I only want to write two-pages financial analysis report ofMacy's Inc over the last 3 years according to the Excel file ready and attached

Balance Sheet MACY'S, Inc. Consolidated Balance Sheets - USD ($) $ in Millions Current Assets: Cash and cash equivalents Receivables Merchandise inventories Prepaid expenses and other current assets Total Current Assets Property and Equipment - net Goodwill Other Intangible Assets - net Other Assets Total Assets Current Liabilities: Short-term debt Merchandise accounts payable Accounts payable and accrued liabilities Income taxes Deferred income taxes Total Current Liabilities Long-Term Debt Deferred Income Taxes Other Liabilities Shareholders' Equity: Common stock (304.1 and 310.3 shares outstanding) Additional paid-in capital Accumulated equity Treasury stock Accumulated other comprehensive loss Total Macy's, Inc. Shareholders' Equity Noncontrolling interest Total Shareholders' Equity Total Liabilities and Shareholders' Equity Jan. 28, 2017 Jan. 30, 2016 Jan. 31, 2015 Feb. 01, 2014 $ 1,297 522 5,399 408 7,626 7,017 3,897 498 813 19,851 $ 1,109 558 5,506 479 7,652 7,616 3,897 514 897 20,576 $ 2,246 424 5,417 493 8,580 7,800 3,743 496 711 21,330 $2,273 438 5,557 420 8,688 7,930 3,743 527 732 21,620 309 1,423 3,563 352 0 5,647 6,562 1,443 1,877 642 1,526 3,333 227 0 5,728 6,995 1,477 2,123 76 1,594 3,109 296 0 5,075 7,233 1,443 2,201 463 1,691 2,810 362 400 5,726 6,714 1,273 1,658 3 617 6,088 (1,489) (896) 4,323 (1) 4,322 $ 19,851 3 621 6,334 (1,665) (1,043) 4,250 3 4,253 $ 20,576 4 1,048 7,340 (1,942) (1,072) 5,378 0 5,378 $ 21,330 4 2,522 6,235 -1,847 -665 6,249 0 6,247 $21,620 MACY'S, Inc. Income Statment Consolidated Statements of Income - USD ($) $ in Millions 12 Months Ended Income Statement [Abstract] Net sales Cost of sales Gross margin Selling, general and administrative expenses Impairments, store closing and other costs Settlement charges Operating income (loss) Interest expense Premium on early retirement of debt Interest income Income (loss) before income taxes Federal, state and local income tax expense Net income Net loss attributable to noncontrolling interest to Macy's, Inc. Net income attributable shareholders Jan. 28, 2017 Jan. 30, 2016 Jan. 31, 2015 $ 25,778 (15,621) 10,157 (8,265) (479) (98) 1,315 (367) 0 4 952 (341) 611 8 $ 619 $ 27,079 (16,496) 10,583 (8,256) (288) 0 2,039 (363) 0 2 1,678 (608) 1,070 2 $ 1,072 $ 28,105 (16,863) 11,242 (8,355) (87) 0 2,800 (395) (17) 2 2,390 (864) 1,526 0 $ 1,526 Basic earnings per share attributable to Macy's, Inc. shareholders $ 2.01 $ 3.26 $ 4.30 Diluted earnings per share attributable to Macy's, Inc. shareholders $ 1.99 $ 3.22 $ 4.22 Statement of Cash Flow MACY'S, Inc. Consolidated Statements of Cash Flows - USD ($) $ in Millions 12 Months Ended Jan. 28, 2017 Jan. 30, 2016 Jan. 31, 2015 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: $ 611 $ 1,070 $ 1,526 Impairments, store closing and other costs Settlement charges Depreciation and amortization Stock-based compensation expense Gains on sale of real estate Amortization of financing costs and premium on acquired debt 479 98 1,058 61 (209) (14) 288 0 1,061 65 (212) (14) 87 0 1,036 73 (92) (5) Changes in assets and liabilities: (Increase) decrease in receivables (Increase) decrease in merchandise inventories Increase in prepaid expenses and other current assets (1) 107 (8) (45) (60) 0 22 44 (3) Increase in other assets not separately identified Increase (decrease) in merchandise accounts payable 0 (132) (1) (78) (61) (21) Increase (decrease) in accounts payable, accrued liabilities and other items not separately identified (162) 125 (139) (73) 68 (69) (1) (88) 129 (65) 29 10 1,801 1,984 2,709 (596) (316) 0 (777) (336) (212) (770) (298) 0 Increase (decrease) in current income taxes Increase (decrease) in deferred income taxes Increase (decrease) in other liabilities not separately identified Net cash provided by operating activities Cash flows from investing activities: Purchase of property and equipment Capitalized software Acquisition of Bluemercury, Inc., net of cash acquired Statement of Cash Flow Disposition of property and equipment Other, net Net cash used by investing activities Cash flows from financing activities: Proceeds from Issuance of Commercial Paper Financing costs Debt repaid Dividends paid Increase (decrease) in outstanding checks Acquisition of treasury stock Issuance of common stock Proceeds from noncontrolling interest Net cash used by financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents beginning of period Cash and cash equivalents end of period Supplemental cash flow information: Interest paid Interest received Income taxes paid (net of refunds received) 673 52 (187) 204 29 (1,092) 172 (74) (970) 2 (3) (751) (459) 61 (316) 36 4 (1,426) 188 1,109 1,297 499 (4) (152) (456) (83) (2,001) 163 5 (2,029) (1,137) 2,246 1,109 1,044 (9) (870) (421) 133 (1,901) 258 0 (1,766) (27) 2,273 2,246 396 4 $ 352 383 2 $ 635 413 2 $ 834 H Balance st Consolidated Balance Sheets - USD ($) Jan. 28, Jan. 30, Jan. 31, $ in Millions 2017 2016 2015 Current Assets: Cash and cash equivalents Receivables Merchandise inventories Prepaid expenses and other current assets Total Current Assets Property and Equipment - net Goodwill Other Intangible Assets - net Other Assets Total Assets Current Liabilities: Short-term debt Merchandise accounts payable Accounts payable and accrued liabilities Income taxes Deferred income taxes Total Current Liabilities Long-Term Debt Deferred Income Taxes Other Liabilities Shareholders' Equity: Common stock (304.1 and 310.3 shares outstanding) Additional paid-in capital Accumulated equity Treasury stock Accumulated other comprehensive loss Total Macy's, Inc. Shareholders' Equity Noncontrolling interest Total Shareholders' Equity Total Liabilities and Shareholders' Equity $ 1,297 $ 1,109 522 558 5,399 5,506 Change over 3 Years Amount Percent $ 2,246 424 5,417 ($949) $98 ($18) -42% 23% 0% 408 479 493 ($85) -17% 7,626 7,017 3,897 498 813 19,851 7,652 7,616 3,897 514 897 20,576 8,580 7,800 3,743 496 711 21,330 ($954) ($783) $154 $2 $102 ($1,479) -11% -10% 4% 0.40% 14% -7% 309 1,423 3,563 352 642 1,526 3,333 227 76 1,594 3,109 296 $233 ($171) $454 $56 307% -11% 15% 19% 5,647 6,562 1,443 1,877 5,728 6,995 1,477 2,123 5,075 7,233 1,443 2,201 $572 ($671) $0 ($324) 11% -9% 0% -15% 3 3 4 ($1) -25% 617 6,088 (1,489) (896) 4,323 (1) 4,322 $ 19,851 621 6,334 (1,665) (1,043) 4,250 3 4,253 ($431) ($1,252) $453 $176 ($1,055) -41% -17% -23% -16% -20% ($1,056) ($1,479) -20% -7% 1,048 7,340 (1,942) (1,072) 5,378 0 5,378 $ 20,576 $ 21,330 Consolidated Statements of Income - USD ($) $ in Millions Income Statement [Abstract] Net sales Cost of sales Gross margin Selling, general and administrative expenses Impairments, store closing and other costs Settlement charges Operating income (loss) Interest expense Premium on early retirement of debt Interest income Income (loss) before income taxes Federal, state and local income tax expense Net income Net loss attributable to noncontrolling interest Net income attributable to Macy's, Inc. shareholders Basic earnings per share attributable to Macy's, Inc. shareholders Diluted earnings per share attributable to Macy's, Inc. shareholders 12 Months Ende Jan. 28, 2017 $ 25,778 (15,621) 10,157 (8,265) (479) (98) 1,315 (367) 0 4 952 (341) 611 8 $ 619 $ 2.01 $ 1.99 12 Months Ended Change Over 3-years Jan. 30, 2016 Jan. 31, 2015 $ 27,079 (16,496) 10,583 (8,256) (288) 0 2,039 (363) 0 2 1,678 (608) 1,070 2 $ 1,072 $ 3.26 $ 3.22 $ 28,105 (16,863) 11,242 (8,355) (87) 0 2,800 (395) (17) 2 2,390 (864) 1,526 0 $ 1,526 $ 4.30 $ 4.22 Amount Percent $ (2,327) $ 1,242 $ (1,085) $ 90 $ (392) $ (98) $ (1,485) $ 28 $ 17 $2 $ (1,438) $ 523 $ (915) $8 $ (907) $ (2) $ (2) -8% -7% -10% -1% 451% -53% -7% -100% 100% -60% -61% -60% -59% -53% -53% Consolidated Balance Sheets - USD ($) $ in Millions Current Assets: Cash and cash equivalents Receivables Merchandise inventories Prepaid expenses and other current assets Total Current Assets Property and Equipment - net Goodwill Other Intangible Assets - net Other Assets Total Assets Current Liabilities: Short-term debt Merchandise accounts payable Accounts payable and accrued liabilities Income taxes Deferred income taxes Total Current Liabilities Long-Term Debt Deferred Income Taxes Other Liabilities Shareholders' Equity: Common stock (304.1 and 310.3 shares outstanding) Additional paid-in capital Accumulated equity Treasury stock Accumulated other comprehensive loss Total Macy's, Inc. Shareholders' Equity Noncontrolling interest Total Shareholders' Equity Total Liabilities and Shareholders' Equity Jan. 28, 2017 Percent $ 1,297 522 5,399 408 7,626 7,017 3,897 498 813 19,851 7% 3% 27% 2% 38% 35% 20% 3% 4% 100% 309 1,423 3,563 352 0 5,647 6,562 1,443 1,877 2% 7% 18% 2% 0% 28% 33% 7% 9% 3 617 6,088 (1,489) (896) 4,323 (1) 4,322 $ 19,851 0% 3% 31% -8% -5% 22% 0% 22% 100% Jan. 30, 2016 Percent Jan. 31, 2015 Percent $ 1,109 558 5,506 479 7,652 7,616 3,897 514 897 20,576 5% 3% 27% 2% 37% 37% 19% 2% 4% 100% $ 2,246 424 5,417 493 8,580 7,800 3,743 496 711 21,330 11% 2% 25% 2% 40% 37% 18% 2% 3% 100% 642 1,526 3,333 227 0 5,728 6,995 1,477 2,123 3% 7% 16% 1% 0% 28% 34% 7% 10% 76 1,594 3,109 296 0 5,075 7,233 1,443 2,201 0% 7% 15% 1% 0% 24% 34% 7% 10% 3 621 6,334 (1,665) (1,043) 4,250 3 4,253 $ 20,576 0% 3% 31% -8% -5% 21% 0% 21% 100% 4 1,048 7,340 (1,942) (1,072) 5,378 0 5,378 $ 21,330 0% 5% 34% -9% -5% 25% 25% 100% Consolidated Statements of Income - USD ($) $ in Millions Income Statement [Abstract] Net sales Cost of sales Gross margin Selling, general and administrative expenses Impairments, store closing and other costs Settlement charges Operating income (loss) Interest expense Premium on early retirement of debt Interest income Income (loss) before income taxes Federal, state and local income tax expense Net income Net loss attributable to noncontrolling interest Net income attributable to Macy's, Inc. shareholders Basic earnings per share attributable to Macy's, Inc. shareholders Diluted earnings per share attributable to Macy's, Inc. shareholders Jan. 28, 2017 $ 25,778 (15,621) 10,157 (8,265) (479) (98) 1,315 (367) 0 4 952 (341) 611 8 $ 619 $ 2.01 $ 1.99 12 Months Ended Percent Jan. 30, 2016 Percent 100% -61% 39% -32% -2% 0% 5% -1% 0% 0% 4% -1% 2% 0% 2% $ 27,079 (16,496) 10,583 (8,256) (288) 0 2,039 (363) 0 2 1,678 (608) 1,070 2 $ 1,072 $ 3.26 $ 3.22 100% -61% 39% -30% -1% 0% 8% -1% 0% 0% 6% -2% 4% 0% 4% Jan. 31, 2015 Percent $ 28,105 (16,863) 11,242 (8,355) (87) 0 2,800 (395) (17) 2 2,390 (864) 1,526 0 $ 1,526 $ 4.30 $ 4.22 100% -60% 40% -30% 0% 0% 10% -1% 0% 0% 9% -3% 5% 0% 5% Financial Statement Ratio Analysis MACY'S, Inc. Ratio Analysis FYE 1/31/16 FYE 1/31/15FYE 1/31/14 1. Current Ratio: Current Assets Current Liabilities Current Ratio (Liquidity) 7,626 5,647 1.35 7,652 5,728 1.34 8,580 5,075 1.69 2. Inventory Turnover: Cost of Sales Average Inventory Inventory Turnover (Liquidity) 15,621 5,453 2.86 16,496 5,462 3.02 16,863 5,487 3.07 3. Days in Inventory: 365 Days Inventory Turnover Days in Inventory (Liquidity) 365 2.86 127.40 365 3.02 120.84 365 3.07 118.77 4. Accounts Receivable Turnover: Net Sales Average Net Accounts Receivable Accounts Receivable Turnover (Liquidity) 25778 540 47.74 27079 491 55.15 28105 431 65.21 5. Days in Accounts Receivable (Average Collection Period): 365 Days Accounts Receivable Turnover Days in Accounts Receivable (Liquidity) 365 47.74 7.65 365 55.15 6.62 365 65.21 5.60 15,529 19,851 0.78 16,323 20,576 0.79 15,952 21,330 0.75 7. Times Interest Earned (Interest Coverage Ratio): Operating Profit (EBIT) 1,315 Interest Expense 367 Times Interest Earned (Interest Coverage Ratio) (Solvency) 3.58 2,039 363 5.62 2,800 395 7.09 8. Free Cash Flow Cash From Operating Activities Capital Expenditures Cash Dividends Free Cash Flow (Solvency) 1,984 777 456 751 2,709 770 421 1,518 6. Debt to Assets Ratio: Total Liabilities Total Assets Debt to Assets Ratio (Solvency) 1,801 596 459 746 Financial Statement Ratio Analysis 9. Earnings per Share: Net Income Less Preferred Dividends Weighted Average Shares Outstanding (Basic) Earnings per Share (Profitability) 10. Price/Earnings Ratio: Market Price per Share Earnings per Share Price/Earnings Ratio (Profitability) 619 1072 1526 29.11 40.41 63.88 11. Gross Margin (Gross Profit Rate): Gross Profit Net Sales Gross Margin (Profitability) 10,157 25,778 0.39 10,583 27,079 0.39 11,242 28,105 0.40 12. Net Profit Margin: Net Income (Profit) Net Sales Net Profit Margin (Profitability) 619 25778 0.02 1072 27079 0.04 1526 28105 0.05 13. Return on Assets: Net Income Average Total Assets Return on Assets (Profitability) 619 20,214 0.03 1,072 20,953 0.05 1,526 21,475 0.07 14. Asset Turnover: Net Sales Average Total Assets Asset Turnover Ratio (Profitability) 25778 20,214 1.28 27079 20,953 1.29 28105 21,475 1.31 15. Dividend Payout Ratio: Dividends on common stock Net Income Dividend Payout Ratio (Profitability) 459 619 0.74 456 1072 0.43 421 1526 0.28 619 4,288 1072 4,816 1526 5,813 Return on Common Stockholders' Equity (Profitability) 0.14 0.22 0.26 16. Return on Common Stockholders' Equity: Net Income - Preferred Dividends Average common stockholders' equity YE 1/31/14 Financial Statement Ratio Analysis Financial Statement Ratio Analysis Financial Statement Ratio Analysis MACY'S, Inc. Ratio Analysis FYE 1/31/16 FYE 1/31/15FYE 1/31/14 1. Current Ratio: Current Assets Current Liabilities Current Ratio (Liquidity) 7,626 5,647 1.35 7,652 5,728 1.34 8,580 5,075 1.69 2. Inventory Turnover: Cost of Sales Average Inventory Inventory Turnover (Liquidity) 15,621 5,453 2.86 16,496 5,462 3.02 16,863 5,487 3.07 3. Days in Inventory: 365 Days Inventory Turnover Days in Inventory (Liquidity) 365 2.86 127.40 365 3.02 120.84 365 3.07 118.77 4. Accounts Receivable Turnover: Net Sales Average Net Accounts Receivable Accounts Receivable Turnover (Liquidity) 25778 540 47.74 27079 491 55.15 28105 431 65.21 5. Days in Accounts Receivable (Average Collection Period): 365 Days Accounts Receivable Turnover Days in Accounts Receivable (Liquidity) 365 47.74 7.65 365 55.15 6.62 365 65.21 5.60 15,529 19,851 0.78 16,323 20,576 0.79 15,952 21,330 0.75 7. Times Interest Earned (Interest Coverage Ratio): Operating Profit (EBIT) 1,315 Interest Expense 367 Times Interest Earned (Interest Coverage Ratio) (Solvency) 3.58 2,039 363 5.62 2,800 395 7.09 8. Free Cash Flow Cash From Operating Activities Capital Expenditures Cash Dividends Free Cash Flow (Solvency) 1,984 777 456 751 2,709 770 421 1,518 6. Debt to Assets Ratio: Total Liabilities Total Assets Debt to Assets Ratio (Solvency) 1,801 596 459 746 Financial Statement Ratio Analysis 9. Earnings per Share: Net Income Less Preferred Dividends Weighted Average Shares Outstanding (Basic) Earnings per Share (Profitability) 10. Price/Earnings Ratio: Market Price per Share Earnings per Share Price/Earnings Ratio (Profitability) 619 1072 1526 29.11 40.41 63.88 11. Gross Margin (Gross Profit Rate): Gross Profit Net Sales Gross Margin (Profitability) 10,157 25,778 0.39 10,583 27,079 0.39 11,242 28,105 0.40 12. Net Profit Margin: Net Income (Profit) Net Sales Net Profit Margin (Profitability) 619 25778 0.02 1072 27079 0.04 1526 28105 0.05 13. Return on Assets: Net Income Average Total Assets Return on Assets (Profitability) 619 20,214 0.03 1,072 20,953 0.05 1,526 21,475 0.07 14. Asset Turnover: Net Sales Average Total Assets Asset Turnover Ratio (Profitability) 25778 20,214 1.28 27079 20,953 1.29 28105 21,475 1.31 15. Dividend Payout Ratio: Dividends on common stock Net Income Dividend Payout Ratio (Profitability) 459 619 0.74 456 1072 0.43 421 1526 0.28 619 4,288 1072 4,816 1526 5,813 Return on Common Stockholders' Equity (Profitability) 0.14 0.22 0.26 16. Return on Common Stockholders' Equity: Net Income - Preferred Dividends Average common stockholders' equity YE 1/31/14 Financial Statement Ratio Analysis Financial Statement Ratio Analysis Date 1/24/2017 1/25/2017 1/26/2017 1/27/2017 1/30/2017 1/31/2017 2/1/2017 Open High 29.52 30.030001 30.16 30.4 30.18 30.34 29.950001 29.969999 29.07 29.530001 28.85 29.58 29.32 29.57 Low Close Adj Close 29.52 29.93 29.81 28.7 29.03 28.74 29.12 29.98 30.15 29.92 29.11 29.52 29.54 29.21 28.64279 28.805208 28.585464 27.811594 28.203308 28.222418 27.907133 Date Open High Low Close Adj Close 1/25/2016 1/26/2016 1/27/2016 1/28/2016 1/29/2016 2/1/2016 41.25 39.560001 39.830002 40.619999 39.990002 40.220001 41.459999 40.57 41.049999 40.619999 40.610001 41.209999 39.25 39.53 39.82 39.24 39.84 39.63 39.32 40.18 40.29 39.57 40.41 40.91 36.105431 36.895119 36.996128 36.334988 37.106316 37.565437 Date Open High Low Close Adj Close 65.22 65.06 64.86 64.25 63.82 66.08 65.51 64.89 65.36 63.88 59.124577 58.614578 58.059834 58.480366 57.156151 1/26/2015 1/27/2015 1/28/2015 1/29/2015 1/30/2015 65.639999 66.18 65.300003 65.82 66.150002 66.400002 64.93 65.43 64.949997 64.949997 Volume 5049700 6088300 4353900 9945400 5403600 9050700 5061200 Volume 7357300 5290300 5554700 5278300 5767700 4905400 Volume 2418500 2771700 2264100 2360300 2965800 INSTRUCTIONS You are working as financial analysts preparing reports for clients interested in potential investments Analyze the business and financial statements of Macy's, Inc. Provide an opinion as to whether or not the company is a good investment based on your analysis of the company's liquidity, solvency and profitability analyses as well as your overall interpretation of the horizontal and vertical analyses Prepare a written analyst report of 2 pages based on your analysis Use proper business writing Professional avoid clichs and colloquialisms Concise Free of errors Analysis of Excel-based financial statements including: Ratio calculations for each of the 3 years divided into 3 components: liquidity, solvency and profitability. The excel file is ready and attached Interpretation of each item liquidity, solvency and profitability (main focus of the assignment) Overall conclusion as to whether the company is a good investment Please let me know if you have any Question MACY'S, Inc. Ratio Analysis FYE 1/31/16 FYE 1/31/15 1. Current Ratio: Current Assets Current Liabilities Current Ratio (Liquidity) 7,626 5,647 7,652 5,728 1.35 1.34 2. Inventory Turnover: Cost of Sales Average Inventory Inventory Turnover (Liquidity) 15,621 5,453 16,496 5,462 2.86 3.02 3. Days in Inventory: 365 Days Inventory Turnover Days in Inventory (Liquidity) 365 2.86 365 3.02 127.40 120.84 4. Accounts Receivable Turnover: Net Sales Average Net Accounts Receivable Accounts Receivable Turnover (Liquidity) 25778 540 27079 491 47.74 55.15 5. Days in Accounts Receivable (Average Collection Period): 365 Days Accounts Receivable Turnover Days in Accounts Receivable (Liquidity) 365 47.74 365 55.15 7.65 6.62 6. Debt to Assets Ratio: Total Liabilities Total Assets Debt to Assets Ratio (Solvency) 15,529 19,851 16,323 20,576 0.78 0.79 7. Times Interest Earned (Interest Coverage Ratio): Operating Profit (EBIT) Interest Expense Times Interest Earned (Interest Coverage Ratio) (Solvency) 1,315 367 2,039 363 3.58 5.62 8. Free Cash Flow Cash From Operating Activities Capital Expenditures Cash Dividends Free Cash Flow (Solvency) 1,801 596 459 1,984 777 456 746 751 9. Earnings per Share: Net Income Less Preferred Dividends Weighted Average Shares Outstanding (Basic) Earnings per Share (Profitability) 10. Price/Earnings Ratio: Market Price per Share Earnings per Share Price/Earnings Ratio (Profitability) 619 1072 29.11 40.41 11. Gross Margin (Gross Profit Rate): Gross Profit Net Sales Gross Margin (Profitability) 10,157 25,778 0.39 0.39 12. Net Profit Margin: Net Income (Profit) Net Sales Net Profit Margin (Profitability) 619 25778 1072 27079 0.02 0.04 13. Return on Assets: Net Income Average Total Assets Return on Assets (Profitability) 619 20,214 1,072 20,953 0.03 0.05 14. Asset Turnover: Net Sales Average Total Assets Asset Turnover Ratio (Profitability) 25778 20,214 27079 20,953 1.28 1.29 15. Dividend Payout Ratio: Dividends on common stock Net Income Dividend Payout Ratio (Profitability) 459 619 456 1072 0.74 0.43 619 4,288 0.14 1072 4,816 0.22 16. Return on Common Stockholders' Equity: Net Income - Preferred Dividends Average common stockholders' equity Return on Common Stockholders' Equity (Profitability) 10,583 27,079 FYE 1/31/14 8,580 5,075 1.69 16,863 5,487 3.07 365 3.07 118.77 28105 431 65.21 365 65.21 5.60 15,952 21,330 0.75 2,800 395 7.09 2,709 770 421 1,518 1526 63.88 11,242 28,105 0.40 1526 28105 0.05 1,526 21,475 0.07 28105 21,475 1.31 421 1526 0.28 1526 5,813 0.26