MACERICH CO/THE (MAC) Stock Fundamental Analysis
USA - New York Stock Exchange - NYSE:MAC - US5543821012 - REIT
18.32 USD
-0.11 (-0.6%)
18.32 USD
0 (0%)
We assign a fundamental rating of 1 out of 10 to MAC. MAC was compared to 127 industry peers in the Diversified REITs industry. Both the profitability and financial health of MAC have multiple concerns. MAC is valued expensive and it does not seem to be growing.
1. Profitability
1.1 Basic Checks
In the past year MAC has reported negative net income.
MAC had a positive operating cash flow in the past year.
In the past 5 years MAC reported 4 times negative net income.
In the past 5 years MAC always reported a positive cash flow from operatings.
1.2 Ratios
The Return On Assets of MAC (-4.63%) is worse than 80.31% of its industry peers.
The Return On Equity of MAC (-15.55%) is worse than 77.95% of its industry peers.
MAC's Return On Invested Capital of 1.79% is on the low side compared to the rest of the industry. MAC is outperformed by 70.08% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for MAC is in line with the industry average of 3.06%.
The last Return On Invested Capital (1.79%) for MAC is above the 3 year average (1.71%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -4.63% | ||
| ROE | -15.55% | ||
| ROIC | 1.79% |
ROA(3y)-2.25%
ROA(5y)-1.82%
ROE(3y)-6.88%
ROE(5y)-6.09%
ROIC(3y)1.71%
ROIC(5y)1.43%
1.3 Margins
With a Operating Margin value of 17.50%, MAC perfoms like the industry average, outperforming 40.94% of the companies in the same industry.
In the last couple of years the Operating Margin of MAC has declined.
MAC has a Gross Margin of 54.86%. This is in the lower half of the industry: MAC underperforms 71.65% of its industry peers.
In the last couple of years the Gross Margin of MAC has declined.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 17.5% | ||
| PM (TTM) | N/A | ||
| GM | 54.86% |
OM growth 3Y6.69%
OM growth 5Y-4.17%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-1.18%
GM growth 5Y-2.5%
2. Health
2.1 Basic Checks
The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so MAC is destroying value.
Compared to 1 year ago, MAC has more shares outstanding
MAC has more shares outstanding than it did 5 years ago.
The debt/assets ratio for MAC is higher compared to a year ago.
2.2 Solvency
Based on the Altman-Z score of 0.04, we must say that MAC is in the distress zone and has some risk of bankruptcy.
MAC has a Altman-Z score of 0.04. This is in the lower half of the industry: MAC underperforms 73.23% of its industry peers.
A Debt/Equity ratio of 2.02 is on the high side and indicates that MAC has dependencies on debt financing.
MAC's Debt to Equity ratio of 2.02 is on the low side compared to the rest of the industry. MAC is outperformed by 69.29% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 2.02 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 0.04 |
ROIC/WACC0.29
WACC6.25%
2.3 Liquidity
A Current Ratio of 0.85 indicates that MAC may have some problems paying its short term obligations.
MAC has a Current ratio (0.85) which is in line with its industry peers.
A Quick Ratio of 0.85 indicates that MAC may have some problems paying its short term obligations.
MAC's Quick ratio of 0.85 is in line compared to the rest of the industry. MAC outperforms 47.24% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.85 | ||
| Quick Ratio | 0.85 |
3. Growth
3.1 Past
MAC shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -596.88%.
The Revenue has decreased by -6.05% in the past year.
The Revenue has been decreasing by -0.20% on average over the past years.
EPS 1Y (TTM)-596.87%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%32%
Revenue 1Y (TTM)-6.05%
Revenue growth 3Y2.71%
Revenue growth 5Y-0.2%
Sales Q2Q%15%
3.2 Future
Based on estimates for the next years, MAC will show a quite strong growth in Earnings Per Share. The EPS will grow by 18.46% on average per year.
The Revenue is expected to grow by 5.60% on average over the next years.
EPS Next Y42.64%
EPS Next 2Y35.02%
EPS Next 3Y24.95%
EPS Next 5Y18.46%
Revenue Next Year21.42%
Revenue Next 2Y10.74%
Revenue Next 3Y7.42%
Revenue Next 5Y5.6%
3.3 Evolution
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
4. Valuation
4.1 Price/Earnings Ratio
MAC reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for MAC. No positive earnings are expected for the next year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | N/A |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, MAC is valued a bit more expensive than 69.29% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 17.47 |
4.3 Compensation for Growth
MAC's earnings are expected to grow with 24.95% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y35.02%
EPS Next 3Y24.95%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 3.68%, MAC has a reasonable but not impressive dividend return.
MAC's Dividend Yield is slightly below the industry average, which is at 6.83.
MAC's Dividend Yield is rather good when compared to the S&P500 average which is at 1.94.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.68% |
5.2 History
The dividend of MAC decreases each year by -25.88%.
MAC has been paying a dividend for at least 10 years, so it has a reliable track record.
MAC has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)-25.88%
Div Incr Years0
Div Non Decr Years3
5.3 Sustainability
MAC has negative earnings and hence a negative payout ratio. The dividend may be in danger.
DP-43.75%
EPS Next 2Y35.02%
EPS Next 3Y24.95%
18.32
-0.11 (-0.6%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners103.36%
Inst Owner Change0%
Ins Owners0.31%
Ins Owner Change-0.06%
Market Cap4.69B
Revenue(TTM)1.03B
Net Income(TTM)-390.44M
Analysts70
Price Target19.89 (8.57%)
Short Float %6.16%
Short Ratio8.86
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.68% |
Yearly Dividend0.64
Dividend Growth(5Y)-25.88%
DP-43.75%
Div Incr Years0
Div Non Decr Years3
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-207.67%
Min EPS beat(2)-320.79%
Max EPS beat(2)-94.54%
EPS beat(4)0
Avg EPS beat(4)-629.5%
Min EPS beat(4)-1955.13%
Max EPS beat(4)-94.54%
EPS beat(8)2
Avg EPS beat(8)-194.09%
EPS beat(12)3
Avg EPS beat(12)-347.67%
EPS beat(16)3
Avg EPS beat(16)-307.05%
Revenue beat(2)2
Avg Revenue beat(2)1.68%
Min Revenue beat(2)0.51%
Max Revenue beat(2)2.85%
Revenue beat(4)4
Avg Revenue beat(4)9.55%
Min Revenue beat(4)0.51%
Max Revenue beat(4)22.66%
Revenue beat(8)7
Avg Revenue beat(8)6.43%
Revenue beat(12)10
Avg Revenue beat(12)4.74%
Revenue beat(16)13
Avg Revenue beat(16)4.29%
PT rev (1m)-0.98%
PT rev (3m)0.6%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-24.99%
EPS NY rev (1m)0%
EPS NY rev (3m)-20.96%
Revenue NQ rev (1m)-0.27%
Revenue NQ rev (3m)0.05%
Revenue NY rev (1m)-0.1%
Revenue NY rev (3m)0.1%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | N/A | ||
| P/S | 4.57 | ||
| P/FCF | N/A | ||
| P/OCF | 14.38 | ||
| P/B | 1.87 | ||
| P/tB | 2.03 | ||
| EV/EBITDA | 17.47 |
EPS(TTM)-1.59
EYN/A
EPS(NY)-0.15
Fwd EYN/A
FCF(TTM)-0.47
FCFYN/A
OCF(TTM)1.27
OCFY6.95%
SpS4.01
BVpS9.8
TBVpS9.03
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -4.63% | ||
| ROE | -15.55% | ||
| ROCE | 2.27% | ||
| ROIC | 1.79% | ||
| ROICexc | 1.86% | ||
| ROICexgc | 1.94% | ||
| OM | 17.5% | ||
| PM (TTM) | N/A | ||
| GM | 54.86% | ||
| FCFM | N/A |
ROA(3y)-2.25%
ROA(5y)-1.82%
ROE(3y)-6.88%
ROE(5y)-6.09%
ROIC(3y)1.71%
ROIC(5y)1.43%
ROICexc(3y)1.73%
ROICexc(5y)1.46%
ROICexgc(3y)1.79%
ROICexgc(5y)1.51%
ROCE(3y)2.16%
ROCE(5y)1.81%
ROICexgc growth 3Y9.63%
ROICexgc growth 5Y-3.26%
ROICexc growth 3Y9.11%
ROICexc growth 5Y-3.53%
OM growth 3Y6.69%
OM growth 5Y-4.17%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-1.18%
GM growth 5Y-2.5%
F-Score4
Asset Turnover0.12
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 2.02 | ||
| Debt/FCF | N/A | ||
| Debt/EBITDA | 9.33 | ||
| Cap/Depr | 122.66% | ||
| Cap/Sales | 43.58% | ||
| Interest Coverage | 0.87 | ||
| Cash Conversion | 59.96% | ||
| Profit Quality | N/A | ||
| Current Ratio | 0.85 | ||
| Quick Ratio | 0.85 | ||
| Altman-Z | 0.04 |
F-Score4
WACC6.25%
ROIC/WACC0.29
Cap/Depr(3y)47.12%
Cap/Depr(5y)31.57%
Cap/Sales(3y)15.89%
Cap/Sales(5y)10.84%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-596.87%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%32%
EPS Next Y42.64%
EPS Next 2Y35.02%
EPS Next 3Y24.95%
EPS Next 5Y18.46%
Revenue 1Y (TTM)-6.05%
Revenue growth 3Y2.71%
Revenue growth 5Y-0.2%
Sales Q2Q%15%
Revenue Next Year21.42%
Revenue Next 2Y10.74%
Revenue Next 3Y7.42%
Revenue Next 5Y5.6%
EBIT growth 1Y-8%
EBIT growth 3Y9.58%
EBIT growth 5Y-4.36%
EBIT Next Year209.54%
EBIT Next 3Y49.32%
EBIT Next 5Y27.61%
FCF growth 1Y-165.99%
FCF growth 3Y-40.36%
FCF growth 5Y-30.47%
OCF growth 1Y9.27%
OCF growth 3Y-0.35%
OCF growth 5Y-4.41%
MACERICH CO/THE / MAC FAQ
What is the fundamental rating for MAC stock?
ChartMill assigns a fundamental rating of 1 / 10 to MAC.
Can you provide the valuation status for MACERICH CO/THE?
ChartMill assigns a valuation rating of 1 / 10 to MACERICH CO/THE (MAC). This can be considered as Overvalued.
How profitable is MACERICH CO/THE (MAC) stock?
MACERICH CO/THE (MAC) has a profitability rating of 2 / 10.
What is the financial health of MACERICH CO/THE (MAC) stock?
The financial health rating of MACERICH CO/THE (MAC) is 0 / 10.