Macy's

Department Stores · Consumer Cyclical

Price

$23.68

-0.44 (-1.82%)

Market Cap

$6.23B

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−11.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 314.0M (2022) → 276.5M (2026)

Macy's is one of the largest department store chains in the United States. It sells clothing, shoes, handbags, home goods, and beauty products to everyday shoppers. The company owns three main brands: Macy's, Bloomingdale's, and Bluemercury.

Macy's makes money by selling merchandise directly to customers in its physical stores and through its websites. It operates roughly 500 Macy's stores and about 50 Bloomingdale's locations, almost entirely in the U.S. The company has a recognizable brand and a large loyalty program, but it faces serious pressure from online retailers like Amazon and off-price chains like TJ Maxx that pull shoppers away. Macy's is currently closing underperforming stores and investing in a smaller number of higher-end "go-forward" locations, so whether that strategy can stabilize sales and improve thin profit margins is the key question for the business going forward.

Winston Score History

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1 Congressional buy and 0 sells on M in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-1.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+52.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

1.6%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$1.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Macy's's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

26.7%

Modest — 26.7% gross margin

Operating Margin

9.3%

Modest — 9.3% operating margin

ROCE

10.1%

Below par — 10.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+11.5%

Steady sales growth (11.5% YoY)

EPS YoY

+565.6%

Earnings growing fast (565.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

296%

Turns 296% of profit into real cash

FCF Margin

9.6%

Modest free cash flow (9.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.50

Conservative — low debt load (0.50)

Interest Cover

15.77x

Comfortably covers interest (15.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

6.8x

Attractive valuation — P/E 6.8

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-5.0

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

2.88%

Moderate income — 2.88% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+5.0%

Dividend growing modestly (5.0% YoY)

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