(MAC) Macerich - NYSE
Sector: Real Estate | Industry: REIT - Retail | Exchange: NYSE (USA) | Market Cap: 6.969m USD | Total Return: 52.4% in 12m
Avg Turnover: 71.3M
Qual. Beats: 0
Rev. Trend: 93.3%
Qual. Beats: 0
Warnings
High Debt/EBITDA (12.8) with thin interest coverage (0.2)
Interest Coverage Ratio 0.2 is critical
Beneish M-Score 1.00 > -1.5 - likely earnings manipulation
Altman Z'' -1.37 < 1.0 - financial distress zone
Tailwinds
No distinct edge detected
The Macerich Company (MAC) is a self-managed real estate investment trust (REIT) specializing in the acquisition, leasing, and management of regional shopping centers. Its portfolio comprises 39 million square feet of real estate, with a strategic concentration in high-density coastal regions and major metropolitan hubs including Phoenix and the Northeast corridor.
As a Retail REIT, the company’s business model relies on generating stable rental income through long-term leases with national and international retailers. This sector typically prioritizes Class A properties-centers characterized by high sales productivity and premium tenants-to maintain occupancy rates during shifts in consumer spending habits.
For a more detailed breakdown of these property valuations and financial metrics, consider reviewing the data on ValueRay.
Founded in 1964, Macerich operates as a fully integrated entity, managing 38 retail centers. The firm integrates environmental and social governance (ESG) initiatives into its development pipeline to align with modern institutional investment standards.
- Occupancy levels at premier coastal malls drive core rental income growth
- High interest rates increase refinancing costs for heavily leveraged property debt
- Portfolio concentration in California and New York exposes revenue to regional downturns
- Luxury tenant leasing demand sustains premium base rent and sales productivity
- Redevelopment of vacant anchor spaces into mixed-use assets impacts long-term valuation
| Net Income: -183.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA 0.05 > 1.0 |
| NWC/Revenue: -39.62% < 20% (prev -17.07%; Δ -22.55% < -1%) |
| CFO/TA 0.04 > 3% & CFO 348.7m > Net Income -183.4m |
| Net Debt (5.07b) to EBITDA (396.8m): 12.78 < 3 |
| Current Ratio: 0.50 > 1.5 & < 3 |
| Outstanding Shares: last quarter (258.0m) vs 12m ago 1.99% < -2% |
| Gross Margin: 21.07% > 18% (prev 53.73%; Δ -32.66% > 0.5%) |
| Asset Turnover: 11.96% > 50% (prev 11.04%; Δ 0.91% > 0%) |
| Interest Coverage Ratio: 0.15 > 6 (EBIT TTM 43.4m / Interest Expense TTM 287.5m) |
| A: -0.05 (Total Current Assets 400.1m - Total Current Liabilities 799.8m) / Total Assets 8.19b |
| B: -0.47 (Retained Earnings -3.86b / Total Assets 8.19b) |
| C: 0.01 (EBIT TTM 43.4m / Avg Total Assets 8.44b) |
| D: 0.43 (Book Value of Equity 2.44b / Total Liabilities 5.68b) |
| Altman-Z'' = -1.37 = CCC |
| DSRI: 0.39 (Receivables 53.5m/130.3m, Revenue 1.01b/958.6m) |
| GMI: 2.55 (GM 53.73% / 21.07%) |
| AQI: 7.58 (AQ_t 0.94 / AQ_t-1 0.12) |
| SGI: 1.05 (Revenue 1.01b / 958.6m) |
| TATA: -0.06 (NI -183.4m - CFO 348.7m) / TA 8.19b) |
| Beneish M = 1.81 (Cap -4..+1) = D |
As of June 22, 2026, the stock is trading at USD 23.63 with a total of 8,348,000 shares traded.
Over the past week, the price has changed by -4.88%,
over one month by +6.34%,
over three months by +28.73% and
over the past year by +52.44%.
Macerich has received a consensus analysts rating of 3.40. Therefore, it is recommended to hold MAC.
- StrongBuy: 4
- Buy: 1
- Hold: 8
- Sell: 1
- StrongSell: 1
| Analysts Target Price | 24.3 | 2.9% |
P/E Forward = 454.5455
P/S = 6.8039
P/B = 2.8841
P/EG = 4.8002
Revenue TTM = 1.01b USD
EBIT TTM = 43.4m USD
EBITDA TTM = 396.8m USD
Long Term Debt = 4.93b USD (from longTermDebt, last quarter)
Short Term Debt = 799.8m USD (from shortTermDebt, last quarter)
Debt = 5.12b USD (from shortLongTermDebtTotal, last quarter) + Leases 65.1m
Net Debt = 5.07b USD (calculated: Debt 5.12b - CCE 51.1m)
Enterprise Value = 12.0b USD (6.97b + Debt 5.12b - CCE 51.1m)
Interest Coverage Ratio = 0.15 (Ebit TTM 43.4m / Interest Expense TTM 287.5m)
EV/FCF = 40.86x (Enterprise Value 12.0b / FCF TTM 294.6m)
FCF Yield = 2.45% (FCF TTM 294.6m / Enterprise Value 12.0b)
FCF Margin = 29.21% (FCF TTM 294.6m / Revenue TTM 1.01b)
Net Margin = -18.18% (Net Income TTM -183.4m / Revenue TTM 1.01b)
Gross Margin = 21.07% ((Revenue TTM 1.01b - Cost of Revenue TTM 796.3m) / Revenue TTM)
Gross Margin QoQ = -17.65% (prev -9.41%)
Tobins Q-Ratio = 1.47 (Enterprise Value 12.0b / Total Assets 8.19b)
Interest Expense / Debt = 5.61% (Interest Expense 287.5m / Debt 5.12b)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 34.3m (EBIT 43.4m * (1 - 21.00%))
Current Ratio = 0.50 (Total Current Assets 400.1m / Total Current Liabilities 799.8m)
Debt / Equity = 2.10 (Debt 5.12b / totalStockholderEquity, last quarter 2.44b)
Debt / EBITDA = 12.78 (Net Debt 5.07b / EBITDA 396.8m)
Debt / FCF = 17.21 (Net Debt 5.07b / FCF TTM 294.6m)
Total Stockholder Equity = 2.50b (last 4 quarters mean from totalStockholderEquity)
RoA = -2.17% (Net Income -183.4m / Total Assets 8.19b)
RoE = -7.35% (Net Income TTM -183.4m / Total Stockholder Equity 2.50b)
RoCE = 0.58% (EBIT 43.4m / Capital Employed (Equity 2.50b + L.T.Debt 4.93b))
RoIC = 0.42% (NOPAT 34.3m / Invested Capital 8.14b)
WACC = 7.16% (E(6.97b)/V(12.1b) * Re(9.17%) + D(5.12b)/V(12.1b) * Rd(5.61%) * (1-Tc(0.21)))
Discount Rate = 9.17% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 100.00 | Cagr: 8.27%
[DCF] Terminal Value 74.84% ; FCFF base≈299.9m ; Y1≈290.3m ; Y5≈285.8m
[DCF] Fair Price = N/A (negative equity: EV 4.48b - Net Debt 5.07b = -589.3m; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.12 | # QB: 0
Revenue Correlation: 93.33 | Revenue CAGR: 7.21% | SUE: 0.37 | # QB: 0
EPS current Quarter (2026-06-30): EPS=-0.06 | Chg30d=+0.00% | Revisions=+33% | Analysts=3
EPS next Quarter (2026-09-30): EPS=-0.03 | Chg30d=N/A | Revisions=+33% | Analysts=3
EPS current Year (2026-12-31): EPS=-0.14 | Chg30d=+0.00% | Revisions=+33% | GrowthEPS=+51.5% | GrowthRev=-6.2%
EPS next Year (2027-12-31): EPS=0.08 | Chg30d=N/A | Revisions=+14% | GrowthEPS=+153.5% | GrowthRev=+2.7%
[Analyst] Revisions Ratio: +33%