MACERICH CO/THE (MAC) Stock Fundamental Analysis
USA - NYSE:MAC - US5543821012 - REIT
17.75 USD
+0.1 (+0.57%)
17.74 USD
-0.01 (-0.06%)
Overall MAC gets a fundamental rating of 1 out of 10. We evaluated MAC against 130 industry peers in the Diversified REITs industry. MAC has a bad profitability rating. Also its financial health evaluation is rather negative. MAC has a expensive valuation and it also scores bad on growth.
1. Profitability
1.1 Basic Checks
In the past year MAC has reported negative net income.
In the past year MAC had a positive cash flow from operations.
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
MAC has a Return On Assets of -4.71%. This is amonst the worse of the industry: MAC underperforms 80.00% of its industry peers.
Looking at the Return On Equity, with a value of -15.91%, MAC is doing worse than 80.00% of the companies in the same industry.
Looking at the Return On Invested Capital, with a value of 1.64%, MAC is doing worse than 73.85% of the companies in the same industry.
The Average Return On Invested Capital over the past 3 years for MAC is in line with the industry average of 3.05%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -4.71% | ||
| ROE | -15.91% | ||
| ROIC | 1.64% |
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
MAC has a Operating Margin of 17.30%. This is comparable to the rest of the industry: MAC outperforms 40.77% of its industry peers.
In the last couple of years the Operating Margin of MAC has declined.
MAC has a Gross Margin of 54.04%. This is in the lower half of the industry: MAC underperforms 76.15% of its industry peers.
In the last couple of years the Gross Margin of MAC has declined.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 17.3% | ||
| PM (TTM) | N/A | ||
| GM | 54.04% |
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
With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), MAC is destroying value.
The number of shares outstanding for MAC has been increased compared to 1 year ago.
Compared to 5 years ago, MAC has more shares outstanding
Compared to 1 year ago, MAC has a worse debt to assets ratio.
2.2 Solvency
MAC has an Altman-Z score of 0.01. This is a bad value and indicates that MAC is not financially healthy and even has some risk of bankruptcy.
MAC has a worse Altman-Z score (0.01) than 73.08% of its industry peers.
A Debt/Equity ratio of 2.06 is on the high side and indicates that MAC has dependencies on debt financing.
Looking at the Debt to Equity ratio, with a value of 2.06, MAC is doing worse than 70.77% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 2.06 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 0.01 |
ROIC/WACC0.25
WACC6.46%
2.3 Liquidity
MAC has a Current Ratio of 0.57. This is a bad value and indicates that MAC is not financially healthy enough and could expect problems in meeting its short term obligations.
With a Current ratio value of 0.57, MAC is not doing good in the industry: 76.92% of the companies in the same industry are doing better.
MAC has a Quick Ratio of 0.57. This is a bad value and indicates that MAC is not financially healthy enough and could expect problems in meeting its short term obligations.
MAC has a Quick ratio of 0.57. This is in the lower half of the industry: MAC underperforms 76.15% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.57 | ||
| Quick Ratio | 0.57 |
3. Growth
3.1 Past
The earnings per share for MAC have decreased strongly by -337.50% in the last year.
The Revenue has decreased by -8.90% in the past year.
Measured over the past years, MAC shows a decrease in Revenue. The Revenue has been decreasing by -0.20% on average per year.
EPS 1Y (TTM)-337.5%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-113.79%
Revenue 1Y (TTM)-8.9%
Revenue growth 3Y2.71%
Revenue growth 5Y-0.2%
Sales Q2Q%15.9%
3.2 Future
MAC is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 17.70% yearly.
MAC is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 6.25% yearly.
EPS Next Y66.13%
EPS Next 2Y36.21%
EPS Next 3Y26.89%
EPS Next 5Y17.7%
Revenue Next Year21.42%
Revenue Next 2Y10.63%
Revenue Next 3Y7.66%
Revenue Next 5Y6.25%
3.3 Evolution
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
MAC reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
Also next year MAC is expected to report negative earnings again, which makes the also the Forward Price/Earnings Ratio negative.
| 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 more expensive than 81.54% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 18.67 |
4.3 Compensation for Growth
A more expensive valuation may be justified as MAC's earnings are expected to grow with 26.89% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y36.21%
EPS Next 3Y26.89%
5. Dividend
5.1 Amount
MAC has a Yearly Dividend Yield of 3.73%.
Compared to an average industry Dividend Yield of 6.66, MAC is paying slightly less dividend.
Compared to an average S&P500 Dividend Yield of 2.38, MAC pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.73% |
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
The earnings of MAC are negative and hence is the payout ratio. MAC will probably not be able to sustain this dividend level.
DP-40.07%
EPS Next 2Y36.21%
EPS Next 3Y26.89%
17.75
+0.1 (+0.57%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners103.48%
Inst Owner Change-1.52%
Ins Owners0.31%
Ins Owner Change0.21%
Market Cap4.49B
Analysts68
Price Target19.46 (9.63%)
Short Float %5.96%
Short Ratio8.88
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.73% |
Yearly Dividend0.64
Dividend Growth(5Y)-25.88%
DP-40.07%
Div Incr Years0
Div Non Decr Years3
Ex-Date
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-121.03%
Min EPS beat(2)-147.52%
Max EPS beat(2)-94.54%
EPS beat(4)0
Avg EPS beat(4)-749.32%
Min EPS beat(4)-1955.13%
Max EPS beat(4)-94.54%
EPS beat(8)2
Avg EPS beat(8)-443.48%
EPS beat(12)3
Avg EPS beat(12)-335.71%
EPS beat(16)4
Avg EPS beat(16)-252.19%
Revenue beat(2)2
Avg Revenue beat(2)7.51%
Min Revenue beat(2)2.85%
Max Revenue beat(2)12.16%
Revenue beat(4)4
Avg Revenue beat(4)10.2%
Min Revenue beat(4)2.85%
Max Revenue beat(4)22.66%
Revenue beat(8)7
Avg Revenue beat(8)6.6%
Revenue beat(12)10
Avg Revenue beat(12)4.89%
Revenue beat(16)13
Avg Revenue beat(16)4.51%
PT rev (1m)0.4%
PT rev (3m)2.33%
EPS NQ rev (1m)-33.17%
EPS NQ rev (3m)-67.13%
EPS NY rev (1m)-12.82%
EPS NY rev (3m)-100.52%
Revenue NQ rev (1m)0.59%
Revenue NQ rev (3m)5.07%
Revenue NY rev (1m)0%
Revenue NY rev (3m)4.5%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | N/A | ||
| P/S | 4.52 | ||
| P/FCF | N/A | ||
| P/OCF | 14.29 | ||
| P/B | 1.74 | ||
| P/tB | 1.91 | ||
| EV/EBITDA | 18.67 |
EPS(TTM)-1.75
EYN/A
EPS(NY)-0.12
Fwd EYN/A
FCF(TTM)-0.53
FCFYN/A
OCF(TTM)1.24
OCFY7%
SpS3.93
BVpS10.23
TBVpS9.3
PEG (NY)N/A
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -4.71% | ||
| ROE | -15.91% | ||
| ROCE | 2.08% | ||
| ROIC | 1.64% | ||
| ROICexc | 1.67% | ||
| ROICexgc | 1.74% | ||
| OM | 17.3% | ||
| PM (TTM) | N/A | ||
| GM | 54.04% | ||
| 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%
ROICexcg growth 3Y9.63%
ROICexcg 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 Turnover0.11
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 2.06 | ||
| Debt/FCF | N/A | ||
| Debt/EBITDA | 10.26 | ||
| Cap/Depr | 129.48% | ||
| Cap/Sales | 45.18% | ||
| Interest Coverage | 0.88 | ||
| Cash Conversion | 60.57% | ||
| Profit Quality | N/A | ||
| Current Ratio | 0.57 | ||
| Quick Ratio | 0.57 | ||
| Altman-Z | 0.01 |
F-Score4
WACC6.46%
ROIC/WACC0.25
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)-337.5%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-113.79%
EPS Next Y66.13%
EPS Next 2Y36.21%
EPS Next 3Y26.89%
EPS Next 5Y17.7%
Revenue 1Y (TTM)-8.9%
Revenue growth 3Y2.71%
Revenue growth 5Y-0.2%
Sales Q2Q%15.9%
Revenue Next Year21.42%
Revenue Next 2Y10.63%
Revenue Next 3Y7.66%
Revenue Next 5Y6.25%
EBIT growth 1Y-13.25%
EBIT growth 3Y9.58%
EBIT growth 5Y-4.36%
EBIT Next Year245.94%
EBIT Next 3Y49.48%
EBIT Next 5Y29.98%
FCF growth 1Y-161.46%
FCF growth 3Y-40.36%
FCF growth 5Y-30.47%
OCF growth 1Y-12.99%
OCF growth 3Y-0.35%
OCF growth 5Y-4.41%