Macy's

Department Stores · Consumer Cyclical

Also trades as: 0JXD.L

Price

$23.72

-0.80 (-3.26%)

Market Cap

$6.24B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 12, 2026 · filings through May 2, 2026

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

Politician Trades

1 trades / 12mo

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

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Score breakdown

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Quality

Gross Margin

41.5%

Healthy — 41.5% gross margin

Operating Margin

1.6%

Thin — 1.6% operating margin

ROCE

1.1%

Weak — 1.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-0.3%

Shrinking sales (-0.3% YoY)

EPS YoY

+22.9%

Earnings growing fast (+22.9% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

268%

Turns 268% of profit into real cash

FCF Margin

6.6%

Modest free cash flow (6.6%)

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

10.69x

Comfortably covers interest (10.7x)

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

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Valuation

P/E Ratio (TTM)

9.6x

Attractive valuation — P/E 9.6

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

P/E vs Forward

-1.8

SLOWING

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

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Dividends

Dividend Yield

2.97%

Moderate income — 2.97% 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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