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Macy's
(NYSE:M)
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Rating:63Neutral
Price Target:
$24.00
▲(6.24% Upside)
Action:Reiterated
Date:09/15/26
The score is held back primarily by weaker financial performance trends—especially the sharp TTM revenue decline and meaningful leverage—despite continued profitability and positive cash generation. Support comes from attractive valuation (low P/E with a dividend) and a constructive earnings update with raised full-year guidance. Technical signals are mixed and slightly negative (negative MACD and trading below the 50DMA), limiting near-term momentum.
Positive Factors
Broad Comparable-Sales Growth
Repeated comparable-sales growth across Macy’s, Bloomingdale’s, and Bluemercury indicates that assortment and omnichannel improvements are gaining traction across brands. This breadth reduces reliance on a single concept and supports more durable traffic and sales productivity over the next several quarters.
Negative Factors
Top-Line and Margin Pressure
TTM revenue fell 21.3%, while EBIT and net margins of about 4.6% and 2.9% remain below 2022–2023 levels. Continued top-line pressure reduces operating leverage and leaves less room to absorb merchandising, store, or fulfillment costs if demand remains uneven.
Read all positive and negative factors
Positive Factors
Negative Factors
Broad Comparable-Sales Growth
Repeated comparable-sales growth across Macy’s, Bloomingdale’s, and Bluemercury indicates that assortment and omnichannel improvements are gaining traction across brands. This breadth reduces reliance on a single concept and supports more durable traffic and sales productivity over the next several quarters.
Read all positive factors
Macy's Key Performance Indicators (KPIs)
Any
Revenue by Type
Analyzes income from different sources such as retail sales, online sales, and services, highlighting diversification and areas of growth or decline.
Analyzes income from different sources such as retail sales, online sales, and services, highlighting diversification and areas of growth or decline.
Data provided by:
The Fly
The FlyMacy's (M) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.94B
Dividend Yield3.33%
Average Volume (3M)6.42M
Price to Earnings (P/E)8.1
Beta (1Y)1.00
Revenue Growth0.34%
EPS Growth58.61%
CountryUS
Employees90,134
SectorConsumer Cyclical
Sector Strength84
IndustryDepartment Stores
Share Statistics
EPS (TTM)2.79
Shares Outstanding261,176,640
10 Day Avg. Volume6,257,942
30 Day Avg. Volume6,421,022
Financial Highlights & Ratios
PEG Ratio0.66
Price to Book (P/B)1.11
Price to Sales (P/S)0.24
P/FCF Ratio5.13
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$22.88Price Target Upside1.26% Upside
Rating ConsensusHold
Number of Analyst Covering10
EPS Forecast (FY)2.32
Revenue Forecast (FY)$21.76B
Macy's Business Overview & Revenue Model
Company Description
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 offer...
How the Company Makes Money
Macy’s makes money primarily by selling merchandise to consumers through its stores and e-commerce sites. The largest revenue stream is retail net sales from owned and licensed product categories such as apparel and accessories, beauty/cosmetics (...
Macy's Earnings Call Summary
Earnings Call Date:Sep 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call was strongly constructive: second-quarter sales, comparable sales, EBITDA, EPS, cash flow, and the full-year outlook all improved, while Macy's, Bloomingdale's, and Bluemercury each delivered comparable-sales growth. The company also reported progress in Reimagined stores, brand expansion, AI, supply chain, and customer engagement. Offsetting issues included a cautious third-quarter comparable-sales outlook, softer big-ticket and select apparel categories, lower conversion, continued tariff and fuel exposure, and near-term investment levels. Highlights significantly outweighed the lowlights.Positive Updates
Second-Quarter Results Exceeded Guidance
Macy's, Inc. reported revenue growth, comparable sales increases across all nameplates and channels, and better-than-expected performance across key financial metrics. Net sales, comparable sales, adjusted EBITDA, and adjusted diluted EPS all exceeded guidance.
Negative Updates
Third-Quarter Comparable Sales Outlook Is Flat to Slightly Down
Third-quarter guidance calls for comparable sales of down 0.5% to up 0.5%, against a 3.2% comparable-sales comparison. Net sales are expected to be $4.65 billion to $4.7 billion, and adjusted diluted EPS is expected to be a loss of $0.19 to $0.23.
Read all updates
Q2-2026 Updates
Positive
Negative
Second-Quarter Results Exceeded Guidance
Macy's, Inc. reported revenue growth, comparable sales increases across all nameplates and channels, and better-than-expected performance across key financial metrics. Net sales, comparable sales, adjusted EBITDA, and adjusted diluted EPS all exceeded guidance.
Read all positive updates
Company Guidance
The company raised its full year outlook, expecting third quarter net sales of $4.65 billion to $4.7 billion, comparable sales of down 0.5% to up 0.5%, adjusted EBITDA as a percent of total revenue of 3.7% to 4.0%, and adjusted diluted EPS of a loss of $0.19 to $0.23; for the full year, net sales are expected at $21.675 billion to $21.825 billion, comparable sales of up 1.0% to up 1.5%, other revenue of $920 million, gross margin as a percent of net sales of 38.5% to 38.7%, SG and A up 1.5% to 2.25% on a dollar basis compared to last year, adjusted EBITDA as a percent of total revenue of 7.8% to 8.0%, interest expense of roughly $90 million, and adjusted diluted EPS of $2.15 to $2.35; full year combined tariff and fuel gross margin net headwind is forecast at 5 to 15 basis points, compared to prior guidance of 20 to 30 basis points, and disciplined reinvestment of tariff refunds nets to approximately $0.18 of EPS in the second half of 26.Macy's Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
62
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Jan 2026 | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 22.78B | 22.62B | 23.01B | 23.87B | 25.45B | 25.40B |
| Gross Profit | 8.21B | 8.27B | 9.27B | 9.64B | 10.10B | 10.44B |
| EBITDA | 2.04B | 1.84B | 1.76B | 1.07B | 2.50B | 3.00B |
| Net Income | 749.00M | 642.00M | 582.00M | 45.00M | 1.15B | 1.43B |
Balance Sheet | ||||||
| Total Assets | 15.73B | 16.24B | 16.40B | 16.25B | 16.87B | 17.59B |
| Cash, Cash Equivalents and Short-Term Investments | 1.29B | 1.25B | 1.31B | 1.03B | 862.00M | 1.71B |
| Total Debt | 5.09B | 5.20B | 5.71B | 5.98B | 6.40B | 6.83B |
| Total Liabilities | 10.80B | 11.38B | 11.85B | 12.21B | 12.78B | 13.97B |
| Stockholders Equity | 4.93B | 4.86B | 4.55B | 4.04B | 4.08B | 3.62B |
Cash Flow | ||||||
| Free Cash Flow | 1.49B | 1.06B | 760.00M | 312.00M | 320.00M | 2.12B |
| Operating Cash Flow | 1.76B | 1.43B | 1.28B | 1.30B | 1.61B | 2.71B |
| Investing Cash Flow | -663.00M | -639.00M | -592.00M | -913.00M | -1.17B | -370.00M |
| Financing Cash Flow | -632.00M | -852.00M | -413.00M | -220.00M | -1.30B | -2.38B |
Macy's Technical Analysis
Positive
22.59
Price Trends
23.06
Negative
22.73
Positive
21.25
Positive
Market Momentum
0.05
Negative
51.91
Neutral
50.35
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For M, the sentiment is Positive. The current price of 22.59 is above the 20-day moving average (MA) of 22.26, below the 50-day MA of 23.06, and above the 200-day MA of 21.25, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 51.91 is Neutral, neither overbought nor oversold. The STOCH value of 50.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for M.
Macy's Risk Analysis
Macy's disclosed 29 risk factors in its most recent earnings report. Macy's reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Macy's Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $5.77B | 11.45 | 39.59% | 6.86% | 4.73% | 8.69% | |
79 Outperform | $6.92B | 12.43 | 20.72% | ― | 11.01% | 24.97% | |
70 Outperform | $10.22B | 14.98 | 34.24% | 4.77% | 0.21% | 20.42% | |
69 Neutral | $2.21B | 9.79 | 46.91% | 10.26% | 6.22% | 8.74% | |
63 Neutral | $5.94B | 8.14 | 15.81% | 3.33% | 0.34% | 58.61% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | $2.13B | 7.80 | 6.68% | 2.66% | -2.87% | 28.86% |
* Consumer Cyclical Sector Average
M
Macy's
22.73
5.06
28.62%
ANF
Abercrombie Fitch
135.91
58.03
74.51%
BKE
Buckle
42.90
-10.93
-20.30%
DDS
Dillard's
654.11
66.00
11.22%
KSS
Kohl's
18.81
2.79
17.38%
URBN
Urban Outfitters
80.80
7.74
10.59%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.