Forensic Analysis · Department Stores · as of Nov 10, 2026

Macy's, Inc. (M)

A forensic read on Macy's, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Safe

Financial health

3.1

Distress distance

Clean

Earnings quality

Forensic signals

13.6%

ROE

-1.7%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Macy's, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 3.1, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

7.4%

FY2026

Return on invested capital. Return on invested capital is 7.4% in the latest fiscal year and rising across FY2024–FY2026 from 2.5%. After-tax operating profit was $271M in FY2024 and $779M in FY2026, with operating income at 1.3% of revenue in FY2024, 4.0% in FY2025 and 4.6% in FY2026. The capital base behind it went from $10.7B in FY2024 to $10.5B in FY2026 (-1%), while the revenue it carried went from $23.9B to $22.6B. FY2024's operating profit carried a $957M asset write-down and a $55M restructuring charge that alone took about 8.5 points off that year's return, so more than the whole 4.9-point rise across FY2024–FY2026 is that charge leaving the base year rather than the capital earning more. A non-cash write-down lowers the reported return in the year it lands.

Key fundamentals

Latest Revenue$22.62B

Revenue Growth YoY-1.7%

Revenue CAGR (2yr)-2.6%

Net Margin2.8%

Free Cash Flow$690.0M

Return on Equity13.6%

Debt / Equity0.50x

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Data from SEC EDGAR public filings · metrics as of Nov 10, 2026. Forensic signals flag probability, not certainty.

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