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Primary reporting period: 2026-01-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Macy's, Inc. is a prominent retail enterprise that employs an omnichannel strategy, serving customers through its extensive network of physical department stores, dedicated e-commerce websites, and convenient mobile applications. The company offers a broad assortment of merchandise, including apparel and accessories for men, women, and children, cosmetics, home furnishings, and other general consumer goods. As of January 29, 2022, Macy's operated 725 department stores domestically in locations such as the District of Columbia, Puerto Rico, and Guam.
How they make money
Macy's, Inc. operates as an omni-channel retailer selling a wide range of merchandise including apparel, accessories, cosmetics, and home furnishings. The company generates revenue through physical department stores, websites, and mobile applications, supported by private label credit card programs and a multi-brand strategy that includes Macy's, Bloomingdale's, and Bluemercury.
Products & services
Retail sales of apparel, accessories, cosmetics, home furnishings, and other consumer goods through department stores and digital platforms.
Brands & revenue mix
Macy's
Full-line and smaller format department stores.
Separate brand revenue is not available in this research.Source
Bloomingdale's
Upscale, premium contemporary-to-luxury department store.
Separate brand revenue is not available in this research.Source
Bluemercury
Specialty beauty and skincare retailer.
Separate brand revenue is not available in this research.Source
Macy's Backstage
Off-price retail concept.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
Women's Accessories, Shoes, Cosmetics and FragrancesUSD 9.13B40.4%
Calculated from reported segment revenue. Check the source period and revenue basis before comparing shares. Categories can overlap and may not add to 100%.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
The company does not disclose any single customer that accounts for a significant portion of its total revenue as of the fiscal year ended January 31, 2026.
Suppliers, materials & equipment
Unnamed suppliers — The company sources merchandise from a wide variety of domestic and international vendors and manufacturers.Source
Strengths
Multi-brand, multi-category and multi-channel retail modelSource
Risks
Shifting consumer demand and economic conditionsSource
Overall investment score · Quality, value, risk and opportunity
48
Weak
PoorElite
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
61
Fair
Financial Strength
76
Business Quality / Moat
41
Management
82
Growth Quality
26
Risk / Durability
79
Weak Company · Expensive Stock
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
48
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
51/100
Building Historical Record
Model Score 51/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
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WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as less attractive based on the available valuation and market data.
The model outlook is currently moderate.
What we like
•Balance-sheet / debt profile scores strongly
•Recent buyback activity is present
What to watch
•Valuation is a weaker part of the current profile
•Revenue fundamentals are weak
Company-specific research
Questions worth answering for M
Research inputs 100% complete
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
•Can M maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
•Is M's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
•Is M's debt load manageable relative to cash generation, interest costs and upcoming maturities?
•What future growth or profitability would be needed to justify M's current valuation?
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
Volatility = How violently is it moving?
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for M
Detected from reported data — verify before acting.
Dividend history reported
Dividend payments are recorded. Review the dates and regular/special classification below; past payments do not guarantee future dividends.
Historical repurchase activity
Reported cash flows or share-count measures indicate past repurchase activity. This does not verify an active buyback authorization or future purchases.
Community Sentiment
0 active · 0 total calls
0% Bullish (0) 0% Bearish (0)
No personal call yet on M.
Potential upside factors
+Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
+Multi-brand, multi-category and multi-channel retail model.
+Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
−Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Department Stores industry.
−Shifting consumer demand and economic conditions.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdown
Wall Street Score
Weak48/ 100
Weak (0–50)Fair (51–71)Strong (72+)
Debt
Elite
92
Debt Cost1.9%
Debt Reduction YoY8.8%
Debt / Equity1.07x
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Revenue
Poor
35
Revenue YoY0.7%
Revenue CAGR-2.6%
Net Margin3.3%
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Asset
Fair
55
Asset Growth YoY-1.0%
Liquidation/Share$17.82
Net Assets/MCap1.80x
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Capital
Elite
92
Earnings Yield12.7%
Buyback Yield3.8%
Debt Cost1.9%
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Management
Strong
82
ROIC8.9%
ROE15.2%
ROA4.8%
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Moat
Weak
41
EPS Growth-3.5%
FCF/Share Growth29.3%
Rev/Share Growth0.8%
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Valuation
Poor
39
Intrinsic Value$23.72
Value Reference$14.23
MOS1.2%
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Buffett
Fair
61
Revenue35
Moat41
Valuation39
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MOS
Poor
14
MOS %1.2%
Value Reference$14.23
Deep Discount Reference$9.49
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Financial
Poor
28
Interest Coverage10.6x
ROIC8.9%
FCF Yield17.9%
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Master
Poor
38
Financial28
Valuation39
Debt92
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Resilience
Weak
42
Survival Years0.2 yrs
Current Ratio1.49x
FCF Margin4.7%
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Score Changes
3 historical score records available
Previous Score
47
Oct 1, 2026
Change
+0.6
points
Current Score
48
Oct 5, 2026
Category Changes
Revenue+0.2
Debt0
Assets0
Capital+1.0
Management0
Moat0
Valuation+2.7
Buffett+0.4
M increased 0.6 points because Valuation improved by 2.7 points.
Positive Contributors
+ Valuation improved by 2.7 points
Projected Score
Projected Score
54
Projected Change
+6.0 points
Preliminary comparable-period financial changes suggest improvement of approximately 6.0 points. This is a projected estimate, not the official WallStreetScore.
Monetary values in USD. Share counts in raw units.
Income StatementBalance SheetCash Flow
AnnualQuarterlyTTM + Annual
All rows
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
Line Item
TTM
2026
2025
2024
2023
2022
2021
2020
2019
2018
2017
Revenue
$22.78B
$22.62B
$23.01B
$23.87B
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Cost of Revenue
$14.57B
$14.35B
$13.74B
$14.22B
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····
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Gross Profit
$8.21B
$8.27B
$9.27B
$9.64B
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····
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Research & Development
$0.00
$0.00
$0.00
$0.00
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SG&A Expenses
$1.15T
$8.24B
$8.33B
$8.38B
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Operating Expenses
$7.09B
$7.24B
$8.36B
$9.34B
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EBITDA
$2.04B
$1.84B
$1.76B
$1.07B
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Operating Income
$1.11B
$1.03B
$909.0M
$301.0M
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····
····
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Interest Expense
$93.0M
$97.0M
$115.0M
$135.0M
····
····
····
····
····
····
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Income Before Tax
$986.0M
$849.0M
$763.0M
$43.0M
····
····
····
····
····
····
····
Income Tax Expense
$237.0M
$207.0M
$181.0M
-$2.0M
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Net Income
$749.0M
$642.0M
$582.0M
$45.0M
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Basic EPS
$2.79
$2.37
$2.10
$0.16
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Basic Shares
264M
271M
281M
274M
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····
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Diluted Shares
272M
277M
282M
278M
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Upgrade to Premium for up to 10 annual periods, where available.
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
Margins expanded
Cash position grew
Debt reduced
Potential Score Impact
Positive indicators included revenue growth, EPS growth, cash levels, debt levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 1.2%. EPS increased 100.0%. Cash increased 56.1%. Total debt declined 7.2%. Net income margin improved by 1.6 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
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Government disclosed trading activity is available on the Smart Money directory. Filings may be delayed and may not represent complete current holdings.
Dividend HistoryShare
Dividend History
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Predictions & Historical PerformanceShare
Conservative Projected Values
3 Years
$———.——
Premium
5 Years
$———.——
Premium
10 Years
$———.——
Premium
Conservative Projection Rate
——%
Premium
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.