Macerich Company (MAC)
NYSE:MAC
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Macerich
(NYSE:MAC)
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Rating:58Neutral
Price Target:
$21.50
▲(10.09% Upside)
Action:ReiteratedDate: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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Macerich (MAC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.22B
Dividend Yield3.61%
Average Volume (3M)2.01M
Price to Earnings (P/E)―
Beta (1Y)1.22
Revenue Growth8.06%
EPS Growth74.26%
CountryUS
Employees615
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)-0.07
Shares Outstanding256,670,750
10 Day Avg. Volume2,098,856
30 Day Avg. Volume2,013,003
Financial Highlights & Ratios
PEG Ratio9.49
Price to Book (P/B)1.93
Price to Sales (P/S)4.67
P/FCF Ratio14.73
Enterprise Value/Market Cap1.95
Enterprise Value/Revenue10.02
Enterprise Value/Gross Profit26.25
Enterprise Value/Ebitda18.82
Forecast
1Y Price Target
$20.20Price Target Upside3.43% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)-0.17
Revenue Forecast (FY)$972.14M
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 currentl...
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, a...
Macerich Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down the company’s revenue by business line — rental income, percentage rents, property management and services, development or asset sales, and other fees. For Macerich, the mix reveals how reliant cash flow is on recurring mall rents versus one-time property transactions and highlights exposure to foot traffic, anchor-tenant health, and e-commerce pressure. Use this to assess revenue stability, redevelopment or leasing upside, and risk from vacancies or tenant weakness.
Breaks down the company’s revenue by business line — rental income, percentage rents, property management and services, development or asset sales, and other fees. For Macerich, the mix reveals how reliant cash flow is on recurring mall rents versus one-time property transactions and highlights exposure to foot traffic, anchor-tenant health, and e-commerce pressure. Use this to assess revenue stability, redevelopment or leasing upside, and risk from vacancies or tenant weakness.
Data provided by:
The Fly
The FlyMacerich Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational execution on leasing and portfolio re-positioning with multiple record and above‑plan metrics (record leasing volume, SNO growth, occupancy gains, anchor commitments and meaningful dispositions). Management has materially improved liquidity and reduced leverage a full turn while advancing a clear pipeline that should drive larger NOI/FFO contributions in 2027–2028. Key risks remain: NOI growth in 2025 was modest, leverage is still elevated (7.78x), a loan (29th Street) is in default, physical occupancy lags leased occupancy, and realization of remaining dispositions and the 350 uncommitted deals are execution risks. Overall, the positive operational momentum and tangible pipeline progress outweigh the near-term balance sheet and timing challenges.Positive Updates
Record Leasing Volume
Signed 7.1 million square feet of new and renewal leases for full year 2025, an 85% increase vs. 2024 and a new company record; 30% of the 7.1M sq ft were new lease signings.
Negative Updates
NOI Growth Below Long-Term Plan
Go-Forward portfolio NOI rose just 1.7% in Q4 YoY and 1.8% for full year 2025, below the Path-Forward plan midpoint CAGR of ~5.2% for 2025–2028; 2026 growth expected to be back-end weighted (~3% with second-half inflection).
Read all updates
Q4-2025 Updates
Positive
Negative
Record Leasing Volume
Signed 7.1 million square feet of new and renewal leases for full year 2025, an 85% increase vs. 2024 and a new company record; 30% of the 7.1M sq ft were new lease signings.
Read all positive updates
Company Guidance
The company reiterated its Path-Forward targets and timing: an updated Path‑Forward 3.0 at REIT Week in June and a return to formal earnings guidance in 2027, with a mid‑2026 leasing inflection driven by SNO contribution estimated at ~$30M in 2026 (back‑end weighted), $40–45M in 2027 and $45–50M in 2028. Key operational and leasing metrics include 7.1M sq ft of new/renewal leases in 2025 (85% above 2024), a leasing speedometer at 76% (above the 2025 target of 70%, on track to 85% mid‑2026), ~1,000 new deals tracked with 650 open/executed/in documentation and 350 uncommitted (1.6M sq ft, 150 in LOI), a signed‑not‑open (SNO) pipeline of ~$107M (vs $100M target) and 30 anchors fully committed (2.9M sq ft, 5 open/5 under construction/11 executed/9 leases out; ~ $750M annual tenant sales). Portfolio and finance guidance highlights: go‑forward portfolio NOI +1.7% Q4 y/y (+1.8% full‑year 2025), trailing 12‑month leasing spreads 6.7% (+80 bps q/q), occupancy 94% (Q4) and go‑forward occupancy 94.9% (+60 bps q/q), go‑forward sales $921/sq ft (total portfolio $881/sq ft), 416k sq ft opened in Q4 (1.3M in 2025), 80% of 2026 expirations committed with 16% in LOI, Q4 adjusted FFO ~$129M or $0.48/sh, liquidity ~ $990M (including $650M revolver), net debt/EBITDA 7.78x (down ~1.0x since plan start; target low‑to‑mid‑6x), $1.3B of $2.0B disposition goal completed with $200–300M more identified (to $1.5–1.6B) and $400–450M of outparcel/land remaining ( ~$15M under contract, >$50M in negotiation), a $200M South Plains loan extended to Nov‑2029 at ~4.2%, and a $76M pro‑rata loan on 29th Street currently in default.Macerich Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
42
Neutral
Cash Flow
62
Positive
| 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
Positive
19.53
Price Trends
18.97
Positive
18.34
Positive
17.59
Positive
Market Momentum
-0.01
Negative
56.57
Neutral
85.41
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 19.53 is above the 20-day moving average (MA) of 18.82, above the 50-day MA of 18.97, and above the 200-day MA of 17.59, indicating a bullish trend. The MACD of -0.01 indicates Negative momentum. The RSI at 56.57 is Neutral, neither overbought nor oversold. The STOCH value of 85.41 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MAC.
Macerich Risk Analysis
Macerich disclosed 38 risk factors in its most recent earnings report. Macerich reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Macerich Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $9.27B | 21.05 | 12.74% | 4.38% | 6.05% | 14.70% | |
71 Outperform | $15.23B | 23.39 | 5.56% | 5.02% | 7.99% | 55.05% | |
71 Outperform | $5.20B | 23.40 | 4.86% | 3.52% | 10.58% | 37.97% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | $5.10B | 17.20 | 9.31% | 4.55% | 3.67% | ― | |
58 Neutral | $5.22B | -24.03 | -7.72% | 3.61% | 8.06% | 74.26% | |
47 Neutral | $1.32M | 0.62 | 20.26% | ― | -1.01% | 504.95% |
* Real Estate Sector Average
MAC
Macerich
19.53
5.99
44.20%
KIM
Kimco Realty
22.60
4.36
23.90%
KRG
Kite Realty Group
24.68
5.57
29.18%
FRT
Federal Realty
106.79
24.02
29.01%
WHLR
Wheeler Real Estate Investment
0.92
-553.48
-99.83%
PECO
Phillips Edison & Company
37.53
4.41
13.32%
Macerich Corporate Events
Business Operations and StrategyFinancial Disclosures
Macerich Highlights Strong Leasing Momentum and Path Forward Progress
Positive
Mar 2, 2026
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...
Business Operations and StrategyPrivate Placements and Financing
Macerich Expands and Refinances $900 Million Credit Facility
Positive
Feb 27, 2026
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 opti...
Business Operations and StrategyDividendsFinancial DisclosuresM&A Transactions
Macerich Narrows Losses and Advances Path Forward Plan
Positive
Feb 18, 2026
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 f...
Business Operations and Strategy
Macerich Highlights Record Leasing at Nareit Conference
Positive
Dec 8, 2025
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 signif...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.