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Macy's Piotroski F-Score

: 8 (As of Today)
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Good Sign:

Piotroski F-Score is 8, indicates a very healthy situation.

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 8. It is a good or high score, which usually indicates a very healthy situation.

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: 1   Med: 6   Max: 9
Current: 8

During the past 13 years, the highest Piotroski F-Score of Macy's was 9. The lowest was 1. 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 Annual Data
Trend Jan13 Jan14 Jan15 Jan16 Jan17 Jan18 Jan19 Jan20 Jan21 Jan22
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 8.00 6.00 5.00 3.00 9.00

Macy's Quarterly Data
Jul17 Oct17 Jan18 Apr18 Jul18 Oct18 Jan19 Apr19 Jul19 Oct19 Jan20 Apr20 Jul20 Oct20 Jan21 Apr21 Jul21 Oct21 Jan22 Apr22
Piotroski F-Score 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 Premium Member Only Premium Member Only Premium Member Only 4.00 7.00 8.00 9.00 8.00

Competitive Comparison

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 Piotroski F-Score Distribution

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 (Apr22) TTM:Last Year (Apr21) TTM:
Net Income was 345 + 239 + 743 + 286 = $1,613 Mil.
Cash Flow from Operations was 471 + -124 + 1871 + 248 = $2,466 Mil.
Revenue was 5844 + 5653 + 8930 + 5539 = $25,966 Mil.
Gross Profit was 2491 + 2446 + 3423 + 2308 = $10,668 Mil.
Average Total Assets from the begining of this year (Apr21)
to the end of this year (Apr22) was
(18082 + 18417 + 18279 + 17590 + 16972) / 5 = $17868 Mil.
Total Assets at the begining of this year (Apr21) was $18,082 Mil.
Long-Term Debt & Capital Lease Obligation was $6,024 Mil.
Total Current Assets was $6,233 Mil.
Total Current Liabilities was $5,543 Mil.
Net Income was -431 + -91 + 160 + 103 = $-259 Mil.

Revenue was 3727 + 4185 + 7037 + 4865 = $19,814 Mil.
Gross Profit was 1009 + 1616 + 2539 + 1976 = $7,140 Mil.
Average Total Assets from the begining of last year (Apr20)
to the end of last year (Apr21) was
(18581 + 17614 + 19214 + 17706 + 18082) / 5 = $18239.4 Mil.
Total Assets at the begining of last year (Apr20) was $18,581 Mil.
Long-Term Debt & Capital Lease Obligation was $7,724 Mil.
Total Current Assets was $7,240 Mil.
Total Current Liabilities was $5,518 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 1,613. ==> 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 2,466. ==> 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 (Apr21)
=1613/18082
=0.08920473

ROA (Last Year)=Net Income/Total Assets (Apr20)
=-259/18581
=-0.01393897

Macy's's return on assets of this year was 0.08920473. Macy's's return on assets of last year was -0.01393897. ==> This year is higher. ==> Score 1.

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 1,613. Macy's's current Cash Flow from Operations (TTM) was 2,466. ==> 2,466 > 1,613 ==> 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: Apr22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Apr21 to Apr22
=6024/17868
=0.33713902

Gearing (Last Year: Apr21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Apr20 to Apr21
=7724/18239.4
=0.42347884

Macy's's gearing of this year was 0.33713902. Macy's's gearing of last year was 0.42347884. ==> This year is lower or equal to last year. ==> Score 1.

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: Apr22)=Total Current Assets/Total Current Liabilities
=6233/5543
=1.12448133

Current Ratio (Last Year: Apr21)=Total Current Assets/Total Current Liabilities
=7240/5518
=1.31206959

Macy's's current ratio of this year was 1.12448133. Macy's's current ratio of last year was 1.31206959. ==> Last year's current ratio is higher ==> Score 0.

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 290.9. Macy's's number of shares in issue last year was 318.6. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

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
=10668/25966
=0.41084495

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=7140/19814
=0.36035127

Macy's's gross margin of this year was 0.41084495. Macy's's gross margin of last year was 0.36035127. ==> 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 (Apr21)
=25966/18082
=1.43601372

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Apr20)
=19814/18581
=1.06635811

Macy's's asset turnover of this year was 1.43601372. Macy's's asset turnover of last year was 1.06635811. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

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

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

Macy's has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

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

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Macy's Business Description

Macy's logo
Address
151 West 34th Street, New York, NY, USA, 10001
Founded in 1858 and based in New York City, Macy's operates 570 stores under the Macy's nameplate, 58 stores under the Bloomingdale's nameplate, and 160 freestanding Bluemercury specialty beauty stores (as of the end of fiscal-year 2021). 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 comprised 59% of Macy's 2021 sales.
Executives
Granoff Jill director LIZ CLAIBORNE, INC. 1441 BROADWAY NEW YORK NY 10018
Chandoha Marie A director C/O THE CHARLES SCHWAB CORPORATION 211 MAIN STREET SAN FRANCISCO CA 94105
Zhen Tracey director C/O MACY'S, INC. 145 PROGRESS PLACE SPRINGDALE OH 45246
Buchanan Ashley director C/O THE MICHAELS COMPANIES, INC. 8000 BENT BRANCH DRIVE IRVING TX 75063
Mitchell Adrian V officer: Chief Financial Officer C/O MACY'S, INC. 151 WEST 34TH STREET NEW YORK NY 10001
Griscom Paul officer: Interim Principal Acctg. Offr. C/O MACY'S, INC. 145 PROGRESS PLACE SPRINGDALE OH 45246
Harper John T. officer: Chief Operations Officer C/O MACY'S, INC. 151 WEST 34TH STREET NEW YORK NY 10001
Boone Torrence director 3308 N MITTHOEFFER INDIANAPOLIS IN 46235
Abney David P director 55 GLENLAKE PARWAY, NE ATLANTA GA 30328
Price Paula A officer: Chief Financial Officer ONE CVS DRIVE WOONSOCKET RI 02895
Kirgan Danielle L. officer: Chief Human Resources Officer C/O MACY'S, INC. 151 WEST 34TH STREET NEW YORK NY 10001
Lawton Iii Harry A officer: President C/O EBAY INC. 2065 SAN JOSE CA 95125
Spring Antony officer: Chairman & CEO, Bloomingdale's C/O MACY'S, INC. 7 WEST SEVENTH STREET CINCINNATI OH 45202
Lennox Richard A officer: Chief Marketing Officer C/O MACYS, INC. 7 WEST SEVENTH STREET CINCINNATI OH 45202
Garcia C Elisa D officer: Chief Legal Officer 151 WEST 34TH STREET NEW YORK NY 10001

Macy's Headlines

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