Macy's (M)

48.67 +0.79  +1.65%  May 17, 8:00PM

Macy's Tangible Common Equity Ratio

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Macy's Historical Tangible Common Equity Ratio Data

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Jan. 31, 2013 Go Pro
Oct. 31, 2012 Go Pro
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April 30, 2012 Go Pro
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Jan. 31, 2007 Go Pro

Oct. 31, 2006 Go Pro
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The tangible common equity (TCE) ratio is a useful number to gauge leverage of a financial firm. Specifically, it answers the question: "How much can the value of a bank's assets fall before the entire value of tangible* common equity is wiped out?"

For example, assume a bank as a TCE ratio of 5%. If the value of all of the banks assets fell by 5%, theoretically stockholders would no longer have a claim on the bank's tangible assets.

Another way of thinking about the TCE ratio of 5% is that the remaining 95% of the bank's tangible assets have been purchased using loaned funds that the bank must repay.

This ratio is worth spending time with. Once investors understand its implications, they rarely look at banking businesses the same way.

* The word tangible, in accounting, essentially means anything that can be touched or traded. Cash, buildings, accounts receivable, inventories and stock holdings of a business are all tangible assets. Trade secrets, patents, copyrights, and goodwill are not tangible assets, even though they may have value.

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M Tangible Common Equity Ratio Benchmarks

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M Tangible Common Equity Ratio Rankings

 Overall 78th percentile 1641 of 7593 Sector 69th percentile 206 of 671 in Consumer Cyclical Industry 66th percentile 4 of 12 in Department Stores

M Tangible Common Equity Ratio Range, Past 5 Years

 Minimum Go Pro Oct 2008 Maximum Go Pro Jan 2013 Average Go Pro