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US department-store operator running Macy's, Bloomingdale's and Bluemercury, selling apparel, home and beauty.
US department-store operator running Macy's, Bloomingdale's and Bluemercury, selling apparel, home and beauty.
Buys goods and resells them at a markup, so sales per store and clearing stock matter most. A credit-card programme run with a bank pays it a share of card income. Under a plan announced in 2024, it is closing roughly 150 weaker Macy's stores through 2026 to concentrate on stronger ones and its luxury and beauty banners.
Moat: none (brand, distribution). Well-known national brand and mall real estate, but exposed to secular department-store decline.
Headquarters: New York, US · Founded: 1858 · Employees: 90,134
Size Macy's (M) is a United States Consumer Discretionary company (Department Stores) with a market value of $6.03B, the 1062nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $23.08 on 6 Nov 2026.
Performance Over six months the shares gained 18.5%, against +7.1% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 0.3% over the last twelve months (peer median +1.1%); the operating margin is 4.3% (peer median 8.7%).
Valuation It trades at 10.8× forward earnings against a peer median of 15.2× (5th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.1 points below its cost of capital (8.9% WACC).
Credit Macy's has 8 bonds outstanding ($2.37B), rated BB+ by the agencies and trading like BB at a weighted spread of 205 bp.
Short interest Short interest is 13.3% of the free float (15 Oct 2026).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $22.8B | $22.6B | $23.0B | $23.9B | $25.4B |
| Revenue growth | — | -2% | -4% | -6% | — |
| Gross profit | $8.85B | $9.12B | $9.27B | $9.64B | $10.1B |
| EBITDA | $1.85B | $1.78B | $1.82B | $2.16B | $2.54B |
| Net income | $750M | $642M | $582M | $45.0M | $1.18B |
| Free cash flow | $1.41B | $1.06B | $396M | $312M | $727M |
| Capital expenditure | $721M | $740M | $882M | $993M | $1.29B |
| Total debt | $5.09B | $5.58B | $6.07B | $6.34B | $6.29B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Macy's M | $6.03B | +18% | 0% | 4% | 10.8× | -1.1% |
| Dillard's DDS | $9.41B | +7% | 0% | 11% | 17.4× | 1.6% |
| Kohl's KSS | $2.61B | +59% | -3% | 4% | 15.3× | 0.0% |
| TJX Companies TJX | $149B | -11% | +8% | 12% | 25.1× | 3.7% |
| Ross Stores ROST | $73.8B | +3% | +14% | 13% | 27.0× | 11.0% |
| Burlington Stores BURL | $15.5B | -19% | +11% | 8% | 20.5× | 18.2% |
| Target TGT | $72.0B | +28% | +2% | 6% | 17.1× | 4.1% |
| Ulta Beauty ULTA | $27.6B | +24% | +11% | 13% | 21.1× | 7.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | M | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.3% | +1.1% | 10th highest of 20 |
| 6-month return | +18.5% | +7.1% | 4th highest of 20 |
| Distance from 52-week high | -13.2% | -20.6% | 6th highest of 20 |
| Revenue growth (TTM) | +0.3% | +1.1% | 9th lowest of 20 |
| Operating margin | 4.3% | 8.7% | 5th lowest of 20 |
| Forward P/E | 10.8× | 15.2× | 5th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -1.1% | 1.7% | 5th least demanding of 17 |
| Growth delivered (Del g) | +4.6% | +2.0% | 7th highest of 17 |
| Hurdle (Req g minus delivered) | -5.7 pp | -2.2 pp | 8th least demanding of 17 |
| ROIC minus cost of capital | -0.1 pp | -0.3 pp | 10th highest of 20 |
| EV / EBITDA | 5.3× | 9.3× | cheapest of 14 |
| Net debt / EBITDA | 2.0× | 2.8× | 7th least indebted of 15 |
| Bond spread | 205 bp | 108 bp | 2nd widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Macy's M | United States | $6.03B | +18% | 0% | 4% | 10.8× | -1.1% | +4.6% |
| Tokyu 9005.T | Japan | $6.14B | -3% | +5% | 9% | 10.0× | n/a | n/a |
| Ollie's Bargain Outlet OLLI | United States | $5.37B | +10% | +14% | 12% | 19.8× | 1.5% | +7.9% |
| Isetan Mitsukoshi 3099.T | Japan | $7.16B | +14% | 0% | 15% | 17.5× | 7.4% | -7.7% |
| Canadian Tire CTC-A.TO | Canada | $7.57B | +7% | +1% | 9% | 14.1× | 1.9% | +1.9% |
| J Front Retailing 3086.T | Japan | $4.46B | +24% | -3% | 11% | 22.1× | 5.9% | +6.9% |
| Takashimaya 8233.T | Japan | $3.98B | +14% | +2% | 11% | 15.6× | 2.4% | -6.3% |
| Dillard's DDS | United States | $9.41B | +7% | 0% | 11% | 17.4× | 1.6% | +8.2% |
| Harvey Norman HVN.AX | Australia | $3.84B | +2% | +5% | 18% | 13.8× | 4.7% | +0.8% |
| CCOOP 000564.SZ | China | $3.55B | -23% | +19% | -46% | n/a | n/a | n/a |
| Marks and Spencer MKS.L | United Kingdom | $12.1B | +40% | +21% | 5% | 13.1× | 6.5% | +13.6% |
| Kohl's KSS | United States | $2.61B | +59% | -3% | 4% | 15.3× | 0.0% | -0.5% |
| Ceconomy CEC.DE | Germany | $2.47B | +9% | +4% | 1% | 7.8× | 2.9% | +2.1% |
| H2O Retailing 8242.T | Japan | $2.10B | +17% | 0% | 5% | 12.3× | -9.7% | -1.6% |
| Beijing United Information Technology 603613.SS | China | $2.05B | -30% | -4% | 5% | n/a | n/a | n/a |
| Easyhome New Retail 000785.SZ | China | $1.97B | -18% | -23% | 3% | 19.3× | 1.0% | +4.4% |
| Seria 2782.T | Japan | $1.91B | +18% | +13% | 9% | 15.2× | -2.1% | +5.0% |
| Lotte Shopping 023530.KS | South Korea | $1.87B | -33% | +1% | 5% | 7.9× | 5.8% | -3.2% |
| Wangfujing 600859.SS | China | $1.65B | -21% | -10% | 5% | 244.5× | -13.6% | -2.4% |
| Shinsegae 004170.KS | South Korea | $1.59B | -38% | +7% | 9% | 5.8× | -2.2% | +7.8% |
Macy's has 8 bonds outstanding with $2.37B face value. The agencies rate it BB+; its bonds trade like BB. Weighted yield 6.86%, a spread of 205 bp over government bonds.