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M Home Investment Highlights Valuation, Metrics & Events Price Chart Why The Stock Moved Return vs. Risk About M Interactive Breakdown Better Bets vs. M Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Trade Sentinel Industry Resource Links External Quote Links

Macy's (M)

Market Price (4/9/2026): $18.35 | Market Cap: $4.9 Bil
Sector: Consumer Discretionary | Industry: Broadline Retail

Macy's (M)

Market Price (4/9/2026): $18.35
Market Cap: $4.9 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 17%, Dividend Yield is 4.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13%, FCF Yield is 14%

Low stock price volatility
Vol 12M is 50%

Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, and Experience Economy & Premiumization. Themes include Online Marketplaces, Direct-to-Consumer Brands, Show more.

Weak multi-year price returns
2Y Excs Rtn is -24%, 3Y Excs Rtn is -45%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 81%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.7%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.8%, Rev Chg QQuarterly Revenue Change % is -1.1%

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 17%, Dividend Yield is 4.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13%, FCF Yield is 14%
1 Low stock price volatility
Vol 12M is 50%
2 Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, and Experience Economy & Premiumization. Themes include Online Marketplaces, Direct-to-Consumer Brands, Show more.
3 Weak multi-year price returns
2Y Excs Rtn is -24%, 3Y Excs Rtn is -45%
4 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 81%
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.7%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.8%, Rev Chg QQuarterly Revenue Change % is -1.1%
7 Key risks
M key risks include [1] the significant execution challenge of its "Bold New Chapter" turnaround strategy, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Macy's (M) stock has lost about 15% since 12/31/2025 because of the following key factors:

1. Ongoing Store Closures and Restructuring Initiatives Signal Uncertainty.

Macy's initiated the first phase of its "Bold New Chapter" strategy in January 2026, announcing plans to close 14 underperforming stores by the end of the first fiscal quarter as part of a larger goal to shutter 150 locations by the end of 2026. This restructuring also involves eliminating thousands of jobs across retail stores, corporate offices, and distribution centers, including the closure of two fulfillment centers in Connecticut, impacting over 1,150 warehouse jobs by August 2026. While aimed at long-term profitability and streamlining operations, the substantial reduction in physical footprint and workforce can create short-term investor uncertainty regarding the company's stability and growth trajectory.

2. Cautious Fiscal Year 2026 Guidance Led to Disappointing Earnings Per Share (EPS) Outlook.

Despite reporting stronger-than-expected Q4 2025 earnings with an adjusted EPS of $1.67 (beating consensus by $0.12) and revenues of $7.6 billion, Macy's provided a cautious outlook for fiscal year 2026. The company projected adjusted EPS for fiscal 2026 to be between $1.90 and $2.10, with a midpoint of $2.00, which fell approximately 10% below the analyst consensus estimate of $2.21. This reserved guidance, despite an otherwise solid Q4 2025 performance, signaled potential headwinds and impacted investor sentiment.

Show more

Stock Movement Drivers

Fundamental Drivers

The -15.9% change in M stock from 12/31/2025 to 4/8/2026 was primarily driven by a -38.1% change in the company's P/E Multiple.
(LTM values as of)123120254082026Change
Stock Price ($)21.8018.34-15.9%
Change Contribution By: 
Total Revenues ($ Mil)22,71222,621-0.4%
Net Income Margin (%)2.1%2.8%35.1%
P/E Multiple12.27.6-38.1%
Shares Outstanding (Mil)2682650.9%
Cumulative Contribution-15.9%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/8/2026
ReturnCorrelation
M-15.9% 
Market (SPY)-5.4%22.9%
Sector (XLY)-7.2%34.3%

Fundamental Drivers

The 4.2% change in M stock from 9/30/2025 to 4/8/2026 was primarily driven by a 30.4% change in the company's Net Income Margin (%).
(LTM values as of)93020254082026Change
Stock Price ($)17.6018.344.2%
Change Contribution By: 
Total Revenues ($ Mil)22,70222,621-0.4%
Net Income Margin (%)2.2%2.8%30.4%
P/E Multiple9.77.6-21.7%
Shares Outstanding (Mil)2722652.5%
Cumulative Contribution4.2%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/8/2026
ReturnCorrelation
M4.2% 
Market (SPY)-2.9%37.0%
Sector (XLY)-7.3%45.4%

Fundamental Drivers

The 52.7% change in M stock from 3/31/2025 to 4/8/2026 was primarily driven by a 31.6% change in the company's P/E Multiple.
(LTM values as of)33120254082026Change
Stock Price ($)12.0118.3452.7%
Change Contribution By: 
Total Revenues ($ Mil)23,00622,621-1.7%
Net Income Margin (%)2.5%2.8%12.4%
P/E Multiple5.77.631.6%
Shares Outstanding (Mil)2792655.1%
Cumulative Contribution52.7%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/8/2026
ReturnCorrelation
M52.7% 
Market (SPY)16.3%52.3%
Sector (XLY)12.9%57.6%

Fundamental Drivers

The 19.7% change in M stock from 3/31/2023 to 4/8/2026 was primarily driven by a 108.1% change in the company's P/E Multiple.
(LTM values as of)33120234082026Change
Stock Price ($)15.3318.3419.7%
Change Contribution By: 
Total Revenues ($ Mil)25,44922,621-11.1%
Net Income Margin (%)4.5%2.8%-36.9%
P/E Multiple3.67.6108.1%
Shares Outstanding (Mil)2722652.6%
Cumulative Contribution19.7%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/8/2026
ReturnCorrelation
M19.7% 
Market (SPY)63.3%42.3%
Sector (XLY)51.6%41.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
M Return136%-19%2%-12%37%-17%94%
Peers Return70%-6%18%11%30%-1%171%
S&P 500 Return27%-19%24%23%16%-3%76%

Monthly Win Rates [3]
M Win Rate83%25%50%42%50%25% 
Peers Win Rate53%45%55%55%60%50% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
M Max Drawdown-0%-41%-47%-28%-40%-22% 
Peers Max Drawdown-10%-39%-21%-17%-27%-11% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: DDS, KSS, TJX, ROST, BURL. 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] 2026 data is for the year up to 4/8/2026 (YTD)

How Low Can It Go

Unique KeyEventMS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-71.7%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven253.5%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-75.5%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven308.6%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven345 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-65.8%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven192.4%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-87.8%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven718.8%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1,631 days1,480 days

Compare to DDS, KSS, TJX, ROST, BURL

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)

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.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe Macy's (symbol: M):

  • A traditional department store chain, similar to a more accessible Nordstrom or a higher-end Kohl's.

  • An omni-channel retailer specializing in fashion, home goods, and beauty, akin to Target's non-grocery sections combined with a beauty retailer like Sephora.

AI Analysis | Feedback

  • Apparel and Accessories: A wide selection of clothing, footwear, and accessories for men, women, and children.
  • Cosmetics and Beauty Products: Various makeup, skincare, fragrance, and hair care items from numerous brands.
  • Home Furnishings: Items for home decoration and furnishing, including furniture, bedding, bath, kitchenware, and decor.
  • Other Consumer Goods: A broad range of general merchandise and consumer products typically found in department stores.
  • Spa Services: Personal care and beauty treatments offered at its bluemercury beauty product and spa retail locations.

AI Analysis | Feedback

Macy's (symbol: M) sells primarily to individuals. Its customer base can be broadly categorized into the following:

  1. Mainstream Department Store Shoppers: These customers are individuals seeking a wide variety of merchandise, including apparel, home goods, and beauty products, typically at mid-range price points. They often shop for everyday needs, special occasions, and gifts, valuing the convenience and selection offered by a traditional department store.

  2. Affluent and Luxury Consumers: Catering to a more upscale demographic through brands like Bloomingdale's, these customers are individuals interested in high-end fashion, designer brands, premium beauty products, and luxury home furnishings. They seek quality, brand prestige, and a more curated shopping experience.

  3. Value-Oriented Shoppers: This category includes individuals who are looking for discounted merchandise, clearance items, and off-price offerings. They are served by formats such as Macy's Backstage and Bloomingdale's The Outlet, where the focus is on providing brand-name goods at lower prices.

AI Analysis | Feedback

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AI Analysis | Feedback

Tony Spring, Chairman and Chief Executive Officer, Macy's, Inc. 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. Prior to that, he was Chairman and Chief Executive Officer of Bloomingdale's from 2014-2023, overseeing all facets of Bloomingdale's, including merchandising, marketing, operations, stores, and online. In 2021, he became Executive Vice President of Macy's, Inc. and assumed oversight of Bluemercury. Spring began his career at Bloomingdale's in 1987.

Tom Edwards, Chief Operating Officer and Chief Financial Officer, Macy's, Inc. Tom Edwards was appointed Chief Operating Officer and Chief Financial Officer of Macy's, Inc. on June 22, 2025. He is responsible for a range of financial and operational functions at Macy's, Inc., including technology, supply chain, call centers, and finance. Before joining Macy's, he was Chief Financial Officer and Chief Operating Officer of Capri Holdings Limited, where he spearheaded the acquisition and integration of Versace and Jimmy Choo. He also served as Executive Vice President and Chief Financial Officer of Brinker International, Inc., and held various finance and operations positions at Wyndham Hotel Group, Kraft Foods, and Nabisco.

Barbie Cameron, Chief Stores Officer Barbie Cameron serves as Macy's Chief Stores Officer, leading 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.

Sharon Otterman, Chief Marketing Officer Sharon Otterman was appointed Macy's Chief Marketing Officer in December 2023. In this role, she oversees the company's strategic marketing, leading Macy's brand evolution and building awareness, engagement, and loyalty. She is responsible for brand activations, campaign advertising and content planning, creative, visual merchandising, branded entertainment, and media strategy, including iconic experiences like the Thanksgiving Day Parade and Macy's July 4th Fireworks. Prior to joining Macy's, Sharon served as CMO at Caesars Entertainment.

AI Analysis | Feedback

The key risks to Macy's business are:

1. Intense Competition and Shifting Consumer Behavior

Macy's faces significant challenges from a rapidly evolving retail landscape, characterized by intense competition from e-commerce giants like Amazon, fast-fashion retailers, and specialized online brands. There is a pronounced shift in consumer preferences towards convenient online shopping, niche retailers, and personalized experiences, which has led to declining foot traffic in traditional department stores and a decrease in physical store sales. This fundamental change in how consumers shop and what they value puts continuous pressure on Macy's to adapt its business model.

2. Economic Pressures and Fluctuations in Consumer Spending

Macy's business is highly susceptible to macroeconomic factors, including inflation, broader economic uncertainty, and cautious consumer spending on discretionary goods. These external forces directly impact the company's ability to meet sales forecasts and can lead to reduced net sales and profitability. Additionally, trade policies, such as tariffs on imported goods, can increase merchandise costs and squeeze gross margins.

3. Execution Risk of Turnaround Strategy

Macy's is in the midst of a significant restructuring effort, known as its "Bold New Chapter" strategy, which involves closing 150 underperforming stores and reinvesting in a smaller portfolio of "go-forward" locations, as well as enhancing its omnichannel capabilities. The successful execution of this complex turnaround plan is critical for the company's future, and any missteps in workforce changes, supply chain adjustments, or maintaining customer loyalty during this transition could derail its recovery.

AI Analysis | Feedback

The accelerating market capture and competitive pressure from pure-play e-commerce and ultra-fast fashion retailers. These companies leverage highly agile supply chains, aggressive pricing strategies, rapid trend replication, and sophisticated digital-first marketing to directly compete with and often undercut traditional department stores like Macy's in key categories such as apparel and home goods. This evolving competitive landscape poses a significant threat by continuously driving down prices, demanding faster inventory turnover, and diverting customer traffic and sales, particularly among younger demographics, away from brick-and-mortar and traditional online department store channels.

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Macy's (symbol: M) operates within several significant addressable markets in the United States, including apparel, cosmetics, home furnishings, and spa services. The addressable markets for Macy's main products and services in the U.S. are as follows:
  • Apparel and Accessories: The United States apparel market is valued at approximately $361.68 billion in 2025 and is projected to reach nearly $458.48 billion by 2035.
  • Cosmetics and Beauty Products: The U.S. cosmetics market size is anticipated to be around USD 107 billion in 2025, with projections to reach USD 155 billion by 2033. Another estimate indicates the U.S. cosmetics market size was valued at USD 61.5 billion in 2023 and is expected to exceed USD 110.7 billion by 2033.
  • Home Furnishings: The U.S. household furniture market was valued at USD 91.1 billion in 2024 and is expected to grow to USD 118.6 billion by 2032. Separately, the market size of Home Furnishings Stores in the U.S. was $70.3 billion in 2025.
  • Beauty Products and Spa Services (through Bluemercury): The United States spa market was valued at USD 22.16 billion in 2025 and is projected to reach USD 62.92 billion by 2035. The U.S. Health & Wellness Spa Market was valued at USD 21.29 billion in 2023.

AI Analysis | Feedback

Macy's, Inc. (M) is focusing on several strategic initiatives to drive future revenue growth over the next two to three years, primarily through its "Bold New Chapter" strategy. These drivers include:

  1. Investment in "Go-Forward" Stores and Small Formats: Macy's is prioritizing investments in its "go-forward" locations, including its "First 50" stores, which have consistently shown positive comparable sales growth. The company plans to expand these initiatives to an additional 75 Macy's locations in fiscal year 2025. This strategy involves store remodeling, enhancing the customer experience, and expanding into new, smaller off-mall formats.
  2. Growth of Luxury Brands: Macy's anticipates continued revenue growth from its luxury nameplates, Bloomingdale's and Bluemercury. Both brands have demonstrated consistent positive comparable sales growth and are key components of the company's strategy to scale initiatives that resonate with customers for long-term profitable growth.
  3. Digital and Omnichannel Expansion: The company is investing significantly in its digital and omnichannel capabilities, including improving online shopping experiences, enhancing data and analytics, and strengthening its technology infrastructure and fulfillment services. The launch of an online marketplace featuring third-party merchants on Macy's and Bloomingdale's sites is also expected to contribute to digital growth.
  4. Expansion of Off-Price Formats: Macy's off-price concepts, particularly Macy's Backstage, are identified as a driver of revenue growth. The company has been expanding the number of Backstage shop-in-shops within its Macy's stores to capture a broader customer base and adapt to evolving consumer demand.

AI Analysis | Feedback

Share Repurchases

  • Macy's authorized a new $2.0 billion share repurchase program on February 22, 2022, with no expiration date.
  • The company repurchased $601 million in shares during fiscal year 2023.
  • As of the end of the third quarter of fiscal year 2025, Macy's had repurchased 15.4 million shares for $201 million year-to-date, with approximately $1.2 billion remaining under its $2.0 billion authorization.

Share Issuance

  • Macy's shares outstanding increased by 1.22% in fiscal year 2025 to 0.282 billion shares from 0.278 billion in fiscal year 2024.
  • Shares outstanding declined by 1.03% in fiscal year 2024 to 0.278 billion shares from 0.281 billion in fiscal year 2023, and by 10.48% in fiscal year 2023 to 0.281 billion shares from 0.314 billion in fiscal year 2022.

Inbound Investments

  • Macy's rejected an acquisition bid of approximately $6.9 billion from Arkhouse Management Co. LP and Brigade Capital Management, LP in July 2024.
  • The Board of Directors deemed the offer non-actionable and not providing compelling value, opting instead to focus on its "A Bold New Chapter" strategy.

Outbound Investments

  • No significant outbound investments, such as acquisitions of other companies, were reported within the last 3-5 years.

Capital Expenditures

  • Macy's reported capital expenditures of $597 million in fiscal year 2021 (ended January 2022), $1.30 billion in fiscal year 2022 (ended January 2023), $993 million in fiscal year 2023 (ended February 2024), and $518 million in fiscal year 2024 (ended February 2025).
  • Capital expenditures for the year-to-date third quarter of fiscal year 2025 were $525 million.
  • The primary focus of capital expenditures is on investments in continuing stores, smaller-format stores, cost reductions, supply chain enhancements, and luxury brand expansion, all part of the "Bold New Chapter" strategy.

Better Bets vs. Macy's (M)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Macy's Earnings Notes12/27/2025
2Would You Still Hold Macy's Stock If It Fell 30%?10/17/2025
3Is Macy's Stock Outperforming Its Rivals?08/13/2025
4Better Bet Than M Stock: Pay Less Than Macy's To Get More From CHTR, IBKR 08/12/2025
5M Dip Buy Analysis07/10/2025
6Macy's Total Shareholder Return (TSR): -9.9% in 2025 and -7.9% 3-yr compounded annual returns (below peer average)03/07/2025
7Macy's vs. StoneCo: M stock's significantly lower valuation vs. STNE appears counterintuitive11/26/2024
8Macy's (M) Stock: 27% of days in last 3 months had 1% or greater fluctuation10/31/2024
9ARTICLES 
10Small Cap Stocks Trading At 52-Week High10/23/2025
11Buy Or Fear Macy’s Stock?09/04/2025
12Macy’s Stock Up 7% Over Last Ten Days. What’s Next?07/29/2022
13Can Macy’s Stock Rebound After An 8% Fall In The Last Ten Days?04/05/2022
14What’s Next For Macy’s Stock After An 8% Move Last Week?09/27/2021

Trade Ideas

Select ideas related to M.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
SKY_3312026_Dip_Buyer_FCFYield03312026SKYChampion HomesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		0.0%0.0%0.0%
DPZ_3272026_Dip_Buyer_FCFYield03272026DPZDomino's PizzaDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		3.1%3.1%0.0%
ETSY_3272026_Dip_Buyer_FCFYield03272026ETSYEtsyDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		5.6%5.6%0.0%
OLLI_3272026_Dip_Buyer_ValueBuy03272026OLLIOllie's Bargain OutletDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		3.1%3.1%0.0%
PATK_3272026_Insider_Buying_GTE_1Mil_EBITp+DE_V203272026PATKPatrick IndustriesInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		3.4%3.4%-1.6%
M_5312023_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG05312023MMacy'sDip BuyDB | 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_RevG08312019MMacy'sDip BuyDB | 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%

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Peer Comparisons

Peers to compare with:

Financials

MDDSKSSTJXROSTBURLMedian
NameMacy's Dillard'sKohl's TJX Comp.Ross Sto.Burlingt. 
Mkt Price18.34596.7413.51161.64224.47334.46193.06
Mkt Cap4.99.31.5179.672.121.015.2
Rev LTM22,6216,56315,52760,37222,02711,56718,777
Op Inc LTM8846895107,1782,624845864
FCF LTM6906241,0084,9171,963149849
FCF 3Y Avg4666615944,4831,885157627
CFO LTM1,4307171,3806,8742,7881,2311,405
CFO 3Y Avg1,3387721,0656,3492,6649881,202

Growth & Margins

MDDSKSSTJXROSTBURLMedian
NameMacy's Dillard'sKohl's TJX Comp.Ross Sto.Burlingt. 
Rev Chg LTM-1.7%-0.4%-4.3%7.1%3.7%8.8%1.7%
Rev Chg 3Y Avg-3.8%-2.1%-5.0%6.5%6.0%10.0%2.0%
Rev Chg Q-1.1%-3.0%-4.2%8.5%10.4%11.3%3.7%
QoQ Delta Rev Chg LTM-0.4%-0.9%-1.4%2.4%2.5%3.3%1.0%
Op Mgn LTM3.9%10.5%3.3%11.9%11.9%7.3%8.9%
Op Mgn 3Y Avg4.4%11.7%3.5%11.3%11.7%6.6%8.9%
QoQ Delta Op Mgn LTM-0.1%-0.4%0.1%0.6%-0.1%0.3%0.0%
CFO/Rev LTM6.3%10.9%8.9%11.4%12.7%10.6%10.8%
CFO/Rev 3Y Avg5.8%11.5%6.5%11.1%12.8%9.2%10.2%
FCF/Rev LTM3.1%9.5%6.5%8.1%8.9%1.3%7.3%
FCF/Rev 3Y Avg2.0%9.9%3.7%7.9%9.0%1.5%5.8%

Valuation

MDDSKSSTJXROSTBURLMedian
NameMacy's Dillard'sKohl's TJX Comp.Ross Sto.Burlingt. 
Mkt Cap4.99.31.5179.672.121.015.2
P/S0.21.40.13.03.31.81.6
P/EBIT5.112.72.424.425.723.718.2
P/E7.616.35.632.734.634.424.5
P/CFO3.413.01.126.125.917.115.0
Total Yield17.3%11.3%21.6%4.1%3.6%2.9%7.7%
Dividend Yield4.1%5.2%3.7%1.0%0.7%0.0%2.4%
FCF Yield 3Y Avg10.5%9.2%24.9%3.2%3.6%1.2%6.4%
D/E1.10.14.40.10.10.30.2
Net D/E0.8-0.13.90.00.00.20.1

Returns

MDDSKSSTJXROSTBURLMedian
NameMacy's Dillard'sKohl's TJX Comp.Ross Sto.Burlingt. 
1M Rtn3.2%1.3%-7.8%2.2%6.0%10.9%2.7%
3M Rtn-17.5%-8.3%-33.9%5.2%20.3%8.0%-1.5%
6M Rtn5.5%2.3%-12.8%15.5%48.3%24.2%10.5%
12M Rtn91.5%111.6%126.7%36.3%78.7%52.5%85.1%
3Y Rtn13.2%133.9%-26.0%115.7%118.1%72.4%94.1%
1M Excs Rtn3.3%1.5%-7.6%2.4%6.2%11.1%2.9%
3M Excs Rtn-17.8%-6.2%-36.0%7.6%22.3%9.7%0.7%
6M Excs Rtn1.5%0.7%-17.5%13.0%47.4%26.8%7.2%
12M Excs Rtn34.9%62.9%61.7%0.3%40.3%10.8%37.6%
3Y Excs Rtn-45.4%62.3%-93.8%49.8%53.2%0.4%25.1%

Financials

Segment Financials

Revenue by Segment
$ Mil20262025202420232022
Single Segment23,866    
Credit card revenues, net 863 751771
Home/Other 4,1994,6543,7454,067
Macy's Media Network revenue, net 144   
Men's and Kids 5,2975,2473,4865,628
Women's Accessories, Shoes, Cosmetics and Fragrances 9,5979,3857,2069,454
Women's Apparel 5,3495,1742,9095,411
Total23,86625,44924,46018,09725,331


Price Behavior

Price Behavior
Market Price$18.34 
Market Cap ($ Bil)4.9 
First Trading Date02/05/1992 
Distance from 52W High-22.6% 
   50 Days200 Days
DMA Price$19.37$17.75
DMA Trendupdown
Distance from DMA-5.3%3.4%
 3M1YR
Volatility42.9%48.9%
Downside Capture0.380.67
Upside Capture-32.33151.24
Correlation (SPY)21.2%51.0%
M Betas & Captures as of 3/31/2026

 1M2M3M6M1Y3Y
Beta0.460.860.771.201.431.37
Up Beta4.192.792.312.121.611.55
Down Beta0.520.550.841.141.181.12
Up Capture-19%56%4%113%203%209%
Bmk +ve Days7162765139424
Stock +ve Days9192861120351
Down Capture46%74%81%95%117%108%
Bmk -ve Days12233358110323
Stock -ve Days13223362128389

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with M
M68.9%49.6%1.21-
Sector ETF (XLY)22.1%22.6%0.8055.1%
Equity (SPY)28.9%17.3%1.3551.1%
Gold (GLD)56.6%27.9%1.61-4.2%
Commodities (DBC)24.9%16.8%1.296.6%
Real Estate (VNQ)13.8%15.6%0.6336.7%
Bitcoin (BTCUSD)-14.5%44.2%-0.2324.9%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with M
M6.4%54.5%0.32-
Sector ETF (XLY)6.5%23.7%0.2449.5%
Equity (SPY)11.6%17.0%0.5347.1%
Gold (GLD)22.3%17.8%1.030.7%
Commodities (DBC)11.8%18.8%0.5211.9%
Real Estate (VNQ)3.9%18.8%0.1135.9%
Bitcoin (BTCUSD)4.0%56.5%0.2915.4%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with M
M-4.3%56.1%0.15-
Sector ETF (XLY)12.0%22.0%0.5047.4%
Equity (SPY)13.9%17.9%0.6744.2%
Gold (GLD)14.1%15.9%0.74-4.9%
Commodities (DBC)8.4%17.6%0.4017.1%
Real Estate (VNQ)5.1%20.7%0.2138.8%
Bitcoin (BTCUSD)67.4%66.9%1.0712.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date3132026
Short Interest: Shares Quantity26.7 Mil
Short Interest: % Change Since 228202611.1%
Average Daily Volume9.4 Mil
Days-to-Cover Short Interest2.8 days
Basic Shares Quantity265.2 Mil
Short % of Basic Shares10.1%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
3/18/20264.7%8.6% 
12/3/2025-1.1%-0.6%1.4%
9/3/202520.7%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%
5/21/20245.1%6.7%-3.1%
...
SUMMARY STATS   
# Positive151712
# Negative8610
Median Positive5.7%8.6%11.0%
Median Negative-1.7%-5.5%-12.8%
Max Positive21.2%34.7%57.6%
Max Negative-14.1%-17.4%-25.9%

SEC Filings

Expand for More
Report DateFiling DateFiling
01/31/202603/27/202610-K
10/31/202512/10/202510-Q
07/31/202509/10/202510-Q
04/30/202506/05/202510-Q
01/31/202503/21/202510-K
10/31/202412/12/202410-Q
07/31/202409/04/202410-Q
04/30/202405/30/202410-Q
01/31/202403/22/202410-K
10/31/202311/28/202310-Q
07/31/202308/25/202310-Q
04/30/202306/06/202310-Q
01/31/202303/24/202310-K
10/31/202211/30/202210-Q
07/31/202208/26/202210-Q
04/30/202206/07/202210-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 3/18/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue21.40 Bil21.52 Bil21.65 Bil-0.1% LoweredGuidance: 21.55 Bil for 2025
2026 Comparable sales change-0.0100.01-100.0%-0.2%LoweredGuidance: 0 for 2025
2026 Adjusted EBITDA as a percent of total revenue0.080.080.08-1.3%-0.1%LoweredGuidance: 0.08 for 2025
2026 Adjusted diluted EPS1.922.1-4.8% LoweredGuidance: 2.1 for 2025

Prior: Q3 2025 Earnings Reported 12/3/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2025 Net sales21.48 Bil21.55 Bil21.62 Bil1.2% RaisedGuidance: 21.30 Bil for 2025
2025 Comparable owned-plus-licensed-plus-marketplace sales change000.01 1.2%RaisedGuidance: -0.01 for 2025
2025 Go-forward business comparable owned-plus-licensed-plus marketplace sales change00.010.01 1.2%RaisedGuidance: -0.01 for 2025
2025 Adjusted EBITDA as a percent of total revenue0.080.080.08   
2025 Core Adjusted EBITDA as a percent of total revenue0.070.080.08   
2025 Adjusted diluted earnings per share22.12.212.0% RaisedGuidance: 1.88 for 2025

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Kirgan, Danielle LEVP, Chief HR OfficerDirectSell1211202523.9285,0002,032,9961,223,648Form
2Bron, OlivierCEO, Bloomingdale'sDirectSell1209202522.2113,500299,870117,771Form
3Kirgan, Danielle LEVP, Chief HR OfficerDirectSell918202517.75100,0001,775,0002,416,858Form
4Kirgan, Danielle LEVP, Chief HR OfficerDirectSell912202517.5050,000875,0004,132,818Form
5Griscom, PaulSVP and ControllerDirectSell911202517.2612,843221,671403,524Form

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