What is Macy's's invested capital?

Macy's (M) reported invested capital of $5.98B in Q1 2026.

How has Macy's's invested capital changed year-over-year?

Macy's's invested capital decreased by 5.1% year-over-year, from $6.3B to $5.98B.

What is the long-term trend for Macy's's invested capital?

Over 5 years (2020 to 2025), Macy's's invested capital has grown at a 0.1% compound annual growth rate (CAGR), from $9.12B to $9.18B.

What does invested capital mean?

Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).

Macy's M Invested capital

Discontinued — last reported Q1 '26

Invested capital at other companies

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17%+7.7pp

Lamb WestonLW

7.2%-1.0pp

Conagra BrandsCAG

13.6%+4.8pp

SSR MiningSSRM

18.7%—

MSA

Mine Safety Appliances CompanyMSA

17.4%-1.9pp

Kulicke & Soffa IndustriesKLIC

6%+4.4pp

Other financials

Income statement

See full

Revenue$4.9B+2.1%

Gross profit$2.0B+1.7%

Operating income$112.0M+19.1%

Net income$63.0M+65.8%

EPS (diluted)$0.23+76.9%

Balance sheet

See full

Cash & equivalents$1.3B+38.8%

Total debt$2.4B-12.5%

Total equity$4.8B+8.7%

Total assets$16.3B+1.3%

Cash flow

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Operating cash flow$292.0M+556%

CapEx$88.0M-12.0%

Free cash flow$204.0M+224%

Valuation

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Market cap$6.35B+71.1%

Enterprise value$7.49B+32.2%

P/E9.5×+2.9×

P/S0.3×+0.1×

Profitability

See full

Gross margin40.3%-0.1pp

Operating margin4.6%+0.8pp

Net margin2.9%+0.5pp

FCF margin6.3%+3.5pp

Returns & leverage

See full

Return on equity14.4%+1.3pp

Debt / equity0.5×-0.1×

Current ratio1.5×0.0×

Where this comes from

Calculated from Macy's’s reported figures.

$2.4Btotal debt+$4.8Btotal stockholders equity−$1.3Bcash and equivalents=$5.98B

The official record: Macy's’s 10-Q, filed June 4, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Macy's's invested capital?: Macy's (M) reported invested capital of $5.98B in Q1 2026.
How has Macy's's invested capital changed year-over-year?: Macy's's invested capital decreased by 5.1% year-over-year, from $6.3B to $5.98B.
What is the long-term trend for Macy's's invested capital?: Over 5 years (2020 to 2025), Macy's's invested capital has grown at a 0.1% compound annual growth rate (CAGR), from $9.12B to $9.18B.
What does invested capital mean?: Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).