A Business at a Glance
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MACERICH CO
MAC
$6.6B
Mkt Cap
$25.83
+2.09%
MACERICH CO (MAC) has a 5-year average return on invested capital (ROIC) of 0.3%. This is below average and may indicate limited pricing power.
MACERICH CO (MAC) has a market capitalization of $6.7B. It is classified as a mid-cap stock.
Yes, MACERICH CO (MAC) pays a dividend with a trailing twelve-month yield of 2.77%.
MACERICH CO (MAC) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
MACERICH CO (MAC) reported annual revenue of $1.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
MACERICH CO (MAC) has a net profit margin of -19.5%. The company is currently unprofitable.
MACERICH CO (MAC) generated $55 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the "Operating Partnership"). As of December 31, 2025, the Operating Partnership owned or had an ownership interest in 37 regional retail centers (including office, hotel and residential space adjacent to these shopping centers) and one community/power shopping center. These 38 regional retail centers and the community/power shopping center consist of approximately 39 million square feet of gross leasable area (“GLA”) and are referred to herein as the “Centers”. The Centers consist of consolidated Centers (“Consolidated Centers”) and unconsolidated joint venture Centers (“Unconsolidated Joint Venture Centers”), as set forth in “Item 2.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.0B | 1.0B | 918M | 884M | 859M | 847M |
| Net Income | -184M | -198M | -195M | -275M | -67M | 13M |
| EPS | $-0.72 | $-0.78 | $-0.88 | $-1.28 | $-0.31 | $0.07 |
| Free Cash Flow | 34M | 55M | 113M | 249M | 313M | 286M |
| ROIC | 0.0% | 1.1% | 0.3% | -4.0% | 2.1% | 2.0% |
| Gross Margin | - | 19.7% | 22.6% | 24.3% | 20.6% | 18.2% |
| Debt/Equity | 1.99 | 2.07 | 1.78 | 1.69 | 1.48 | 1.45 |
| Dividends/Share | $0.72 | $0.68 | $0.68 | $0.68 | $0.62 | $0.60 |
| Operating Income | 0 | 83M | 24M | -103M | 151M | 213M |
| Operating Margin | 0.0% | 8.2% | 2.6% | -11.6% | 17.5% | 25.1% |
| ROE | -7.6% | -7.6% | -7.5% | -10.3% | -2.3% | 0.5% |
| Shares Outstanding | 261M | 254M | 222M | 215M | 216M | 192M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.1B | 1.3B | 1.0B | 994M | 960M | 927M | 786M | 847M | 859M | 884M | 918M | 1.0B | 1.0B |
| Gross Margin | 32.9% | 33.9% | 36.3% | 35.9% | 24.2% | 24.6% | 15.1% | 18.2% | 20.6% | 24.3% | 22.6% | 19.7% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 29M | 30M | 28M | 28M | 24M | 23M | 30M | 30M | 27M | 29M | 28M | 32M | 32M |
| EBIT | 1.7B | 696M | 681M | 334M | 239M | 235M | -156M | 213M | 151M | -103M | 24M | 83M | 0 |
| Op. Margin | N/A | 54.1% | 65.4% | 33.6% | 24.9% | 25.4% | -19.9% | 25.1% | 17.5% | -11.6% | 2.6% | 8.2% | 0.0% |
| Net Income | 1.5B | 488M | 517M | 146M | 60M | 96M | -231M | 13M | -67M | -275M | -195M | -198M | -184M |
| Net Margin | 135.6% | 37.8% | 49.7% | 14.7% | 6.2% | 10.3% | -29.4% | 1.6% | -7.8% | -31.1% | -21.2% | -19.5% | -18.3% |
| Non-Recurring | 42M | 378M | 415M | 42M | 32M | 12M | 68M | 76M | 7.7M | 135M | 334M | 123M | 123M |
| Returns on Capital | |||||||||||||
| ROIC | 26.7% | 9.0% | 8.5% | 4.8% | 5.2% | 5.3% | -4.2% | 2.0% | 2.1% | -4.0% | 0.3% | 1.1% | 0.0% |
| ROE | 33.3% | 9.4% | 11.7% | 3.8% | 1.8% | 3.4% | -9.5% | 0.5% | -2.3% | -10.3% | -7.5% | -7.6% | -7.6% |
| ROA | 13.5% | 4.0% | 4.9% | 1.5% | 0.6% | 1.1% | -2.6% | 0.2% | -0.8% | -3.5% | -2.4% | -2.3% | -2.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 401M | 555M | 430M | 386M | 344M | 355M | 125M | 286M | 338M | 296M | 283M | 322M | 310M |
| Free Cash Flow | 215M | 283M | 218M | 226M | 163M | 355M | 125M | 286M | 313M | 249M | 113M | 55M | 34M |
| Owner Earnings | -17M | 55M | 41M | 14M | -18M | 5.5M | -215M | -52M | 17M | -14M | -35M | -65M | -69M |
| CapEx | 185M | 272M | 212M | 160M | 181M | 0 | 0 | 0 | 25M | 47M | 171M | 267M | 277M |
| Maint. CapEx | 388M | 471M | 355M | 341M | 335M | 338M | 326M | 324M | 302M | 296M | 306M | 368M | 359M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 |
| D&A | 388M | 471M | 355M | 341M | 335M | 338M | 326M | 324M | 302M | 296M | 306M | 368M | 359M |
| CapEx/OCF | 46.3% | 49.1% | 49.3% | 41.5% | N/A | N/A | N/A | N/A | 7.3% | 15.8% | 60.3% | 83.0% | 89.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 386M | 787M | 779M | 444M | 454M | 475M | 180M | 143M | 186M | 159M | 161M | 188M | 187M |
| Dividend Yield | 7.7% | 11.1% | 11.4% | 8.2% | 8.7% | 13.7% | 14.5% | 5.8% | 8.3% | 7.2% | 4.6% | 4.4% | 2.8% |
| Share Buybacks | 0 | 400M | 800M | 221M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | 5.4% | 13.1% | 3.7% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 29M | 28M | 33M | 31M | 27M | 12M | 14M | 14M | 18M | 13M | 12M | 18M | 21M |
| Debt Repayment | 853M | 3.3B | 2.4B | 1.2B | 470M | 1.6B | 34M | 2.0B | 406M | 863M | 2.0B | 257M | 257M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.1B | 4.0B | 3.1B | 1.6B | 957M | 2.1B | 4.1B | 4.3B | 4.1B | 4.0B | 4.8B | 4.8B | 4.7B |
| Cash & Equiv. | 85M | 87M | 94M | 91M | 103M | 100M | 465M | 112M | 100M | 95M | 90M | 280M | 182M |
| Long-Term Debt | 1.2B | 4.1B | 3.2B | 1.2B | 470M | 1.6B | 4.6B | 4.4B | 4.2B | 4.1B | 4.9B | 5.1B | 4.9B |
| Debt/Equity | 0.21 | 0.87 | 0.78 | 0.47 | 0.36 | 0.85 | 2.03 | 1.45 | 1.48 | 1.69 | 1.78 | 2.07 | 1.99 |
| Interest Coverage | 8.8 | 3.3 | 4.2 | 1.9 | 1.3 | 1.7 | -2.1 | 1.1 | 0.7 | -0.6 | 0.1 | 0.3 | 0.3 |
| Equity | 5.6B | 4.7B | 4.1B | 3.7B | 3.0B | 2.6B | 2.3B | 3.0B | 2.9B | 2.4B | 2.8B | 2.4B | 2.4B |
| Total Assets | 13.1B | 11.2B | 10.0B | 9.6B | 9.0B | 8.9B | 9.2B | 8.3B | 8.1B | 7.5B | 8.6B | 8.4B | 8.2B |
| Total Liabilities | 7.1B | 6.2B | 5.5B | 5.6B | 5.8B | 6.0B | 6.7B | 5.2B | 5.1B | 5.0B | 5.7B | 5.8B | 5.7B |
| Intangibles | 268M | 140M | 84M | 60M | 46M | 32M | 48M | 36M | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 597M | -213M | -489M | -830M | -1.6B | -1.9B | -2.3B | -2.4B | -2.6B | -3.1B | -3.4B | -3.8B | -3.9B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 130M |
| Per Share Data | |||||||||||||
| EPS | 10.45 | 3.08 | 3.52 | 1.02 | 0.42 | 0.68 | -1.58 | 0.07 | -0.31 | -1.28 | -0.88 | -0.78 | -0.72 |
| Owner EPS | -0.12 | 0.35 | 0.28 | 0.10 | -0.12 | 0.04 | -1.47 | -0.27 | 0.08 | -0.07 | -0.16 | -0.25 | -0.27 |
| Book Value | 39.32 | 29.79 | 27.96 | 25.70 | 20.64 | 18.72 | 15.42 | 15.90 | 13.27 | 11.39 | 12.44 | 9.65 | 9.35 |
| Cash Flow/Share | 2.79 | 3.51 | 2.92 | 2.70 | 2.41 | 2.53 | 0.85 | 1.49 | 1.56 | 1.38 | 1.28 | 1.27 | 0.67 |
| Dividends/Share | 2.51 | 6.63 | 5.31 | 2.87 | 2.97 | 3.00 | 1.55 | 0.60 | 0.62 | 0.68 | 0.68 | 0.68 | 0.72 |
| Shares Out. | 143.4M | 158.3M | 146.9M | 143.3M | 142.9M | 140.6M | 146.4M | 191.6M | 215.9M | 214.8M | 221.6M | 253.7M | 260.6M |
| Valuation | |||||||||||||
| P/E Ratio | 4.3 | 15.3 | 11.8 | 41.0 | 68.6 | 28.4 | N/A | 203.7 | N/A | N/A | N/A | N/A | -36.0 |
| P/FCF | 30.0 | 26.5 | 28.1 | 26.5 | 25.2 | 7.6 | 10.2 | 9.5 | 6.6 | 12.7 | 38.1 | 87.9 | 200.6 |
| EV/EBIT | 4.5 | 16.5 | 13.6 | 20.2 | 20.1 | 14.2 | N/A | 33.7 | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 1.1 | 1.6 | 1.5 | 1.6 | 1.4 | 1.0 | 0.6 | 1.0 | 0.7 | 1.3 | 1.6 | 2.0 | 2.8 |
| Price/Sales | 4.5 | 5.5 | 6.5 | 5.5 | 5.4 | 3.8 | 1.6 | 3.1 | 2.6 | 2.5 | 3.8 | 4.2 | 6.7 |
| FCF Yield | 3.3% | 3.8% | 3.6% | 3.8% | 4.0% | 12.9% | 9.8% | 9.9% | 15.3% | 7.9% | 2.6% | 1.1% | 0.5% |
| Market Cap | 6.5B | 7.5B | 6.1B | 6.0B | 4.1B | 2.7B | 1.3B | 2.9B | 2.0B | 3.2B | 4.3B | 4.8B | 6.7B |
| Avg. Price | 34.75 | 44.81 | 46.42 | 37.91 | 36.54 | 24.64 | 8.49 | 12.99 | 10.42 | 10.27 | 15.77 | 17.00 | 25.83 |
| Year-End Price | 45.02 | 47.24 | 41.71 | 41.82 | 28.80 | 19.29 | 8.74 | 14.26 | 9.60 | 14.73 | 19.38 | 18.95 | 25.83 |
MACERICH CO passes 1 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 119.4x vs a median of 19.0x. The company's 5-year average ROIC is 0.3% with a gross margin of 21.1%. Total shareholder yield (dividends) is 2.8%. At current prices, the estimated annualized return to fair value is -19.0%.
MACERICH CO (MAC) has a debt-to-equity ratio of 2.07. This indicates higher leverage, which may increase financial risk.
MACERICH CO (MAC) reported earnings per share (EPS) of $-0.78 in its most recent fiscal year.
MACERICH CO (MAC) has a return on equity (ROE) of -7.6%. A negative ROE may indicate losses or negative equity.
MACERICH CO (MAC) has a 5-year average gross margin of 21.1%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for MACERICH CO (MAC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MACERICH CO (MAC) has a book value per share of $9.65, based on its most recent annual SEC filing.
No recent press releases.