MNYSERetail-Department StoresFiscal year ends February 1
Macy's, Inc.
Financials through Q2 FY2026, quarter ended Aug 1, 2026Last filing: 10-Q on Sep 10, 2026
$23.60−0.40 (-1.67%)
Close on Oct 19, 2026
- Market cap
- $6.42B
- P/E (TTM)
- 8.6
- Dividend yield
- 3.09%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
40.3%+11.2 pts over 5 years
Operating margin
4.6%+30.4 pts over 5 years
Net margin
2.8%+25.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -1.7% | -3.9% | +5.5% | -1.8% | |
| Gross profit | -1.5% | -3.3% | +12.5% | -1.5% | |
| Operating income | +13.3% | -15.2% | – | -6.6% | |
| Net income | +10.3% | -17.6% | – | -5.0% | |
| EPS, diluted | +12.1% | -17.2% | – | -3.2% | |
| Free cash flow | +39.1% | +13.3% | +27.7% | -1.3% | |
| Dividend per share | +5.8% | +5.0% | +14.1% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 14.6% | -88.3% | 13.6% | |
| Return on assets | 3.1% | -20.3% | 3.9% | |
| Current ratio | 1.35 | 1.15 | 1.49 | |
| Debt to equity | 1.59 | 1.90 | 0.50 | |
| Net debt to EBITDA | 2.28× | -0.88× | 0.62× | |
| Interest coverage | 3.7× | -15.8× | 7.4× | |
| Inventory turnover | – | 2.7× | 3.0× | |
| Capex to revenue | 2.3% | 1.9% | 1.6% | |
| Diluted shares | 311M | 311M | 277M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Macy's generated $8.34B from operations and spent $4.99B on capital expenditure, dividends and share buybacks. 55% of that went back into the business.
Generated
$8.34B
Used
$4.99B
Capital expenditure$2.76B55%Dividends$833.00M17%Share buybacks$1.39B28%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin2.8%
×Asset turnover1.39×
×Equity multiplier3.47×
=Return on equity, FY202513.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 2.8% | 1.39× | 3.47× | 13.6% |
| FY2024 | 2.5% | 1.41× | 3.80× | 13.6% |
| FY2023 | 0.2% | 1.44× | 4.10× | 1.1% |
| FY2022 | 4.5% | 1.48× | 4.50× | 29.9% |
| FY2021 | 5.6% | 1.44× | 5.72× | 46.0% |
| FY2020 | -22.7% | 0.89× | 4.35× | -88.3% |
| FY2019 | 2.3% | 1.22× | 3.15× | 8.8% |
| FY2018 | 4.4% | 1.29× | 3.18× | 18.2% |
| FY2017 | 6.3% | 1.26× | 3.92× | 31.1% |
| FY2016 | 2.4% | 1.28× | 4.72× | 14.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$642.00M
- Cash generatingOperating cash flow above zero$1.43B
- Return on assets improvedROA up on the prior year3.6% → 3.9%
- Earnings backed by cashOperating cash flow above net income$1.43B vs $642.00M
- Less leverageLong-term debt to assets fell16.9% → 15.0%
- Better liquidityCurrent ratio rose1.43 → 1.49
- No dilutionShare count did not rise282M → 277M
- Gross margin improvedGross margin up on the prior year40.28% → 40.33%
- More efficientAsset turnover rose1.42 → 1.38