Macerich Company (The) (MAC) vs NNN REIT, Inc. (NNN)

Macerich Company (The) and NNN REIT, Inc. are both Reit Retail companies. NNN REIT, Inc. is the larger, with a market value of $8.0B against $6.7B — 1.2× the size. Macerich Company (The) has negative trailing earnings, so its P/E is not meaningful; NNN REIT, Inc. trades at 20.2×. NNN REIT, Inc. grew revenue faster over the last twelve months: 6.54% against 1.34%. NNN REIT, Inc. has the higher net margin (40.4% vs −16.9%) and the higher return on invested capital (3.92% vs 1.38%). Both pay a dividend; NNN REIT, Inc. yields more (5.73% vs 4.07%). Across the 21 metrics below, NNN REIT, Inc. leads on 18 and Macerich Company (The) on 3.

Valuation

Metric MAC NNN Reit Retail median
P/E n/m 20.25 24.82
P/S 6.16 8.19 6.69
P/B 2.13 1.75 1.75
Price to free cash flow n/m n/m 13.29
EV/EBITDA 19.02 14.51 15.42
EV/Sales 10.67 13.43 10.60
Earnings yield (2.87%) 4.94% 3.91%
Free cash flow yield (1.63%) (0.53%) 2.98%

Profitability

Metric MAC NNN Reit Retail median
Gross margin 53.96% 96.09% 71.78%
Operating margin 16.30% 62.30% 34.62%
Net margin (16.85%) 40.35% 27.14%
Free cash flow margin (10.04%) (4.37%) 18.82%
Return on equity (6.09%) 8.72% 7.05%
Return on assets (1.97%) 4.10% 3.40%
Return on invested capital 1.38% 3.92% 3.18%

Growth

Metric MAC NNN Reit Retail median
Revenue growth (TTM) 1.34% 6.54% 8.49%
EPS growth (last fiscal year) 11.36% (3.72%) —
Revenue growth, 5-year CAGR 5.22% 6.99% 8.62%
Net income growth, 5-year CAGR 0.00% 13.07% 1.85%

Health

Metric MAC NNN Reit Retail median
Debt to equity 1.67 1.12 0.94
Current ratio 0.88 1.15 1.62
Net debt to EBITDA 8.03 5.54 5.40

Dividend

Metric MAC NNN Reit Retail median
Dividend yield 4.07% 5.73% 4.57%
Payout ratio 2.50 1.08 1.21

Size

Metric MAC NNN Reit Retail median
Market cap 6.68b 7.98b 3.65b

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