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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

24.79 0.23 −0.92%
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

Macerich Company (The) (MAC) valuation and DCF model

What the price implies · reverse DCF

At $24.79 the price implies FFO a share growing 4.4% a year for ten years.

FFO a share grew −9.0% a year over the last ten years, 5.0% over the last five. The price asks for 13.4 points a year more than its ten-year rate. The industry’s median company is priced for 1.5%.

In December 2017 the price assumed 5.6% a year; Macerich Company (The) went on to grow FFO a share −9.3% a year to FY2025.

Q3 2026’s FFO a share is the $0.29 Macerich Company (The) reported, in its results release. Ours, from its filings, came out 27.3% lower. It reported AFFO of $0.37 a share for Q3 2026.

Price implies
4.4%
Last 5 years, reported
5.0%
Last 10 years, reported
−9.0%
Industry median implies
1.5%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
4.4% a year for ten years
$24.79
today’s price
Its base case
−9.0% a year for five years, then −5.4%
$10.21
58.8% below today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Macerich Company (The)’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 4.4% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Macerich Company (The)’s own cost of capital: risk-free 4.3% + beta 2.13 × equity premium 4.5% = 13.9% cost of equity; weighted, 13.9%.

Use 13.9%
Base case value per share $10.21 ten years discounted, and what follows
Current price $24.79 market price per share
Below today’s price 58.8% downside at the base case’s assumptions

How we got there$5.93 10 years of FFO+$4.28 terminal value=$10.21 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Retail).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E — 57.79× 57.79× — 24.06× —
P/FCF — 32.12× 26.87× — 17.80× —
P/B 2.54× 1.62× 1.55× 64% above 1.77× 44% above
EV/EBITDA 20.09× 16.84× 17.76× 13% above 15.96× 26% above
EV/Sales 11.20× 9.34× 10.09× 11% above 10.99× 2% above
P/FFO 18.22× 12.12× 12.77× 43% above — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
14.49×17.55×20.61×23.66×10Y avg 17.76×2017201820192020202120222023202420252026

MAC trades at 20.09× EV/EBITDA, against a 10-year average of 17.76× (range 14.09×–23.99×). That is dearer than 89% of the last 9 year-end readings; re-rating to the average implies $22.18 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.