The Macerich Company(MAC)Earnings, Financials & Key Ratios

MAC•NYSE•REIT / Real Estate

$22.23

$5.78B mkt cap·Price updated May 6, 2026

SectorReal Estate IndustryRetail REITs Sub-IndustryMalls 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$1.02B+10.6%
FFO$168M+50.7%
FFO/Share0.66+46.6%
FFO Payout103.27%-28.4%
FFO per Share0.66+46.6%
NOI Margin38.16%-28.2%
FFO Margin16.58%+36.3%
ROE-7.34%-1.6%
ROA-2.33%+3.6%
Debt/Assets62.17%+5.2%
Net Debt/EBITDA9.68-8.4%
Book Value/Share9.85-13.5%

Technical→

MAC Key Insights

The Macerich Company (MAC) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓FFO growing 58.2% TTM
✓Healthy dividend yield of 3.0%
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 2.1x
✗Dividend exceeds FFO - may not be sustainable
✗Low NOI margin of 38.2%

* 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-2.35%

5 Years5.25%

3 Years5.72%

TTM10.58%

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 Years2.24%

5 Years2.07%

3 Years2.3%

Last Year2.22%

MAC Recent Earnings

The Macerich Company (MAC) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 4/12 qtrs (33%)●Beat Revenue 11/12 qtrs (92%)

Q1 2026Latest

Feb 18, 2026

EPS

$0.48

Est $0.43

+11.6%

Revenue

$262M

Est $259M

+1.1%

Q4 2025

Nov 4, 2025

EPS

$0.35

Est $0.36

-2.8%

Revenue

$253M

Est $260M

-2.8%

Q3 2025

Aug 11, 2025

EPS

$0.32

Est $0.34

-5.9%

Revenue

$250M

Est $246M

+1.6%

Q2 2025

May 12, 2025

EPS

$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 →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
SPGSimon Property Group, Inc.Direct Competitor	66.84B	205.51	14.53	6.72%	72.51%	68.82%	4.47
CBLCBL & Associates Properties, Inc.Direct Competitor	1.37B	44.14	10.17	12.18%	23.51%	42.94%	5.95
KIMKimco Realty CorporationProduct Competitor	16.05B	23.80	28.67	5.06%	28.51%	5.81%	0.82
REGRegency Centers CorporationProduct Competitor	14.48B	79.08	28.04	3.39%	37.4%	9%	0.83
AKRAcadia Realty TrustProduct Competitor	2.9B	22.16	233.26	14.2%	37.72%	5.8%	0.73
CBRECBRE Group, Inc.Supply Chain	42.55B	145.16	37.70	13.37%	3.11%	14.27%	1.04
JLLJones Lang LaSalle IncorporatedSupply Chain	15.1B	325.52	19.85	11.45%	3.35%	12.14%	0.44
SUISun Communities, Inc.Supply Chain	15.52B	125.92	11.62	-27.94%	66.87%	21.6%	0.25

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

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	1.02B
Revenue Growth %	-4.57%	-3.35%	-3.42%	-15.25%	7.81%	1.38%	2.9%	3.86%	10.58%
Property Operating Expenses	395.31M	381M	367.95M	347.98M	380.88M	390.35M	394.89M	430.27M	627.83M
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%	387.47M▼ 20.6%
NOI Margin %	60.22%	60.33%	60.33%	55.73%	55.05%	54.57%	55.33%	53.14%	38.16%
Operating Expenses	363.67M	370.96M	353.36M	349.96M	341.19M	318.78M	311.6M	322.93M	219.71M
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	533.28M
EBITDA Margin %	57.96%	66.23%	58.63%	52.69%	53.07%	52.67%	53.61%	51.28%	52.52%
Depreciation & Amortization	341.27M	327.44M	337.67M	326.06M	324.4M	302.48M	296.39M	305.88M	365.52M
D&A / Revenue %	34.35%	34.1%	36.41%	41.48%	38.28%	35.21%	33.53%	33.31%	36%
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%	167.76M▲ 1.7%
Operating Margin %	23.62%	32.13%	22.23%	11.21%	14.79%	17.46%	20.09%	17.97%	16.52%
Interest Expense	171.78M	182.96M	138.25M	75.55M	192.68M	216.85M	172.92M	219.99M	216.34M
Interest Coverage	1.37x	1.36x	1.75x	-2.25x	1.12x	0.70x	-0.61x	0.10x	0.18x
Non-Operating Income	0	60.23M	-36.25M	258.45M	-90.42M	-2.44M	283.25M	143.99M	128.36M
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%	-176.94M▲ 11.1%
Pretax Margin %	17.84%	6.81%	11.23%	-31.29%	2.73%	-7.49%	-31.51%	-21.67%	-17.43%
Income Tax	15.59M	-3.6M	1.59M	-447K	6.95M	705K	-494K	-1.3M	-2.19M
Effective Tax Rate %	8.8%	-5.51%	1.53%	0.18%	30.06%	-1.1%	0.18%	0.65%	1.24%
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%	-19.42%
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%	168.38M▲ 50.7%
FFO Margin %	48.98%	40.35%	46.85%	12.19%	39.96%	27.52%	2.53%	12.17%	16.58%
FFO Growth %	-43.77%	-20.38%	12.14%	-77.94%	253.31%	-30.19%	-90.55%	400.49%	50.66%
FFO per Share	3.43	2.75	3.07	0.66	1.71	1.10	0.10	0.45	0.66
FFO Payout Ratio %	112.52%	117.08%	109.22%	187.64%	42.36%	78.81%	713.38%	144.32%	103.27%
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%	-0.77▲ 1.3%
EPS Growth %	-71.03%	-58.65%	58.14%	-332.35%	104.28%	-557.9%	-312.9%	39.06%	1.28%
EPS (Basic)	1.04	0.43	0.68	-1.58	0.07	-0.31	-1.28	-0.79	-0.77
Diluted Shares Outstanding	141.91M	141.14M	141.34M	146.23M	198.07M	215.03M	215.55M	249.75M	256.62M

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	8.37B
Asset Growth %	-3.54%	-6.03%	-1.92%	3.73%	-9.13%	-3.01%	-7.17%	14.02%	-2.32%
Real Estate & Other Assets	7.23B	6.88B	6.73B	6.8B	6.36B	6.28B	6.04B	7.23B	775.21M
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	1000K
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	30.13M
Total Liabilities	5.64B	5.84B	6.02B	6.74B	5.17B	5.14B	4.99B	5.72B	5.84B
Total Debt	5.17B	4.98B	5.32B	6.13B	4.61B	4.5B	4.31B	5.06B	5.2B
Net Debt	5.08B	4.88B	5.22B	5.66B	4.5B	4.4B	4.21B	4.97B	5.16B
Long-Term Debt	5.17B	4.98B	5.21B	6.04B	4.53B	4.4B	4.23B	4.99B	3.98B
Short-Term Borrowings	0	0	0	0	0	0	0	0	1.16B
Capital Lease Obligations	0	51.98M	114.2M	90.22M	80.71M	94.91M	83.99M	71.68M	66.98M
Total Current Liabilities	467.6M	477.43M	424.52M	475.8M	441.44M	502.94M	573.72M	660.08M	1.16B
Accounts Payable	57.7M	59.39M	51.03M	68.83M	59.23M	63.11M	64.19M	87.54M	125.21M
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	638.71M
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%	2.53B▼ 11.1%
Equity Growth %	-10.37%	-19.65%	-11.21%	-13.62%	29.89%	-7.14%	-14.3%	12.46%	-11.09%
Shareholders Equity	3.68B	2.95B	2.63B	2.26B	3.05B	2.87B	2.45B	2.76B	2.45B
Minority Interest	286.42M	238.2M	198.71M	188.21M	129.28M	83.58M	80.58M	85.94M	78.2M
Common Stock	1.41M	1.41M	1.41M	1.5M	2.15M	2.15M	2.16M	2.53M	2.57M
Additional Paid-in Capital	4.51B	4.57B	4.58B	4.6B	5.49B	5.51B	5.51B	6.16B	6.22B
Retained Earnings	-830.28M	-1.61B	-1.94B	-2.34B	-2.44B	-2.64B	-3.06B	-3.41B	-3.78B
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%	-2.33%
Return on Equity (ROE)	3.46%	1.68%	3.22%	-8.73%	0.51%	-2.16%	-10.01%	-7.23%	-7.34%
Debt / Assets	53.82%	55.2%	60.14%	66.73%	55.23%	55.58%	57.36%	59.12%	62.17%
Debt / Equity	1.30x	1.56x	1.88x	2.51x	1.45x	1.53x	1.71x	1.78x	2.06x
Net Debt / EBITDA	8.82x	7.67x	9.61x	13.67x	10.00x	9.72x	8.89x	10.56x	9.68x
Book Value per Share	27.96	22.59	20.03	16.72	16.04	13.72	11.73	11.38	9.85

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	321.6M
Operating CF Growth %	-7.45%	-10.89%	3.15%	-64.85%	129.39%	17.86%	-12.45%	-4.08%	13.46%
Operating CF / Revenue %	38.89%	35.85%	38.29%	15.88%	33.79%	39.28%	33.43%	30.87%	31.68%
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	171.83M
Working Capital Changes	-40.53M	-19.93M	20.52M	-107.85M	44.43M	60.37M	18.3M	18.05M	-10.16M
Cash from Investing	178.99M	176.32M	-112.03M	-202.85M	234.97M	-1.4M	52.54M	19.79M	-325.34M
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	-325.34M
Cash from Financing	-566.27M	-514.44M	-278.22M	446.45M	-837.02M	-321.94M	-338.89M	-316.05M	199.22M
Dividends Paid	-443.84M	-453.63M	-474.53M	-179.86M	-143.45M	-186.33M	-159.29M	-161.29M	-173.88M
Common Dividends	-547.59M	-453.63M	-474.53M	-179.86M	-143.45M	-186.33M	-159.29M	-161.29M	-173.88M
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K	1000K
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	35.73M
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%	195.48M▲ 1625.4%
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	177.48M
Cash at End	143.1M	149.3M	114.22M	482.66M	166.97M	181.14M	190.29M	177.48M	372.96M
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%	321.6M▲ 13.5%
FCF Growth %	-10.04%	-10.89%	3.15%	-64.85%	129.39%	17.86%	-12.45%	-4.08%	13.46%
FCF / Revenue %	38.89%	35.85%	38.29%	15.88%	33.79%	39.28%	33.43%	30.87%	31.68%

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	0.66
FFO Payout Ratio	90.04%	112.52%	117.08%	109.22%	187.64%	42.36%	78.81%	713.38%	144.32%	103.27%
NOI Margin	61.01%	60.22%	60.33%	60.33%	55.73%	55.05%	54.57%	55.33%	53.14%	38.16%
Net Debt / EBITDA	8.02x	8.82x	7.67x	9.61x	13.67x	10.00x	9.72x	8.89x	10.56x	9.68x
Debt / Assets	49.87%	53.82%	55.2%	60.14%	66.73%	55.23%	55.58%	57.36%	59.12%	62.17%
Interest Coverage	1.58x	1.37x	1.36x	1.75x	-2.25x	1.12x	0.70x	-0.61x	0.10x	0.18x
Book Value / Share	30.18	27.96	22.59	20.03	16.72	16.04	13.72	11.73	11.38	9.85
Revenue Growth	-19.17%	-4.57%	-3.35%	-3.42%	-15.25%	7.81%	1.38%	2.9%	3.86%	10.58%

MAC SEC Filings & Documents

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

8-K Announcements

Material company update

May 6, 2026·SEC

Material company update

Mar 2, 2026·SEC

Material company update

Feb 26, 2026·SEC

10-K Annual Reports

FY 2026

Feb 20, 2026·SEC

FY 2025

Feb 28, 2025·SEC

FY 2024

Feb 26, 2024·SEC

10-Q Quarterly Reports

FY 2025

Nov 5, 2025·SEC

FY 2025

Aug 11, 2025·SEC

FY 2025

May 12, 2025·SEC

MAC Frequently Asked Questions

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

Growth & Financials

The Macerich Company (MAC) reported $1.02B in revenue for fiscal year 2025. This represents a 555% increase from $155.1M in 1996.

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

The Macerich Company (MAC) reported a net loss of $197.1M for fiscal year 2025.

Dividend & Returns

Yes, The Macerich Company (MAC) pays a dividend with a yield of 3.05%. This makes it attractive for income-focused investors.

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

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.

The Macerich Company (MAC) offers a 3.05% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More MAC

The Macerich Company (MAC) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

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The Macerich Company(MAC)Earnings, Financials & Key Ratios

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