Macy's, Inc.
MConsumer Cyclical · Stock · quarterly payer
Forward Yield
3.47%
Annual Dividend
$0.77
Payout Ratio
27%
5-Yr Growth
-13.6%
Ex-Date
Sep 15, 2026
Frequency
Quarterly
Summary
As of September 2026, Macy's, Inc. (M) yields 3.47% ($0.77 per share annually), with a blended fair-value estimate of $23.61 — +7% upside, so it screens as fairly valued. Dividend safety grade: C (63/100). 4 years of dividend growth.
Is M a good dividend stock?
Yes, with caveatsMacy's, Inc. (M) pays a quarterly dividend yielding 3.47% ($0.77/yr), with 4 years of growth and a dividend-safety grade of C. It's a solid income payer, but check the caveats below before buying.
Advantages
- Comfortable payout ratio (27%)
Risks
- Cut its dividend in 2022
- Dividend has been shrinking, not growing
- Share price is down over the past 5 years
Key Data
- Dividend Yield
- 3.47%
- Payout Ratio
- 27%
- Annual Dividend
- $0.77
- 5-Yr Avg Growth
- -13.6%
- Ex-Dividend Date
- Sep 15, 2026
- Years of Growth
- 4
- Frequency
- quarterly
- Beta
- 1.43
- Market Cap
- $5.8B
- P/E Ratio
- 8.1
- 5-Yr Total Return
- -2%
- 52-Week Range
- $16.41 – $26.59
- Dividend Safety
- C · 63/100
- Ever Cut?
- Yes (2022)
Frequently Asked Questions
M Price — Last 12 Months
Daily close
Price Return
1 Year
+23%
3 Years
+90%
5 Years
-2%
52-Week Range
$16.41 – $26.59
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is M worth?
Fairly valuedlow confidenceOur blended fair-value estimate for Macy's, Inc. is $23.61 per share, versus a market price of $22.08. That implies the stock is roughly fairly priced.
Fair Value
$23.61
Current Price
$22.08
Gap
+7%
Margin of Safety
6%
How we get there
Discounted cash flow
Discounts projected free cash flow back to today.
Dividend discount
Discounts the future dividend stream back to today.
Earnings multiple (Graham)
Graham's earnings-multiple formula, anchored to bond yields.
At today's price, the market is pricing in about 6.5% annual free-cash-flow growth. We model 5.1% — so the price already assumes faster growth than we think is likely.
Assumptions: 11.5% discount rate (CAPM), 5.1% stage-1 growth, 2.5% terminal growth, $2.73 EPS, $0.77 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
M Dividend Safety Score
Borderline
SmarterDividends' proprietary score, backtested against which dividends were actually cut over 15+ years (0.78 AUC). It blends a validated cut-risk model (growth streak, cut history) with current payout, cash-flow and debt. Higher is safer · not investment advice.
Dividend Growth
Total dividends per share by year
Dividend History
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Jun 15, 2026 | — | $0.1920 | regular |
| Mar 13, 2026 | — | $0.1920 | regular |
| Dec 15, 2025 | — | $0.1820 | regular |
| Sep 15, 2025 | — | $0.1820 | regular |
| Jun 13, 2025 | — | $0.1820 | regular |
| Mar 14, 2025 | — | $0.1820 | regular |
| Dec 13, 2024 | — | $0.1740 | regular |
| Sep 13, 2024 | — | $0.1740 | regular |
| Jun 14, 2024 | — | $0.1740 | regular |
| Mar 14, 2024 | — | $0.1740 | regular |
| Dec 14, 2023 | — | $0.1650 | regular |
| Sep 14, 2023 | — | $0.1650 | regular |
| Jun 14, 2023 | — | $0.1650 | regular |
| Mar 14, 2023 | — | $0.1650 | regular |
Income Calculator
At $0.77 / yr per share
