MMacy's, Inc.

Retail-Department Stores

Revenue: $21.8B; 2.4% YoY
Operating margin: 4.7%; 16% YoY
EBITDA: $1.9B; 7.5% YoY
Market cap: $6.3B
Employees: —
Net debt / EBITDA: 0.6×; $1.1B net debt
AI in 10-K: 3.5; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
223% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
31% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentYes
79% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
3.5 per 10K words · 74th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$7M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$24.5B	$24.4B	$23.1B	$22.3B	$21.8B	2.4%
Operating income	$2.3B	$1.7B	$301M	$909M	$1.0B	13%
Net income	$1.4B	$1.1B	$45M	$582M	$642M	10%
Operating cash flow	$2.7B	$1.6B	$1.3B	$1.3B	$1.4B	12%
Capex	$354M	$888M	$631M	$518M	$373M	28%
Stock-based comp	$55M	$54M	$47M	$58M	$59M	1.7%
Buybacks	$500M	$601M	$38M	$1M	$250M	24900%
Dividends	$90M	$173M	$181M	$192M	$197M	2.6%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 9, 2020	Vesa Equity Investment S.a r.l.	SC 13D/A	0.7%	Active
May 11, 2020	Vesa Equity Investment S.a r.l.	SC 13D	5.0%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $7M · 24
Net: −$7M

Pay vs performance

No pay-versus-performance disclosure yet.