Macerich (MAC) AI Stock Analysis

• Market Cap: $4.77B
• Dividend Yield: 4.02%
• Average Volume (3M): 1.94M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.28
• 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: 2,180,310
• 30 Day Avg. Volume: 1,938,756
• 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: 1.98
• Enterprise Value/Revenue: 9.22
• Enterprise Value/Gross Profit: 14.27
• Enterprise Value/Ebitda: 24.82
• 1Y Price Target: $19.63
• Price Target Upside: 9.42% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 9
• EPS Forecast (FY): -0.42
• Revenue Forecast (FY): $1.00B

• Rating: 52 Neutral
• Price Target: $17.00 ▼(-5.24% Downside)

Macerich's overall stock score reflects a company facing significant financial challenges, primarily due to its lack of profitability and high leverage. While there are positive developments in leasing activity and cash flow management, these are overshadowed by the negative earnings and valuation concerns. The technical analysis provides a neutral outlook, and the earnings call offers some optimism with strong leasing progress, but risks remain.

Positive Factors

Leasing Activity

The significant increase in leasing activity indicates strong demand for Macerich's retail spaces, suggesting potential for sustained revenue growth and improved occupancy rates.

Occupancy Growth

Rising occupancy rates reflect effective property management and tenant retention strategies, which can lead to stable rental income and enhanced property valuations.

Path Forward Plan Progress

Progress in the Path Forward plan demonstrates strategic focus on financial health, reducing leverage, and optimizing the asset portfolio, which can enhance long-term stability.

Negative Factors

High Leverage

High leverage can limit financial flexibility and increase vulnerability to economic downturns, potentially impacting long-term operational and financial strategies.

Profitability Issues

Sustained profitability challenges can hinder reinvestment in growth initiatives and affect shareholder value, necessitating operational improvements for long-term viability.

Loan Maturity Concerns

The looming loan maturity and potential default could strain financial resources, requiring strategic refinancing or asset sales to mitigate risks and maintain liquidity.

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 is challenged by a lack of profitability and high leverage. Despite a modest revenue growth of 3.58% and strong cash flow generation, the negative net profit margin of -41.34% and high debt-to-equity ratio of 2.08 are significant concerns. The company needs to improve operational efficiencies and reduce debt to enhance financial stability.

Income Statement

Macerich's income statement shows a mixed performance. The company has achieved a modest revenue growth rate of 3.58% TTM, indicating some positive momentum. However, profitability remains a significant concern with a negative net profit margin of -41.34% TTM, reflecting ongoing challenges in achieving profitability. The gross profit margin of 64.28% TTM is strong, but the negative EBIT margin of 11.67% TTM highlights operational inefficiencies. Overall, while there is revenue growth, the lack of profitability is a critical issue.

Balance Sheet

The balance sheet reveals a high level of leverage with a debt-to-equity ratio of 2.08 TTM, which poses a risk to financial stability. The return on equity is negative at -15.61% TTM, indicating that the company is not generating positive returns for shareholders. The equity ratio of 29.61% TTM suggests a moderate level of equity financing. While the company has a substantial asset base, the high debt levels and negative returns are concerning.

Cash Flow

Cash flow analysis shows some positive aspects, with a strong free cash flow to net income ratio of 1.0 TTM, indicating efficient cash generation relative to net income. The operating cash flow to net income ratio is not available, but the free cash flow growth rate of 99.3% TTM is impressive, suggesting improved cash flow management. Despite these strengths, the overall cash flow position is overshadowed by the company's profitability issues.

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	0.00	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	367.47M	283.44M	295.50M	337.51M	286.37M	124.84M
Operating Cash Flow	326.27M	283.44M	295.50M	337.51M	286.37M	124.84M
Investing Cash Flow	-281.00M	19.79M	52.54M	-1.40M	234.97M	-202.85M
Financing Cash Flow	-144.53M	-316.05M	-338.89M	-321.94M	-837.02M	446.45M

Macerich Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 17.94
• 50DMA: Negative
• 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 Neutral. The current price of 17.94 is above the 20-day moving average (MA) of 17.54, above the 50-day MA of 17.60, and above the 200-day MA of 16.85, indicating a neutral trend. The MACD of 0.07 indicates Negative momentum. The RSI at 49.81 is Neutral, neither overbought nor oversold. The STOCH value of 72.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MAC.

Macerich Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FRT	77 Outperform	$8.40B	24.60	10.92%	4.61%	6.05%	14.70%
PECO	72 Outperform	$4.84B	57.26	3.62%	3.56%	10.58%	37.97%
KIM	70 Outperform	$13.77B	24.39	5.68%	4.76%	7.99%	55.05%
KRG	69 Neutral	$4.83B	35.13	4.71%	4.85%	3.67%	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
MAC	52 Neutral	$4.77B	―	-18.43%	4.02%	8.06%	74.26%
WHLR	47 Neutral	$3.20M	―	116.25%	―	-1.01%	504.95%

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.