M
Macy's, Inc.
M's fundamentals are mixed: free cash flow grew 46%, while revenue grew only 0.3%. At 8.9x earnings, it's trading above its usual 7.5x. Analysts expect strong earnings growth.
M Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Strong |
M's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
M PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 4.1x | $11.23 | -54% |
| Fair | 7.3x | $19.94 | -18% |
| Current | 8.9x | $24.33 | — |
| Forward | 11x | $24.33 | — |
| Expensive | 23x | $61.89 | +154% |
Historical ranges are pointers, not guarantees.
M's PE is in its fair range at 8.9x. On analysts' estimates for next year's earnings, today's price would be 11x, in its expensive range.
M Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong growth | |
| Stable | |
| Improving | |
| Limited | |
| High |
Analysts expect M's earnings to grow and its profitability to improve, with its revenue holding steady.
M Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.24 | -18% |
| Q3 2026 | $2.73 | +55% |
| Q2 2026 | $2.42 | +22% |
| Q1 2026 | $2.32 | +12% |
| Q4 2025 | $1.70 | +183% |
| Q3 2025 | $1.76 | +171% |
| Q2 2025 | $1.98 | +4850% |
| Q1 2025 | $2.07 | +445% |
| Q4 2024 | $0.60 | -76% |
M's earnings per share have fallen from their peak: $2.73 over the past year, against $5.21 in early 2022.
M Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5.1B | +1.2% |
| Q2 2026 | $4.9B | +2.1% |
| Q1 2026 | $7.9B | -1.1% |
| Q4 2025 | $4.9B | +0.2% |
| Q3 2025 | $5B | -1.9% |
| Q2 2025 | $4.8B | -4.1% |
| Q1 2025 | $8B | -4.4% |
| Q4 2024 | $4.9B | -2.7% |
M's revenue fell from its 2022 peak and has held roughly level since: $5.1B last quarter, up 1.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 4.8% | +1.8 points |
| Q2 2026 | 2.3% | +0.3 points |
| Q1 2026 | 9.4% | +3.2 points |
| Q4 2025 | 0.8% | -0.5 points |
| Q3 2025 | 3% | -1.4 points |
| Q2 2025 | 2% | -0.5 points |
| Q1 2025 | 6.2% | +7.1 points |
| Q4 2024 | 1.3% | -0.4 points |
M's operating margin was 4.8% last quarter, up 1.8 points from the same quarter a year ago.
M Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $229M | -4.6% |
| Q2 2026 | $204M | +$368M |
| Q1 2026 | $1.1B | -9% |
| Q4 2025 | -$101M | +$194M |
| Q3 2025 | $240M | +$349M |
| Q2 2025 | -$164M | -$139M |
| Q1 2025 | $1.2B | +19% |
| Q4 2024 | -$295M | -$87M |
M still generates free cash flow, though less than at its 2022 peak: $1.4B over the past year.
M Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -800K shares |
| 1 year | -1.4% | -4M shares |
| 3 years | -0.7% | -1.9M shares |
| 5 years | -15% | -46.7M shares |
| Available history | -13% | -39.1M shares |
M has 272M diluted shares, down 1.4% from a year ago, with $205M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $53M |
| Q2 2026 | $51M |
| Q1 2026 | $50M |
| Q4 2025 | $51M |
| Q3 2025 | $52M |
| Q2 2025 | $97M |
| Q1 2025 | $1M |
| Q4 2024 | — |
M spent $205M buying back its own shares over the past year, up 37% from the year before.
M Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.6x | Very low |
| Q2 2026 | 0.6x | Very low |
| Q1 2026 | 0.6x | Very low |
| Q4 2025 | 1.2x | Healthy |
| Q3 2025 | 1.1x | Healthy |
| Q2 2025 | 1.1x | Healthy |
| Q1 2025 | 0.8x | Very low |
| Q4 2024 | 2.1x | Moderate |
M's net debt is less than a year of its operating earnings (EBITDA), down from 1.1 years a year ago.
M Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 57.1 | Neutral |
| Stochastic | 61.4 | Neutral |
M's weekly RSI is 57 (neutral) and its Stochastic is 61 (neutral).
M PE vs Consumer Cyclical Sector
| Metric | M | Sector median | Relative |
|---|---|---|---|
| PE | 8.9x | 18x | 51% below |
| PE % | 60 | 47 | 13 pts above |
M is trading at 8.9x earnings, a 51% discount to the Consumer Cyclical sector's median of 18x.
M Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $23.5 | 3.7% above |
| 20 week MA | $23.3 | 4.4% above |
| 50 week MA | $22.0 | 11% above |
| 100 week MA | $18.3 | 33% above |
| 200 week MA | $17.6 | 38% above |
M is in an uptrend: it's above all five of its weekly moving averages, and 38% above its 200-week average.
M Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $16.5 | $10.8 | -35% |
| 2021 | $10.8 | $25.1 | +134% |
| 2022 | $25.1 | $20.3 | -19% |
| 2023 | $20.3 | $20.1 | -0.9% |
| 2024 | $20.1 | $17.5 | -13% |
| 2025 | $17.5 | $22.5 | +28% |
| 2026 YTD | $22.5 | $24.3 | +8.3% |
M has finished lower in four of the last six years. It's up 8.3% so far in 2026.