M NYSE
Macy's, Inc.
1W: +1.9%
1M: +3.6%
3M: -3.7%
YTD: +4.8%
1Y: +28.4%
3Y: +128.7%
5Y: +6.2%
$23.86
+0.27 (+1.14%)
Weekly Expected Move ±4.4%
$22
$23
$24
$25
$26
Credit Risk of going bust: lower than 51% of companies Debt: 45.0% of company value Bonds: $219.5M held by 198 funds, 208 bp over Treasuries → details ▾
Of US companies ranked in the middle of the pack, about 1 in 580 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $0.73 (down 97%), Macy's, Inc. would be worth roughly what it owes.
Total debt $5.09B against a stock market value of $6.23B.
Distance to default 5.20 (Merton model): prices to 2026-10-27, balance sheet 2026-08-01, debt counted $1.22B (short-term plus half of long-term), stock volatility 40.9%; Altman Z'' 3.43. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
If the stock fell to about $0.73 (down 97%), Macy's, Inc. would be worth roughly what it owes.
Total debt $5.09B against a stock market value of $6.23B.
Distance to default 5.20 (Merton model): prices to 2026-10-27, balance sheet 2026-08-01, debt counted $1.22B (short-term plus half of long-term), stock volatility 40.9%; Altman Z'' 3.43. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
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Cash Flow Trends
Operating Cash Flow
$1.4B
+11.9% ▲
5Y CAGR: +17.1%
Capital Expenditures
$373M
+28.0% ▲
5Y CAGR: -4.4%
Free Cash Flow
$1.1B
+39.1% ▲
5Y CAGR: +42.0%
Dividends Paid
$197M
-2.6% ▼
Buybacks
$250M
-24900.0% ▼
Net Change in Cash
-$61M
-122.3% ▼
Cash Flow Composition
Year-over-Year Growth
View Full Cash Flow Statement
| Line Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| — Operating Activities — | |||||
| Net Income | $1.4B | $1.2B | $105M | $582M | $642M |
| Depreciation & Amort. | $874M | $857M | $897M | $881M | $894M |
| Stock-Based Comp. | $55M | $54M | $47M | $87M | $59M |
| Change in Working Capital | $195M | -$454M | -$614M | -$277M | -$486M |
| Other Non-Cash Items | $139M | $19M | $1.1B | $5M | $259M |
| Operating Cash Flow | $2.7B | $1.6B | $1.3B | $1.3B | $1.4B |
| — Investing Activities — | |||||
| Capital Expenditures | -$597M | -$1.3B | -$631M | -$518M | -$373M |
| Acquisitions (Net) | $164M | $137M | $0 | $0 | $0 |
| Investment Purchases | $0 | $0 | $0 | $0 | $0 |
| Investment Sales | $0 | $0 | $0 | $0 | $0 |
| Other Investing | $63M | -$11M | -$282M | -$74M | -$266M |
| Investing Cash Flow | -$370M | -$1.2B | -$913M | -$592M | -$639M |
| — Financing Activities — | |||||
| Net Debt Issuance | -$1.8B | -$522M | -$2M | -$223M | -$378M |
| Stock Repurchased | -$500M | -$601M | -$38M | -$1M | -$250M |
| Dividends Paid | -$90M | -$173M | -$181M | -$192M | -$197M |
| Other Financing | $7M | $0 | $1M | $3M | -$27M |
| Financing Cash Flow | -$2.4B | -$1.3B | -$220M | -$413M | -$852M |
| Net Change in Cash | -$39M | -$850M | $172M | $273M | -$61M |
| Cash End of Period | $1.7B | $865M | $1.0B | $1.3B | $1.2B |
| Free Cash Flow | $2.1B | $320M | $312M | $760M | $1.1B |