Federal Realty Investment Trust (FRT) vs Macerich Company (The) (MAC)

Federal Realty Investment Trust and Macerich Company (The) are both Reit Retail companies. Federal Realty Investment Trust is the larger, with a market value of $9.7B against $6.7B — 1.4× the size. Macerich Company (The) has negative trailing earnings, so its P/E is not meaningful; Federal Realty Investment Trust trades at 22.2×. Federal Realty Investment Trust grew revenue faster over the last twelve months: 8.04% against 1.34%. Federal Realty Investment Trust has the higher net margin (32.0% vs −16.9%) and the higher return on invested capital (4.93% vs 1.38%). Both pay a dividend; Federal Realty Investment Trust yields more (4.26% vs 4.07%). Across the 21 metrics below, Federal Realty Investment Trust leads on 19 and Macerich Company (The) on 2.

Valuation

Metric FRT MAC Reit Retail median
P/E 22.24 n/m 24.82
P/S 7.13 6.16 6.69
P/B 2.91 2.13 1.75
Price to free cash flow 28.94 n/m 13.29
EV/EBITDA 13.78 19.02 15.42
EV/Sales 10.63 10.67 10.60
Earnings yield 4.50% (2.87%) 3.91%
Free cash flow yield 3.46% (1.63%) 2.98%

Profitability

Metric FRT MAC Reit Retail median
Gross margin 67.53% 53.96% 71.78%
Operating margin 47.86% 16.30% 34.62%
Net margin 31.97% (16.85%) 27.14%
Free cash flow margin 24.65% (10.04%) 18.82%
Return on equity 13.27% (6.09%) 7.05%
Return on assets 4.83% (1.97%) 3.40%
Return on invested capital 4.93% 1.38% 3.18%

Growth

Metric FRT MAC Reit Retail median
Revenue growth (TTM) 8.04% 1.34% 8.49%
EPS growth (last fiscal year) 36.84% 11.36% —
Revenue growth, 5-year CAGR 8.89% 5.22% 8.62%
Net income growth, 5-year CAGR 26.57% 0.00% 1.85%

Health

Metric FRT MAC Reit Retail median
Debt to equity 1.39 1.67 0.94
Current ratio 1.70 0.88 1.62
Net debt to EBITDA 5.00 8.03 5.40

Dividend

Metric FRT MAC Reit Retail median
Dividend yield 4.26% 4.07% 4.57%
Payout ratio 0.92 2.50 1.21

Size

Metric FRT MAC Reit Retail median
Market cap 9.65b 6.68b 3.65b

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