Comprehensive Stock Comparison
Compare The Macerich Company (MAC) vs Kimco Realty Corporation (KIM) 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 | KIM | 14.2% revenue growth vs MAC's 10.4% |
| Quality / Margins | KIM | 27.3% net margin vs MAC's -19.4% |
| Stability / Safety | KIM | Beta 0.70 vs MAC's 1.27 |
| Dividends | KIM | 4.3% yield; MAC pays no meaningful dividend |
| Momentum (1Y) | MAC | +17.2% vs KIM's +11.1% |
| Efficiency (ROA) | KIM | 3.0% ROA vs MAC's -13.0%, ROIC 2.7% 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.
Kimco Realty is a real estate investment trust that owns and operates open-air, grocery-anchored shopping centers and mixed-use properties across the United States. It generates revenue primarily through collecting rent from retail tenants—with grocery stores serving as anchor tenants that drive consistent foot traffic—and earns additional income from property management and development services. The company's competitive advantage lies in its strategic focus on grocery-anchored centers in high-density metropolitan markets, which provides recession-resistant cash flow due to the essential nature of grocery retail.
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
MAC leads in 3 of 6 categories (Valuation Metrics, Profitability & Efficiency). KIM leads in 1 (Risk & Volatility). 1 tied.
Financial Metrics (TTM)
KIM is the larger business by revenue, generating $2.1B annually — 2.1x MAC's $1.0B. KIM is the more profitable business, keeping 27.3% of every revenue dollar as net income compared to MAC's -19.4%. On growth, KIM holds the edge at +3.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | MACThe Macerich Comp… | KIMKimco Realty Corp… |
|---|---|---|
| RevenueTrailing 12 months | $1.0B | $2.1B |
| EBITDAEarnings before interest/tax | $1.1B | $1.1B |
| Net IncomeAfter-tax profit | -$197M | $584M |
| Free Cash FlowCash after capex | $297M | $630M |
| Gross MarginGross profit ÷ Revenue | +95.4% | +69.1% |
| Operating MarginEBIT ÷ Revenue | +67.8% | +36.0% |
| Net MarginNet income ÷ Revenue | -19.4% | +27.3% |
| FCF MarginFCF ÷ Revenue | +29.3% | +29.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | -4.4% | +3.2% |
| EPS Growth (YoY)Latest quarter vs prior year | +92.1% | -4.3% |
Valuation Metrics
On an enterprise value basis, MAC's 5.0x EV/EBITDA is more attractive than KIM's 19.4x.
| Metric | MACThe Macerich Comp… | KIMKimco Realty Corp… |
|---|---|---|
| Market CapShares × price | $5.2B | $16.0B |
| Enterprise ValueMkt cap + debt − cash | $5.2B | $23.9B |
| Trailing P/EPrice ÷ TTM EPS | -26.24x | 42.82x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 30.43x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 4.98x | 19.38x |
| Price / SalesMarket cap ÷ Revenue | 5.17x | 7.86x |
| Price / BookPrice ÷ Book value/share | — | 1.46x |
| Price / FCFMarket cap ÷ FCF | — | 23.49x |
Profitability & Efficiency
On the Piotroski fundamental quality scale (0–9), KIM scores 5/9 vs MAC's 3/9, reflecting solid financial health.
| Metric | MACThe Macerich Comp… | KIMKimco Realty Corp… |
|---|---|---|
| ROE (TTM)Return on equity | — | +5.5% |
| ROA (TTM)Return on assets | -13.0% | +3.0% |
| ROICReturn on invested capital | +20.9% | +2.7% |
| ROCEReturn on capital employed | +13.6% | +3.3% |
| Piotroski ScoreFundamental quality 0–9 | 3 | 5 |
| Debt / EquityFinancial leverage | — | 0.79x |
| Net DebtTotal debt minus cash | -$43M | $7.9B |
| Cash & Equiv.Liquid assets | $43M | $689M |
| Total DebtShort + long-term debt | $0 | $8.6B |
| Interest CoverageEBIT ÷ Interest expense | 2.43x | 2.04x |
Total Returns (with DRIP)
A $10,000 investment in MAC five years ago would be worth $18,138 today (with dividends reinvested), compared to $15,116 for KIM. Over the past 12 months, MAC leads with a +17.2% total return vs KIM's +11.1%. The 3-year compound annual growth rate (CAGR) favors MAC at 23.2% vs KIM's 8.8% — a key indicator of consistent wealth creation.
| Metric | MACThe Macerich Comp… | KIMKimco Realty Corp… |
|---|---|---|
| YTD ReturnYear-to-date | +10.5% | +17.4% |
| 1-Year ReturnPast 12 months | +17.2% | +11.1% |
| 3-Year ReturnCumulative with dividends | +86.9% | +28.8% |
| 5-Year ReturnCumulative with dividends | +81.4% | +51.2% |
| 10-Year ReturnCumulative with dividends | -54.7% | +23.3% |
| CAGR (3Y)Annualised 3-year return | +23.2% | +8.8% |
Risk & Volatility
KIM is the less volatile stock with a 0.70 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… | KIMKimco Realty Corp… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.27x | 0.70x |
| 52-Week HighHighest price in past year | $20.93 | $23.91 |
| 52-Week LowLowest price in past year | $12.48 | $17.93 |
| % of 52W HighCurrent price vs 52-week peak | +97.8% | +98.5% |
| RSI (14)Momentum oscillator 0–100 | 67.1 | 76.3 |
| Avg Volume (50D)Average daily shares traded | 1.6M | 4.4M |
Analyst Outlook
Wall Street rates MAC as "Hold" and KIM as "Hold". Consensus price targets imply 2.5% upside for KIM (target: $24) vs 1.8% for MAC (target: $21). KIM is the only dividend payer here at 4.33% yield — a key consideration for income-focused portfolios.
| Metric | MACThe Macerich Comp… | KIMKimco Realty Corp… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $20.83 | $24.14 |
| # AnalystsCovering analysts | 34 | 36 |
| Dividend YieldAnnual dividend ÷ price | — | +4.3% |
| Dividend StreakConsecutive years of raises | 0 | 0 |
| Dividend / ShareAnnual DPS | — | $1.02 |
| 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 | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| The Macerich Company (MAC) | 100 | 91.94 | -8.1% |
| Kimco Realty Corpor… (KIM) | 100 | 116.89 | +16.9% |
The Macerich Company (MAC) returned +81% over 5 years vs Kimco Realty Corpor… (KIM)'s +51%. 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% |
| Kimco Realty Corpor… (KIM) | $1.2B | $2.0B | +74.0% |
The Macerich Company's revenue grew from $1.0B (2016) to $1.0B (2025) — a -0.3% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| The Macerich Company (MAC) | 49.7% | -19.4% | -139.2% |
| Kimco Realty Corpor… (KIM) | 32.4% | 20.2% | -37.7% |
The Macerich Company's net margin went from 50% (2016) to -19% (2025).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| The Macerich Company (MAC) | 63.2 | 255.2 | +303.8% |
| Kimco Realty Corpor… (KIM) | 20.9 | 42.6 | +103.8% |
The Macerich Company has traded in a 40x–255x P/E range over 4 years; current trailing P/E is ~-26x. Kimco Realty Corporation has traded in a 7x–132x P/E range over 8 years; current trailing P/E is ~43x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| The Macerich Company (MAC) | 3.59 | -0.78 | -121.7% |
| Kimco Realty Corpor… (KIM) | 0.79 | 0.55 | -30.4% |
The Macerich Company's EPS grew from $3.59 (2016) to $-0.78 (2025) — a NaN% CAGR.
Chart 6Free Cash Flow — 5 Years
The Macerich Company generated $0M FCF in 2025 (-100% vs 2021). Kimco Realty Corporation generated $681M FCF in 2024 (+10% vs 2021).
MAC vs KIM: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is MAC or KIM a better buy right now?
Kimco Realty Corporation (KIM) offers the better valuation at 42.8x trailing P/E (30.4x 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 KIM?
Over the past 5 years, The Macerich Company (MAC) delivered a total return of +81.4%, compared to +51.2% for Kimco Realty Corporation (KIM). 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: KIM returned +23.3% 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 KIM?
By beta (market sensitivity over 5 years), Kimco Realty Corporation (KIM) is the lower-risk stock at 0.70β versus The Macerich Company's 1.27β — meaning MAC is approximately 83% more volatile than KIM relative to the S&P 500.
04Which has better profit margins — MAC or KIM?
Kimco Realty Corporation (KIM) is the more profitable company, earning 20.2% net margin versus -19.4% for The Macerich Company — meaning it keeps 20.2% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: MAC leads at 67.8% versus 30.9% for KIM. 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 KIM more undervalued right now?
Analyst consensus price targets imply the most upside for KIM: 2.5% to $24.14.
06Which pays a better dividend — MAC or KIM?
In this comparison, KIM (4.3% yield) pays a dividend. MAC does not pay a meaningful dividend and should not be held primarily for income.
07Is MAC or KIM better for a retirement portfolio?
For long-horizon retirement investors, Kimco Realty Corporation (KIM) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.70), 4.3% yield). Both have compounded well over 10 years (KIM: +23.3%, 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 KIM?
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. In terms of investment character: MAC is a small-cap quality compounder stock; KIM is a mid-cap income-oriented stock. KIM pays a dividend while MAC does not, making them suitable for different income and tax situations. 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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