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MACERICH CO/THE (MAC) Stock Fundamental Analysis

USA - New York Stock Exchange - NYSE:MAC - US5543821012 - REIT

17.75 USD
+0.39 (+2.25%)
Last: 12/5/2025, 8:04:00 PM
17.75 USD
0 (0%)
After Hours: 12/5/2025, 8:04:00 PM
Fundamental Rating

1

Taking everything into account, MAC scores 1 out of 10 in our fundamental rating. MAC was compared to 128 industry peers in the Diversified REITs industry. MAC may be in some trouble as it scores bad on both profitability and health. MAC does not seem to be growing, but still is valued expensively.


Dividend Valuation Growth Profitability Health

2

1. Profitability

1.1 Basic Checks

MAC had negative earnings in the past year.
MAC had a positive operating cash flow in the past year.
MAC had negative earnings in 4 of the past 5 years.
Each year in the past 5 years MAC had a positive operating cash flow.
MAC Yearly Net Income VS EBIT VS OCF VS FCFMAC Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M 400M

1.2 Ratios

The Return On Assets of MAC (-4.63%) is worse than 81.25% of its industry peers.
MAC has a Return On Equity of -15.55%. This is in the lower half of the industry: MAC underperforms 78.91% of its industry peers.
With a Return On Invested Capital value of 1.79%, MAC is not doing good in the industry: 70.31% of the companies in the same industry are doing better.
Measured over the past 3 years, the Average Return On Invested Capital for MAC is in line with the industry average of 3.05%.
The 3 year average ROIC (1.71%) for MAC is below the current ROIC(1.79%), indicating increased profibility in the last year.
Industry RankSector 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%
MAC Yearly ROA, ROE, ROICMAC Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 -5 10 -10

1.3 Margins

MAC's Operating Margin of 17.50% is in line compared to the rest of the industry. MAC outperforms 40.63% of its industry peers.
MAC's Operating Margin has declined in the last couple of years.
The Gross Margin of MAC (54.86%) is worse than 71.88% of its industry peers.
In the last couple of years the Gross Margin of MAC has declined.
Industry RankSector 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%
MAC Yearly Profit, Operating, Gross MarginsMAC Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 -20 40 60

0

2. Health

2.1 Basic Checks

MAC has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
Compared to 1 year ago, MAC has more shares outstanding
MAC has more shares outstanding than it did 5 years ago.
The debt/assets ratio for MAC is higher compared to a year ago.
MAC Yearly Shares OutstandingMAC Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M 250M
MAC Yearly Total Debt VS Total AssetsMAC Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B 10B

2.2 Solvency

MAC has an Altman-Z score of 0.03. This is a bad value and indicates that MAC is not financially healthy and even has some risk of bankruptcy.
MAC has a worse Altman-Z score (0.03) than 74.22% of its industry peers.
MAC has a Debt/Equity ratio of 2.02. This is a high value indicating a heavy dependency on external financing.
MAC has a Debt to Equity ratio of 2.02. This is in the lower half of the industry: MAC underperforms 69.53% of its industry peers.
Industry RankSector Rank
Debt/Equity 2.02
Debt/FCF N/A
Altman-Z 0.03
ROIC/WACC0.29
WACC6.25%
MAC Yearly LT Debt VS Equity VS FCFMAC Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B

2.3 Liquidity

A Current Ratio of 0.85 indicates that MAC may have some problems paying its short term obligations.
MAC's Current ratio of 0.85 is in line compared to the rest of the industry. MAC outperforms 44.53% of 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 (0.85) which is in line with its industry peers.
Industry RankSector Rank
Current Ratio 0.85
Quick Ratio 0.85
MAC Yearly Current Assets VS Current LiabilitesMAC Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M

2

3. Growth

3.1 Past

MAC shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -596.88%.
Looking at the last year, MAC shows a decrease in Revenue. The Revenue has decreased by -6.05% in the last year.
Measured over the past years, MAC shows a decrease in Revenue. The Revenue has been decreasing by -0.20% on average per year.
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

Based on estimates for the next years, MAC will show a quite strong growth in Earnings Per Share. The EPS will grow by 18.46% on average per year.
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 Y42.64%
EPS Next 2Y35.02%
EPS Next 3Y24.95%
EPS Next 5Y18.46%
Revenue Next Year21.54%
Revenue Next 2Y10.85%
Revenue Next 3Y7.52%
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.
MAC Yearly Revenue VS EstimatesMAC Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 200M 400M 600M 800M 1B
MAC Yearly EPS VS EstimatesMAC Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 0 1 -1 2 3

1

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 RankSector Rank
PE N/A
Fwd PE N/A
MAC Price Earnings VS Forward Price EarningsMAC Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 50 -50 -100

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, MAC is valued a bit more expensive than the industry average as 71.09% of the companies are valued more cheaply.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 17.15
MAC Per share dataMAC EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 4 6 8

4.3 Compensation for Growth

A more expensive valuation may be justified as MAC's earnings are expected to grow with 24.95% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y35.02%
EPS Next 3Y24.95%

3

5. Dividend

5.1 Amount

MAC has a Yearly Dividend Yield of 3.92%.
MAC's Dividend Yield is slightly below the industry average, which is at 6.59.
MAC's Dividend Yield is rather good when compared to the S&P500 average which is at 2.31.
Industry RankSector Rank
Dividend Yield 3.92%

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
MAC Yearly Dividends per shareMAC Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2 2.5

5.3 Sustainability

The earnings of MAC are negative and hence is the payout ratio. MAC will probably not be able to sustain this dividend level.
DP-43.75%
EPS Next 2Y35.02%
EPS Next 3Y24.95%
MAC Yearly Income VS Free CF VS DividendMAC Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M 400M 600M

MACERICH CO/THE

NYSE:MAC (12/5/2025, 8:04:00 PM)

After market: 17.75 0 (0%)

17.75

+0.39 (+2.25%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)11-04 2025-11-04/amc
Earnings (Next)02-25 2026-02-25/amc
Inst Owners103.31%
Inst Owner Change2.1%
Ins Owners0.31%
Ins Owner Change-0.06%
Market Cap4.55B
Revenue(TTM)1.03B
Net Income(TTM)-390.44M
Analysts70
Price Target19.96 (12.45%)
Short Float %4.79%
Short Ratio6.12
Dividend
Industry RankSector Rank
Dividend Yield 3.92%
Yearly Dividend0.64
Dividend Growth(5Y)-25.88%
DP-43.75%
Div Incr Years0
Div Non Decr Years3
Ex-Date12-15 2025-12-15 (0.17)
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)-0.22%
PT rev (3m)2.59%
EPS NQ rev (1m)-24.99%
EPS NQ rev (3m)-37.5%
EPS NY rev (1m)-21.64%
EPS NY rev (3m)-69.35%
Revenue NQ rev (1m)-0.04%
Revenue NQ rev (3m)0.26%
Revenue NY rev (1m)0.1%
Revenue NY rev (3m)-1.56%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 4.43
P/FCF N/A
P/OCF 13.93
P/B 1.81
P/tB 1.97
EV/EBITDA 17.15
EPS(TTM)-1.59
EYN/A
EPS(NY)-0.15
Fwd EYN/A
FCF(TTM)-0.47
FCFYN/A
OCF(TTM)1.27
OCFY7.18%
SpS4.01
BVpS9.8
TBVpS9.03
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
Industry RankSector 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 RankSector 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 0.03
F-Score4
WACC6.25%
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 Y42.64%
EPS Next 2Y35.02%
EPS Next 3Y24.95%
EPS Next 5Y18.46%
Revenue 1Y (TTM)-6.05%
Revenue growth 3Y2.71%
Revenue growth 5Y-0.2%
Sales Q2Q%15%
Revenue Next Year21.54%
Revenue Next 2Y10.85%
Revenue Next 3Y7.52%
Revenue Next 5Y5.6%
EBIT growth 1Y-8%
EBIT growth 3Y9.58%
EBIT growth 5Y-4.36%
EBIT Next Year209.54%
EBIT Next 3Y49.32%
EBIT Next 5Y27.61%
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 42.64% in the next year.