The Macerich Company (MAC) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Retail
EV/EBITDA
↑
21.19
↑+20% vs avg
5yr avg: 17.66
30Y Low7.8·High28.6
P/FCF
↑
19.10
↑+52% vs avg
5yr avg: 12.53
30Y Low5.9·High80.8
P/B Ratio
↑
2.40
↑+75% vs avg
5yr avg: 1.37
30Y Low0.6·High4.6
ROE
↓
-7.3%
↑-40% vs avg
5yr avg: -5.2%
30Y Low-10%·High31%
Debt/EBITDA
↓
9.76
↓-2% vs avg
5yr avg: 9.96
30Y Low2.3·High14.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MAC Valuation Multiples
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. On a free-cash-flow basis, the stock trades at 19.1x P/FCF, 52% above the 5-year average of 12.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.1B | $4.7B | $5.0B | $3.3B | $2.4B | $3.4B | $1.6B | $3.8B | $6.1B | $9.3B | $10.4B |
| Enterprise Value | $11.3B | $9.9B | $9.9B | $7.5B | $6.8B | $7.9B | $7.2B | $9.0B | $11.0B | $14.4B | $15.3B |
| P/E Ratio → | -30.66 | — | — | — | — | 255.24 | — | 39.59 | 100.65 | 63.15 | 19.73 |
| P/S Ratio | 6.05 | 4.67 | 5.42 | 3.76 | 2.82 | 4.04 | 1.99 | 4.10 | 6.36 | 9.38 | 9.98 |
| P/B Ratio | 2.40 | 1.87 | 1.75 | 1.32 | 0.82 | 1.08 | 0.64 | 1.34 | 1.92 | 2.35 | 2.35 |
| P/FCF | 19.10 | 14.73 | 17.55 | 11.26 | 7.17 | 11.95 | 12.50 | 10.71 | 17.74 | 24.12 | 24.20 |
| P/OCF | 19.10 | 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
MAC EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
The Macerich Company's enterprise value stands at 21.2x EBITDA, 20% above its 5-year average of 17.7x. The Real Estate sector median is 17.0x, placing the stock at a 25% premium 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 | — | 9.75 | 10.84 | 8.53 | 7.94 | 9.34 | 9.19 | 9.74 | 11.44 | 14.49 | 14.66 |
| EV / EBITDA | 21.19 | 18.56 | 21.13 | 15.91 | 15.07 | 17.61 | 17.44 | 16.60 | 17.28 | 25.00 | 25.14 |
| EV / EBIT | 67.37 | 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 |
MAC Profitability
Margins and return-on-capital ratios measuring operating efficiency
The Macerich Company earns an operating margin of 16.5%, below the Real Estate sector average of 24.8%. Operating margins have compressed from 20.1% to 16.5% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -7.3% indicates the company is currently destroying shareholder equity. ROIC of 1.6% represents below-average returns on invested capital.
Margins
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% |
Return on Capital
| 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% |
MAC Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The Macerich Company carries a Debt/EBITDA ratio of 9.8x, which is highly leveraged (23% above the sector average of 7.9x). Net debt stands at $5.2B ($5.2B total debt minus $43M cash). Interest coverage of just 0.2x 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 | 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 |
MAC Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.09x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.66x to 0.09x 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 | 0.09 | 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 | — | — | — | — | — | — | — | — | — | — | — |
MAC Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
The Macerich Company returns 2.9% to shareholders annually primarily through dividends.
Dividends
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 | 2.9% | 3.7% | 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% |
Total Shareholder Return Metrics
| 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 | 5.2% | 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 | 2.9% | 3.7% | 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 |
Peer Comparison
Compare MAC with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MACYou | $6B | -30.7 | 21.2 | 19.1 | 38.2% | 16.5% | -7.3% | 1.6% | 9.8 |
 SPG | $69B | 14.9 | 20.8 | 19.3 | 85.7% | 49.9% | 89.6% | 7.7% | 6.3 |
 CBL | $1B | 10.9 | 11.8 | 20.4 | 7.6% | 24.2% | 40.1% | 4.2% | 7.1 |
 KIM | $16B | 29.4 | 18.1 | 21.3 | 54.7% | 35.2% | 5.5% | 3.0% | 6.3 |
 REG | $14B | 27.3 | 20.3 | 35.7 | 44.7% | 37.0% | 7.5% | 3.5% | 6.1 |
 AKR | $3B | 222.4 | 22.5 | 16.6 | 50.5% | 12.0% | 0.5% | 0.9% | 9.3 |
 CBRE | $39B | 34.2 | 22.7 | 32.3 | 15.0% | 3.2% | 12.3% | 6.2% | 4.8 |
 JLL | $14B | 18.1 | 11.6 | 14.1 | 99.0% | 4.5% | 10.9% | 8.9% | 2.4 |
 SUI | $15B | 10.9 | 15.9 | 16.9 | 9.3% | 20.9% | 19.1% | 3.2% | 1.8 |
 WELL | $145B | 148.7 | 64.6 | 50.8 | 39.2% | 3.3% | 2.5% | 0.5% | 8.6 |
 VNO | $7B | 9.0 | 18.8 | 5.7 | 100.0% | 15.0% | 13.9% | 1.4% | 10.5 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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MAC — Frequently Asked Questions
Quick answers to the most common questions about buying MAC stock.
What is The Macerich Company's P/E ratio?
The Macerich Company's current P/E ratio is -30.7x. The historical average is 33.2x.
What is The Macerich Company's EV/EBITDA?
The Macerich Company's current EV/EBITDA is 21.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.4x.
What is The Macerich Company's ROE?
The Macerich Company's return on equity (ROE) is -7.3%. The historical average is 6.5%.
Is MAC stock overvalued?
Based on historical data, The Macerich Company is trading at a P/E of -30.7x. Compare with industry peers and growth rates for a complete picture.
What is The Macerich Company's dividend yield?
The Macerich Company's current dividend yield is 2.87%.
What are The Macerich Company's profit margins?
The Macerich Company has 38.2% gross margin and 16.5% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does The Macerich Company have?
The Macerich Company's Debt/EBITDA ratio is 9.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.