Macerich Company (The) (MAC) vs Regency Centers Corporation (REG)

Macerich Company (The) and Regency Centers Corporation are both Reit Retail companies. Regency Centers Corporation is the larger, with a market value of $13.4B against $6.7B — 2.0× the size. Macerich Company (The) has negative trailing earnings, so its P/E is not meaningful; Regency Centers Corporation trades at 24.8×. Regency Centers Corporation grew revenue faster over the last twelve months: 8.24% against 1.34%. Regency Centers Corporation has the higher net margin (33.5% vs −16.9%) and the higher return on invested capital (3.17% vs 1.38%). Both pay a dividend; Regency Centers Corporation yields more (4.32% vs 4.07%). Across the 21 metrics below, Regency Centers Corporation leads on 19 and Macerich Company (The) on 2.

Valuation

Metric MAC REG Reit Retail median
P/E n/m 24.82 24.82
P/S 6.16 8.29 6.69
P/B 2.13 1.94 1.75
Price to free cash flow n/m 37.19 13.29
EV/EBITDA 19.02 17.76 15.42
EV/Sales 10.67 11.19 10.60
Earnings yield (2.87%) 4.03% 3.91%
Free cash flow yield (1.63%) 2.69% 2.98%

Profitability

Metric MAC REG Reit Retail median
Gross margin 53.96% 70.35% 71.78%
Operating margin 16.30% 37.11% 34.62%
Net margin (16.85%) 33.54% 27.14%
Free cash flow margin (10.04%) 22.29% 18.82%
Return on equity (6.09%) 8.01% 7.05%
Return on assets (1.97%) 4.20% 3.40%
Return on invested capital 1.38% 3.17% 3.18%

Growth

Metric MAC REG Reit Retail median
Revenue growth (TTM) 1.34% 8.24% 8.49%
EPS growth (last fiscal year) 11.36% 33.65% —
Revenue growth, 5-year CAGR 5.22% 8.86% 8.62%
Net income growth, 5-year CAGR 0.00% 62.83% 1.85%

Health

Metric MAC REG Reit Retail median
Debt to equity 1.67 0.69 0.94
Current ratio 0.88 1.25 1.62
Net debt to EBITDA 8.03 4.69 5.40

Dividend

Metric MAC REG Reit Retail median
Dividend yield 4.07% 4.32% 4.57%
Payout ratio 2.50 1.20 1.21

Size

Metric MAC REG Reit Retail median
Market cap 6.68b 13.35b 3.65b

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