30 years of historical data (1996–2025) · Real Estate · REIT - Retail
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
The Macerich Company currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.2B | $4.7B | $5.0B | $3.3B | $2.4B | $3.4B | $1.6B | $3.8B | $6.1B | $9.3B | $10.4B |
| Enterprise Value | $5.2B | $4.6B | $9.9B | $7.5B | $6.8B | $7.9B | $7.2B | $9.0B | $11.0B | $14.4B | $15.3B |
| P/E Ratio → | -26.24 | — | — | — | — | 255.24 | — | 39.59 | 100.65 | 63.15 | 19.73 |
| P/S Ratio | 5.17 | 4.63 | 5.42 | 3.76 | 2.82 | 4.04 | 1.99 | 4.10 | 6.36 | 9.38 | 9.98 |
| P/B Ratio | — | — | 1.75 | 1.32 | 0.82 | 1.08 | 0.64 | 1.34 | 1.92 | 2.35 | 2.35 |
| P/FCF | — | — | 17.55 | 11.26 | 7.17 | 11.95 | 12.50 | 10.71 | 17.74 | 24.12 | 24.20 |
| P/OCF | — | — | 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
The Macerich Company's enterprise value stands at 5.0x EBITDA, 66% below its 5-year average of 14.8x. The Real Estate sector median is 13.6x, placing the stock at a 63% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.59 | 10.84 | 8.53 | 7.94 | 9.34 | 9.19 | 9.74 | 11.44 | 14.49 | 14.66 |
| EV / EBITDA | 4.98 | 4.45 | 21.13 | 15.91 | 15.07 | 17.61 | 17.44 | 16.60 | 17.28 | 25.00 | 25.14 |
| EV / EBIT | 7.57 | — | 473.30 | — | 44.73 | 36.70 | — | 37.25 | 44.25 | 61.36 | 59.02 |
| EV / FCF | — | — | 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
The Macerich Company earns an operating margin of 67.8%, significantly above the Real Estate sector average of 22.0%. Operating margins have expanded from 20.1% to 67.8% over the past 3 years, signaling improving operational efficiency. ROIC of 20.9% represents excellent returns on invested capital.
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 | 95.4% | 95.4% | 53.1% | 55.3% | 54.6% | 55.1% | 55.7% | 60.3% | 60.3% | 60.2% | 61.0% |
| Operating Margin | 67.8% | 67.8% | 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 | — | — | -7.2% | -10.0% | -2.2% | 0.5% | -8.7% | 3.2% | 1.7% | 3.5% | 10.9% |
| ROA | -3.9% | -3.9% | -2.4% | -3.5% | -0.8% | 0.2% | -2.6% | 1.1% | 0.6% | 1.5% | 4.9% |
| ROIC | 20.9% | 20.9% | 1.7% | 1.9% | 1.5% | 1.2% | 0.8% | 1.9% | 2.7% | 1.9% | 2.0% |
| ROCE | 13.6% | 13.6% | 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
The company holds a net cash position — cash of $43M exceeds total debt of $0, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of just 2.4x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 1.78 | 1.71 | 1.53 | 1.45 | 2.51 | 1.88 | 1.56 | 1.30 | 1.12 |
| Debt / EBITDA | — | — | 10.76 | 9.09 | 9.94 | 10.25 | 14.80 | 9.79 | 7.83 | 8.98 | 8.18 |
| Net Debt / Equity | — | — | 1.75 | 1.67 | 1.49 | 1.42 | 2.32 | 1.85 | 1.53 | 1.28 | 1.10 |
| Net Debt / EBITDA | -0.04 | -0.04 | 10.56 | 8.89 | 9.72 | 10.00 | 13.67 | 9.61 | 7.67 | 8.82 | 8.02 |
| Debt / FCF | — | — | 17.55 | 14.26 | 13.03 | 15.70 | 45.37 | 14.71 | 14.17 | 13.15 | 11.34 |
| Interest Coverage | 2.43 | 2.43 | 0.75 | 1.03 | 0.69 | 0.65 | 1.17 | 1.49 | 1.69 | 1.37 | 1.58 |
Net cash position: cash ($43M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
The current ratio has declined from 0.66x to 0.51x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | 0.51 | 0.66 | 0.73 | 0.86 | 1.52 | 0.62 | 0.75 | 0.72 | 0.60 |
| Quick Ratio | — | — | 0.51 | 0.66 | 0.73 | 0.86 | 1.52 | 0.62 | 0.75 | 0.72 | 0.60 |
| Cash Ratio | 0.14 | — | 0.14 | 0.17 | 0.20 | 0.25 | 0.98 | 0.24 | 0.22 | 0.19 | 0.16 |
| Asset Turnover | — | 0.67 | 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
The Macerich Company does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
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% | 4.8% | 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 | — | — | 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 | 0.0% | 0.0% | 3.2% | 4.8% | 7.7% | 4.2% | 11.5% | 12.5% | 7.4% | 8.3% | 15.2% |
| Shares Outstanding | — | $254M | $250M | $216M | $215M | $198M | $146M | $141M | $141M | $142M | $147M |
Compare MAC with 3 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| MACYou | $5B | -26.2 | 5.0 | — | 95.4% | 67.8% | — | 20.9% | — |
| SPG | $66B | 14.4 | 20.5 | — | 85.7% | 49.9% | 89.6% | 7.6% | 6.4 |
| SKT | $4B | 42.1 | 19.8 | 27.3 | 69.8% | 28.6% | 15.5% | 5.3% | 5.2 |
| CBL | $1B | 8.7 | 10.4 | 16.0 | 7.6% | 24.2% | 40.1% | 4.3% | 7.1 |
| Real Estate Median | — | 23.4 | 13.6 | 13.7 | 60.4% | 22.0% | 3.3% | 2.6% | 6.7 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorSee our Bear / Base / Bull DCF models and intrinsic value estimates.
View ValuationSee how MAC stacks up against sector leader Simon Property Group, Inc..
Start ComparisonThe Macerich Company's current P/E ratio is -26.2x. The historical average is 33.2x.
The Macerich Company's current EV/EBITDA is 5.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.0x.
Based on historical data, The Macerich Company is trading at a P/E of -26.2x. Compare with industry peers and growth rates for a complete picture.
The Macerich Company has 95.4% gross margin and 67.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.