Macy's, Inc. (M) Financial Ratios
30 years of historical data (1996–2025) · Consumer Cyclical · Department Stores
EV/EBITDA
↑
5.36
-1% vs avg
5yr avg: 5.40
30Y Low4.1·High9.8
P/FCF
↑
6.01
↓-42% vs avg
5yr avg: 10.27
30Y Low3.8·High25.6
P/B Ratio
↓
1.37
-4% vs avg
5yr avg: 1.43
30Y Low0.8·High4.3
ROE
↓
13.6%
↑-35% vs avg
5yr avg: 20.9%
30Y Low-88%·High46%
Debt/EBITDA
↑
2.70
↓-13% vs avg
5yr avg: 3.10
30Y Low1.7·High5.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
M Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Macy's, Inc. trades at 10.4x earnings, 63% below its 5-year average of 28.3x, sitting at the 35th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 21.2x, the stock trades at a discount of 51%. On a free-cash-flow basis, the stock trades at 6.0x P/FCF, 42% below the 5-year average of 10.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.3B | $5.5B | $4.4B | $5.1B | $6.5B | $8.0B | $4.7B | $5.0B | $8.2B | $8.0B | $9.2B |
| Enterprise Value | $10.3B | $9.5B | $8.8B | $10.0B | $12.0B | $13.1B | $11.3B | $11.8B | $12.0B | $12.4B | $14.9B |
| P/E Ratio → | 10.41 | 8.63 | 7.53 | 114.31 | 5.51 | 5.59 | — | 8.81 | 7.39 | 5.09 | 14.62 |
| P/S Ratio | 0.28 | 0.24 | 0.19 | 0.21 | 0.25 | 0.31 | 0.26 | 0.20 | 0.32 | 0.31 | 0.35 |
| P/B Ratio | 1.37 | 1.14 | 0.96 | 1.26 | 1.59 | 2.21 | 1.83 | 0.78 | 1.27 | 1.41 | 2.12 |
| P/FCF | 6.01 | 5.24 | 5.77 | 16.31 | 20.27 | 3.78 | 25.57 | 11.01 | 10.20 | 6.72 | 10.33 |
| P/OCF | 4.44 | 3.87 | 3.43 | 3.90 | 4.02 | 2.95 | 7.21 | 3.09 | 4.72 | 4.10 | 5.10 |
P/E links to full P/E history page with 30-year chart
M EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Macy's, Inc.'s enterprise value stands at 5.4x EBITDA, roughly in line with its 5-year average of 5.4x. The Consumer Cyclical sector median is 12.2x, placing the stock at a 56% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.42 | 0.38 | 0.42 | 0.47 | 0.52 | 0.63 | 0.46 | 0.46 | 0.48 | 0.56 |
| EV / EBITDA | 5.36 | 4.93 | 4.91 | 8.38 | 4.72 | 4.06 | — | 6.03 | 4.43 | 4.34 | 6.15 |
| EV / EBIT | 10.01 | 10.04 | 10.01 | 56.39 | 7.34 | 6.17 | — | 12.54 | 7.09 | 6.71 | 11.03 |
| EV / FCF | — | 8.98 | 11.56 | 32.17 | 37.57 | 6.19 | 61.91 | 26.07 | 14.90 | 10.46 | 16.80 |
M Profitability
Margins and return-on-capital ratios measuring operating efficiency
Macy's, Inc. earns an operating margin of 4.6%, above the Consumer Cyclical sector average of 2.0%. Operating margins have expanded from 1.3% to 4.6% over the past 3 years, signaling improving operational efficiency. ROE of 13.6% is modest. ROIC of 8.7% represents adequate returns on invested capital versus a sector median of 5.2%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.5% | 36.5% | 40.3% | 40.4% | 39.7% | 41.1% | 32.1% | 40.1% | 40.9% | 40.8% | 41.0% |
| Operating Margin | 4.6% | 4.6% | 4.0% | 1.3% | 6.6% | 9.3% | -24.7% | 3.8% | 6.8% | 7.3% | 5.2% |
| Net Profit Margin | 2.8% | 2.8% | 2.5% | 0.2% | 4.5% | 5.6% | -21.8% | 2.2% | 4.3% | 6.1% | 2.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.6% | 13.6% | 13.6% | 1.1% | 29.8% | 46.3% | -88.3% | 8.8% | 18.3% | 31.4% | 14.6% |
| ROA | 3.9% | 3.9% | 3.6% | 0.3% | 6.7% | 8.1% | -20.3% | 2.8% | 5.7% | 8.0% | 3.1% |
| ROIC | 8.7% | 8.7% | 7.6% | 2.4% | 13.8% | 19.7% | -30.0% | 6.2% | 12.8% | 13.9% | 9.9% |
| ROCE | 8.7% | 8.7% | 7.7% | 2.5% | 14.0% | 19.2% | -32.2% | 6.6% | 12.3% | 13.1% | 9.4% |
M Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Macy's, Inc. carries a Debt/EBITDA ratio of 2.7x, which is moderately leveraged (43% below the sector average of 4.8x). Net debt stands at $4.0B ($5.2B total debt minus $1.2B cash). Interest coverage of 9.8x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.07 | 1.07 | 1.25 | 1.48 | 1.57 | 1.89 | 3.26 | 1.17 | 0.77 | 1.04 | 1.63 |
| Debt / EBITDA | 2.70 | 2.70 | 3.19 | 4.99 | 2.51 | 2.12 | — | 3.83 | 1.83 | 2.06 | 2.90 |
| Net Debt / Equity | — | 0.81 | 0.97 | 1.23 | 1.36 | 1.41 | 2.60 | 1.07 | 0.59 | 0.78 | 1.33 |
| Net Debt / EBITDA | 2.06 | 2.06 | 2.46 | 4.13 | 2.17 | 1.59 | — | 3.48 | 1.40 | 1.55 | 2.37 |
| Debt / FCF | — | 3.74 | 5.79 | 15.87 | 17.30 | 2.42 | 36.34 | 15.06 | 4.70 | 3.74 | 6.48 |
| Interest Coverage | 9.75 | 9.75 | 7.63 | 1.32 | 10.12 | 8.20 | -15.58 | 4.47 | 6.30 | 5.59 | 3.48 |
M Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.49x means Macy's, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 0.50x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 1.34x to 1.49x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.49 | 1.49 | 1.43 | 1.34 | 1.20 | 1.25 | 1.15 | 1.18 | 1.42 | 1.47 | 1.35 |
| Quick Ratio | 0.50 | 0.50 | 0.44 | 0.38 | 0.33 | 0.44 | 0.45 | 0.28 | 0.42 | 0.45 | 0.39 |
| Cash Ratio | 0.28 | 0.28 | 0.29 | 0.23 | 0.18 | 0.32 | 0.31 | 0.12 | 0.22 | 0.29 | 0.23 |
| Asset Turnover | — | 1.39 | 1.40 | 1.47 | 1.51 | 1.44 | 1.02 | 1.20 | 1.34 | 1.32 | 1.34 |
| Inventory Turnover | 3.25 | 3.25 | 3.08 | 3.26 | 3.60 | 3.41 | 3.26 | 2.92 | 2.89 | 2.93 | 2.90 |
| Days Sales Outstanding | — | 10.13 | 5.08 | 4.48 | 4.30 | 4.27 | 5.57 | 5.89 | 5.67 | 5.17 | 7.17 |
M Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Macy's, Inc. returns 6.9% to shareholders annually — split between a 3.0% dividend yield and 3.9% buyback yield. The payout ratio of 30.7% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 9.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.0% | 3.6% | 4.4% | 3.6% | 2.7% | 1.1% | 2.5% | 9.4% | 5.7% | 5.8% | 5.0% |
| Payout Ratio | 30.7% | 30.7% | 33.0% | 402.2% | 15.1% | 6.3% | — | 82.6% | 41.8% | 29.4% | 73.2% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.6% | 11.6% | 13.3% | 0.9% | 18.2% | 17.9% | — | 11.3% | 13.5% | 19.7% | 6.8% |
| FCF Yield | 16.6% | 19.1% | 17.3% | 6.1% | 4.9% | 26.5% | 3.9% | 9.1% | 9.8% | 14.9% | 9.7% |
| Buyback Yield | 3.9% | 4.5% | 0.0% | 0.7% | 9.3% | 6.3% | 0.0% | 0.0% | 0.0% | 0.0% | 3.4% |
| Total Shareholder Yield | 6.9% | 8.1% | 4.4% | 4.3% | 11.9% | 7.4% | 2.5% | 9.4% | 5.7% | 5.8% | 8.4% |
| Shares Outstanding | — | $277M | $282M | $278M | $281M | $314M | $311M | $311M | $311M | $307M | $311M |
Peer Comparison
Compare M with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MYou | $6B | 10.4 | 5.4 | 6.0 | 36.5% | 4.6% | 13.6% | 8.7% | 2.7 |
 KSS | $2B | 7.3 | 7.0 | 1.8 | 40.6% | 3.3% | 6.9% | 3.6% | 5.5 |
 DDS | $9B | 15.2 | 9.6 | 13.9 | 37.6% | 10.5% | 31.9% | 33.2% | 0.6 |
 BKE | $2B | 10.9 | 9.4 | 11.3 | 49.0% | 20.1% | 49.4% | 37.6% | 1.5 |
 SKY | $5B | 22.8 | 15.6 | 17.0 | 26.4% | 9.5% | 13.7% | 17.6% | 0.4 |
 TJX | $181B | 33.6 | 22.4 | 36.9 | 31.0% | 11.9% | 59.1% | 32.3% | 1.6 |
 ROST | $75B | 35.2 | 21.2 | 34.1 | 27.9% | 11.9% | 36.7% | 30.6% | 1.5 |
 ANF | $4B | 8.3 | 5.1 | 10.4 | 61.5% | 13.3% | 36.6% | 31.2% | 1.4 |
 PVH | $4B | 145.4 | 29.1 | 6.6 | 57.5% | 7.3% | 0.5% | 6.1% | 17.5 |
 RL | $25B | 27.3 | 22.2 | 33.8 | 69.9% | 14.5% | 34.7% | 24.7% | 2.5 |
 URBN | $7B | 15.1 | 10.5 | 15.4 | 36.0% | 9.8% | 17.6% | 13.1% | 1.7 |
| Consumer Cyclical Median | — | 21.2 | 12.2 | 15.6 | 36.2% | 2.0% | 5.3% | 5.2% | 4.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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M — Frequently Asked Questions
Quick answers to the most common questions about buying M stock.
What is Macy's, Inc.'s P/E ratio?
Macy's, Inc.'s current P/E ratio is 10.4x. The historical average is 16.4x. This places it at the 35th percentile of its historical range.
What is Macy's, Inc.'s EV/EBITDA?
Macy's, Inc.'s current EV/EBITDA is 5.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.2x.
What is Macy's, Inc.'s ROE?
Macy's, Inc.'s return on equity (ROE) is 13.6%. The historical average is 8.8%.
Is M stock overvalued?
Based on historical data, Macy's, Inc. is trading at a P/E of 10.4x. This is at the 35th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Macy's, Inc.'s dividend yield?
Macy's, Inc.'s current dividend yield is 2.95% with a payout ratio of 30.7%.
What are Macy's, Inc.'s profit margins?
Macy's, Inc. has 36.5% gross margin and 4.6% operating margin.
How much debt does Macy's, Inc. have?
Macy's, Inc.'s Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.