Overview Dividends

(MAC) Macerich - Ratings and Ratios

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

Retail, Centers, Real, Estate, Properties

Retail REITs
Market Cap in USD: 4,995m

IPO / Inception: 1994-03-09
Return 12m vs S&P 500: -17.6%

EPS (Earnings per Share)

EPS CAGR: -6.57%
EPS Trend: -1.4%

Last SUE: -0.38
Qual. Beats: 0

Revenue

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

Last SUE: 0.22
Qual. Beats: 0

Dividends

Dividend Yield	3.59%
Yield on Cost 5y	7.78%
Yield CAGR 5y	-12.31%
Payout Consistency	92.1%
Payout Ratio	188.9%

Risk via 5d forecast
Volatility	36.9%
Value at Risk 5%th	59.0%
Relative Tail Risk	-2.81%

Reward TTM
Sharpe Ratio	0.02
Alpha	-23.07
CAGR/Max DD	0.63

Character TTM
Hurst Exponent	0.395
Beta	1.285
Beta Downside	1.441

Drawdowns 3y
Max DD	39.56%
Mean DD	14.61%
Median DD	14.05%

Description: MAC Macerich November 06, 2025

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, principally California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro NY-DC corridor. The portfolio comprises roughly 42 million sq ft across 39 centers, positioning the company as a leading owner-operator in the upscale retail segment.

Key performance metrics (FY 2023): Funds From Operations (FFO) of $1.2 billion, a dividend yield near 5.5 %, and a net leverage ratio of 5.2 × FFO. As of Q2 2024, same-store sales were up 2.8 % QoQ and occupancy held at 94 %, reflecting resilience despite broader e-commerce pressure.

Sector drivers that materially affect MAC include (1) consumer discretionary spending, which has been growing ~2 % YoY but remains sensitive to inflation and interest-rate cycles; (2) the shift toward experiential and mixed-use retail concepts that can command higher rent escalations tied to CPI; and (3) the cost of capital environment, with the Fed policy rate around 5.5 % influencing REIT financing and dividend sustainability.

For a deeper quantitative view, the ValueRay platform offers side-by-side comparisons of MAC’s EV/EBITDA, occupancy trends, and dividend coverage against its retail REIT peers, which can help you assess whether the current valuation reflects its underlying fundamentals.

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 (381.1m) ratio: 12.74 <= 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 64.60% (prev 54.08%; Δ 10.52pp) >=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 0.08 (EBITDA TTM 381.1m / Interest Expense TTM 284.6m) >= 6 (WARN >= 3)

Altman Z'' -2.23

(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: -2.23 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 50.10

1. Piotroski 2.50pt

2. FCF Yield 3.58%

3. FCF Margin 34.34%

4. Debt/Equity 2.05

5. Debt/Ebitda 12.74

6. ROIC - WACC (= -5.73)%

7. RoE -14.82%

8. Rev. Trend 64.15%

9. EPS Trend -1.42%

What is the price of MAC shares?

As of December 27, 2025, the stock is trading at USD 18.95 with a total of 635,885 shares traded.
Over the past week, the price has changed by +1.72%, over one month by +10.93%, over three months by +6.84% and over the past year by -4.33%.

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	4.1%
Analysts Target Price	19.7	4.1%
ValueRay Target Price	21.7	14.7%

MAC Fundamental Data Overview December 21, 2025

Market Cap USD = 5.00b (5.00b USD * 1.0 USD.USD)
P/E Forward = 500.0
P/S = 4.5412
P/B = 1.8849
P/EG = -485.0
Beta = 2.058
Revenue TTM = 1.03b USD
EBIT TTM = 22.3m USD
EBITDA TTM = 381.1m 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 = 9.85b USD (5.00b + Debt 5.15b - CCE 290.2m)
Interest Coverage Ratio = 0.08 (Ebit TTM 22.3m / Interest Expense TTM 284.6m)
FCF Yield = 3.58% (FCF TTM 352.3m / Enterprise Value 9.85b)
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 = 64.60% ((Revenue TTM 1.03b - Cost of Revenue TTM 363.2m) / Revenue TTM)
Gross Margin QoQ = 95.80% (prev 55.03%)
Tobins Q-Ratio = 1.17 (Enterprise Value 9.85b / Total Assets 8.42b)
Interest Expense / Debt = 1.41% (Interest Expense 72.7m / Debt 5.15b)
Taxrate = -0.80% (negative due to tax credits) (710.0k / -89.3m)
NOPAT = 22.5m (EBIT 22.3m * (1 - -0.80%)) [negative tax rate / tax credits]
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 = 12.74 (Net Debt 4.86b / EBITDA 381.1m)
Debt / FCF = 13.79 (Net Debt 4.86b / FCF TTM 352.3m)
Total Stockholder Equity = 2.63b (last 4 quarters mean from totalStockholderEquity)
RoA = -4.62% (Net Income -389.6m / Total Assets 8.42b)
RoE = -14.82% (Net Income TTM -389.6m / Total Stockholder Equity 2.63b)
RoCE = 0.29% (EBIT 22.3m / Capital Employed (Equity 2.63b + L.T.Debt 5.08b))
RoIC = 0.29% (NOPAT 22.5m / Invested Capital 7.78b)
WACC = 6.02% (E(5.00b)/V(10.14b) * Re(10.75%) + D(5.15b)/V(10.14b) * Rd(1.41%) * (1-Tc(-0.01)))
Discount Rate = 10.75% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 1.61%
[DCF Debug] Terminal Value 69.41% ; FCFE base≈321.4m ; Y1≈328.1m ; Y5≈362.8m
Fair Price DCF = 16.28 (DCF Value 4.17b / Shares Outstanding 256.1m; 5y FCF grow 1.91% → 3.0% )
EPS Correlation: -1.42 | EPS CAGR: -6.57% | SUE: -0.38 | # QB: 0
Revenue Correlation: 64.15 | Revenue CAGR: 2.67% | SUE: 0.22 | # QB: 0
EPS next Quarter (2026-03-31): EPS=-0.11 | Chg30d=+0.009 | Revisions Net=+1 | Analysts=4
EPS next Year (2026-12-31): EPS=-0.18 | Chg30d=+0.004 | Revisions Net=-1 | Growth EPS=+53.6% | Growth Revenue=-1.3%

Additional Sources for MAC Stock

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