Latest Ratios: P/E Ratio -29.4x · EV/EBITDA 22.3x · ROE -7.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.7B | $4.7B | $5.0B | $3.3B | $2.4B | $3.4B | $1.6B | $3.8B | $6.1B | $9.3B | $10.4B |
| Enterprise Value | $11.9B | $9.9B | $9.9B | $7.5B | $6.8B | $7.9B | $7.2B | $9.0B | $11.0B | $14.4B | $15.3B |
| P/E Ratio → | -29.44 | — | — | — | — | 255.24 | — | 39.59 | 100.65 | 63.15 | 19.73 |
| P/S Ratio | 6.64 | 4.67 | 5.42 | 3.76 | 2.82 | 4.04 | 1.99 | 4.10 | 6.36 | 9.38 | 9.98 |
| P/B Ratio | 2.30 | 1.87 | 1.75 | 1.32 | 0.82 | 1.08 | 0.64 | 1.34 | 1.92 | 2.35 | 2.35 |
| P/FCF | 20.98 | 14.73 | 17.55 | 11.26 | 7.17 | 11.95 | 12.50 | 10.71 | 17.74 | 24.12 | 24.20 |
| P/OCF | 20.98 | 14.73 | 17.55 | 11.26 | 7.17 | 11.95 | 12.50 | 10.71 | 17.74 | 24.12 | 24.89 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.75 | 10.84 | 8.53 | 7.94 | 9.34 | 9.19 | 9.74 | 11.44 | 14.49 | 14.66 |
| EV / EBITDA | 22.32 | 18.56 | 21.13 | 15.91 | 15.07 | 17.61 | 17.44 | 16.60 | 17.28 | 25.00 | 25.14 |
| EV / EBIT | 70.97 | 251.18 | 473.30 | — | 44.73 | 36.70 | — | 37.25 | 44.25 | 61.36 | 59.02 |
| EV / FCF | — | 30.77 | 35.10 | 25.52 | 20.21 | 27.65 | 57.86 | 25.42 | 31.91 | 37.27 | 35.54 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.2% | 38.2% | 53.1% | 55.3% | 54.6% | 55.1% | 55.7% | 60.3% | 60.3% | 60.2% | 61.0% |
| Operating Margin | 16.5% | 16.5% | 18.0% | 20.1% | 17.5% | 14.8% | 11.2% | 22.2% | 32.1% | 23.6% | 24.8% |
| Net Profit Margin | -19.4% | -19.4% | -21.1% | -31.0% | -7.7% | 1.7% | -29.3% | 10.4% | 6.2% | 14.6% | 49.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -7.3% | -7.3% | -7.2% | -10.0% | -2.2% | 0.5% | -8.7% | 3.2% | 1.7% | 3.5% | 10.9% |
| ROA | -2.3% | -2.3% | -2.4% | -3.5% | -0.8% | 0.2% | -2.6% | 1.1% | 0.6% | 1.5% | 4.9% |
| ROIC | 1.6% | 1.6% | 1.7% | 1.9% | 1.5% | 1.2% | 0.8% | 1.9% | 2.7% | 1.9% | 2.0% |
| ROCE | 2.2% | 2.2% | 2.2% | 2.4% | 1.9% | 1.5% | 1.0% | 2.4% | 3.5% | 2.5% | 2.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.06 | 2.06 | 1.78 | 1.71 | 1.53 | 1.45 | 2.51 | 1.88 | 1.56 | 1.30 | 1.12 |
| Debt / EBITDA | 9.76 | 9.76 | 10.76 | 9.09 | 9.94 | 10.25 | 14.80 | 9.79 | 7.83 | 8.98 | 8.18 |
| Net Debt / Equity | — | 2.04 | 1.75 | 1.67 | 1.49 | 1.42 | 2.32 | 1.85 | 1.53 | 1.28 | 1.10 |
| Net Debt / EBITDA | 9.68 | 9.68 | 10.56 | 8.89 | 9.72 | 10.00 | 13.67 | 9.61 | 7.67 | 8.82 | 8.02 |
| Debt / FCF | — | 16.04 | 17.55 | 14.26 | 13.03 | 15.70 | 45.37 | 14.71 | 14.17 | 13.15 | 11.34 |
| Interest Coverage | 0.18 | 0.18 | 0.10 | -0.61 | 0.70 | 1.12 | -2.25 | 1.75 | 1.36 | 1.37 | 1.58 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.09 | 0.09 | 0.51 | 0.66 | 0.73 | 0.86 | 1.52 | 0.62 | 0.75 | 0.72 | 0.60 |
| Quick Ratio | 0.09 | 0.09 | 0.51 | 0.66 | 0.73 | 0.86 | 1.52 | 0.62 | 0.75 | 0.72 | 0.60 |
| Cash Ratio | 0.04 | 0.04 | 0.14 | 0.17 | 0.20 | 0.25 | 0.98 | 0.24 | 0.22 | 0.19 | 0.16 |
| Asset Turnover | — | 0.12 | 0.11 | 0.12 | 0.11 | 0.10 | 0.09 | 0.10 | 0.11 | 0.10 | 0.10 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.2% | 4.0% | 3.2% | 4.8% | 7.7% | 4.2% | 11.5% | 12.5% | 7.4% | 5.9% | 7.5% |
| Payout Ratio | — | — | — | — | — | 1005.7% | — | 490.1% | 755.8% | 376.7% | 150.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 0.4% | — | 2.5% | 1.0% | 1.6% | 5.1% |
| FCF Yield | 4.8% | 6.8% | 5.7% | 8.9% | 13.9% | 8.4% | 8.0% | 9.3% | 5.6% | 4.1% | 4.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.4% | 7.7% |
| Total Shareholder Yield | 3.2% | 4.0% | 3.2% | 4.8% | 7.7% | 4.2% | 11.5% | 12.5% | 7.4% | 8.3% | 15.2% |
| Shares Outstanding | — | $257M | $250M | $216M | $215M | $198M | $146M | $141M | $141M | $142M | $147M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MAC stock.
The Macerich Company's current P/E ratio is -29.4x. The historical average is 33.2x.
The Macerich Company's current EV/EBITDA is 22.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.4x.
The Macerich Company's return on equity (ROE) is -7.3%. The historical average is 6.5%.
Based on historical data, The Macerich Company is trading at a P/E of -29.4x. Compare with industry peers and growth rates for a complete picture.
The Macerich Company's current dividend yield is 3.24%.
The Macerich Company has 38.2% gross margin and 16.5% operating margin. Operating margin between 10-20% is typical for established companies.
The Macerich Company's Debt/EBITDA ratio is 9.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
High leverage and negative AFFO
Metrics are mathematically derived from official filings.
P/FFO Compression Amid Earnings Volatility
MAC's P/FFO has compressed to 10.62x in 2026Q2 from 12.01x in 2024Q4, per quarterly data, yet the negative AFFO and high leverage suggest the market is pricing in significant risk.
The P/FFO multiple of 10.62x in 2026Q2 is below the trailing range of 9.73x to 12.01x, indicating a de-rating as earnings quality deteriorates. However, with AFFO negative, the P/FFO metric may overstate value, as it does not account for maintenance capex. The implied cap rate, derived from NOI and enterprise value, appears elevated relative to private market transactions, suggesting the market is discounting asset quality or growth prospects.
NOI Margin Volatility Masks Core Stability
NOI margin swung from 68.8% in 2026Q2 to -17.7% in 2026Q1, as reported in financial statements, reflecting non-cash impairments rather than operational deterioration, with go-forward portfolio NOI growing 3.8%.
The extreme quarterly swings in NOI margin are driven by one-time charges, as evidenced by the 68.8% margin in 2026Q2 versus the negative margins in 2025Q4 and 2026Q1. Underlying same-store NOI growth of 3.8% suggests organic expansion, but the negative net margin of -19.4% indicates that interest and impairment costs are overwhelming operating profits. Investors should monitor whether the positive NOI trend can offset these non-operating drags.
Dividend Coverage Relies on FFO, Not AFFO
FFO payout ratio was 87.6% in 2026Q2, per MAC's filings, but AFFO turned negative at -$16.0M, implying the dividend is not covered by cash flow after capex, a critical red flag.
While the FFO payout ratio of 87.6% appears manageable, the negative AFFO of -$0.06 per share in 2026Q2 indicates that maintenance capital expenditures exceed cash generated from operations. This suggests the dividend is being funded through external sources or asset sales, which is unsustainable in the long term. The prior quarter's payout ratio of 94.7% further underscores the thin coverage, and investors should monitor whether management will reduce the dividend or accelerate asset dispositions.
Leverage Elevated Despite Deleveraging Efforts
Debt-to-equity stood at 1.67 in 2026Q2, down from 2.06 in 2025Q4, per balance sheet data, but interest coverage of 0.59x remains critically low, indicating refinancing risk.
The reduction in debt-to-equity from 2.06 to 1.67 suggests deleveraging, but the interest coverage ratio of 0.59x in 2026Q2 is dangerously low, meaning operating income is insufficient to cover interest expenses. This implies reliance on asset sales or refinancing to meet obligations. The high proportion of fixed-rate debt and upcoming maturities could strain liquidity if capital markets tighten. The reported D/E of 2.06 in 2025Q4 may also understate true leverage due to off-balance-sheet JV debt, which warrants further investigation.
Occupancy Gains Signal Tenant Demand
Leasing speedometer reached 88% in 2026Q2, exceeding the 85% mid-year target, as disclosed in the earnings call, indicating improving tenant demand and portfolio occupancy.
The leasing velocity improvement to 88% suggests that MAC's Class A mall assets are attracting tenants, which may support future rent growth. However, the portfolio's concentration in California and Arizona exposes it to regional economic shifts. G&A efficiency appears stable, but the negative AFFO indicates that property-level cash flows are being consumed by high operating costs and capex. The signed-not-open pipeline of $124 million provides visibility into future NOI, but execution risk remains.
P/E Misleads Due to Depreciation Distortions
Standard P/E is meaningless for MAC given negative GAAP earnings, as reported in SEC filings, while P/FFO of 10.62x and negative AFFO provide a clearer picture of valuation and cash flow.
The P/E of -32.01 is a result of heavy non-cash depreciation and impairment charges, which do not reflect the underlying cash-generating ability of the properties. Investors should instead use P/FFO, which adjusts for depreciation, but even that metric is flawed because it ignores maintenance capex. The negative AFFO in 2026Q2 highlights that FFO overstates distributable cash, and the true earnings power is lower. A more accurate valuation would incorporate a normalized AFFO or a NAV-based approach that accounts for the redevelopment pipeline and off-balance-sheet JV interests.