Macy's, Inc. (M) 10-Year Financial Performance & Capital Metrics

M • • Industrial / General

Consumer CyclicalDepartment StoresTraditional Department StoresNational Full-Line Retailers

AboutMacy's, Inc., an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of January 29, 2022, it operated 725 department stores in the District of Columbia, Puerto Rico, and Guam under the Macy's, Macy's Backstage, Market by Macy's, Bloomingdale's, Bloomingdale's The Outlet, Bloomies, and bluemercury brands. It also operates in Dubai, the United Arab Emirates, and Al Zahra, Kuwait under the license agreements. The company also operates as a beauty products and spa retailer. The company was formerly known as Federated Department Stores, Inc. and changed its name to Macy's, Inc. in June 2007. Macy's, Inc. was founded in 1830 and is based in New York, New York.Show more

Revenue $23.01B -3.6%
EBITDA $1.79B +49.4%
Net Income $582M +1193.3%
EPS (Diluted) 2.07 +1193.8%
Gross Margin 40.28% -0.3%
EBITDA Margin 7.78% +55.0%
Operating Margin 3.95% +213.3%
Net Margin 2.53% +1241.4%
ROE 13.56% +1122.5%
ROIC 7.6% +213.2%
Debt/Equity 1.25 -15.5%
Interest Coverage 7.90 +254.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 85 (top 15%)
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 3.2%
✓Trading at only 1.3x book value
✓Efficient asset utilization: 1.4x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-1.98%

5Y-1.91%

3Y-3.24%

TTM-2.83%

Profit (Net Income) CAGR

10Y-9.19%

5Y0.63%

3Y-25.89%

TTM181.18%

EPS CAGR

10Y-6.88%

5Y2.72%

3Y-23.09%

TTM188.38%

ROCE

10Y Avg6.58%

5Y Avg2.23%

3Y Avg8.07%

Latest7.71%

Peer Comparison

National Full-Line Retailers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MMacy's, Inc.	5.74B	21.57	10.42	-3.6%	2.1%	11.04%	13.25%	1.25

Profit & Loss

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Feb 2025
Sales/Revenue+	27.08B	26.56B	25.64B	25.74B	25.33B	18.1B	25.4B	25.45B	23.87B	23.01B
Revenue Growth %	-0.04%	-0.02%	-0.03%	0%	-0.02%	-0.29%	0.4%	0%	-0.06%	-0.04%
Cost of Goods Sold+	16.5B	15.67B	15.18B	15.21B	15.17B	12.29B	14.96B	15.35B	14.22B	13.74B
COGS % of Revenue	0.61%	0.59%	0.59%	0.59%	0.6%	0.68%	0.59%	0.6%	0.6%	0.6%
Gross Profit+	10.58B	10.9B	10.46B	10.52B	10.16B	5.81B	10.44B	10.1B	9.64B	9.27B
Gross Margin %	0.39%	0.41%	0.41%	0.41%	0.4%	0.32%	0.41%	0.4%	0.4%	0.4%
Gross Profit Growth %	-0.06%	0.03%	-0.04%	0.01%	-0.03%	-0.43%	0.8%	-0.03%	-0.05%	-0.04%
Operating Expenses+	8.54B	9.53B	8.6B	8.79B	9.19B	10.29B	8.09B	8.41B	9.34B	8.36B
OpEx % of Revenue	0.32%	0.36%	0.34%	0.34%	0.36%	0.57%	0.32%	0.33%	0.39%	0.36%
Selling, General & Admin	8.47B	9.36B	9.06B	9.13B	9.06B	6.85B	8.15B	8.46B	8.38B	8.33B
SG&A % of Revenue	0.31%	0.35%	0.35%	0.35%	0.36%	0.38%	0.32%	0.33%	0.35%	0.36%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	76M	172M	-463M	-341M	134M	3.44B	-61M	-48M	966M	27M
Operating Income+	2.04B	1.37B	1.86B	1.74B	970M	-4.47B	2.35B	1.69B	301M	909M
Operating Margin %	0.08%	0.05%	0.07%	0.07%	0.04%	-0.25%	0.09%	0.07%	0.01%	0.04%
Operating Income Growth %	-0.27%	-0.33%	0.36%	-0.07%	-0.44%	-5.61%	1.53%	-0.28%	-0.82%	2.02%
EBITDA+	3.1B	2.43B	2.85B	2.7B	1.95B	-3.52B	3.22B	2.55B	1.2B	1.79B
EBITDA Margin %	0.11%	0.09%	0.11%	0.1%	0.08%	-0.19%	0.13%	0.1%	0.05%	0.08%
EBITDA Growth %	-0.19%	-0.22%	0.18%	-0.05%	-0.28%	-2.8%	1.92%	-0.21%	-0.53%	0.49%
D&A (Non-Cash Add-back)	1.06B	1.06B	991M	962M	981M	959M	874M	857M	897M	881M
EBIT	2.06B	1.35B	1.85B	1.69B	938M	-4.5B	2.13B	1.64B	178M	878M
Net Interest Income+	-361M	-363M	-310M	-236M	-185M	-285M	-256M	-162M	-135M	-115M
Interest Income	23M	26M	20M	32M	25M	4M	3M	0	0	0
Interest Expense	384M	389M	330M	268M	210M	289M	259M	162M	135M	115M
Other Income/Expense	-361M	-406M	-348M	-318M	-242M	-315M	-484M	-212M	-258M	-146M
Pretax Income+	1.68B	965M	1.52B	1.42B	728M	-4.79B	1.87B	1.48B	43M	763M
Pretax Margin %	0.06%	0.04%	0.06%	0.06%	0.03%	-0.26%	0.07%	0.06%	0%	0.03%
Income Tax+	608M	346M	-39M	322M	164M	-846M	436M	331M	-2M	181M
Effective Tax Rate %	0.64%	0.65%	1.03%	0.78%	0.77%	0.82%	0.77%	0.78%	1.05%	0.76%
Net Income+	1.07B	627M	1.57B	1.11B	564M	-3.94B	1.43B	1.15B	45M	582M
Net Margin %	0.04%	0.02%	0.06%	0.04%	0.02%	-0.22%	0.06%	0.05%	0%	0.03%
Net Income Growth %	-0.3%	-0.42%	1.5%	-0.29%	-0.49%	-7.99%	1.36%	-0.2%	-0.96%	11.93%
Net Income (Continuing)	1.07B	619M	1.55B	1.1B	564M	-3.94B	1.43B	1.15B	45M	582M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	3M	-1M	-12M	0	0	0	0	0	0	0
EPS (Diluted)+	3.22	2.02	5.10	3.56	1.81	-12.68	4.55	4.19	0.16	2.07
EPS Growth %	-0.24%	-0.37%	1.52%	-0.3%	-0.49%	-8.01%	1.36%	-0.08%	-0.96%	11.94%
EPS (Basic)	3.26	2.03	5.13	3.60	1.82	-12.68	4.66	4.28	0.16	2.10
Diluted Shares Outstanding	333M	310.8M	306.8M	311.4M	311.4M	311.1M	314M	281.1M	278.2M	281.6M
Basic Shares Outstanding	328.4M	308.5M	305.4M	307.7M	309.7M	311.1M	306.8M	274.7M	274.2M	281.16M
Dividend Payout Ratio	0.43%	0.73%	0.29%	0.42%	0.83%	-	0.06%	0.15%	4.02%	0.33%

Balance Sheet

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Feb 2025
Total Current Assets+	7.65B	7.63B	7.44B	7.45B	6.81B	6.18B	6.76B	5.85B	6.09B	6.48B
Cash & Short-Term Investments	1.11B	1.3B	1.46B	1.16B	685M	1.68B	1.71B	862M	1.03B	1.31B
Cash Only	1.11B	1.3B	1.46B	1.16B	685M	1.68B	1.71B	862M	1.03B	1.31B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	558M	522M	363M	400M	409M	276M	297M	300M	293M	320M
Days Sales Outstanding	7.52	7.17	5.17	5.67	5.89	5.57	4.27	4.3	4.48	5.08
Inventory	5.51B	5.4B	5.18B	5.26B	5.19B	3.77B	4.38B	4.27B	4.36B	4.47B
Days Inventory Outstanding	121.83	125.79	124.5	126.26	124.82	112.12	106.97	101.48	111.91	118.69
Other Current Assets	50M	57M	321M	252M	218M	139M	159M	187M	401M	385M
Total Non-Current Assets+	12.92B	12.22B	11.94B	11.75B	14.36B	11.52B	10.83B	11.01B	10.16B	9.92B
Property, Plant & Equipment	7.62B	7.02B	6.67B	6.64B	9.3B	8.82B	8.47B	8.6B	7.61B	7.31B
Fixed Asset Turnover	3.56x	3.79x	3.84x	3.88x	2.72x	2.05x	3.00x	2.96x	3.13x	3.15x
Goodwill	3.9B	3.9B	3.9B	3.91B	3.91B	828M	828M	828M	828M	828M
Intangible Assets	514M	498M	488M	478M	439M	437M	435M	432M	430M	425M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	897M	813M	880M	726M	714M	1.44B	1.1B	1.16B	1.29B	1.36B
Total Assets+	20.58B	19.85B	19.38B	19.19B	21.17B	17.71B	17.59B	16.87B	16.25B	16.4B
Asset Turnover	1.32x	1.34x	1.32x	1.34x	1.20x	1.02x	1.44x	1.51x	1.47x	1.40x
Asset Growth %	-0.04%	-0.04%	-0.02%	-0.01%	0.1%	-0.16%	-0.01%	-0.04%	-0.04%	0.01%
Total Current Liabilities+	5.73B	5.65B	5.08B	5.23B	5.75B	5.36B	5.42B	4.86B	4.53B	4.52B
Accounts Payable	2.34B	2.18B	2.33B	2.64B	2.66B	2.86B	3.28B	2.87B	2.66B	2.75B
Days Payables Outstanding	51.78	50.72	55.9	63.28	63.97	84.85	80.05	68.35	68.26	72.95
Short-Term Debt	642M	309M	22M	36M	539M	452M	0	0	0	6M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	619M	194M	760M	575M	498M	398M	438M	43M	384M	357M
Current Ratio	1.34x	1.35x	1.47x	1.42x	1.18x	1.15x	1.25x	1.20x	1.34x	1.43x
Quick Ratio	0.37x	0.39x	0.45x	0.42x	0.28x	0.45x	0.44x	0.33x	0.38x	0.44x
Cash Conversion Cycle	77.57	82.24	73.76	68.64	66.74	32.84	31.19	37.43	48.13	50.82
Total Non-Current Liabilities+	10.6B	9.88B	8.64B	7.53B	9.04B	9.8B	8.55B	7.92B	7.68B	7.33B
Long-Term Debt	6.97B	6.54B	5.83B	4.68B	3.62B	4.41B	3.29B	3B	3B	2.77B
Capital Lease Obligations	29M	27M	26M	25M	2.92B	3.19B	3.1B	2.96B	2.99B	2.93B
Deferred Tax Liabilities	1.48B	1.44B	1.12B	1.24B	1.17B	908M	983M	947M	745M	724M
Other Non-Current Liabilities	2.12B	1.88B	2.78B	1.58B	1.34B	1.3B	1.18B	1.02B	950M	902M
Total Liabilities	16.32B	15.53B	13.72B	12.76B	14.79B	15.15B	13.97B	12.78B	12.21B	11.85B
Total Debt+	7.64B	7.05B	5.88B	4.94B	7.48B	8.33B	6.83B	6.4B	5.98B	5.71B
Net Debt	6.53B	5.76B	4.43B	3.78B	6.79B	6.65B	5.11B	5.54B	4.95B	4.4B
Debt / Equity	1.80x	1.63x	1.04x	0.77x	1.17x	3.26x	1.89x	1.57x	1.48x	1.25x
Debt / EBITDA	2.46x	2.90x	2.06x	1.83x	3.83x	-	2.12x	2.51x	4.99x	3.19x
Net Debt / EBITDA	2.11x	2.37x	1.55x	1.40x	3.48x	-	1.59x	2.17x	4.13x	2.46x
Interest Coverage	5.31x	3.52x	5.65x	6.49x	4.62x	-15.48x	9.07x	10.43x	2.23x	7.90x
Total Equity+	4.25B	4.32B	5.66B	6.44B	6.38B	2.55B	3.62B	4.08B	4.04B	4.55B
Equity Growth %	-0.21%	0.02%	0.31%	0.14%	-0.01%	-0.6%	0.42%	0.13%	-0.01%	0.13%
Book Value per Share	12.77	13.91	18.45	20.67	20.48	8.21	11.53	14.52	14.50	16.16
Total Shareholders' Equity	4.25B	4.32B	5.67B	6.44B	6.38B	2.55B	3.62B	4.08B	4.04B	4.55B
Common Stock	3M	3M	3M	3M	3M	3M	3M	3M	3M	3M
Retained Earnings	6.33B	6.09B	7.17B	8.05B	7.99B	3.93B	5.27B	6.27B	6.09B	6.5B
Treasury Stock	-1.67B	-1.49B	-1.46B	-1.32B	-1.24B	-1.16B	-1.54B	-2.04B	-1.91B	-1.8B
Accumulated OCI	-1.04B	-896M	-724M	-951M	-995M	-788M	-622M	-618M	-496M	-449M
Minority Interest	3M	-1M	-12M	0	0	0	0	0	0	0

Cash Flow

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Feb 2025
Cash from Operations+	1.98B	1.8B	1.94B	1.74B	1.61B	649M	2.71B	1.61B	1.3B	1.28B
Operating CF Margin %	0.07%	0.07%	0.08%	0.07%	0.06%	0.04%	0.11%	0.06%	0.05%	0.06%
Operating CF Growth %	-0.27%	-0.09%	0.08%	-0.11%	-0.07%	-0.6%	3.18%	-0.4%	-0.19%	-0.02%
Net Income	1.07B	611M	1.54B	1.1B	564M	-3.94B	1.43B	1.18B	105M	582M
Depreciation & Amortization	1.06B	1.06B	991M	962M	981M	959M	874M	857M	897M	881M
Stock-Based Compensation	65M	61M	58M	63M	38M	31M	55M	54M	47M	87M
Deferred Taxes	288M	270M	-544M	-389M	-6M	-327M	19M	-38M	-244M	0
Other Non-Cash Items	-14M	84M	246M	209M	285M	3.67B	139M	19M	1.11B	5M
Working Capital Changes	-486M	-283M	-343M	-208M	-254M	262M	195M	-454M	-614M	-277M
Change in Receivables	-133M	-82M	106M	-40M	80M	183M	-21M	-3M	7M	2M
Change in Inventory	-60M	107M	221M	-87M	75M	1.41B	-610M	116M	-99M	-51M
Change in Payables	-222M	-294M	-17M	99M	-217M	-522M	463M	-303M	-460M	-60M
Cash from Investing+	-1.09B	-187M	-373M	-456M	-1B	-325M	-370M	-1.17B	-913M	-592M
Capital Expenditures	-1.11B	-912M	-760M	-932M	-1.16B	-466M	-597M	-1.29B	-631M	-518M
CapEx % of Revenue	0.04%	0.03%	0.03%	0.04%	0.05%	0.03%	0.02%	0.05%	0.03%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	233M	725M	387M	476M	-30M	28M	63M	-11M	-282M	-74M
Cash from Financing+	-2.03B	-1.43B	-1.41B	-1.54B	-1.12B	699M	-2.38B	-1.3B	-220M	-413M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-456M	-459M	-461M	-463M	-466M	-117M	-90M	-173M	-181M	-192M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	5M	67M	-15M	23M	-93M	79M	7M	0	1M	3M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	871M	889M	1.18B	803M	451M	183M	2.12B	320M	312M	760M
FCF Margin %	0.03%	0.03%	0.05%	0.03%	0.02%	0.01%	0.08%	0.01%	0.01%	0.03%
FCF Growth %	-0.47%	0.02%	0.33%	-0.32%	-0.44%	-0.59%	10.56%	-0.85%	-0.03%	1.44%
FCF per Share	2.62	2.86	3.86	2.58	1.45	0.59	6.74	1.14	1.12	2.70
FCF Conversion (FCF/Net Income)	1.85x	2.87x	1.24x	1.57x	2.85x	-0.16x	1.90x	1.41x	29.00x	2.20x
Interest Paid	383M	396M	361M	328M	242M	257M	0	188M	157M	155M
Taxes Paid	635M	352M	496M	345M	229M	98M	0	455M	240M	304M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	22.26%	14.62%	31.37%	18.32%	8.8%	-88.33%	46.32%	29.75%	1.11%	13.56%
Return on Invested Capital (ROIC)	14.39%	9.86%	13.86%	12.84%	6.22%	-30%	19.65%	13.8%	2.43%	7.6%
Gross Margin	39.08%	41.03%	40.79%	40.89%	40.11%	32.11%	41.12%	39.7%	40.4%	40.28%
Net Margin	3.96%	2.36%	6.11%	4.3%	2.23%	-21.79%	5.63%	4.5%	0.19%	2.53%
Debt / Equity	1.80x	1.63x	1.04x	0.77x	1.17x	3.26x	1.89x	1.57x	1.48x	1.25x
Interest Coverage	5.31x	3.52x	5.65x	6.49x	4.62x	-15.48x	9.07x	10.43x	2.23x	7.90x
FCF Conversion	1.85x	2.87x	1.24x	1.57x	2.85x	-0.16x	1.90x	1.41x	29.00x	2.20x
Revenue Growth	-3.65%	-1.9%	-3.47%	0.38%	-1.59%	-28.56%	40.35%	0.2%	-6.22%	-3.6%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Women's Accessories, Shoes, Cosmetics and Fragrances	9.5B	9.45B	7.21B	10.12B	9.6B	9.52B	9.33B
Women's Accessories, Shoes, Cosmetics and Fragrances Growth	-	-0.48%	-23.78%	40.42%	-5.16%	-0.80%	-1.96%
Womens Apparel	5.67B	5.41B	2.91B	4.43B	5.35B	4.86B	4.83B
Womens Apparel Growth	-	-4.65%	-46.24%	52.39%	20.66%	-9.12%	-0.72%
Mens And Kids	5.71B	5.63B	3.49B	5.25B	5.3B	4.92B	4.75B
Mens And Kids Growth	-	-1.47%	-38.06%	50.66%	0.86%	-7.15%	-3.36%
Home Other	4.08B	4.07B	3.75B	4.66B	4.2B	3.79B	3.38B
Home Other Growth	-	-0.42%	-7.92%	24.33%	-9.82%	-9.67%	-10.86%
Credit Card Revenues, Net	-	-	-	-	-	619M	537M
Credit Card Revenues, Net Growth	-	-	-	-	-	-	-13.25%
Macy's Media Network Revenue, Net	-	-	-	-	-	155M	176M
Macy's Media Network Revenue, Net Growth	-	-	-	-	-	-	13.55%

Frequently Asked Questions

Valuation & Price

Macy's, Inc. (M) has a price-to-earnings (P/E) ratio of 10.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Macy's, Inc. (M) reported $22.71B in revenue for fiscal year 2024. This represents a 14% decrease from $26.41B in 2011.

Macy's, Inc. (M) saw revenue decline by 3.6% over the past year.

Yes, Macy's, Inc. (M) is profitable, generating $478.0M in net income for fiscal year 2024 (2.5% net margin).

Dividend & Returns

Yes, Macy's, Inc. (M) pays a dividend with a yield of 3.16%. This makes it attractive for income-focused investors.

Macy's, Inc. (M) has a return on equity (ROE) of 13.6%. This is reasonable for most industries.

Macy's, Inc. (M) generated $1.09B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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