Macy's, Inc. Financial Ratios — M Stock

Profitability (USD)

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	01/31/2012	01/31/2013	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Return on Common Equity (%)	35.81	29.24	26.18	22.47	15.67	10.09	23.48	14.48	7.03	-66.16	31.08	19.86	0.73	9.24	9.55
Return on Assets (%)	5.88	6.2	6.97	7.11	5.12	3.1	7.94	5.71	2.79	-20.29	8.1	6.65	0.27	3.57	3.93
Return on Capital (%)	13.81	13.4	13.58	12.59	9.11	6.49	- -	10.08	5.11	- -	13.37	10.27	1.77	5.52	5.87
Return on Invested Capital (%)	10.6	11.71	12.56	13.08	10.31	8.65	- -	9.6	6.99	- -	16.06	11.93	9.79	6.94	6.49
Gross Margin (%)	40.4	40.27	40.12	40	39.08	41.03	40.79	40.89	40.11	32.11	41.12	39.7	40.4	40.28	40.33
EBITDA Margin (%)	13.15	13.42	13.55	13.96	11.73	10.16	9.74	9.51	8.46	0.02	12.45	9.82	9.07	7.9	7.86
Operating Margin (%)	9.04	9.63	9.9	10.27	7.81	6.18	5.87	5.77	4.59	-5.28	9.01	6.45	5.31	4.07	3.91
Incremental Operating Margin (%)	33.31	21.86	40.82	69.54	75.24	92.04	14.63	-21.43	79.17	- -	44.44	-1,296	23.63	38.49	13.51
Pretax Margin (%)	7.45	7.59	8.2	8.5	6.2	3.63	5.91	5.52	2.87	-26.47	7.35	5.8	0.18	3.32	3.75
Profit Margin (%)	4.76	4.82	5.32	5.43	3.96	2.36	6.11	4.3	2.23	-21.79	5.63	4.5	0.19	2.53	2.84
Net Income to Common Margin (%)	4.76	4.82	5.32	5.43	3.96	2.36	6.11	4.3	2.23	-21.79	5.63	4.5	0.19	2.53	2.84
Effective Tax Rate (%)	36.18	36.49	35.11	36.15	36.23	35.85	- -	22.68	22.53	- -	23.37	22.41	15.32	23.72	24.38
Dvd Payout Ratio (%)	11.78	24.27	24.16	27.59	42.7	75.12	29.86	42.56	82.62	-2.97	6.29	15.1	402.22	32.99	30.69
Sustainable Growth Rate (%)	31.59	22.14	19.86	16.27	8.98	2.51	16.47	8.32	1.22	-68.12	29.12	16.86	-2.2	6.19	6.62

Credit (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	01/31/2012	01/31/2013	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Total Debt	7,922	7,075	7,330	7,464	7,802	7,045	6,072	4,931	7,477	8,329	6,826	6,397	5,984	5,706	5,204
ST Debt	1,267	269	616	231	807	483	211	223	938	737	433	438	- -	6	- -
LT Debt	6,655	6,806	6,714	7,233	6,995	6,562	5,861	4,708	6,539	7,592	6,393	5,959	5,984	5,700	5,204
Total Debt/EBITDA	2.28	1.9	1.94	1.9	2.46	2.61	2.43	2.02	3.49	2,776.33	2.16	2.56	2.77	3.14	2.93
Net Debt/EBITDA	1.4	1.36	1.28	1.28	2.04	2.05	1.75	1.45	1.62	1,060	0.5	0.85	0.91	0.81	0.67
Total Debt/EBIT	3.32	2.65	2.65	2.59	3.69	4.29	4.03	3.32	6.43	-8.71	2.98	3.9	4.72	6.1	5.89
Net Debt/EBIT	2.04	1.89	1.76	1.74	3.07	3.37	2.91	2.4	2.99	-3.33	0.69	1.3	1.55	1.57	1.34
EBITDA to Interest Expense	7.39	8.37	9.35	9.64	8.27	6.94	7.57	9.13	10.2	0.01	12.21	15.42	16.03	15.8	18.33
EBITDA-CapEx/Interest Expense	5.76	6.25	7.22	7.01	5.37	4.59	5.26	5.65	4.7	-1.61	9.91	7.43	11.36	11.3	14.48
EBIT to Interest Expense	5.08	6	6.83	7.09	5.51	4.22	4.56	5.54	5.53	-3.32	8.84	10.13	9.39	8.14	9.11
Interest Expense	470	444	405	407	384	389	330	268	210	288	259	162	135	115	97
Common Equity/Total Assets	18.19	24.35	28.86	34.43	30.8	30.68	37.02	41.96	37.75	22.2	29.97	37.18	37.49	39.64	42.76
Long-Term Debt/Equity (%)	112.17	112.48	107.44	134.49	164.47	151.83	102.23	73.15	102.54	297.38	176.55	145.98	148.3	125.22	107.08
Long-Term Debt/Capital (%)	55.73	55.85	49.48	48.85	49.46	49.96	44.04	36.26	42.27	61.92	52.85	47.04	49.56	46.69	42.84
Long-Term Debt/Total Assets (%)	30.12	32.42	31.05	33.91	34	33.06	29.93	24.53	30.89	42.88	36.34	35.33	36.83	34.75	32.05
Total Debt/Equity (%)	133.52	116.92	117.3	138.79	183.45	163	105.91	76.62	117.25	326.24	188.51	156.71	148.3	125.35	107.08
Total Debt/Capital (%)	66.34	58.05	54.02	50.41	55.17	53.64	45.62	37.98	48.34	67.94	56.43	50.5	49.56	46.74	42.84
Total Debt/Total Assets (%)	35.85	33.7	33.9	34.99	37.92	35.49	31.01	25.69	35.32	47.04	38.81	37.93	36.83	34.79	32.05
Net Debt to Equity	82.12	83.37	77.84	93.47	152.67	128.14	76.4	55.27	54.49	124.56	43.72	52.28	48.67	32.36	24.4
Net Debt/Capital (%)	53.45	48.74	43.06	40.02	49.82	46.78	36.95	30.09	23.51	30.05	15.24	18.08	17.79	13.51	10.88
EBITDA	3,471	3,715	3,786	3,923	3,176	2,699	2,497	2,447	2,143	3	3,163	2,498	2,164	1,817	1,778
EBITDA-CapEx	2,707	2,773	2,923	2,855	2,063	1,787	1,737	1,515	986	-463	2,566	1,203	1,533	1,299	1,405
Operating Income (Loss)	2,386	2,666	2,766	2,887	2,115	1,641	1,506	1,485	1,162	-956	2,289	1,641	1,267	936	884

Liquidity (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	01/31/2012	01/31/2013	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Cash Ratio	0.45	0.36	0.4	0.44	0.19	0.23	0.28	0.22	0.12	0.31	0.32	0.18	0.23	0.29	0.28
Current Ratio	1.4	1.55	1.52	1.69	1.34	1.35	1.48	1.42	1.18	1.15	1.25	1.2	1.34	1.43	1.49
Quick Ratio	0.51	0.43	0.47	0.53	0.29	0.32	0.35	0.3	0.19	0.36	0.37	0.24	0.29	0.36	0.42
CFO/Avg Current Liab	0.39	0.38	0.47	0.5	0.37	0.32	0.37	0.33	0.29	0.12	0.5	0.31	0.28	0.28	0.32
Common Equity/Total Assets	18.19	24.35	28.86	34.43	30.8	30.68	37.02	41.96	37.75	22.2	29.97	37.18	37.49	39.64	42.76
Long-Term Debt/Equity (%)	112.17	112.48	107.44	134.49	164.47	151.83	102.23	73.15	102.54	297.38	176.55	145.98	148.3	125.22	107.08
Long-Term Debt/Capital (%)	55.73	55.85	49.48	48.85	49.46	49.96	44.04	36.26	42.27	61.92	52.85	47.04	49.56	46.69	42.84
Long-Term Debt/Total Assets (%)	30.12	32.42	31.05	33.91	34	33.06	29.93	24.53	30.89	42.88	36.34	35.33	36.83	34.75	32.05
Total Debt/Equity (%)	133.52	116.92	117.3	138.79	183.45	163	105.91	76.62	117.25	326.24	188.51	156.71	148.3	125.35	107.08
Total Debt/Capital (%)	66.34	58.05	54.02	50.41	55.17	53.64	45.62	37.98	48.34	67.94	56.43	50.5	49.56	46.74	42.84
Total Debt/Total Assets (%)	35.85	33.7	33.9	34.99	37.92	35.49	31.01	25.69	35.32	47.04	38.81	37.93	36.83	34.79	32.05
CFO/Total Liabilities	13.45	14.59	16.58	16.98	12.15	11.6	14.27	13.6	10.87	4.28	19.41	12.63	10.69	10.78	12.57
CFO/CapEx	2.84	2.31	2.95	2.54	1.78	1.97	2.6	1.86	1.39	1.39	4.54	1.25	2.07	2.47	3.83
Altman's Z-Score	2.95	3.46	3.63	3.9	3.29	3.13	3.22	3.53	2.67	1.49	2.91	2.92	2.81	2.7	2.81

Working Capital (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	01/31/2012	01/31/2013	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Accounts Receivable Turnover	74.8	74.93	69.05	65.21	55.15	49.19	57.95	67.47	62.62	52.84	88.65	85.26	80.49	77.2	48.6
Days Sales Outstanding	4.88	4.87	5.29	5.6	6.62	7.42	6.3	5.41	5.83	6.91	4.12	4.28	4.53	4.73	7.51
Inventory Turnover	3.19	3.17	3.08	3.07	3.02	2.87	2.87	2.91	2.9	2.74	3.67	3.55	3.3	3.11	3.04
Days Inventory Outstanding	114.51	115.04	118.56	118.77	120.84	127.04	127.15	125.24	125.72	133.12	99.54	102.86	110.7	117.27	120.07
Accounts Payable Turnover	7.59	7.49	7.31	6.88	6.96	6.89	6.65	6.17	5.7	3.94	5.07	4.95	5.17	5.12	5.01
Accounts Payable Turnover Days	48.09	48.72	49.9	53.08	52.46	52.98	54.92	59.2	64.04	92.58	71.94	73.74	70.54	71.25	72.9
Cash Conversion Cycle	71.3	71.19	73.94	71.28	75.01	81.47	78.53	71.45	67.51	47.46	31.71	33.41	44.7	50.75	54.68
Inventory to Cash Days	-109.63	-110.17	-113.27	-113.17	-114.23	-119.62	-120.85	-119.83	-119.89	-126.22	-95.42	-98.58	-106.17	-112.54	-112.56
Inventories	5,117	5,308	5,557	5,417	5,506	5,399	5,178	5,263	5,188	3,774	4,383	4,267	4,361	4,468	4,412
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	5,117	5,308	5,557	5,417	5,506	5,399	5,178	5,263	5,188	3,774	4,383	4,267	4,361	4,468	4,412
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	01/31/2012	01/31/2013	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Market Capitalization	14,301	16,021	20,126	22,690	13,271	9,113	7,925	8,093	4,940	4,679	7,854	6,491	5,015	4,327	5,417
- Cash & Cash Equivalents	2,827	1,836	2,273	2,246	1,109	1,297	1,455	1,162	685	1,679	1,712	862	1,034	1,306	1,246
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	3	-1	-12	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	7,922	7,075	7,330	7,464	7,802	7,045	6,072	4,931	7,477	8,329	6,826	6,397	5,984	5,706	5,204
Enterprise Value	19,396	21,260	25,183	27,908	19,967	14,860	12,530	11,862	11,732	11,329	12,968	12,026	9,965	8,727	9,375
Total Capital	11,942	12,187	13,569	14,808	14,142	13,135	13,309	12,984	15,469	12,260	12,097	12,668	12,075	12,208	12,148
Total Debt/Capital (%)	66.34	58.05	54.02	50.41	55.17	53.64	45.62	37.98	48.34	67.94	56.43	50.5	49.56	46.74	42.84
Total Debt / EV	0.41	0.33	0.29	0.27	0.39	0.47	0.48	0.42	0.64	0.74	0.53	0.53	0.6	0.65	0.56
EV/Sales	0.73	0.77	0.9	0.99	0.74	0.56	0.49	0.46	0.46	0.63	0.51	0.47	0.42	0.38	0.41
EV/EBITDA	5.59	5.72	6.65	7.11	6.29	5.51	5.02	4.85	5.47	3,776.31	4.1	4.81	4.6	4.8	5.27
EV/EBIT	8.13	7.97	9.1	9.67	9.44	9.06	8.32	7.99	10.1	- -	5.67	7.33	7.87	9.32	10.61
EV/Cash Flow to Firm	7.84	8.64	8.96	9.4	8.96	7.25	5.41	6.11	6.63	12.78	4.46	6.91	6.89	6.39	6.24
EV/Free Cash Flow to Firm	5.99	6.25	6.85	6.91	5.97	5.02	4.08	4.13	4.01	8.38	3.7	3.96	4.8	4.63	5
Diluted Market Cap	14,500	16,286	20,471	23,105	13,457	9,181	7,961	8,190	4,967	4,679	8,038	6,642	5,088	4,387	5,536
Diluted Enterprise Value	19,595	21,525	25,528	28,323	20,153	14,928	12,566	11,959	11,759	11,329	13,152	12,177	10,038	8,787	9,494
EV per Share	45.69	52.43	66.57	78.57	60.8	48.17	41.03	38.55	37.88	36.42	42.27	43.78	36.34	31.42	34.65
TTM Sales	26,405	27,686	27,931	28,105	27,079	26,564	25,641	25,739	25,331	18,097	25,399	25,449	23,866	23,006	22,621
TTM EBITDA	3,471	3,715	3,786	3,923	3,176	2,699	2,497	2,447	2,143	3	3,163	2,498	2,164	1,817	1,778
TTM Operating Income	2,386	2,666	2,766	2,887	2,115	1,641	1,506	1,485	1,162	-956	2,289	1,641	1,267	936	884
TTM Cash Flow to Firm	2,473	2,461	2,812	2,969	2,229	2,051	2,314	1,942	1,771	886	2,910	1,741	1,446	1,366	1,503
TTM Free Cash Flow to Firm	3,237	3,403	3,675	4,037	3,342	2,963	3,074	2,874	2,928	1,352	3,507	3,036	2,077	1,884	1,876

Multiples (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	01/31/2012	01/31/2013	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Price/Free Cash Flow	4.94	5.22	6	6.12	4.35	3.38	2.91	3.07	1.8	4.2	2.43	2.28	2.63	2.44	3.07
EV/EBIT	8.13	7.97	9.1	9.67	9.44	9.06	8.32	7.99	10.1	- -	5.67	7.33	7.87	9.32	10.61
Enterprise Value	19,396	21,260	25,183	27,908	19,967	14,860	12,530	11,862	11,732	11,329	12,968	12,026	9,965	8,727	9,375
Low Price	21.69	32.31	38.52	50.05	34.05	28.55	17.41	22.47	14.11	4.38	13.56	15.1	10.54	13.66	9.76
EV/Sales	0.73	0.77	0.9	0.99	0.74	0.56	0.49	0.46	0.46	0.63	0.51	0.47	0.42	0.38	0.41
EV/EBITDA	5.59	5.72	6.65	7.11	6.29	5.51	5.02	4.85	5.47	3,776.31	4.1	4.81	4.6	4.8	5.27
Price/Earnings	11.39	12	13.54	14.87	12.38	14.53	5.06	7.3	8.76	- -	5.49	5.66	111.45	7.43	8.44
Price/Earnings Average	9.41	11.59	11.92	13.79	17.58	18.39	4.83	9.1	10.8	-0.66	4.53	5.1	98.04	8.28	6.63
Price/Earnings High	12.14	12.81	14.42	15.9	22.55	22.39	6.7	11.66	14.54	-1.76	8.14	6.76	153.06	10.54	10.29
Price/Earnings Low	7.33	9.81	9.81	11.65	10.43	14.05	3.4	6.24	7.75	-0.35	2.91	3.62	64.22	6.52	4.11
Price/Book Value	3.56	3.13	3.23	3.09	2.09	1.5	1.09	1	0.62	1.19	1.49	1.04	0.82	0.67	0.78
Price/Book Value Average	2.94	3.03	2.84	2.87	2.97	1.89	1.04	1.25	0.76	0.66	1.23	0.93	0.72	0.74	0.61
Price/Book Value High	3.79	3.35	3.43	3.3	3.81	2.3	1.45	1.6	1.03	1.76	2.21	1.24	1.13	0.94	0.95
Price/Book Value Low	2.29	2.56	2.34	2.42	1.76	1.45	0.73	0.86	0.55	0.35	0.79	0.66	0.47	0.58	0.38
Price/Tangible Book Value	8.98	9.17	10.17	19.92	-83.99	-124.84	5.88	5.86	2.43	3.63	3.33	2.3	1.81	1.31	1.5
Price/Tangible Book Value Average	7.43	8.85	8.95	18.48	-119.26	-157.99	5.61	7.31	3	2.02	2.75	2.07	1.59	1.46	1.18
Price/Tangible Book Value High	9.58	9.79	10.83	21.3	-153	-192.28	7.79	9.36	4.04	5.39	4.94	2.75	2.48	1.86	1.83
Price/Tangible Book Value Low	5.78	7.5	7.36	15.61	-70.77	-120.65	3.94	5.01	2.15	1.06	1.76	1.47	1.04	1.15	0.73
Price/Sales	0.54	0.58	0.72	0.81	0.49	0.34	0.31	0.31	0.2	0.26	0.31	0.26	0.21	0.19	0.24
Price/Sales Average	0.45	0.56	0.63	0.75	0.7	0.43	0.29	0.39	0.24	0.14	0.26	0.23	0.18	0.21	0.19
Price/Sales High	0.58	0.62	0.77	0.86	0.89	0.53	0.41	0.5	0.32	0.38	0.46	0.3	0.29	0.27	0.29
Price/Sales Low	0.35	0.47	0.52	0.63	0.41	0.33	0.21	0.27	0.17	0.08	0.16	0.16	0.12	0.16	0.12
Price/Cash Flow	6.58	7.35	7.9	8.38	6.69	5.06	4.01	4.66	3.07	7.21	2.9	4.02	3.84	3.39	3.79
Price/Cash Flow Average	5.44	7.1	6.95	7.77	9.5	6.4	3.83	5.81	3.79	4	2.39	3.62	3.38	3.77	2.98
Price/Cash Flow High	7.02	7.85	8.41	8.96	12.18	7.79	5.31	7.45	5.1	10.69	4.29	4.8	5.28	4.8	4.62
Price/Cash Flow Low	4.24	6.01	5.72	6.56	5.64	4.89	2.69	3.99	2.72	2.1	1.53	2.57	2.21	2.97	1.85
Price/Free Cash Flow Average	4.08	5.04	5.28	5.67	6.17	4.28	2.78	3.83	2.22	2.33	2	2.06	2.31	2.72	2.41
Price/Free Cash Flow High	5.26	5.57	6.39	6.54	7.91	5.21	3.85	4.9	2.98	6.22	3.6	2.73	3.61	3.47	3.74
Price/Free Cash Flow Low	3.18	4.27	4.34	4.79	3.66	3.27	1.95	2.62	1.59	1.22	1.29	1.46	1.51	2.14	1.5
EV/Sales Average	0.64	0.75	0.82	0.93	0.94	0.65	0.47	0.54	0.51	0.51	0.46	0.45	0.39	0.4	0.36
EV/Sales High	0.77	0.81	0.95	1.05	1.14	0.74	0.59	0.65	0.59	0.75	0.66	0.52	0.5	0.46	0.47
EV/Sales Low	0.54	0.66	0.7	0.82	0.66	0.55	0.39	0.42	0.44	0.44	0.37	0.38	0.33	0.36	0.29
EV/EBITDA Average	4.87	5.57	6.01	6.69	8.04	6.4	4.87	5.66	6.01	3,082.55	3.67	4.56	4.33	5.07	4.62
EV/EBITDA High	5.86	6.01	7	7.51	9.72	7.33	6.05	6.82	7	4,529.18	5.3	5.32	5.47	5.8	5.94
EV/EBITDA Low	4.12	4.94	5.18	5.86	5.63	5.39	3.97	4.37	5.21	2,670.87	2.93	3.88	3.62	4.51	3.71
EV/EBIT Average	7.09	7.77	8.23	9.1	12.07	10.53	8.08	9.33	11.09	-9.67	5.06	6.94	7.39	9.85	9.29
EV/EBIT High	8.52	8.38	9.58	10.21	14.6	12.06	10.03	11.24	12.9	-14.21	7.32	8.1	9.34	11.26	11.95
EV/EBIT Low	5.99	6.88	7.1	7.97	8.45	8.87	6.59	7.19	9.61	-8.38	4.05	5.9	6.19	8.75	7.46
Last Price	33.69	39.51	53.2	63.88	40.41	29.54	25.95	26.3	15.95	15.04	25.6	23.63	18.29	15.58	20.02
High Price	35.91	42.17	56.65	68.3	73.61	45.5	34.37	41.99	26.48	22.3	37.95	28.21	25.12	22.1	24.41
Enterprise Value Average	16,917	20,706	22,768	26,264	25,538	17,281	12,164	13,851	12,885	9,248	11,592	11,383	9,362	9,220	8,213
Enterprise Value High	20,339	22,339	26,488	29,478	30,870	19,784	15,102	16,689	14,993	13,588	16,757	13,284	11,838	10,537	10,563
Enterprise Value Low	14,302	18,341	19,629	22,996	17,878	14,555	9,922	10,683	11,162	8,013	9,274	9,683	7,840	8,193	6,599

Shares Outstanding	414	388	365	341	310	304	305	308	309	310	292	271	274	278	263
Diluted Weighted Avg Shares	430	412	385	362	333	311	307	311	311	311	314	281	278	282	276
Basic Weighted Avg Shares	424	406	378	355	328	308	305	308	310	311	307	275	274	278	271
Revenue per Share	62.2	68.28	73.83	79.12	82.46	86.11	83.96	83.65	81.79	58.17	82.79	92.64	87.04	82.84	83.6
EBITDA per Share	8.18	9.16	10.01	11.04	9.67	8.75	8.18	7.95	6.92	0.01	10.31	9.09	7.89	6.54	6.57
Operating Income per Share	5.62	6.57	7.31	8.13	6.44	5.32	4.93	4.83	3.75	-3.07	7.46	5.97	4.62	3.37	3.27
Basic EPS, GAAP	2.96	3.29	3.93	4.3	3.26	2.03	5.13	3.6	1.82	-12.68	4.66	4.17	0.16	2.1	2.37
Basic EPS from Cont Ops	2.96	3.29	3.93	4.3	3.26	2.01	5.09	3.57	1.82	-12.68	4.66	4.17	0.16	2.1	2.37
Diluted EPS, GAAP	2.92	3.24	3.86	4.22	3.22	2.02	5.1	3.56	1.81	-12.68	4.55	4.08	0.16	2.07	2.32
Diluted EPS from Cont Ops	2.92	3.24	3.86	4.22	3.21	1.99	5.07	3.53	1.81	-12.68	4.55	4.08	0.16	2.07	2.32
Dividend per Share	0.35	0.8	0.95	1.19	1.39	1.49	1.51	1.5	1.5	0.38	0.29	0.63	0.66	0.69	0.73
Cash Flow per Share	5.12	5.37	6.74	7.63	6.04	5.84	6.47	5.64	5.19	2.09	8.84	5.88	4.76	4.6	5.28
Free Cash Flow per Basic Share	3.32	3.05	4.46	4.62	2.65	2.88	3.98	2.61	1.46	0.59	6.89	1.16	2.46	2.74	3.91
Cash & Equivalents per Share	6.66	4.53	6.01	6.32	3.38	4.2	4.76	3.78	2.21	5.4	5.58	3.14	3.77	4.7	4.6
Book Value per Share	9.47	12.61	16.49	20.68	19.3	19.74	23.74	26.17	25.81	12.64	17.18	22.83	22.21	23.41	25.66
Tangible Book Value per Share	3.75	4.31	5.23	3.21	-0.48	-0.24	4.41	4.48	6.55	4.14	7.69	10.27	10.13	11.88	13.35

Macy's, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)