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Macerich
(NYSE:MAC)
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Rating:58Neutral
Price Target:
$26.00
â–²(0.66% Upside)
Action:Reiterated
Date:08/06/26
MAC’s score is held back primarily by weak financial performance (negative net income and historically high leverage), despite consistently positive operating/free cash flow. The latest earnings call was notably constructive on accelerating NOI growth, leasing momentum, and liquidity/leverage progress, while technicals are moderately supportive with a positive trend. Valuation remains mixed given the negative P/E and only moderate dividend yield.
Positive Factors
Strong cash generation
Macerich reports consistently positive operating and free cash flow with very strong TTM FCF growth, indicating durable property-level cash conversion. For a retail REIT this supports distributions, funds dispositions/acquisitions, and provides flexibility to reduce leverage or invest in reinventions over the next 2–3 years.
Negative Factors
Elevated leverage
Leverage materially above typical targets limits financial flexibility and raises refinancing and interest-rate sensitivity risks. Sustained high net debt/EBITDA increases reliance on dispositions and equity markets to de-risk the balance sheet, constraining capital allocation and raising execution burden over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Macerich reports consistently positive operating and free cash flow with very strong TTM FCF growth, indicating durable property-level cash conversion. For a retail REIT this supports distributions, funds dispositions/acquisitions, and provides flexibility to reduce leverage or invest in reinventions over the next 2–3 years.
Read all positive factors
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.
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The Fly
The FlyMacerich (MAC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.27B
Dividend Yield2.75%
Average Volume (3M)3.63M
Price to Earnings (P/E)―
Beta (1Y)1.05
Revenue Growth9.48%
EPS Growth45.78%
CountryUS
Employees597
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)-0.65
Shares Outstanding283,559,400
10 Day Avg. Volume2,177,495
30 Day Avg. Volume3,634,783
Financial Highlights & Ratios
PEG Ratio9.47
Price to Book (P/B)1.93
Price to Sales (P/S)4.67
P/FCF Ratio14.73
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$26.33Price Target Upside1.95% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)-0.16
Revenue Forecast (FY)$983.04M
Macerich Business Overview & Revenue Model
Company Description
Macerich operates as a comprehensive, self-managed real estate investment trust (REIT) that independently oversees all aspects of its operations. Its core focus is on the acquisition, leasing, management, development, and revitalization of regiona...
How the Company Makes Money
Macerich makes money primarily from real estate operations as a mall-focused REIT. Its core revenue stream is rental income from tenants that lease space in its properties, typically structured as base (minimum) rent plus additional rent component...
Macerich Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational momentum: record sales per square foot, high leased occupancy, sustained leasing velocity (1.3M sf signed in Q2), a sizable SNO pipeline, and meaningful balance sheet progress (liquidity, equity raises and leverage reduction). Management expects accelerating NOI growth in 2027–2028 and a robust acquisition pipeline that could be accretive. Key risks discussed include remaining elevated leverage (7.3x), a $76M loan in default, the need to complete additional dispositions this year to hit targets, and execution/timing risk converting signed tenants into opened stores and rent. Overall, positive operational and strategic execution materially outweigh near‑term financial and execution challenges, supporting a constructive outlook while acknowledging remaining execution and market risks.Positive Updates
FFO and Quarterly Results
FFO as adjusted of ~$100 million, or $0.35 per diluted share for Q2 2026; go-forward portfolio NOI grew 3.8% year-over-year in Q2 and 2.5% for the six months ended June 30, 2026.
Negative Updates
Elevated Leverage Remaining
Net debt to adjusted EBITDA remains elevated at 7.3x (though improving); management continues to target further reduction to the ~6x range—leverage still materially above target for full derisking.
Read all updates
Q2-2026 Updates
Positive
Negative
FFO and Quarterly Results
FFO as adjusted of ~$100 million, or $0.35 per diluted share for Q2 2026; go-forward portfolio NOI grew 3.8% year-over-year in Q2 and 2.5% for the six months ended June 30, 2026.
Read all positive updates
Company Guidance
Macerich guided that go‑forward portfolio NOI should increase at least 3% in 2026 (Q2 go‑forward NOI +3.8%; YTD +2.5%) with meaningful acceleration in 2027–28 (Path Forward 3.0 implies a 3‑year NOI CAGR midpoint of 6.5% for ’26–’28, which implies north of ~8% in ’27–’28); they have high confidence in a ~$140M SNO opportunity (SNO pipeline $124M) with estimated annual contributions of ~$30M in 2026 (back‑end weighted), $40–45M in 2027 and $45–50M in 2028. Q2 FFO as‑adjusted was ~$100M or $0.35 per diluted share; leasing activity included 1.3M sq ft signed (645k new) in Q2, ~350k sq ft opened, a leasing speedometer at 88% (vs. 85% midyear target), store openings completion at 57% (ahead of 50% at NAREIT and expected >60% by year‑end), ~1,000 new‑deal program with ~170 deals remaining (≈2/3 in LOI), portfolio sales $919/sq ft ($954 go‑forward), leased occupancy 94% (95.5% go‑forward) and physical occupancy ~91%. On the balance sheet, liquidity is ≈$1.2B (≈$900M revolver), May equity net proceeds ≈$450M, unsettled forward equity ≈$372M available for acquisitions, net debt/adjusted EBITDA was 7.3x (below 7x inclusive of forwards) with a target around 6x, ~$1.3B of dispositions closed (~2/3 of target) with $300–400M more expected to reach ≈$1.7B, and acquisition opportunities underwriting to ~9–11% stabilized yields (deploying $372M of equity at 9–11% would add roughly $0.02–$0.04 of FFO and lower leverage ~25–30 bps).Macerich Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
34
Negative
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.01B | 1.02B | 918.20M | 884.07M | 859.16M | 847.44M |
| Gross Profit | 246.89M | 387.47M | 487.94M | 489.18M | 468.81M | 466.55M |
| EBITDA | 400.33M | 404.93M | 326.90M | 190.72M | 454.96M | 540.19M |
| Net Income | -169.54M | -197.15M | -194.12M | -274.06M | -66.07M | 14.26M |
Balance Sheet | ||||||
| Total Assets | 8.52B | 8.37B | 8.57B | 7.51B | 8.09B | 8.35B |
| Cash, Cash Equivalents and Short-Term Investments | 227.03M | 43.01M | 89.86M | 94.94M | 100.32M | 112.45M |
| Total Debt | 4.85B | 5.20B | 5.06B | 4.31B | 4.50B | 4.61B |
| Total Liabilities | 5.62B | 5.84B | 5.72B | 4.99B | 5.14B | 5.17B |
| Stockholders Equity | 2.83B | 2.45B | 2.76B | 2.45B | 2.87B | 3.05B |
Cash Flow | ||||||
| Free Cash Flow | 211.26M | 321.60M | 283.44M | 295.50M | 337.51M | 286.37M |
| Operating Cash Flow | 306.84M | 321.60M | 283.44M | 295.50M | 337.51M | 286.37M |
| Investing Cash Flow | -403.44M | -325.34M | 19.79M | 52.54M | -1.40M | 234.97M |
| Financing Cash Flow | 182.08M | 199.22M | -316.05M | -338.89M | -321.94M | -837.02M |
Macerich Technical Analysis
Positive
25.83
Price Trends
24.91
Negative
22.99
Positive
20.52
Positive
Market Momentum
-0.12
Positive
46.31
Neutral
44.44
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 25.83 is above the 20-day moving average (MA) of 25.33, above the 50-day MA of 24.91, and above the 200-day MA of 20.52, indicating a neutral trend. The MACD of -0.12 indicates Positive momentum. The RSI at 46.31 is Neutral, neither overbought nor oversold. The STOCH value of 44.44 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $9.21B | 21.11 | 14.86% | 3.73% | 5.13% | 28.20% | |
73 Outperform | $16.36B | 27.43 | 5.84% | 3.95% | 3.82% | 2.94% | |
71 Outperform | $10.39B | 23.63 | 13.28% | 3.59% | 8.04% | 25.59% | |
67 Neutral | $4.42B | 34.64 | 18.64% | 2.84% | 11.37% | 23.27% | |
66 Neutral | $71.82B | 15.53 | 112.71% | 3.83% | 15.01% | -25.41% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
58 Neutral | $7.27B | -38.02 | -6.63% | 2.63% | 9.48% | 45.78% |
* Real Estate Sector Average
MAC
Macerich
24.71
8.08
48.58%
KIM
Kimco Realty
24.41
4.15
20.50%
SPG
Simon Property
219.58
54.17
32.75%
SKT
Tanger
38.45
7.21
23.07%
FRT
Federal Realty
118.39
28.44
31.61%
BRX
Brixmor Property
29.98
4.63
18.25%
Macerich Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Macerich Updates Shelf Registration, Expands ATM Program Syndicate
Positive
Aug 5, 2026
On August 5, 2026, Macerich filed a new automatic shelf registration statement with the SEC to replace its prior shelf that expired on August 4, 2026, and simultaneously launched four prospectus supplements to continue existing equity‑relate...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Macerich Narrows Losses and Advances Growth Strategy
Positive
Aug 4, 2026
For the quarter ended June 30, 2026, Macerich reduced its net loss to $27.1 million, or $0.10 per diluted share, from a $40.9 million loss a year earlier, mainly due to gains on asset sales. Adjusted funds from operations rose to $100.4 million, o...
Business Operations and StrategyPrivate Placements and Financing
Macerich Expands Equity Financing Through Additional Share Offering
Positive
Jun 29, 2026
On June 17, 2026, Macerich closed an offering of 14,000,000 common shares via forward sale agreements with a syndicate of major underwriters, and on June 23, 2026, the banks exercised in full a 30-day option for an additional 2,100,000 shares at $...
Business Operations and StrategyPrivate Placements and Financing
Macerich Announces Common Stock Offering via Forward Sale
Positive
Jun 17, 2026
On June 15, 2026, The Macerich Company entered into an underwriting and forward sale framework with a syndicate of major banks for an offering of 14 million shares of common stock, with a 30-day option for underwriters to purchase up to 2.1 millio...
Executive/Board ChangesShareholder Meetings
Macerich Shareholders Reelect Board, Approve Pay and Auditor
Positive
Jun 3, 2026
At its annual meeting of stockholders held on June 1, 2026, The Macerich Company’s shareholders elected eight directors to serve until the next annual meeting, reaffirming the current board’s oversight of the retail-focused real estate...
Business Operations and Strategy
Macerich Updates Investor Presentation, Reinforces Path Forward Strategy
Positive
Jun 1, 2026
On June 1, 2026, Macerich released an updated investor presentation outlining its business profile and the latest iteration of its Path Forward Plan, highlighting a concentrated portfolio of high-quality regional malls and strong performance metri...
Business Operations and StrategyPrivate Placements and Financing
Macerich Completes Equity Offering to Fund Mall Acquisition
Positive
May 13, 2026
On May 13, 2026, The Macerich Company completed a public offering of 22,080,000 shares of common stock at $21.00 per share, with underwriters exercising in full a 30-day option to purchase an additional 2,880,000 shares. The transaction, conducted...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Macerich Narrows Loss and Advances Growth, Path Plan
Positive
May 6, 2026
For the first quarter ended March 31, 2026, Macerich narrowed its net loss to $36.4 million, or $0.14 per diluted share, from a $50.1 million loss a year earlier, largely due to gains on asset sales and write-downs. Funds from operations (FFO), as...
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.