14.9%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score 1.26Sector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin40.7%

SEC filings · 12 months to Aug 2026Reported valueInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equity15.2%

SEC filings · 12 months to Aug 2026Reported valueInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 29 → 28

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.47

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.79Sector median: 0.6345 · MAD: 0.2980

Current ratio1.59×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.20Sector median: 1.4800 · MAD: 0.5570

Debt / equity0.49×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.08Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Macy's

Is Macy's getting weaker?: Its latest SEC filing (Sep 10, 2026) showed no major changes. Its overall score is unchanged at 60/100 since Oct 28, 2026.
How is Macy's valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 97/100 against 1,612 consumer cyclical peers. EBITDA yield 27.3% vs a peer median of 8.8% (stronger than 95% of peers).EBITDA yield 27.3% vs peers 8.8% (stronger than 95% of peers).
Is Macy's growing?: At about the same pace as its peers. Growth scores 54/100 against 1,612 consumer cyclical peers. Earnings per share growth 56.1% vs a peer median of 4.2% (stronger than 83% of peers).Earnings per share growth 56.1% vs peers 4.2% (stronger than 83% of peers). 3-year revenue growth -2.4% vs a peer median of 4.3% (weaker than 77% of peers).3-year revenue growth -2.4% vs peers 4.3% (weaker than 77% of peers).
How profitable is Macy's?: More profitable than most of its peers. Profitability scores 61/100 against 1,612 consumer cyclical peers. Return on invested capital 14.9% vs a peer median of 7.3% (stronger than 76% of peers).Return on invested capital 14.9% vs peers 7.3% (stronger than 76% of peers).
How risky is Macy's?: Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Beta 1.47 vs a peer median of 0.63 (weaker than 91% of peers).Beta 1.47 vs peers 0.63 (weaker than 91% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Aug 1, 2026 · filed Sep 10, 2026 · compared with the quarter ended May 2, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	22.7B USD	22.8B USD	+0.3%
Net income (12 months)	667.0M USD	750.0M USD	+12.4%
Operating margin	4.6%	5.0%	+0.4 pts
Free cash flow (12 months)	1.4B USD	1.4B USD	−0.8%
Debt	2.4B USD	2.4B USD	+0.0%
Cash	1.3B USD	1.3B USD	0.0%
Shares outstanding	263.0M	261.2M	−0.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Consumer Cyclical · 182 companies

Valuations in Consumer Cyclical are within their usual range since 2016.

36% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +0% and earnings +10% (medians): prices and earnings moved broadly together.
Median price-to-sales is −55% vs the whole market, against a usual −41%.

2016Shaded: most expensive fifth of its range2026

Shown for Consumer Cyclical: too few Department Stores companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Jan 2022	FY Jan 2023	FY Jan 2024	FY Jan 2025	FY Jan 2026	Change
Operating margin	9.3%	6.6%	1.3%	4.0%	4.6%	▲ 0.6 pts
Net margin	5.6%	4.5%	0.2%	2.5%	2.8%	▲ 0.3 pts
Return on assets (ROA)	8.1%	6.8%	0.3%	3.5%	4.0%	▲ 0.4 pts
Return on equity (ROE)	39.5%	28.1%	1.1%	12.8%	13.2%	▲ 0.4 pts
Free cash flow margin	9.3%	2.9%	2.8%	3.3%	4.7%	▲ 1.4 pts
Current ratio	1.25×	1.20×	1.34×	1.43×	1.49×	▲ 3.7%
Quick ratio	0.44×	0.33×	0.38×	0.44×	0.50×	▲ 13%
Debt to equity	0.91×	0.73×	0.74×	0.61×	0.50×	▼ 18%
Interest coverage	9.18×	9.65×	1.77×	5.75×	7.41×	▲ 29%

M price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.47 vs a peer median of 0.63)higher risk: bigger price swings (beta 1.47 vs peers 0.63)

About average: growth

Ranks #468 of 1,502 consumer cyclical companies (top 32%)

See how it ranks against its peers

Worth knowing

Buybacks largely absorbed by stock pay. Stock-based pay expense $164M vs $289M spent repurchasing shares over the 3 fiscal years to FY Jan 2026. Shares outstanding changed −3.7% from January 2023 to August 2026.

Over three fiscal years Macy's recorded $164M of stock-based pay expense and spent $289M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (−3.7%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years Macy's recorded $164M of stock-based pay expense and spent $289M repurchasing shares. The share count barely moved (−3.7%), so much of the repurchasing offset new employee shares rather than shrinking the count.

Annual revenue fell three years running. Fiscal-year revenue down each year from FY Jan 2023 to FY Jan 2026.

Macy's's fiscal-year revenue declined in each of the three years to FY Jan 2026.

Sales growing faster than profits. Since FY Jan 2023: revenue −11%, operating profit −39%.

Since FY Jan 2023, Macy's's revenue changed −11% while operating profit fell 39%: costs rose faster than sales.

Profit is backed by cash. Free cash flow is 189% of reported profit.

Macy's's free cash flow is 189% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Questions investors ask about Macy's

Is Macy's getting weaker?

Its latest SEC filing (Sep 10, 2026) showed no major changes. Its overall score is unchanged at 60/100 since Oct 28, 2026.

How is Macy's valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 97/100 against 1,612 consumer cyclical peers. EBITDA yield 27.3% vs a peer median of 8.8% (stronger than 95% of peers).EBITDA yield 27.3% vs peers 8.8% (stronger than 95% of peers).

Is Macy's growing?

At about the same pace as its peers. Growth scores 54/100 against 1,612 consumer cyclical peers. Earnings per share growth 56.1% vs a peer median of 4.2% (stronger than 83% of peers).Earnings per share growth 56.1% vs peers 4.2% (stronger than 83% of peers). 3-year revenue growth -2.4% vs a peer median of 4.3% (weaker than 77% of peers).3-year revenue growth -2.4% vs peers 4.3% (weaker than 77% of peers).

How profitable is Macy's?

More profitable than most of its peers. Profitability scores 61/100 against 1,612 consumer cyclical peers. Return on invested capital 14.9% vs a peer median of 7.3% (stronger than 76% of peers).Return on invested capital 14.9% vs peers 7.3% (stronger than 76% of peers).

How risky is Macy's?

Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Beta 1.47 vs a peer median of 0.63 (weaker than 91% of peers).Beta 1.47 vs peers 0.63 (weaker than 91% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

22.7B USD

22.8B USD

+0.3%

Net income (12 months)

667.0M USD

750.0M USD

+12.4%

Operating margin

4.6%

5.0%

+0.4 pts

Free cash flow (12 months)

1.4B USD

1.4B USD

−0.8%

Debt

2.4B USD

2.4B USD

+0.0%

Cash

1.3B USD

1.3B USD

0.0%

Shares outstanding

263.0M

261.2M

−0.7%

Key ratios

FY Jan 2022

FY Jan 2023

FY Jan 2024

FY Jan 2025

FY Jan 2026

Change

Operating margin

9.3%

6.6%

1.3%

4.0%

4.6%

▲ 0.6 pts

Net margin

5.6%

4.5%

0.2%

2.5%

2.8%

▲ 0.3 pts

Return on assets (ROA)

8.1%

6.8%

0.3%

3.5%

4.0%

▲ 0.4 pts

Return on equity (ROE)

39.5%

28.1%

1.1%

12.8%

13.2%

▲ 0.4 pts

Free cash flow margin

9.3%

2.9%

2.8%

3.3%

4.7%

▲ 1.4 pts

Current ratio

1.25×

1.20×

1.34×

1.43×

1.49×

▲ 3.7%

Quick ratio

0.44×

0.33×

0.38×

0.44×

0.50×

▲ 13%

Debt to equity

0.91×

0.73×

0.74×

0.61×

0.50×

▼ 18%

Interest coverage

9.18×

9.65×

1.77×

5.75×

7.41×

▲ 29%