Overview Dividends

(MAC) Macerich - Ratings and Ratios

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

Retail, Centers, Real, Estate, Properties

MAC EPS (Earnings per Share)

EPS Growth (3Y CAGR): -0.29%
EPS Trend (3Y Correlation): 13.1%

MAC Revenue

Revenue Growth (3Y CAGR): 6.38%
Revenue Trend (3Y Correlation): 64.6%

Risk via 10d forecast
Volatility	38.8%
Value at Risk 5%th	61.3%

Reward
Sharpe Ratio	-0.03
Alpha	-33.88

Character
Hurst Exponent	0.339
Beta	2.209

Drawdowns 3y
Max DD	39.56%
Mean DD	14.37%

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	4,480m
Sub-Industry	Retail REITs
IPO / Inception	1994-03-09
Return 12m vs S&P 500	-19.8%
Analyst Rating	3.40 of 5

MAC Dividends

Dividend Yield	2.84%
Yield on Cost 5y	7.21%
Yield CAGR 5y	-12.31%
Payout Consistency	92.1%
Payout Ratio	188.9%

MAC Growth Ratios

CAGR	16.00%
CAGR/Max DD Calmar Ratio	0.40
CAGR/Mean DD Pain Ratio	1.11
Current Volume	795.6k
Average Volume	1573.9k

Piotroski VR‑10 (Strict, 0-10) 2.0

Net Income (-410.4m TTM) > 0 and > 6% of Revenue (6% = 59.6m TTM)

FCFTA 0.04 (>2.0%) and ΔFCFTA -0.07pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue -31.89% (prev -27.29%; Δ -4.60pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.04 (>3.0%) and CFO 313.9m > Net Income -410.4m (YES >=105%, WARN >=100%)

Net Debt (5.26b) to EBITDA (487.2m) ratio: 10.80 <= 3.0 (WARN <= 3.5)

Current Ratio 0.53 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (253.1m) change vs 12m ago 17.07% (target <= -2.0% for YES)

Gross Margin 54.04% (prev 54.17%; Δ -0.14pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 12.03% (prev 11.32%; Δ 0.71pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 0.58 (EBITDA TTM 487.2m / Interest Expense TTM 253.3m) >= 6 (WARN >= 3)

Altman Z'' -2.08

(A) -0.04 = (Total Current Assets 358.2m - Total Current Liabilities 674.8m) / Total Assets 8.73b

(B) -0.41 = Retained Earnings (Balance) -3.58b / Total Assets 8.73b

(D) -0.59 = Book Value of Equity -3.58b / Total Liabilities 6.07b

Total Rating: -2.08 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 50.71

1. Piotroski 2.0pt = -3.0

2. FCF Yield 3.22% = 1.61

3. FCF Margin 31.62% = 7.50

4. Debt/Equity 2.09 = 0.64

5. Debt/Ebitda 10.80 = -2.50

6. ROIC - WACC (= -5.24)% = -6.55

7. RoE -15.61% = -2.50

8. Rev. Trend 64.56% = 4.84

9. EPS Trend 13.12% = 0.66

What is the price of MAC shares?

As of November 12, 2025, the stock is trading at USD 17.94 with a total of 795,576 shares traded.
Over the past week, the price has changed by +1.36%, over one month by +7.17%, over three months by +8.68% and over the past year by -7.35%.

Is Macerich a good stock to buy?

Neither. Based on ValueRay´s Fundamental Analyses, Macerich is currently (November 2025) neither a good nor a bad stock to buy. It has a ValueRay Fundamental Rating of 50.71 and therefor a neutral outlook according to the companies health.
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of MAC is around 17.80 USD . This means that MAC is currently overvalued and has a potential downside of -0.78%.

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	10.4%
Analysts Target Price	19.8	10.4%
ValueRay Target Price	19.6	9.3%

MAC Fundamental Data Overview November 01, 2025

Market Cap USD = 4.48b (4.48b USD * 1.0 USD.USD)
P/E Forward = 500.0
P/S = 4.2699
P/B = 1.7519
P/EG = -485.0
Beta = 2.209
Revenue TTM = 992.9m USD
EBIT TTM = 146.1m USD
EBITDA TTM = 487.2m USD
Long Term Debt = 5.32b USD (from longTermDebt, last quarter)
Short Term Debt = 330.1m USD (from shortTermDebt, last fiscal year)
Debt = 5.39b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 5.26b USD (from netDebt column, last quarter)
Enterprise Value = 9.74b USD (4.48b + Debt 5.39b - CCE 131.1m)
Interest Coverage Ratio = 0.58 (Ebit TTM 146.1m / Interest Expense TTM 253.3m)
FCF Yield = 3.22% (FCF TTM 313.9m / Enterprise Value 9.74b)
FCF Margin = 31.62% (FCF TTM 313.9m / Revenue TTM 992.9m)
Net Margin = -41.34% (Net Income TTM -410.4m / Revenue TTM 992.9m)
Gross Margin = 54.04% ((Revenue TTM 992.9m - Cost of Revenue TTM 456.4m) / Revenue TTM)
Gross Margin QoQ = 55.03% (prev 52.99%)
Tobins Q-Ratio = 1.12 (Enterprise Value 9.74b / Total Assets 8.73b)
Interest Expense / Debt = 1.33% (Interest Expense 71.9m / Debt 5.39b)
Taxrate = 0.45% (-188.0k / -41.7m)
NOPAT = 145.4m (EBIT 146.1m * (1 - 0.45%))
Current Ratio = 0.53 (Total Current Assets 358.2m / Total Current Liabilities 674.8m)
Debt / Equity = 2.09 (Debt 5.39b / totalStockholderEquity, last quarter 2.59b)
Debt / EBITDA = 10.80 (Net Debt 5.26b / EBITDA 487.2m)
Debt / FCF = 16.76 (Net Debt 5.26b / FCF TTM 313.9m)
Total Stockholder Equity = 2.63b (last 4 quarters mean from totalStockholderEquity)
RoA = -4.70% (Net Income -410.4m / Total Assets 8.73b)
RoE = -15.61% (Net Income TTM -410.4m / Total Stockholder Equity 2.63b)
RoCE = 1.84% (EBIT 146.1m / Capital Employed (Equity 2.63b + L.T.Debt 5.32b))
RoIC = 1.91% (NOPAT 145.4m / Invested Capital 7.60b)
WACC = 7.15% (E(4.48b)/V(9.87b) * Re(14.16%) + D(5.39b)/V(9.87b) * Rd(1.33%) * (1-Tc(0.00)))
Discount Rate = 14.16% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 8.29%
[DCF Debug] Terminal Value 59.78% ; FCFE base≈302.5m ; Y1≈311.5m ; Y5≈350.5m
Fair Price DCF = 11.04 (DCF Value 2.79b / Shares Outstanding 252.8m; 5y FCF grow 2.98% → 3.0% )
EPS Correlation: 13.12 | EPS CAGR: -0.29% | SUE: 0.11 | # QB: 0
Revenue Correlation: 64.56 | Revenue CAGR: 6.38% | SUE: 0.15 | # QB: 0

Additional Sources for MAC Stock

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