Macy's, Inc. M

Consumer DiscretionaryDiversified RetailUnited States of America

Last close 24.11 USD on Nov 1, 2026, +12.4% year to date

Quant rating

Quant rating B Rank 61 of 344 in Consumer Discretionary

Growth D 270 of 344
Valuation A 43 of 344
Quality B 71 of 344
Revisions C 145 of 344
Momentum B 79 of 344

Wall Street consensus Hold (2.85)Average target 22.89 USD −5.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 6.3B
Enterprise value: 7.4B
52-week range: 16.70 – 26.59
3-year range: 10.02 – 26.59
Dividend yield: 3.18%
Beta (5 years): 1.43
Shares outstanding: 261M
Next earnings: Dec 3, 2026

About the company

Macy's, Inc. is an omnichannel retail company. The Company operates stores, websites and mobile applications under three brands, Macy's, Bloomingdale's and Bluemercury, which sell a range of merchandise, including apparel and accessories (men's, women's and kids'), cosmetics, home furnishings and other consumer goods. The Company has stores in 43 states, the District of Columbia, Puerto Rico and Guam. Its operations are conducted through Macy's, Macy's Backstage, Macy's small format, Bloomingdale's, Bloomingdale's The Outlet, Bloomie's, and Bluemercury. In addition, Bloomingdale's in Dubai, United Arab Emirates and Al Zahra, Kuwait are operated under a license agreement with Al Tayer Insignia. The principal private label brands offered by the Company include Alfani, And Now This, Aqua, Bar III, Cerulean 6, Charter Club, Club Room, Epic Threads, first impressions, Giani Bernini, Holiday Lane, Home Design, Hotel Collection, Hudson Park, Ideology, I-N-C, jenni, JM Collection, and others.

Growth and profitability fiscal year ends January 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	22,621	23,006	23,866	25,449	25,292	–
Revenue growth	−1.7%	−3.6%	−6.2%	0.6%	39.8%	4.6%
EPS (basic, normalized)	2.32	2.64	3.50	4.31	5.31	–
EPS growth	−12.1%	−24.6%	−18.8%	−18.8%	–	–
Gross margin	40.3%	40.3%	40.4%	39.7%	40.9%	40.3%
Net margin	2.8%	2.5%	0.2%	4.5%	5.7%	3.1%
ROE	13.6%	13.6%	1.1%	29.8%	46.3%	20.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,294
Current ratio	1.59x
Long-term debt (mil)	2,433
Net debt (mil)	1,139
Total equity (mil)	4,928
Net debt / equity	0.23x
Net debt / EBITDA	0.62x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	22,621	−1.7%	0.3x	1,842	−2.4%	4.0x	2.32	−12.1%	10.4x
2027	21,885	−3.3%	0.3x	1,812	−1.6%	4.1x	2.30	−0.7%	10.5x
2028	21,730	−0.7%	0.3x	1,833	+1.2%	4.1x	2.35	+2.1%	10.2x
2029	21,615	−0.5%	0.3x	1,875	+2.3%	4.0x	2.53	+7.6%	9.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	21,885	0.0%	0.0%	+1.4%	2.30	−0.6%	+4.2%	+11.2%
2028	21,730	+0.1%	+0.3%	+1.9%	2.35	−0.9%	+1.5%	+8.8%
2029	21,615	+0.3%	+3.9%	+16.5%	2.53	−0.9%	+3.5%	+13.9%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	4,846	4,937	4,742	7,768	4,599	4,812	4,713	7,639	4,682	4,866
Sales mean (mil)	4,862	5,118	4,778	7,867	4,504	4,764	4,621	7,596	4,613	4,826
Surprise	−0.3%	−3.5%	−0.8%	−1.3%	+2.1%	+1.0%	+2.0%	+0.6%	+1.5%	+0.8%
EPS reported	0.27	0.53	0.04	1.80	0.16	0.41	0.09	1.67	0.13	0.40
EPS mean	0.15	0.30	0.02	1.53	0.14	0.18	−0.14	1.53	0.03	0.37
Surprise	+75.2%	+74.4%	+109.5%	+17.4%	+10.8%	+124.0%	−164.0%	+8.9%	+401.7%	+8.0%

Peer comparison Diversified Retail

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
M Macy's, Inc.	6.3B	0.62x	2.8%	1.28x	10.5x	10.2x	4.1x	4.1x
COST Costco Wholesale Corp	448.6B	−1.05x	3.0%	12.53x	44.4x	40.5x	26.9x	24.7x
TJX The TJX Companies, Inc.	154.3B	−0.38x	9.1%	14.51x	26.8x	24.4x	16.8x	15.5x
TGT Target Corp	70.1B	1.26x	3.5%	3.93x	14.7x	16.1x	8.2x	8.7x
DG Dollar General Corp	29.2B	0.92x	3.5%	3.14x	16.8x	15.9x	8.9x	8.6x
DLTR Dollar Tree Inc	25.1B	0.81x	6.3%	7.33x	16.9x	17.0x	9.6x	9.7x
Mean		0.36x	4.7%	7.12x	21.7x	20.7x	12.4x	11.9x
Median		0.71x	3.5%	5.63x	16.8x	16.6x	9.3x	9.2x

Technical analysis

1M+4.8%
3M−3.3%
1Y+26.8%
3Y+133.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Macy's, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	22,621	23,006	23,866	25,449	25,292	18,097
Cost of revenue	13,497	13,740	14,224	15,347	14,956	12,286
Gross profit	9,124	9,266	9,642	10,102	10,336	5,811
Selling, general & administrative expenses	7,346	8,330	8,375	8,461	8,047	6,767
Research & development	–	–	–	–	–	–
Depreciation/amortization	894	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−46.0	74.0	1,100	22.0	234	3,603
Other operating expenses	0	0	0	0	0	0
Operating income	930	862	167	1,619	2,055	−4,559
Net interest income (expense)	−97.0	−115	−135	−162	−255	−285
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	16.0	16.0	11.0	20.0	66.0	54.0
Net income before taxes	849	763	43.0	1,477	1,866	−4,790
Provision for taxes	207	181	−2.0	331	436	−641
Minority interest	–	–	–	–	–	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	642	582	45.0	1,146	1,430	−4,149
Extraordinary items	–	–	–	–	–	205
Net income	642	582	45.0	1,146	1,430	−3,944
EBIT, normalized	884	936	1,267	1,641	2,289	−956
EBITDA, normalized	1,778	1,817	2,164	2,498	3,163	3.0
Basic EPS, normalized	2.32	2.64	3.50	4.31	5.31	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Macy's, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	1,246	1,306	1,034	862	1,712	1,679
Receivables	628	320	293	300	297	276
Total inventory	4,412	4,468	4,361	4,267	4,383	3,774
Prepaid expenses	387	385	401	424	366	455
Other current assets	0	0	0	0	0	0
Total current assets	6,673	6,479	6,089	5,853	6,758	6,184
Property, plant & equipment	6,879	7,313	7,613	8,596	8,473	8,818
Goodwill	828	828	828	828	828	828
Intangibles	1,237	1,227	1,187	1,098	946	928
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	621	555	529	491	585	948
Total assets	16,238	16,402	16,246	16,866	17,590	17,706
Liabilities
Accounts payable	2,623	2,746	2,660	2,874	3,280	2,856
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,620	1,578	1,605	1,689	1,832	1,846
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	2.0	8.0	2.0	2.0	2.0	454
Other current liabilities	248	192	265	296	302	201
Total current liabilities	4,493	4,524	4,532	4,861	5,416	5,357
Long-term debt	2,443	2,786	3,010	3,011	3,312	4,426
Minority interest	–	–	–	–	–	–
Other liabilities	4,442	4,540	4,669	4,912	5,241	5,370
Total liabilities	11,378	11,850	12,211	12,784	13,969	15,153
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3.0	3.0	3.0	3.0	3.0	3.0
Additional paid-in capital	269	300	352	467	517	571
Retained earnings (accumulated deficit)	6,941	6,499	6,088	6,268	5,268	3,928
Treasury stock	−1,961	−1,801	−1,912	−2,038	−1,545	−1,161
Other equity	−392	−449	−496	−618	−622	−788
Total equity	4,860	4,552	4,035	4,082	3,621	2,553
Total liabilities & shareholders' equity	16,238	16,402	16,246	16,866	17,590	17,706

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Macy's, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	642	582	105	1,177	1,430	−3,944
Depreciation, depletion & amortization	894	881	897	857	874	959
Deferred taxes	62.0	−52.0	−244	−38.0	19.0	−327
Non-cash items	318	144	1,161	73.0	194	3,699
Changes in working capital	−486	−277	−614	−454	195	262
Cash from operations	1,430	1,278	1,305	1,615	2,712	649
Investing activities
Capital expenditures	−740	−882	−993	−1,295	−597	−466
Other investing cash flows	101	290	80.0	126	227	141
Cash from investing	−639	−592	−913	−1,169	−370	−325
Financing activities
Financing cash flow items	−40.0	0	−1.0	−50.0	−161	−95.0
Cash dividends paid	−197	−192	−181	−173	−90.0	−117
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−615	−221	−38.0	−1,073	−2,130	911
Cash from financing	−852	−413	−220	−1,296	−2,381	699
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−61.0	273	172	−850	−39.0	1,023
Free cash flow	690	396	312	320	2,115	183

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.