Macy's vs Ollie's Bargain Outlet
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The short version
- 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 19.6x against 8.8x for Macy's.
| Latest fiscal year | M · FY25 | OLLI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.6B | $5.3B |
| 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 | 8.8x | 19.6x |
| Piotroski F-score | 8 | 7 |
Revenue
FY16
M $25.9B
OLLI $890M
FY17
M $24.9B
OLLI $1.1B
FY18
M $25.0B
OLLI $1.2B
FY19
M $24.6B
OLLI $1.4B
FY20
M $17.3B
OLLI $1.8B
FY21
M $25.4B
OLLI $1.8B
FY22
M $25.4B
OLLI $1.8B
FY23
M $23.9B
OLLI $2.1B
FY24
M $23.0B
OLLI $2.3B
FY25
M $22.6B
OLLI $2.6B
M
OLLI
Operating margin
FY16
M 5.3%
OLLI 11.5%
FY17
M 7.5%
OLLI 12.6%
FY18
M 7.0%
OLLI 13.1%
FY19
M 4.0%
OLLI 12.2%
FY20
M −25.8%
OLLI 15.3%
FY21
M 9.3%
OLLI 11.7%
FY22
M 6.6%
OLLI 7.2%
FY23
M 1.3%
OLLI 10.8%
FY24
M 4.0%
OLLI 11.0%
FY25
M 4.6%
OLLI 11.2%
M
OLLI
Free cash flow
FY16
M $1.2B
OLLI $50.7M
FY17
M $1.5B
OLLI $76.7M
FY18
M $1.1B
OLLI $51.9M
FY19
M $706M
OLLI $28.4M
FY20
M $311M
OLLI $331M
FY21
M $2.4B
OLLI $10.0M
FY22
M $727M
OLLI $62.7M
FY23
M $674M
OLLI $130M
FY24
M $760M
OLLI $107M
FY25
M $1.1B
OLLI $195M
M
OLLI
Return on capital
FY16
M 9.1%
OLLI 8.6%
FY17
M 19.1%
OLLI 17.1%
FY18
M 13.6%
OLLI 16.1%
FY19
M 7.7%
OLLI 15.1%
FY20
M −45.3%
OLLI 26.1%
FY21
M 33.1%
OLLI 16.3%
FY22
M 23.0%
OLLI 9.2%
FY23
M 4.9%
OLLI 14.2%
FY24
M 11.5%
OLLI 13.7%
FY25
M 12.9%
OLLI 14.5%
M
OLLI
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.