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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. In the quarter to June 2026, revenue was flat, EPS grew 37.5%, free cash flow fell 57.9% and total debt fell 8.87%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for five.

22.96 0.13 −0.56%
Market cap
$6.8B
P/E
0.0×
Fwd P/E
−139×
Dividend yield
2.96%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.06
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — 1 —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 6,810.00
Revenue 1,006.21
Net Income (172.11)
Free Cash Flow (101.07)
Net Debt 4,537.13
Current Ratio 0.88
Debt/Equity 1.67
P/E ratio 0.00
Fwd P/E (139.00) (negative: loss-making)
P/S ratio 6.25
P/B ratio 2.16
Past 5Y EPS Growth —
This Y EPS Growth 78.04% (at or above 15%: strong)
Next Y EPS Growth 185.36% (at or above 15%: strong)
Next Y revenue growth (3.49%) (below 0%: weak)
Next 5Y EPS Growth 56.41% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 10.8×, 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 67.38%
10-year low 10-year high
P/B against its own 10 years 76.67%
10-year low 10-year high
EV/Sales against its own 10 years 65.46%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate 0.68
Annual Dividend Yield 2.96%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.68
0.17
0.17
0.17
2025 0.68
0.17
0.17
0.17
0.17
2024 0.68
0.17
0.17
0.17
0.17
2023 0.68
0.17
0.17
0.17
0.17
2022 0.62
0.15
0.15
0.15
0.17
2021 0.60
0.15
0.15
0.15
0.15
2020 1.15
0.75
0.10
0.15
0.15
2019 3.00
0.75
0.75
0.75
0.75
2018 2.97
0.74
0.74
0.74
0.75
2017 2.87
0.71
0.71
0.71
0.74
2016 2.75
0.68
0.68
0.68
0.71
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 190 177 373 311
Receivables 188 157 148 132
Inventory — — — —
Other — — — —
379 335 521 443
2023 2024 2025 Q'26
Payables 64 88 125 132
ST’ Debt — — — —
Other — — — —
399 467 511 506

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%)

Revenue $m

Mar Jun Sep Dec Year
’26 242 250 — — —
’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 — — —
’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) — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 (0.14) (0.10) — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 66.00 52.12 40.90 25.53 4.81 10.31 7.40 8.77 12.99 12.48

Analyst estimates 2026–2028

Powerpack
High 94.51 73.34 69.73 47.05 26.98 25.99 19.18 16.54 22.27 21.12
People
People Employees 851 855 718 737 670 640 651 655 616 598
Revenue/emp, $m 1.22 1.16 1.34 1.26 1.17 1.32 1.32 1.35 1.49 1.70
Income, $m
Income, $m Revenue 1,041 994 960 927 786 847 859 884 918 1,014
Gross margin, % 61.01 60.22 60.33 60.33 55.73 55.05 54.57 55.33 53.14 54.87
EBT 556 177 97 116 (14) (53) (72) (144) (238) (80)
EBT margin, % 53.35 17.84 10.12 12.51 (1.84) (6.21) (8.39) (16.30) (25.91) (7.87)
Net income 555 162 69 103 (245) 16 (65) (278) (198) (201)
Depreciation 372 369 361 349 339 339 320 310 331 417
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
Earnings 3.52 1.02 0.42 0.68 (1.57) 0.07 (0.31) (1.28) (0.88) (0.78)
Cash flow 2.93 2.72 2.44 2.51 0.85 1.45 1.57 1.37 1.28 1.27
Capex 3.17 0.37 (1.07) (1.29) (0.35) 1.16 (0.32) (0.76) (0.25) (1.08)
Free cash flow 6.10 3.10 1.37 1.22 0.50 2.60 1.25 0.61 1.02 0.18
Book value 30.20 27.97 22.59 20.03 16.72 16.04 13.72 11.73 12.81 9.94
Shares, m 147 142 141 141 146 198 215 216 222 254
Valuation, ×
Valuation, × P/E 20.69 65.30 105.56 39.59 0.00 0.00 0.00 0.00 0.00 0.00
P/S 9.99 9.51 6.36 4.10 1.99 4.04 2.80 3.79 4.81 4.63
P/B 2.35 2.38 1.92 1.34 0.64 1.08 0.82 1.33 1.55 1.86
EV/Sales 14.62 14.57 11.39 9.89 9.05 9.33 7.71 8.47 10.06 9.26
EV/FCF 17.03 32.94 56.71 53.10 96.91 15.33 24.67 56.81 40.66 200.34
Cash, $m
Cash, $m Operating cash flow 430 386 344 355 125 286 338 296 283 322
Capex 465 53 (151) (182) (51) 229 (69) (164) (56) (275)
Free cash flow 894 440 193 173 73 516 269 132 227 47
Balance, $m
Balance, $m Working capital (78) (46) (4) (52) 356 65 (14) (20) (133) 10
Total debt 4,966 5,170 4,982 5,484 6,038 4,647 4,404 4,328 4,993 5,069
Net debt 4,822 5,027 4,833 5,370 5,556 4,480 4,223 4,138 4,815 4,696
Shareholders’ equity 4,427 3,968 3,188 2,831 2,445 3,176 2,949 2,528 2,842 2,527
Returns, %
Returns, % ROA 4.88 1.49 0.63 1.08 (2.55) 0.16 (0.80) (3.51) (2.41) (2.33)
ROIC 1.75 1.63 1.62 1.57 0.69 1.02 1.31 1.67 1.35 1.45
ROE 10.89 3.48 1.65 3.22 (8.73) 0.51 (2.16) (10.01) (7.23) (7.34)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $9.2B 21.4× 31.8× +7.76% (above 0%: growing) −45.81% (below 0%: shrinking) −1.70% (below 0%: shrinking) 69.15% 41.30% Compare
BRX Brixmor Property Group Inc. $8.4B 19.5× 26.3× +4.33% (above 0%: growing) −14.29% (below 0%: shrinking) −41.05% (below 0%: shrinking) 75.01% 34.33% Compare
ADC Agree Realty Corporation $8.3B 36.0× 37.9× +16.85% (above 0%: growing) +2.33% (above 0%: growing) −56.33% (below 0%: shrinking) 87.63% 46.47% Compare
NNN NNN REIT, Inc. $7.9B 20.4× 21.9× +7.70% (above 0%: growing) −3.70% (below 0%: shrinking) −108.69% (below 0%: shrinking) 96.62% 61.97% Compare
MAC Macerich Company (The) $6.8B — (loss-making) — (loss-making) −0.03% (below 0%: shrinking) n/m −57.87% (below 0%: shrinking) 53.67% 15.35%
EPRT Essential Properties Realty Trust, Inc. $5.7B 20.2× 23.2× +18.11% (above 0%: growing) +6.25% (above 0%: growing) +28.34% (above 0%: growing) 99.33% 64.50% Compare
PECO Phillips Edison & Company, Inc. $5.4B 33.2× 51.7× +6.68% (above 0%: growing) +230.00% (above 0%: growing) +147.93% (above 0%: growing) 71.21% 28.80% Compare
KRG Kite Realty Group Trust $4.9B 15.1× 79.4× −8.03% (below 0%: shrinking) +60.00% (above 0%: growing) −21.08% (below 0%: shrinking) 73.01% 23.52% Compare
SKT Tanger Inc. $4.1B 31.9× 35.3× +11.15% (above 0%: growing) +7.41% (above 0%: growing) −86.16% (below 0%: shrinking) 70.92% 30.98% Compare
Median of peers $6.8B 20.9× 33.6× +7.73% +4.29% −31.06% 74.01% 37.82%

All 26 Reit Retail stocks →

Macerich Company (The) (MAC) key facts

  • Strength: Macerich Company (The)’s revenue for fiscal 2025 (year ended December 2025) was $1.0 billion, up 10.4% from fiscal 2024.
  • Macerich Company (The) (MAC) is a Reit Retail company in the Real Estate sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, MAC traded at $22.96, a market capitalization of $6.8 billion.
  • Macerich Company (The) pays an annual dividend of $0.68 per share, a yield of 2.96%.
  • Return on equity was −7.34% and debt-to-equity 1.67.
  • Its Piotroski F-score is 7 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Macerich Company (The) (MAC) Latest News

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stockrow.com/MAC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com