Comprehensive Stock Comparison
Compare The Macerich Company (MAC) vs Realty Income Corporation (O) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | MAC | 10.4% revenue growth vs O's 9.1% |
| Quality / Margins | O | 18.4% net margin vs MAC's -19.4% |
| Stability / Safety | O | Beta 0.19 vs MAC's 1.27 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | O | +23.6% vs MAC's +17.2% |
| Efficiency (ROA) | O | 1.5% ROA vs MAC's -13.0%, ROIC 2.3% vs 20.9% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Macerich is a real estate investment trust that owns and operates regional shopping malls across the United States. It generates revenue primarily through leasing retail space to tenants—collecting base rents, percentage rents based on tenant sales, and common area maintenance charges—with its portfolio concentrated in high-density coastal markets. The company's competitive advantage lies in its premium portfolio of Class-A malls in affluent, densely populated regions—particularly the West Coast and Northeast corridor—which attract high-quality tenants and shoppers.
Realty Income is a real estate investment trust that owns and leases single-tenant commercial properties to retail and service-oriented businesses. It generates revenue primarily through long-term triple-net leases—where tenants pay rent plus property expenses—with retail clients like convenience stores and drugstores accounting for roughly 80% of its portfolio. The company's moat lies in its massive scale, diversified tenant base, and long-term lease structure that provides predictable monthly cash flow supporting its famous monthly dividend payments.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
O leads in 3 of 6 categories (Profitability & Efficiency, Risk & Volatility). MAC leads in 1 (Valuation Metrics). 2 tied.
Financial Metrics (TTM)
O is the larger business by revenue, generating $5.7B annually — 5.7x MAC's $1.0B. O is the more profitable business, keeping 18.4% of every revenue dollar as net income compared to MAC's -19.4%. On growth, O holds the edge at +11.0% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | MACThe Macerich Comp… | ORealty Income Cor… |
|---|---|---|
| RevenueTrailing 12 months | $1.0B | $5.7B |
| EBITDAEarnings before interest/tax | $1.1B | $4.1B |
| Net IncomeAfter-tax profit | -$197M | $1.1B |
| Free Cash FlowCash after capex | $297M | $2.8B |
| Gross MarginGross profit ÷ Revenue | +95.4% | +89.8% |
| Operating MarginEBIT ÷ Revenue | +67.8% | +28.3% |
| Net MarginNet income ÷ Revenue | -19.4% | +18.4% |
| FCF MarginFCF ÷ Revenue | +29.3% | +48.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | -4.4% | +11.0% |
| EPS Growth (YoY)Latest quarter vs prior year | +92.1% | +39.1% |
Valuation Metrics
On an enterprise value basis, MAC's 5.0x EV/EBITDA is more attractive than O's 15.2x.
| Metric | MACThe Macerich Comp… | ORealty Income Cor… |
|---|---|---|
| Market CapShares × price | $5.2B | $62.6B |
| Enterprise ValueMkt cap + debt − cash | $5.2B | $62.1B |
| Trailing P/EPrice ÷ TTM EPS | -26.24x | 57.27x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 41.80x |
| PEG RatioP/E ÷ EPS growth rate | — | 80.25x |
| EV / EBITDAEnterprise value multiple | 4.98x | 15.16x |
| Price / SalesMarket cap ÷ Revenue | 5.17x | 10.88x |
| Price / BookPrice ÷ Book value/share | — | 1.51x |
| Price / FCFMarket cap ÷ FCF | — | 15.66x |
Profitability & Efficiency
On the Piotroski fundamental quality scale (0–9), O scores 5/9 vs MAC's 3/9, reflecting solid financial health.
| Metric | MACThe Macerich Comp… | ORealty Income Cor… |
|---|---|---|
| ROE (TTM)Return on equity | — | +2.6% |
| ROA (TTM)Return on assets | -13.0% | +1.5% |
| ROICReturn on invested capital | +20.9% | +2.3% |
| ROCEReturn on capital employed | +13.6% | +2.3% |
| Piotroski ScoreFundamental quality 0–9 | 3 | 5 |
| Debt / EquityFinancial leverage | — | — |
| Net DebtTotal debt minus cash | -$43M | -$435M |
| Cash & Equiv.Liquid assets | $43M | $435M |
| Total DebtShort + long-term debt | $0 | $0 |
| Interest CoverageEBIT ÷ Interest expense | 2.43x | — |
Total Returns (with DRIP)
A $10,000 investment in MAC five years ago would be worth $18,138 today (with dividends reinvested), compared to $14,035 for O. Over the past 12 months, O leads with a +23.6% total return vs MAC's +17.2%. The 3-year compound annual growth rate (CAGR) favors MAC at 23.2% vs O's 6.3% — a key indicator of consistent wealth creation.
| Metric | MACThe Macerich Comp… | ORealty Income Cor… |
|---|---|---|
| YTD ReturnYear-to-date | +10.5% | +17.9% |
| 1-Year ReturnPast 12 months | +17.2% | +23.6% |
| 3-Year ReturnCumulative with dividends | +86.9% | +19.9% |
| 5-Year ReturnCumulative with dividends | +81.4% | +40.3% |
| 10-Year ReturnCumulative with dividends | -54.7% | +67.6% |
| CAGR (3Y)Annualised 3-year return | +23.2% | +6.3% |
Risk & Volatility
O is the less volatile stock with a 0.19 beta — it tends to amplify market swings less than MAC's 1.27 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | MACThe Macerich Comp… | ORealty Income Cor… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.27x | 0.19x |
| 52-Week HighHighest price in past year | $20.93 | $67.94 |
| 52-Week LowLowest price in past year | $12.48 | $50.71 |
| % of 52W HighCurrent price vs 52-week peak | +97.8% | +98.6% |
| RSI (14)Momentum oscillator 0–100 | 67.1 | 70.7 |
| Avg Volume (50D)Average daily shares traded | 1.6M | 5.4M |
Analyst Outlook
Wall Street rates MAC as "Hold" and O as "Hold". Consensus price targets imply 1.8% upside for MAC (target: $21) vs -5.4% for O (target: $63).
| Metric | MACThe Macerich Comp… | ORealty Income Cor… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $20.83 | $63.38 |
| # AnalystsCovering analysts | 34 | 33 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 0 | 27 |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Feb 20 | Feb 26 | Change |
|---|---|---|---|
| The Macerich Company (MAC) | 100 | 91.67 | -8.3% |
| Realty Income Corpo… (O) | 100 | 86.35 | -13.7% |
The Macerich Company (MAC) returned +81% over 5 years vs Realty Income Corpo… (O)'s +40%. A $10,000 investment in MAC 5 years ago would be worth $18,138 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| The Macerich Company (MAC) | $1.0B | $1.0B | -2.6% |
| Realty Income Corpo… (O) | $1.1B | $5.7B | +421.2% |
The Macerich Company's revenue grew from $1.0B (2016) to $1.0B (2025) — a -0.3% CAGR. Realty Income Corporation's revenue grew from $1.1B (2016) to $5.7B (2025) — a 20.1% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| The Macerich Company (MAC) | 49.7% | -19.4% | -139.2% |
| Realty Income Corpo… (O) | 28.6% | 18.4% | -35.6% |
The Macerich Company's net margin went from 50% (2016) to -19% (2025). Realty Income Corporation's net margin went from 29% (2016) to 18% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| The Macerich Company (MAC) | 63.2 | 255.2 | +303.8% |
| Realty Income Corpo… (O) | 50.2 | 48.2 | -4.0% |
The Macerich Company has traded in a 40x–255x P/E range over 4 years; current trailing P/E is ~-26x. Realty Income Corporation has traded in a 45x–82x P/E range over 9 years; current trailing P/E is ~57x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| The Macerich Company (MAC) | 3.59 | -0.78 | -121.7% |
| Realty Income Corpo… (O) | 1.13 | 1.17 | +3.5% |
The Macerich Company's EPS grew from $3.59 (2016) to $-0.78 (2025) — a NaN% CAGR. Realty Income Corporation's EPS grew from $1.13 (2016) to $1.17 (2025) — a 0% CAGR.
Chart 6Free Cash Flow — 5 Years
The Macerich Company generated $0M FCF in 2025 (-100% vs 2021). Realty Income Corporation generated $4B FCF in 2025 (+207% vs 2021).
MAC vs O: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is MAC or O a better buy right now?
Realty Income Corporation (O) offers the better valuation at 57.3x trailing P/E (41.8x forward), making it the more compelling value choice. Analysts rate The Macerich Company (MAC) a "Hold" — based on 34 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — MAC or O?
Over the past 5 years, The Macerich Company (MAC) delivered a total return of +81.4%, compared to +40.3% for Realty Income Corporation (O). A $10,000 investment in MAC five years ago would be worth approximately $18K today (assuming dividends reinvested). Over 10 years, the gap is even starker: O returned +67.6% versus MAC's -54.7%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — MAC or O?
By beta (market sensitivity over 5 years), Realty Income Corporation (O) is the lower-risk stock at 0.19β versus The Macerich Company's 1.27β — meaning MAC is approximately 572% more volatile than O relative to the S&P 500.
04Which has better profit margins — MAC or O?
Realty Income Corporation (O) is the more profitable company, earning 18.4% net margin versus -19.4% for The Macerich Company — meaning it keeps 18.4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: MAC leads at 67.8% versus 28.3% for O. At the gross margin level — before operating expenses — MAC leads at 95.4%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
05Is MAC or O more undervalued right now?
Analyst consensus price targets imply the most upside for MAC: 1.8% to $20.83.
06Which pays a better dividend — MAC or O?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
07Is MAC or O better for a retirement portfolio?
For long-horizon retirement investors, Realty Income Corporation (O) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.19)). Both have compounded well over 10 years (O: +67.6%, MAC: -54.7%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
08What are the main differences between MAC and O?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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