(MAC) Macerich - Overview

Sector: Real Estate | Industry: REIT - Retail | Exchange: NYSE (USA) | Market Cap: 5.262m USD | Total Return: 44.6% in 12m

Retail Centers, Real Estate, Development, Management
Total Rating 40
Safety 24
Buy Signal -0.10
REIT - Retail
Industry Rotation: -12.1
Market Cap: 5.26B
Avg Turnover: 33.0M USD
ATR: 3.38%
Peers RS (IBD): 78.0
Risk 5d forecast
Volatility35.6%
Rel. Tail Risk2.07%
Reward TTM
Sharpe Ratio0.80
Alpha-6.96
Character TTM
Beta1.271
Beta Downside1.875
Drawdowns 3y
Max DD39.56%
CAGR/Max DD0.77
EPS (Earnings per Share) EPS (Earnings per Share) of MAC over the last years for every Quarter: "2021-03": -0.4, "2021-06": -0.06, "2021-09": 0.5, "2021-12": -0.08, "2022-03": -0.17, "2022-06": -0.07, "2022-09": -0.07, "2022-12": 0.01, "2023-03": -0.27, "2023-06": -0.07, "2023-09": -1.22, "2023-12": 0.25, "2024-03": -0.59, "2024-06": 1.16, "2024-09": -0.5, "2024-12": 0.0314, "2025-03": -0.137, "2025-06": -0.16, "2025-09": -0.34, "2025-12": 0.0294, "2026-03": 0,
EPS CAGR: 1.57%
EPS Trend: 6.2%
Last SUE: 0.21
Qual. Beats: 0
Revenue Revenue of MAC over the last years for every Quarter: 2021-03: 190.424, 2021-06: 215.473, 2021-09: 212.137, 2021-12: 229.403, 2022-03: 216.144, 2022-06: 204.091, 2022-09: 210.704, 2022-12: 228.225, 2023-03: 214.854, 2023-06: 212.374, 2023-09: 218.152, 2023-12: 238.688, 2024-03: 208.783, 2024-06: 215.521, 2024-09: 220.224, 2024-12: 273.676, 2025-03: 249.224, 2025-06: 249.793, 2025-09: 253.262, 2025-12: 263.026, 2026-03: null,
Rev. CAGR: 5.37%
Rev. Trend: 77.1%
Last SUE: 1.09
Qual. Beats: 1

Warnings

High Debt/EBITDA (9.5) with thin interest coverage (0.6)

Interest Coverage Ratio 0.6 is critical

Altman Z'' -2.84 < 1.0 - financial distress zone

Tailwinds

No distinct edge detected

Description: MAC Macerich

Macerich (MAC) is a self-managed REIT focused on retail real estate. The company operates as an owner, operator, and developer of retail properties. Retail REITs specialize in owning and managing shopping centers and malls.

Macerichs portfolio includes 38 retail centers, totaling 39 million square feet. These properties are primarily located in densely populated U.S. markets, including California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. This geographic concentration targets areas with high consumer traffic.

The company emphasizes environmental, social, and governance (ESG) principles in its operations.

For more detailed financial analysis, consider exploring ValueRay.

Headlines to Watch Out For
  • Occupancy rates and rental income drive revenue growth
  • Interest rate hikes increase borrowing costs
  • Consumer spending trends impact retail sales
  • E-commerce growth reduces physical store demand
Piotroski VR‑10 (Strict) 3.5
Net Income: -197.1m TTM > 0 and > 6% of Revenue
FCF/TA: 0.04 > 0.02 and ΔFCF/TA 0.88 > 1.0
NWC/Revenue: -103.9% < 20% (prev -35.44%; Δ -68.48% < -1%)
CFO/TA 0.04 > 3% & CFO 342.7m > Net Income -197.1m
Net Debt (5.16b) to EBITDA (540.5m): 9.55 < 3
Current Ratio: 0.09 > 1.5 & < 3
Outstanding Shares: last quarter (256.6m) vs 12m ago 8.45% < -2%
Gross Margin: 38.16% > 18% (prev 0.53%; Δ 3.76k% > 0.5%)
Asset Turnover: 11.99% > 50% (prev 10.72%; Δ 1.27% > 0%)
Interest Coverage Ratio: 0.61 > 6 (EBITDA TTM 540.5m / Interest Expense TTM 289.0m)
Altman Z'' -2.84
A: -0.13 (Total Current Assets 102.6m - Total Current Liabilities 1.16b) / Total Assets 8.37b
B: -0.45 (Retained Earnings -3.78b / Total Assets 8.37b)
C: 0.02 (EBIT TTM 175.0m / Avg Total Assets 8.47b)
D: -0.65 (Book Value of Equity -3.78b / Total Liabilities 5.84b)
Altman-Z'' Score: -2.84 = D
Beneish M -3.18
DSRI: 0.34 (Receivables 59.6m/157.2m, Revenue 1.02b/918.2m)
GMI: 1.39 (GM 38.16% / 53.14%)
AQI: 1.03 (AQ_t 0.98 / AQ_t-1 0.95)
SGI: 1.11 (Revenue 1.02b / 918.2m)
TATA: -0.06 (NI -197.1m - CFO 342.7m) / TA 8.37b)
Beneish M-Score: -3.18 (Cap -4..+1) = AA
What is the price of MAC shares? As of April 07, 2026, the stock is trading at USD 19.58 with a total of 1,411,439 shares traded.
Over the past week, the price has changed by +5.90%, over one month by +5.10%, over three months by +4.60% and over the past year by +44.56%.
Is MAC a buy, sell or hold? Macerich has received a consensus analysts rating of 3.40. Therefor, it is recommend to hold MAC.
  • StrongBuy: 4
  • Buy: 1
  • Hold: 8
  • Sell: 1
  • StrongSell: 1
What are the forecasts/targets for the MAC price?
Analysts Target Price 21.4 9.2%
Macerich (MAC) - Fundamental Data Overview as of 05 April 2026
P/E Forward = 454.5455
P/S = 5.0541
P/B = 2.047
P/EG = 4.8002
Revenue TTM = 1.02b USD
EBIT TTM = 175.0m USD
EBITDA TTM = 540.5m USD
Long Term Debt = 5.07b USD (from longTermDebt, last quarter)
Short Term Debt = 1.16b USD (from shortTermDebt, last quarter)
Debt = 5.20b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 5.16b USD (from netDebt column, last quarter)
Enterprise Value = 10.42b USD (5.26b + Debt 5.20b - CCE 43.0m)
Interest Coverage Ratio = 0.61 (Ebit TTM 175.0m / Interest Expense TTM 289.0m)
EV/FCF = 29.98x (Enterprise Value 10.42b / FCF TTM 347.6m)
FCF Yield = 3.34% (FCF TTM 347.6m / Enterprise Value 10.42b)
FCF Margin = 34.24% (FCF TTM 347.6m / Revenue TTM 1.02b)
Net Margin = -19.42% (Net Income TTM -197.1m / Revenue TTM 1.02b)
Gross Margin = 38.16% ((Revenue TTM 1.02b - Cost of Revenue TTM 627.8m) / Revenue TTM)
Gross Margin QoQ = -9.41% (prev 56.35%)
Tobins Q-Ratio = 1.25 (Enterprise Value 10.42b / Total Assets 8.37b)
Interest Expense / Debt = 1.45% (Interest Expense 75.3m / Debt 5.20b)
Taxrate = 21.0% (US default 21%)
NOPAT = 138.2m (EBIT 175.0m * (1 - 21.00%))
Current Ratio = 0.09 (Total Current Assets 102.6m / Total Current Liabilities 1.16b)
Debt / Equity = 2.12 (Debt 5.20b / totalStockholderEquity, last quarter 2.45b)
Debt / EBITDA = 9.55 (Net Debt 5.16b / EBITDA 540.5m)
Debt / FCF = 14.84 (Net Debt 5.16b / FCF TTM 347.6m)
Total Stockholder Equity = 2.55b (last 4 quarters mean from totalStockholderEquity)
RoA = -2.33% (Net Income -197.1m / Total Assets 8.37b)
RoE = -7.72% (Net Income TTM -197.1m / Total Stockholder Equity 2.55b)
RoCE = 2.30% (EBIT 175.0m / Capital Employed (Equity 2.55b + L.T.Debt 5.07b))
RoIC = 1.79% (NOPAT 138.2m / Invested Capital 7.73b)
WACC = 5.82% (E(5.26b)/V(10.46b) * Re(10.45%) + D(5.20b)/V(10.46b) * Rd(1.45%) * (1-Tc(0.21)))
Discount Rate = 10.45% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 9.05%
[DCF] Terminal Value 86.54% ; FCFF base≈320.8m ; Y1≈327.5m ; Y5≈362.1m
[DCF] Fair Price = 21.72 (EV 10.74b - Net Debt 5.16b = Equity 5.58b / Shares 256.7m; r=6.0% [WACC]; 5y FCF grow 1.91% → 3.0% )
EPS Correlation: 6.18 | EPS CAGR: 1.57% | SUE: 0.21 | # QB: 0
Revenue Correlation: 77.08 | Revenue CAGR: 5.37% | SUE: 1.09 | # QB: 1
EPS next Quarter (2026-06-30): EPS=-0.07 | Chg7d=+0.003 | Chg30d=+0.005 | Revisions Net=+0 | Analysts=4
EPS current Year (2026-12-31): EPS=-0.16 | Chg7d=+0.005 | Chg30d=-0.013 | Revisions Net=+1 | Growth EPS=+46.7% | Growth Revenue=-6.1%
EPS next Year (2027-12-31): EPS=0.00 | Chg7d=+0.022 | Chg30d=+0.035 | Revisions Net=+1 | Growth EPS=+101.6% | Growth Revenue=+2.7%
[Analyst] Revisions Ratio: +1.00 (1 Up / 0 Down within 30d for Current Year)
External Resources
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