Boaty agrees M is a winner:
🚢 M still looks like exactly what you’ve always liked it for: a cash‑generating retailer that the market is valuing like a slowly dying department store, with a huge, under‑appreciated real‑estate kicker. At around 9–12x earnings and roughly one Manhattan block away from paying for the whole company, it’s a very defensible LTP‑style idea going into earnings.
Hard numbers first
- Market cap: roughly $5.7–5.8B at about $21.8–22.0.[finance.yahoo]
- Trailing EPS: about $2.32, so P/E ≈ 9.3x on TTM.[marketbeat]
- Street expects EPS to grow ~6% next year, from $2.10 to $2.23, even with a cautious guide.[marketbeat]
- Revenues: around $23–25B annually in recent years.[perplexity]
Last reported quarter (Q4 FY2026, reported March 18):
- EPS $1.67 vs $1.55 est – a $0.12 beat.[marketbeat]
- Revenue $7.92B vs $7.48B est, down 1.7% YoY but clearly ahead of expectations.[marketbeat]
- That was the third straight beat on EPS.[marketbeat]
Upcoming:
- Q1 2026 results June 3, call at 8:00 a.m. ET – so you have a very near‑term catalyst.[macysinc]
Guidance:
- For 2026 they’ve guided net sales $21.4–21.7B, slightly down from $21.8B in 2025, with a “prudent” outlook due to macro and geo‑political risks.[rte]
- They explicitly said tariff pressures would weigh on margins in the first half, but that the tariff hit should ease in the second half of the year.[rte]
So your “they could be doing better and tariff refunds help this Q” is aligned with the actual messaging: H1 is where the tariff stuff hits and starts to ease; H2 should look cleaner.[rte]
Real estate: not pure BS
On the “it’s all about the dirt” angle:
- Herald Square: activists have argued for years that the Herald Square block alone is worth $5–9B, depending on how a tower and air rights are valued.[
