Overview Dividends

(MAC) Macerich - Ratings and Ratios

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

Retail, Centers, Real, Estate, Properties

EPS (Earnings per Share)

EPS (Earnings per Share) of MAC over the last years for every Quarter: "2020-09": -0.15, "2020-12": -0.18, "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,
EPS CAGR: -11.20%
EPS Trend: 3.6%
Last SUE: -0.38σ
Qual. Beats: 0

Revenue

Revenue of MAC over the last years for every Quarter: 2020-09: 185.844, 2020-12: 194.643, 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,
Revenue CAGR: 3.86%
Revenue Trend: 65.9%
Last SUE: 0.22σ
Qual. Beats: 0
Risk via 10d forecast
Volatility 39.4%
Value at Risk 5%th 62.3%
Relative Tail Risk -3.78%
Reward TTM
Sharpe Ratio -0.21
Alpha -29.04
Character TTM
Hurst Exponent 0.321
Beta 1.320
Beta Downside 1.513
Drawdowns 3y
Max DD 39.56%
Mean DD 14.41%
Median DD 13.77%

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.

MAC Stock Overview

Market Cap in USD 4,429m
Sub-Industry Retail REITs
IPO / Inception 1994-03-09
Return 12m vs S&P 500 -24.6%
Analyst Rating 3.40 of 5

MAC Dividends

Metric Value
Dividend Yield 4.00%
Yield on Cost 5y 7.81%
Yield CAGR 5y -12.31%
Payout Consistency 92.1%
Payout Ratio 188.9%

MAC Growth Ratios

Metric Value
CAGR 3y 15.32%
CAGR/Max DD Calmar Ratio 0.39
CAGR/Mean DD Pain Ratio 1.06
Current Volume 1426k
Average Volume 1864.7k

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 0.11 (EBITDA TTM 381.1m / Interest Expense TTM 211.9m) >= 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
(C) 0.00 = EBIT TTM 22.3m / Avg Total Assets 8.01b
(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) 50.87

1. Piotroski 2.50pt
2. FCF Yield 3.79%
3. FCF Margin 34.34%
4. Debt/Equity 2.05
5. Debt/Ebitda 12.74
6. ROIC - WACC (= -5.50)%
7. RoE -14.82%
8. Rev. Trend 65.88%
9. EPS Trend 3.58%

What is the price of MAC shares?

As of November 26, 2025, the stock is trading at USD 17.01 with a total of 1,426,032 shares traded.
Over the past week, the price has changed by +2.47%, over one month by -5.50%, over three months by -4.84% and over the past year by -13.82%.

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 19.8 16.4%
Analysts Target Price 19.8 16.4%
ValueRay Target Price 17.9 5.1%

MAC Fundamental Data Overview November 26, 2025

Market Cap USD = 4.43b (4.43b USD * 1.0 USD.USD)
P/E Forward = 500.0
P/S = 4.0268
P/B = 1.6922
P/EG = -485.0
Beta = 2.059
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 = 9.29b USD (4.43b + Debt 5.15b - CCE 290.2m)
Interest Coverage Ratio = 0.11 (Ebit TTM 22.3m / Interest Expense TTM 211.9m)
FCF Yield = 3.79% (FCF TTM 352.3m / Enterprise Value 9.29b)
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 = 1.10 (Enterprise Value 9.29b / Total Assets 8.42b)
Interest Expense / Debt = 1.40% (Interest Expense 71.9m / 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 = 5.79% (E(4.43b)/V(9.58b) * Re(10.88%) + D(5.15b)/V(9.58b) * Rd(1.40%) * (1-Tc(-0.01)))
Discount Rate = 10.88% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 8.52%
[DCF Debug] Terminal Value 69.00% ; FCFE base≈321.4m ; Y1≈328.1m ; Y5≈362.8m
Fair Price DCF = 16.01 (DCF Value 4.10b / Shares Outstanding 256.1m; 5y FCF grow 1.91% → 3.0% )
EPS Correlation: 3.58 | EPS CAGR: -11.20% | SUE: -0.38 | # QB: 0
Revenue Correlation: 65.88 | Revenue CAGR: 3.86% | SUE: 0.22 | # QB: 0

Additional Sources for MAC Stock

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Fund Manager Positions: Dataroma | Stockcircle