MACERICH CO/THE (MAC) Stock Fundamental Analysis
USA - New York Stock Exchange - NYSE:MAC - US5543821012 - REIT
17.36 USD
+0.12 (+0.7%)
17.36 USD
0 (0%)
MAC gets a fundamental rating of 1 out of 10. The analysis compared the fundamentals against 128 industry peers in the Diversified REITs industry. MAC may be in some trouble as it scores bad on both profitability and health. MAC is valued expensive and it does not seem to be growing.
1. Profitability
1.1 Basic Checks
In the past year MAC has reported negative net income.
In the past year MAC had a positive cash flow from operations.
In the past 5 years MAC reported 4 times negative net income.
Each year in the past 5 years MAC had a positive operating cash flow.
1.2 Ratios
MAC has a worse Return On Assets (-4.63%) than 81.25% of its industry peers.
With a Return On Equity value of -15.55%, MAC is not doing good in the industry: 78.91% of the companies in the same industry are doing better.
MAC has a Return On Invested Capital of 1.79%. This is in the lower half of the industry: MAC underperforms 70.31% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for MAC is in line with the industry average of 3.06%.
The 3 year average ROIC (1.71%) for MAC is below the current ROIC(1.79%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -4.63% | ||
| ROE | -15.55% | ||
| ROIC | 1.79% |
ROA(3y)-2.25%
ROA(5y)-1.82%
ROE(3y)-6.88%
ROE(5y)-6.09%
ROIC(3y)1.71%
ROIC(5y)1.43%
1.3 Margins
Looking at the Operating Margin, with a value of 17.50%, MAC is in line with its industry, outperforming 40.63% of the companies in the same industry.
In the last couple of years the Operating Margin of MAC has declined.
Looking at the Gross Margin, with a value of 54.86%, MAC is doing worse than 71.88% of the companies in the same industry.
MAC's Gross Margin has declined in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 17.5% | ||
| PM (TTM) | N/A | ||
| GM | 54.86% |
OM growth 3Y6.69%
OM growth 5Y-4.17%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-1.18%
GM growth 5Y-2.5%
2. Health
2.1 Basic Checks
With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), MAC is destroying value.
Compared to 1 year ago, MAC has more shares outstanding
MAC has more shares outstanding than it did 5 years ago.
MAC has a worse debt/assets ratio than last year.
2.2 Solvency
Based on the Altman-Z score of 0.01, we must say that MAC is in the distress zone and has some risk of bankruptcy.
MAC has a worse Altman-Z score (0.01) than 74.22% of its industry peers.
A Debt/Equity ratio of 2.02 is on the high side and indicates that MAC has dependencies on debt financing.
With a Debt to Equity ratio value of 2.02, MAC is not doing good in the industry: 69.53% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 2.02 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 0.01 |
ROIC/WACC0.29
WACC6.18%
2.3 Liquidity
MAC has a Current Ratio of 0.85. This is a bad value and indicates that MAC is not financially healthy enough and could expect problems in meeting its short term obligations.
MAC has a Current ratio (0.85) which is in line with its industry peers.
A Quick Ratio of 0.85 indicates that MAC may have some problems paying its short term obligations.
MAC has a Quick ratio of 0.85. This is comparable to the rest of the industry: MAC outperforms 46.09% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.85 | ||
| Quick Ratio | 0.85 |
3. Growth
3.1 Past
The earnings per share for MAC have decreased strongly by -596.88% in the last year.
MAC shows a decrease in Revenue. In the last year, the revenue decreased by -6.05%.
The Revenue has been decreasing by -0.20% on average over the past years.
EPS 1Y (TTM)-596.87%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%32%
Revenue 1Y (TTM)-6.05%
Revenue growth 3Y2.71%
Revenue growth 5Y-0.2%
Sales Q2Q%15%
3.2 Future
The Earnings Per Share is expected to grow by 18.46% on average over the next years. This is quite good.
Based on estimates for the next years, MAC will show a small growth in Revenue. The Revenue will grow by 5.60% on average per year.
EPS Next Y52.84%
EPS Next 2Y35.64%
EPS Next 3Y26.25%
EPS Next 5Y18.46%
Revenue Next Year21.42%
Revenue Next 2Y10.3%
Revenue Next 3Y7.25%
Revenue Next 5Y5.6%
3.3 Evolution
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
The Price/Earnings Ratio is negative for MAC. In the last year negative earnings were reported.
Also next year MAC is expected to report negative earnings again, which makes the also the Forward Price/Earnings Ratio negative.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | N/A |
4.2 Price Multiples
MAC's Enterprise Value to EBITDA ratio is a bit more expensive when compared to the industry. MAC is more expensive than 68.75% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 16.97 |
4.3 Compensation for Growth
MAC's earnings are expected to grow with 26.25% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y35.64%
EPS Next 3Y26.25%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 3.94%, MAC has a reasonable but not impressive dividend return.
MAC's Dividend Yield is slightly below the industry average, which is at 6.34.
MAC's Dividend Yield is rather good when compared to the S&P500 average which is at 2.32.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.94% |
5.2 History
The dividend of MAC decreases each year by -25.88%.
MAC has been paying a dividend for at least 10 years, so it has a reliable track record.
MAC has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)-25.88%
Div Incr Years0
Div Non Decr Years3
5.3 Sustainability
MAC has negative earnings and hence a negative payout ratio. The dividend may be in danger.
DP-43.75%
EPS Next 2Y35.64%
EPS Next 3Y26.25%
17.36
+0.12 (+0.7%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners102.63%
Inst Owner Change2.1%
Ins Owners0.31%
Ins Owner Change0.18%
Market Cap4.45B
Revenue(TTM)1.03B
Net Income(TTM)-390.44M
Analysts70
Price Target20.09 (15.73%)
Short Float %4.77%
Short Ratio5.85
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.94% |
Yearly Dividend0.64
Dividend Growth(5Y)-25.88%
DP-43.75%
Div Incr Years0
Div Non Decr Years3
Ex-Date
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-207.67%
Min EPS beat(2)-320.79%
Max EPS beat(2)-94.54%
EPS beat(4)0
Avg EPS beat(4)-629.5%
Min EPS beat(4)-1955.13%
Max EPS beat(4)-94.54%
EPS beat(8)2
Avg EPS beat(8)-194.09%
EPS beat(12)3
Avg EPS beat(12)-347.67%
EPS beat(16)3
Avg EPS beat(16)-307.05%
Revenue beat(2)2
Avg Revenue beat(2)1.68%
Min Revenue beat(2)0.51%
Max Revenue beat(2)2.85%
Revenue beat(4)4
Avg Revenue beat(4)9.55%
Min Revenue beat(4)0.51%
Max Revenue beat(4)22.66%
Revenue beat(8)7
Avg Revenue beat(8)6.43%
Revenue beat(12)10
Avg Revenue beat(12)4.74%
Revenue beat(16)13
Avg Revenue beat(16)4.29%
PT rev (1m)1.59%
PT rev (3m)4.92%
EPS NQ rev (1m)-24.99%
EPS NQ rev (3m)-62.96%
EPS NY rev (1m)0%
EPS NY rev (3m)-39.22%
Revenue NQ rev (1m)0.23%
Revenue NQ rev (3m)0.17%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-1.66%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | N/A | ||
| P/S | 4.33 | ||
| P/FCF | N/A | ||
| P/OCF | 13.63 | ||
| P/B | 1.77 | ||
| P/tB | 1.92 | ||
| EV/EBITDA | 16.97 |
EPS(TTM)-1.59
EYN/A
EPS(NY)-0.13
Fwd EYN/A
FCF(TTM)-0.47
FCFYN/A
OCF(TTM)1.27
OCFY7.34%
SpS4.01
BVpS9.8
TBVpS9.03
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -4.63% | ||
| ROE | -15.55% | ||
| ROCE | 2.27% | ||
| ROIC | 1.79% | ||
| ROICexc | 1.86% | ||
| ROICexgc | 1.94% | ||
| OM | 17.5% | ||
| PM (TTM) | N/A | ||
| GM | 54.86% | ||
| FCFM | N/A |
ROA(3y)-2.25%
ROA(5y)-1.82%
ROE(3y)-6.88%
ROE(5y)-6.09%
ROIC(3y)1.71%
ROIC(5y)1.43%
ROICexc(3y)1.73%
ROICexc(5y)1.46%
ROICexgc(3y)1.79%
ROICexgc(5y)1.51%
ROCE(3y)2.16%
ROCE(5y)1.81%
ROICexgc growth 3Y9.63%
ROICexgc growth 5Y-3.26%
ROICexc growth 3Y9.11%
ROICexc growth 5Y-3.53%
OM growth 3Y6.69%
OM growth 5Y-4.17%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-1.18%
GM growth 5Y-2.5%
F-Score4
Asset Turnover0.12
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 2.02 | ||
| Debt/FCF | N/A | ||
| Debt/EBITDA | 9.33 | ||
| Cap/Depr | 122.66% | ||
| Cap/Sales | 43.58% | ||
| Interest Coverage | 0.87 | ||
| Cash Conversion | 59.96% | ||
| Profit Quality | N/A | ||
| Current Ratio | 0.85 | ||
| Quick Ratio | 0.85 | ||
| Altman-Z | 0.01 |
F-Score4
WACC6.18%
ROIC/WACC0.29
Cap/Depr(3y)47.12%
Cap/Depr(5y)31.57%
Cap/Sales(3y)15.89%
Cap/Sales(5y)10.84%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-596.87%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%32%
EPS Next Y52.84%
EPS Next 2Y35.64%
EPS Next 3Y26.25%
EPS Next 5Y18.46%
Revenue 1Y (TTM)-6.05%
Revenue growth 3Y2.71%
Revenue growth 5Y-0.2%
Sales Q2Q%15%
Revenue Next Year21.42%
Revenue Next 2Y10.3%
Revenue Next 3Y7.25%
Revenue Next 5Y5.6%
EBIT growth 1Y-8%
EBIT growth 3Y9.58%
EBIT growth 5Y-4.36%
EBIT Next Year227.67%
EBIT Next 3Y51.02%
EBIT Next 5Y28.77%
FCF growth 1Y-165.99%
FCF growth 3Y-40.36%
FCF growth 5Y-30.47%
OCF growth 1Y9.27%
OCF growth 3Y-0.35%
OCF growth 5Y-4.41%
MACERICH CO/THE / MAC FAQ
What is the fundamental rating for MAC stock?
ChartMill assigns a fundamental rating of 1 / 10 to MAC.
What is the valuation status of MACERICH CO/THE (MAC) stock?
ChartMill assigns a valuation rating of 1 / 10 to MACERICH CO/THE (MAC). This can be considered as Overvalued.
How profitable is MACERICH CO/THE (MAC) stock?
MACERICH CO/THE (MAC) has a profitability rating of 2 / 10.
What is the earnings growth outlook for MACERICH CO/THE?
The Earnings per Share (EPS) of MACERICH CO/THE (MAC) is expected to grow by 52.84% in the next year.