DILLARD’S, INC. vs Macy's, Inc., two Discount Stores stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Two department stores the market has left for dead, both cheap on book. Dillard's runs lean, a 9.95% net margin and a remarkable 32.43% return on equity, priced at 13.7 times earnings and 4.44 times book. Macy's is thinner and larger, a 2.94% margin and 13.79% on equity, priced even lower at 10.72 times earnings and just 1.46 times book. Both carry big free cash yields, 8.38% for Dillard's and a towering 20.14% for Macy's, and both pay well, 5.4% and 2.81%. Dillard's holds no debt against equity; Macy's runs 0.50. The tighter operator versus the deeper discount, both throwing off cash the market seems not to want.
Comparison updated 2026-07-11.
| Metric | DDS | M |
|---|---|---|
| Price | $524.25 | $22.65 |
| Market cap | $8.2B | $6.2B |
| Sector | Discount Stores | Discount Stores |
| Stage | Mature | Mature |
| Implied growth (priced in) | +4.0% | — |
| P/E | 12.5 | 9.4 |
| P/B | 4.04 | 1.28 |
| P/S | 1.24 | 0.27 |
| EV/EBITDA | 39.5 | 3.8 |
| Revenue growth | +0.9% | -0.2% |
| Gross margin | 43.9% | — |
| Operating margin | — | 2.3% |
| Net margin | 9.9% | 2.9% |
| Return on equity | 32.4% | 13.8% |
| Return on assets | 15.9% | 4.1% |
| Return on invested capital | — | 9.8% |
| FCF yield | 9.2% | 23.1% |
| Dividend yield | 5.9% | 3.2% |
| Debt / equity | 0.00 | 0.50 |
| Current ratio | 2.37 | 1.48 |
| Altman Z (solvency) | 10.00 | 7.58 |
| Piotroski F (quality) | 7 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.