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Macerich Company (The)

MAC Real Estate Reit Retail

Macerich Company (The)’s revenue for fiscal 2025 (year ended December 2025) was $1.0 billion, up 10.4% from fiscal 2024.

Revenue
+2.69%
EPS
+82.4%
Free cash flow
−3.56%
Total debt
−8.87%

Quarter to September 2026, against a year earlier

25.05 0.85 −3.28%
Market cap
$7.4B
P/E
0.0×
Fwd P/E
−156×
Dividend yield
2.71%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Insider Decisions last twelve months

Sold, $m 0.06
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — 1 — —
Insider Ownership 0.75%

Capital & Financial Ratios $m

Size
Market Cap 7,370.00
Revenue ttm 1,013.02
Net income ttm (98.25)
Free cash flow ttm 303.86
Net debt Q (623.14)
Valuation
P/E 0.00
Forward P/E (156.00) (negative: loss-making)
Price / sales 7.02
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.54
Financial health
Current ratio Q 0.00
Debt / equity Q 0.00
Interest coverage Q 0.00
Growth
Revenue growth Q +2.69% (above 0%: growing)
Operating income growth Q −6.88% (below 0%: shrinking)
EPS, this year +79.05% (at or above 15%: strong)
EPS, next year A +224.74% (at or above 15%: strong)
Revenue, next year A −2.79% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +56.41% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 11.2×, against a ten-year median of 9.8×; over the ten years it ranged from 6.5× in 2020 to 15.4× in 2016.
P/S against its own 10 years 72.46%
10-year low 10-year high
P/B against its own 10 years 97.21%
10-year low 10-year high
EV/Sales against its own 10 years 67.99%
10-year low 10-year high

Dividends

Yield
2.71%
Annual rate
0.68
Payout ratio
—
Growth, 2017–25
−16.5%/yr
  1. 2.87 ’17
  2. 2.97 ’18 +3
  3. 3.00 ’19 +1
  4. 1.15 ’20 −62
  5. 0.60 ’21 −48
  6. 0.62 ’22 +3
  7. 0.68 ’23 +10
  8. 0.68 ’24 +0
  9. 0.68 ’25 +0
  10. 0.68 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 190 177 373 623
Receivables 188 157 148 —
Inventory — — — —
Other — — — —
379 335 521 —
2023 2024 2025 Q'26
Payables 64 88 125 152
ST’ Debt — — — —
Other — — — —
399 467 511 539

Compound Annual Growth %

10y 5y 3y
Sales (2.36%) 5.22% 5.68%
Cash Flow (5.31%) 20.84% (1.60%)
Earnings 0.00% 0.00% 0.00%
Book Value (6.73%) 0.66% (5.02%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.36 Actual 0.37

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.43 0.48 Beat by 0.05
Q1 FY26 0.31 0.34 Beat by 0.03
Q2 FY26 0.33 0.35 Beat by 0.02
Q3 FY26 0.36 0.37 Beat by 0.01
Q4 FY26 0.45 — Reports 17 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.14) (0.10) (0.06) — —
’25 (0.20) (0.16) (0.34) (0.07) (0.78)
’24 (0.56) 1.16 (0.50) (0.89) (0.88)
’23 (0.27) (0.07) (1.22) 0.29 (1.28)
’22 (0.17) (0.07) (0.07) 0.01 (0.31)
’21 (0.40) (0.05) 0.50 (0.08) 0.07
’20 0.05 (0.18) (0.15) (1.19) (1.47)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 242 250 260 — —
’25 249 250 253 262 1,014
’24 209 216 220 274 918
’23 215 212 218 239 884
’22 216 204 211 228 859
’21 190 215 212 229 847
’20 227 179 186 195 786
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 77 67 109 — —
’25 88 71 112 50 322
’24 61 67 100 55 283
’23 81 58 107 49 296
’22 65 50 170 53 338
’21 52 61 99 75 286
’20 50 (65) 81 60 125
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 22 (265) 109 — —
’25 73 (168) 113 28 47
’24 27 (1) 162 39 227
’23 51 1 81 (2) 132
’22 71 36 141 20 269
’21 129 82 243 62 516
’20 21 (88) 84 56 73
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing 4.6% a year for ten years. It grew −9.0% a year over the last ten.

Implied
4.6%
10 years, reported
−9.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,041 994 960 927 786 847 859 884 918 1,014 1,013 (0.3%) 986 1,052 1,119 +3.3%
Gross margin, % 61.01 60.22 60.33 60.33 55.73 55.05 54.57 55.33 53.14 54.87 0.00 (6.1) pt
EBT 556 177 97 116 (14) (53) (72) (144) (238) (80) (90) n/m
EBT margin, % 53.35 17.84 10.12 12.51 (1.84) (6.21) (8.39) (16.30) (25.91) (7.87) 0.00 (61.2) pt
Net income 555 162 69 103 (245) 16 (65) (278) (198) (201) (98) n/m
Per share, $
Per share, $ Revenue 7.10 7.00 6.80 6.56 5.38 4.28 4.00 4.10 4.14 3.99 3.57 (6.2%)
Earnings 3.52 1.02 0.42 0.68 (1.57) 0.07 (0.31) (1.28) (0.88) (0.78) (0.37) n/m
Cash flow 2.93 2.72 2.44 2.51 0.85 1.45 1.57 1.37 1.28 1.27 1.07 (8.9%)
Capex 3.17 0.37 (1.07) (1.29) (0.35) 1.16 (0.32) (0.76) (0.25) (1.08) 0.00 n/m
Free cash flow 6.10 3.10 1.37 1.22 0.50 2.60 1.25 0.61 1.02 0.18 1.07 (32.2%)
Book value 30.20 27.97 22.59 20.03 16.72 16.04 13.72 11.73 12.81 9.94 9.86 (11.6%)
Shares, m 147 142 141 141 146 198 215 216 222 254 268 +6.3%
Valuation, ×
Valuation, × P/E 20.69 65.30 105.56 39.59 0.00 0.00 0.00 0.00 0.00 0.00 0.00 23.1
P/S 9.99 9.51 6.36 4.10 1.99 4.04 2.80 3.79 4.81 4.63 7.02 5.2
P/B 2.35 2.38 1.92 1.34 0.64 1.08 0.82 1.33 1.55 1.86 2.54 1.5
EV/Sales 14.62 14.57 11.39 9.89 9.05 9.33 7.71 8.47 10.06 9.26 11.20 10.4
EV/FCF 17.03 32.94 56.71 53.10 96.91 15.33 24.67 56.81 40.66 200.34 (108.99) 59.4
Cash, $m
Cash, $m Operating cash flow 430 386 344 355 125 286 338 296 283 322 304 (3.2%)
Capex 465 53 (151) (182) (51) 229 (69) (164) (56) (275) (408) n/m
Free cash flow 894 440 193 173 73 516 269 132 227 47 304 (27.9%)
Balance, $m
Balance, $m Working capital (78) (46) (4) (52) 356 65 (14) (20) (133) 10 (539) n/m
Net debt 4,822 5,027 4,833 5,370 5,556 4,480 4,223 4,138 4,815 4,696 (623) (0.3%)
Shareholders’ equity 4,427 3,968 3,188 2,831 2,445 3,176 2,949 2,528 2,842 2,527 2,800 (6.0%)
Returns, %
Returns, % ROA 4.88 1.49 0.63 1.08 (2.55) 0.16 (0.80) (3.51) (2.41) (2.33) (1.15) (7.2) pt
ROIC 1.75 1.63 1.62 1.57 0.69 1.02 1.31 1.67 1.35 1.45 0.00 (0.3) pt
ROE 10.89 3.48 1.65 3.22 (8.73) 0.51 (2.16) (10.01) (7.23) (7.34) (3.68) (18.2) pt
People
People Employees 851 855 718 737 670 640 651 655 616 598 — (3.8%)
Revenue/emp, $m 1.22 1.16 1.34 1.26 1.17 1.32 1.32 1.35 1.49 1.70 — +3.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Macerich is a self-managed real estate investment trust, or REIT, that owns interests in shopping centers across the United States. Its business is to acquire, lease, manage, develop and redevelop retail properties. Its customers are primarily retailers and other businesses that rent space at those centers. Jack Hsieh is its president and chief executive officer.

As of December 31, 2025, Macerich had interests in 37 regional retail centers and one community/power shopping center, totaling approximately 39 million square feet of gross leasable area. Some properties are consolidated in its financial statements; others are held through joint ventures. The company conducts its operations through an operating partnership and its management companies.

Macerich Company (The) vs peers in Reit Retail (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FRT Federal Realty Investment Trust $9.8B 22.3× 25.9× +5.20% (above 0%: growing) +15.51% (above 0%: growing) +14.04% (above 0%: growing) 67.81% 34.47% Compare
BRX Brixmor Property Group Inc. $9.2B 21.4× 25.2× +5.50% (above 0%: growing) −7.48% (below 0%: shrinking) +294.25% (above 0%: growing) 75.75% 38.37% Compare
ADC Agree Realty Corporation $9.2B 36.3× 34.2× +16.73% (above 0%: growing) +17.78% (above 0%: growing) +50.00% (above 0%: growing) 87.70% 51.23% Compare
NNN NNN REIT, Inc. $8.0B 19.6× 19.9× +8.48% (above 0%: growing) +12.98% (above 0%: growing) +232.63% (above 0%: growing) 96.70% 66.07% Compare
MAC Macerich Company (The) $7.4B — (loss-making) — (loss-making) +2.69% (above 0%: growing) n/m −3.56% (below 0%: shrinking) 0.00% 0.00%
EPRT Essential Properties Realty Trust, Inc. $6.3B 22.8× 21.0× +16.38% (above 0%: growing) −15.15% (below 0%: shrinking) +12.90% (above 0%: growing) 98.73% 56.03% Compare
PECO Phillips Edison & Company, Inc. $5.8B 27.5× 44.5× +5.70% (above 0%: growing) +166.50% (above 0%: growing) +95.58% (above 0%: growing) 71.76% 29.93% Compare
KRG Kite Realty Group Trust $5.1B 15.7× 25.3× −7.17% (below 0%: shrinking) n/m −65.52% (below 0%: shrinking) 73.03% 7.13% Compare
SKT Tanger Inc. $4.4B 34.5× 35.5× +11.15% (above 0%: growing) +7.41% (above 0%: growing) −86.16% (below 0%: shrinking) 70.92% 30.98% Compare
Median of peers $7.1B 22.5× 25.6× +7.09% +12.98% +32.02% 74.39% 36.42%

All 26 Reit Retail stocks →

From the latest earnings call

Updated

  • CEO Jack Hsieh said Macerich expects another 500 stores to open in its Go-Forward portfolio through 2028 as tenants begin paying rent.
  • CFO Dan Swanstrom said Macerich is addressing debt maturities through potential sales, refinancings, loan modifications or property givebacks, and discussed loans in default.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 109.43%
Held by the ten largest 67.96%
Holder Shares Stake Change
BlackRock 54.74m 19.27% +8.48m
Vanguard 42.54m 14.97% +3.24m
Fidelity (FMR) 31.46m 11.07% +7.41m
State Street 16.34m 5.75% +1.56m
Smead Capital Management, Inc. 11.48m 4.04% −673.62k
CENTERSQUARE INVESTMENT MANAGEMENT LLC 9.00m 3.17% +1.72m
Geode Capital Management 8.67m 3.05% +1.81m
Principal Financial 7.01m 2.47% +5.77m
T. Rowe Price 6.04m 2.13% −1.14m
Charles Schwab 5.78m 2.04% +568.68k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 22 April 2026

Ownership

Directors and executive officers, together 0.75%
BlackRock, Inc. 17.60%
The Vanguard Group 13.25%
FMR LLC 8.10%
State Street Corporation 5.50%
Smead Capital Management, Inc. 5.40%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Macerich Company (The) (MAC) Latest News

5 Nov

Impact 3 · · The Motley Fool transcript
Impact 3 · · MarketBeat
Impact 3 · · GuruFocus.com

20 Oct

Impact 4 · · GlobeNewswire
Impact 4 · · Zacks

10 Oct

Impact 4 · · Simply Wall St.

8 Oct

Impact 3 · · credaily.com

17 Sep

Impact 3 ·
Impact 3 ·

14 Sep

Impact 3 ·

12 Aug

Impact 3 · · The Motley Fool transcript

7 Aug

Impact 3 ·

5 Aug

Impact 4 · transcript
Impact 3 ·
Impact 3 · · Moby transcript
Impact 3 · · MarketBeat transcript

4 Aug

Impact 3 ·
Impact 3 ·
Impact 3 ·

16 Jun

Impact 3 ·
Impact 3 ·

15 Jun

Impact 3 ·
Impact 3 ·
Impact 3 ·

2 Jun

Impact 3 · · Zacks

11 May

Impact 4 · · GlobeNewswire
Impact 4 · · GlobeNewswire
Impact 4 · · MarketBeat

7 May

Impact 4 · · Zacks
Impact 4 · · Moby

MAC metrics, ten years each

stockrow.com/MAC · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com