Last 48 quarters of trend data · Real Estate · REIT - Retail
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
EV/EBITDA has compressed 89.4% YoY to 1.8x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | -26.24 | — | — | — | — | — | — | 3.33 | — | 13.30 | — | — | — |
| — | — | — | — | — | — | — | — | — | -95.3% | — | — | — | |
| P/S Ratio | 5.17 | 4.53 | 4.57 | 4.10 | 4.36 | 4.31 | 4.52 | 3.87 | 4.46 | 3.49 | 2.70 | 2.86 | 2.66 |
| — | +5.1% | +0.9% | +5.9% | -2.2% | +23.5% | +67.8% | +35.5% | +67.9% | +31.4% | +33.0% | +24.6% | -31.7% | |
| P/B Ratio | — | — | 1.79 | 1.54 | 1.58 | 1.66 | 1.54 | 1.29 | 1.58 | 1.32 | 0.94 | 0.86 | 0.80 |
| — | — | +16.4% | +19.3% | +0.4% | +25.9% | +63.4% | +49.2% | +97.3% | +60.4% | +64.2% | +41.1% | -26.2% | |
| P/FCF | — | — | 7.53 | 18.50 | 12.27 | 21.47 | 9.96 | 12.94 | 15.23 | 16.86 | 5.48 | 12.48 | 7.07 |
| — | — | -24.4% | +43.0% | -19.4% | +27.4% | +81.8% | +3.7% | +115.5% | +46.2% | +117.4% | +33.2% | -44.9% | |
| EV / EBITDA | 4.98 | 1.79 | 17.07 | 17.67 | 18.47 | 16.92 | 18.76 | 17.65 | 19.83 | 13.90 | 14.47 | 15.05 | 14.54 |
| — | -89.4% | -9.0% | +0.1% | -6.9% | +21.7% | +29.7% | +17.3% | +36.4% | +3.2% | +2.0% | +0.0% | -14.7% | |
| EV / EBIT | 7.57 | — | 52.83 | 77.46 | 137.26 | 39.26 | 55.84 | 6.14 | — | — | 41.49 | 41.32 | — |
| — | — | -5.4% | +1161.3% | — | — | +34.6% | -85.1% | — | — | -14.3% | -22.4% | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
The Macerich Company's operating margin was 217.7% in Q4 2025, up 200.0 pp QoQ and up 195.2 pp YoY. This marks the 4th consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 66.2% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 285.4% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 95.4% | 212.1% | 56.3% | 55.0% | 53.0% | 55.0% | 52.9% | 53.8% | 50.2% | 58.8% | 53.4% | 54.9% | 53.9% |
| — | +285.4% | +6.6% | +2.2% | +5.5% | -6.4% | -1.0% | -1.9% | -6.8% | +2.5% | +1.6% | +3.3% | -1.8% | |
| Operating Margin | 67.8% | 217.7% | 17.7% | 16.5% | 12.8% | 22.5% | 16.8% | 17.3% | 13.8% | 26.4% | 18.3% | 17.6% | 17.4% |
| — | +865.9% | +5.2% | -5.0% | -7.5% | -14.6% | -7.8% | -1.4% | -20.5% | +19.8% | +23.2% | +21.4% | -3.5% | |
| Net Margin | -19.4% | -7.2% | -34.5% | -16.4% | -20.1% | -77.2% | -49.1% | 116.9% | -60.7% | 26.1% | -120.4% | -7.0% | -27.3% |
| — | +90.7% | +29.8% | -114.0% | +66.9% | -396.3% | +59.2% | +1759.5% | -122.0% | +3419.8% | -1569.1% | +6.5% | -58.9% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -3.3% | -1.5% | -1.8% | -7.8% | -4.2% | 10.2% | -5.2% | 2.5% | -9.9% | -0.5% | -2.0% |
| — | — | +20.3% | -114.9% | +65.4% | -414.3% | +57.8% | +2027.6% | -156.2% | +4240.9% | -1865.0% | -5.8% | -70.9% | |
| ROA | -3.9% | -0.4% | -1.0% | -0.5% | -0.6% | -2.6% | -1.4% | 3.3% | -1.7% | 0.8% | -3.4% | -0.2% | -0.7% |
| — | +85.6% | +27.7% | -114.1% | +65.9% | -417.5% | +58.5% | +1858.5% | -132.2% | +3840.2% | -1705.9% | -0.4% | -63.3% | |
| ROIC | 20.9% | 17.8% | 0.4% | 0.4% | 0.3% | 0.6% | 0.4% | 0.4% | 0.3% | 0.7% | 0.4% | 0.4% | 0.4% |
| — | +2721.8% | +10.5% | -3.7% | -5.7% | -10.1% | -8.0% | +3.5% | -16.2% | +36.1% | +36.2% | +33.7% | +1.1% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 1.99 | 2.02 | 1.93 | 1.78 | 1.71 | 1.79 | 1.84 | 1.71 | 1.75 | 1.56 | 1.53 |
| — | — | +16.9% | +13.3% | +4.8% | +4.5% | -2.5% | +14.4% | +20.5% | +11.8% | +17.1% | +5.3% | +3.7% | |
| Debt / EBITDA | — | — | 37.06 | 40.74 | 41.68 | 35.38 | 40.00 | 41.37 | 43.39 | 31.77 | 38.26 | 39.29 | 38.85 |
| — | — | -7.3% | -1.5% | -4.0% | +11.4% | +4.5% | +5.3% | +11.7% | -10.6% | -8.3% | -9.3% | -2.8% | |
| Current Ratio | — | — | 0.74 | 0.53 | 0.74 | 0.51 | 0.62 | 0.57 | 0.68 | 0.66 | 0.63 | 0.63 | 0.66 |
| — | — | +18.8% | -7.6% | +9.0% | -23.2% | -1.8% | -8.3% | +2.7% | -9.8% | -6.9% | -23.7% | -22.6% | |
| Quick Ratio | — | — | 0.74 | 0.53 | 0.74 | 0.51 | 0.62 | 0.57 | 0.68 | 0.66 | 0.63 | 0.63 | 0.66 |
| — | — | +18.8% | -7.6% | +9.0% | -23.2% | -1.8% | -8.3% | +2.7% | -9.8% | -6.9% | -23.7% | -22.6% | |
| Interest Coverage | 2.43 | 8.16 | — | 0.57 | 0.46 | — | 0.65 | 0.67 | 0.55 | 2.48 | 0.75 | 0.68 | 0.95 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Start ComparisonThe Macerich Company's current P/E is -26.2x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
The Macerich Company's current operating margin is 67.8%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking The Macerich Company's business trajectory between earnings reports.