公司概述
Macy's, Inc. functions as a significant omni-channel retail organization in the United States, distributing a diverse array of merchandise through its physical store network, proprietary websites, and mobile applications. The company operates within the Consumer Cyclical sector and specifically within the Department Stores industry, positioning it as a key player in discretionary spending markets where consumer sentiment directly impacts sales volumes. In terms of scale, the entity commands a market capitalization of $5.09B and generated annual revenue of $22.62B over the trailing twelve months, employing a workforce of 90134 individuals across its operations. These valuation and revenue figures indicate that while the company maintains a substantial physical footprint and operational reach, it trades at a relatively modest market cap relative to its total revenue, reflecting the capital-intensive nature of traditional department store retailing and the current market's pricing of cyclical consumer exposure.
财务健康
Over the trailing twelve months, Macy's, Inc. reported a revenue of $22.62B, with a net income of $642.00M and an EBITDA of $1.42B, highlighting a distinct gap between top-line generation and bottom-line profitability that underscores a high-cost operating structure typical of brick-and-mortar retail. The company generated free cash flow of $433.50M, which provides a measure of financial flexibility necessary for managing working capital, maintaining inventory levels, and potentially funding store renovations or digital infrastructure upgrades without immediate reliance on external financing. Profitability metrics reveal a gross margin of 40.3%, indicating the efficiency of merchandise sourcing and initial pricing power, while an operating margin of 7.5% and a profit margin of 2.8% demonstrate the substantial impact of operating expenses and taxes on the final earnings available to shareholders. Regarding liquidity and leverage, the company holds $1.25B in cash against $5.57B in total debt, resulting in a debt-to-equity ratio of 114.55, which characterizes a highly leveraged balance sheet common in retail but requiring careful management of interest rates and cash flow. Short-term liquidity is supported by a current ratio of 1.49, suggesting that current assets are more than sufficient to cover current liabilities, though the margin is not excessively wide. Return metrics show a return on equity of 13.6% and a return on assets of 3.4%, revealing that while the company generates solid returns on shareholder capital, the asset base is large and dilutes the return on total assets, a characteristic often seen in capital-heavy retail businesses.
估值评估
Valuation multiples for Macy's, Inc. include a trailing P/E ratio of 8.25 and a forward P/E of 8.71, where the slight increase in the forward multiple implies that the market expects earnings growth to be outpacing the current earnings base over the next fiscal year. The price-to-book ratio stands at 1.04, indicating that the stock trades at a slight premium to its book value, suggesting investors are willing to pay a small amount above the net asset value of the company's equity. Alternative valuation metrics such as a price-to-sales ratio of 0.22 and an EV/EBITDA of 6.60 suggest that the stock is priced at a discount relative to its sales and earnings power, which is often a reflection of the cyclical industry dynamics and current consumer spending constraints. Historical price volatility is captured by a 52-week high of $24.41 and a 52-week low of $9.76, and assuming the current market price reflects the trailing P/E of 8.25 applied to the recent earnings context, the stock trades significantly above the 52-week low but remains well below the yearly peak, indicating a range-bound performance pattern over the past year. The beta value of 1.52 signifies that the stock's price volatility is approximately 52% higher than that of the broader market, exposing investors to heightened risk during periods of market downturns or shifts in consumer confidence.
Growth & Income
Growth dynamics for the company are defined by a revenue growth rate of -1.1% year-over-year contrasted with a substantial earnings growth rate of 52.0% year-over-year, indicating that while top-line sales are contracting slightly, profitability is expanding rapidly, likely driven by margin expansion or cost efficiencies rather than volume increases. As a dividend payer, Macy's offers a dividend yield of 4.0% with a payout ratio of 31.4%, a level that suggests the dividend is sustainable given the current earnings generation, as the payout consumes less than one-third of the annual net income. This divergence between declining revenue and surging earnings, combined with a healthy payout ratio, presents a unique income profile where the company generates significant cash flow despite a shrinking sales base. Overall, the growth and income profile reveals a company transitioning through a challenging sales environment while delivering strong earnings growth and attractive yield characteristics for income-focused investors seeking exposure to the consumer discretionary sector.