Macy's, Inc. key statistics and ratios
In fiscal 2026, Macy's, Inc. had return on equity of 13.6% and a net margin of 2.8%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2010Jan 2010 | 2011Jan 2011 | 2012Jan 2012 | 2013Feb 2013 | 2014Feb 2014 | 2015Jan 2015 | 2016Jan 2016 | 2017Jan 2017 | 2018Feb 2018 | 2019Feb 2019 | 2020Feb 2020 | 2021Jan 2021 | 2022Jan 2022 | 2023Jan 2023 | 2024Feb 2024 | 2025Feb 2025 | 2026Jan 2026 | LTMAug 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net margin | 1.4% | 3.4% | 4.8% | 4.8% | 5.3% | 5.4% | 4.0% | 2.4% | 6.3% | 4.4% | 2.3% | −22.7% | 5.6% | 4.5% | 0.2% | 2.5% | 2.8% | 3.3% |
| Return on equity | 7.1% | 16.6% | 21.9% | 22.3% | 24.2% | 26.2% | 22.3% | 14.6% | 31.1% | 18.2% | 8.8% | −88.3% | 46.0% | 29.9% | 1.1% | 13.6% | 13.6% | 15.3% |
| Return on assets | 1.5% | 4.0% | 5.9% | 6.2% | 7.0% | 7.1% | 5.1% | 3.1% | 7.9% | 5.7% | 2.8% | −20.3% | 8.0% | 6.7% | 0.3% | 3.6% | 3.9% | 4.7% |
| Effective tax rate | 35.1% | 35.8% | 36.2% | 36.5% | 35.1% | 36.2% | 36.2% | 35.9% | −2.6% | 22.7% | 22.5% | — | 23.3% | 22.4% | −4.7% | 23.7% | 24.4% | 24.0% |
| SG&A as % of revenue | 34.3% | 33.0% | 31.4% | 30.6% | 30.2% | 29.7% | 31.3% | 35.7% | 35.9% | 36.2% | 36.6% | 39.0% | 32.1% | 33.2% | 35.1% | 36.2% | 36.4% | 36.4% |
| Dividends ÷ net income | 25.5% | 9.9% | 11.8% | 24.3% | 24.2% | 27.6% | 42.5% | 73.2% | 29.4% | 41.8% | 82.6% | — | 6.3% | 15.1% | 402.2% | 33.0% | 30.7% | 26.4% |
Financial health
- Short-term assets cover short-term liabilities $6.4bn of assets due within a year against $4.0bn of liabilities due within a year.
- Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
- More cash than debt $1.3bn of cash against $2.4bn of debt.
- Debt below 40% of shareholders' equity Debt is 49% of equity.
- Debt burden no higher than five years ago Debt to equity moved from 91% to 49% over five years.
- A year's operating cash flow covers at least 20% of debt $1.8bn of operating cash flow against $2.4bn of debt.
- Operating profit covers interest at least five times over Interest not separately reported. Not assessable.
Moat
Moderate moat
How hard Macy's's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
- Returns on capital 5 / 20
Cash operating profit has been a median 5.0% of total assets over 10 years.
- Pricing power 13 / 20
Gross margin has been a median 39.4%, moving by 2.5 percentage points (standard deviation) across 10 years.
- Durability 0 / 20
Operating margin has been a median 5.1%; its worst year was -20.6%.
- Cash conversion 12 / 20
Free cash flow was positive in 10 of 10 years, at a median 4.6% of revenue.
- Discipline 20 / 20
The diluted share count fell 13.2% over five years; stock-based pay has been a median 0.2% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (50 before it).
Compare with peers
More: Broadline Retail stocks compared, Consumer Discretionary sector, rankings of US companies