Stock

Macy's

Department Stores · Consumer Cyclical

Also trades as: 0JXD.L GBP 0.24 (+1.16%)

Price

$24.17

+0.74 (+3.16%)

Market Cap

$6.31B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Oct 22, 2026 · filings through Aug 1, 2026

§How the score breaks down

Quality

Mixed

8/30

Growth

Mixed

9/20

Cash Flow

Strong

8/10

Stability

Strong

8/10

Valuation

Good

6/10

Ownership

Mixed

4/15

Dividends

Good

3/5

46 of 100 counted points = Winston Score 46.

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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 is one of the largest department store chains in the United States. It sells clothing, shoes, handbags, home goods, and beauty products to everyday shoppers. The company owns three main brands: Macy's, Bloomingdale's, and Bluemercury.

Macy's makes money by selling merchandise directly to customers in its physical stores and through its websites. It operates roughly 500 Macy's stores and about 50 Bloomingdale's locations, almost entirely in the U.S. The company has a recognizable brand and a large loyalty program, but it faces serious pressure from online retailers like Amazon and off-price chains like TJ Maxx that pull shoppers away. Macy's is currently closing underperforming stores and investing in a smaller number of higher-end "go-forward" locations, so whether that strategy can stabilize sales and improve thin profit margins is the key question for the business going forward.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+100.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

1.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.3B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Macy's is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

39.6%

Modest — 39.6% gross margin

Profit after running costs

Operating Margin

5.0%

Thin — 5.0% operating margin

Return on the money invested

ROCE

5.3%

Weak — 5.3% 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

+0.3%

Nearly flat sales (+0.3% YoY)

Profit growth

EPS YoY

+55.9%

Earnings growing fast (+55.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

235%

Turns 235% of profit into real cash

Spare cash per sale

FCF Margin

6.5%

Modest free cash flow (6.5%)

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

0.32

Conservative — low debt load (0.32)

Covers its interest

Interest Cover

11.96x

Comfortably covers interest (12.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

8.7x

Attractive valuation — P/E 8.7

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

Cheaper or dearer next year

P/E vs Forward

-1.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

3.38%

Moderate income — 3.38% yield

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

Dividend record

Dividend Growth

+5.0%

Dividend growing modestly (5.0% YoY)

Payout Ratio

26%

no trend

Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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