What is Macy's, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Macy's, Inc.'s reported free cash flow gives $67.85 per share. The share price was $22.64 on September 25, 2026, 67% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 0.5% | 10.0% | $40.95 | +81% |
| Base | 5.5% | 9.0% | $67.85 | +200% |
| Bull | 10.5% | 8.0% | $121.49 | +437% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $87.60 | $93.61 | $100.96 | $110.14 | $121.95 |
| 8.0% | $72.88 | $76.78 | $81.38 | $86.91 | $93.67 |
| 9.0% | $62.11 | $64.78 | $67.85 | $71.44 | $75.68 |
| 10.0% | $53.91 | $55.80 | $57.95 | $60.41 | $63.24 |
| 11.0% | $47.45 | $48.84 | $50.40 | $52.14 | $54.12 |
Where the presets come from
Base: years 1 to 5 grow at Macy's, Inc.'s revenue growth rate over the last 5 fiscal years (5.5% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions