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MACThe Macerich Company
$23.61$6.1B
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MAC logoThe Macerich Company(MAC)Earnings, Financials & Key Ratios

MAC•NYSE•REIT / Real Estate
Price updated Jun 19, 2026
SectorReal EstateIndustryRetail REITsSub-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%

MAC Key Insights

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

✓Strengths

  • ✓Momentum leader: RS Rating 80 (top 20%)
  • ✓Healthy dividend yield of 2.9%

✗Weaknesses

  • ✗High debt to equity ratio of 2.1x
  • ✗FFO declining 17.8% TTM
  • ✗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.

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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%
TTM5.24%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-56.04%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-65.12%

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 5/12 qtrs (42%)●Beat Revenue 11/12 qtrs (92%)
Q2 2026Latest
May 6, 2026
Metric
Actual
Est
EPS
$0.34+700.0%
$0.06
Rev
$242M+3.6%
$233M
Q1 2026
Feb 18, 2026
Metric
Actual
Est
EPS
$0.48+11.6%
$0.43
Rev
$262M+1.1%
$259M
Q4 2025
Nov 4, 2025
Metric
Actual
Est
EPS
$0.35-2.8%
$0.36
Rev
$253M-2.8%
$260M
Q3 2025
Aug 11, 2025
Metric
Actual
Est
EPS
$0.32-5.9%
$0.34
Rev
$250M+1.6%
$246M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 6, 2026
$0.34vs $0.06+700.0%
$242Mvs $233M+3.6%
Q1 2026Feb 18, 2026
$0.48vs $0.43+11.6%
$262Mvs $259M+1.1%
Q4 2025Nov 4, 2025
$0.35vs $0.36-2.8%
$253Mvs $260M-2.8%
Q3 2025Aug 11, 2025
$0.32vs $0.34-5.9%
$250Mvs $246M+1.6%
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

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
SPG logoSPGSimon Property Group, Inc.Direct Competitor68.65B211.3314.956.72%70.4%97.99%4.35
CBL logoCBLCBL & Associates Properties, Inc.Direct Competitor1.47B47.4010.9212.18%29.62%50.39%5.95
KIM logoKIMKimco Realty CorporationProduct Competitor16.44B24.3829.375.06%28.51%5.81%0.82
REG logoREGRegency Centers CorporationProduct Competitor14.08B76.8827.263.39%37.4%9%0.83
AKR logoAKRAcadia Realty TrustProduct Competitor2.77B21.13222.4214.2%37.72%5.8%0.73
CBRE logoCBRECBRE Group, Inc.Supply Chain38.56B131.5534.1713.37%3.11%14.27%1.04
JLL logoJLLJones Lang LaSalle IncorporatedSupply Chain13.79B297.2918.1311.45%3.35%12.14%0.44
SUI logoSUISun Communities, Inc.Supply Chain14.6B118.4610.93-27.94%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
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
993.66M960.35M927.46M786.03M847.44M859.16M884.07M918.2M1.02B1.01B
Revenue Growth %
-4.57%-3.35%-3.42%-15.25%7.81%1.38%2.9%3.86%10.58%5.24%
Property Operating Expenses
395.31M381M367.95M347.98M380.88M390.35M394.89M430.27M627.83M796.27M
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%
212.56M▲ 0%
NOI Margin %
60.22%60.33%60.33%55.73%55.05%54.57%55.33%53.14%38.16%21.07%
Operating Expenses
363.67M370.96M353.36M349.96M341.19M318.78M311.6M322.93M219.71M45.7M
G&A Expenses
28.24M24.16M22.63M30.34M30.06M27.16M29.24M28.14M31.54M23.93M
EBITDA
575.96M636M543.82M414.15M449.77M452.51M473.97M470.89M533.28M520.25M
EBITDA Margin %
57.96%66.23%58.63%52.69%53.07%52.67%53.61%51.28%52.52%51.57%
Depreciation & Amortization
341.27M327.44M337.67M326.06M324.4M302.48M296.39M305.88M365.52M353.38M
D&A / Revenue %
34.35%34.1%36.41%41.48%38.28%35.21%33.53%33.31%36%35.03%
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%
166.87M▲ 0%
Operating Margin %
23.62%32.13%22.23%11.21%14.79%17.46%20.09%17.97%16.52%16.54%
Interest Expense
171.78M182.96M138.25M75.55M192.68M216.85M172.92M219.99M216.34M3M
Interest Coverage
1.37x1.36x1.75x-2.25x1.12x0.70x-0.61x0.10x0.18x-
Non-Operating Income
060.23M-36.25M258.45M-90.42M-2.44M283.25M143.99M128.36M-12.14M
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%
-171.34M▲ 0%
Pretax Margin %
17.84%6.81%11.23%-31.29%2.73%-7.49%-31.51%-21.67%-17.43%-16.98%
Income Tax
15.59M-3.6M1.59M-447K6.95M705K-494K-1.3M-2.19M-4.01M
Effective Tax Rate %
8.8%-5.51%1.53%0.18%30.06%-1.1%0.18%0.65%1.24%2.34%
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%
-183.38M▲ 0%
Net Margin %
14.63%6.25%10.44%-29.29%1.68%-7.69%-31%-21.14%-19.42%-18.18%
Net Income Growth %
-71.88%-58.71%61.31%-337.76%106.2%-563.21%-314.82%29.17%-1.56%-56.04%
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%
170M▲ 0%
FFO Margin %
48.98%40.35%46.85%12.19%39.96%27.52%2.53%12.17%16.58%16.85%
FFO Growth %
-43.77%-20.38%12.14%-77.94%253.31%-30.19%-90.55%400.49%50.66%189.16%
FFO per Share
3.432.753.070.661.711.100.100.450.660.66
FFO Payout Ratio %
112.52%117.08%109.22%187.64%42.36%78.81%713.38%144.32%103.27%107.51%
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%
-0.71▲ 0%
EPS Growth %
-71.03%-58.65%58.14%-332.35%104.28%-557.9%-312.9%39.06%1.28%-65.12%
EPS (Basic)
1.040.430.68-1.580.07-0.31-1.28-0.79-0.77-
Diluted Shares Outstanding
141.91M141.14M141.34M146.23M198.07M215.03M215.55M249.75M256.62M258.03M

MAC Balance Sheet

The Macerich Company (MAC) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
9.61B9.03B8.85B9.18B8.35B8.09B7.51B8.57B8.37B1.51B
Asset Growth %
-3.54%-6.03%-1.92%3.73%-9.13%-3.01%-7.17%14.02%-2.32%-61.73%
Real Estate & Other Assets
7.23B6.88B6.73B6.8B6.36B6.28B6.04B7.23B775.21M0
PP&E (Net)
00148.09M118.36M110.64M126.61M118.66M111.04M65.5M65.21M
Investment Securities
1000K1000K1000K1000K1000K1000K1000K1000K1000K0
Total Current Assets
337.92M357.97M264.41M723.47M378.33M368.03M378.53M334.67M102.64M104.58M
Cash & Equivalents
91.04M102.71M100M465.3M112.45M100.32M94.94M89.86M43.01M51.13M
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets
52.07M46.59M14.21M17.36M54.52M80.82M95.36M87.62M00
Intangible Assets
298.43M259.36M158.6M175.51M151.82M73.05M102.3M211.48M30.13M0
Total Liabilities
5.64B5.84B6.02B6.74B5.17B5.14B4.99B5.72B5.84B1.51B
Total Debt
5.17B4.98B5.32B6.13B4.61B4.5B4.31B5.06B5.2B0
Net Debt
5.08B4.88B5.22B5.66B4.5B4.4B4.21B4.97B5.16B-51.13M
Long-Term Debt
5.17B4.98B5.21B6.04B4.53B4.4B4.23B4.99B3.98B0
Short-Term Borrowings
000000001.16B0
Capital Lease Obligations
051.98M114.2M90.22M80.71M94.91M83.99M71.68M66.98M208.25M
Total Current Liabilities
467.6M477.43M424.52M475.8M441.44M502.94M573.72M660.08M1.16B0
Accounts Payable
57.7M59.39M51.03M68.83M59.23M63.11M64.19M87.54M125.21M0
Deferred Revenue
0000000000
Other Liabilities
65.08M326.5M273.9M134.38M118.99M143.22M102.52M0638.71M0
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%
2.51B▲ 0%
Equity Growth %
-10.37%-19.65%-11.21%-13.62%29.89%-7.14%-14.3%12.46%-11.09%-16.98%
Shareholders Equity
3.68B2.95B2.63B2.26B3.05B2.87B2.45B2.76B2.45B2.44B
Minority Interest
286.42M238.2M198.71M188.21M129.28M83.58M80.58M85.94M78.2M73.87M
Common Stock
1.41M1.41M1.41M1.5M2.15M2.15M2.16M2.53M2.57M2.61M
Additional Paid-in Capital
4.51B4.57B4.58B4.6B5.49B5.51B5.51B6.16B6.22B0
Retained Earnings
-830.28M-1.61B-1.94B-2.34B-2.44B-2.64B-3.06B-3.41B-3.78B-3.86B
Preferred Stock
0000000000
Return on Assets (ROA)
1.49%0.64%1.08%-2.55%0.16%-0.8%-3.51%-2.41%-2.33%-2.71%
Return on Equity (ROE)
3.46%1.68%3.22%-8.73%0.51%-2.16%-10.01%-7.23%-7.34%-7.13%
Debt / Assets
53.82%55.2%60.14%66.73%55.23%55.58%57.36%59.12%62.17%0%
Debt / Equity
1.30x1.56x1.88x2.51x1.45x1.53x1.71x1.78x2.06x0.00x
Net Debt / EBITDA
8.82x7.67x9.61x13.67x10.00x9.72x8.89x10.56x9.68x-0.10x
Book Value per Share
27.9622.5920.0316.7216.0413.7211.7311.389.859.73

MAC Cash Flow Statement

The Macerich Company (MAC) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
386.39M344.31M355.16M124.84M286.37M337.51M295.5M283.44M321.6M348.72M
Operating CF Growth %
-7.45%-10.89%3.15%-64.85%129.39%17.86%-12.45%-4.08%13.46%-1.44%
Operating CF / Revenue %
38.89%35.85%38.29%15.88%33.79%39.28%33.43%30.87%31.68%34.57%
Net Income
161.67M68.97M102.55M-245.46M16.16M-65.08M-278.1M-197.66M-197.15M-183.38M
Depreciation & Amortization
341.27M332.74M337.67M326.06M324.4M302.48M296.39M305.88M357.08M350.68M
Stock-Based Compensation
30.8M27.37M12.03M13.84M14.27M17.64M13.17M12.13M0-8.51M
Other Non-Cash Items
-122.42M-61.23M-119.21M138.7M-119.84M21.4M246.24M146.35M171.83M233.49M
Working Capital Changes
-40.53M-19.93M20.52M-107.85M44.43M60.37M18.3M18.05M-10.16M32.6M
Cash from Investing
178.99M176.32M-112.03M-202.85M234.97M-1.4M52.54M19.79M-325.34M-336.07M
Acquisitions (Net)
-117.54M-181.24M-252.9M-126.66M-86.85M-81.72M-81.16M-12.97M0109.49M
Purchase of Investments
000000000-304.59M
Sale of Investments
00000000078.59M
Other Investing
296.53M357.56M140.88M-76.19M321.81M80.32M133.7M32.76M-325.34M-121M
Cash from Financing
-566.27M-514.44M-278.22M446.45M-837.02M-321.94M-338.89M-316.05M199.22M-86.39M
Dividends Paid
-443.84M-453.63M-474.53M-179.86M-143.45M-186.33M-159.29M-161.29M-173.88M-227.03M
Common Dividends
-547.59M-453.63M-474.53M-179.86M-143.45M-186.33M-159.29M-161.29M-173.88M-182.77M
Debt Issuance (Net)
1000K-1000K1000K1000K-1000K-1000K-1000K-1000K1000K0
Share Repurchases
-221.43M0000-183K-583K000
Other Financing
-104.64M-7.56M-4.7M-3.82M-22.92M-6.17M-34.55M-8.79M35.73M46.44M
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%
-73.74M▲ 0%
Exchange Rate Effect
0000000000
Cash at Beginning
144M143.1M149.3M114.22M482.66M166.97M181.14M190.29M177.48M372.96M
Cash at End
143.1M149.3M114.22M482.66M166.97M181.14M190.29M177.48M372.96M270.76M
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%
294.65M▲ 0%
FCF Growth %
-10.04%-10.89%3.15%-64.85%129.39%17.86%-12.45%-4.08%13.46%-4.31%
FCF / Revenue %
38.89%35.85%38.29%15.88%33.79%39.28%33.43%30.87%31.68%29.21%

MAC Key Ratios

The Macerich Company (MAC) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share
3.432.753.070.661.711.10.10.450.660.66
FFO Payout Ratio
112.52%117.08%109.22%187.64%42.36%78.81%713.38%144.32%103.27%107.51%
NOI Margin
60.22%60.33%60.33%55.73%55.05%54.57%55.33%53.14%38.16%21.07%
Net Debt / EBITDA
8.82x7.67x9.61x13.67x10.00x9.72x8.89x10.56x9.68x-0.10x
Debt / Assets
53.82%55.2%60.14%66.73%55.23%55.58%57.36%59.12%62.17%0%
Interest Coverage
1.37x1.36x1.75x-2.25x1.12x0.70x-0.61x0.10x0.18x-
Book Value / Share
27.9622.5920.0316.7216.0413.7211.7311.389.859.73
Revenue Growth
-4.57%-3.35%-3.42%-15.25%7.81%1.38%2.9%3.86%10.58%5.24%
Related:MAC Dividend History·MAC Revenue History·MAC Price History·MAC P/E History·MAC Financial Ratios·MAC Institutional Holders

MAC SEC Filings & Documents

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

8-K Announcements

6
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

4
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

May 7, 2026·SEC

FY 2025

Nov 5, 2025·SEC

FY 2025

Aug 11, 2025·SEC

MAC Frequently Asked Questions

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

Growth & Financials

The Macerich Company (MAC) reported $1.01B in revenue for fiscal year 2025. This represents a 551% 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 $183.4M for fiscal year 2025.

Dividend & Returns

Yes, The Macerich Company (MAC) pays a dividend with a yield of 2.87%. 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 $170.0M in the trailing twelve months. FFO is the primary profitability metric for REITs.

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

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

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How much would $100/month in MAC be worth today?

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