Tearsheet

Macy's (M)

Market Price (12/28/2025): $22.3 | Market Cap: $6.0 Bil
Sector: Consumer Discretionary | Industry: Broadline Retail

Macy's (M)

Market Price (12/28/2025): $22.3
Market Cap: $6.0 Bil
Sector: Consumer Discretionary
Industry: Broadline Retail

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 3.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.1%, FCF Yield is 13%	Weak multi-year price returns 2Y Excs Rtn is -24%, 3Y Excs Rtn is -54%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 80%
1	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail, and Experience Economy & Premiumization. Themes include Online Marketplaces, Direct-to-Consumer Brands, Show more.		Stock price has recently run up significantly 6M Rtn6 month market price return is 102%
2			Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.3%
3			Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 90%
4			Key risks M key risks include [1] the significant execution challenge of its "Bold New Chapter" turnaround strategy, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 3.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.1%, FCF Yield is 13%
1	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail, and Experience Economy & Premiumization. Themes include Online Marketplaces, Direct-to-Consumer Brands, Show more.
2	Weak multi-year price returns 2Y Excs Rtn is -24%, 3Y Excs Rtn is -54%
3	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 80%
4	Stock price has recently run up significantly 6M Rtn6 month market price return is 102%
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.3%
6	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 90%
7	Key risks M key risks include [1] the significant execution challenge of its "Bold New Chapter" turnaround strategy, Show more.

Valuation, Metrics & Events

	12/28/25	2024	2023	2022
Share Price CYE	$22.30	$16.15	$18.44	$18.14
Market Cap CYE ($ Bil)	6.0	4.5	5.1	4.9
Total Debt ($ Bil)	5.2	5.7	6.0	6.0
Total Cash ($ Bil)	0.4	1.3	1.0	0.9
Enterprise Value ($ Bil)	10.8	10.2	11.1	10.9
Valuation Ratios
P/S TTM	0.3	0.2	0.2	0.2
P/EBIT TTM	8.3	5.4	31.0	3.5
P/E TTM	12.5	8.1	122.6	4.9
P/FCF TTM	7.5	11.9	17.7	17.7
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8
P/EBIT TTM (Sector)	7.8	8.3	7.8	6.5
P/E TTM (Sector)	10.5	11.1	10.4	8.4
P/FCF TTM (Sector)	11.2	12.4	9.6	7.3

	12/28/25	2024	2023
Share Price CYE	$22.30	$16.15	$18.44
Market Cap CYE ($ Bil)	6.0	4.5	5.1
Total Debt ($ Bil)	5.2	5.7	6.0
Total Cash ($ Bil)	0.4	1.3	1.0
Enterprise Value ($ Bil)	10.8	10.2	11.1
Valuation Ratios
P/S TTM	0.3	0.2	0.2
P/EBIT TTM	8.3	5.4	31.0
P/E TTM	12.5	8.1	122.6
P/FCF TTM	7.5	11.9	17.7
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	7.8	8.3	7.8
P/E TTM (Sector)	10.5	11.1	10.4
P/FCF TTM (Sector)	11.2	12.4	9.6

	M	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	22.7
Rev Chg Q	0.2%	7.3%
Rev Chg LTM	-2.8%	6.1%
Rev Chg 3Y Avg	-4.3%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.9
CFO LTM ($ Bil)	1.6
Net Inc LTM ($ Bil)	0.5
Op Mgn LTM	4.0%	18.8%
CFO/Rev LTM	6.8%	20.4%
Net Inc Mgn	2.1%	13.1%
VALUATION	LOW
P/S	0.3	3.3
P/CFO	3.8	15.8
P/FCF	7.5	20.7
P/E	12.5	23.7
STABILITY	POOR
Debt/Equity	0.88	0.21
Cash/Assets	0.03	0.07

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Metric	Value	Date	Source
Active Customers - Macy's	41.2 million	2032024	Link
Active Customers - Bloomingdale's	4.0 million	2032024	Link
Active Customers - Bluemercury	711 thousand	2032024	Link
Digital Sales as a Percent of Net Sales	33%	2032025	Link
Private Label Merchandise as a Percent of Total Sales	about 15%	5212024	Link
Inventory Turnover	3.08	1312025	Link
Online Conversion Rate (macys.com)	2.5-3.0%	11072024	Link
In-Store Visitation Change (Year-over-Year)	+1.1%	3312025	Link
Macy's Store Count	455	10152025	Link
Bloomingdale's Store Count	55	2032024	Link
Bluemercury Store Count	173	2032024	Link
Macy's Media Network Revenue	$41 million	11252024	Link

Recent
12/03/2025	Earnings Release	Rev: $4.0 Bil (A) vs. $4.0 Bil (E) EPS: 0.09 (A) vs. $-0.13 (E)
12/15/2025	Dividend	Amount: $0.18 Payment On: 1/02/2026
Upcoming
3/05/2026	Earnings Release	Rev: - EPS: -

M Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are five key points explaining significant movement in Macy's stock (M) between August 31, 2025, and December 28, 2025:

1. Positive Q3 2025 Earnings and Raised Annual Targets. Macy's reported a surprise quarterly profit and increased its annual targets for 2025, signaling that its strategic turnaround efforts were yielding positive financial results and building investor confidence.

2. Successful Execution of Strategic Turnaround Plan. The company's "Bold New Chapter" strategy, initiated in 2024, showed progress with its focus on strengthening the Macy's brand, accelerating growth in its luxury segments (Bloomingdale's and Bluemercury), and optimizing its physical store footprint by closing underperforming locations. Investments in modernized "First 50" stores also consistently delivered positive comparable sales growth.

3. Strong Performance from Luxury Brands. Macy's luxury banners, Bloomingdale's and Bluemercury, continued to be strong performers, contributing significantly to overall positive results. Bloomingdale's experienced a 9% increase in its latest quarter, and Bluemercury achieved its fifteenth consecutive quarter of comparable sales growth.

4. Improved Sales Trends and Customer Engagement. While the retail environment presented challenges, Macy's noted improved sales trends across all three of its brands heading into November 2025 and reported strong demand in "giftable" product categories during the holiday season. Customer sentiment also improved, reaching its highest recorded net promoter score for the third quarter.

5. Significant Short-Term Market Rallies. The stock experienced notable surges, including a 31% weekly increase around September 5, 2025, and a 20.7% daily rise around September 3, 2025, reflecting strong positive market reactions to underlying business improvements or strategic developments during this period.

Stock Movement Drivers

Fundamental Drivers

The 25.8% change in M stock from 9/27/2025 to 12/27/2025 was primarily driven by a 28.3% change in the company's P/E Multiple.

	9272025	12272025	Change
Stock Price ($)	17.86	22.47	25.78%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	22702.00	22712.00	0.04%
Net Income Margin (%)	2.18%	2.10%	-3.48%
P/E Multiple	9.81	12.58	28.29%
Shares Outstanding (Mil)	271.80	267.70	1.51%
Cumulative Contribution			25.76%

LTM = Last Twelve Months as of date shown

Market Drivers

9/27/2025 to 12/27/2025

	Return	Correlation
M	25.8%
Market (SPY)	4.3%	49.3%
Sector (XLY)	1.8%	57.8%

Fundamental Drivers

The 101.6% change in M stock from 6/28/2025 to 12/27/2025 was primarily driven by a 127.0% change in the company's P/E Multiple.

	6282025	12272025	Change
Stock Price ($)	11.14	22.47	101.65%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	22799.00	22712.00	-0.38%
Net Income Margin (%)	2.45%	2.10%	-14.01%
P/E Multiple	5.54	12.58	127.00%
Shares Outstanding (Mil)	277.60	267.70	3.57%
Cumulative Contribution			101.39%

LTM = Last Twelve Months as of date shown

Market Drivers

6/28/2025 to 12/27/2025

	Return	Correlation
M	101.6%
Market (SPY)	12.6%	36.4%
Sector (XLY)	11.9%	47.7%

Fundamental Drivers

The 34.3% change in M stock from 12/27/2024 to 12/27/2025 was primarily driven by a 339.2% change in the company's Net Income Margin (%).

	12272024	12272025	Change
Stock Price ($)	16.73	22.47	34.31%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	23374.00	22712.00	-2.83%
Net Income Margin (%)	0.48%	2.10%	339.23%
P/E Multiple	41.58	12.58	-69.74%
Shares Outstanding (Mil)	278.40	267.70	3.84%
Cumulative Contribution			34.12%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2024 to 12/27/2025

	Return	Correlation
M	34.3%
Market (SPY)	17.0%	54.9%
Sector (XLY)	7.0%	58.1%

Fundamental Drivers

The 27.6% change in M stock from 12/28/2022 to 12/27/2025 was primarily driven by a 270.9% change in the company's P/E Multiple.

	12282022	12272025	Change
Stock Price ($)	17.61	22.47	27.58%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	25903.00	22712.00	-12.32%
Net Income Margin (%)	5.45%	2.10%	-61.39%
P/E Multiple	3.39	12.58	270.92%
Shares Outstanding (Mil)	272.00	267.70	1.58%
Cumulative Contribution			27.55%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2023 to 12/27/2025

	Return	Correlation
M	20.5%
Market (SPY)	48.0%	47.0%
Sector (XLY)	37.7%	45.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
M Return	-31%	136%	-19%	2%	-12%	38%	63%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
M Win Rate	58%	83%	25%	50%	42%	58%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
M Max Drawdown	-73%	-0%	-41%	-47%	-28%	-40%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See M Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	M	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-71.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	253.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-75.5%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	308.6%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	345 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-65.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	192.4%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-87.8%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	718.8%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,631 days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Macy's's stock fell -71.7% during the 2022 Inflation Shock from a high on 11/18/2021. A -71.7% loss requires a 253.5% gain to breakeven.

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About Macy's (M)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Macy'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.

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A traditional department store, like a less luxury Nordstrom.
A more fashion-focused and upscale version of Target.
Like a more mainstream Harrods, but for the American market.

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Apparel: Macy's sells a wide range of clothing for women, men, and children, including casual wear, formal attire, and activewear.
Accessories: The company offers various accessories such as shoes, handbags, jewelry, watches, and hosiery to complement personal style.
Beauty Products: Macy's provides an extensive selection of cosmetics, skincare, and fragrances from numerous prestige and mass-market brands.
Home Goods: Customers can purchase items for their homes, including bedding, bath linens, kitchenware, decorative items, and small appliances.
Macy's Credit Card: This proprietary credit card offers customers financing options, rewards, and exclusive discounts for purchases made at Macy's stores and online.

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Macy's (symbol: M) primarily sells to **individuals** rather than other companies. As such, here are up to three categories of customers that it serves:

Mainstream Middle to Upper-Middle Income Shoppers: This large segment seeks a wide variety of national and private-label brands across apparel, home goods, and beauty. They value selection, convenience, and often look for quality items at competitive prices, frequently taking advantage of sales and loyalty programs.
Fashion-Conscious Consumers: Individuals across various age groups who are interested in current trends, designer labels (including accessible luxury and Macy's exclusive brands), and curated collections in clothing, accessories, and cosmetics. They often prioritize style and brand recognition.
Occasional Shoppers and Gift-Givers: This group may not shop at Macy's frequently but turns to the store for specific needs such as holiday shopping, special occasion attire (e.g., weddings, proms), home upgrades, or when purchasing gifts for others due to its extensive range of departments and products.

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Ralph Lauren Corporation (RL)
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Capri Holdings Limited (CPRI)
Estee Lauder Companies Inc. (EL)
Levi Strauss & Co. (LEVI)
Nike, Inc. (NKE)

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Tony Spring, Chairman and Chief Executive Officer

Tony Spring assumed the role of Chief Executive Officer of Macy's, Inc. in February 2024 and was appointed Chairman of the Board in April 2024. He previously served as President of Macy's, Inc. since March 2023. From 2014 to 2023, he was Chairman and Chief Executive Officer of Bloomingdale's, overseeing all facets of the business, including merchandising, marketing, operations, stores, and online. He began his career at Bloomingdale's in 1987 as an executive merchandise trainee.

Thomas J. Edwards, Chief Operating Officer and Chief Financial Officer

Thomas J. Edwards will become Chief Operating Officer and Chief Financial Officer of Macy's, Inc., effective June 22, 2025. In this role, he will be responsible for a range of financial and operational functions. Prior to Macy's, Inc., he was Chief Financial Officer, Chief Operating Officer, and Executive Vice President of Capri Holdings Ltd from April 2017 to June 2025. His previous experience also includes serving as Executive Vice President and Chief Financial Officer at Brinker International, Inc. and holding senior-level financial positions at Wyndham Worldwide.

Barbie Cameron, Chief Stores Officer

Barbie Cameron was appointed as Chief Stores Officer on February 16, where she leads store operations across the Macy's nameplate.

Nata Dvir, Chief Merchandising Officer

Nata Dvir was appointed Macy's Chief Merchandising Officer in February 2021. In September 2017, Dvir was named Macy's General Business Manager for Beauty, a role in which she transformed the cosmetics and fragrance business.

Danielle Kirgan, Chief Human Resources and Corporate Affairs Officer

Danielle Kirgan serves as the Chief Human Resources and Corporate Affairs Officer for Macy's, Inc.

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The key risks to Macy's business are multifaceted, primarily stemming from the evolving retail landscape and broader economic conditions.

Intense Competition and Shifting Consumer Preferences: Macy's faces significant threats from a highly competitive retail environment, including e-commerce giants like Amazon, fast-fashion retailers, specialty online brands, and other department stores. There is a sustained shift in consumer behavior towards online shopping, convenience, personalized experiences, and often lower prices, which has led to declining mall traffic and challenged the traditional department store model.
Execution Risk of "Bold New Chapter" Turnaround Strategy: Macy's is undergoing a major restructuring as part of its "Bold New Chapter" strategy, which includes closing 150 underperforming stores by 2026 and reinvesting in approximately 350 "go-forward" locations. The successful execution of this complex strategy presents challenges related to workforce changes, potential supply chain issues, maintaining customer loyalty during the transition, and the inherent risk of a large-scale strategic pivot. This initiative has already contributed to a decline in net sales.
Macroeconomic Headwinds and Volatile Consumer Spending: The company is vulnerable to broader economic uncertainties, including inflation, weak consumer sentiment, and changes in disposable income. These macroeconomic factors directly impact discretionary retail spending, which can lead to declining sales and pressure on Macy's profitability, particularly in a challenging economic environment.

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1. **Ultra-fast fashion and direct-from-manufacturer e-commerce platforms (e.g., Shein, Temu):** These platforms leverage highly agile supply chains, real-time trend data, and aggressive pricing strategies to rapidly bring new, low-cost apparel and home goods to market. This model directly challenges Macy's traditional sourcing, merchandising, and pricing structures, particularly in attracting younger, trend-conscious consumers who prioritize frequent newness and value over traditional brand curation or physical shopping experiences. Their scale and speed represent a fundamentally different operational paradigm in retail.

2. **The accelerating growth and mainstream adoption of recommerce and resale platforms:** Platforms like Poshmark, ThredUp, and The RealReal are increasingly normalizing and facilitating the purchase of second-hand apparel, accessories, and home goods. This trend is driven by consumer desire for value, sustainability, and unique items, diverting significant discretionary spending away from new, full-price merchandise typically sold by Macy's. While not entirely new, the sophistication, scale, and cultural acceptance of these platforms have grown significantly, making them a clear emerging threat to traditional new-goods retailers.

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Macy's main products and services primarily include apparel, beauty and personal care products, and home furnishings.

Apparel: The addressable market for apparel in the U.S. is estimated at approximately $395 billion in 2025.
Beauty and Personal Care Products: The addressable market for beauty and personal care products in the U.S. is estimated to be $130.25 billion in 2025.
Home Furnishings/Home Decor: The addressable market for home decor in the U.S. is estimated at $215.21 billion in 2025.

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Macy's, Inc. (M) is focusing on several key drivers to fuel future revenue growth over the next 2-3 years as part of its "Bold New Chapter" strategy:

Accelerated Growth of Luxury Brands: Macy's plans to leverage its strong performance in the luxury market through Bloomingdale's and Bluemercury. This includes expanding their store fleets and digital presence, with approximately 15 new Bloomingdale's stores and at least 30 new Bluemercury stores and 30 remodels anticipated over the next three years. Bloomingdale's and Bluemercury have consistently shown positive comparable sales growth.
Strategic Store Optimization and Investment in "Go-Forward" Locations: The company is closing approximately 150 underperforming Macy's stores by 2026 to focus investments on about 350 "go-forward" locations. These revitalized "Reimagine 125" locations (an expansion of the "First 50" initiative) have demonstrated positive comparable sales growth, indicating successful customer engagement through improved experiences, staffing, merchandising, and localized events.
Enhancement of Digital and Omnichannel Capabilities: Macy's aims to improve its digital presence by enhancing site navigation, refining pricing algorithms, and providing a seamless omnichannel experience. Personalized recommendations are also a focus to combat declining foot traffic and cater to evolving consumer preferences.
Expansion of Private Brands: Macy's intends to increase the contribution of its private brands to overall sales, with a long-term goal of reaching 25% of sales by 2025. This strategy aims to enhance margins and provide greater control over product offerings.
Growth of the Macy's Media Network: The company is developing its Macy's Media Network as a new revenue stream, designed to monetize its e-commerce traffic through increased advertiser and campaign counts.

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Share Repurchases

Macy's Board of Directors authorized a $2.0 billion share repurchase program on February 22, 2022, with no expiration date.
As of the end of the second quarter of 2025, approximately $1.2 billion remained under the share repurchase authorization.
The company repurchased $500 million in shares in 2022 and $601 million in 2023, but did not repurchase shares under the program in 2024. In the first half of 2025, Macy's repurchased 12.6 million shares for $151 million.

Share Issuance

Information regarding the specific dollar amount of shares issued by Macy's over the last 3-5 years is not available in the provided search results.

Inbound Investments

In January 2024, Macy's rejected a $5.8 billion buyout offer from Arkhouse Management and Brigade Capital Management.

Outbound Investments

Macy's is focusing investments on expanding its luxury nameplates, planning to open 45 Bloomingdale's stores and 30 Bluemercury stores, and remodeling an additional 30 Bluemercury stores.
In fiscal year 2024, Macy's opened 32 new stores across various nameplates and formats as part of its investment strategy.
The company's "Bold New Chapter" strategy involves reallocating capital from underproductive Macy's stores to more promising locations.

Capital Expenditures

For fiscal year 2024 (ended February 1, 2025), Macy's capital expenditures were $882 million. These expenditures were primarily for digital and technology investments, omni-channel capabilities, and investments in current and new stores.
In fiscal year 2023 (ended February 3, 2024), capital expenditures were $631 million.
For fiscal year 2022 (ended January 28, 2023), capital expenditures were $1,295 million.
Macy's expects capital expenditures to be approximately $800 million for fiscal year 2025, with a continued focus on digital and technology investments, go-forward locations, small format store openings, and omni-channel capabilities.

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LKQ

F (12.3%)

Ford Motor

LEN (12.0%)

Lennar

PHM (12.0%)

PulteGroup

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for M: -4.3% | 0.3x)

CVS (7.7% | 0.3x)

CVS Health

COR (10.4% | 0.2x)

Cencora

CAH (7.3% | 0.2x)

Cardinal Health

HUM (11.4% | 0.2x)

Humana

CNC (9.6% | 0.1x)

Centene

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for M: -4.3% | 6.6x)

VZ (0.5% | 5.4x)

Verizon Communications

CMCSA (0.7% | 4.9x)

Comcast

SU (-3.4% | 6.6x)

Suncor Energy

FISV (6.8% | 6.0x)

Fiserv

FI (7.5% | 5.5x)

Fiserv

Higher Rev Chg LTM (Value for M: -2.8%)

NVDA (65.2%)

NVIDIA

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for M: -4.3%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

GOOGL (11.0%)

Alphabet

AAPL (1.8%)

Apple

Higher Op Mgn LTM (Value for M: 4.0%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for M: 6.8%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for M: 3.5%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for M: 11.2%)

CMCSA (25.2%)

Comcast

VZ (18.3%)

Verizon Communications

PFE (13.7%)

Pfizer

TD (12.8%)

Toronto-Dominion Bank

T (12.6%)

AT&T

		Best Bets In Consumer Discretionary Sector
	M	ABNB	BKNG	DUOL	MCD	ETSY	LOPE	ALSN	GRMN	CROX	WH
What You Pay
P/E	12.6	31.8	34.9	21.6	26.3	30.4	22.1	12.1	25.2	21.6	17.3
P/EBIT	8.3	30.9	21.0	78.7	18.1	13.4	14.7	8.9	22.2	18.8	10.2
What You Get
Rev Chg Q	0.2%	9.7%	12.7%	41.1%	3.0%	2.4%	9.6%	-15.9%	11.7%	3.4%	-3.5%
Rev Chg LTM	-2.8%	10.2%	13.0%	39.9%	1.2%	2.0%	7.0%	-4.2%	16.6%	2.0%	3.4%
Rev Chg 3Y Avg	-4.3%	14.2%	17.8%	41.7%	4.2%	4.9%	6.5%	4.6%	12.2%	14.5%	-2.5%
FCF/Rev 3Y Avg	1.8%	40.2%	35.6%	30.3%	27.4%	23.8%	21.8%	21.0%	20.5%	19.8%	19.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Macy's Earnings Notes
2	Macy's Earnings Notes
3	Macy's Earnings Notes
4	Would You Still Hold Macy's Stock If It Fell 30%?	Return
5	Is Macy's Stock Outperforming Its Rivals?	Peer Comparison
6	Better Bet Than M Stock: Pay Less Than Macy's To Get More From CHTR, IBKR
7	M Dip Buy Analysis
8	Macy's Total Shareholder Return (TSR): -9.9% in 2025 and -7.9% 3-yr compounded annual returns (below peer average)
9	Macy's vs. StoneCo: M stock's significantly lower valuation vs. STNE appears counterintuitive	Counter-Intuitive Comparisons
10	Macy's (M) Stock: 27% of days in last 3 months had 1% or greater fluctuation

	Title
0	ARTICLES

Trade Ideas

Select ideas related to M. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	13.7%	13.7%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.0%	6.0%	-0.1%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.8%	3.8%	-4.4%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	19.7%	19.7%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.3%	2.3%	-1.6%
M_5312023_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	05312023	M	Macy's	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	18.0%	46.8%	-20.3%
M_8312019_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	08312019	M	Macy's	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	-6.2%	-48.7%	-67.3%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Macy's

Peers to compare with:

Financials

	M	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Macy's	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	22.47	23.26	24.49	305.09	78.16	273.40	51.32
Mkt Cap	6.0	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	22,712	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	908	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	797	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	415	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	1,555	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	1,319	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	M	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Macy's	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	-2.8%	3.2%	13.8%	4.5%	8.9%	6.0%	5.2%
Rev Chg 3Y Avg	-4.3%	-3.9%	6.5%	2.6%	3.7%	1.8%	2.2%
Rev Chg Q	0.2%	4.2%	14.4%	9.1%	7.5%	9.6%	8.3%
QoQ Delta Rev Chg LTM	0.0%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	4.0%	6.6%	4.8%	17.7%	22.5%	31.9%	12.1%
Op Mgn 3Y Avg	4.4%	7.4%	7.2%	16.4%	24.2%	30.8%	11.9%
QoQ Delta Op Mgn LTM	0.3%	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.2%
CFO/Rev LTM	6.8%	6.7%	8.5%	20.6%	23.8%	26.6%	14.6%
CFO/Rev 3Y Avg	5.7%	6.8%	12.7%	21.4%	26.1%	28.4%	17.1%
FCF/Rev LTM	3.5%	5.1%	1.8%	18.1%	22.1%	23.5%	11.6%
FCF/Rev 3Y Avg	1.8%	5.5%	4.6%	18.6%	24.6%	25.6%	12.1%

Valuation

	M	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Macy's	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	6.0	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	0.3	0.4	1.0	4.4	5.4	10.0	2.7
P/EBIT	8.3	6.8	19.9	25.1	22.5	31.3	21.2
P/E	12.6	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	3.9	5.9	11.2	21.1	22.5	37.5	16.2
Total Yield	11.2%	14.1%	2.3%	5.0%	5.4%	2.8%	5.2%
Dividend Yield	3.3%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	9.6%	10.6%	5.5%	6.4%	6.0%	3.1%	6.2%
D/E	0.9	0.5	0.7	0.2	0.1	0.0	0.4
Net D/E	0.8	0.3	0.6	0.2	0.0	0.0	0.3

Returns

	M	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Macy's	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	0.9%	-1.8%	14.4%	0.6%	2.7%	-1.5%	0.8%
3M Rtn	25.8%	-11.9%	2.7%	7.9%	17.0%	7.1%	7.5%
6M Rtn	101.6%	-4.0%	34.5%	6.6%	15.2%	36.3%	24.9%
12M Rtn	34.3%	-27.0%	16.2%	40.5%	34.5%	7.5%	25.2%
3Y Rtn	27.6%	-1.9%	71.1%	143.1%	81.3%	120.2%	76.2%
1M Excs Rtn	1.2%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-1.1%
3M Excs Rtn	21.5%	-16.2%	-1.7%	3.6%	12.7%	2.8%	3.2%
6M Excs Rtn	89.4%	-16.3%	22.3%	-5.7%	3.0%	24.0%	12.6%
12M Excs Rtn	25.5%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	9.6%
3Y Excs Rtn	-54.4%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

Comparison Analyses

	Title
0	Is Macy's Stock Outperforming Its Rivals?
1	JWN Looks Stronger Than M With 0.0% Return Potential
2	M Looks Stronger Than DDS With -1.8% Return Potential
3	M or TJX - With 10% Return Forecast, TJX Probably Deserves Your Money
4	Macy's vs. Target: With Return Forecast Of 9.4%, Target Is A Better Bet
5	M or KSS - With 0.7% Return Forecast, KSS Probably Deserves Your Money
6	Macy's vs. Edwards Lifesciences: With Return Forecast Of 22%, Edwards Lifesciences Is A Better Bet
7	Macy's vs. Intuitive Surgical: With Return Forecast Of 49%, Intuitive Surgical Is A Better Bet
8	Macy's vs. NextEra Energy: With Return Forecast Of 23%, NextEra Energy Is A Better Bet
9	Macy's vs. Visa: Similar Revenue, But Visa Is A Better Bet

FDIC Bank Data

$ Mil \| FY: 2/1	LTM	2025	2024	2023	2022	2021	2020
Period End	11/1/2025	2/1/2025	2/3/2024	1/28/2023	1/29/2022	1/30/2021	2/1/2020
Filing Date	12/10/2025	3/21/2025	3/22/2024	3/24/2023	3/25/2022	3/29/2021	3/30/2020
Key Financials
Total Revenue	22,712	23,006	23,866	25,449	25,399	18,097	25,331
EBITDA	1,618	1,759	1,075	2,496	2,999	-3,543	1,919
Operating Income	908	936	1,267	1,641	2,289	-956	1,162
Net Income	478	582	45	1,146	1,430	-3,944	564
EPS	1.73	2.10	0.16	4.17	4.66	-12.68	1.82
Growth Rates
Total Revenue Growth	-2.8%	-3.6%	-6.2%	0.2%	40.3%	-28.6%	-1.6%
EBITDA Growth	39.7%	63.6%	-56.9%	-16.8%	184.6%	-284.6%	-27.6%
Operating Income Growth	-18.9%	-26.1%	-22.8%	-28.3%	339.4%	-182.3%	-21.8%
Net Income Growth	326.8%	1193.3%	-96.1%	-19.9%	136.3%	-799.3%	-49.1%
Margins
EBITDA Margin	7.1%	7.6%	4.5%	9.8%	11.8%	-19.6%	7.6%
Operating Income Margin	4.0%	4.1%	5.3%	6.4%	9.0%	-5.3%	4.6%
Net Income Margin	2.1%	2.5%	0.2%	4.5%	5.6%	-21.8%	2.2%
Cash & Debt
Total Cash	447	1,306	1,034	862	1,712	1,679	685
Total Debt	5,243	5,706	5,984	5,959	6,826	8,329	7,477
Net Debt / (Cash)	4,796	4,400	4,950	5,097	5,114	6,650	6,792
Cash Flows
Net Cash from Operations	1,555	1,278	1,305	1,615	2,712	649	1,608
Free Cash from Operations	797	396	312	320	2,115	183	451
Returns to Shareholders
Dividends	197	192	181	173	90	117	466
Share Repurchases	201	1	38	601	500	1	1

$ Mil \| FY: 2/1	2026Q3	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4
Period End	11/1/2025	8/2/2025	5/3/2025	2/1/2025	11/2/2024	8/3/2024	5/4/2024	2/3/2024	10/28/2023	7/29/2023	4/29/2023	1/28/2023
Filing Date	12/10/2025	9/10/2025	6/5/2025	3/21/2025	12/12/2024	9/4/2024	5/30/2024	3/22/2024	11/28/2023	8/25/2023	6/6/2023	3/24/2023
Key Financials Quarterly
Total Revenue	4,913	4,999	4,793	8,007	4,903	5,096	5,000	8,375	5,038	5,280	5,173	8,583
Ebitda	265	358	314	681	295	439	345	79	310	221	466	846
Operating Income	34	155	85	634	-25	185	143	816	93	124	235	636
Net Income	11	87	38	342	28	150	62	-128	41	-22	155	478
EPS	0.04	0.32	0.14	1.23	0.10	0.54	0.22	-0.26	0.15	-0.08	0.57	1.87
Key Financials TTM
Total Revenue TTM	22,712	22,702	22,799	23,006	23,374	23,509	23,693	23,866	24,074	24,503	25,057	25,449
Ebitda TTM	1,618	1,648	1,729	1,760	1,158	1,173	955	1,076	1,843	1,925	2,317	2,496
Operating Income TTM	908	849	879	937	1,119	1,237	1,176	1,268	1,088	1,170	1,447	1,641
Net Income TTM	478	495	558	582	112	125	-47	46	652	719	1,016	1,147
Growth Rates Quarterly
Total Revenue Growth	0.2%	-1.9%	-4.1%	-4.4%	-2.7%	-3.5%	-3.3%	-2.4%	-7.8%	-9.5%	-7.0%	-5.0%
EBITDA Growth	-10.2%	-18.5%	-9.0%	762.0%	-4.8%	98.6%	-26.0%	-90.7%	-20.9%	-63.9%	-27.8%	-31.5%
Operating Income Growth	236.0%	-16.2%	-40.6%	-22.3%	-126.9%	49.2%	-39.1%	28.3%	-46.9%	-69.1%	-45.2%	-36.0%
Net Income Growth	-60.7%	-42.0%	-38.7%	367.2%	-31.7%	781.8%	-60.0%	-126.8%	-62.0%	-108.0%	-45.8%	-35.7%
Margins Quarterly
EBITDA Margin	5.4%	7.2%	6.6%	8.5%	6.0%	8.6%	6.9%	0.9%	6.2%	4.2%	9.0%	9.9%
Operating Income Margin	0.7%	3.1%	1.8%	7.9%	-0.5%	3.6%	2.9%	9.7%	1.8%	2.3%	4.5%	7.4%
Net Income Margin	0.2%	1.7%	0.8%	4.3%	0.6%	2.9%	1.2%	-1.5%	0.8%	-0.4%	3.0%	5.6%
Cash & Debt
Total Cash	447	829	932	1,306	315	646	876	1,034	364	438	603	862
Total Debt	5,243	5,481	5,664	5,706	5,826	6,012	6,032	5,984	6,191	5,972	5,992	5,959
Net Debt / (Cash)	4,796	4,652	4,732	4,400	5,511	5,366	5,156	4,950	5,827	5,534	5,389	5,097
Cash Flows Quarterly
FCF from Operations	-8	319	-64	1,308	-167	8	129	1,147	-113	166	105	1,127
Cash Flows TTM
FCF from Operations TTM	1,555	1,396	1,085	1,278	1,117	1,171	1,329	1,305	1,285	1,583	1,472	1,615
Returns to Shareholders Quarterly
Dividends	49	49	51	48	48	48	48	46	45	45	45	43
Share Repurchases	51	52	97	1	-0	-0	-0	-0	-0	3	35	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	2.8%	10.1%	4.0%	45.2%	-1.5%	10.6%	7.0%	46.9%	6.1%	6.6%	12.8%	36.9%
Return on Invested Capital (ROIC) TTM
ROIC TTM	14.5%	13.8%	14.1%	16.2%	15.4%	18.5%	15.5%	25.6%	14.8%	16.9%	21.0%	23.0%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Single Segment	23,866
Credit card revenues, net		863		751	771
Home/Other		4,199	4,654	3,745	4,067
Macy's Media Network revenue, net		144
Men's and Kids		5,297	5,247	3,486	5,628
Women's Accessories, Shoes, Cosmetics and Fragrances		9,597	9,385	7,206	9,454
Women's Apparel		5,349	5,174	2,909	5,411
Total	23,866	25,449	24,460	18,097	25,331

Price Behavior

Price Behavior

Market Price	$22.47
Market Cap ($ Bil)	6.1
First Trading Date	02/05/1992
Distance from 52W High	-7.0%
	50 Days	200 Days
DMA Price	$20.87	$14.97
DMA Trend	up	up
Distance from DMA	7.7%	50.2%
	3M	1YR
Volatility	39.8%	51.5%
Downside Capture	105.53	147.72
Upside Capture	194.96	154.46
Correlation (SPY)	49.9%	55.1%

M Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.96	1.78	1.99	1.76	1.47	1.39
Up Beta	1.15	1.95	2.47	1.32	1.50	1.48
Down Beta	1.41	1.75	1.55	1.83	1.26	1.17
Up Capture	355%	274%	415%	328%	253%	238%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	8	23	35	64	116	354
Down Capture	159%	121%	99%	121%	125%	108%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	12	18	27	60	129	388

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of M With Other Asset Classes (Last 1Y)
	M	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	45.1%	7.5%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	51.8%	24.3%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	0.89	0.24	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		57.3%	54.5%	2.2%	18.4%	41.3%	19.0%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of M With Other Asset Classes (Last 5Y)
	M	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	20.7%	9.6%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	57.0%	23.8%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	0.55	0.36	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		46.1%	43.6%	1.6%	12.4%	34.5%	15.2%

Based On 10-Year Data

		Comparison of M With Other Asset Classes (Last 10Y)
	M	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	0.1%	13.2%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	55.9%	21.9%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.23	0.55	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		47.4%	44.1%	-4.8%	17.6%	39.1%	13.4%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	19,383,506
Short Interest: % Change Since 11302025	2.5%
Average Daily Volume	10,126,810
Days-to-Cover Short Interest	1.91
Basic Shares Quantity	267,700,000
Short % of Basic Shares	7.2%

Returns Analyses

	Title
0	Would You Still Hold Macy's Stock If It Fell 30%?
1	Macy's Stock Return Comparison
2	Macy's Total Shareholder Return (TSR): 74.4% in 2022 and 1.3% 3-yr returns (below peer average)
3	[9/25/2021] Macy's (M) Stock Price Forecast: AI Forecasts M Stock Price To Be Around $24.4 In A Month (Up 2.7%)
4	Macy's (M) Stock Return: AI Predicts M Average and Excess Return After a Fall or Rise

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
12/3/2025	-1.1%	0.1%
9/3/2025	20.7%	27.6%	34.6%
5/28/2025	-0.3%	-4.6%	-6.2%
3/6/2025	-0.7%	4.6%	-13.1%
11/25/2024	-2.2%	3.9%	4.3%
8/21/2024	-12.9%	-13.4%	-12.6%
5/21/2024	5.1%	6.7%	-3.1%
11/16/2023	5.7%	17.7%	57.6%
...
SUMMARY STATS
# Positive	15	17	11
# Negative	8	6	12
Median Positive	5.9%	7.7%	16.0%
Median Negative	-1.7%	-5.5%	-13.1%
Max Positive	21.2%	34.7%	57.6%
Max Negative	-14.1%	-17.4%	-29.7%

	Forward Returns
12/3/2025	-1.1%	0.1%
9/3/2025	20.7%	27.6%	34.6%
5/28/2025	-0.3%	-4.6%	-6.2%
3/6/2025	-0.7%	4.6%	-13.1%
11/25/2024	-2.2%	3.9%	4.3%
8/21/2024	-12.9%	-13.4%	-12.6%
5/21/2024	5.1%	6.7%	-3.1%
11/16/2023	5.7%	17.7%	57.6%
8/22/2023	-14.1%	-17.4%	-25.9%
6/1/2023	1.2%	19.3%	19.3%
3/2/2023	11.1%	3.0%	-16.1%
11/17/2022	15.0%	18.8%	4.3%
8/23/2022	3.8%	-3.0%	-10.8%
5/26/2022	19.3%	23.9%	5.9%
2/22/2022	-5.0%	0.9%	5.4%
11/18/2021	21.2%	4.2%	-19.9%
8/19/2021	19.6%	30.5%	22.2%
5/18/2021	-0.4%	-6.5%	-2.7%
2/23/2021	3.9%	0.3%	5.3%
11/19/2020	2.1%	22.4%	16.0%
9/2/2020	0.6%	7.7%	-16.7%
5/21/2020	5.9%	34.7%	35.7%
2/4/2020	5.9%	-0.7%	-29.7%
SUMMARY STATS
# Positive	15	17	11
# Negative	8	6	12
Median Positive	5.9%	7.7%	16.0%
Median Negative	-1.7%	-5.5%	-13.1%
Max Positive	21.2%	34.7%	57.6%
Max Negative	-14.1%	-17.4%	-29.7%

SEC Filings

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Report Date	Filing Date	Filing
10312025	12102025	10-Q 11/1/2025
7312025	9102025	10-Q 8/2/2025
4302025	6052025	10-Q 5/3/2025
1312025	3212025	10-K 2/1/2025
10312024	12122024	10-Q 11/2/2024
7312024	9042024	10-Q 8/3/2024
4302024	5302024	10-Q 5/4/2024
1312024	3222024	10-K 2/3/2024
10312023	11282023	10-Q 10/28/2023
7312023	8252023	10-Q 7/29/2023
4302023	6062023	10-Q 4/29/2023
1312023	3242023	10-K 1/28/2023
10312022	11302022	10-Q 10/29/2022
7312022	8262022	10-Q 7/30/2022
4302022	6072022	10-Q 4/30/2022
1312022	3252022	10-K 1/29/2022

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Macy's (M)

Market Price (12/28/2025): $22.3 | Market Cap: $6.0 BilSector: Consumer Discretionary | Industry: Broadline Retail

Macy's (M)

Market Price (12/28/2025): $22.3Market Cap: $6.0 BilSector: Consumer DiscretionaryIndustry: Broadline Retail

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

M Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Macy's (M)

Interactive Breakdown

Better Bets than Macy's (M)

INDUSTRY: Broadline Retail

Higher Rev Chg LTM (Value for M: -2.8%)

Higher Rev Chg 3Y Avg (Value for M: -4.3%)

Higher Op Mgn LTM (Value for M: 4.0%)

Higher CFO/Rev LTM (Value for M: 6.8%)

Higher FCF/Rev LTM (Value for M: 3.5%)

Higher Total Yield (Value for M: 11.2%)

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for M: -4.3% | 0.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for M: -4.3% | 6.6x)

Higher Rev Chg LTM (Value for M: -2.8%)

Higher Rev Chg 3Y Avg (Value for M: -4.3%)

Higher Op Mgn LTM (Value for M: 4.0%)

Higher CFO/Rev LTM (Value for M: 6.8%)

Higher FCF/Rev LTM (Value for M: 3.5%)

Higher Total Yield (Value for M: 11.2%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for M: -4.3% | 0.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for M: -4.3% | 6.6x)

Higher Rev Chg LTM (Value for M: -2.8%)

Higher Rev Chg 3Y Avg (Value for M: -4.3%)

Higher Op Mgn LTM (Value for M: 4.0%)

Higher CFO/Rev LTM (Value for M: 6.8%)

Higher FCF/Rev LTM (Value for M: 3.5%)

Higher Total Yield (Value for M: 11.2%)

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Market Price (12/28/2025): $22.3 | Market Cap: $6.0 Bil
Sector: Consumer Discretionary | Industry: Broadline Retail

Market Price (12/28/2025): $22.3
Market Cap: $6.0 Bil
Sector: Consumer Discretionary
Industry: Broadline Retail