Macerich (MAC) AI Stock Analysis

• Market Cap: $5.35B
• Dividend Yield: 3.61%
• Average Volume (3M): 2.15M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.21
• Revenue Growth: 8.06%
• EPS Growth: 74.26%
• Country: US
• Employees: 615
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Retail
• EPS (TTM): -0.07
• Shares Outstanding: 256,670,750
• 10 Day Avg. Volume: 2,327,481
• 30 Day Avg. Volume: 2,146,534
• PEG Ratio: 9.49
• Price to Book (P/B): 1.93
• Price to Sales (P/S): 4.67
• P/FCF Ratio: 14.73
• Enterprise Value/Market Cap: 1.92
• Enterprise Value/Revenue: 10.11
• Enterprise Value/Gross Profit: 26.50
• Enterprise Value/Ebitda: 19.00
• 1Y Price Target: $20.60
• Price Target Upside: 3.05% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 11
• EPS Forecast (FY): -0.18
• Revenue Forecast (FY): $954.05M

• Rating: 58 Neutral
• Price Target: $21.50 ▲(7.55% Upside)
• Action: Reiterated Date: 03/02/26
• Date: Action: Reiterated 03/02/26

The score is held back primarily by weak financial performance (sharp 2025 revenue decline, recurring net losses, and high leverage). Offsetting that, technicals show a strong uptrend and the latest earnings call indicates meaningful operational momentum (record leasing and a large pipeline), while valuation is mixed due to negative earnings despite a moderate dividend yield.

Positive Factors

Record leasing momentum and SNO pipeline

Record 7.1M sq ft of new/renewal leases, positive re-leasing spreads and a ~$107M signed-not-open backlog create a durable revenue runway. As SNO converts and anchors open, incremental NOI and FFO should boost earnings quality and support portfolio re‑positioning across 2026–2028.

Consistent operating cash flow and positive free cash flow

Reliable operating cash generation (~$322M in 2025) and positive free cash flow provide stable internal funding for tenant build-outs, debt service, dividends, and selective capital allocation. This financial cushion reduces dependency on volatile capital markets while executing the Path‑Forward plan.

Improved liquidity and extended credit facility

A $900M revolver (upsizable) plus ~ $990M liquidity materially eases near-term refinancing pressure. Extended maturities and covenant flexibility grant management time to complete dispositions, execute leases, and lower leverage without forcing distressed asset sales, supporting multi‑quarter execution risk reduction.

Negative Factors

Elevated leverage and large gross debt load

Leverage remains high with net debt/EBITDA near 7.8x and debt-to-equity elevated, constraining strategic flexibility. Heavy debt amplifies sensitivity to interest rates and asset-sale timing, raises refinancing and covenant risk, and lengthens the time required to reach a durable investment‑grade like balance.

Recurring net losses and sharp 2025 revenue disruption

Persistent net losses and a major 2025 top‑line disruption indicate below‑the‑line costs and episodic write‑downs remain material. Continued losses erode equity, limit reinvestment capacity, and prolong the timeline to sustainably cover non‑cash charges and rebuild reported earnings even if NOI improves.

Execution & asset‑specific credit risk (29th Street default)

Significant execution risk remains: large disposition runway (~$700M) and 350 uncommitted deals must close to hit targets, while a pro‑rata $76M loan in default creates lender negotiation risk. Failure to monetize assets or resolve the default could impede deleveraging and access to secured financing.

Macerich Business Overview & Revenue Model

Company Description

Macerich is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence in the West Coast, Arizona, Chicago and the Metro New York to Washington, DC corridor. A recognized leader in sustainability, Macerich has achieved the #1 GRESB ranking in the North American Retail Sector for five straight years (2015 - 2019).

How the Company Makes Money

Macerich generates revenue primarily through leasing retail space to a variety of tenants, including national and regional retailers, restaurants, and entertainment venues. The company collects rental income, which is its primary revenue stream, and may also receive percentage rent, where tenants pay a portion of their sales in addition to base rent. Other revenue sources include management fees from properties it manages for third parties, income from development projects, and ancillary services such as advertising and promotional partnerships. Significant partnerships with major brands and a focus on enhancing customer experiences help drive foot traffic, ultimately benefiting its tenants and Macerich's earnings.

Macerich Financial Statement Overview

Summary

Financials are mixed-to-weak overall: a sharp 2025 revenue decline and recurring net losses weigh heavily, and leverage is elevated with debt-to-equity rising to ~2.12x. Offsetting factors include solid gross margins and consistently positive operating cash flow/free cash flow, but cash flow has not consistently covered reported losses, keeping risk elevated.

Income Statement

Revenue has been modestly positive since 2021, but 2025 saw a sharp decline (down 103.8% YoY), pointing to a major top-line disruption. Profitability is mixed: gross margins remain solid (~38% in 2025 and ~53–56% in 2021–2024), and operating profitability improved meaningfully in 2025 (operating profit margin ~17%). However, the company has reported net losses in most years (2022–2025), with net margin still deeply negative in 2025 (~-19%), indicating that below-operating-line costs continue to overwhelm operating gains.

Balance Sheet

Leverage is elevated and trending worse: debt-to-equity increased to ~2.12x in 2025 from ~1.51x in 2021, and total debt remains above $5.2B. Equity also declined versus 2024, reducing balance-sheet flexibility. While total assets are sizable (~$8.37B in 2025), the combination of high leverage and recurring net losses (negative returns on equity in 2022–2024) increases refinancing and valuation sensitivity risk typical for the sector.

Cash Flow

Cash generation is a relative strength: operating cash flow remained positive across all periods and improved to ~$322M in 2025 (from ~$283M in 2024). Free cash flow is also consistently positive, though growth has been negative recently (down 8.7% in 2025 after a slight decline in 2024). The key gap is that cash flow has not consistently covered reported losses (coverage was below 1.0x in 2020–2024), suggesting earnings quality and/or non-cash charges are a continuing point of investor focus.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.02B	918.20M	884.07M	859.16M	847.44M
Gross Profit	387.47M	487.94M	489.18M	468.81M	466.55M
EBITDA	404.93M	326.90M	190.72M	454.96M	540.19M
Net Income	-197.15M	-194.12M	-274.06M	-66.07M	14.26M
Balance Sheet
Total Assets	8.37B	8.57B	7.51B	8.09B	8.35B
Cash, Cash Equivalents and Short-Term Investments	43.01M	89.86M	94.94M	100.32M	112.45M
Total Debt	5.20B	5.06B	4.31B	4.50B	4.61B
Total Liabilities	5.84B	5.72B	4.99B	5.14B	5.17B
Stockholders Equity	2.45B	2.76B	2.45B	2.87B	3.05B
Cash Flow
Free Cash Flow	321.60M	283.44M	295.50M	337.51M	286.37M
Operating Cash Flow	321.60M	283.44M	295.50M	337.51M	286.37M
Investing Cash Flow	-325.34M	19.79M	52.54M	-1.40M	234.97M
Financing Cash Flow	199.22M	-316.05M	-338.89M	-321.94M	-837.02M

Macerich Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 19.99
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MAC, the sentiment is Positive. The current price of 19.99 is above the 20-day moving average (MA) of 19.48, above the 50-day MA of 18.88, and above the 200-day MA of 17.33, indicating a bullish trend. The MACD of 0.49 indicates Negative momentum. The RSI at 56.69 is Neutral, neither overbought nor oversold. The STOCH value of 77.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MAC.

Macerich Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FRT	72 Outperform	$9.58B	23.25	12.76%	4.38%	6.05%	14.70%
KIM	71 Outperform	$15.88B	28.85	5.53%	5.02%	7.99%	55.05%
PECO	71 Outperform	$5.51B	44.37	4.83%	3.52%	10.58%	37.97%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
KRG	65 Neutral	$5.42B	19.05	9.35%	4.55%	3.67%	―
MAC	58 Neutral	$5.35B	―	-18.89%	3.61%	8.06%	74.26%
WHLR	45 Neutral	$1.49M	―	116.25%	―	-1.01%	504.95%

Macerich Corporate Events

Macerich Highlights Strong Leasing Momentum and Path Forward Progress

On March 2, 2025, Macerich posted a business update presentation for investors ahead of its participation in Citi’s 2026 Global Property CEO Conference in Hollywood, Florida, detailing record leasing activity through year-end 2025 and strong momentum across its go-forward portfolio. The company reported that new and renewal space signed nearly doubled to 7.1 million square feet in 2025 with higher lease counts, 400-plus new store openings from 2024–2025 including luxury, digitally native and experiential brands, and go-forward leased occupancy nearing 95%, underscoring robust tenant demand for its centers.

Management highlighted that its five-year Path Forward Plan is ahead of schedule, with roughly 76% of planned new lease revenue already completed by February 2026 versus a 70% target and an estimated signed-not-open pipeline of about $107 million in incremental annual revenue, potentially rising to $140 million between 2025 and 2028. The company has commitments in place for all 30 planned anchor and big-box replacements totaling 2.9 million square feet, with several new anchors already open or under construction and expected to generate about $750 million in annual sales, a key driver of traffic, in-line leasing, and an anticipated 500-basis-point increase in permanent occupancy under the Path Forward Plan.

The most recent analyst rating on (MAC) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on Macerich stock, see the MAC Stock Forecast page.

Macerich Expands and Refinances $900 Million Credit Facility

On February 24, 2026, The Macerich Company and its operating partnership entered into a Second Amended and Restated Credit Agreement that refinanced and expanded their revolving credit facility to $900 million, maturing March 1, 2029, with an option to extend to March 1, 2030. The facility can be upsized to $1.1 billion, carries interest based on Base Rate or Term SOFR plus a margin tied initially to debt yield and later to net debt to EBITDA, and charges a fee on unused commitments.

The credit line is secured by mortgages on certain wholly owned assets and equity pledges, with a borrowing base maintenance covenant requiring collateral value to at least match outstanding borrowings. Macerich can sell or finance secured assets and potentially release all mortgages once leverage tests are met, while remaining subject to minimum debt yield, fixed charge coverage, maximum floating-rate debt, and other customary covenants and events of default.

The most recent analyst rating on (MAC) stock is a Hold with a $21.00 price target. To see the full list of analyst forecasts on Macerich stock, see the MAC Stock Forecast page.

Macerich Narrows Losses and Advances Path Forward Plan

For the quarter ended December 31, 2025, Macerich narrowed its net loss to $18.8 million, or $0.07 per diluted share, from a $211.2 million loss a year earlier, largely because 2024 results had been hit by asset sale and write-down losses. Funds from operations excluding specified items rose to $128.9 million, or $0.48 per diluted share, aided by a legal settlement and partly offset by higher incentive compensation, as Go-Forward Portfolio Centers net operating income increased 1.7% for the quarter and 1.8% for the year.

Operating metrics reflected continued leasing and sales momentum, with portfolio tenant sales per square foot for small-shop space climbing to $881 for the 12 months ended December 31, 2025, and Go-Forward centers reaching $921. Leased portfolio occupancy stood at 94.0%, while the company signed a record 7.1 million square feet of leases in 2025, producing positive re-leasing spreads of 6.7% and building a new-store pipeline expected to generate roughly $107 million in incremental gross revenue between 2024 and 2028.

Management described 2025 as a pivotal year in executing its “Path Forward Plan,” highlighting $1.3 billion of completed asset dispositions, full commitment of all 30 anchor spaces and substantially completed de-risking of the strategy. Looking ahead to 2026, Macerich plans to concentrate on moving tenants into pipeline space on schedule, addressing remaining lease expirations and selectively pursuing accretive acquisitions while advancing targeted dispositions, supported by about $990 million in liquidity and a four-year extension of its $200 million South Plains Mall loan.

On the balance sheet and capital return front, Macerich completed $42.3 million in outparcel and land sales in the fourth quarter of 2025, including a $25.8 million sale of the Washington Square retail strip center, and entered a contract to sell La Cumbre Plaza for approximately $11 million with closing expected in the second quarter of 2026. The company also declared a quarterly cash dividend of $0.17 per common share, payable March 30, 2026 to shareholders of record as of March 16, 2026, underscoring management’s confidence in the REIT’s improving cash flow profile.

The most recent analyst rating on (MAC) stock is a Buy with a $20.00 price target. To see the full list of analyst forecasts on Macerich stock, see the MAC Stock Forecast page.

Macerich Highlights Record Leasing at Nareit Conference

On December 8, 2025, Macerich presented a business update at the Nareit REITWorld conference in Dallas, highlighting its record-breaking leasing activity and strategic Path Forward Plan. The company reported strong leasing productivity with significant new and renewal space signed, and a substantial pipeline expected to generate $140 million in revenue by 2028. The Path Forward Plan aims to increase permanent occupancy by 500 basis points, with new anchors and a curated mix of brands to boost traffic and sales, positioning Macerich for continued growth.

The most recent analyst rating on (MAC) stock is a Hold with a $16.50 price target. To see the full list of analyst forecasts on Macerich stock, see the MAC Stock Forecast page.