Macy's, Inc. (M) Key Metrics
M valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $6.27B
- Enterprise value
- $9.60B
- P/E (TTM)
- 8.8 10-yr median 7.5
- Forward P/E
- 9.4
- PEG ratio
- 2.54
- Price / sales
- 0.3 10-yr median 0.3
- Price / book
- 1.2 10-yr median 1.3
- EV / EBITDA
- 4.9 10-yr median 5.0
- Dividend yield
- 3.21% $0.77 a year
- Beta
- 1.47
M key metrics, FY2017–FY2026
Fiscal year ended January 31, 2026 · U.S. dollarsM valuation Price multiples at each fiscal year-end price.
M returns How much profit the business earns on the capital it uses.
M per-share figures Results divided by the shares outstanding at year-end.
M financial health Debt, liquidity and how easily interest is covered.
M efficiency & capital use Working capital cycle and where the cash goes.
M valuation history
M returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
M debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
M cash returned to shareholders
M price vs earnings per share
M key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $5.54B | $4.39B | $5.09B | $6.64B | $8.04B | $4.68B | $4.97B | $8.19B | $7.96B | $9.18B |
| Enterprise value | $9.49B | $8.79B | $10.04B | $12.18B | $13.15B | $11.33B | $11.76B | $11.97B | $12.39B | $14.94B |
| P/E ratio | 8.6 | 7.5 | 113.1 | 5.6 | 5.6 | — | 8.8 | 7.4 | 5.1 | 14.6 |
| Price / sales | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.2 | 0.3 | 0.3 | 0.3 |
| Price / book | 1.1 | 1.0 | 1.3 | 1.6 | 2.2 | 1.8 | 0.8 | 1.3 | 1.4 | 2.1 |
| Price / free cash flow | 5.2 | 5.8 | 16.3 | 20.8 | 3.8 | 25.6 | 11.0 | 10.2 | 6.7 | 10.3 |
| Price / operating cash flow | 3.9 | 3.4 | 3.9 | 4.1 | 3.0 | 7.2 | 3.1 | 4.7 | 4.1 | 5.1 |
| EV / sales | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | 0.6 | 0.5 | 0.5 | 0.5 | 0.6 |
| EV / EBITDA | 5.2 | 5.0 | 9.3 | 4.8 | 4.4 | — | 6.1 | 4.5 | 4.4 | 6.2 |
| EV / free cash flow | 9.0 | 11.6 | 32.2 | 38.1 | 6.2 | 61.9 | 26.1 | 14.9 | 10.5 | 16.8 |
| Earnings yield | 11.6% | 13.3% | 0.9% | 17.7% | 17.8% | −84.3% | 11.4% | 13.5% | 19.7% | 6.8% |
| Free cash flow yield | 19.1% | 17.3% | 6.1% | 4.8% | 26.3% | 3.9% | 9.1% | 9.8% | 14.9% | 9.7% |
| Dividend yield | 3.6% | 4.4% | 3.6% | 2.6% | 1.1% | 2.5% | 9.4% | 5.7% | 5.8% | 5.0% |
| Shareholder yield (dividends + buybacks) | 8.1% | 4.4% | 4.3% | 11.7% | 7.3% | 2.5% | 9.4% | 5.7% | 5.8% | 8.4% |
| Share price at fiscal year-end | $20.02 | $15.58 | $18.29 | $23.63 | $25.60 | $15.04 | $15.95 | $26.30 | $25.95 | $29.54 |
| Per share | ||||||||||
| Revenue per share | $81.81 | $81.70 | $85.79 | $90.53 | $80.89 | $58.17 | $81.35 | $82.66 | $83.58 | $85.47 |
| Earnings per share | $2.32 | $2.07 | $0.16 | $4.19 | $4.55 | −$12.68 | $1.81 | $3.56 | $5.10 | $2.02 |
| Operating cash flow per share | $5.17 | $4.54 | $4.69 | $5.75 | $8.64 | $2.09 | $5.16 | $5.57 | $6.34 | $5.79 |
| Free cash flow per share | $3.82 | $2.70 | $1.12 | $1.14 | $6.74 | $0.59 | $1.45 | $2.58 | $3.86 | $2.86 |
| Cash per share | $4.51 | $4.64 | $3.72 | $3.07 | $5.45 | $5.40 | $2.20 | $3.73 | $4.74 | $4.17 |
| Book value per share | $17.58 | $16.16 | $14.50 | $14.52 | $11.53 | $8.21 | $20.48 | $20.67 | $18.49 | $13.91 |
| Tangible book value per share | $13.06 | $11.72 | $9.98 | $10.04 | $7.51 | $4.14 | $6.52 | $6.58 | $4.20 | −$0.23 |
| Dividends per share | $0.71 | $0.68 | $0.65 | $0.62 | $0.29 | $0.38 | $1.50 | $1.49 | $1.50 | $1.48 |
| Capex per share | $1.35 | $1.84 | $3.57 | $4.61 | $1.90 | $1.50 | $3.72 | $2.99 | $2.48 | $2.93 |
| Debt per share | $18.82 | $20.26 | $21.51 | $22.76 | $21.74 | $26.77 | $24.01 | $15.86 | $19.18 | $22.70 |
| Shares outstanding | 276.5M | 281.6M | 278.2M | 281.1M | 314.0M | 311.1M | 311.4M | 311.4M | 306.8M | 310.8M |
| Change in shares outstanding | −1.8% | +1.2% | −1.0% | −10.5% | +0.9% | −0.1% | 0.0% | +1.5% | −1.3% | −6.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 13.6% | 13.6% | 1.1% | 30.6% | 46.3% | −88.3% | 8.8% | 18.3% | 31.3% | 14.6% |
| Return on invested capital (ROIC) | 8.8% | 7.7% | 3.2% | 14.6% | 20.1% | −31.6% | 6.4% | 13.2% | 18.5% | 8.4% |
| Return on assets (ROA) | 3.9% | 3.6% | 0.3% | 6.8% | 8.1% | −20.3% | 2.8% | 5.7% | 8.0% | 3.1% |
| Return on tangible assets | 4.3% | 3.8% | 0.3% | 7.5% | 8.8% | −24.0% | 3.4% | 7.5% | 10.4% | 4.1% |
| Free cash flow margin | 4.7% | 3.3% | 1.3% | 1.3% | 8.3% | 1.0% | 1.8% | 3.1% | 4.6% | 3.3% |
| Income quality (OCF / net income) | 2.23 | 2.20 | 29.00 | 1.37 | 1.90 | — | 2.85 | 1.57 | 1.24 | 2.87 |
| Financial health | ||||||||||
| Total debt | $5.20B | $5.71B | $5.98B | $6.40B | $6.83B | $8.33B | $7.48B | $4.94B | $5.88B | $7.05B |
| Cash & short-term investments | $1.25B | $1.31B | $1.03B | $862.0M | $1.71B | $1.68B | $685.0M | $1.16B | $1.46B | $1.30B |
| Net debt | $3.96B | $4.40B | $4.95B | $5.54B | $5.11B | $6.65B | $6.79B | $3.78B | $4.43B | $5.76B |
| Debt / equity | 1.07 | 1.25 | 1.48 | 1.57 | 1.89 | 3.26 | 1.17 | 0.77 | 1.04 | 1.63 |
| Debt / assets | 0.32 | 0.35 | 0.37 | 0.38 | 0.39 | 0.47 | 0.35 | 0.26 | 0.30 | 0.36 |
| Net debt / EBITDA | 2.15 | 2.50 | 4.60 | 2.20 | 1.71 | — | 3.54 | 1.42 | 1.56 | 2.39 |
| Current ratio | 1.49 | 1.43 | 1.34 | 1.20 | 1.25 | 1.15 | 1.18 | 1.42 | 1.47 | 1.35 |
| Quick ratio | 0.50 | 0.44 | 0.38 | 0.33 | 0.44 | 0.45 | 0.28 | 0.42 | 0.45 | 0.39 |
| Interest coverage | 10.6 | 7.9 | 2.2 | 10.7 | 9.1 | -15.5 | 4.6 | 6.5 | 5.6 | 3.5 |
| Working capital | $2.18B | $1.96B | $1.56B | $992.0M | $1.34B | $827.0M | $1.06B | $2.21B | $2.37B | $1.98B |
| Invested capital | $8.82B | $8.95B | $8.98B | $9.62B | $8.73B | $9.20B | $13.17B | $10.21B | $10.10B | $10.08B |
| Tangible asset value | $3.61B | $3.30B | $2.78B | $2.82B | $2.36B | $1.29B | $2.03B | $2.05B | $1.28B | −$73.0M |
| Net current asset value | −$4.71B | −$5.37B | −$6.12B | −$6.93B | −$7.21B | −$8.97B | −$7.99B | −$5.31B | −$6.28B | −$7.90B |
| Graham number | $30.30 | $27.42 | $7.27 | $36.99 | $34.38 | — | $28.89 | $40.68 | $46.08 | $25.13 |
| Graham net-net per share | −$26.96 | −$28.66 | −$31.55 | −$34.02 | −$31.35 | −$36.58 | −$36.00 | −$27.82 | −$30.65 | −$35.85 |
| Capital allocation | ||||||||||
| Dividends paid | $197.0M | $192.0M | $181.0M | $173.0M | $90.0M | $117.0M | $466.0M | $463.0M | $461.0M | $459.0M |
| Share buybacks (net) | $250.0M | $1.0M | $38.0M | $601.0M | $500.0M | $1.0M | $1.0M | $0 | $1.0M | $316.0M |
| Dividend payout ratio | 30.7% | 33.0% | 402.2% | 14.7% | 6.3% | — | 82.6% | 41.8% | 29.4% | 73.2% |
| Dividends + buybacks / free cash flow | 42.3% | 25.4% | 70.2% | 241.9% | 27.9% | 64.5% | 103.5% | 57.7% | 39.0% | 87.2% |
| Capex / revenue | 1.6% | 2.3% | 4.2% | 5.1% | 2.4% | 2.6% | 4.6% | 3.6% | 3.0% | 3.4% |
| Capex / operating cash flow | 26.1% | 40.5% | 76.1% | 80.2% | 22.0% | 71.8% | 72.0% | 53.7% | 39.1% | 50.6% |
| Capex / depreciation | 0.42 | 0.59 | 1.11 | 1.51 | 0.68 | 0.49 | 1.18 | 0.97 | 0.77 | 0.86 |
| Stock-based compensation / revenue | 0.3% | 0.3% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% |
| SG&A / revenue | 36.4% | 36.2% | 35.7% | 33.0% | 32.5% | 38.3% | 36.0% | 35.5% | 35.3% | 35.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 7.6 | 4.9 | 4.5 | 4.3 | 4.1 | 6.9 | 5.8 | 5.4 | 6.3 | 7.4 |
| Days of inventory on hand | 112.9 | 117.3 | 110.7 | 103.1 | 99.5 | 133.1 | 125.7 | 125.2 | 127.2 | 127.0 |
| Days payables outstanding | 91.1 | 71.8 | 71.0 | 73.4 | 74.9 | 81.9 | 63.7 | 59.5 | 54.1 | 52.6 |
| Cash conversion cycle (days) | 29.4 | 50.3 | 44.2 | 34.0 | 28.8 | 58.1 | 67.8 | 71.1 | 79.3 | 81.8 |
| Receivables turnover | 47.72 | 75.06 | 80.49 | 85.26 | 88.65 | 52.84 | 62.62 | 67.47 | 57.95 | 49.19 |
| Payables turnover | 4.01 | 5.08 | 5.14 | 4.97 | 4.87 | 4.46 | 5.73 | 6.13 | 6.74 | 6.94 |
| Inventory turnover | 3.23 | 3.11 | 3.30 | 3.54 | 3.67 | 2.74 | 2.90 | 2.91 | 2.87 | 2.87 |
| Asset turnover | 1.39 | 1.41 | 1.44 | 1.48 | 1.44 | 0.93 | 1.26 | 1.33 | 1.31 | 1.31 |
| Average receivables | $474.0M | $306.5M | $296.5M | $298.5M | $286.5M | $342.5M | $404.5M | $381.5M | $442.5M | $540.0M |
| Average payables | $3.58B | $2.70B | $2.77B | $3.08B | $3.07B | $2.76B | $2.65B | $2.48B | $2.25B | $2.26B |
| Average inventory | $4.44B | $4.41B | $4.31B | $4.33B | $4.08B | $4.48B | $5.23B | $5.22B | $5.29B | $5.45B |
| Intangibles / total assets | 7.7% | 7.6% | 7.7% | 7.5% | 7.2% | 7.1% | 20.5% | 22.9% | 22.6% | 22.1% |
Computed from M's annual financial statements (latest annual report filed March 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
M valuation and financial ratios
At the end of fiscal 2026 (January 31, 2026), Macy's traded at 8.6 times earnings, against a 10-year median of 7.5. Based on the latest twelve months, the trailing P/E is 8.8 and the forward P/E is 9.4. Macy's earned a return on equity of 13.6% and a return on invested capital of 8.8% in fiscal 2026. It ended the year with $5.2 billion of debt and $1.2 billion in cash and short-term investments, net debt of $4.0 billion. It returned $447.0 million to shareholders: $197.0 million in dividends and $250.0 million in share buybacks, 42% of free cash flow. The share count fell 11.0% from 310.8M to 276.5M over 9 years.
See the M income statement, the M chart for price history, or the M stock overview for the latest quote and news.
M key metrics FAQ
What is Macy's's P/E ratio?
Macy's's trailing P/E ratio is 8.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 9.4. At the end of fiscal 2026 it was 8.6, compared with a 10-year median of 7.5.
What is Macy's's EV/EBITDA?
Macy's's enterprise value was 5.2 times EBITDA at the end of fiscal 2026 (enterprise value $9.5 billion, EBITDA $1.8 billion); the current EV/EBITDA is 4.9.
What is Macy's's return on equity?
Macy's's return on equity (ROE) was 13.6% in fiscal 2026: net income of $642.0 million on average shareholders' equity of $4.7 billion.
What is Macy's's ROIC?
Macy's's return on invested capital was 8.8% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Macy's have?
Macy's had total debt of $5.2 billion at the end of fiscal 2026, a debt-to-equity ratio of 1.07 and $4.0 billion of net debt (2.15 times EBITDA).
What is Macy's's dividend yield?
Macy's's forward dividend yield is 3.21%. Macy's paid $197.0 million in dividends in fiscal 2026 ($0.71 per share), a payout ratio of 30.7%.
Does Macy's buy back its shares?
Yes. Macy's spent $250.0 million on net share repurchases in fiscal 2026 Shares outstanding changed −1.8% over the year, to 276.5M..
What is Macy's's free cash flow yield?
Macy's generated $1.1 billion of free cash flow in fiscal 2026, a free cash flow yield of 19.1% on its market value at year-end ($5.5 billion).
What is Macy's's current ratio?
Macy's's current ratio was 1.49 at the end of fiscal 2026: current assets were 1.49 times current liabilities.