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MACERICH CO/THE (MAC) Stock Fundamental Analysis

NYSE:MAC - US5543821012 - REIT

18.4 USD
+0.16 (+0.88%)
Last: 8/27/2025, 8:04:00 PM
18.2 USD
-0.2 (-1.09%)
After Hours: 8/27/2025, 8:04:00 PM
Fundamental Rating

1

MAC gets a fundamental rating of 1 out of 10. The analysis compared the fundamentals against 129 industry peers in the Diversified REITs industry. MAC may be in some trouble as it scores bad on both profitability and health. MAC does not seem to be growing, but still is valued expensively.


Dividend Valuation Growth Profitability Health

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1. Profitability

1.1 Basic Checks

MAC had negative earnings in the past year.
MAC had a positive operating cash flow in the past year.
MAC had negative earnings in 4 of the past 5 years.
In the past 5 years MAC always reported a positive cash flow from operatings.
MAC Yearly Net Income VS EBIT VS OCF VS FCFMAC Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M 400M

1.2 Ratios

MAC's Return On Assets of -4.71% is on the low side compared to the rest of the industry. MAC is outperformed by 79.84% of its industry peers.
MAC has a worse Return On Equity (-15.91%) than 80.62% of its industry peers.
Looking at the Return On Invested Capital, with a value of 1.64%, MAC is doing worse than 73.64% of the companies in the same industry.
MAC had an Average Return On Invested Capital over the past 3 years of 1.71%. This is in line with the industry average of 3.06%.
Industry RankSector 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%
MAC Yearly ROA, ROE, ROICMAC Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 -5 10 -10

1.3 Margins

With a Operating Margin value of 17.30%, MAC perfoms like the industry average, outperforming 41.09% 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 54.04%. This is in the lower half of the industry: MAC underperforms 75.97% of its industry peers.
In the last couple of years the Gross Margin of MAC has declined.
Industry RankSector 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%
MAC Yearly Profit, Operating, Gross MarginsMAC Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 -20 40 60

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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
The number of shares outstanding for MAC has been increased compared to 5 years ago.
MAC has a worse debt/assets ratio than last year.
MAC Yearly Shares OutstandingMAC Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M 250M
MAC Yearly Total Debt VS Total AssetsMAC Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B 10B

2.2 Solvency

Based on the Altman-Z score of 0.03, we must say that MAC is in the distress zone and has some risk of bankruptcy.
With a Altman-Z score value of 0.03, MAC is not doing good in the industry: 73.64% of the companies in the same industry are doing better.
MAC has a Debt/Equity ratio of 2.06. This is a high value indicating a heavy dependency on external financing.
Looking at the Debt to Equity ratio, with a value of 2.06, MAC is doing worse than 71.32% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 2.06
Debt/FCF N/A
Altman-Z 0.03
ROIC/WACC0.25
WACC6.57%
MAC Yearly LT Debt VS Equity VS FCFMAC Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B

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.
MAC has a worse Current ratio (0.57) than 75.97% of its industry peers.
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 75.19% of its industry peers.
Industry RankSector Rank
Current Ratio 0.57
Quick Ratio 0.57
MAC Yearly Current Assets VS Current LiabilitesMAC Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M

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3. Growth

3.1 Past

The earnings per share for MAC have decreased strongly by -337.50% in the last year.
Looking at the last year, MAC shows a decrease in Revenue. The Revenue has decreased by -8.90% in the last year.
MAC shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -0.20% yearly.
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

The Earnings Per Share is expected to grow by 17.70% on average over the next years. This is quite good.
Based on estimates for the next years, MAC will show a small growth in Revenue. The Revenue will grow by 5.50% on average per year.
EPS Next Y66.13%
EPS Next 2Y36.21%
EPS Next 3Y26.89%
EPS Next 5Y17.7%
Revenue Next Year23.47%
Revenue Next 2Y11.06%
Revenue Next 3Y7.73%
Revenue Next 5Y5.5%

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.
MAC Yearly Revenue VS EstimatesMAC Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 200M 400M 600M 800M 1B
MAC Yearly EPS VS EstimatesMAC Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 0 1 -1 2 3

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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 RankSector Rank
PE N/A
Fwd PE N/A
MAC Price Earnings VS Forward Price EarningsMAC Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 100 -100

4.2 Price Multiples

MAC's Enterprise Value to EBITDA ratio is rather expensive when compared to the industry. MAC is more expensive than 82.17% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 18.91
MAC Per share dataMAC EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 4 6 8 10

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%

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5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 3.98%, MAC has a reasonable but not impressive dividend return.
MAC's Dividend Yield is slightly below the industry average, which is at 6.31.
Compared to an average S&P500 Dividend Yield of 2.34, MAC pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.98%

5.2 History

The dividend of MAC decreases each year by -25.88%.
MAC has paid a dividend for at least 10 years, which is 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
MAC Yearly Dividends per shareMAC Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2 2.5

5.3 Sustainability

MAC has negative earnings and hence a negative payout ratio. The dividend may be in danger.
DP-40.07%
EPS Next 2Y36.21%
EPS Next 3Y26.89%
MAC Yearly Income VS Free CF VS DividendMAC Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M 400M 600M

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MACERICH CO/THE

NYSE:MAC (8/27/2025, 8:04:00 PM)

After market: 18.2 -0.2 (-1.09%)

18.4

+0.16 (+0.88%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)08-11 2025-08-11/amc
Earnings (Next)11-04 2025-11-04/bmo
Inst Owners103.48%
Inst Owner Change-1.52%
Ins Owners0.31%
Ins Owner Change0.46%
Market Cap4.65B
Analysts68
Price Target19.14 (4.02%)
Short Float %5.77%
Short Ratio8.47
Dividend
Industry RankSector Rank
Dividend Yield 3.98%
Yearly Dividend0.64
Dividend Growth(5Y)-25.88%
DP-40.07%
Div Incr Years0
Div Non Decr Years3
Ex-Date09-09 2025-09-09 (0.17)
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)6.43%
Revenue beat(12)10
Avg Revenue beat(12)4.77%
Revenue beat(16)13
Avg Revenue beat(16)4.42%
PT rev (1m)1.91%
PT rev (3m)0.24%
EPS NQ rev (1m)-13.83%
EPS NQ rev (3m)-122.23%
EPS NY rev (1m)-12.82%
EPS NY rev (3m)-100.52%
Revenue NQ rev (1m)0.72%
Revenue NQ rev (3m)18.95%
Revenue NY rev (1m)5.15%
Revenue NY rev (3m)9.33%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 4.68
P/FCF N/A
P/OCF 14.81
P/B 1.8
P/tB 1.98
EV/EBITDA 18.91
EPS(TTM)-1.75
EYN/A
EPS(NY)-0.12
Fwd EYN/A
FCF(TTM)-0.53
FCFYN/A
OCF(TTM)1.24
OCFY6.75%
SpS3.93
BVpS10.23
TBVpS9.3
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector 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 RankSector 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 0.03
F-Score4
WACC6.57%
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 Year23.47%
Revenue Next 2Y11.06%
Revenue Next 3Y7.73%
Revenue Next 5Y5.5%
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%