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The Macerich Company (MAC) 10-Year Financial Performance & Capital Metrics

MAC • • REIT / Real Estate
Real EstateRetail REITsMalls and Outlet Centers
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/Share 0.63 +40.6%
  • FFO Payout 0% -100.0%
  • FFO per Share 0.63 +40.6%
  • NOI Margin 95.4% +79.5%
  • FFO Margin 15.77% +29.6%
  • ROE -
  • ROA -3.91% -61.9%
  • Debt/Assets -
  • Net Debt/EBITDA -0.04 -100.4%
  • Book Value/Share -
Technical Analysis

Key Insights

Based on financial 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.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-2.36%
5Y5.22%
3Y5.68%
TTM10.43%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-1.56%

EPS CAGR

10Y-
5Y-
3Y-
TTM6.1%

ROCE

10Y Avg3.38%
5Y Avg4.35%
3Y Avg6.1%
Latest13.64%

Peer Comparison

Malls and Outlet Centers
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Size & Scale
Valuation
Per Share
Growth
Profitability
Quality & Returns
Safety & Leverage
TTM Growth
Famous Investor Metrics
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Latest Quarter
Momentum & Returns
Total Return (DRIP)
Technical
Volume & Trading
Shares & Dilution
Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
SKTTanger Inc.4.27B37.0642.1113.28%19.18%14.72%3.67%2.22
SPGSimon Property Group, Inc.66.3B203.8514.426.72%72.51%68.82%4.47
CBLCBL & Associates Properties, Inc.1.15B37.788.7112.18%23.31%36.97%6.27%5.95
MACThe Macerich Company5.25B20.47-26.2410.43%-19.44%

Compare MAC vs Peers

Analyze head-to-head performance against top industry competitors across valuation, growth, and profitability metrics.

vs SPG

Compare head-to-head with Simon Property Group, Inc.

vs SKT

Compare head-to-head with Tanger Inc.

Compare Top 4

vs SPG, SKT, CBL

Profit & Loss

Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Revenue+1.04B993.66M960.35M927.46M786.03M847.44M859.16M884.07M918.2M1.01B
Revenue Growth %-19.17%-4.57%-3.35%-3.42%-15.25%7.81%1.38%2.9%3.86%10.43%
Property Operating Expenses405.95M395.31M381M367.95M347.98M380.88M390.35M394.89M430.27M46.63M
Net Operating Income (NOI)+----------
NOI Margin %----------
Operating Expenses+376.7M363.67M370.96M353.36M349.96M341.19M318.78M311.6M322.93M279.7M
G&A Expenses28.22M28.24M24.16M22.63M30.34M30.06M27.16M29.24M28.14M31.54M
EBITDA+607.11M575.96M636M543.82M414.15M449.77M452.51M473.97M470.89M1.04B
EBITDA Margin %----------
Depreciation & Amortization+348.49M341.27M327.44M337.67M326.06M324.4M302.48M296.39M305.88M357.08M
D&A / Revenue %----------
Operating Income+258.62M234.68M308.56M206.15M88.09M125.37M150.03M177.58M165.01M687.65M
Operating Margin %----------
Interest Expense+163.68M171.78M182.96M138.25M75.55M192.68M216.85M172.92M219.99M283.54M
Interest Coverage1.58x1.37x1.69x1.49x1.17x0.65x0.69x1.03x0.75x2.43x
Non-Operating Income0060.23M-36.25M258.45M-90.42M-2.44M283.25M143.99M0
Pretax Income+555.56M177.27M65.37M104.14M-245.91M23.11M-64.37M-278.59M-198.97M-197.15M
Pretax Margin %----------
Income Tax+722K15.59M-3.6M1.59M-447K6.95M705K-494K-1.3M0
Effective Tax Rate %----------
Net Income+517M145.37M60.02M96.82M-230.2M14.26M-66.07M-274.06M-194.12M-197.15M
Net Margin %----------
Net Income Growth %6.36%-71.88%-58.71%61.31%-337.76%106.2%-563.21%-314.82%29.17%-1.56%
Funds From Operations (FFO)+----------
FFO Margin %----------
FFO Growth %-8.95%-43.77%-20.38%12.14%-77.94%253.31%-30.19%-90.55%400.49%43.11%
FFO per Share+----------
FFO Payout Ratio %----------
EPS (Diluted)+3.591.040.430.68-1.580.07-0.31-1.28-0.78-0.78
EPS Growth %13.61%-71.03%-58.65%58.14%-332.35%104.28%-557.9%-312.9%39.06%0%
EPS (Basic)3.591.040.430.68-1.580.07-0.31-1.28-0.79-0.78
Diluted Shares Outstanding146.71M141.91M141.14M141.34M146.23M198.07M215.03M215.55M249.75M254.22M

Balance Sheet

Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Total Assets+9.96B9.61B9.03B8.85B9.18B8.35B8.09B7.51B8.57B1.52B
Asset Growth %-11.37%-3.54%-6.03%-1.92%3.73%-9.13%-3.01%-7.17%14.02%-82.29%
Real Estate & Other Assets+7.59B7.23B6.88B6.73B6.8B6.36B6.28B6.04B7.23B0
PP&E (Net)146.29M00148.09M118.36M110.64M126.61M118.66M111.04M65.5M
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K0
Total Current Assets+349.22M337.92M357.97M264.41M723.47M378.33M368.03M378.53M334.67M102.64M
Cash & Equivalents94.05M91.04M102.71M100M465.3M112.45M100.32M94.94M89.86M43.01M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets49.95M52.07M46.59M14.21M17.36M54.52M80.82M95.36M87.62M0
Intangible Assets354.67M298.43M259.36M158.6M175.51M151.82M73.05M102.3M211.48M0
Total Liabilities5.53B5.64B5.84B6.02B6.74B5.17B5.14B4.99B5.72B1.52B
Total Debt+4.97B5.17B4.98B5.32B6.13B4.61B4.5B4.31B5.06B0
Net Debt4.87B5.08B4.88B5.22B5.66B4.5B4.4B4.21B4.97B-43.01M
Long-Term Debt4.8B5.17B4.98B5.21B6.04B4.53B4.4B4.23B4.99B0
Short-Term Borrowings0000000000
Capital Lease Obligations86.31M051.98M114.2M90.22M80.71M94.91M83.99M71.68M0
Total Current Liabilities+582.75M467.6M477.43M424.52M475.8M441.44M502.94M573.72M660.08M0
Accounts Payable60.58M57.7M59.39M51.03M68.83M59.23M63.11M64.19M87.54M0
Deferred Revenue0000000000
Other Liabilities135.61M65.08M326.5M273.9M134.38M118.99M143.22M102.52M00
Total Equity+4.43B3.97B3.19B2.83B2.45B3.18B2.95B2.53B2.84B0
Equity Growth %-12.7%-10.37%-19.65%-11.21%-13.62%29.89%-7.14%-14.3%12.46%-100%
Shareholders Equity4.11B3.68B2.95B2.63B2.26B3.05B2.87B2.45B2.76B0
Minority Interest321.28M286.42M238.2M198.71M188.21M129.28M83.58M80.58M85.94M0
Common Stock1.44M1.41M1.41M1.41M1.5M2.15M2.15M2.16M2.53M0
Additional Paid-in Capital4.59B4.51B4.57B4.58B4.6B5.49B5.51B5.51B6.16B0
Retained Earnings-488.78M-830.28M-1.61B-1.94B-2.34B-2.44B-2.64B-3.06B-3.41B0
Preferred Stock0000000000
Return on Assets (ROA)4.88%1.49%0.64%1.08%-2.55%0.16%-0.8%-3.51%-2.41%-3.91%
Return on Equity (ROE)10.89%3.46%1.68%3.22%-8.73%0.51%-2.16%-10.01%-7.23%-
Debt / Assets49.87%53.82%55.2%60.14%66.73%55.23%55.58%57.36%59.12%-
Debt / Equity1.12x1.30x1.56x1.88x2.51x1.45x1.53x1.71x1.78x-
Net Debt / EBITDA8.02x8.82x7.67x9.61x13.67x10.00x9.72x8.89x10.56x-0.04x
Book Value per Share30.1827.9622.5920.0316.7216.0413.7211.7311.38-

Cash Flow

Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Cash from Operations+417.51M386.39M344.31M355.16M124.84M286.37M337.51M295.5M283.44M0
Operating CF Growth %-22.74%-7.45%-10.89%3.15%-64.85%129.39%17.86%-12.45%-4.08%-100%
Operating CF / Revenue %----------
Net Income554.84M161.67M68.97M102.55M-245.46M16.16M-65.08M-278.1M-197.66M-197.15M
Depreciation & Amortization342.54M341.27M332.74M337.67M326.06M324.4M302.48M296.39M305.88M357.08M
Stock-Based Compensation33.29M30.8M27.37M12.03M13.84M14.27M17.64M13.17M12.13M0
Other Non-Cash Items-471.1M-122.42M-61.23M-119.21M138.7M-119.84M21.4M246.24M146.35M-159.93M
Working Capital Changes-42.79M-40.53M-19.93M20.52M-107.85M44.43M60.37M18.3M18.05M0
Cash from Investing+454.07M178.99M176.32M-112.03M-202.85M234.97M-1.4M52.54M19.79M0
Acquisitions (Net)-430.43M-117.54M-181.24M-252.9M-126.66M-86.85M-81.72M-81.16M-12.97M0
Purchase of Investments0000000000
Sale of Investments0000000000
Other Investing884.49M296.53M357.56M140.88M-76.19M321.81M80.32M133.7M32.76M0
Cash from Financing+-853.08M-566.27M-514.44M-278.22M446.45M-837.02M-321.94M-338.89M-316.05M0
Dividends Paid-779.31M-443.84M-453.63M-474.53M-179.86M-143.45M-186.33M-159.29M-161.29M0
Common Dividends-779.31M-547.59M-453.63M-474.53M-179.86M-143.45M-186.33M-159.29M-161.29M0
Debt Issuance (Net)1000K1000K-1000K1000K1000K-1000K-1000K-1000K-1000K0
Share Repurchases-800.02M-221.43M0000-183K-583K00
Other Financing-38.7M-104.64M-7.56M-4.7M-3.82M-22.92M-6.17M-34.55M-8.79M0
Net Change in Cash+57.49M-892K6.2M-35.09M368.44M-315.69M14.17M9.15M-12.81M0
Exchange Rate Effect0000000000
Cash at Beginning86.51M144M143.1M149.3M114.22M482.66M166.97M181.14M190.29M0
Cash at End144M143.1M149.3M114.22M482.66M166.97M181.14M190.29M177.48M0
Free Cash Flow+429.53M386.39M344.31M355.16M124.84M286.37M337.51M295.5M283.44M0
FCF Growth %-22.6%-10.04%-10.89%3.15%-64.85%129.39%17.86%-12.45%-4.08%-100%
FCF / Revenue %----------

Key Ratios

Metric2016201720182019202020212022202320242025
FFO per Share5.93.432.753.070.661.711.10.10.450.63
FFO Payout Ratio90.04%112.52%117.08%109.22%187.64%42.36%78.81%713.38%144.32%0%
NOI Margin61.01%60.22%60.33%60.33%55.73%55.05%54.57%55.33%53.14%95.4%
Net Debt / EBITDA8.02x8.82x7.67x9.61x13.67x10.00x9.72x8.89x10.56x-0.04x
Debt / Assets49.87%53.82%55.2%60.14%66.73%55.23%55.58%57.36%59.12%-
Interest Coverage1.58x1.37x1.69x1.49x1.17x0.65x0.69x1.03x0.75x2.43x
Book Value / Share30.1827.9622.5920.0316.7216.0413.7211.7311.38-
Revenue Growth-19.17%-4.57%-3.35%-3.42%-15.25%7.81%1.38%2.9%3.86%10.43%

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