stockrowMacy's, Inc.
M Consumer Cyclical Department Stores
Macy's, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $22.6 billion, down 1.67% from fiscal 2025.
- Revenue
- +1.20%
- EPS
- +100.0%
- Free cash flow
- −17.4%
- Total debt
- −7.35%
Quarter to July 2026, against a year earlier
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Macy's, Inc. (M) Altman Z-score
Macy's, Inc.'s Altman Z-score for fiscal 2026 is 2.65, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 2.65 | 0.15 |
| FY2025 | 2.50 | 0.09 |
| FY2024 | 2.42 | (0.32) |
| FY2023 | 2.73 | 0.00 |
| FY2022 | 2.73 | 1.99 |
| FY2021 | 0.74 | (1.40) |
| FY2020 | 2.14 | (0.61) |
| FY2019 | 2.75 | 0.11 |
| FY2018 | 2.64 | 0.17 |
| FY2017 | 2.47 | (0.21) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.13 | — | 0.16 | |
| Retained earnings / total assets | 0.43 | — | 0.60 | |
| EBIT / total assets | 0.06 | — | 0.21 | |
| Market value of equity / total liabilities | 0.48 | — | 0.29 | |
| Sales / total assets | 1.39 | — | 1.39 | |
| Altman Z-score | Grey zone | 2.65 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.15 | ||
Z and Z″ put Macy's, Inc. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| FTDR Frontdoor Inc. compare | 3.6× |
| BIRK Birkenstock Holding PLC compare | 3.3× |
| HRB H&R Block, Inc. compare | 3.1× |
| M Macy's, Inc. | 2.6× |
| LAD Lithia Motors, Inc. compare | 2.4× |
| ZGN Ermenegildo Zegna N.V. compare | 2.2× |
| LNWO Light & Wonder, Inc. compare | 2.1× |
| CHDN Churchill Downs, Incorporated compare | 1.6× |
| JMKE Jersey Mike�s Subs Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets
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- Revenue
- Net income
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- EBITDA
- Free cash flow
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- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
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- Book value per share
- Revenue growth
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