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Macy's

FDO.F
45
Department Stores · Consumer Cyclical
Price
€19.29
-0.14 (-0.75%)
Market Cap
€5.07B
Exchange
Frankfurt Stock Exchange
Winston Score
45
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 26, 2026 · filings through Apr 30, 2026
How the score breaks down
Quality
Mixed
Growth
Mixed
Cash Flow
Strong
Stability
Strong
Valuation
Good
Dividends
Mixed

Share count falling — buybacks

11.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 314.0M (2022) → 276.5M (2026)

Winston Score History

The full picture

Macy's, Inc., an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells various merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy's, Bloomingdale's, and Bluemercury brands. It also operates in Dubai, the United Arab Emirates, and Al Zahra, Kuwait under the license agreements. 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 New York, New York.

Score breakdown

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Quality

Profit per sale
Gross Margin
41.5%
Healthy — 41.5% gross margin
Profit after running costs
Operating Margin
1.6%
Thin — 1.6% operating margin
Return on the money invested
ROCE
12.1%
Good — 12.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
N/A
Data not available
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
2/3 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
267%
Turns 267% of profit into real cash
Spare cash per sale
FCF Margin
4.6%
Thin free cash flow (4.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.50
Conservative — low debt load (0.50)
Covers its interest
Interest Cover
9.27x
Comfortably covers interest (9.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
7.7x
Attractive valuation — P/E 7.7

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-4.4
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
3.40%
Moderate income — 3.40% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-1.3%
Dividend cut (-1.3% YoY) — warning sign

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