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Macy's

NYSE:M
Snowflake Description

6 star dividend payer and undervalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
M
NYSE
$8B
Market Cap
  1. Home
  2. US
  3. Retail
Company description

Macy's, Inc., an omni-channel retail organization, operates stores, Websites, and mobile applications. The last earnings update was 69 days ago. More info.


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  • Macy's has significant price volatility in the past 3 months.
M Share Price and Events
7 Day Returns
-1.6%
NYSE:M
-0.8%
US Multiline Retail
0.5%
US Market
1 Year Returns
-4.6%
NYSE:M
1.6%
US Multiline Retail
2%
US Market
M Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Macy's (M) -1.6% 1% -24.2% -4.6% -38.6% -52.8%
US Multiline Retail -0.8% 1.8% -6.8% 1.6% 12.7% 23%
US Market 0.5% 6.3% 1.9% 2% 45.1% 40.5%
1 Year Return vs Industry and Market
  • M underperformed the Multiline Retail industry which returned 1.6% over the past year.
  • M underperformed the Market in United States of America which returned 2% over the past year.
Price Volatility
M
Industry
5yr Volatility vs Market

M Value

 Is Macy's undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Macy's to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Macy's.

NYSE:M Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 12 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.1%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:M
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 7.3%
Multiline Retail Unlevered Beta Simply Wall St/ S&P Global 0.56
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.56 (1 + (1- 21%) (71.31%))
0.876
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.88
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.876 * 7.27%)
9.1%

Discounted Cash Flow Calculation for NYSE:M using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Macy's is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:M DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (USD, Millions) 1,504.25 1,089.60 939.75 1,070.00 995.00
Source Analyst x4 Analyst x5 Analyst x4 Analyst x1 Analyst x1
Present Value
Discounted (@ 9.1%)
1,378.83 915.48 723.74 755.35 643.84
Present value of next 5 years cash flows $4,417.23
NYSE:M DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= $995.00 × (1 + 2.73%) ÷ (9.1% – 2.73%)
$16,056.23
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= $16,056.23 ÷ (1 + 9.1%)5
$10,389.54
NYSE:M Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= $4,417.23 + $10,389.54
$14,806.78
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $14,806.78 / 307.47
$48.16
NYSE:M Discount to Share Price
Calculation Result
Value per share (USD) From above. $48.16
Current discount Discount to share price of $25.24
= -1 x ($25.24 - $48.16) / $48.16
47.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Macy's is available for.
Intrinsic value
48%
Share price is $25.24 vs Future cash flow value of $48.16
Current Discount Checks
For Macy's to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Macy's's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Macy's's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Macy's's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Macy's's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:M PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-11-03) in USD $5.52
NYSE:M Share Price ** NYSE (2019-02-13) in USD $25.24
United States of America Multiline Retail Industry PE Ratio Median Figure of 9 Publicly-Listed Multiline Retail Companies 11.6x
United States of America Market PE Ratio Median Figure of 3,046 Publicly-Listed Companies 16.95x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Macy's.

NYSE:M PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:M Share Price ÷ EPS (both in USD)

= 25.24 ÷ 5.52

4.57x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Macy's is good value based on earnings compared to the US Multiline Retail industry average.
  • Macy's is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Macy's's expected growth come at a high price?
Raw Data
NYSE:M PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 4.57x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
-22.4%per year
United States of America Multiline Retail Industry PEG Ratio Median Figure of 9 Publicly-Listed Multiline Retail Companies -0.2x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.36x

*Line of best fit is calculated by linear regression .

NYSE:M PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 4.57x ÷ -22.4%

-0.2x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Macy's earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Macy's's assets?
Raw Data
NYSE:M PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-11-03) in USD $18.43
NYSE:M Share Price * NYSE (2019-02-13) in USD $25.24
United States of America Multiline Retail Industry PB Ratio Median Figure of 12 Publicly-Listed Multiline Retail Companies 2.07x
United States of America Market PB Ratio Median Figure of 5,122 Publicly-Listed Companies 1.81x
NYSE:M PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:M Share Price ÷ Book Value per Share (both in USD)

= 25.24 ÷ 18.43

1.37x

* Primary Listing of Macy's.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Macy's is good value based on assets compared to the US Multiline Retail industry average.
X
Value checks
We assess Macy's's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Multiline Retail industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Multiline Retail industry average (and greater than 0)? (1 check)
  5. Macy's has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

M Future Performance

 How is Macy's expected to perform in the next 1 to 3 years based on estimates from 12 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-22.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Macy's expected to grow at an attractive rate?
  • Macy's's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Macy's's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Macy's's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:M Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:M Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts -22.4%
NYSE:M Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 0.4%
United States of America Multiline Retail Industry Earnings Growth Rate Market Cap Weighted Average 2%
United States of America Multiline Retail Industry Revenue Growth Rate Market Cap Weighted Average 4.1%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.4%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:M Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:M Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-01-31
2023-01-31
2022-01-31
2021-01-31 25,207 1,874 4
2020-01-31 24,988 1,956 1,028 10
2019-01-31 24,924 2,255 1,152 8
NYSE:M Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-11-03 25,141 1,974 1,696
2018-08-04 24,978 1,942 1,664
2018-05-05 25,024 2,029 1,608
2018-02-03 24,837 1,944 1,547
2017-10-28 25,255 1,892 694
2017-07-29 25,455 1,787 681
2017-04-29 25,518 2,030 581
2017-01-28 25,778 1,801 619
2016-10-29 26,132 2,014 688
2016-07-30 26,380 2,146 789
2016-04-30 26,618 1,939 995
2016-01-30 27,079 1,984 1,072

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Macy's's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Macy's's revenue is expected to grow by 0.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:M Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from Macy's Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:M Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-01-31
2023-01-31
2022-01-31
2021-01-31 4.29 4.29 4.29 1.00
2020-01-31 3.50 4.70 2.88 5.00
2019-01-31 3.87 4.53 3.70 5.00
NYSE:M Past Financials Data
Date (Data in USD Millions) EPS *
2018-11-03 5.52
2018-08-04 5.43
2018-05-05 5.26
2018-02-03 5.07
2017-10-28 2.27
2017-07-29 2.22
2017-04-29 1.89
2017-01-28 2.01
2016-10-29 2.22
2016-07-30 2.51
2016-04-30 3.10
2016-01-30 3.26

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Macy's is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Macy's's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Macy's has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

M Past Performance

  How has Macy's performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Macy's's growth in the last year to its industry (Multiline Retail).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Macy's's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Macy's's 1-year earnings growth exceeds its 5-year average (127.3% vs -4.7%)
  • Macy's's earnings growth has exceeded the US Multiline Retail industry average in the past year (127.3% vs 51.7%).
Earnings and Revenue History
Macy's's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Macy's Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:M Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-11-03 25,141.00 1,696.00 8,237.00
2018-08-04 24,978.00 1,664.00 8,165.00
2018-05-05 25,024.00 1,608.00 8,159.00
2018-02-03 24,837.00 1,547.00 8,131.00
2017-10-28 25,255.00 694.00 8,171.00
2017-07-29 25,455.00 681.00 8,275.00
2017-04-29 25,518.00 581.00 8,356.00
2017-01-28 25,778.00 619.00 8,474.00
2016-10-29 26,132.00 688.00 7,165.00
2016-07-30 26,380.00 789.00 7,113.00
2016-04-30 26,618.00 995.00 7,138.00
2016-01-30 27,079.00 1,072.00 8,468.00
2015-10-31 27,574.00 1,321.00 8,166.00
2015-08-01 27,895.00 1,420.00 7,923.00
2015-05-02 28,058.00 1,495.00 7,541.00
2015-01-31 28,105.00 1,526.00 7,294.00
2014-11-01 27,943.00 1,544.00 7,641.00
2014-08-02 28,024.00 1,504.00 7,928.00
2014-05-03 27,823.00 1,493.00 8,233.00
2014-02-01 27,931.00 1,486.00 7,420.00
2013-11-02 28,079.00 1,405.00 9,052.00
2013-08-03 27,878.00 1,373.00 8,861.00
2013-05-04 27,930.00 1,371.00 8,694.00
2013-02-02 27,686.00 1,335.00 8,482.00
2012-10-27 27,060.00 1,350.00 8,396.00
2012-07-28 26,838.00 1,344.00 8,336.00
2012-04-28 26,659.00 1,306.00 8,303.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Macy's has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Macy's used its assets more efficiently than the US Multiline Retail industry average last year based on Return on Assets.
  • Macy's's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Macy's's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Multiline Retail industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Macy's has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

M Health

 How is Macy's's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Macy's's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Macy's is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Macy's's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Macy's's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Macy's Company Filings, last reported 3 months ago.

NYSE:M Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-11-03 5,645.00 5,534.00 736.00
2018-08-04 5,894.00 5,536.00 1,068.00
2018-05-05 5,801.00 5,882.00 1,531.00
2018-02-03 5,661.00 6,072.00 1,455.00
2017-10-28 4,224.00 6,319.00 534.00
2017-07-29 4,383.00 6,317.00 783.00
2017-04-29 4,300.00 6,725.00 1,201.00
2017-01-28 4,322.00 7,045.00 1,297.00
2016-10-29 3,791.00 7,501.00 457.00
2016-07-30 4,050.00 7,630.00 1,000.00
2016-04-30 4,154.00 7,632.00 734.00
2016-01-30 4,253.00 7,802.00 1,109.00
2015-10-31 3,975.00 7,963.00 474.00
2015-08-01 4,844.00 7,264.00 843.00
2015-05-02 5,207.00 7,336.00 1,509.00
2015-01-31 5,378.00 7,309.00 2,246.00
2014-11-01 5,351.00 7,219.00 1,048.00
2014-08-02 5,807.00 7,225.00 1,630.00
2014-05-03 6,100.00 7,183.00 1,878.00
2014-02-01 6,249.00 7,177.00 2,273.00
2013-11-02 5,442.00 7,197.00 1,171.00
2013-08-03 5,855.00 6,914.00 1,424.00
2013-05-04 5,971.00 6,921.00 1,752.00
2013-02-02 6,051.00 6,930.00 1,836.00
2012-10-27 5,563.00 6,940.00 1,264.00
2012-07-28 5,903.00 6,950.00 1,604.00
2012-04-28 6,033.00 6,957.00 1,891.00
  • Macy's's level of debt (98%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (131.8% vs 98% today).
  • Debt is well covered by operating cash flow (35.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.4x coverage).
X
Financial health checks
We assess Macy's's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Macy's has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

M Dividends

 What is Macy's's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.98%
Current annual income from Macy's dividends. Estimated to be 6.26% next year.
If you bought $2,000 of Macy's shares you are expected to receive $120 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Macy's's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.43%).
  • Macy's's dividend is above the markets top 25% of dividend payers in United States of America (3.62%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:M Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
United States of America Multiline Retail Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 2.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1997 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:M Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2024-01-31
2023-01-31
2022-01-31
2021-01-31 1.63 5.00
2020-01-31 1.55 9.00
2019-01-31 1.53 9.00
NYSE:M Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2018-10-26 1.510 5.066
2018-08-24 1.510 4.392
2018-05-18 1.510 4.008
2018-02-23 1.510 5.090
2017-10-27 1.510 6.402
2017-08-25 1.510 7.133
2017-05-11 1.510 6.720
2017-02-24 1.510 5.084
2016-10-28 1.510 4.281
2016-08-26 1.510 4.158
2016-08-11 1.510 3.786
2016-02-26 1.510 4.115
2015-11-09 1.440 3.711
2015-08-28 1.440 2.739
2015-08-12 1.440 2.374
2015-06-04 1.440 2.090
2015-05-13 1.440 2.137
2015-02-27 1.250 1.912
2014-10-24 1.250 1.988
2014-08-22 1.250 2.109
2014-05-14 1.250 2.142
2014-02-28 1.000 1.725
2013-10-25 1.000 1.926
2013-08-23 1.000 2.267
2013-05-15 1.000 2.074
2013-02-22 0.800 1.854
2012-10-26 0.800 2.053
2012-08-24 0.800 2.035
2012-05-18 0.800 2.216
2012-01-05 0.800 2.122
2011-10-28 0.400 1.270
2011-08-26 0.400 1.467
2011-05-11 0.400 1.443
2011-02-25 0.200 0.827
2010-10-22 0.200 0.823
2010-08-20 0.200 0.914
2010-05-14 0.200 1.006
2010-02-19 0.200 0.910
2009-10-23 0.200 1.173
2009-08-21 0.200 1.146
2009-05-15 0.200 1.600
2009-02-17 0.200 2.071

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Macy's's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (2x coverage).
X
Income/ dividend checks
We assess Macy's's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Macy's afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Macy's has a total score of 6/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

M Management

 What is the CEO of Macy's's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jeff Gennette
COMPENSATION $11,088,255
AGE 57
TENURE AS CEO 1.9 years
CEO Bio

Mr. Jeffrey Gennette, also known as Jeff, has been the Chairman since January 2018 and Chief Executive Officer March 2017 of Macy's, Inc. (formerly Federated Department Stores Inc) and served as its President since March 31, 2014 until September 8, 2017. Mr. Gennette served as the Chief Merchandising Officer of Macy's, Inc. from February 2009 to March 31, 2014, Chief Executive Officer of Macy's Department Stores for Northwest Region since February 1, 2006 until February 2008 and Chairman and Chief Executive Officer of Macy's West since February 2008 until February 2009. Mr. Gennette served as Executive Vice President and Director of stores at Macy's Central since 2004. He served as Senior Vice President/General Merchandise Manager at Macy's West since 2001. He joined Macy's West in 1983 as an Executive Trainee and also has served with FAO Schwarz and Broadway stores. He served as Chairman of Macy's Northwest in Seattle since December 2005. Mr. Gennette has been a Director of Macy's, Inc. since June 23, 2016. He serves as Director of The Seattle Symphony.

CEO Compensation
  • Jeff's compensation has increased by more than 20% in the past year.
  • Jeff's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Macy's management team in years:

1.4
Average Tenure
57
Average Age
  • The average tenure for the Macy's management team is less than 2 years, this suggests a new team.
Management Team

Jeff Gennette

TITLE
Chairman & CEO
COMPENSATION
$11M
AGE
57
TENURE
1.9 yrs

Hal Lawton

TITLE
President
COMPENSATION
$18M
AGE
44
TENURE
1.4 yrs

Elisa Garcia C.

TITLE
Chief Legal Officer & Secretary
COMPENSATION
$3M
AGE
60
TENURE
2.4 yrs

Danielle Kirgan

TITLE
Chief Human Resources Officer
COMPENSATION
$2M
AGE
42
TENURE
1.3 yrs

Karen Hoguet

TITLE
Strategic Advisor
COMPENSATION
$5M
AGE
61
TENURE
0.6 yrs

Jeff Kantor

TITLE
Chief Merchandising Officer
COMPENSATION
$5M
AGE
59
TENURE
4 yrs

Paula Price

TITLE
Chief Financial Officer
AGE
57
TENURE
0.6 yrs

R.B. Harrison

TITLE
Chief Operations Officer
AGE
55
TENURE
1.4 yrs

Naveen Krishna

TITLE
Chief Technology Officer
TENURE
0.7 yrs

Monica Koehler

TITLE
Vice President of Investor Relations & Finance
Board of Directors Tenure

Average tenure and age of the Macy's board of directors in years:

5
Average Tenure
57
Average Age
  • The tenure for the Macy's board of directors is about average.
Board of Directors

Tony Spring

TITLE
Chairman & CEO of Bloomingdale’s
AGE
53
TENURE
5 yrs

Marna Whittington

TITLE
Lead Independent Director
COMPENSATION
$297K
AGE
70

Jeff Gennette

TITLE
Chairman & CEO
COMPENSATION
$11M
AGE
57
TENURE
1.1 yrs

Joyce Roché

TITLE
Independent Director
COMPENSATION
$246K
AGE
71
TENURE
13 yrs

Paul Varga

TITLE
Independent Director
COMPENSATION
$243K
AGE
54
TENURE
6.9 yrs

John Bryant

TITLE
Independent Director
COMPENSATION
$253K
AGE
53
TENURE
3.9 yrs

Sara Levinson

TITLE
Independent Director
COMPENSATION
$232K
AGE
67
TENURE
21.8 yrs

Deirdre Connelly

TITLE
Independent Director
COMPENSATION
$233K
AGE
57
TENURE
11.1 yrs

Leslie Hale

TITLE
Independent Director
COMPENSATION
$236K
AGE
46
TENURE
4.1 yrs

Frank Blake

TITLE
Independent Director
COMPENSATION
$234K
AGE
69
TENURE
3.3 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Macy's insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
19. Nov 18 Buy William Lenehan Individual 16. Nov 18 16. Nov 18 3,154 $31.74 $100,108
20. Aug 18 Buy William Lenehan Individual 17. Aug 18 17. Aug 18 2,092 $35.78 $74,849
13. Apr 18 Buy Jeffrey Gennette Individual 12. Apr 18 12. Apr 18 10,000 $29.10 $290,998
X
Management checks
We assess Macy's's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Macy's has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

M News

Simply Wall St News

Why Macy's, Inc. (NYSE:M) Is An Attractive Investment To Consider

Help shape the future of investing tools and you could win a $250 gift card! … (NYSE:M) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects.

Simply Wall St -

Is Macy's, Inc.'s (NYSE:M) P/E Ratio Really That Good?

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … Macy's has a price to earnings ratio of 4.62, based on the last twelve months. … How Do I Calculate A Price To Earnings Ratio

Simply Wall St -

Macy's, Inc. (NYSE:M) Has A ROE Of 30%

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … That means that for every $1 worth of shareholders' equity, it generated $0.30 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Macy's, Inc. (NYSE:M) Should Be In Your Dividend Portfolio, Here's Why

reliable and steady dividend over the past decade, at a rate that is competitive relative to the other dividend-paying companies on the market … It has paid dividend every year without dramatically reducing payout in the past … Its dividend per share amount has increased over the past

Simply Wall St -

Have Insiders Been Buying Macy's, Inc. (NYSE:M) Shares?

We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. … So we'll take a look at whether insiders have been buying or selling shares in Macy's, Inc. … In the last twelve months there was more buying than selling by Macy's insiders

Simply Wall St -

Macy's Inc (NYSE:M): 2 Days To Buy Before The Ex-Dividend Date

Macy's Inc (NYSE:M) will be distributing its dividend of US$0.38 per share on the 02 January 2019, and will start trading ex-dividend in 2 days time on the 13 December 2018. … Is this future income stream a compelling catalyst for dividend investors to think about the stock as an investment today? … reliable and steady dividend over the past decade, at a rate that is competitive relative to the other dividend-paying companies on the market

Simply Wall St -

Macy's Inc (NYSE:M): What Are Investors Earning On Their Capital?

and want to better understand how you can grow your money by investing in Macy's Inc (NYSE:M). … Your return is tied to M’s ability to do this because the amount earned is used to invest in opportunities to grow the business or payout dividends, which are the two sources of return on investment. … Thus, to understand how your money can grow by investing in Macy's, you need to look at what the company returns to owners for the use of their capital, which can be done in many ways but today we will use return on capital employed (ROCE)

Simply Wall St -

Macy's Inc (NYSE:M) Is Trading At A 32.88% Discount

In this article I am going to calculate the intrinsic value of Macy's Inc (NYSE:M). … by taking the foreast future cash flows of the company and discounting them back to today's value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

Is Macy's Inc's (NYSE:M) Balance Sheet A Threat To Its Future?

the health of the financials determines whether the company continues to succeed. … This article will examine Macy's’s financial liquidity and debt levels to get an idea of whether the company can deal with cyclical downturns and maintain funds to accommodate strategic spending for future growth. … Note that this commentary is very high-level and solely focused on financial health, so I suggest you dig deeper yourself

Simply Wall St -

Does The Data Make Macy's Inc (NYSE:M) An Attractive Investment?

Building up an investment case requires looking at a stock holistically. … Today I've chosen to put the spotlight on Macy's Inc (NYSE:M) due to its excellent fundamentals in more than one area.

Simply Wall St -

M Company Info

Map
Description

Macy's, Inc., an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 4, 2018, it operated approximately 690 department stores under the Macy’s and Bloomingdale’s brands; 160 specialty stores under the Bloomingdale’s The Outlet, Bluemercury, and Macy’s Backstage brands in the District of Columbia, Guam, and Puerto Rico; and Websites, including macys.com, bloomingdales.com, and bluemercury.com. The company also operates as a beauty products and spa retailer. The company was formerly known as Federated Department Stores, Inc. and changed its name to Macy's, Inc. in June 2007. Macy's, Inc. was founded in 1830 and is based in Cincinnati, Ohio.

Details
Name: Macy's, Inc.
M
Exchange: NYSE
Founded: 1830
$7,760,473,137
307,467,240
Website: http://www.macysinc.com
Address: Macy's, Inc.
7 West Seventh Street,
Cincinnati,
Ohio, 45202,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE M Common Stock New York Stock Exchange US USD 05. Feb 1992
DB FDO Common Stock Deutsche Boerse AG DE EUR 05. Feb 1992
LSE 0JXD Common Stock London Stock Exchange GB USD 05. Feb 1992
WBAG MACY Common Stock Wiener Boerse AG AT EUR 05. Feb 1992
BMV M * Common Stock Bolsa Mexicana de Valores MX MXN 05. Feb 1992
BOVESPA MACY34 BDR EACH REPR 1 COM USD0.01 Bolsa de Valores de Sao Paulo BR BRL 25. Apr 2016
Number of employees
Current staff
Staff numbers
130,000
Macy's employees.
Industry
Department Stores
Retail
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/14 00:17
End of day share price update: 2019/02/13 00:00
Last estimates confirmation: 2019/02/12
Last earnings filing: 2018/12/07
Last earnings reported: 2018/11/03
Last annual earnings reported: 2018/02/03


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.