Macy's, Inc.

M · Consumer Discretionary · $6.3B mkt cap · FY2026 filings · Shallow moat

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Shallow moat

The four filters

Pricing power61

Median gross margin 38.4% over 10y, very stable.

Returns on capital56

Median ROIC 12.2%, above the 9% hurdle in 70% of years.

Balance-sheet safety60

Net debt/EBITDA 0.6x, interest coverage 7x.

Capital discipline60

Owner earnings +0.7%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

51% below value

Owner earnings (normalized): $1.1B
Est. intrinsic value / share: $48.42
Recent price: $23.96
Discount to value: 51% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell M. See the disclaimer.