Macy's, Inc. (M) P/E Ratio History
UndervaluedTrading at 10.4x vs 5Y avg 43.4x · 70th percentile · Below historical baseline · Data 1992–2026
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P/E Ratio Analysis
As of June 21, 2026, Macy's, Inc. (M) trades at a price-to-earnings ratio of 10.4x, with a stock price of $24.14 and trailing twelve-month earnings per share of $2.45.
The current P/E is 76% below its 5-year average of 43.4x. Over the past five years, M's P/E has ranged from a low of 3.4x to a high of 659.5x, placing the current valuation at the 70th percentile of its historical range.
Compared to the Consumer Cyclical sector median P/E of 21.2x, M trades at a 51% discount to its sector peers. The sector includes 307 companies with P/E ratios ranging from 0.1x to 184.9x.
Relative to the broader market, M trades at a notable discount to the S&P 500 median P/E of 24.4x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our M DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
M Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
M P/E vs Peers
Full-line mall-based department stores peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $2B | 7.3Lowest | - | +144%Best | |
| $9B | 15.2 | - | -1% | |
| $2B | 10.9 | 1.18 | +6% | |
| $5B | 22.8 | 1.16 | +7% | |
| $181B | 33.6 | 0.26 | +15% | |
| $75B | 35.2 | 0.37 | +5% | |
| $4B | 8.3 | - | -2% | |
| $4B | 145.4 | - | -95% | |
| $25B | 27.3 | - | +30% | |
| $7B | 15.1 | 0.07Best | +19% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
M Historical P/E Data (1992–2026)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q1 | May 02 2026 | $19.69 | $2.41 | 8.2x | -68% |
| FY2025 Q4 | Jan 31 2026 | $20.02 | $2.32 | 8.6x | -67% |
| FY2025 Q3 | Nov 01 2025 | $19.49 | $1.70 | 11.5x | -56% |
| FY2025 Q2 | Aug 02 2025 | $12.36 | $1.76 | 7.0x | -73% |
| FY2025 Q1 | May 03 2025 | $11.95 | $1.98 | 6.0x | -77% |
| FY2024 Q4 | Jan 31 2025 | $15.58 | $2.06 | 7.6x | -71% |
| FY2024 Q3 | Nov 02 2024 | $15.27 | $0.59 | 25.9x | +0% |
| FY2024 Q2 | Aug 03 2024 | $15.93 | $0.64 | 24.9x | -3% |
| FY2024 Q1 | May 04 2024 | $19.52 | $0.03 | 659.5x | +2458% |
| FY2023 Q4 | Jan 31 2024 | $18.29 | $0.37 | 49.5x | +92% |
| FY2023 Q3 | Oct 28 2023 | $11.68 | $2.46 | 4.7x | -82% |
| FY2023 Q2 | Jul 29 2023 | $16.27 | $2.70 | 6.0x | -77% |
| FY2023 Q1 | Apr 29 2023 | $16.34 | $3.77 | 4.3x | -83% |
| FY2022 Q4 | - | $23.63 | $4.19 | 5.6x | -78% |
| FY2022 Q3 | Oct 29 2022 | $21.01 | $4.80 | 4.4x | -83% |
| FY2022 Q2 | Jul 30 2022 | $17.65 | $5.17 | 3.4x | -87% |
| FY2022 Q1 | Apr 30 2022 | $24.17 | $5.26 | 4.6x | -82% |
| FY2021 Q4 | Jan 31 2022 | $25.60 | $4.60 | 5.6x | -78% |
| FY2021 Q3 | Oct 30 2021 | $26.47 | $2.66 | 10.0x | -61% |
| FY2021 Q2 | Jul 31 2021 | $17.00 | $1.61 | 10.6x | -59% |
| FY2019 Q4 | Jan 31 2020 | $15.95 | $1.82 | 8.8x | -66% |
| FY2019 Q3 | Nov 02 2019 | $15.58 | $3.10 | 5.0x | -81% |
| FY2019 Q2 | Aug 03 2019 | $21.29 | $3.29 | 6.5x | -75% |
| FY2019 Q1 | May 04 2019 | $23.24 | $3.54 | 6.6x | -75% |
| FY2018 Q4 | - | $26.30 | $3.55 | 7.4x | -71% |
| FY2018 Q3 | Nov 03 2018 | $35.54 | $5.49 | 6.5x | -75% |
| FY2018 Q2 | Aug 04 2018 | $38.95 | $5.39 | 7.2x | -72% |
| FY2018 Q1 | May 05 2018 | $31.24 | $5.22 | 6.0x | -77% |
| FY2017 Q4 | Jan 31 2018 | $25.95 | $5.03 | 5.2x | -80% |
| FY2017 Q3 | Oct 28 2017 | $19.69 | $2.26 | 8.7x | -66% |
| FY2017 Q2 | Jul 29 2017 | $23.93 | $2.21 | 10.8x | -58% |
| FY2017 Q1 | Apr 29 2017 | $29.22 | $1.88 | 15.5x | -40% |
| FY2016 Q4 | - | $29.54 | $1.99 | 14.8x | -42% |
| FY2016 Q3 | Oct 29 2016 | $35.56 | $2.18 | 16.3x | -37% |
| FY2016 Q2 | Jul 30 2016 | $35.83 | $2.49 | 14.4x | -44% |
| FY2016 Q1 | Apr 30 2016 | $39.59 | $3.10 | 12.8x | -50% |
| FY2015 Q4 | Jan 31 2016 | $40.41 | $3.29 | 12.3x | -52% |
| FY2015 Q3 | Oct 31 2015 | $50.98 | $3.78 | 13.5x | -48% |
| FY2015 Q2 | Aug 01 2015 | $69.06 | $4.03 | 17.1x | -34% |
| FY2015 Q1 | May 02 2015 | $65.07 | $4.19 | 15.5x | -40% |
| FY2014 Q4 | Jan 31 2015 | $63.88 | $4.23 | 15.1x | -41% |
| FY2014 Q3 | Nov 01 2014 | $57.82 | $4.17 | 13.9x | -46% |
| FY2014 Q2 | Aug 02 2014 | $57.89 | $4.03 | 14.4x | -44% |
| FY2014 Q1 | May 03 2014 | $57.19 | $3.95 | 14.5x | -44% |
| FY2013 Q4 | Jan 31 2014 | $53.20 | $3.90 | 13.6x | -47% |
| FY2013 Q3 | Nov 02 2013 | $45.96 | $3.57 | 12.9x | -50% |
| FY2013 Q2 | Aug 03 2013 | $49.46 | $3.46 | 14.3x | -45% |
| FY2013 Q1 | May 04 2013 | $46.23 | $3.41 | 13.6x | -47% |
| FY2012 Q4 | - | $39.51 | $3.29 | 12.0x | -53% |
| FY2012 Q3 | Oct 27 2012 | $38.48 | $3.20 | 12.0x | -53% |
| FY2012 Q2 | Jul 28 2012 | $36.54 | $3.16 | 11.6x | -55% |
| FY2012 Q1 | Apr 28 2012 | $41.18 | $3.04 | 13.5x | -47% |
| FY2011 Q4 | - | $33.69 | $2.91 | 11.6x | -55% |
| FY2011 Q3 | Oct 29 2011 | $31.46 | $2.72 | 11.6x | -55% |
| FY2011 Q2 | Jul 30 2011 | $28.87 | $2.42 | 11.9x | -54% |
| FY2011 Q1 | Apr 30 2011 | $23.91 | $2.22 | 10.8x | -58% |
| FY2010 Q4 | Jan 31 2011 | $23.15 | $1.97 | 11.8x | -54% |
| FY2010 Q3 | Oct 30 2010 | $23.67 | $1.52 | 15.6x | -40% |
| FY2010 Q2 | Jul 31 2010 | $18.65 | $1.42 | 13.2x | -49% |
| FY2010 Q1 | May 01 2010 | $23.20 | $1.09 | 21.3x | -17% |
| FY2009 Q4 | Jan 31 2010 | $15.93 | $0.83 | 19.3x | -25% |
| FY2008 Q3 | Nov 01 2008 | $12.29 | $1.66 | 7.4x | -71% |
| FY2008 Q2 | Aug 02 2008 | $18.17 | $1.84 | 9.9x | -62% |
| FY2008 Q1 | May 03 2008 | $26.30 | $1.83 | 14.4x | -44% |
| FY2007 Q4 | - | $27.62 | $2.05 | 13.5x | -48% |
| FY2007 Q3 | Nov 03 2007 | $31.11 | $1.72 | 18.1x | -30% |
| FY2007 Q2 | Aug 04 2007 | $33.70 | $1.63 | 20.6x | -20% |
| FY2007 Q1 | May 05 2007 | $43.66 | $2.04 | 21.4x | -17% |
| FY2006 Q4 | Jan 31 2007 | $41.49 | $1.87 | 22.2x | -14% |
| FY2006 Q3 | Oct 28 2006 | $43.88 | $1.73 | 25.4x | -2% |
| FY2006 Q2 | Jul 29 2006 | $35.15 | $2.64 | 13.3x | -48% |
| FY2006 Q1 | Apr 29 2006 | $38.93 | $2.49 | 15.7x | -39% |
| FY2005 Q4 | - | $33.32 | $2.94 | 11.3x | -56% |
| FY2005 Q3 | Oct 29 2005 | $29.75 | $2.96 | 10.1x | -61% |
| FY2005 Q2 | Jul 30 2005 | $37.94 | $2.27 | 16.7x | -35% |
| FY2005 Q1 | Apr 30 2005 | $28.75 | $2.07 | 13.9x | -46% |
| FY2004 Q4 | Jan 31 2005 | $28.40 | $1.98 | 14.3x | -44% |
| FY2004 Q3 | Oct 30 2004 | $25.23 | $1.96 | 12.9x | -50% |
| FY2004 Q2 | Jul 31 2004 | $23.96 | $1.93 | 12.4x | -52% |
| FY2004 Q1 | May 01 2004 | $24.50 | $2.03 | 12.1x | -53% |
| FY2003 Q4 | Jan 31 2004 | $23.74 | $1.88 | 12.6x | -51% |
| FY2003 Q3 | Oct 31 2003 | $23.78 | $1.51 | 15.7x | -39% |
| FY2003 Q2 | Aug 02 2003 | $20.05 | $1.60 | 12.5x | -51% |
| FY2003 Q1 | May 03 2003 | $15.27 | $1.98 | 7.7x | -70% |
| FY2002 Q4 | Jan 31 2003 | $13.01 | $2.08 | 6.3x | -76% |
| FY2002 Q3 | Nov 02 2002 | $15.73 | $0.07 | 224.7x | +772% |
| FY2001 Q3 | Nov 03 2001 | $16.46 | $1.25 | 13.2x | -49% |
| FY2000 Q2 | Jul 29 2000 | $12.25 | $1.66 | 7.4x | -71% |
| FY2000 Q1 | Apr 29 2000 | $17.00 | $1.82 | 9.3x | -64% |
| FY1999 Q4 | Jan 31 2000 | $20.81 | $1.81 | 11.5x | -55% |
| FY1999 Q3 | Oct 30 1999 | $21.34 | $1.73 | 12.3x | -52% |
| FY1999 Q2 | Jul 31 1999 | $25.66 | $1.65 | 15.6x | -40% |
| FY1999 Q1 | May 01 1999 | $23.34 | $1.58 | 14.8x | -43% |
| FY1998 Q4 | Jan 31 1999 | $20.91 | $1.52 | 13.8x | -47% |
| FY1998 Q3 | Oct 31 1998 | $19.22 | $1.41 | 13.6x | -47% |
| FY1998 Q2 | Aug 01 1998 | $26.47 | $1.45 | 18.3x | -29% |
| FY1998 Q1 | May 02 1998 | $24.63 | $1.27 | 19.3x | -25% |
| FY1997 Q4 | Jan 31 1998 | $21.16 | $1.19 | 17.8x | -31% |
| FY1997 Q3 | Nov 01 1997 | $22.03 | $1.00 | 22.0x | -15% |
| FY1997 Q2 | Aug 02 1997 | $21.91 | $0.86 | 25.5x | -1% |
| FY1997 Q1 | May 03 1997 | $17.25 | $0.73 | 23.6x | -8% |
| FY1996 Q4 | Jan 31 1997 | $16.44 | $0.58 | 28.1x | +9% |
| FY1996 Q3 | Nov 02 1996 | $16.25 | $0.45 | 36.5x | +42% |
| FY1996 Q2 | Aug 03 1996 | $16.00 | $0.23 | 71.1x | +176% |
| FY1996 Q1 | May 04 1996 | $16.81 | $0.11 | 152.8x | +493% |
| FY1995 Q4 | Jan 31 1996 | $13.50 | $0.04 | 337.5x | +1209% |
| FY1995 Q2 | Jul 29 1995 | $13.94 | $0.26 | 53.6x | +108% |
| FY1995 Q1 | Apr 29 1995 | $10.56 | $0.46 | 23.2x | -10% |
| FY1994 Q4 | - | $9.44 | $0.74 | 12.7x | -51% |
| FY1994 Q3 | Oct 31 1994 | $10.44 | $0.91 | 11.5x | -55% |
| FY1994 Q2 | Jul 31 1994 | $10.19 | $0.81 | 12.7x | -51% |
| FY1994 Q1 | Apr 30 1994 | $10.69 | $0.82 | 13.0x | -50% |
| FY1993 Q4 | Jan 31 1994 | $10.94 | $0.77 | 14.3x | -45% |
| FY1993 Q3 | Oct 31 1993 | $9.88 | $0.57 | 17.2x | -33% |
| FY1993 Q2 | Jul 31 1993 | $11.50 | $0.63 | 18.4x | -29% |
| FY1993 Q1 | Apr 30 1993 | $9.88 | $0.46 | 21.5x | -17% |
| FY1992 Q4 | Jan 31 1993 | $10.19 | $0.47 | 21.9x | -15% |
Average P/E for displayed period: 25.8x
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
34+ years return with dividends reinvested.
DCA Calculator
See how regular investing compounds over time.
Peer Comparison
Compare growth, multiples, and margins vs sector.
M — Frequently Asked Questions
Quick answers to the most common questions about buying M stock.
What is M's P/E ratio?
Macy's, Inc. (M) trailing twelve-month P/E ratio is 10.4x, based on TTM diluted EPS of $2.45. The 5-year average P/E is 43.4x and the historical range spans 3.4x to 659.5x.
Is M stock overvalued or undervalued?
M trades at 10.4x P/E, below its 5-year average of 43.4x. At the 70th percentile of its historical range (3.4x–659.5x), the stock is priced at a discount to its own history.
Is M stock expensive?
No, M is not expensive on a historical basis. The current P/E of 10.4x is below the 5-year average of 43.4x and sits at the 70th percentile of its valuation range.
What is M's historical P/E range?
Over the past 5 years, M's P/E ratio has ranged from 3.4x to 659.5x, with a median of 7.6x and an average of 43.4x. The current P/E of 10.4x places the stock at the 70th percentile of this range. Full historical data spans 1992–2026.
How does M's P/E compare to the S&P 500?
M trades at 10.4x P/E versus the S&P 500 median of 24.4x. The 57% discount to the market suggests lower growth expectations or perceived higher risk.
How does M's valuation compare to Consumer Cyclical peers?
Macy's, Inc. P/E of 10.4x compares to the Consumer Cyclical sector median of 21.2x. The discount suggests lower growth expectations, weaker margins, or higher perceived risk relative to peers. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is M's PEG ratio?
M PEG ratio is N/A, based on a P/E of 10.4x and EPS growth of 12.1%. PEG normalises P/E by growth and helps compare stocks with different earnings trajectories.
What is M's earnings yield?
M earnings yield is 9.61%, the inverse of its 10.4x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.