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The Macerich Company(MAC)Earnings, Financials & Key Ratios
MAC•NYSE•REIT / Real Estate
$21.49
$5.51B mkt cap·Price updated May 6, 2026
AboutMacerich is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence in the West Coast, Arizona, Chicago and the Metro New York to Washington, DC corridor. A recognized leader in sustainability, Macerich has achieved the #1 GRESB ranking in the North American Retail Sector for five straight years (2015 - 2019).Show more
- Revenue$1.01B+10.4%
- FFO$160M+43.1%
- FFO/Share0.63+40.6%
- FFO Payout0%-100.0%
- FFO per Share0.63+40.6%
- NOI Margin95.4%+79.5%
- FFO Margin15.77%+29.6%
- ROA-3.91%-61.9%
- Net Debt/EBITDA-0.04-100.4%
MAC Key Insights
The Macerich Company (MAC) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓FFO growing 58.2% TTM
- ✓High NOI margin of 95.4%
- ✓Trading near 52-week high
✗Weaknesses
- ✗Weak Piotroski F-Score: 3/9
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
MAC Price & Volume
The Macerich Company (MAC) stock price & volume — 10-year historical chart
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MAC Growth Metrics
The Macerich Company (MAC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-2.36%
5 Years5.22%
3 Years5.68%
TTM10.43%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-1.56%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM6.1%
Return on Capital
10 Years3.38%
5 Years4.35%
3 Years6.1%
Last Year13.64%
MAC Recent Earnings
The Macerich Company (MAC) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 4/12 qtrs (33%)●Beat Revenue 11/12 qtrs (92%)
Q1 2026Latest
Feb 18, 2026EPS
$0.48
Est $0.43
+11.6%
Revenue
$262M
Est $259M
+1.1%
Q4 2025
Nov 4, 2025EPS
$0.35
Est $0.36
-2.8%
Revenue
$253M
Est $260M
-2.8%
Q3 2025
Aug 11, 2025EPS
$0.32
Est $0.34
-5.9%
Revenue
$250M
Est $246M
+1.6%
Q2 2025
May 12, 2025EPS
$0.33
Est $0.31
+6.5%
Revenue
$249M
Est $200M
+24.8%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 18, 2026 | $0.48vs $0.43+11.6% | $262Mvs $259M+1.1% |
| Q4 2025 | Nov 4, 2025 | $0.35vs $0.36-2.8% | $253Mvs $260M-2.8% |
| Q3 2025 | Aug 11, 2025 | $0.32vs $0.34-5.9% | $250Mvs $246M+1.6% |
| Q2 2025 | May 12, 2025 | $0.33vs $0.31+6.5% | $249Mvs $200M+24.8% |
Based on last 12 quarters of dataView full earnings history →
MAC Peer Comparison
The Macerich Company (MAC) competitors in Malls and Outlet Centers — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 SPG | 65.79B | 202.31 | 14.31 | 6.72% | 72.51% | 68.82% | 4.47 | |
 CBL | 1.35B | 43.78 | 10.09 | 12.18% | 23.51% | 42.94% | 5.3% | 5.95 |
 KIM | 15.88B | 23.54 | 28.36 | 5.06% | 28.51% | 5.81% | 4.87% | 0.82 |
 REG | 14.44B | 78.89 | 27.98 | 3.39% | 37.4% | 9% | 2.73% | 0.83 |
 AKR | 2.88B | 21.99 | 231.47 | 14.2% | 37.72% | 5.8% | 5.79% | 0.73 |
 CBRE | 41.79B | 142.57 | 37.03 | 13.37% | 3.11% | 14.27% | 2.85% | 1.04 |
 JLL | 14.76B | 318.13 | 19.40 | 11.45% | 3.35% | 12.14% | 6.63% | 0.44 |
 SUI | 15.44B | 125.27 | 11.56 | -27.94% | 66.87% | 21.6% | 5.6% | 0.25 |
Compare MAC vs Peers
The Macerich Company (MAC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
MAC Income Statement
The Macerich Company (MAC) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 993.66M | 960.35M | 927.46M | 786.03M | 847.44M | 859.16M | 884.07M | 918.2M | 1.01B |
| Revenue Growth % | -4.57% | -3.35% | -3.42% | -15.25% | 7.81% | 1.38% | 2.9% | 3.86% | 10.43% |
| Property Operating Expenses | 395.31M | 381M | 367.95M | 347.98M | 380.88M | 390.35M | 394.89M | 430.27M | 46.63M |
| Net Operating Income (NOI) | 598.35M▲ 0% | 579.35M▼ 3.2% | 559.51M▼ 3.4% | 438.05M▼ 21.7% | 466.55M▲ 6.5% | 468.81M▲ 0.5% | 489.18M▲ 4.3% | 487.94M▼ 0.3% | 967.36M▲ 98.3% |
| NOI Margin % | 60.22% | 60.33% | 60.33% | 55.73% | 55.05% | 54.57% | 55.33% | 53.14% | 95.4% |
| Operating Expenses | 363.67M | 370.96M | 353.36M | 349.96M | 341.19M | 318.78M | 311.6M | 322.93M | 279.7M |
| G&A Expenses | 28.24M | 24.16M | 22.63M | 30.34M | 30.06M | 27.16M | 29.24M | 28.14M | 31.54M |
| EBITDA | 575.96M | 636M | 543.82M | 414.15M | 449.77M | 452.51M | 473.97M | 470.89M | 1.04B |
| EBITDA Margin % | 57.96% | 66.23% | 58.63% | 52.69% | 53.07% | 52.67% | 53.61% | 51.28% | 103.03% |
| Depreciation & Amortization | 341.27M | 327.44M | 337.67M | 326.06M | 324.4M | 302.48M | 296.39M | 305.88M | 357.08M |
| D&A / Revenue % | 34.35% | 34.1% | 36.41% | 41.48% | 38.28% | 35.21% | 33.53% | 33.31% | 35.22% |
| Operating Income | 234.68M▲ 0% | 308.56M▲ 31.5% | 206.15M▼ 33.2% | 88.09M▼ 57.3% | 125.37M▲ 42.3% | 150.03M▲ 19.7% | 177.58M▲ 18.4% | 165.01M▼ 7.1% | 687.65M▲ 316.7% |
| Operating Margin % | 23.62% | 32.13% | 22.23% | 11.21% | 14.79% | 17.46% | 20.09% | 17.97% | 67.82% |
| Interest Expense | 171.78M | 182.96M | 138.25M | 75.55M | 192.68M | 216.85M | 172.92M | 219.99M | 283.54M |
| Interest Coverage | 1.37x | 1.69x | 1.49x | 1.17x | 0.65x | 0.69x | 1.03x | 0.75x | 2.43x |
| Non-Operating Income | 0 | 60.23M | -36.25M | 258.45M | -90.42M | -2.44M | 283.25M | 143.99M | 0 |
| Pretax Income | 177.27M▲ 0% | 65.37M▼ 63.1% | 104.14M▲ 59.3% | -245.91M▼ 336.1% | 23.11M▲ 109.4% | -64.37M▼ 378.5% | -278.59M▼ 332.8% | -198.97M▲ 28.6% | -197.15M▲ 0.9% |
| Pretax Margin % | 17.84% | 6.81% | 11.23% | -31.29% | 2.73% | -7.49% | -31.51% | -21.67% | -19.44% |
| Income Tax | 15.59M | -3.6M | 1.59M | -447K | 6.95M | 705K | -494K | -1.3M | 0 |
| Effective Tax Rate % | 8.8% | -5.51% | 1.53% | 0.18% | 30.06% | -1.1% | 0.18% | 0.65% | 0% |
| Net Income | 145.37M▲ 0% | 60.02M▼ 58.7% | 96.82M▲ 61.3% | -230.2M▼ 337.8% | 14.26M▲ 106.2% | -66.07M▼ 563.2% | -274.06M▼ 314.8% | -194.12M▲ 29.2% | -197.15M▼ 1.6% |
| Net Margin % | 14.63% | 6.25% | 10.44% | -29.29% | 1.68% | -7.69% | -31% | -21.14% | -19.44% |
| Net Income Growth % | -71.88% | -58.71% | 61.31% | -337.76% | 106.2% | -563.21% | -314.82% | 29.17% | -1.56% |
| Funds From Operations (FFO) | 486.65M▲ 0% | 387.46M▼ 20.4% | 434.49M▲ 12.1% | 95.86M▼ 77.9% | 338.67M▲ 253.3% | 236.41M▼ 30.2% | 22.33M▼ 90.6% | 111.75M▲ 400.5% | 159.93M▲ 43.1% |
| FFO Margin % | 48.98% | 40.35% | 46.85% | 12.19% | 39.96% | 27.52% | 2.53% | 12.17% | 15.77% |
| FFO Growth % | -43.77% | -20.38% | 12.14% | -77.94% | 253.31% | -30.19% | -90.55% | 400.49% | 43.11% |
| FFO per Share | 3.43 | 2.75 | 3.07 | 0.66 | 1.71 | 1.10 | 0.10 | 0.45 | 0.63 |
| FFO Payout Ratio % | 112.52% | 117.08% | 109.22% | 187.64% | 42.36% | 78.81% | 713.38% | 144.32% | 0% |
| EPS (Diluted) | 1.04▲ 0% | 0.43▼ 58.7% | 0.68▲ 58.1% | -1.58▼ 332.4% | 0.07▲ 104.3% | -0.31▼ 557.9% | -1.28▼ 312.9% | -0.78▲ 39.1% | -0.78▲ 0.0% |
| EPS Growth % | -71.03% | -58.65% | 58.14% | -332.35% | 104.28% | -557.9% | -312.9% | 39.06% | 0% |
| EPS (Basic) | 1.04 | 0.43 | 0.68 | -1.58 | 0.07 | -0.31 | -1.28 | -0.79 | -0.78 |
| Diluted Shares Outstanding | 141.91M | 141.14M | 141.34M | 146.23M | 198.07M | 215.03M | 215.55M | 249.75M | 254.22M |
MAC Balance Sheet
The Macerich Company (MAC) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Total Assets | 9.61B | 9.03B | 8.85B | 9.18B | 8.35B | 8.09B | 7.51B | 8.57B | 1.52B |
| Asset Growth % | -3.54% | -6.03% | -1.92% | 3.73% | -9.13% | -3.01% | -7.17% | 14.02% | -82.29% |
| Real Estate & Other Assets | 7.23B | 6.88B | 6.73B | 6.8B | 6.36B | 6.28B | 6.04B | 7.23B | 0 |
| PP&E (Net) | 0 | 0 | 148.09M | 118.36M | 110.64M | 126.61M | 118.66M | 111.04M | 65.5M |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Total Current Assets | 337.92M | 357.97M | 264.41M | 723.47M | 378.33M | 368.03M | 378.53M | 334.67M | 102.64M |
| Cash & Equivalents | 91.04M | 102.71M | 100M | 465.3M | 112.45M | 100.32M | 94.94M | 89.86M | 43.01M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 52.07M | 46.59M | 14.21M | 17.36M | 54.52M | 80.82M | 95.36M | 87.62M | 0 |
| Intangible Assets | 298.43M | 259.36M | 158.6M | 175.51M | 151.82M | 73.05M | 102.3M | 211.48M | 0 |
| Total Liabilities | 5.64B | 5.84B | 6.02B | 6.74B | 5.17B | 5.14B | 4.99B | 5.72B | 1.52B |
| Total Debt | 5.17B | 4.98B | 5.32B | 6.13B | 4.61B | 4.5B | 4.31B | 5.06B | 0 |
| Net Debt | 5.08B | 4.88B | 5.22B | 5.66B | 4.5B | 4.4B | 4.21B | 4.97B | -43.01M |
| Long-Term Debt | 5.17B | 4.98B | 5.21B | 6.04B | 4.53B | 4.4B | 4.23B | 4.99B | 0 |
| Short-Term Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 51.98M | 114.2M | 90.22M | 80.71M | 94.91M | 83.99M | 71.68M | 0 |
| Total Current Liabilities | 467.6M | 477.43M | 424.52M | 475.8M | 441.44M | 502.94M | 573.72M | 660.08M | 0 |
| Accounts Payable | 57.7M | 59.39M | 51.03M | 68.83M | 59.23M | 63.11M | 64.19M | 87.54M | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 65.08M | 326.5M | 273.9M | 134.38M | 118.99M | 143.22M | 102.52M | 0 | 0 |
| Total Equity | 3.97B▲ 0% | 3.19B▼ 19.6% | 2.83B▼ 11.2% | 2.45B▼ 13.6% | 3.18B▲ 29.9% | 2.95B▼ 7.1% | 2.53B▼ 14.3% | 2.84B▲ 12.5% | 0▼ 100.0% |
| Equity Growth % | -10.37% | -19.65% | -11.21% | -13.62% | 29.89% | -7.14% | -14.3% | 12.46% | -100% |
| Shareholders Equity | 3.68B | 2.95B | 2.63B | 2.26B | 3.05B | 2.87B | 2.45B | 2.76B | 0 |
| Minority Interest | 286.42M | 238.2M | 198.71M | 188.21M | 129.28M | 83.58M | 80.58M | 85.94M | 0 |
| Common Stock | 1.41M | 1.41M | 1.41M | 1.5M | 2.15M | 2.15M | 2.16M | 2.53M | 0 |
| Additional Paid-in Capital | 4.51B | 4.57B | 4.58B | 4.6B | 5.49B | 5.51B | 5.51B | 6.16B | 0 |
| Retained Earnings | -830.28M | -1.61B | -1.94B | -2.34B | -2.44B | -2.64B | -3.06B | -3.41B | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 1.49% | 0.64% | 1.08% | -2.55% | 0.16% | -0.8% | -3.51% | -2.41% | -3.91% |
| Return on Equity (ROE) | 3.46% | 1.68% | 3.22% | -8.73% | 0.51% | -2.16% | -10.01% | -7.23% | - |
| Debt / Assets | 53.82% | 55.2% | 60.14% | 66.73% | 55.23% | 55.58% | 57.36% | 59.12% | - |
| Debt / Equity | 1.30x | 1.56x | 1.88x | 2.51x | 1.45x | 1.53x | 1.71x | 1.78x | - |
| Net Debt / EBITDA | 8.82x | 7.67x | 9.61x | 13.67x | 10.00x | 9.72x | 8.89x | 10.56x | -0.04x |
| Book Value per Share | 27.96 | 22.59 | 20.03 | 16.72 | 16.04 | 13.72 | 11.73 | 11.38 | - |
MAC Cash Flow Statement
The Macerich Company (MAC) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 386.39M | 344.31M | 355.16M | 124.84M | 286.37M | 337.51M | 295.5M | 283.44M | 0 |
| Operating CF Growth % | -7.45% | -10.89% | 3.15% | -64.85% | 129.39% | 17.86% | -12.45% | -4.08% | -100% |
| Operating CF / Revenue % | 38.89% | 35.85% | 38.29% | 15.88% | 33.79% | 39.28% | 33.43% | 30.87% | 0% |
| Net Income | 161.67M | 68.97M | 102.55M | -245.46M | 16.16M | -65.08M | -278.1M | -197.66M | -197.15M |
| Depreciation & Amortization | 341.27M | 332.74M | 337.67M | 326.06M | 324.4M | 302.48M | 296.39M | 305.88M | 357.08M |
| Stock-Based Compensation | 30.8M | 27.37M | 12.03M | 13.84M | 14.27M | 17.64M | 13.17M | 12.13M | 0 |
| Other Non-Cash Items | -122.42M | -61.23M | -119.21M | 138.7M | -119.84M | 21.4M | 246.24M | 146.35M | -159.93M |
| Working Capital Changes | -40.53M | -19.93M | 20.52M | -107.85M | 44.43M | 60.37M | 18.3M | 18.05M | 0 |
| Cash from Investing | 178.99M | 176.32M | -112.03M | -202.85M | 234.97M | -1.4M | 52.54M | 19.79M | 0 |
| Acquisitions (Net) | -117.54M | -181.24M | -252.9M | -126.66M | -86.85M | -81.72M | -81.16M | -12.97M | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 296.53M | 357.56M | 140.88M | -76.19M | 321.81M | 80.32M | 133.7M | 32.76M | 0 |
| Cash from Financing | -566.27M | -514.44M | -278.22M | 446.45M | -837.02M | -321.94M | -338.89M | -316.05M | 0 |
| Dividends Paid | -443.84M | -453.63M | -474.53M | -179.86M | -143.45M | -186.33M | -159.29M | -161.29M | 0 |
| Common Dividends | -547.59M | -453.63M | -474.53M | -179.86M | -143.45M | -186.33M | -159.29M | -161.29M | 0 |
| Debt Issuance (Net) | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 0 |
| Share Repurchases | -221.43M | 0 | 0 | 0 | 0 | -183K | -583K | 0 | 0 |
| Other Financing | -104.64M | -7.56M | -4.7M | -3.82M | -22.92M | -6.17M | -34.55M | -8.79M | 0 |
| Net Change in Cash | -892K▲ 0% | 6.2M▲ 794.6% | -35.09M▼ 666.3% | 368.44M▲ 1150.1% | -315.69M▼ 185.7% | 14.17M▲ 104.5% | 9.15M▼ 35.4% | -12.81M▼ 240.0% | 0▲ 100.0% |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 144M | 143.1M | 149.3M | 114.22M | 482.66M | 166.97M | 181.14M | 190.29M | 0 |
| Cash at End | 143.1M | 149.3M | 114.22M | 482.66M | 166.97M | 181.14M | 190.29M | 177.48M | 0 |
| Free Cash Flow | 386.39M▲ 0% | 344.31M▼ 10.9% | 355.16M▲ 3.2% | 124.84M▼ 64.9% | 286.37M▲ 129.4% | 337.51M▲ 17.9% | 295.5M▼ 12.4% | 283.44M▼ 4.1% | 0▼ 100.0% |
| FCF Growth % | -10.04% | -10.89% | 3.15% | -64.85% | 129.39% | 17.86% | -12.45% | -4.08% | -100% |
| FCF / Revenue % | 38.89% | 35.85% | 38.29% | 15.88% | 33.79% | 39.28% | 33.43% | 30.87% | 0% |
MAC Key Ratios
The Macerich Company (MAC) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FFO per Share | 5.9 | 3.43 | 2.75 | 3.07 | 0.66 | 1.71 | 1.1 | 0.1 | 0.45 | 0.63 |
| FFO Payout Ratio | 90.04% | 112.52% | 117.08% | 109.22% | 187.64% | 42.36% | 78.81% | 713.38% | 144.32% | 0% |
| NOI Margin | 61.01% | 60.22% | 60.33% | 60.33% | 55.73% | 55.05% | 54.57% | 55.33% | 53.14% | 95.4% |
| Net Debt / EBITDA | 8.02x | 8.82x | 7.67x | 9.61x | 13.67x | 10.00x | 9.72x | 8.89x | 10.56x | -0.04x |
| Debt / Assets | 49.87% | 53.82% | 55.2% | 60.14% | 66.73% | 55.23% | 55.58% | 57.36% | 59.12% | - |
| Interest Coverage | 1.58x | 1.37x | 1.69x | 1.49x | 1.17x | 0.65x | 0.69x | 1.03x | 0.75x | 2.43x |
| Book Value / Share | 30.18 | 27.96 | 22.59 | 20.03 | 16.72 | 16.04 | 13.72 | 11.73 | 11.38 | - |
| Revenue Growth | -19.17% | -4.57% | -3.35% | -3.42% | -15.25% | 7.81% | 1.38% | 2.9% | 3.86% | 10.43% |
MAC SEC Filings & Documents
The Macerich Company (MAC) SEC filings — annual & quarterly reports (10-K, 10-Q)
MAC Frequently Asked Questions
The Macerich Company (MAC) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
The Macerich Company (MAC) reported $1.01B in revenue for fiscal year 2025. This represents a 554% increase from $155.1M in 1996.
The Macerich Company (MAC) grew revenue by 10.4% over the past year. This is steady growth.
The Macerich Company (MAC) reported a net loss of $197.1M for fiscal year 2025.
Industry Metrics
The Macerich Company (MAC) generated Funds From Operations (FFO) of $168.4M in the trailing twelve months. FFO is the primary profitability metric for REITs.
Explore More MAC
The Macerich Company (MAC) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
DCA Calculator
Dollar cost averaging vs lump sum
Dividend History
Yield, growth, payout safety & DRIP
Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates