GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » Macy's Inc (NYSE:M) » Definitions » Piotroski F-Score

Macy's (Macy's) Piotroski F-Score : 5 (As of Jul. 24, 2024)


View and export this data going back to 1992. Start your Free Trial

What is Macy's Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Macy's has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Macy's's Piotroski F-Score or its related term are showing as below:

M' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 6   Max: 9
Current: 5

During the past 13 years, the highest Piotroski F-Score of Macy's was 9. The lowest was 2. And the median was 6.


Macy's Piotroski F-Score Historical Data

The historical data trend for Macy's's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Macy's Piotroski F-Score Chart

Macy's Annual Data
Trend Jan15 Jan16 Jan17 Jan18 Jan19 Jan20 Jan21 Jan22 Jan23 Jan24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 3.00 9.00 6.00 5.00

Macy's Quarterly Data
Jul19 Oct19 Jan20 Apr20 Jul20 Oct20 Jan21 Apr21 Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 6.00 5.00 5.00 5.00

Competitive Comparison of Macy's's Piotroski F-Score

For the Department Stores subindustry, Macy's's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Macy's's Piotroski F-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Macy's's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Macy's's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Apr24) TTM:Last Year (Apr23) TTM:
Net Income was -22 + 43 + -70 + 62 = $13 Mil.
Cash Flow from Operations was 166 + -113 + 1147 + 129 = $1,329 Mil.
Revenue was 5280 + 5038 + 8375 + 5000 = $23,693 Mil.
Gross Profit was 2104 + 2136 + 3299 + 2054 = $9,593 Mil.
Average Total Assets from the begining of this year (Apr23)
to the end of this year (Apr24) was
(16868 + 16304 + 18111 + 16246 + 16449) / 5 = $16795.6 Mil.
Total Assets at the begining of this year (Apr23) was $16,868 Mil.
Long-Term Debt & Capital Lease Obligation was $6,032 Mil.
Total Current Assets was $6,262 Mil.
Total Current Liabilities was $4,550 Mil.
Net Income was 275 + 108 + 509 + 155 = $1,047 Mil.

Revenue was 5834 + 5467 + 8583 + 5173 = $25,057 Mil.
Gross Profit was 2412 + 2263 + 3133 + 2185 = $9,993 Mil.
Average Total Assets from the begining of last year (Apr22)
to the end of last year (Apr23) was
(16972 + 16342 + 18230 + 16866 + 16868) / 5 = $17055.6 Mil.
Total Assets at the begining of last year (Apr22) was $16,972 Mil.
Long-Term Debt & Capital Lease Obligation was $5,992 Mil.
Total Current Assets was $5,855 Mil.
Total Current Liabilities was $4,782 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Macy's's current Net Income (TTM) was 13. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Macy's's current Cash Flow from Operations (TTM) was 1,329. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Apr23)
=13/16868
=0.00077069

ROA (Last Year)=Net Income/Total Assets (Apr22)
=1047/16972
=0.06168984

Macy's's return on assets of this year was 0.00077069. Macy's's return on assets of last year was 0.06168984. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Macy's's current Net Income (TTM) was 13. Macy's's current Cash Flow from Operations (TTM) was 1,329. ==> 1,329 > 13 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Apr24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Apr23 to Apr24
=6032/16795.6
=0.35914168

Gearing (Last Year: Apr23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Apr22 to Apr23
=5992/17055.6
=0.35132156

Macy's's gearing of this year was 0.35914168. Macy's's gearing of last year was 0.35132156. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Apr24)=Total Current Assets/Total Current Liabilities
=6262/4550
=1.37626374

Current Ratio (Last Year: Apr23)=Total Current Assets/Total Current Liabilities
=5855/4782
=1.2243831

Macy's's current ratio of this year was 1.37626374. Macy's's current ratio of last year was 1.2243831. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Macy's's number of shares in issue this year was 281. Macy's's number of shares in issue last year was 277.8. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=9593/23693
=0.40488752

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=9993/25057
=0.39881071

Macy's's gross margin of this year was 0.40488752. Macy's's gross margin of last year was 0.39881071. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Apr23)
=23693/16868
=1.40461228

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Apr22)
=25057/16972
=1.47637285

Macy's's asset turnover of this year was 1.40461228. Macy's's asset turnover of last year was 1.47637285. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+0+1+0+1+0
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Macy's has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Macy's  (NYSE:M) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Macy's Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Macy's's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Macy's (Macy's) Business Description

Address
151 West 34th Street, New York, NY, USA, 10001
Founded in 1858 and based in New York City, Macy's operates about 550 stores under the Macy's nameplate, nearly 60 stores under the Bloomingdale's (full-price and outlet) and Bloomie's nameplates, and 158 freestanding Bluemercury specialty beauty stores. Macy's also operates e-commerce sites and licenses two Bloomingdale's stores in the United Arab Emirates and Kuwait. Women's apparel, accessories, shoes, cosmetics, and fragrances composed 61% of Macy's 2022 sales.
Executives
Adrian V Mitchell officer: Chief Financial Officer C/O MACY'S, INC., 151 WEST 34TH STREET, NEW YORK NY 10001
Paul Griscom officer: Interim Principal Acctg. Offr. C/O MACY'S, INC., 145 PROGRESS PLACE, SPRINGDALE OH 45246
Danielle L. Kirgan officer: Chief Human Resources Officer C/O MACY'S, INC., 151 WEST 34TH STREET, NEW YORK NY 10001
Garcia C Elisa D officer: Chief Legal Officer 151 WEST 34TH STREET, NEW YORK NY 10001
Jeffrey Gennette officer: Chief Merchandising Officer C/O MACY'S, INC., 151 WEST 34TH STREET, NEW YORK NY 10001
Antony Spring officer: Chairman & CEO, Bloomingdale's C/O MACY'S, INC., 7 WEST SEVENTH STREET, CINCINNATI OH 45202
Naveen K. Chopra director C/O 2160 GOLD STREET, SAN JOSE CA 95002
Emilie Arel director C/O CASPER SLEEP INC., 175 GREENWICH ST., THREE WORLD TRADE CENTER, FLOOR 39, NEW YORK NY 10007
Jill Granoff director LIZ CLAIBORNE, INC., 1441 BROADWAY, NEW YORK NY 10018
Marie A Chandoha director C/O THE CHARLES SCHWAB CORPORATION, 211 MAIN STREET, SAN FRANCISCO CA 94105
Ashley Buchanan director C/O THE MICHAELS COMPANIES, INC., 8000 BENT BRANCH DRIVE, IRVING TX 75063
Tracey Zhen director C/O MACY'S, INC., 145 PROGRESS PLACE, SPRINGDALE OH 45246
John T. Harper officer: Chief Operations Officer C/O MACY'S, INC., 151 WEST 34TH STREET, NEW YORK NY 10001
Paul C Varga director 850 DIXIE HIGHWAY, LOUISVILLE KY 40210
Felicia Williams officer: EVP,Controller/Enterprise Risk C/O MACY'S, INC., 151 WEST 34TH STREET, NEW YORK NY 10001