Is the business good?
How good a business is M?
Macy's, Inc. earns 14% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
14%
Return on invested capital · cost of capital 9.0% · 4.9 points above what the capital costs: growth creates value
- Operating margin
- 4.8%
Operating margin · Consumer Cyclical median 8.4% · 12 months to Q1 2026
- Cash conversion
- 2.13×
Cash conversion · 1.11× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −2.9%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | −26% |
| FY2021 | 9.6% |
| FY2022 | 6.9% |
| FY2023 | 1.3% |
| FY2024 | 4.1% |
| FY2025 | 4.7% |
Details›
- Gross margin12 months to Q1 2026
- 38%
- Operating margin12 months to Q1 2026
- 4.8%
- Net margin12 months to Q1 2026
- 3.1%
- Free cash flow margin
- 6.5%
- Revenue, trailing twelve months
- $21.8B
- Free cash flow, trailing twelve months
- $1.43B
- Net income, trailing twelve months
- $668M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 14%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Consumer Cyclical
Ranks #111 of 255 by Smart Score