Macy's, Inc. (M) intrinsic value & 10-year financials
Macy's, Inc. (M) has a Graham intrinsic value of $23.90 per share. At $24.00 on Oct 17, 2026, the stock trades 0% above that value. Over the last 10 fiscal years revenue shrank 1.9% a year to $21.8B, with an average return on invested capital of 8.5%.
- Graham intrinsic value
- $23.90
- Share price (Oct 17, 2026)
- $24.00
- Price vs Graham value
- 0% above
- Market cap
- $6.6B
- Revenue (FY2026)
- $21.8B
- Revenue growth (10-yr CAGR)
- -1.9%
- ROIC (10-yr avg)
- 8.5%
- Free cash flow (FY2026)
- $1.1B
M 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $21.8B | $642.0M | $2.32 | $1.1B | 4.7% | 12.9% |
| FY2025 | $22.3B | $582.0M | $2.07 | $760.0M | 4.1% | 11.4% |
| FY2024 | $23.1B | $105.0M | $0.38 | $674.0M | 1.7% | 5.3% |
| FY2023 | $24.4B | $1.2B | $4.19 | $727.0M | 7.1% | 23.5% |
| FY2022 | $24.5B | $1.4B | $4.55 | $2.4B | 9.6% | 34.4% |
| FY2021 | $17.3B | -$3.9B | -$12.68 | $311.0M | -25.8% | -50.5% |
| FY2020 | $24.6B | $564.0M | $1.81 | $706.0M | 3.9% | 7.8% |
| FY2019 | $25.0B | $1.1B | $3.56 | $1.1B | 7.0% | 13.4% |
| FY2018 | $24.9B | $1.5B | $5.04 | $1.5B | 7.2% | 18.4% |
| FY2017 | $25.9B | $619.0M | $1.99 | $1.2B | 5.1% | 8.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Macy's, Inc. is facing top-line stagnation, with revenue contracting over the decade.
Macy's, Inc. returns on capital have been average, hovering around 8.5% ROIC over the decade.
Over the decade, Macy's, Inc. shows that management has aggressively returned capital to shareholders by retiring 11.0% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Macy's, Inc. is modeled at 1.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $23.90 per share.