Macerich (MAC) AI Stock Analysis

• Market Cap: $4.98B
• Dividend Yield: 3.64%
• Average Volume (3M): 1.74M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.19
• Revenue Growth: 8.06%
• EPS Growth: 74.26%
• Country: US
• Employees: 615
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Retail
• EPS (TTM): -0.34
• Shares Outstanding: 256,118,070
• 10 Day Avg. Volume: 2,153,616
• 30 Day Avg. Volume: 1,738,208
• PEG Ratio: 0.66
• Price to Book (P/B): 1.77
• Price to Sales (P/S): 5.31
• P/FCF Ratio: 17.20
• Enterprise Value/Market Cap: 0.87
• Enterprise Value/Revenue: 4.23
• Enterprise Value/Gross Profit: 7.70
• Enterprise Value/Ebitda: 8.41
• 1Y Price Target: $19.75
• Price Target Upside: 4.94% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): -0.62
• Revenue Forecast (FY): $972.05M

• Rating: 55 Neutral
• Price Target: $18.00 ▼(-4.36% Downside)

Macerich's overall stock score reflects a mix of challenges and opportunities. The most significant factor is the company's financial performance, which is hindered by profitability issues and high leverage. However, strong leasing activity and strategic initiatives highlighted in the earnings call and corporate events provide a positive outlook. Technical analysis and valuation metrics present mixed signals, with potential overbought conditions and a negative P/E ratio being concerns.

Positive Factors

Leasing Activity

Strong leasing activity indicates robust demand for Macerich's properties, enhancing long-term revenue potential and occupancy rates.

Path Forward Plan

The Path Forward Plan's focus on reducing leverage and strategic asset sales strengthens financial stability and positions Macerich for sustainable growth.

Record Leasing at Nareit Conference

Record leasing activity and strategic initiatives demonstrate Macerich's ability to attract tenants, supporting long-term revenue growth and market position.

Negative Factors

Profitability Issues

Ongoing profitability issues, as indicated by a negative net profit margin, challenge Macerich's ability to generate sustainable earnings and return on equity.

High Leverage

High leverage poses a risk to financial stability, potentially limiting Macerich's ability to invest in growth opportunities and manage economic downturns.

Forever 21 Liquidation Impact

The impact of Forever 21's liquidation on occupancy highlights vulnerabilities in tenant mix, affecting short-term occupancy and revenue stability.

Macerich Business Overview & Revenue Model

Company Description

Macerich (MAC) is a real estate investment trust (REIT) that specializes in the ownership, operation, and development of retail properties primarily in the United States. The company focuses on high-quality shopping centers, including regional malls and mixed-use properties, that feature a diverse mix of retailers, dining establishments, and entertainment options. Macerich aims to create vibrant retail environments that enhance the shopping experience and drive consumer traffic, positioning itself as a leader in the retail real estate sector.

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

Macerich's financial performance is challenged by a negative net profit margin of -37.97% despite revenue growth. The balance sheet shows high leverage, though recent improvements are noted. Cash flow is a relative strength with a strong free cash flow to net income ratio of 1.13, but historical volatility is a concern.

Income Statement

Macerich's income statement shows a mixed performance. The company has experienced revenue growth, with a TTM revenue growth rate of 3.33%. However, profitability remains a concern as indicated by the negative net profit margin of -37.97% in the TTM period. The gross profit margin is relatively healthy at 64.60%, but the negative net income highlights ongoing challenges in achieving profitability. The EBIT and EBITDA margins have improved over the years, indicating some operational efficiency gains.

Balance Sheet

The balance sheet reflects a high level of leverage, with a debt-to-equity ratio of 2.72 in 2020, which has improved to 0.0 in the TTM period, suggesting a reduction in debt levels or an increase in equity. However, the return on equity remains negative at -14.82% in the TTM period, indicating that the company is not generating sufficient returns on its equity base. The equity ratio is not directly provided but the high debt levels pose a risk to financial stability.

Cash Flow

Cash flow analysis shows some positive trends, with a free cash flow growth rate of 17.92% in the TTM period. The operating cash flow to net income ratio is not provided, but the free cash flow to net income ratio is strong at 1.13, indicating that the company is generating cash flow in excess of its net income, which is a positive sign. However, the historical volatility in free cash flow growth rates suggests potential fluctuations in cash generation capability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.03B	918.20M	884.07M	859.16M	847.44M	786.03M
Gross Profit	562.85M	487.94M	489.18M	468.81M	466.55M	438.05M
EBITDA	515.71M	326.90M	190.72M	454.96M	540.19M	155.70M
Net Income	-389.60M	-194.12M	-274.06M	-66.07M	14.26M	-230.20M
Balance Sheet
Total Assets	8.42B	8.57B	7.51B	8.09B	8.35B	9.18B
Cash, Cash Equivalents and Short-Term Investments	290.16M	89.86M	94.94M	100.32M	112.45M	465.30M
Total Debt	5.15B	5.06B	4.31B	4.50B	4.61B	6.13B
Total Liabilities	5.84B	5.72B	4.99B	5.14B	5.17B	6.74B
Stockholders Equity	2.51B	2.76B	2.45B	2.87B	3.05B	2.26B
Cash Flow
Free Cash Flow	352.29M	283.44M	295.50M	337.51M	286.37M	124.84M
Operating Cash Flow	347.39M	283.44M	295.50M	337.51M	286.37M	124.84M
Investing Cash Flow	-302.13M	19.79M	52.54M	-1.40M	234.97M	-202.85M
Financing Cash Flow	105.36M	-316.05M	-338.89M	-321.94M	-837.02M	446.45M

Macerich Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 18.82
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

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 18.82 is above the 20-day moving average (MA) of 17.84, above the 50-day MA of 17.41, and above the 200-day MA of 16.48, indicating a bullish trend. The MACD of 0.43 indicates Negative momentum. The RSI at 68.06 is Neutral, neither overbought nor oversold. The STOCH value of 85.55 is Negative, 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	77 Outperform	$8.82B	25.70	10.92%	4.38%	6.05%	14.70%
PECO	75 Outperform	$4.95B	58.33	3.62%	3.51%	10.58%	37.97%
KIM	69 Neutral	$13.56B	24.12	5.68%	5.04%	7.99%	55.05%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
KRG	61 Neutral	$5.18B	211.21	4.71%	4.52%	3.67%	―
MAC	55 Neutral	$4.98B	―	-18.43%	3.64%	8.06%	74.26%
WHLR	49 Neutral	$4.04M	―	116.25%	―	-1.01%	504.95%

Macerich Corporate Events

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.

Macerich Reports Q3 2025 Net Loss Improvement

In the third quarter of 2025, The Macerich Company reported a net loss of $87.4 million, an improvement from the $108.2 million loss in the same period in 2024, largely due to gains from asset sales. The company signed leases for 1.5 million square feet, an 81% increase from the previous year, and expects new store leases to generate significant revenue. Macerich also engaged in several financial transactions, including property sales and securing new loans, contributing to a liquidity position of approximately $1 billion.