Macerich (MAC) AI Stock Analysis

• Market Cap: $4.63B
• Dividend Yield: 4.02%
• Average Volume (3M): 1.73M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.29
• 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: 1,673,038
• 30 Day Avg. Volume: 1,730,868
• 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: 2.04
• Enterprise Value/Revenue: 9.22
• Enterprise Value/Gross Profit: 14.27
• Enterprise Value/Ebitda: 24.82
• 1Y Price Target: $19.57
• Price Target Upside: 12.73% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 8
• EPS Forecast (FY): -0.59
• Revenue Forecast (FY): $973.58M

• Rating: 48 Neutral
• Price Target: $16.50 ▼(-4.95% Downside)

Macerich's overall stock score reflects significant challenges in profitability and technical momentum, despite positive leasing activity and strategic progress highlighted in the earnings call. The high leverage and negative valuation metrics further weigh on the score, though the dividend yield offers some investor appeal.

Positive Factors

Leasing Activity

The significant increase in leasing activity demonstrates strong demand for Macerich's retail spaces, indicating a robust market position and potential for sustained revenue growth.

Occupancy and Sales Growth

Rising occupancy rates and sales per square foot reflect effective property management and tenant attraction strategies, enhancing long-term revenue potential.

Path Forward Plan Progress

Progress in the Path Forward plan, including leverage reduction and asset sales, strengthens financial health and supports strategic growth initiatives.

Negative Factors

Profitability Challenges

Ongoing profitability issues, as indicated by a negative net profit margin, pose risks to financial sustainability and limit reinvestment capacity.

High Leverage

High leverage levels can constrain financial flexibility and increase vulnerability to economic downturns, impacting long-term stability.

Loan Maturity Issues

The potential technical default on a maturing loan indicates refinancing risks and could lead to increased financial strain if not addressed.

Macerich Business Overview & Revenue Model

Company Description

Macerich (MAC) is a leading real estate investment trust (REIT) focused on the ownership, operation, and development of high-quality retail and mixed-use properties across the United States. With a portfolio that includes major shopping centers and retail destinations, Macerich specializes in creating vibrant retail environments that enhance customer experiences and drive foot traffic. The company operates primarily in the retail sector, catering to a diverse range of tenants, including national brand retailers, restaurants, and entertainment venues.

How the Company Makes Money

Macerich generates revenue primarily through leasing retail space to tenants in its shopping centers. The company's revenue streams include base rental income, which is derived from long-term leases with tenants, and percentage rent, which is a share of the tenant's sales volume above a certain threshold. Additionally, Macerich earns income from property management and development services, as well as through ancillary sources such as advertising and sponsorship opportunities within its properties. Key partnerships with national retailers and a strong focus on tenant mix and experience further enhance its revenue potential. The company also benefits from a solid portfolio of prime locations, which helps maintain high occupancy rates and rental pricing power.

Macerich Financial Statement Overview

Summary

Macerich's financial performance shows mixed results. While revenue growth is present, the company struggles with profitability, as evidenced by a negative net profit margin. The balance sheet indicates high leverage, though recent improvements are noted. Cash flow generation is a relative strength, but historical volatility suggests potential fluctuations.

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	662.77M	487.94M	489.18M	468.81M	466.55M	438.05M
EBITDA	381.10M	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: 17.36
• 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 17.36 is above the 20-day moving average (MA) of 17.18, above the 50-day MA of 17.31, and above the 200-day MA of 16.66, indicating a bullish trend. The MACD of -0.11 indicates Negative momentum. The RSI at 53.30 is Neutral, neither overbought nor oversold. The STOCH value of 85.15 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	$8.53B	24.99	10.92%	4.61%	6.05%	14.70%
PECO	72 Outperform	$4.88B	57.75	3.62%	3.56%	10.58%	37.97%
KIM	70 Outperform	$13.88B	24.58	5.68%	4.76%	7.99%	55.05%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
KRG	63 Neutral	$5.01B	205.87	4.71%	4.85%	3.67%	―
WHLR	49 Neutral	$1.95M	―	116.25%	―	-1.01%	504.95%
MAC	48 Neutral	$4.63B	―	-18.43%	4.02%	8.06%	74.26%

Macerich Corporate Events

Macerich Company Reports Improved Q3 2025 Financials

Macerich Company is a prominent real estate investment trust that specializes in the acquisition, leasing, management, development, and redevelopment of regional retail centers across the United States. Known for its commitment to sustainability, Macerich has been a leader in the North American retail sector for a decade, with a significant presence in key U.S. markets such as California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor.

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.

The most recent analyst rating on (MAC) stock is a Hold with a $17.00 price target. To see the full list of analyst forecasts on Macerich stock, see the MAC Stock Forecast page.

Macerich’s Earnings Call Highlights Strong Leasing and Strategic Moves

Macerich Company’s recent earnings call painted a largely positive picture, underscored by robust leasing activity and strategic acquisitions. Despite some challenges, such as a slight decline in occupancy and rising costs, the overall sentiment was optimistic, with the positive aspects significantly outweighing the negatives.

Macerich Sells Valley Mall for $22.1 Million

On August 18, 2025, Macerich completed the sale of Lakewood Center in California for $332.1 million, with the buyer assuming a $317.1 million loan. The company plans to use the $5 million net proceeds for general corporate purposes. Additionally, on August 20, 2025, Macerich sold Valley Mall in Virginia for $22.1 million, with net proceeds of $20.9 million also intended for general corporate purposes. These transactions are part of the company’s strategy to optimize its portfolio and strengthen its financial position.

The most recent analyst rating on (MAC) stock is a Hold with a $17.50 price target. To see the full list of analyst forecasts on Macerich stock, see the MAC Stock Forecast page.

Macerich Company Reports Q2 2025 Financial Results

Macerich Company is a leading real estate investment trust specializing in the acquisition, leasing, management, development, and redevelopment of regional retail centers across the United States, with a strong focus on sustainability and environmental goals.

Macerich Announces Quarterly Dividend Amid Net Loss

In the second quarter of 2025, Macerich reported a net loss of $40.9 million, a significant decrease from the $252.0 million net income in the same period of 2024, primarily due to a previous gain on asset sale. Despite this, the company saw a 2.4% increase in net operating income for its Go-Forward Portfolio Centers and a 137% increase in leased square footage compared to the previous year. The company also engaged in several transactions, including the acquisition of Crabtree Mall and the sale of SouthPark and Atlas Park, resulting in a robust liquidity position of approximately $915 million. Macerich announced a quarterly cash dividend of $0.17 per share, payable on September 23, 2025.

The most recent analyst rating on (MAC) stock is a Hold with a $16.00 price target. To see the full list of analyst forecasts on Macerich stock, see the MAC Stock Forecast page.