Macy's, Inc. (M) Stock

Macy's, Inc. (M) is a Consumer Discretionary stock trading at $22.58 (as of 2026-08-20), with a market capitalization of $5.94B and a trailing P/E of 29.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Macy’s, Inc. operates department stores and e-commerce platforms, selling merchandise across categories including apparel, accessories, cosmetics, home furnishings, and other consumer goods. It serves customers through its brands and operates stores in the U.S. and certain international locations under license agreements.

Understand Macy's, Inc.: how it makes money

Macy's runs an omni-channel department store business, selling apparel, cosmetics, and home-related merchandise through stores, websites, and mobile apps, and it also earns additional revenue from items such as credit card revenue and a media network.

Macy's profit depends on converting comparable sales into retail earnings while managing inventory risk, with credit card revenue and Macy's Media Network revenue acting as smaller but diversifying add-ons to merchandise net sales.

Business quality (Weak): The dataset includes useful operating indicators for demand (go-forward comparable sales) and inventory health, but it does not provide an official reportable segment revenue breakdown.

Valuation: At 10× earnings, M trades 48% below the Retail average (19×). Note: one-time items can distort reported P/E.

Bull case

Comparable sales momentum is tracked on an owned plus licensed plus marketplace basis: The presence of a go-forward comparable sales metric suggests management and investors focus on underlying demand across Macy's retail channels.
Inventory aging is improving: The KPI set includes Aged Inventory Decline (Macy's and Bloomingdale's Combined), and it also tracks end of quarter inventory decline, which is relevant for reducing inventory risk.
Store and fulfillment change initiatives are measurable: The dataset includes KPIs such as Reimagine Locations Comparable Sales and Speed of Delivery and Fulfillment Improvement, which indicate an operational path to improve productivity.

Bear case

Operating profitability is thin: The provided operating margin is 2.3%, so results may be sensitive to execution on sales, costs, and inventory.
Inventory performance is a recurring risk area: The KPI set includes Inventory Turnover with a negative value, and it also tracks multiple inventory measures, indicating investors should watch for inventory-related pressure.
Non-merchandise revenue is comparatively small: Credit Card Revenue and Macy's Media Network Revenue are present as separate KPI items, but they are smaller components versus net sales, so they may not fully offset weakness in core retail.

Valuation — source: SEC EDGAR (first-party)
Price	$22.58
Market Cap	$5.94B
P/E Ratio	29.8
EV / EBITDA	5.5
Price / Book	1.23
Price / Sales	0.30
FCF Yield	1.5%
DCF Value (model)	$44.75
DCF Upside vs Price	98.2%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$22.62B
Net Margin	2.8%
Revenue Growth (YoY)	-1.7%
EPS Growth (YoY)	12.9%
FCF Growth (YoY)	39.1%

Financial Health — source: SEC EDGAR
Altman Z-Score	2.68 (grey)
Piotroski F-Score	8/9 (strong)

Valuation vs Sector & Industry
Stock P/E	29.8
Sector P/E (Consumer Discretionary)	20.5
Industry P/E (Retail)	19.5
vs Sector	45.7%
vs Industry	52.9%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($570.11M)
Institutional Holders Tracked	10
Congressional Trades (recent)	1

Company
Sector	Consumer Discretionary
Industry	Retail
CEO	Antony Spring
Employees	94,189
Country	US
IPO Date	1992-02-05

Related Companies (Business model: Brick-and-Mortar Retail (incl. Omnichannel); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.