Macy's vs Ollie's Bargain Outlet
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KIRA’s take AI analyst
I put Macy's and Ollie's Bargain Outlet side by side, using each one’s latest annual report. Here is what stands out:
- Macy's is the larger business, with $22.6B of revenue in fiscal 2025 against $2.6B for Ollie's Bargain Outlet, about 8.5 times as much.
- Ollie's Bargain Outlet grew revenue faster (16.6%, against −1.7%).
- Ollie's Bargain Outlet kept more of each dollar of sales as operating profit (11.2% operating margin, against 4.6%).
- Ollie's Bargain Outlet turned more of its sales into free cash flow (7.4% FCF margin, against 4.7%).
- Ollie's Bargain Outlet earned a higher return on the capital invested in it (14.5%, against 12.9%).
- Investors pay more for each dollar of Ollie's Bargain Outlet’s earnings: a P/E of 18.8x against 8.6x for Macy's.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Macy's
M
3/11
Return on equityPiotroski F-scoreShare count change
Ollie's Bargain Outlet
OLLI
8/11
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | M FY25 | OLLI FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.4B | $5.1B |
| Revenue | $22.6B | $2.6B |
| Free cash flow | $1.1B | $195M |
| Net income | $642M | $241M |
| Growth | ||
| Revenue growth | −1.7% | 16.6% |
| 5-year growth | 5.5% | 7.9% |
| Share count change | −1.8% | 0.0% |
| Profitability | ||
| Gross margin | 40.3% | 40.5% |
| Operating margin | 4.6% | 11.2% |
| Net margin | 2.8% | 9.1% |
| FCF margin | 4.7% | 7.4% |
| Return on capital | 12.9% | 14.5% |
| Return on equity | 13.6% | 13.4% |
| Balance sheet | ||
| Net debt | $1.2B | −$258M |
| Net debt / EBITDA | 0.6x | −0.7x |
| Dividends and buybacks | $447M | $73.8M |
| Valuation & quality | ||
| P/E | 8.6x | 18.8x |
| Piotroski F-score | 8 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.