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MACThe Macerich Company
$22.67$6.7B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
MAC logo

The Macerich Company

MAC
NYSE · Retail REITs
$22.67
At close - Sep 23, 4:00 PM EDT - USD
Market Cap$6.75B
P/E-29.4x
52W High$26.68
Volume2.45M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Deleveraging Progress Offsets Negative AFFO Dividend Risk

Macerich is executing a portfolio repositioning that has stabilized same-store NOI growth at 3.8% and reduced total debt to $4.8B from $5.4B a year ago, yet the balance sheet remains strained with a D/E of 1.67 and negative AFFO of -$16.0M in 2026Q2. The compa...

GrowthMixed
ProfitabilityStrained
ValuationExpensive
TechnicalsMixed
Explore valuation models
MARKET ACTION

MAC price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

2/12 Beats

EPS beat 2 of last 12 quarters

02

Valuation risk

-201% Peers

P/E is 201% below peer median

03

Market leadership

RS 62 · Avg

Average momentum (RS Rating: 62)

04

Mixed Trend

Mixed

Price < 50DMA but > 200DMA

Next CatalystEstimated earnings · Nov 4

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
MAC+25.16%
S&P 500 (^GSPC)+12.39%
1-Year Return
MAC+36.39%
S&P 500 (^GSPC)+15.77%
3-Year Return
MAC+120.04%
S&P 500 (^GSPC)+78.16%
5-Year Return
MAC+42.80%
S&P 500 (^GSPC)+68.75%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
-29.4x
Forward P/E
N/A
EV/EBITDA100th %ile
22.3x
FCF YieldCash Flow
4.8%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
-29.4x
255.2x
0th· Low
EV/EBITDA
22.3x
17.6x
100th· High
Price/FCF
21.0x
12.0x
100th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$12.14-46.4%
Base (Fair)$16.10-28.9%
Bull$20.43-9.9%
$12.14 Bear$16.10 Base$20.43 Bull
Current Market Price: $22.67
Trades at a 40.8% premium to Base DCF ($16.10)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$1.02B+10.6% YoY
Net income
-$197M-1.6% YoY
Free cash flow
$322M+13.5% YoY
Operating margin
16.5%-1.4 pts YoY
ROIC (TTM)1.6%
Avg ROIC 5Y-
ROE (TTM)-7.3%
Piotroski Score4 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate2/12 (17%)
Revenue Beat Rate12/12 (100%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 4, 2026
-$0.10-89.6%
vs -$0.05
$250M+4.1%
vs $240M
Q2 2026
May 6, 2026
-$0.14-180.0%
vs -$0.05
$242M+3.6%
vs $233M
Q1 2026
Feb 18, 2026
-$0.07-2014.8%
vs -$0.00
$262M+1.1%
vs $259M
Q4 2025
Nov 4, 2025
-$0.34-6900.0%
vs $0.01
$253M+4.5%
vs $242M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Benzinga·2d ago
This Macerich Analyst Turns Bullish; Here Are Top 5 Upgrades For Monday

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our analyst ratings page.

Seeking Alpha·Sep 16, 2026
The Macerich Company (MAC) Presents at BofA NY Global Real Estate Conference 2026 Transcript

The Macerich Company (MAC) Presents at BofA NY Global Real Estate Conference 2026 Transcript

Seeking Alpha·Sep 16, 2026
Baron Real Estate Fund Q2 2026 Portfolio Activity

Baron Real Estate Fund delivered strong results in the second quarter. The Fund increased 11.89% (Institutional Shares). Shares of Hyatt Hotels Corporation appreciated materially following strong first quarter results and an Investor Day in May that outlined strong long-term growth targets. Shares of AAON, Inc. rose during the quarter following an exceptionally strong earnings report which saw the company see drastically faster growth in its data center business, BasX, than expected.

Seeking Alpha·Sep 14, 2026
2 REITs, $0 I'd Invest: Here's My Case Against The Crowd Favorites

Most equity REITs are uninvestable for high dividend-seeking investors. However, there are some gems to be found. Bargain-hunting high-quality names could be a reasonable approach.

Filtered for The Macerich CompanyMore Headlines
04

Compare before deciding

Benchmark MAC against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for The Macerich Company (MAC)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
MAC logoMACThe Macerich CompanyCurrent
$22.67$6.75B-29.4410.58%-19.42%-7.34%3.24%
SPG logoSPGSimon Property Group, Inc.
$204.16$66.21B14.446.72%68.41%87.97%—
CBL logoCBLCBL & Associates Properties, Inc.
$53.06$1.64B12.2312.18%36.77%57.11%—
KIM logoKIMKimco Realty Corporation
$22.22$14.98B26.775.06%27.73%5.76%—
REG logoREGRegency Centers Corporation
$72.73$13.28B25.793.39%38.24%9.22%—
AKR logoAKRAcadia Realty Trust
$19.11$2.62B201.1614.2%13.57%2.07%—

Compare MAC vs Peers

The Macerich Company (MAC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SPG

Most directly comparable listed peer for MAC.

Scale Benchmark

vs WELL

Larger-name benchmark to compare MAC against a more recognizable public peer.

Peer Set

Compare Top 5

vs SPG, CBL, KIM, REG

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

MAC SEC Filings & Documents

The Macerich Company (MAC) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 11, 2026·SEC

Material company update

Aug 5, 2026·SEC

Material company update

Aug 4, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 20, 2026·SEC

FY 2025

Feb 28, 2025·SEC

FY 2024

Feb 26, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 5, 2026·SEC

FY 2026

May 7, 2026·SEC

FY 2025

Nov 5, 2025·SEC

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MAC Frequently Asked Questions

The Macerich Company (MAC) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is The Macerich Company's revenue?

The Macerich Company (MAC) reported $1.01B in revenue for fiscal year 2025. This represents a 551% increase from $155.1M in 1996.

How fast is The Macerich Company growing?

The Macerich Company (MAC) grew revenue by 10.6% over the past year. This is steady growth.

Is MAC profitable?

The Macerich Company (MAC) reported a net loss of $169.5M for fiscal year 2025.

Dividend & Returns
Does MAC pay dividends?

Yes, The Macerich Company (MAC) pays a dividend with a yield of 3.24%. This makes it attractive for income-focused investors.

What is MAC's return on equity?

The Macerich Company (MAC) has a return on equity (ROE) of -7.3%. Negative ROE indicates the company is unprofitable.

Industry Metrics
What is The Macerich Company's FFO?

The Macerich Company (MAC) generated Funds From Operations (FFO) of $178.9M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Is MAC a good dividend stock?

The Macerich Company (MAC) offers a 3.24% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in MAC back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →