Overview Dividends

(MAC) Macerich - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US5543821012

Shopping Centers, Retail Properties, Mixed-Use Developments, REIT Portfolio

Retail REITs
Market Cap in USD: 4,966m

IPO / Inception: 1994-03-09
Return 12m vs S&P 500: -18.5%

EPS (Earnings per Share)

EPS CAGR: 4.02%
EPS Trend: 3.5%

Last SUE: -0.02
Qual. Beats: 0

Revenue

Rev. CAGR: 2.67%
Rev. Trend: 64.2%

Last SUE: 0.22
Qual. Beats: 0

Dividends

Dividend Yield	3.71%
Yield on Cost 5y	7.49%
Yield CAGR 5y	3.18%
Payout Consistency	92.2%
Payout Ratio	188.9%

Risk via 5d forecast
Volatility	36.8%
Value at Risk 5%th	58.8%
Relative Tail Risk	-2.76%

Reward TTM
Sharpe Ratio	-0.08
Alpha	-30.68
CAGR/Max DD	0.48

Character TTM
Hurst Exponent	0.306
Beta	1.299
Beta Downside	1.420

Drawdowns 3y
Max DD	39.56%
Mean DD	14.75%
Median DD	14.05%

Description: MAC Macerich January 09, 2026

Macerich (NYSE: MAC) is a fully integrated, self-managed REIT that owns, operates, and develops high-quality retail properties in densely populated U.S. markets, with a portfolio concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York-Washington corridor.

The company controls roughly 39 million sq ft across 38 retail centers, positioning its assets as community anchors. Recent filings show FY 2024 funds-from-operations (FFO) of $1.05 billion and a trailing-12-month occupancy rate of 93.2%, indicating solid cash generation despite a challenging retail environment.

Key economic drivers for Macerich include consumer discretionary spending trends, regional employment growth (especially in California’s tech hubs), and the trajectory of interest rates, which affect both borrowing costs and the discount rates applied to REIT valuations. The sector is also feeling pressure from e-commerce, making tenant mix diversification and experiential offerings increasingly critical.

On the ESG front, Macerich has been ranked #1 by the Global Real Estate Sustainability Benchmark (GRESB) for North American retail for ten straight years (2015-2024), underscoring its commitment to sustainability, social responsibility, and governance standards.

For a deeper quantitative comparison of Macerich’s valuation metrics, the ValueRay platform offers a concise dashboard worth checking out.

Piotroski VR‑10 (Strict, 0-10) 2.5

Net Income (-389.6m TTM) > 0 and > 6% of Revenue (6% = 61.6m TTM)

FCFTA 0.04 (>2.0%) and ΔFCFTA 0.56pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue -17.89% (prev -25.23%; Δ 7.34pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.04 (>3.0%) and CFO 347.4m > Net Income -389.6m (YES >=105%, WARN >=100%)

Net Debt (4.86b) to EBITDA (515.7m) ratio: 9.42 <= 3.0 (WARN <= 3.5)

Current Ratio 0.74 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (254.1m) change vs 12m ago 16.35% (target <= -2.0% for YES)

Gross Margin 54.86% (prev 54.08%; Δ 0.78pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 12.81% (prev 11.64%; Δ 1.18pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 0.54 (EBITDA TTM 515.7m / Interest Expense TTM 284.6m) >= 6 (WARN >= 3)

Altman Z'' -2.12

(A) -0.02 = (Total Current Assets 512.2m - Total Current Liabilities 695.7m) / Total Assets 8.42b

(B) -0.44 = Retained Earnings (Balance) -3.72b / Total Assets 8.42b

(D) -0.64 = Book Value of Equity -3.71b / Total Liabilities 5.84b

Total Rating: -2.12 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 52.50

1. Piotroski 2.50pt

2. FCF Yield 3.59%

3. FCF Margin 34.34%

4. Debt/Equity 2.05

5. Debt/Ebitda 9.42

6. ROIC - WACC (= -4.01)%

7. RoE -14.82%

8. Rev. Trend 64.15%

9. EPS Trend 3.47%

What is the price of MAC shares?

As of January 11, 2026, the stock is trading at USD 18.32 with a total of 871,319 shares traded.
Over the past week, the price has changed by -1.08%, over one month by +4.57%, over three months by +8.37% and over the past year by -1.38%.

Is MAC a buy, sell or hold?

Macerich has received a consensus analysts rating of 3.40. Therefor, it is recommend to hold MAC.

Strong Buy: 4
Buy: 1
Hold: 8
Sell: 1
Strong Sell: 1

What are the forecasts/targets for the MAC price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	19.7	7.7%
Analysts Target Price	19.7	7.7%
ValueRay Target Price	20.6	12.6%

MAC Fundamental Data Overview January 05, 2026

P/E Forward = 500.0
P/S = 4.5144
P/B = 1.889
P/EG = -485.0
Beta = 2.058
Revenue TTM = 1.03b USD
EBIT TTM = 153.8m USD
EBITDA TTM = 515.7m USD
Long Term Debt = 5.08b USD (from longTermDebt, last quarter)
Short Term Debt = 330.1m USD (from shortTermDebt, last fiscal year)
Debt = 5.15b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 4.86b USD (from netDebt column, last quarter)
Enterprise Value = 9.82b USD (4.97b + Debt 5.15b - CCE 290.2m)
Interest Coverage Ratio = 0.54 (Ebit TTM 153.8m / Interest Expense TTM 284.6m)
EV/FCF = 27.88x (Enterprise Value 9.82b / FCF TTM 352.3m)
FCF Yield = 3.59% (FCF TTM 352.3m / Enterprise Value 9.82b)
FCF Margin = 34.34% (FCF TTM 352.3m / Revenue TTM 1.03b)
Net Margin = -37.97% (Net Income TTM -389.6m / Revenue TTM 1.03b)
Gross Margin = 54.86% ((Revenue TTM 1.03b - Cost of Revenue TTM 463.1m) / Revenue TTM)
Gross Margin QoQ = 56.35% (prev 55.03%)
Tobins Q-Ratio = 1.17 (Enterprise Value 9.82b / Total Assets 8.42b)
Interest Expense / Debt = 1.41% (Interest Expense 72.7m / Debt 5.15b)
Taxrate = 0.78% (-710.0k / -90.7m)
NOPAT = 152.6m (EBIT 153.8m * (1 - 0.78%))
Current Ratio = 0.74 (Total Current Assets 512.2m / Total Current Liabilities 695.7m)
Debt / Equity = 2.05 (Debt 5.15b / totalStockholderEquity, last quarter 2.51b)
Debt / EBITDA = 9.42 (Net Debt 4.86b / EBITDA 515.7m)
Debt / FCF = 13.79 (Net Debt 4.86b / FCF TTM 352.3m)
Total Stockholder Equity = 2.63b (last 4 quarters mean from totalStockholderEquity)
RoA = -4.87% (Net Income -389.6m / Total Assets 8.42b)
RoE = -14.82% (Net Income TTM -389.6m / Total Stockholder Equity 2.63b)
RoCE = 2.00% (EBIT 153.8m / Capital Employed (Equity 2.63b + L.T.Debt 5.08b))
RoIC = 1.96% (NOPAT 152.6m / Invested Capital 7.78b)
WACC = 5.97% (E(4.97b)/V(10.11b) * Re(10.70%) + D(5.15b)/V(10.11b) * Rd(1.41%) * (1-Tc(0.01)))
Discount Rate = 10.70% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 8.52%
[DCF Debug] Terminal Value 86.26% ; FCFF base≈321.4m ; Y1≈328.0m ; Y5≈361.9m
Fair Price DCF = 22.16 (EV 10.53b - Net Debt 4.86b = Equity 5.68b / Shares 256.1m; r=5.97% [WACC]; 5y FCF grow 1.91% → 2.90% )
EPS Correlation: 3.47 | EPS CAGR: 4.02% | SUE: -0.02 | # QB: 0
Revenue Correlation: 64.15 | Revenue CAGR: 2.67% | SUE: 0.22 | # QB: 0
EPS next Quarter (2026-03-31): EPS=-0.10 | Chg30d=+0.015 | Revisions Net=+0 | Analysts=5
EPS next Year (2026-12-31): EPS=-0.18 | Chg30d=+0.003 | Revisions Net=+0 | Growth EPS=+50.8% | Growth Revenue=-1.3%

Additional Sources for MAC Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle