M
Macy's, Inc.Consumer Cyclical·Department Stores
$21.76
$5.7B market cap
Revenue
$22.6B
Free Cash Flow
$1.1B
Rev Growth
-1.1%
FCF Margin
4.7%
P/FCF
5.4x
EV/FCF
9.2x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
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
2-Year Price History
$20.66+15.9%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2025-Q4 | 7,916 | 987.0 | 739.0 | 506.0 | 1,183 | 1,159 | -24.0 | 1,246 | 5,204 | 276.5 | 31.3% | 49.4x | 4.8x |
| Act | 2025-Q3 | 4,913 | 265.0 | 42.0 | 11.0 | -8.0 | -101.0 | -93.0 | 447.0 | 5,243 | 274.6 | 2.4% | 10.6x | 5.9x |
| Act | 2025-Q2 | 4,999 | 358.0 | 155.0 | 87.0 | 319.0 | 240.0 | -79.0 | 829.0 | 5,481 | 278.3 | 6.9% | 14.3x | 4.9x |
| Act | 2025-Q1 | 4,793 | 314.0 | 94.0 | 38.0 | -64.0 | -241.0 | -177.0 | 932.0 | 5,664 | 280.7 | 3.4% | 11.6x | 4.8x |
| Act | 2024-Q4 | 8,007 | 681.0 | 499.0 | 342.0 | 1,308 | 1,189 | -119.0 | 1,306 | 5,706 | 282.6 | 20.9% | 32.4x | 5.1x |
| Act | 2024-Q3 | 4,903 | 295.0 | 64.0 | 28.0 | -167.0 | -384.0 | -217.0 | 315.0 | 5,826 | 281.5 | 3.0% | 9.2x | 7.9x |
| Act | 2024-Q2 | 5,096 | 439.0 | 222.0 | 150.0 | 8.0 | -195.0 | -203.0 | 646.0 | 6,012 | 281.6 | 9.0% | 14.2x | 8.3x |
| Act | 2024-Q1 | 5,000 | 345.0 | 125.0 | 62.0 | 129.0 | -100.0 | -229.0 | 876.0 | 6,032 | 281.0 | 4.6% | 11.1x | 10.2x |
| Act | 2023-Q4 | 8,375 | 157.0 | -71.0 | -70.0 | 1,147 | 903.0 | -244.0 | 1,034 | 5,984 | 275.0 | -2.4% | 5.8x | 9.0x |
| Act | 2023-Q3 | 5,038 | 310.0 | 83.0 | 41.0 | -113.0 | -298.0 | -185.0 | 364.0 | 6,191 | 277.6 | 4.1% | 8.9x | 4.8x |
| Act | 2023-Q2 | 5,280 | 221.0 | 124.0 | -22.0 | 166.0 | -102.0 | -268.0 | 438.0 | 5,972 | 273.8 | 6.3% | 6.1x | 5.1x |
| Act | 2023-Q1 | 5,173 | 466.0 | 244.0 | 155.0 | 105.0 | -191.0 | -296.0 | 603.0 | 5,992 | 277.8 | 9.6% | 12.6x | 4.4x |
| Act | 2022-Q4 | 8,526 | 899.0 | 676.0 | 509.0 | 1,127 | 815.0 | -312.0 | 862.0 | 6,397 | 278.5 | 26.7% | 20.9x | 4.3x |
| Act | 2022-Q3 | 5,467 | 392.0 | 192.0 | 108.0 | 185.0 | -216.0 | -401.0 | 326.0 | 6,167 | 277.7 | 9.5% | 9.3x | -- |
| Act | 2022-Q2 | 5,834 | 613.0 | 399.0 | 275.0 | 55.0 | -266.0 | -321.0 | 300.0 | 6,003 | 277.4 | 17.0% | 14.6x | -- |
| Act | 2022-Q1 | 5,565 | 645.0 | 463.0 | 286.0 | 248.0 | -13.0 | -261.0 | 672.0 | 6,024 | 290.9 | 20.1% | 13.7x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 17.96 | — | 10.0% | 2,549 | 3.9× | 31.0× | 3.7× | 0.2× |
| 2023 | 18.26 | -6.0% | 4.8% | 1,154 | 7.0× | 26.0× | 30.5× | 0.1× |
| 2024 | 15.97 | -3.6% | 7.7% | 1,760 | 4.9× | 17.0× | 7.4× | 0.2× |
| 2025 | 21.81 | -1.7% | 8.5% | 1,924 | 4.6× | 8.3× | 7.5× | 0.2× |
| TTM | 21.76 | -1.7% | 8.5% | 1,924 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$21.76
Market Cap$5.7B
Enterprise Value$9.7B
P/S Ratio0.3x
P/FCF5.4x
EV/FCF9.2x
FCF Margin (TTM)4.7%
FCF Yield18.4%
Dividend Yield (TTM)3.4%
Annual Dilution-2.2%
CurrencyUSD
TTM Financial Snapshot
Revenue$22.6B
Net Income$642.0M
Free Cash Flow$1.1B
Revenue Growth (YoY)-1.1%
EBITDA Margin8.5%
Net Margin2.8%
FCF Margin4.7%
CapEx % of Revenue1.6%
SBC % of Revenue0.3%
ROIC11.0%
WC Change % Rev6.3%
Interest Coverage19.8x
Forward Outlook & Risk
Short Interest
Short % of Float12.0%
Short Shares31.5M
Days to Cover7.6
Change (vs Prior)+10.4%
Short % Float History
12.00%+4.20pp
Options
Call IV (ATM)46%
Put IV (ATM)52%
ATM Spread0.19%
Call $OI (near money)$14.8M
Put $OI (near money)$2.8M
ATM ExpiryJuly 17, 2026 (56D)
ATM Strike$21.0
Major Expirations7
Near-money chain · July 17, 2026
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $17.00 | $3.75/$4.25 | 1 | $0.34/$0.84 | 62 |
| $18.00 | $3.10/$3.90 | 14 | $0.56/$0.64 | 68 |
| $19.00 | $2.46/$2.99 | 36 | $0.81/$0.95 | 270 |
| $20.00 | $1.83/$1.96 | 52 | $1.22/$1.34 | 210 |
| $21.00 | $1.39/$1.43 | 617 | $1.72/$1.85 | 3 |
| $22.00 | $0.93/$1.05 | 100 | $2.33/$2.46 | 0 |
| $23.00 | $0.66/$0.79 | 25 | $3.05/$3.75 | 0 |
| $24.00 | $0.46/$0.54 | 12 | $3.85/$6.05 | 0 |
Snapshot: 2026-05-22
Employees
Headcount94,189
Revenue / Employee$240,166
Gross Profit / Employee$87,770
2023: 94,570 → 2024: 85,581 → 2025: 94,189 → 2026: 0
Institutional Ownership
Headline & net flow
NET BUYING
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 16.4% of float, sold 2.3%. 5 filers moved >1% of shares (5 buying, 0 selling).
Net flow · Q1 2026still filing
+14.1% of float (net)
Bought 16.4% · Sold 2.3%
493 filers reported (last quarter: 542)
Ownership composition
Active
51.3%(+18.8% YoY)
452 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
30.5%(+8.5% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
1.6%(+1.4% YoY)
8 filers
Citadel, Susquehanna
Insiders
0.9%
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $511M | $14.47 | +$20.6M | −$36.8M | -0.2% | $5.69T |
| DIMENSIONAL FUND ADVISORS LPPassive | $298M | $16.41 | +$6.0M | +$9.3M | -0.4% | $480.92B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $247M | $18.09 | +$247M | +$247M | — | $1.91T |
| AMERICAN CENTURY COMPANIES INC | $220M | $15.01 | +$18.3M | +$62.3M | +0.7% | $193.48B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $206M | $18.09 | +$206M | +$206M | — | $4.04T |
| RWC Asset Management LLP | $204M | $12.10 | +$5.6M | +$87.5M | -1.0% | $2.21B |
| STATE STREET CORPPassive | $169M | $14.30 | −$871K | −$2.7M | -0.2% | $2.89T |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $167M | $17.68 | +$108M | +$115M | +0.7% | $645.81B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $146M | $17.69 | +$47.9M | +$50.4M | +2.3% | $1.61T |
| GOLDMAN SACHS GROUP INC | $138M | $17.78 | +$14.4M | +$103M | -0.2% | $760.93B |
| Newport Trust Co | $125M | $12.14 | −$1.0M | −$6.9M | -0.3% | $40.73B |
| LSV ASSET MANAGEMENT | $119M | $18.28 | +$10.3M | +$39.0M | +0.0% | $46.40B |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $104M | $15.76 | +$46.9M | +$67.2M | +0.1% | $184.72B |
| Allianz Asset Management GmbH | $100.0M | $16.97 | +$54.4M | +$44.2M | -0.2% | $86.14B |
| AQR CAPITAL MANAGEMENT LLC | $89.8M | $15.39 | +$17.5M | −$4.7M | -0.2% | $218.19B |
| Invesco Ltd. | $70.3M | $14.31 | +$3.3M | +$40.6M | -0.2% | $652.04B |
| MORGAN STANLEY | $63.5M | $12.98 | −$5.3M | +$13.1M | -0.3% | $1.65T |
| UBS Group AG | $58.7M | $16.24 | +$12.3M | −$4.2M | -0.3% | $562.11B |
| PRUDENTIAL FINANCIAL INC | $58.0M | $17.80 | +$13.4M | +$51.3M | -0.1% | $81.20B |
| SG Americas Securities, LLCMM | $55.3M | $17.86 | +$51.5M | +$55.1M | -0.1% | $90.20B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.06%
avg per quarter
Holders (ex-self)
-0.07%
excl. this stock
Buyers (this Q)
+0.16%
131 buyers · $1.06B in
Sellers (this Q)
+0.05%
171 sellers · $0.52B out
alpha coverage: 89% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-11.6%
how holders react when this stock falls
On quiet Qs
-16.4%
−10% to +10% baseline
On rallies (+10%+)
-22.2%
how they react when this stock rises
Holders' portfolio flow this Q
+4.4%
inflows — adds are organic
Sellers' portfolio flow this Q
-0.6%
Sellers' overall flow ~ flat.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.7%
Holder mid (any stock)
-2.3%
Holder rally (any stock)
-5.8%
Biggest decreases this quarter
SCHRODER INVESTMENT MANAGEMENT GROUPexited−$111MBALYASNY ASSET MANAGEMENT LLCexited−$55.1MPacer Advisors, Inc.exited−$29.5MCeredex Value Advisors LLCexited−$22.8MBANK OF NOVA SCOTIAexited−$9.2MShellback Capital, LPexited−$7.9MWeiss Asset Management LPexited−$6.5MWORLDQUANT MILLENNIUM ADVISORS LLCexited−$5.8MMORGAN STANLEY−$5.3Mα-0.3VestGen Advisors, LLCexited−$5.2M
New buyers this quarter
Top-5 holders · 32.6%
BlackRock, Inc.--
DIMENSIONAL FUND ADVISORS LP--
VANGUARD PORTFOLIO MANAGEMENT LLC--
AMERICAN CENTURY COMPANIES INC--
VANGUARD CAPITAL MANAGEMENT LLC--
Put / call ratio: 1.71 (+22.4% QoQ) — net bearish options
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
NOMURA HOLDINGS INC—Appaloosa LP—GOLDMAN SACHS GROUP INC7.6MARROWSTREET CAPITAL, LIMITED PARTNERSHIP5.8MAMERICAN CENTURY COMPANIES INC12.1MRWC Asset Management LLP11.3MRENAISSANCE TECHNOLOGIES LLC127KNewport Trust Co6.9MD. E. Shaw & Co., Inc.—SCHRODER INVESTMENT MANAGEMENT GROUP—
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (2 analysts)$15.50-2880.0%
Last Year (10 analysts)$20.45-600.0%
Current Price$21.76
Analyst Ratings
13
20
7
Buy: 13Hold: 20Sell: 7Consensus: Hold
Consensus Estimates
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2025 Q4 | 4.6B | 385M | -36M | $-0.13 | $-0.16 – $-0.11 | 8 |
| 2026 Q1 | 7.5B | 634M | 435M | $1.57 | $1.48 – $1.69 | 7 |
| 2026 Q2 | 4.6B | 390M | 8M | $0.03 | $0.02 – $0.05 | 6 |
| 2026 Q3 | 4.8B | 403M | 99M | $0.36 | $0.35 – $0.37 | 6 |
| 2026 Q4 | 4.6B | 393M | -9M | $-0.03 | $-0.03 – $-0.03 | 2 |
| 2027 Q1 | 7.6B | 640M | 484M | $1.75 | $1.73 – $1.77 | 2 |
| 2027 Q2 | 4.4B | 372M | 13M | $0.05 | $0.04 – $0.05 | 2 |
| 2027 Q3 | 4.5B | 384M | 105M | $0.38 | $0.37 – $0.38 | 2 |
| 2027 Q4 | 4.4B | 372M | -6M | $-0.02 | $-0.02 – $-0.02 | 2 |
| 2028 Q1 | 7.3B | 613M | 486M | $1.76 | $1.74 – $1.78 | 5 |
Corporate
Executive Compensation (2023-2025)
Direct Pay$134.0M
Incentive & Other$34.4M
Total Compensation$168.4M
% of Revenue0.2%
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$10.60M
26 txns · 5 insiders · 566,088 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-04-06 | SELL | Bron Olivier | officer: CEO, Bloomingdale's | 7,228 | $17.92 | $130K | $387K |
| 2026-04-06 | SELL | Kirgan Danielle L. | officer: EVP, Chief HR Officer | 10,010 | $17.92 | $179K | $1.94M |
| 2026-04-06 | SELL | Preston Tracy M | officer: EVP, CLO & Corporate Secretary | 5,271 | $17.92 | $94K | $516K |
| 2026-04-06 | SELL | Spring Antony | director, officer: Chairman & CEO | 50,044 | $17.92 | $897K | $8.71M |
| 2026-04-06 | SELL | Griscom Paul | officer: SVP and Controller | 745 | $17.92 | $13K | $635K |
| 2026-04-01 | SELL | Griscom Paul | officer: SVP and Controller | 490 | $18.08 | $9K | $607K |
| 2026-04-01 | SELL | Kirgan Danielle L. | officer: EVP, Chief HR Officer | 6,573 | $18.08 | $119K | $1.78M |
| 2026-04-01 | SELL | Spring Antony | director, officer: Chairman & CEO | 14,606 | $18.08 | $264K | $7.90M |
| 2026-03-30 | SELL | Bron Olivier | officer: CEO, Bloomingdale's | 3,051 | $17.74 | $54K | $278K |
| 2026-03-30 | SELL | Griscom Paul | officer: SVP and Controller | 433 | $17.74 | $8K | $574K |
| 2026-03-30 | SELL | Kirgan Danielle L. | officer: EVP, Chief HR Officer | 5,161 | $17.73 | $92K | $1.63M |
| 2026-03-30 | SELL | Preston Tracy M | officer: EVP, CLO & Corporate Secretary | 2,736 | $17.74 | $49K | $371K |
| 2026-03-30 | SELL | Spring Antony | director, officer: Chairman & CEO | 27,451 | $17.73 | $487K | $7.51M |
| 2026-03-27 | SELL | Kirgan Danielle L. | officer: EVP, Chief HR Officer | 15,415 | $17.91 | $276K | $1.54M |
| 2026-03-27 | SELL | Spring Antony | director, officer: Chairman & CEO | 41,450 | $17.91 | $742K | $7.12M |
| 2026-03-27 | SELL | Bron Olivier | officer: CEO, Bloomingdale's | 4,712 | $17.91 | $84K | $201K |
| 2026-03-27 | SELL | Griscom Paul | officer: SVP and Controller | 2,919 | $17.92 | $52K | $560K |
| 2026-03-25 | SELL | Griscom Paul | officer: SVP and Controller | 379 | $18.75 | $7K | $453K |
| 2026-03-25 | SELL | Kirgan Danielle L. | officer: EVP, Chief HR Officer | 3,047 | $18.72 | $57K | $1.06M |
| 2026-03-25 | SELL | Spring Antony | director, officer: Chairman & CEO | 3,024 | $18.72 | $57K | $6.39M |
Order Flow (FINRA, ~3w lag)
15.8%retail+0.0pp
18.7%dark+1.6pp
week of 2026-04-27
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Revenue Breakdown
Revenue Segments
By Product (2025-Q4)
| Women's Accessories, Shoes, Cosmetics and Fragrances | $7.2B | +117% |
| Womens Apparel | $3.7B | +147% |
| Mens And Kids | $3.6B | +116% |
| Home Other | $2.5B | +91% |
| Credit Card Revenues, Net | $516.0M | +195% |
| Macy's Media Network Revenue, Net | $154.0M | +141% |