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Macy's remains a Buy due to undervaluation, strong free cash flow yield, and ongoing turnaround signals. Q2 guidance targets $4.75B–$4.8B revenue, 6.9%–7.2% adj. EBITDA margin and 29–34 cents adj. EPS, excluding potential tariff refunds. Berkshire Hathaway's increased stake underscores institutional confidence, while luxury segment growth and real estate monetization are key catalysts.

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Macy's (M - Free Report) , which belongs to the Zacks Retail - Regional Department Stores industry.

When looking at the last two reports, this department store operator has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 279.58%, on average, in the last two quarters.

For the last reported quarter, Macy's came out with earnings of $0.13 per share versus the Zacks Consensus Estimate of $0.02 per share, representing a surprise of 550.00%. For the previous quarter, the company was expected to post earnings of $1.53 per share and it actually produced earnings of $1.67 per share, delivering a surprise of 9.15%.

Price and EPS Surprise

With this earnings history in mind, recent estimates have been moving higher for Macy's. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.

Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Macy's currently has an Earnings ESP of +20.81%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #2 (Buy) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on September 10, 2026.

With the Earnings ESP metric, it's important to note that a negative value reduces its predictive power; however, a negative Earnings ESP does not indicate an earnings miss.

Many companies end up beating the consensus EPS estimate, though this is not the only reason why their shares gain. Additionally, some stocks may remain stable even if they end up missing the consensus estimate.

Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

In the latest close session, Macy's (M - Free Report) was up +2.23% at $22.42. The stock outperformed the S&P 500, which registered a daily gain of 0.46%. Elsewhere, the Dow gained 0.56%, while the tech-heavy Nasdaq added 0.45%.

Shares of the department store operator witnessed a loss of 16.33% over the previous month, trailing the performance of the Retail-Wholesale sector with its loss of 3.73%, and the S&P 500's gain of 2%.

The investment community will be closely monitoring the performance of Macy's in its forthcoming earnings report. The company is scheduled to release its earnings on September 10, 2026. The company's upcoming EPS is projected at $0.37, signifying a 9.76% drop compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $4.82 billion, indicating a 0.16% increase compared to the same quarter of the previous year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $2.22 per share and revenue of $21.77 billion, which would represent changes of -4.31% and +0.05%, respectively, from the prior year.

Investors should also take note of any recent adjustments to analyst estimates for Macy's. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.37% higher. Macy's currently has a Zacks Rank of #2 (Buy).

Looking at its valuation, Macy's is holding a Forward P/E ratio of 9.87. This signifies a discount in comparison to the average Forward P/E of 13.77 for its industry.

The Retail - Regional Department Stores industry is part of the Retail-Wholesale sector. With its current Zacks Industry Rank of 9, this industry ranks in the top 4% of all industries, numbering over 250.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

Key Takeaways Low P/S stocks can signal value when paired with solid profitability, balance sheets and operating momentum.The screen favors low P/S, P/E, P/B and debt-to-equity ratios, plus stocks priced at $5 or more.PRAA, M, PARR, APLE and PBF qualified the value screen, combining low valuations with solid fundamentals. Investing in stocks based on valuation metrics is a proven strategy for identifying companies with strong upside potential. Although the price-to-earnings (P/E) ratio is widely used to assess value, it becomes less meaningful when a company is unprofitable, operating with thin margins or experiencing volatile earnings.

In such situations, the price-to-sales (P/S) ratio can offer a more useful perspective. By comparing a company’s market value with its revenues, the metric helps investors evaluate how much they are paying for each dollar of sales.

Stocks with low P/S ratios may present attractive opportunities, particularly when supported by solid fundamentals, improving margins and favorable business momentum. However, a low multiple should not be viewed in isolation, as it may also reflect structural weaknesses or limited growth prospects. Used alongside measures of profitability, financial strength and operating performance, the price-to-sales ratio can help uncover undervalued stocks with meaningful upside potential.

PRA Group, Inc. (PRAA - Free Report) , Macy's, Inc. (M - Free Report) , Par Pacific Holdings, Inc. (PARR - Free Report) , Apple Hospitality REIT, Inc. (APLE - Free Report) and PBF Energy Inc. (PBF - Free Report) are some companies with low price-to-sales ratios and the potential to offer higher returns.

What Is the Price-to-Sales Ratio?While a loss-making company with a negative price-to-earnings ratio falls out of investor favor, its price-to-sales ratio can indicate the hidden strength of the business. This underrated ratio is also used to identify a recovery situation or ensure a company's growth is not overvalued.

A stock’s price-to-sales ratio reflects how much investors pay for each dollar of revenues generated by a company.

If the price-to-sales ratio is 1, investors are paying $1 for every $1 of revenues generated by the company. A stock with a price-to-sales ratio below 1 is a good bargain, as investors need to pay less than a dollar for a dollar’s worth.

Thus, a stock with a lower price-to-sales ratio is a more suitable investment than a stock with a high price-to-sales ratio.

The price-to-sales ratio is often preferred over price-to-earnings, as companies can manipulate their earnings using various accounting measures. However, sales are harder to manipulate and are relatively reliable.

However, one should keep in mind that a company with high debt and a low price-to-sales ratio is not an ideal choice. The high debt level will have to be paid off at some point, leading to further share issuance, a rise in market cap and a higher price-to-sales ratio.

In any case, the price-to-sales ratio used in isolation cannot do the trick. One should analyze other ratios like Price/Earnings, Price/Book and Debt/Equity before arriving at any investment decision.

Screening ParametersPrice-to-Sales less than the Median Price-to-Sales for its Industry: The lower the price-to-sales ratio, the better.

Price-to-Earnings using F(1) estimate less than the Median Price-to-Earnings for its Industry: The lower, the better.

Price-to-Book (Common Equity) less than the Median Price-to-Book for its Industry: This is another parameter to ensure the value feature of a stock.

Debt-to-Equity (Most Recent) less than the Median Debt-to-Equity for its Industry: A company with less debt should have a stable price-to-sales ratio.

Current Price greater than or equal to $5: The stocks must be trading at a minimum of $5 or higher.

Zacks Rank less than or equal to 2: Zacks Rank #1 (Strong Buy) or 2 (Buy) stocks are known to outperform, irrespective of the market environment.

Value Score less than or equal to B: Our research shows that stocks with a Value Score of A or B, when combined with a Zacks Rank #1 or 2, offer the best opportunities in the value investing space.

Here are five of the 17 stocks that qualified the screening:

PRA Group is a global financial services company operating primarily in the United States and Europe, with a smaller presence in South America, Canada and Australia. Its core business involves purchasing, collecting and managing portfolios of non-performing loans. The company primarily acquires unpaid consumer obligations from banks, consumer finance companies, auto finance providers and other creditors, generally purchasing these portfolios at a discount to their face value.

PRA Group continues to improve collection performance by leveraging its proprietary recovery database, predictive analytics, digital engagement tools and legal collections to maximize recoveries from purchased portfolios. The company continues to benefit from stronger collection execution, disciplined portfolio purchases and a more scalable operating model. Its broad international footprint, proprietary data and growing use of AI support better portfolio selection, recovery efficiency and long-term earnings potential. PRAA currently has a Value Score of B and sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.

Macy's Bold New Chapter strategy is focused on improving the company’s long-term competitive position through a more productive store base, stronger luxury banners, disciplined merchandising and enhanced customer engagement. The Reimagine initiative provides a repeatable operating model to improve service, store standards and local execution across key locations. Bloomingdale’s and Bluemercury strengthen portfolio diversification, support a more favorable sales mix and reduce its reliance on the core department store business.

High-margin revenue streams, including credit card income and Macy’s Media Network, enhance earnings quality and provide stability beyond merchandise sales. Continued investment in omnichannel capabilities, artificial intelligence, supply-chain automation and inventory management should improve efficiency, availability and conversion. Strong liquidity supports these initiatives, while brand partnerships, curated assortments and experiential retail programs help reinforce traffic, loyalty and long-term relevance with customers. M presently has a Zacks Rank #2 and a Value Score of A.

Houston, TX-based Par Pacific offers a compelling investment case, supported by its integrated downstream platform spanning refining, logistics and retail operations. The company combines strong financial flexibility, with $937.7 million in liquidity, an active share repurchase program and lower financing costs, positioning it to create shareholder value through market cycles. Operational execution remains a key strength, highlighted by record Hawaii and Montana throughput, restored Washington operations and completed Rockies maintenance.

Hawaii Renewables provides an additional long-term growth catalyst as renewable diesel production ramps through the second half of 2026, while excess RIN monetization and affiliate earnings further support durable cash flow growth. PARR currently sports a Zacks Rank #1 and has a Value Score of A.

Apple Hospitality is a publicly traded real estate investment trust that owns the largest and most diverse portfolio of upscale, room-focused hotels in the United States. The company offers a fundamentally sound lodging REIT story built on portfolio quality, brand alignment and disciplined execution. It owns a geographically diversified collection of room-focused hotels affiliated with leading brands, giving it broad exposure to leisure, corporate and group demand.

Management has demonstrated prudent capital allocation through selective acquisitions, timely dispositions and consistent reinvestment to keep properties competitive. A flexible balance sheet and ample liquidity provide resilience across cycles. While recent demand softness weighed on its performance, leisure trends remain supportive and operational agility positions the portfolio to benefit as business travel normalizes, supporting long-term cash flow stability and shareholder returns. APLE has a Value Score of B and a Zacks Rank of 2 at present.

Parsippany, NJ-based PBF Energy benefits from a geographically diversified refining network that provides flexibility in sourcing crude, optimizing operations and supplying multiple regional markets. Its complex refining system enables the processing of a broad range of crude types while producing higher-value refined products, supporting profitability as market conditions evolve. The company also maintains a relatively conservative balance sheet with solid liquidity, providing financial flexibility and resilience through refining cycles while supporting its focus on reducing debt when conditions allow.

In addition, PBF continues to advance its Refining Business Improvement program, which is aimed at lowering costs and improving operational efficiency. These initiatives are expected to enhance refinery performance, reduce operating and capital expenditure, and strengthen long-term earnings potential, positioning the company to benefit from improved reliability and disciplined execution. PBF currently sports a Zacks Rank #1 and has a Value Score of A.

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One company value investors might notice is Macy's (M - Free Report) . M is currently sporting a Zacks Rank #2 (Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 9.15. This compares to its industry's average Forward P/E of 13.16. M's Forward P/E has been as high as 9.61 and as low as 4.69, with a median of 6.13, all within the past year.

Investors should also recognize that M has a P/B ratio of 1.06. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. M's current P/B looks attractive when compared to its industry's average P/B of 2.08. Within the past 52 weeks, M's P/B has been as high as 1.21 and as low as 0.61, with a median of 0.86.

Finally, our model also underscores that M has a P/CF ratio of 3.47. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 7.06. Over the past year, M's P/CF has been as high as 5.04 and as low as 1.92, with a median of 2.70.

These are just a handful of the figures considered in Macy's's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that M is an impressive value stock right now.

Key Takeaways Macy's is investing in its luxury banners to deepen engagement and expand its premium category presence.Bloomingdale's is attracting luxury shoppers with new brands, vibrant stores & personalized customer service.Bluemercury is adding premium beauty brands and remodeled stores to strengthen its customer experience. Macy’s Inc. (M - Free Report) is gaining momentum in its luxury business as part of its Bold New Chapter strategy, with Bloomingdale’s and Bluemercury emerging as important contributors to the company’s growth plans. Macy’s is leveraging elevated assortments, brand additions, personalized service and differentiated shopping experiences to strengthen its luxury presence. The strategy is designed to deepen customer engagement and expand the company’s presence across premium and luxury categories.

Bloomingdale’s is benefiting from its premium contemporary-to-luxury positioning and an elevated brand matrix. The banner is expanding brand relationships and creating more vibrant shopping environments through collaborations, activations and personalized customer service. Management believes that these initiatives can help expand share of wallet across brands, locations and categories while attracting luxury shoppers.

The company is broadening Bloomingdale’s luxury assortment with brands like Chloe Ready-to-Wear, Isabel Marant, Phoebe Philo, Park Denim, Aireloom and Kate Shoes. These additions complement the existing portfolio and are generating incremental sales among loyal customers while attracting clients. Management noted that brand partners increasingly view Bloomingdale’s as an attractive platform for entering or expanding distribution.

Bluemercury is adding another layer to Macy’s luxury strategy through its focus on beauty and personalized service. The banner is benefiting from demand across makeup, dermatological skin care and fragrances, while brands such as Byredo, Parfums de Marly, Dr. Diamond’s Metacine and SkinCeuticals are enhancing its premium assortment. New and remodeled stores are supporting the banner’s market presence and customer experience.

Macy’s remains committed to investing in its luxury nameplates to support long-term top-line growth. The company raised its fiscal 2026 net sales outlook to $21.5-$21.75 billion from $21.4-$21.65 billion, while comparable sales guidance increased to 0.5-1.2% from a decline of 0.5% to growth of 0.5%. The adjusted EPS guidance rose to $2-$2.20 from $1.90-$2.10. These investments in luxury banners underscore their importance to Macy’s broader growth strategy.

Macy’s Price Performance, Valuation & EstimatesM shares have risen 73.5% over the past year compared with the industry’s 34.9% growth. 

Image Source: Zacks Investment Research

From a valuation standpoint, Macy’s is trading at a forward 12-month price-to-sales ratio of 0.28X, down from the industry average of 0.49X. M has a Value Score of A.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Macy’s fiscal 2026 earnings implies a year-over-year decline of 4.3%, while the same for fiscal 2027 indicates an uptick of 6%. Estimates for fiscal 2026 and 2027 have been revised upward by 3 cents each over the past seven days.

Image Source: Zacks Investment Research

Macy’s currently has a Zacks Rank #2 (Buy).

Other Key PicksWe have highlighted three other top-ranked stocks, namely, Target Corporation (TGT - Free Report) , Kohl’s Corporation (KSS - Free Report) and Ross Stores Inc. (ROST - Free Report) .

Target offers guests fashionable, differentiated merchandise and everyday essentials at discounted prices. It currently sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Target’s current fiscal-year earnings and sales suggests growth of 35% and 4.6%, respectively, from the year-ago actuals. TGT delivered a trailing four-quarter average earnings surprise of 10.5%.

Kohl’s offers moderately priced apparel, footwear and accessories for women, men and children, along with beauty and home products. The company flaunts a Zacks Rank #2 at present.

The Zacks Consensus Estimate for Kohl’s current fiscal-year earnings and sales suggests declines of 14.8% and 0.9%, respectively, from the year-ago actuals. KSS delivered a trailing four-quarter average earnings surprise of 69%.

Ross Stores operates as an off-price retailer of apparel and home accessories. The company carries a Zacks Rank #2 at present.

The Zacks Consensus Estimate for Ross Stores’ current fiscal-year earnings and sales indicates growth of 19.5% and 11.5%, respectively, from the year-ago actuals. ROST delivered a trailing four-quarter average earnings surprise of 11.2%.

Macy's (M - Free Report) ended the recent trading session at $22.82, demonstrating a +1.02% change from the preceding day's closing price. The stock's performance was ahead of the S&P 500's daily loss of 0.02%. Meanwhile, the Dow experienced a drop of 0.21%, and the technology-dominated Nasdaq saw a decrease of 0.08%.

The stock of department store operator has fallen by 10.18% in the past month, lagging the Retail-Wholesale sector's gain of 5.45% and the S&P 500's gain of 3.67%.

Analysts and investors alike will be keeping a close eye on the performance of Macy's in its upcoming earnings disclosure. The company's earnings report is set to go public on September 10, 2026. The company is expected to report EPS of $0.37, down 9.76% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $4.82 billion, up 0.16% from the year-ago period.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $2.22 per share and a revenue of $21.77 billion, representing changes of -4.31% and +0.05%, respectively, from the prior year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Macy's. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.37% higher. Macy's currently has a Zacks Rank of #2 (Buy).

Digging into valuation, Macy's currently has a Forward P/E ratio of 10.17. This indicates a discount in contrast to its industry's Forward P/E of 15.18.

The Retail - Regional Department Stores industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 34, which puts it in the top 14% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

The board of directors of Macy's, Inc. (NYSE: M) today declared a regular quarterly dividend of 19.15 cents per share on Macy's, Inc.’s common stock, payable on October 1, 2026, to shareholders of record at the close of business on September 15, 2026.

About Macy’s, Inc.

Macy’s, Inc. (NYSE: M) is a trusted source for quality brands through our iconic nameplates – Macy’s, Bloomingdale’s and Bluemercury. Headquartered in New York City, our comprehensive digital and nationwide footprint empowers us to deliver a seamless shopping experience for our customers. For more information, visit macysinc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260827167671/en/

Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

Click for the complete disclosure

Vancouver, British Columbia--(Newsfile Corp. - August 24, 2026) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") announces that it has acquired an aggregate of 46,223,258 common shares ("Rush Shares") of Rush Rare Metals Corp. ("Rush") pursuant to a statutory plan of arrangement (the "Arrangement"), as previously announced by Myriad on August 21, 2026. Under the Arrangement, Myriad issued an aggregate of 24,983,671 Myriad common shares (each, a "Myriad Share") to Rush shareholders at a deemed price of $0.42 per Myriad Share, representing aggregate consideration of $10,493,141.80. Prior to the Arrangement, Myriad did not hold any Rush Shares. Following the Arrangement, Myriad holds 46,223,258 Rush Shares, representing 100% of the issued and outstanding Rush Shares.

The Form 62-103F1 - Required Disclosure under the Early Warning Requirements associated with this news release can be obtained from Rush's profile on SEDAR+ at www.sedarplus.ca. To obtain a copy of the report, please contact Mr. Lamb of Vancouver, British Columbia, at +1.604.418.2877 or [email protected].

About Myriad Uranium Corp.

Myriad Uranium Corp. holds a 100% interest in the Copper Mountain Uranium Project in Wyoming, USA. Copper Mountain hosts multiple historic uranium deposits and past-producing mines, including the Arrowhead Mine (approximately 500,000 lbs U₃O₈ produced). Union Pacific conducted extensive exploration and development in the district during the late 1970s, including approximately 2,000 boreholes and advanced mine planning, before the uranium market downturn in 1980. Union Pacific is estimated to have invested approximately C$125 million (2026 dollars) in the project, generating significant historical resource estimates.

A news release detailing a comprehensive assessment of Copper Mountain's uranium endowment by Bendix Engineering for the US Department of Energy published in 1982 can be viewed here.

Myriad holds a 10% free carried interest in the Red Basin Uranium Project, recently sold to 8VC- and Overmatch-backed Subatomic Industries. Red Basin carries significant historical resource estimates from extensive drilling by Occidental Oil in the late 1970s, and also hosts vanadium, which has been designated a strategic and critical mineral by the U.S. government. Note the caution on historical estimates below.

Myriad's 100%-owned Breccia Pipe Project in Arizona comprises at least 23 breccia pipes that are prospective for uranium and REEs. One of the pipes, the Wate Pipe, was previously owned and explored by Energy Fuels and is the subject of a historical resource estimate.

Note: A qualified person has not done sufficient work to classify the Copper Mountain, Red Basin, and Breccia Pipe Project historical estimates as current mineral resources or reserves and Myriad is not treating historical estimates as current resources or reserves. Myriad intends to conduct further work to determine whether the historical estimates can be verified and, if appropriate, supported by current mineral resource estimates.

For further information, please refer to Myriad's disclosure record on SEDAR+ (www.sedarplus.ca), contact Myriad by telephone at +1.604.418.2877, or refer to Myriad's website at www.myriaduranium.com.

Forward-Looking Statements

This news release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, the Company's business, plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect," "anticipate," "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect, including with respect to the Company's business plans respecting the exploration and development of the Company's mineral properties, the proposed work program on the Company's mineral properties and the potential and economic viability of the Company's mineral properties. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: inability to verify historical data, no assurance of defining mineral resources, permitting, drilling delays and changes in economic conditions or financial markets; increases in costs; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; and technological or operational difficulties. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.

The CSE has not reviewed, approved or disapproved the contents of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/311256

Source: Myriad Uranium Corp.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

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In an environment where most stocks are uncomfortably expensive, finding a cheap one raises questions. Should you act on your luck before the rest of the crowd finds it, or is that stock cheap for good reason?

Enter department store chain Macy's (M -3.50%). Priced at less than 10 times its trailing earnings of $2.42 per share and just over 10 times next year's expected bottom line of $2.33, this retailer's stock is oddly inexpensive. What gives?

Despite glimmers of hope, investors are pricing in expectations of continued deterioration in its business.

The retail apocalypse is real The so-called "retail apocalypse" isn't complicated -- the advent of e-commerce has been steadily chipping away at brick-and-mortar retailers' revenue since the early 2000s. It's been particularly tough on department stores, and Macy's has been no exception. That's why the stock's down 66% from its 2015 peak, back to where it traded in the late 1990s.

M data by YCharts

But the bears have overshot their target? That's not an entirely unreasonable argument. Investors familiar with Macy's probably know it's one of the few retailers that outright owns much of the real estate where its remaining 665 stores operate. Although estimates of the value of its real estate portfolio vary widely from $5 billion to $15 billion, the low end of that range is near the company's market cap of $6 billion.

In the meantime, its retail operation as it stands -- which turned $22.6 billion in sales into pretax income of $849 million last year -- is obviously worth at least a little something. Even subtracting the company's current liabilities from its current assets (about $7 billion each), Macy's market cap still doesn't reflect its presumed value.

Except, maybe it shouldn't. Maybe simply being in the brick-and-mortar retail business right now is a liability in and of itself that's weighing on the company's actual value.

More than a mathematical matter On paper, Macy's real estate portfolio may be worth several billion dollars. In reality, that theoretical value means nothing if selling it also means Macy's must sacrifice the revenue that particular store site generates. Besides, simply shutting down any retail store can be surprisingly expensive.

Meanwhile, although not the case for all of its locations, the only prospective buyers for many of its sites would be other retailers still dealing with the aforementioned retail apocalypse. To this end, retail research outfit Coresight says store closings in the United States are on pace to reach 7,900 this year, versus only 5,500 openings.

Image source: Getty Images.

Connect the dots. Genuine interest in much of Macy's real estate is apt to be limited. In the meantime, the company must continue nursing its own still-lethargic retail business, which has been shrinking since 2015.

Not counting on a turnaround yet Never say never. It's possible the brick-and-mortar retail business will eventually reach its absolute floor. Ditto for Macy's. We're even seeing modest evidence that it's happening right now.

The market's still not quite ready to count on such recovery, though, and understandably so. Investors are still mostly pricing in the notion that the department store retail business will continue to struggle, and Macy's with it. It's probably not a bad call either.

On August 20, 2026, Macy's Inc
M -3.5% 69

shares fell 3.5%, bringing the current price to $22.58, a notable decline compared to its 52-week range of $12.66 to $26.59. This price movement reflects broader market sentiments and specific company performance issues.

GF Value™ verdict: The current price is $22.58, which is 41.6% above the GF Value™ estimate of $15.95.GF Score™: Macy's has a GF Score™ of 69/100, indicating above-average performance relative to its peers.Notable signal: Insider activity shows that insiders sold $10.5 million worth of stock over the past 12 months, with no purchases reported.Is M Overvalued or Undervalued?According to the GF Value™, Macy's Inc shares are significantly overvalued at the current price of $22.58. The GF Value™ is GuruFocus' proprietary estimate of a stock's intrinsic value, which is calculated based on historical trading multiples, past business growth, and projections for future performance. The GF Value™ for Macy's is pegged at $15.95, indicating a substantial 41.6% margin of overvaluation. This suggests that current investors might face increased risk, as the market price significantly exceeds the calculated intrinsic value.

Given that Macy's is trading well above its GF Value™, investors should exercise caution. The risk of a price correction looms large, particularly if the company's performance does not improve or if market conditions change unfavorably. The significant gap between the current market price and the GF Value™ raises questions about the sustainability of Macy's current valuation levels.

How Does M's Valuation Compare to Its History?MetricCurrentHistoricalP/E (TTM)9.3x7.6xForward P/E10.2x-Macy's current P/E (TTM) of 9.3x is 23% higher than its 5-year median P/E of 7.6x, suggesting that the stock is trading at a premium compared to its historical average. This valuation analysis aligns with the GF Value™ verdict of being overvalued, reinforcing concerns that the stock may be priced too high given its historical performance metrics.

What Does M's GF Score™ Tell Us?The GF Score™ evaluates a company's financial strength, profitability, growth potential, valuation, and momentum to offer a comprehensive view of its investment appeal. Macy's has a GF Score™ of 69/100, indicating it is performing above average. Its strongest sub-rank is in momentum, rated 9/10, while the weakest areas are growth and valuation, both rated 3/10.

MetricRatingGF Score™69/100Financial Strength6/10Profitability7/10Growth3/10Valuation3/10Momentum9/10The analysis of these scores indicates that while Macy's shows decent financial strength and profitability, its growth potential and valuation are concerning. With a high momentum rank, there is some short-term performance optimism, but the lower growth and valuation ranks suggest potential long-term headwinds.

What Are Gurus and Insiders Doing with M?Macy's currently has 11 gurus holding the stock, with 7 adding to their positions and 3 trimming them in recent quarters. This level of guru involvement can be seen as a positive signal, suggesting that some experienced investors see value in Macy's despite the current overvaluation.

On the flip side, insider activity tells a different story. Insiders have sold $10.5 million worth of stock in the past year without any purchases, which may indicate a lack of confidence in the company's near-term prospects. This pattern of selling could raise concerns among retail investors about the company's future performance and leadership's expectations.

What This Means for InvestorsBased on the GF Value™ analysis, Macy's Inc appears to be overvalued. The significant disparity between the current price and the estimated fair value, alongside concerning insider selling activity, suggests that investors should approach this stock with caution. While the company's operations may have attracted some positive attention from gurus, the overall valuation metrics and insider sentiment indicate potential risks. For further insights, you can visit the Macy's Inc
M -3.5% 69

stock page.

Frequently Asked QuestionsWhat is M's GF Score™?

Macy's has a GF Score™ of 69/100, indicating it performs above average compared to its peers in various financial metrics.

Is M overvalued or undervalued?

Macy's is currently overvalued, with a GF Value™ of $15.95 compared to the current price of $22.58.

What is M's P/E ratio?

The P/E ratio for Macy's is 9.3x, which is 23% higher than its 5-year median P/E of 7.6x, indicating a premium valuation compared to its historical performance.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

NEW YORK--(BUSINESS WIRE)--Macy's, Inc. to Report Second Quarter 2026 Results on September 10, 2026.

Key Takeaways Berkshire boosted Alphabet by 83%, making it a top-three U.S. stock holding.Alphabet-heavy ETFs offer investors a way to follow Berkshire's AI-driven bet.Berkshire also added housing stocks while cutting stakes in banks and steel.
Berkshire Hathaway (BRK.B - Free Report) significantly increased its Alphabet (GOOGL - Free Report) stake in the second quarter of 2026, raising its holdings by 83% to about 106 million shares. The position was worth nearly $38 billion at the end of June, making Alphabet the third-largest holding in Berkshire’s U.S. stock portfolio, behind Apple and American Express, per Business Insider, as quoted on Yahoo Finance.

Investors should note that Buffett is not known as a great tech stock lover — Apple being the key exception, which he sees as a consumer products company, as quoted on the CNBC article. However, Buffett had previously said that he made the decision to invest in Alphabet last year.

Greg Abel, who succeeded Buffett as Berkshire’s CEO at the start of the year, appears to be continuing to build the position. Berkshire had agreed to purchase $10 billion of Alphabet shares through a private placement in June.

Alphabet has been a strong performer as investors continue to bet on the company’s ability to benefit from the AI boom. Its stock has gained about 150% over the past five years (as of Aug. 14, 2026).

Alphabet-Heavy ETFs in FocusAlphabet has a solid exposure to exchange-traded funds (ETFs) like Global X Pure-Cap MSCI Communication Services ETF (GXPC - Free Report) , Fidelity MSCI Communication Services Index ETF (FCOM - Free Report) , iShares Global Comm Services ETF (IXP - Free Report) and Vanguard Communication Services ETF VOX. If you follow Berkshire's holding pattern and want to bet big on Alphabet, you can follow the above-mentioned ETFs.

Berkshire Overhauls Its Stock PortfolioAlphabet was not the only major change in Berkshire’s portfolio. The company increased its stake in Delta Air Lines by 44% during the quarter, taking its position to about $5.4 billion as of June 30.

Berkshire also initiated a new position in D.R. Horton (DHI - Free Report) and significantly increased its holdings in Lennar (LEN - Free Report) and Macy’s (M - Free Report) . Homebuilding stocks like DHI and LEN have exposure to iShares U.S. Home Construction ETF (ITB - Free Report) . If you are a fan of Berkshire, you can play ITB.

At the same time, the company reduced several positions. Berkshire roughly halved its stakes in Capital One and Nucor while trimming its holdings in Bank of America (BAC - Free Report) and Kroger (KR - Free Report) .

Biggest Stock-Buying Quarter in Years

The portfolio changes came after Berkshire recorded its biggest quarter of stock buying in years, per the above-mentioned Yahoo Finance source.

Berkshire also repurchased $4.5 billion of its own shares, marking its largest quarterly buyback since 2021, per the above-mentioned Yahoo Finance source.

Highlights $1.1 Billion of Contracted AI Infrastructure Revenue, First AI Compute Revenue, Positive Adjusted EBITDA and Strong Balance Sheet

MIAMI, FL / ACCESS Newswire / August 14, 2026 / Digi Power X Inc. (NASDAQ:DGXX)(Cboe Canada:DGX) ("Digi Power X" or the "Company"), an AI data center infrastructure operator, today reported its financial and operating results for the second quarter ended June 30, 2026 (all amounts in U.S. dollars, unless otherwise indicated). The Company's quarterly report on Form 10-Q, which includes unaudited consolidated financial statements and management's discussion and analysis ("MD&A") for the quarter ended June 30, 2026, has been filed and made accessible under the Company's continuous disclosure profile on SEDAR+ at www.sedarplus.ca and is also available on EDGAR at www.sec.gov/edgar.

Second Quarter 2026 Highlights

All amounts in U.S. dollars (millions)

Revenue of approximately $6.6 million for the second quarter of 2026;

Net loss of approximately $14.4 million for Q2 2026;

Generated the Company's first AI compute revenue, with approximately $1.1 million of GPU bare-metal rental revenue from approximately five weeks of operations;

Approximately $30 million invested in GPU infrastructure, representing approximately 0.6 MW of deployed AI compute capacity;

$1.1 billion of contracted AI data center future revenue, with an option to expand the relationship that could increase the total potential contract value to approximately $2.5 billion;

$142.4 million of cash and cash equivalents as at June 30, 2026;

Combined total of $127.5 million of property, plant and equipment, net, and long-term amounts assets;

$279.6 million of total assets and $265.0 million of shareholders' equity as at June 30, 2026;

Positive Adjusted EBITDA[1] of approximately $3.3 million, compared with approximately $0.1 million in the prior-year period.

For Q2 2026, the Company reported revenue of approximately $6.6 million, including:

approximately $3.6 million from colocation services and legacy mining;

$1.9 million from energy sales; and

$1.1 million from GPU rental.

CEO Commentary

"Q2 represents an important inflection point in Digi Power X's transformation into an AI infrastructure company. We generated our first AI compute revenue, with approximately $1.1 million generated from approximately five weeks of GPU bare-metal operations. Our initial approximately $30 million investment in GPU infrastructure represents approximately 0.6 MW of deployed capacity, demonstrating what we believe is the significant revenue density and scalability of this business.

At the same time, we have approximately $1.1 billion of contracted AI data center future revenue, with an opportunity to increase the total potential contract value to approximately $2.5 billion. With approximately $150 million of cash today, no debt and a growing portfolio of AI infrastructure and power assets, we believe we have established a strong financial foundation from which to execute our growth strategy.

Our priority remains execution - delivering Alabama on schedule, scaling our GPU compute platform and developing the power-secured sites that can drive our growth in 2027 and beyond. The Company is pleased to announce that it also in advanced discussions with lenders to finalize debt financing for the Alabama data center and has engaged Goldman Sachs to assist in syndicating the financing."

- Michel Amar, Chairman & Chief Executive Officer, Digi Power X Inc.

Strong Balance Sheet and Capital Position

Amounts in U.S. dollars (millions)

The Company's cash and cash equivalents position subsequently increased to approximately $150 million as of August 14, 2026;

Approximately $110 million of year-to-date capital investment and equipment deposits.

Operational Updates

Alabama - Tier III AI Data Center

Construction of Digi Power X's purpose-built Tier III AI data center in Columbiana, Alabama continues to progress on schedule. The Company expects Phase 1, representing 15 MW of IT load, to be delivered in December 2026, followed by Phase 2, representing an additional 25 MW, in March 2027, for up to 40 MW of IT load.

The Company's 10-year AI data center agreement represents approximately $1.1 billion of contracted revenue, with an option to expand the relationship that could increase the total potential contract value to approximately $2.5 billion.

NeoCloudz - GPU Bare-Metal AI Compute

Digi Power X has invested approximately $30 million in GPU infrastructure, representing approximately 0.6 MW of deployed AI compute capacity. The platform generated approximately $1.1 million of revenue during Q2 2026 from approximately five weeks of operations, marking Digi Power X's first AI compute revenue.

The Company's B300 GPU bare-metal infrastructure has operated at 100% uptime since May 2026. Based on the performance of the initial deployment and current market opportunities, Digi Power X plans to expand its GPU bare-metal platform by approximately 10 MW during 2027. The Company is also actively evaluating additional power sites to support future expansion.

President Commentary

"In this business, you are underwritten on what you have delivered, not what you have announced," said Alec Amar, Co-Founder and President. "Columbiana is our flagship and delivering it on schedule establishes the operating track record that hyperscale customers and project lenders require. Everything in our development pipeline is easier the day Phase 1 energizes."

- Alec Amar, President, Digi Power X Inc.

New York - AI Conversion

Digi Power X continues to prepare its New York infrastructure assets for conversion to AI data center operations. The Company is targeting the transition of these sites beginning in Q3 and Q4 2027.

The Company has received reassurance regarding the grandfathered status of its existing operations and continues to advance engineering and development planning for the AI transition.

North Carolina - Future AI Campus

Digi Power X owns approximately 40 acres adjacent to one of North Carolina's largest electrical switchyards and is advancing development planning for a large-scale AI data center campus.

The current development plan contemplates approximately 75 MW in 2029 and an additional 75 MW in 2030. The North Carolina site represents an important component of Digi Power X's longer-term strategy to develop a geographically diversified portfolio of power-secured AI infrastructure assets.

West Virginia - 1.3 GW Power Opportunity

The Company continues to assess opportunities associated with its previously announced LOI involving a 1.3 GW power generation asset in West Virginia. Digi Power X is evaluating potential structures for participating in the asset and how its available power could support the Company's longer-term AI infrastructure strategy.

Silicon Valley Office

The Company is pleased to announce that it will be opening its Silicon Valley office in Q3 2026 to house its dedicated engineering team for its GPU-as-a-Service business.

CTO Commentary

"The platform we built in Alabama demonstrated modular AI data centers and AI Factories at scale. Our Silicon Valley Lab will build on that foundation to advance GPU as a Service and power the next generation of AI Inference Clouds. We are bringing together top talent in MLOps, AI kernels, and GPU networking to build it."

- Jagan Jeyapaul, Chief Technology Officer, Digi Power X Inc.

US Data Centers Inc.

During Q2 2026, US Data Centers Inc., a subsidiary of the Company ("USDC"), raised outside capital at a $125 million pre-money valuation. Digi Power X believes its approximate 48% ownership interest in USDC provides shareholders with additional exposure to the potential growth and commercialization of USDC's modular AI data center platform.

2027 Outlook

Based on its contracted business, available power and planned AI infrastructure deployments, the Company is targeting an annualized revenue run-rate of approximately $250 million to $300 million by Q3 2027. The Company's 2027 outlook consists of two principal components:

Contracted Revenue

Based on existing customer contracts and scheduled deployments, Digi Power X expects to reach approximately $140 million of annualized contracted revenue run-rate during 2027.

The Company's existing AI data center agreement represents approximately $1.1 billion of total contracted revenue, with an option to expand the relationship that could increase the total potential contract value to approximately $2.5 billion.

Expected Revenue Based on Available Power

In addition to its contracted revenue base, Digi Power X expects to have additional power and infrastructure available during 2027 to support further AI deployments. The Company is targeting approximately 40 MW of additional colocation capacity and approximately 10 MW of additional GPU bare-metal compute capacity.

Based on its available power, planned capacity and current market opportunities, management expects these additional deployments to provide the incremental revenue required to achieve the Company's targeted $250 million to $300 million annualized revenue run-rate by Q3 2027, subject to customer contracting, deployment schedules and utilization.

The Company expects the transition toward this higher revenue profile to become increasingly visible during the second half of 2026, with Q3 2026 revenue expected to increase significantly compared with Q2 2026. These targets are subject to execution, customer ramp, financing availability and the other factors described under "Forward-Looking Statements" below.

Conference Call Details

The Company will host a conference call to discuss its second quarter 2026 results on August 14, 2026 at 8:30 AM ET. The conference call can be accessed by dialing the numbers below, or guests can utilize the Call Me link.

1-877-407-9039 or 1-201-689-8470.

Call Me: https://callme.viavid.com/viavid/?callme=true&passcode=13750233&h=true&info=company&r=true&B=6

A live webcast and replay will be available at investors.digipowerx.com.

Adjusted EBITDA - GAAP Reconciliation

The following table reconciles GAAP net loss to EBITDA and Adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial measure presented as a supplement to GAAP results. See "Non-GAAP Financial Measures" below.

Amounts in U.S. dollars (millions)

Line Item

Q2 2026 ($M)

Net Loss (GAAP)

$(14.4)

Add: Depreciation & Amortization

4.1

EBITDA

$(10.2)

Add: Share-based Compensation

5.8

Add: Crypto Revaluation Loss

2.8

Add: Warrant FV Loss

5.0

Adjusted EBITDA - Q2 2026

$3.3

EBITDA and Adjusted EBITDA exclude share-based compensation, digital currency revaluation, changes in fair value of financial instruments, and capitalized AI infrastructure payroll costs. These non-GAAP measures are not substitutes for GAAP results.

Non-GAAP Financial Measures

Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization, and further adjusted to exclude share-based compensation, digital currency revaluation, changes in fair value of financial instruments (including warrant liabilities), gain/loss on settlement of debt, and gains or losses on sale of property and equipment. Management believes that providing this non-GAAP financial measure that excludes these items allows for meaningful comparisons between the Company's core business operating results and those of other companies and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP Adjusted EBITDA, management believes that Adjusted EBITDA is also useful to investors and analysts in comparing our performance across reporting periods on a consistent basis. The Company's Adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently. The Company's Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as a substitute for, or superior to, net loss or any other measure of performance calculated in accordance with GAAP.

About Digi Power X

Digi Power X is an AI infrastructure company, operating a vertically integrated portfolio of power assets and data center capacity across Alabama, New York, and North Carolina. The Company's NeoCloudz platform delivers GPU-as-a-Service on dedicated, bare metal NVIDIA infrastructure. For more information, visit www.digipowerx.com.

Investor Relations

For further information, please contact:
Michel Amar, Chief Executive Officer
Digi Power X Inc.
www.digipowerx.com
Investor Relations: T: 888-474-9222 | Email: [email protected]

Cautionary Statement

Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Cboe Canada does not accept responsibility for the adequacy or accuracy of this release.

Cautionary Note and Forward-Looking Statements

Except for the statements of historical fact, this news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. Forward-looking information in this news release includes the statements under "2027 Outlook" and other statements regarding goals, expectations and targets for the business of Digi Power X, including through USDC. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "goals," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking information is subject to a variety of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the Company's ability to maintain and obtain new customers; that any additional commercial agreements under discussion will be entered into, or that the West Virginia or upstate New York opportunities will be realized; the Company's ability to fulfill its obligations pursuant to its colocation agreements; counterparty performance; the Company's ability to execute its evolving business model and strategy, including as it relates to its expansion into the data center market; future capital needs and uncertainty regarding the Company's and USDC's ability to raise additional capital or obtain financing; Phase 2 deployment of the Company's purpose-built AI data center campus is conditioned on the Company securing adequate financing, and there can be no assurance that financing will be completed on the terms contemplated or at all; costs associated with the development, manufacturing and deployment of AI infrastructure; risks relating to construction and equipment delivery; delivery of deployment of equipment may not occur on the timelines anticipated by the Company, or at all; global demand for AI computing infrastructure; further improvements to profitability and efficiency may not be realized; permitting and interconnection, regulatory matters, and general economic and market conditions; and other related risks, some of which are more fully set out in the Annual Information Form of the Company and other documents disclosed under the Company's filings at www.sedarplus.ca and in the Company's annual, quarterly and current reports filed with the SEC. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. Forward-looking information is not a guarantee of future performance, and accordingly undue reliance should not be put on such information due to the inherent uncertainties therein. The Company undertakes no obligation to revise or update any forward-looking information other than as required by applicable law.

[1] Adjusted EBITDA is a non-GAAP financial measure presented as a supplement to GAAP results. See "Adjusted EBITDA-GAAP Reconciliation" and "Non-GAAP Financial Measures" below."

SOURCE: Digi Power X Inc.

New Feasibility Study Shows Project Economics Including an Average Annual EBITDA2 of $608 Million, Life-of-Mine Revenue of $37.4 Billion with a Pre-Tax NPV8% of $4.1 Billion (After-Tax NPV8% of $3.4 Billion) and Pre-Tax IRR of 24% (After-Tax IRR of 22.8%)

Expanded Product Mix is Expected to Generate Revenue of $815/Ton of Ore Against Average Operating Costs of $255/Ton, Creating a More Robust and Diversified Revenue Profile

Proven and Probable Mineral Reserves of 45.9 Million Tons Support a 40-Year Operating Mine Life, with Additional Mineral Resources Providing Potential for Future Expansion

NioCorp's Integrated Mine and Processing Plant in Nebraska Expected to Reduce U.S. Import Reliance on Eight Different Imported Critical Minerals: Ferroniobium, Scandium Trioxide, Titanium Tetrachloride, Terbium Oxide, Dysprosium Oxide, NdPr Oxide, SEG Carbonate, and Heavy Rare Earth Carbonate

Diversified Revenue Stream Expected to Reduce NioCorp's Exposure to Market Concentration, Export Controls, and Pricing Volatility Associated with China-Dominated Supply Chains

Upfront Capital Estimate of $1.85 Billion Reflects a Substantially Redesigned Processing Plant and Mining Operation Producing Eight Critical Minerals and Significant Inflationary Impacts Since the Previous Feasibility Study

Completion of NioCorp's Feasibility Study Will Satisfy a Key U.S. Export-Import ("EXIM") Bank Due Diligence Requirement; Company Now Expects to Advance to the Next Step of Detailed Engineering and Engineering, Procurement and Construction ("EPC") Contracting

NioCorp to Host Live Investor Webcast on Tuesday, August 11 at 10:00 AM ET. Register Here to Participate.

CENTENNIAL, CO / ACCESS Newswire / August 10, 2026 / NioCorp Developments Ltd. ("NioCorp" or the "Company") (NASDAQ:NB) is pleased to report the results of an updated Feasibility Study (the "2026 Feasibility Study") for its Elk Creek Critical Minerals Project (the "Elk Creek Project") outlining the project's evolution into a 40-year, integrated U.S. operation with a Net Present Value exceeding $4 billion that is expected to produce eight critical-mineral products from a single ore body.

The 2026 Feasibility Study estimates a pre-tax net present value at an 8% discount ("NPV8%") of $4.1 billion, an after-tax NPV8% of $3.4 billion, a pre-tax Internal Rate of Return ("IRR") of 24% and an after-tax IRR of 22.8%. Over the projected mine life, the Elk Creek Project is projected to generate approximately $37.4 billion in life-of-mine ("LoM") revenue, $608 million in average annual EBITDA2, and $519 million in average annual operating cash flow.

The Elk Creek Project is expected to produce eight products, all designated by the U.S. Government as critical minerals: ferroniobium ("FeNb"), scandium trioxide ("Sc2O3"), titanium tetrachloride ("TiCl4"), and several rare earth oxide products, including neodymium-praseodymium oxide ("NdPr"), dysprosium oxide ("Dy") and terbium oxide ("Tb"), samarium-europium-gadolinium ("SEG") carbonate, and heavy rare earth carbonate. This expanded product suite creates a more diversified revenue profile while positioning the Elk Creek Project to serve multiple U.S. critical-mineral and defense supply chains from an integrated mine and processing facility that has secured its major construction-related permits.

A technical report summarizing the 2026 Feasibility Study (the "2026 Technical Report") was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") for the Company by Dahrouge Geological Consulting Ltd. and the other Qualified Persons and has been filed on SEDAR+. The 2026 Technical Report can be accessed here.

"Our 2026 Feasibility Study transforms the Elk Creek Project into the kind of critical minerals project the United States needs to have online as soon as possible," said Mark A. Smith, CEO and Executive Chairman of NioCorp. "Few critical minerals projects in the U.S. can match the Elk Creek Project's combination of a 40-year mine life, all major construction-related permits already in hand, and the planned production of eight critical mineral products from a single ore body."

"The United States is heavily reliant on imports for every single one of the products that NioCorp plans to manufacture," Mr. Smith said. "NioCorp offers an American-made solution: secure, long-term domestic production of materials essential to national defense, advanced manufacturing, energy resilience, and the technologies that will power the U.S. economy for decades to come."

"For NioCorp, this feasibility study delivers a larger, stronger, and more highly de-risked project," he added. "Eight products give us access to more markets, create multiple and highly diversified revenue streams, and reduce our exposure to the price of any one critical mineral. Combined with stronger economics and a 40-year mine life, we are now in a much stronger position to advance detailed engineering and project financing. Our job now is to turn this highly unique and important opportunity in Nebraska into a new source of American jobs, industrial strength, and critical mineral security right here at home."

A Diversified, Long-Life, Eight-Product Operation

The 2026 Feasibility Study's updated economics incorporate the expanded product offering, revised mine and processing design, an updated Mineral Resource and Mineral Reserve and current capital and operating cost estimates. Key economic results are summarized in Table 1 below.

Table 1: Highlighted 2026 Elk Creek Project Feasibility Study Economic Results

2026 Elk Creek Feasibility Study Economic Results

Project Economics*

Pre-Tax NPV8% ($M)

$4,111

Pre-Tax IRR

24%

After-Tax NPV8% ($M)

$3,441

After-Tax IRR

22.8%

After-Tax Payback Period (years)

2.93

Total Upfront CAPEX ($M)3

$1,849

Mine Life (years)

40

LoM Gross Revenue ($M)

$37,435

Niobium

$9,780

Scandium

$14,331

Titanium

$3,945

TREOs

$9,378

NdPr Oxide

$3,255

Dy Oxide

$3,137

Tb Oxide

$2,827

SEG Carbonate

$113

Heavy Rare Earth Carbonate

$46

Average Annual EBITDA2 over LoM ($M)

$608

Average EBITDA Margin2 over LoM (EBITDA as % of total revenue)

67%

Average Annual Operating Cash Flow over LoM ($M)

$519

Average Revenue Per Ton, LoM (US$/t)

$815

Average Annual Operating Cost, LoM (OPEX) (US$/t)

($255)

Effective Tax Rate

14.3%

Development Timeline (months)

35

LoM Average Production (Tons/year)

Ferroniobium

8,095

Scandium Oxide

118

Neodymium-Praseodymium Oxide

672

Terbium Oxide

17

Dysprosium Oxide

67

SEG Carbonate

354

Heavies Carbonate

262

Titanium Tetrachloride

59,820

* Considers average realized prices of $23.80/lb FeNb, $1,563/lb Sc2O3, $0.85/lb TiCl4, $62.78/lb NdPr Oxide, $592.23/lb Dy Oxide, $2,048.14/lb Tb Oxide, $4.06/lb SEG Carbonate, $2.29/lb Heavy Rare Earth Carbonate

A Diversified Domestic Source of Critical Minerals in a Bifurcated Market

The addition of five rare-earth products materially changes the Elk Creek Project's revenue profile. Based on the 2026 Feasibility Study assumptions, no single product category is expected to account for more than 39% of revenue. This broader product mix gives the Elk Creek Project exposure to multiple critical-mineral markets, reduces its dependence on the pricing of any one product, and provides greater resilience against volatility or disruption in any single market.

Figure 1: Gross Revenue Breakdown (2022 Feasibility Study vs. 2026 Feasibility Study)

Figure 2: Gross Revenue, OPEX, and Gross Margin per Ton (2022 Feasibility Study vs. 2026 Feasibility Study)

The markets and pricing for scandium and the rare-earth products to be produced at the Elk Creek Project have become increasingly bifurcated between China and the rest of the world. China dominates global production and processing of these materials, but export restrictions on scandium and several heavy rare earths have constrained the availability of Chinese material to customers outside the country, contributing to materially higher prices in non-China markets. At the same time, demand is expanding across several high-growth sectors. For example, scandium is used in solid oxide fuel cells, which are increasingly being deployed to provide reliable, on-site power for energy-intensive artificial intelligence data centers, while neodymium, praseodymium, dysprosium and terbium are essential to the high-performance permanent magnets used in critical defense systems, electric vehicles, advanced automation, and robotics. Because the Elk Creek Project is expected to produce these materials in the United States for customers seeking a secure supply outside China, the economic model prepared for the 2026 Feasibility Study reflects pricing in the non-China markets that the Elk Creek Project is designed to serve.

Such pricing projections are based on assumptions and are subject to various risks described in the 2026 Technical Report, including, but not limited to, risks that anticipated demand drivers for scandium relating to artificial intelligence are not sustainable, international trade restrictions resulting in pricing bifurcation between China and the rest of the world relax, or that supply of such products increases from other sources.

Refined Mineral Processing Strategy Features Substantial Upgrades and Improvements

The 2026 Feasibility Study incorporates 12 years of engineering, metallurgical testing and mine-planning work across the Elk Creek Project. The updated design improves processing efficiency and yield, reduces reagent requirements, simplifies access to the underground mine, and supports greater electrification of the project's operations.

The redesigned production process adds calcination and ammonium chloride leaching ahead of the acid-leach stage, removing a substantial portion of acid-consuming species in the ore ahead of the introduction of mineral acid and thus reducing reagent consumption throughout the circuit. The updated design also eliminates the dedicated sulfuric acid plant contemplated in the 2022 Feasibility Study and instead uses on-site acid neutralization for sulfuric acid and hydrochloric acid regeneration to recover and reuse reagents.

Ongoing construction of the mine portal is establishing the future access point to the Elk Creek Project underground operations. From the mine portal, twin ramps will provide access from the surface to the ore body, replacing the twin shafts contemplated in the 2022 Feasibility Study and enabling the use of the Railveyor™ system for ore movement and electric underground haulage. NioCorp also plans to develop an on-site, behind-the-meter microgrid to supply a majority of the Elk Creek Project's electricity, eliminating reliance on the regional grid, and providing a reliable source of power over the operating life. Together, these changes are expected to improve project execution and operating efficiency.

Figure 3: 2026 Elk Creek Project Underground Mine Design (Cross Section View)

Updated Mineral Reserves Support a Long-Life Operation

The 2026 Feasibility Study establishes a larger and higher-confidence Mineral Reserve that supports a long-life operation at Elk Creek. As of April 2, 2026, the Elk Creek Mineral Reserve totals 45.9 million tons, comprising 7.6 million tons of Proven and 38.4 million tons of Probable Mineral Reserves. The 2026 estimate introduces a Proven Mineral Reserve for the first time, and for the first time includes rare earth elements in the Reserve, supporting the project's expanded suite of eight critical mineral products. The Reserve now supports a mine life of 40 years.

Table 2: Underground Mineral Reserves Estimate for Elk Creek, Effective Date April 2, 2026

Classification

Tonnage

Nb2O5 Grade (%)

FeNb (t)

Payable Nb (t)

TiO2 Grade (%)

Payable TiCl4 (t)

Sc Grade (ppm)

Payable Sc2O3 (t)

TREO Grade (ppm)

Payable TREO (t)

Proven

7,570,098

0.76

53,651

34,873

2.70

405,938

71.5

762

3,232

22,509

Probable

38,359,365

0.76

271,386

176,401

2.67

2,036,334

68.8

3,717

3,489

123,115

Total

45,929,462

0.76

325,038

211,274

2.68

2,442,272

69.3

4,479

3,446

145,625

See accompanying notes to this table in the Appendix of this press release.

The updated 2026 Mineral Resource estimate introduces a Measured category of 21.7 million tons, reports Indicated Mineral Resources of 187.4 million tons, and reports Inferred Mineral Resources of 169.2 million tons. The growth in the Mineral Resource, driven by additional drilling completed in 2025, suggests exploration and expansion potential that is not included in the current mine plan or economic analysis.

Table 3: Elk Creek Mineral Resource Estimate - Effective January 9, 2026

Classification

Cut-off NSR (US$/t)

Tonnage (Mt)

Nb₂O₅ (%)

TiO₂ (%)

Sc (g/t)

TREO (%)

Measured

218

21.7

0.61

2.46

69.1

0.35

Indicated

218

187.4

0.50

2.36

59.85

0.36

Measured + Indicated

218

209.1

0.51

2.38

60.81

0.36

Inferred

218

169.2

0.38

2.14

51.02

0.39

See accompanying notes to this table in the Appendix of this press release.

Potential for EXIM Financing Support

NioCorp continues to work with EXIM to advance the Elk Creek Project through EXIM's due diligence and loan application process. The completion of the 2026 Feasibility Study satisfies a key EXIM due diligence requirement reflected in the preliminary project letter that the Company received from EXIM in April 2024 (the "PPL"), and the Company now expects to advance to the next steps of the process relating to detailed engineering, procurement and construction contracting. The PPL included an indicative term sheet, which left open the total estimated amount of EXIM bank support and provided that the amount of EXIM financing that could be made available for the Elk Creek Project will be scaled based on the number of U.S. jobs supported, both during construction and over the life of EXIM's financing, subject to certain expectations regarding the ratio of debt-to-equity financing for the Elk Creek Project. The Company believes that the updated 2026 Feasibility Study, with its updated economic model, Mineral Resource and Mineral Reserve estimates, and increased job creation projections, demonstrates that the Elk Creek Project satisfies the criteria for increased EXIM financing as contemplated by the PPL. However, NioCorp is currently unable to estimate the total amount of EXIM financing, if any, as well as how long the application process, including additional project activities identified by EXIM, may take, and there can be no assurances that NioCorp will be able to successfully negotiate a final commitment of debt financing from EXIM, on acceptable terms, or at all.

TECHNICAL REPORT AND QUALIFIED PERSONS

The following 15 independent experts, each a Qualified Person as defined by NI 43-101, have reviewed, and approved the scientific and technical information and verified the data contained in this press release, which are derived from the 2026 Feasibility Study:

Jacob Anderson, CPG, MAusIMM, Resource Geologist, Dahrouge Geological Consulting Ltd.

Trevor Mills, P.G., SME-RM, Principal Geologist, Dahrouge Geological Consulting Ltd.

Gareth Flitton, CPG, Pr.Sci. Nat, Mining Geologist, Dahrouge Geological Consulting Ltd.

Eric Larochelle, B.Eng., SMH Process Innovation

Anthony (Tony) Linton, FEC, P.Eng., IntPE (Canada), Director, Engineering & Technical Services, Dumas Contracting USA Inc.

Scott G. Britton, P.E., Amplify Mine Planning

Troy Meyer, P.E., Chief Geotechnical Quality Engineer, BBA Consultants International LP, Tierra Group/BBA (formerly Tierra Group International, Ltd.)

Jason Byler, P.E., Olsson

Adrian Brown, P.E., President, Adrian Brown Consultants, Inc.

Patrick Andrieux, Ph.D., P.Eng., (ON, NT/NU), Eng. (QC), Principal Engineer, Andrieux & Associates Geomechanics Consulting, L.P.

David Winters, S.E., P.E., MBA, Senior Principal Engineer, Tetra Tech

Deepak Malhotra, Ph.D., SME (RM), DM Consulting

Sylvain Harton, P.Eng., President, Metallurgy Concept Solutions

Georgi Doundarov, M.Sc., P.Eng., PMP, CCP, CEO, Magemi Mining Inc.

B. Ting, P. Eng., MASc., T Engineering

Readers are encouraged to read the 2026 Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the Mineral Reserve and Mineral Resource declaration. The 2026 Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context. The Mineral Resource statement for the Elk Creek Project included in this press release was prepared by Jacob Anderson, CPG, MAusIMM, Resource Geologist, Dahrouge Geological Consulting Ltd. The Mineral Reserve statement for the Elk Creek Project included in this press release was prepared under the supervision of Scott G. Britton, P.E, Amplify Mine Planning.

# # #

FOR MORE INFORMATION:

Jim Sims, Chief Communications Officer, NioCorp Developments Ltd., (720) 334-7066, [email protected]

Alex Guthrie, Director, Investor Relations, NioCorp Developments Ltd., (647) 999-0527, [email protected]

@NioCorp $NB #Niobium #Scandium #rareearth #neodymium #dysprosium #terbium #ElkCreek

ABOUT NIOCORP

NioCorp is developing the Elk Creek Project that is expected to produce niobium, scandium, and titanium and several rare earth products. Niobium is used to produce specialty alloys as well as High Strength, Low Alloy steel, which is a lighter, stronger steel used in automotive, structural, and pipeline applications. Scandium is a specialty metal that can be combined with Aluminum to make alloys with increased strength and improved corrosion resistance. Scandium is also a critical component of advanced solid oxide fuel cells. Titanium is used in various lightweight alloys and is a key component of pigments used in paper, paint and plastics and is also used for aerospace applications, armor, and medical implants. Magnetic rare earths, such as neodymium, praseodymium, terbium, and dysprosium are critical to the making of neodymium-iron-boron magnets, which are used across a wide variety of defense and civilian applications.

About Dahrouge Geological Consulting Ltd.

Dahrouge Geological Consulting Ltd. (DGC Canada), and its subsidiary, Dahrouge Geological Consulting USA Ltd. (DGC USA), advise and assist clients in identifying, exploring, and developing mineral projects. DGC manages projects of all scopes from grassroots exploration and resource delineation to pre-feasibility and feasibility level studies. Experienced project teams plan mineral projects based upon client needs, provide a detailed review of approach, and execute programs following industry-standard best practices.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements may include, but are not limited to, statements related to the expected economics for the Elk Creek Project, including NPV, IRR, payback period, CAPEX, gross revenue, gross margin, EBITDA, operating cost and effective tax rate; future commodity price volatility and any possible reductions thereto; NioCorp's expectation that the Elk Creek Project will have over a 40-year mine life; statements regarding NioCorp's Mineral Resource and Mineral Reserve estimates; NioCorp's expectations related to the development timeline of 35 months; statements related to potential future expansion of the Elk Creek Project; NioCorp's expectation that the integrated mine and processing plan will reduce U.S. import reliance; effects on and benefits to the U.S. derived from NioCorp's future operations; NioCorp's expectation that a diversified revenue stream will reduce exposure to market concentration, export controls and pricing volatility associated with China-dominated supply chains; statements related to expected pricing for niobium, scandium, titanium and the rare earth products; statements regarding NioCorp's debt financing application process with EXIM; NioCorp's expectation of producing niobium, scandium, titanium and the rare earth products at the Elk Creek Project, including estimated production totals; NioCorp's confidence in and ability to secure sufficient project financing to complete construction of the Elk Creek Project and move it to commercial operation, as well as efforts and expenditures relating to the same; statements that demand for niobium, scandium, titanium and the rare earth products is expanding across several high-growth sectors; statements that NioCorp expects to produce its products in the United States; statements related to the expected design of the mine, including the mine portal, Railveyor™ system and behind-the-meter microgrid for electricity, as well as the expectation that these will improve project execution and operating efficiency; and trends in global geopolitics and their effects on NioCorp's operations. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements are based on the current expectations of the management of NioCorp and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. Forward-looking statements reflect material expectations and assumptions, including, without limitation, expectations and assumptions relating to: NioCorp's ability to receive sufficient project financing for the construction of the Elk Creek Project on acceptable terms, or at all; the future price of and demand for metals, including Al-Sc alloy; the impact that Chinese restrictions have on pricing and demand, including the existence of a bifurcated market between China and the rest of the world; and the stability of the financial and capital markets. Such expectations and assumptions are inherently subject to uncertainties and contingencies regarding future events and, as such, are subject to change. Forward-looking statements involve a number of risks, uncertainties or other factors that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made by NioCorp with the Securities and Exchange Commission and with the applicable Canadian securities regulatory authorities, as well as those risks identified in the 2026 Technical Report, and the following: NioCorp's requirement of significant additional capital; NioCorp's ability to receive sufficient project financing for the construction of the Elk Creek Project on acceptable terms, or at all; NioCorp's ability to achieve the required milestones and receive the full $10.0 million in reimbursement under the Project Sub-Agreement with Advanced Technology International, an entity acting on behalf of the Defense Industrial Base Consortium under the authority of the U.S. Department of War; NioCorp's ability to receive a final commitment of financing from EXIM or other debt financing or financial support on acceptable timelines, on acceptable terms, or at all; NioCorp's ability to continue to meet the listing standards of The Nasdaq Stock Market LLC; risks relating to NioCorp's common shares, including price volatility, lack of dividend payments and dilution or the perception of the likelihood of any of the foregoing; the extent to which NioCorp's level of indebtedness and/or the terms contained in agreements governing NioCorp's indebtedness, if any, or other agreements may impair NioCorp's ability to obtain additional financing, on acceptable terms, or at all; covenants contained in agreements with NioCorp's secured creditors that may affect its assets; NioCorp's limited operating history; NioCorp's history of losses; the material weaknesses in NioCorp's internal control over financial reporting, NioCorp's efforts to remediate such material weaknesses and the timing of remediation; the possibility that NioCorp may qualify as a passive foreign investment company under the U.S. Internal Revenue Code of 1986, as amended (the "Code"); the potential that the business combination with GX Acquisition Corp. II and other related transactions could result in NioCorp becoming subject to materially adverse U.S. federal income tax consequences as a result of the application of Section 7874 and related sections of the Code; changes in tax laws and regulations; cost increases for NioCorp's exploration and, if warranted, development projects; a disruption in, or failure of, NioCorp's information technology systems, including those related to cybersecurity; equipment and supply shortages; variations in the market demand for, and prices of, niobium, scandium, titanium and rare earth products, including a reduction of demand for scandium from a downturn in capital spending for artificial intelligence; impacts on the markets and pricing for scandium and rare earth products from the Chinese-based markets, including any future changes to export restrictions; current and future offtake agreements, joint ventures, and partnerships, including NioCorp's ability to negotiate extensions to existing agreements or to enter into new agreements, on favorable terms or at all; NioCorp's ability to attract qualified management; estimates of mineral resources and reserves; mineral exploration and production activities; feasibility study results; the results of metallurgical testing; the results of technological research; unexpected variations in the quantity of ore, grade or recovery rates, or the presence of deleterious elements that would affect the process plant or waste removal; unexpected geotechnical and hydrogeological conditions from what was assumed in the mine designs; changes in demand for and price of commodities (such as fuel and electricity) and currencies; competition in the mining industry; changes or disruptions in the securities markets; legislative, political or economic developments, including changes in federal and/or state laws that may significantly affect the mining and scandium alloy industries; trade policies and tensions, including tariffs and other export controls; inflationary pressures; the impacts of climate change, as well as actions taken or required by governments related to strengthening resilience in the face of potential impacts from climate change; changes in other environmental and social factors; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the timing and reliability of sampling and assay data; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of NioCorp's projects; risks of accidents, equipment breakdowns, and labor disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining, development or scandium alloy production activities; management of the water balance at the Elk Creek Project site; land reclamation requirements related to the Elk Creek Project; the speculative nature of mineral exploration and development, including the risks of diminishing quantities of grades of reserves and resources; claims on the title to NioCorp's properties; the infringement or loss of NioCorp's intellectual property rights; potential future litigation; NioCorp's lack of insurance covering all of NioCorp's operations; and changes in operating and capital costs, exchange rates, metallurgical performance, labor availability and other risk associated with the mining industry.

Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of NioCorp prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.

All subsequent written and oral forward-looking statements concerning the matters addressed herein and attributable to NioCorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to herein. Except to the extent required by applicable law or regulation, NioCorp undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.

Non-GAAP Financial Measures

This press release includes certain forward-looking non-GAAP financial measures, including EBITDA. These non-GAAP financial measures are included in this press release because these statistics are key performance measures that management uses to monitor performance, to assess how the Company is performing, to plan and to assess the overall effectiveness and efficiency of operations. These performance measures do not have a standard meaning within GAAP and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with GAAP. Reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are not provided because the Company is unable to provide such reconciliations without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of such items impacting comparability and the periods in which such items may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

SEC Standards Regarding Mineral Resources and Reserves

The scientific and technical information concerning the Elk Creek Project included in this press release has been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the definitions and standards adopted by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM Definition Standards").

Mining property disclosure requirements applicable to registrants in the United States are governed by Subpart 1300 of Regulation S-K ("S-K 1300"). The definitions of "mineral resource," "measured mineral resource," "indicated mineral resource," "inferred mineral resource," "mineral reserve," "proven mineral reserve" and "probable mineral reserve" under the CIM Definition Standards are substantially similar to the corresponding definitions under S-K 1300; however, differences exist between the two reporting frameworks. Accordingly, there is no assurance that Mineral Resource or Mineral Reserve estimates prepared in accordance with NI 43-101 would be identical to estimates prepared under S-K 1300.

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of a Mineral Resource will be converted into a Mineral Reserve. Inferred Mineral Resources are subject to a high degree of uncertainty as to their existence and as to whether they can be mined economically. It cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource or converted into a Mineral Reserve. Investors are cautioned not to assume that any part or all of the Mineral Resources reported in this press release are economically or legally mineable. As such, the conversion of reported Mineral Resources to Mineral Reserves should not be assumed, and the reclassification of reported Mineral Resources or Mineral Reserves from lower to higher levels of geological confidence should not be assumed.

APPENDIX: Mineral Resource and Mineral Reserve Data Tables

The following data tables and accompanying notes are derived from the 2026 Technical Report for the Elk Creek Project, and are subject to all of the assumptions, qualifications, and limitations included therein:

Table 4: Elk Creek Mineral Resource Estimate - Effective January 9, 2026

Classification

Cut-off NSR (US$/t)

Tonnage (Mt)

Nb₂O₅ (%)

TiO₂ (%)

Sc (g/t)

TREO (%)

Measured

218

21.7

0.61

2.46

69.1

0.35

Indicated

218

187.4

0.50

2.36

59.85

0.36

Measured + Indicated

218

209.1

0.51

2.38

60.81

0.36

Inferred

218

169.2

0.38

2.14

51.02

0.39

Source: DGC 2026

Notes:

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be converted to Mineral Reserves.

Mineral Reserves are reported separately in Section 15 of the Company's 2026 Technical Report and are a subset of the total Mineral Resources reported herein.

Prepared in accordance with CIM Definition Standards (2014) and CIM Best Practice Guidelines (2019).

NSR cut-off of US$218/ton ($240/tonne) based on longhole stoping underground mining; incorporates concentration circuit recoveries of Nb 86.72%, TiO₂ 83.65%, Sc 92.00%, and REE by-products 92.00%, at metal prices of US$52.00/kg Nb, US$2,000.00/kg Sc, US$1.86/kg TiCl4, US$1,845.00/kg Tb₂O₃, US$125.00/kg NdPr, and US$8.97/kg SEG carbonate.

TREO = LREO + HREO expressed as a percentage (TREO% = TREO ppm ÷ 10,000).

Tonnages in millions of tons (Mt). Grades rounded to reflect the approximate nature of resource estimates.

Totals may not sum due to rounding.

Qualified Person: Jacob Anderson, CPG, MAusIMM, Dahrouge Geological Consulting Ltd., effective date January 9, 2026.

Table 5: Underground Mineral Reserves Estimate for Elk Creek, Effective Date April 2, 2026

Classification

Tonnage

Nb2O5 Grade (%)

FeNb
(t)

Payable Nb (t)

TiO2 Grade
(%)

Payable TiCl4
(t)

Sc Grade (ppm)

Payable Sc2O3 (t)

TREO Grade (ppm)

Payable TREO (t)

Proven

7,570,098

0.76

53,651

34,873

2.70

405,938

71.5

762

3,232

22,509

Probable

38,359,365

0.76

271,386

176,401

2.67

2,036,334

68.8

3,717

3,489

123,115

Total

45,929,462

0.76

325,038

211,274

2.68

2,442,272

69.3

4,479

3,446

145,625

Source: Amplify Mine Planning, 2026.

Notes:

All figures are rounded to reflect the accuracy of the estimates. Totals may not sum due to rounding.

The Qualified Person for the Mineral Reserve estimate is Scott G. Britton, P.E., consultant to Amplify Mine Planning. The estimate has an effective date of April 2nd, 2026.

The Mineral Reserve is based on the mine design and mine plan, utilizing an average cut-off grade of 0.650% Nb2O5 with an NSR of US$ 218/t.

The estimate of Mineral Reserves may be materially affected by metal prices, environmental, permitting, legal, title, taxation, socio-political, marketing, infrastructure development, or other relevant issues.

Annual life of mine (LOM) average production rate of ~8,282 tons of FeNb/annum in the years of full production,

Mining dilution of ~6% was applied to all stopes and development, based on 3% for the primary stopes, 9% for the secondary stopes, and 5% for ore development.

Mining recoveries of 95% were applied in longhole stopes and 62.5% in sill pillar stopes.

Price assumptions for FeNb, Sc2O3, TiO2 and TREO metals are based upon independent market analyses for each product.

Price and cost assumptions are based on the pricing of products at the "mine-gate," with no additional downstream costs required. The assumed products are a ferroniobium product (metallic alloy shots consisting of 65% Nb and 35% Fe), titanium in the form of TiCl4, scandium trioxide in powder form and rare earth oxides in either purified oxide or carbonate form. The Mineral Reserve has an average LOM NSR of US$590.84/ton.

The economic assumptions used to define Mineral Reserve cut-off grade are as follows:

Parameter

Value

Unit

Mining Cost

46.16

US$/t mined

Processing

125.04

US$/t mined

Water Management and Infrastructure

16.58

US$/t mined

Tailings Management

2.00

US$/t mined

Other Infrastructure

5.46

US$/t mined

General and Administrative

8.89

US$/t mined

Royalties/Annual Bond Premium

8.32

US$/t mined

Other Costs

6.28

US$/t mined

Total Cost

218.71

US$/t mined

Nb2O5 to Niobium conversion

69.9

%

Niobium Process Recovery

86.72

%

Niobium Price

23.59

US$/lb

TiCl4 Process Recovery

83.65

%

TiCl4 Price

0.84

US$/lb

Sc Process Recovery

92.00

%

Sc to Sc2O3 conversion

153.4

%

Sc Price

891.76

US$/lb

Dy2O3 Process Recovery

92.00

%

Dy2O3 Price

185.97

US$/lb

Nd2O3 Process Recovery

92.00

%

Nd2O3 Price

56.70

US$/lb

Pr2O3 Process Recovery

92.00

%

Pr2O3 Price

56.70

US$/lb

Tb2O3 Process Recovery

92.00

%

Tb2O3 Price

836.88

US$/lb

Economic Sensitivity Analysis

Figure 5-6: Pre-Tax NPV and IRR Sensitivity Analysis ($M)

Figure 7-8: After-Tax NPV and IRR Sensitivity Analysis ($M)

Unless otherwise stated or the context otherwise requires, all information about the Elk Creek Critical Minerals Project contained in this press release, including, but not limited to, expected production, Mineral Resource and Mineral Reserve estimates, development timeline, projected mine life, and projected economic results, is derived from the 2026 Feasibility Study, and is subject to all of the assumptions, qualifications, and limitations included therein, including the requirement to obtain project financing sufficient to cover initial capital costs and other related expenses necessary to the commencement and completion of construction.

EBITDA and EBITDA Margin are non-GAAP measures. Please see information on this and other such measures in the "Non-GAAP Measures" section of this press release.

Considers a contingency factor for CAPEX of 14%.

SOURCE: NioCorp Developments Ltd.

Posted by Defense World Staff on Aug 7th, 2026

Amundi boosted its stake in Macy’s, Inc. (NYSE:M – Free Report) by 375.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 230,041 shares of the company’s stock after purchasing an additional 181,684 shares during the quarter. Amundi owned about 0.09% of Macy’s worth $4,161,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in M. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Macy’s by 38.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 162,989 shares of the company’s stock worth $2,047,000 after buying an additional 45,149 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Macy’s by 5.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,116,170 shares of the company’s stock worth $14,019,000 after acquiring an additional 55,821 shares in the last quarter. Focus Partners Wealth lifted its position in Macy’s by 33.1% in the first quarter. Focus Partners Wealth now owns 58,197 shares of the company’s stock worth $731,000 after buying an additional 14,489 shares during the last quarter. Cetera Investment Advisers lifted its holdings in shares of Macy’s by 49.6% in the 2nd quarter. Cetera Investment Advisers now owns 24,300 shares of the company’s stock worth $283,000 after acquiring an additional 8,053 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in Macy’s by 160.5% in the second quarter. Invesco Ltd. now owns 4,283,107 shares of the company’s stock worth $49,941,000 after purchasing an additional 2,639,132 shares during the last quarter. Hedge funds and other institutional investors own 87.36% of the company’s stock.

Insider Activity In other news, EVP Thomas Jr. Edwards sold 16,419 shares of the business’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $24.89, for a total transaction of $408,668.91. Following the sale, the executive vice president owned 20,000 shares in the company, valued at approximately $497,800. The trade was a 45.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Paul Griscom sold 10,077 shares of the company’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $25.63, for a total transaction of $258,273.51. Following the transaction, the senior vice president owned 25,373 shares in the company, valued at approximately $650,309.99. This trade represents a 28.43% decrease in their position. The SEC filing for this sale provides additional information. 1.05% of the stock is currently owned by company insiders.

Macy’s Stock Performance Shares of Macy’s stock opened at $25.12 on Friday. Macy’s, Inc. has a one year low of $11.89 and a one year high of $26.58. The company has a 50-day simple moving average of $23.87 and a two-hundred day simple moving average of $21.13. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.44 and a current ratio of 1.48. The company has a market capitalization of $6.61 billion, a PE ratio of 10.38 and a beta of 1.47.

Macy’s (NYSE:M – Get Free Report) last announced its earnings results on Wednesday, June 3rd. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.11. Macy’s had a net margin of 2.94% and a return on equity of 13.68%. The company had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $4.61 billion. During the same period last year, the firm earned $0.16 earnings per share. Macy’s’s revenue was up 1.8% compared to the same quarter last year. Macy’s has set its Q2 2026 guidance at 0.290-0.340 EPS and its FY 2026 guidance at 2.000-2.200 EPS. Research analysts expect that Macy’s, Inc. will post 2.19 EPS for the current fiscal year.

Macy’s Announces Dividend The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th were issued a $0.1915 dividend. This represents a $0.77 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Monday, June 15th. Macy’s’s dividend payout ratio (DPR) is currently 31.82%.

Wall Street Analyst Weigh In Several equities research analysts have recently weighed in on the company. Evercore set a $22.00 price target on Macy’s in a report on Thursday, June 4th. UBS Group restated a “sell” rating on shares of Macy’s in a report on Thursday, June 4th. Citigroup lifted their target price on Macy’s from $18.00 to $22.00 and gave the stock a “neutral” rating in a research report on Thursday, June 4th. Zacks Research upgraded shares of Macy’s from a “hold” rating to a “strong-buy” rating in a report on Monday, July 27th. Finally, TD Cowen boosted their price objective on shares of Macy’s from $20.00 to $25.00 and gave the company a “hold” rating in a research report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $21.70.

Check Out Our Latest Analysis on Macy’s

About Macy’s (Free Report)

Macy’s, Inc is a leading American omnichannel retailer operating under the Macy’s brand, as well as specialty divisions Bloomingdale’s and Bluemercury. The company’s retail portfolio encompasses full-line department stores, fashion-focused specialty outlets and a high-end beauty chain, offering consumers a wide array of apparel, footwear, accessories, cosmetics and home furnishings. Through its integrated network of physical stores and digital platforms, Macy’s seeks to deliver a seamless shopping experience that blends in-store service with online convenience.

The company’s product assortment spans men’s, women’s and children’s clothing, beauty and personal care products, housewares and home décor.

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Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Macy's (M - Free Report) , which belongs to the Zacks Retail - Regional Department Stores industry.

When looking at the last two reports, this department store operator has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 279.58%, on average, in the last two quarters.

For the most recent quarter, Macy's was expected to post earnings of $0.02 per share, but it reported $0.13 per share instead, representing a surprise of 550.00%. For the previous quarter, the consensus estimate was $1.53 per share, while it actually produced $1.67 per share, a surprise of 9.15%.

Price and EPS Surprise

For Macy's, estimates have been trending higher, thanks in part to this earnings surprise history. And when you look at the stock's positive Zacks Earnings ESP (Expected Surprise Prediction), it's a great indicator of a future earnings beat, especially when combined with its solid Zacks Rank.

Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Macy's currently has an Earnings ESP of +2.86%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #1 (Strong Buy) indicates that another beat is possibly around the corner.

With the Earnings ESP metric, it's important to note that a negative value reduces its predictive power; however, a negative Earnings ESP does not indicate an earnings miss.

Many companies end up beating the consensus EPS estimate, though this is not the only reason why their shares gain. Additionally, some stocks may remain stable even if they end up missing the consensus estimate.

Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

In the latest close session, Macy's (M - Free Report) was down 1.55% at $24.76. The stock trailed the S&P 500, which registered a daily loss of 1.52%. Meanwhile, the Dow lost 2.19%, and the Nasdaq, a tech-heavy index, lost 1.74%.

Coming into today, shares of the department store operator had gained 6.79% in the past month. In that same time, the Retail-Wholesale sector gained 1.87%, while the S&P 500 gained 1.92%.

The investment community will be closely monitoring the performance of Macy's in its forthcoming earnings report. The company is expected to report EPS of $0.35, down 14.63% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $4.81 billion, down 0.09% from the prior-year quarter.

For the full year, the Zacks Consensus Estimates are projecting earnings of $2.19 per share and revenue of $21.76 billion, which would represent changes of -5.6% and -0.01%, respectively, from the prior year.

It is also important to note the recent changes to analyst estimates for Macy's. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, there's been a 1.36% rise in the Zacks Consensus EPS estimate. As of now, Macy's holds a Zacks Rank of #1 (Strong Buy).

Looking at valuation, Macy's is presently trading at a Forward P/E ratio of 11.47. Its industry sports an average Forward P/E of 15.35, so one might conclude that Macy's is trading at a discount comparatively.

The Retail - Regional Department Stores industry is part of the Retail-Wholesale sector. At present, this industry carries a Zacks Industry Rank of 56, placing it within the top 23% of over 250 industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One company to watch right now is Macy's (M - Free Report) . M is currently sporting a Zacks Rank #1 (Strong Buy), as well as an A grade for Value. The stock holds a P/E ratio of 9.15, while its industry has an average P/E of 13.24. Over the last 12 months, M's Forward P/E has been as high as 9.61 and as low as 4.69, with a median of 6.13.

Another notable valuation metric for M is its P/B ratio of 1.06. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 2.03. M's P/B has been as high as 1.21 and as low as 0.61, with a median of 0.86, over the past year.

Finally, investors will want to recognize that M has a P/CF ratio of 3.47. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. M's current P/CF looks attractive when compared to its industry's average P/CF of 6.90. Over the past year, M's P/CF has been as high as 5.04 and as low as 1.92, with a median of 2.70.

Value investors will likely look at more than just these metrics, but the above data helps show that Macy's is likely undervalued currently. And when considering the strength of its earnings outlook, M sticks out as one of the market's strongest value stocks.

The Zacks Earnings ESP is a great way to find potential earnings surprises. Why investors should take advantage now.

Posted by Defense World Staff on Jul 26th, 2026

Arrowstreet Capital Limited Partnership grew its stake in Macy’s, Inc. (NYSE:M – Free Report) by 81.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,763,721 shares of the company’s stock after acquiring an additional 2,594,549 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 2.19% of Macy’s worth $104,266,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the company. CIBC Private Wealth Group LLC increased its holdings in shares of Macy’s by 35.9% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,838 shares of the company’s stock worth $41,000 after buying an additional 486 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in Macy’s by 51.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,543 shares of the company’s stock valued at $34,000 after acquiring an additional 526 shares during the last quarter. Parallel Advisors LLC grew its position in Macy’s by 8.2% in the fourth quarter. Parallel Advisors LLC now owns 9,213 shares of the company’s stock worth $203,000 after acquiring an additional 699 shares during the period. Private Advisor Group LLC grew its position in Macy’s by 4.2% in the third quarter. Private Advisor Group LLC now owns 18,444 shares of the company’s stock worth $331,000 after acquiring an additional 750 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Macy’s by 31.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,528 shares of the company’s stock worth $78,000 after acquiring an additional 851 shares during the last quarter. Hedge funds and other institutional investors own 87.36% of the company’s stock.

Analyst Ratings Changes A number of research firms have commented on M. Telsey Advisory Group upped their target price on shares of Macy’s from $20.00 to $23.00 and gave the company a “market perform” rating in a research report on Thursday, June 4th. Morgan Stanley reissued an “overweight” rating and issued a $30.00 price target on shares of Macy’s in a research note on Monday, July 6th. UBS Group reissued a “sell” rating on shares of Macy’s in a research report on Thursday, June 4th. Weiss Ratings upgraded Macy’s from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. boosted their price objective on Macy’s from $21.00 to $27.00 and gave the company a “neutral” rating in a report on Thursday, June 4th. Three investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $21.70.

View Our Latest Stock Analysis on Macy’s

Macy’s Price Performance M stock opened at $23.33 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.48 and a quick ratio of 0.44. The firm has a market capitalization of $6.14 billion, a P/E ratio of 9.64 and a beta of 1.46. The business’s 50-day moving average is $23.02 and its two-hundred day moving average is $20.96. Macy’s, Inc. has a 1 year low of $11.77 and a 1 year high of $26.10.

Macy’s (NYSE:M – Get Free Report) last announced its quarterly earnings data on Wednesday, June 3rd. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.11. The business had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $4.61 billion. Macy’s had a return on equity of 13.68% and a net margin of 2.94%.The business’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.16 earnings per share. Macy’s has set its Q2 2026 guidance at 0.290-0.340 EPS and its FY 2026 guidance at 2.000-2.200 EPS. Analysts anticipate that Macy’s, Inc. will post 2.19 earnings per share for the current fiscal year.

Macy’s Announces Dividend The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th were given a dividend of $0.1915 per share. This represents a $0.77 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, June 15th. Macy’s’s dividend payout ratio is currently 31.82%.

Insider Activity at Macy’s In other Macy’s news, EVP Thomas Jr. Edwards sold 16,419 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $24.89, for a total transaction of $408,668.91. Following the sale, the executive vice president owned 20,000 shares of the company’s stock, valued at approximately $497,800. This trade represents a 45.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Paul Griscom sold 10,077 shares of the company’s stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $25.63, for a total transaction of $258,273.51. Following the completion of the transaction, the senior vice president owned 25,373 shares of the company’s stock, valued at $650,309.99. This represents a 28.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.05% of the company’s stock.

Macy’s Profile (Free Report)

Macy’s, Inc is a leading American omnichannel retailer operating under the Macy’s brand, as well as specialty divisions Bloomingdale’s and Bluemercury. The company’s retail portfolio encompasses full-line department stores, fashion-focused specialty outlets and a high-end beauty chain, offering consumers a wide array of apparel, footwear, accessories, cosmetics and home furnishings. Through its integrated network of physical stores and digital platforms, Macy’s seeks to deliver a seamless shopping experience that blends in-store service with online convenience.

The company’s product assortment spans men’s, women’s and children’s clothing, beauty and personal care products, housewares and home décor.

Featured Stories Five stocks we like better than Macy’s Telecom Earnings Reveal a Sector That Finally Looks Healthier Defense Earnings Show Readiness Now and Modernization Ahead Why Palantir Investors Aren’t Panicking While the Rest of AI Sells Off MarketBeat Week in Review – 07/20- 07/24 Want to see what other hedge funds are holding M? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Macy’s, Inc. (NYSE:M – Free Report).

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Macy's (M - Free Report) closed the most recent trading day at $23.31, moving -1.56% from the previous trading session. This change lagged the S&P 500's 0.19% loss on the day. Elsewhere, the Dow saw a downswing of 0.59%, while the tech-heavy Nasdaq depreciated by 0.05%.

The department store operator's stock has dropped by 1.91% in the past month, falling short of the Retail-Wholesale sector's gain of 2.41% and the S&P 500's gain of 0.55%.

Analysts and investors alike will be keeping a close eye on the performance of Macy's in its upcoming earnings disclosure. In that report, analysts expect Macy's to post earnings of $0.35 per share. This would mark a year-over-year decline of 14.63%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.81 billion, down 0.09% from the year-ago period.

M's full-year Zacks Consensus Estimates are calling for earnings of $2.19 per share and revenue of $21.76 billion. These results would represent year-over-year changes of -5.6% and -0.01%, respectively.

Investors might also notice recent changes to analyst estimates for Macy's. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 1.36% upward. Macy's currently has a Zacks Rank of #3 (Hold).

From a valuation perspective, Macy's is currently exchanging hands at a Forward P/E ratio of 10.8. Its industry sports an average Forward P/E of 14.15, so one might conclude that Macy's is trading at a discount comparatively.

The Retail - Regional Department Stores industry is part of the Retail-Wholesale sector. This group has a Zacks Industry Rank of 102, putting it in the top 42% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

Investors in Macy's, Inc. (M - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Sept. 18, 2026 $3 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for Macy's shares, but what is the fundamental picture for the company? Currently, Macy's is a Zacks Rank #3 (Hold) in the Retail - Regional Department Stores industry that ranks in the Top 43% of our Zacks Industry Rank. Over the last 60 days, no analyst has increased the earnings estimates for the current quarter, while three have dropped their estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from 38 cents per share to 35 cents in that period.

Given the way analysts feel about Macy's right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

Macy's (M - Free Report) ended the recent trading session at $23.21, demonstrating a +1.89% change from the preceding day's closing price. This move outpaced the S&P 500's daily gain of 0.38%. Meanwhile, the Dow gained 0.02%, and the Nasdaq, a tech-heavy index, added 0.9%.

Shares of the department store operator have depreciated by 7.7% over the course of the past month, underperforming the Retail-Wholesale sector's gain of 0.77%, and the S&P 500's gain of 1.27%.

Analysts and investors alike will be keeping a close eye on the performance of Macy's in its upcoming earnings disclosure. The company is forecasted to report an EPS of $0.35, showcasing a 14.63% downward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $4.81 billion, indicating a 0.09% decline compared to the corresponding quarter of the prior year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.19 per share and a revenue of $21.76 billion, indicating changes of -5.6% and -0.01%, respectively, from the former year.

Any recent changes to analyst estimates for Macy's should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 2.07% higher within the past month. Right now, Macy's possesses a Zacks Rank of #3 (Hold).

With respect to valuation, Macy's is currently being traded at a Forward P/E ratio of 10.39. This indicates a discount in contrast to its industry's Forward P/E of 13.52.

The Retail - Regional Department Stores industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 59, which puts it in the top 24% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

A month has gone by since the last earnings report for Macy's (M - Free Report) . Shares have added about 1% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Macy's due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for Macy's, Inc. before we dive into how investors and analysts have reacted as of late.

Macy’s Beats Q1 Earnings Estimates on Comps Growth, Raises FY27 ViewMacy’s reported first-quarter fiscal 2026 results, wherein earnings and revenues surpassed the Zacks Consensus Estimate. Also, both metrics increased from the year-ago quarter.

The company delivered its strongest fiscal first-quarter comparable-sales performance in four years, supported by positive sales growth across all three nameplates — Macy’s, Bloomingdale’s and Bluemercury. Management highlighted that the company’s Bold New Chapter strategy continues to gain traction, driving broad-based operational and financial improvements.

Encouraged by the strong fiscal first-quarter performance and positive second-quarter trends, management raised its fiscal 2026 outlook for net sales, comparable sales and adjusted earnings per share, reflecting confidence in the momentum of its go-forward business.

More on Macy’s Q1 ResultsThe company reported adjusted earnings of 13 cents per share, comfortably surpassing the Zacks Consensus Estimate of 2 cents and improving from adjusted earnings of 11 cents in the year-ago quarter. Earnings per share were 23 cents compared with 13 cents in the prior-year period.

Net sales of $4,682 million surpassed the Zacks Consensus Estimate of $4,623 million. The top line increased 1.8% year over year, benefiting from positive comparable sales across all three nameplates. Comparable sales rose 3%, marking the company’s strongest fiscal first-quarter comparable-sales performance in four years.

M’s go-forward business comps, including go-forward locations and digital platforms across Macy’s, Bloomingdale’s and Bluemercury, increased 3.1% on an owned-plus-licensed-plus-marketplace basis.

Net credit card revenues were $172 million, up 11.7% year over year, driven by the company’s healthy credit portfolio and prudent management of net credit card losses. The metric represented 3.7% of net sales compared with 3.3% in the year-ago quarter.

Macy’s Media Network revenues were $38 million, down 5% year over year, indicating the timing of advertising spending on a year-over-year basis. The metric represented 0.8% of net sales compared with 0.9% in the prior-year quarter.

Update on M’s Brand PerformanceComps across the Macy’s brand increased 1.6% year over year on an owned-plus-licensed-plus-marketplace basis. Reimagine 200 locations continued to outperform, with comps rising 2.4%, marking positive comparable-sales growth in eight of the last nine quarters.

At the Bloomingdale’s brand, comps increased 10.2% on an owned-plus-licensed-plus-marketplace basis, marking its seventh consecutive quarter of growth and delivering the highest first-quarter sales volume in the brand’s 154-year history.

Comps at the Bluemercury brand rose 6.4% on an owned-plus-licensed-plus-marketplace basis, driven by strength in makeup, dermatological skincare and fragrance categories. New and remodeled stores continued to outperform during the first quarter.

Insight Into Macy’s Margins & ExpensesThe gross margin in the fiscal first quarter was 38.9%. This represented a year-over-year decline of 30 basis points. Management indicated that tariffs negatively impacted the gross margin by approximately 30 basis points, and excluding this impact, the gross margin would have been flat with the prior-year period.

The company reported selling, general and administrative (SG&A) expenses of $1.95 billion, up 2% year over year. The increase reflected continued investments in the Bold New Chapter strategy, including Reimagine 200 locations, Bloomingdale’s and digital capabilities across nameplates. These investments were partially offset by ongoing cost-management efforts. As a percentage of total revenues, SG&A expenses remained flat at 39.9% compared with the prior-year quarter.

Macy’s reported adjusted EBITDA of $290 million, down from $304 million in the year-ago quarter. The adjusted EBITDA margin was 5.9% of the total revenues compared with 6.3% in the prior-year period, representing a year-over-year decline of 40 basis points.

M’s Financial Snapshot: Cash, Inventory & Equity OverviewThe company ended the first quarter of fiscal 2026 with cash and cash equivalents of $1.29 billion, and total debt of $2.43 billion. Macy’s also had $2 billion of available borrowing capacity under its asset-based credit facility. The company does not face any material long-term debt maturities until 2030, underscoring its strong liquidity position.

Merchandise inventories increased 3.6% year over year. Management stated that both the composition and level of inventory are well-positioned heading into the summer season, supported by increased newness across price points and lower aged inventories relative to last year.

During the fiscal first quarter, the operating cash flow was an inflow of $292 million against an outflow of $64 million in the prior-year quarter. The free cash flow was an inflow of $140 million against an outflow of $203 million a year ago, reflecting significantly improved cash generation. Capital expenditure totaled $177 million, while monetization proceeds were $25 million.

Through its capital-return program, Macy’s returned $100 million to shareholders during the quarter, including $50 million in dividends and $50 million in share repurchases. The company repurchased 2.6 million shares for $50 million during the quarter. As of the end of the fiscal first quarter, $1.1 billion was available under its $2-billion share repurchase authorization.

Macy’s Q2’26 OutlookFor the second quarter of fiscal 2026, Macy’s expects net sales of $4.75-$4.80 billion. The outlook incorporates the impacts of fiscal 2025 store closures, which contributed roughly $35 million to sales during the comparable prior-year period. Comparable sales are projected to be flat to up 1% on an owned-plus-licensed-plus-marketplace basis.

The company expects the adjusted EBITDA margin between 6.9% and 7.2%, while adjusted earnings per share are forecast to be 29-34 cents. Management noted that tariffs and fuel costs are expected to remain a headwind in the fiscal second quarter, with the combined impacts anticipated to reduce earnings by 3-4 cents per share and pressure the gross margin by 20-40 basis points.

Sneak-Peek Into Macy’s FY26 GuidanceFollowing its better-than-expected fiscal first-quarter performance, Macy’s raised its fiscal 2026 outlook. Management noted that the updated guidance reflects stronger-than-anticipated fiscal first-quarter results and a modest increase in expected sales for the remainder of the year.

The company continues to acknowledge macroeconomic and geopolitical uncertainties that could influence discretionary spending and has maintained flexibility within its business model to respond to changes in the competitive landscape and external environment. The outlook assumes a larger tariff impact in the first half of the year than in the second half and does not include any tariff refunds. The guidance also reflects continued investments in Reimagine 200 locations and the company’s luxury nameplates to support long-term growth.

Macy’s expects net sales of $21.5-$21.75 billion, up from the previously mentioned $21.4-$21.65 billion. The outlook continues to reflect the impacts of fiscal 2025 store closures, which reduced annual net sales by approximately $145 million. The company also expects other revenues of $920 million.

Comparable sales (owned-plus-licensed-plus-marketplace) are projected to increase 0.5-1.2% compared with the prior stated range of a decline of 0.5% to growth of 0.5%. The improved outlook reflects continued momentum across the company’s go-forward business and positive customer response to its strategic initiatives.

The gross margin is anticipated to be 38.4-38.6%, indicating a 20-30 basis-point headwind from tariffs and fuel costs. SG&A expenses are expected to increase 1-2% on a dollar basis compared with fiscal 2025, with the expense rate anticipated to be in line with the prior year in the fiscal second and fourth quarters, and higher in the third quarter due to the timing of growth investments.

The adjusted EBITDA margin is expected between 7.7% and 7.9%. Adjusted earnings per share are anticipated to be $2.00-$2.20, up from the previously mentioned $1.90-$2.10. This incorporates an estimated 10-20-cent combined impact of tariffs and fuel costs. The outlook does not include the impacts of any future share repurchases under the company's existing authorization.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a downward trend in fresh estimates.

The consensus estimate has shifted -9.57% due to these changes.

VGM ScoresCurrently, Macy's has a strong Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Charting a somewhat similar path, the stock has a score of A on the value side, putting it in the top 20% for value investors.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Macy's has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerMacy's is part of the Zacks Retail - Regional Department Stores industry. Over the past month, Kohl's (KSS - Free Report) , a stock from the same industry, has gained 14%. The company reported its results for the quarter ended April 2026 more than a month ago.

Kohl's reported revenues of $3.17 billion in the last reported quarter, representing a year-over-year change of -2%. EPS of -$0.13 for the same period compares with -$0.13 a year ago.

Kohl's is expected to post earnings of $0.54 per share for the current quarter, representing a year-over-year change of -3.6%. Over the last 30 days, the Zacks Consensus Estimate has changed +5.1%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Kohl's. Also, the stock has a VGM Score of A.