Macy's
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 Year Returns
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.
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Macy's.
| 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.
| 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.
| 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 |
| 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 |
| 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 |
| 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
Current Discount Checks
- 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?
| 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.
| 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?
| 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 .
| 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?
| 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 |
| 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.
Value checks
We assess Macy's's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the Multiline Retail industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Multiline Retail industry average (and greater than 0)? (1 check) 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!
Earnings growth vs Low Risk Savings
- 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
| 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
| 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 |
| 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 |
| 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.
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.
| 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 |
| 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.
Future performance checks
We assess Macy's's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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
Past Earnings growth analysis
- 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
All data from Macy's Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| 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).
Past performance checks
We assess Macy's's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Multiline Retail industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
- 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
Assets
Liabilities and shares
- 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.
All data from Macy's Company Filings, last reported 3 months ago.
| 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).
Financial health checks
We assess Macy's's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Macy's has a total score of 5/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
If you bought
$2,000 of
Macy's
shares you are expected to receive
$120
in your first year as a dividend.
Dividend Amount
- 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.
| 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.
| 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 |
| 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).
- Dividends after 3 years are expected to be covered by earnings (2x coverage).
Income/ dividend checks
We assess Macy's's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
CEO
| 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:
- The average tenure for the Macy's management team is less than 2 years, this suggests a new team.
Management Team
Jeff Gennette
Chairman & CEO
$11M
57
1.9 yrs
Hal Lawton
President
$18M
44
1.4 yrs
Elisa Garcia C.
Chief Legal Officer & Secretary
$3M
60
2.4 yrs
Danielle Kirgan
Chief Human Resources Officer
$2M
42
1.3 yrs
Karen Hoguet
Strategic Advisor
$5M
61
0.6 yrs
Jeff Kantor
Chief Merchandising Officer
$5M
59
4 yrs
Paula Price
Chief Financial Officer
57
0.6 yrs
R.B. Harrison
Chief Operations Officer
55
1.4 yrs
Naveen Krishna
Chief Technology Officer
0.7 yrs
Monica Koehler
Vice President of Investor Relations & Finance
Board of Directors Tenure
Average tenure and age of the Macy's board of directors in years:
- The tenure for the Macy's board of directors is about average.
Board of Directors
Tony Spring
Chairman & CEO of Bloomingdale’s
53
5 yrs
Marna Whittington
Lead Independent Director
$297K
70
Jeff Gennette
Chairman & CEO
$11M
57
1.1 yrs
Joyce Roché
Independent Director
$246K
71
13 yrs
Paul Varga
Independent Director
$243K
54
6.9 yrs
John Bryant
Independent Director
$253K
53
3.9 yrs
Sara Levinson
Independent Director
$232K
67
21.8 yrs
Deirdre Connelly
Independent Director
$233K
57
11.1 yrs
Leslie Hale
Independent Director
$236K
46
4.1 yrs
Frank Blake
Independent Director
$234K
69
3.3 yrs
Who owns this company?
Recent Insider Trading
- More shares have been bought than sold by Macy's insiders in the past 3 months.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | 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 | ||
Management checks
We assess Macy's's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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 - – Full articleIs 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 - – Full articleMacy'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 - – Full articleMacy'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 - – Full articleHave 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 - – Full articleMacy'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 - – Full articleMacy'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 - – Full articleMacy'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 - – Full articleIs 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 - – Full articleDoes 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 - – Full articleM 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
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.
