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MACERICH CO/THE (MAC) Stock Fundamental Analysis

NYSE:MAC - New York Stock Exchange, Inc. - US5543821012 - REIT - Currency: USD

16.64  +0.01 (+0.06%)

After market: 16.64 0 (0%)

Fundamental Rating

2

Taking everything into account, MAC scores 2 out of 10 in our fundamental rating. MAC was compared to 130 industry peers in the Diversified REITs industry. Both the profitability and financial health of MAC have multiple concerns. MAC is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

In the past year MAC has reported negative net income.
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

Looking at the Return On Assets, with a value of -2.83%, MAC is doing worse than 74.62% of the companies in the same industry.
With a Return On Equity value of -9.21%, MAC is not doing good in the industry: 75.38% of the companies in the same industry are doing better.
MAC has a worse Return On Invested Capital (1.89%) than 68.46% of its industry peers.
MAC had an Average Return On Invested Capital over the past 3 years of 1.71%. This is in line with the industry average of 3.16%.
The last Return On Invested Capital (1.89%) for MAC is above the 3 year average (1.71%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA -2.83%
ROE -9.21%
ROIC 1.89%
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 has a worse Operating Margin (16.87%) than 62.31% of its industry peers.
MAC's Operating Margin has declined in the last couple of years.
Looking at the Gross Margin, with a value of 53.11%, MAC is doing worse than 76.15% of the companies in the same industry.
MAC's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 16.87%
PM (TTM) N/A
GM 53.11%
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

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1

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so MAC is destroying value.
Compared to 1 year ago, MAC has more shares outstanding
The number of shares outstanding for MAC has been increased compared to 5 years ago.
Compared to 1 year ago, MAC has a worse debt to assets ratio.
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 0.06. This is a bad value and indicates that MAC is not financially healthy and even has some risk of bankruptcy.
MAC has a Altman-Z score of 0.06. This is in the lower half of the industry: MAC underperforms 74.62% of its industry peers.
MAC has a debt to FCF ratio of 63.67. This is a negative value and a sign of low solvency as MAC would need 63.67 years to pay back of all of its debts.
MAC has a better Debt to FCF ratio (63.67) than 62.31% of its industry peers.
A Debt/Equity ratio of 1.96 is on the high side and indicates that MAC has dependencies on debt financing.
MAC's Debt to Equity ratio of 1.96 is on the low side compared to the rest of the industry. MAC is outperformed by 70.77% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.96
Debt/FCF 63.67
Altman-Z 0.06
ROIC/WACC0.29
WACC6.52%
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

MAC has a Current Ratio of 0.89. This is a bad value and indicates that MAC is not financially healthy enough and could expect problems in meeting its short term obligations.
With a Current ratio value of 0.89, MAC perfoms like the industry average, outperforming 48.46% of the companies in the same industry.
MAC has a Quick Ratio of 0.89. 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 Quick ratio (0.89) which is in line with its industry peers.
Industry RankSector Rank
Current Ratio 0.89
Quick Ratio 0.89
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

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3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 73.62% over the past year.
The Revenue has grown by 32.95% in the past year. This is a very strong growth!
The Revenue has been decreasing by -0.20% on average over the past years.
EPS 1Y (TTM)73.62%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%66.1%
Revenue 1Y (TTM)32.95%
Revenue growth 3Y2.71%
Revenue growth 5Y-0.2%
Sales Q2Q%19.37%

3.2 Future

The Earnings Per Share is expected to grow by 17.57% 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 5.50% on average per year.
EPS Next Y70.97%
EPS Next 2Y38.47%
EPS Next 3Y27.19%
EPS Next 5Y17.57%
Revenue Next Year17.42%
Revenue Next 2Y8.11%
Revenue Next 3Y5.99%
Revenue Next 5Y5.5%

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 1 -1 2 3

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2

4. Valuation

4.1 Price/Earnings Ratio

MAC reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
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 -100 -200

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of MAC indicates a slightly more expensive valuation: MAC is more expensive than 77.69% of the companies listed in the same industry.
Based on the Price/Free Cash Flow ratio, MAC is valued a bit cheaper than the industry average as 62.31% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 51.16
EV/EBITDA 17.44
MAC Per share dataMAC EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 4 6 8 10

4.3 Compensation for Growth

A more expensive valuation may be justified as MAC's earnings are expected to grow with 27.19% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y38.47%
EPS Next 3Y27.19%

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4

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 4.09%, MAC is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 6.64, MAC is paying slightly less dividend.
Compared to an average S&P500 Dividend Yield of 2.42, MAC pays a better dividend.
Industry RankSector Rank
Dividend Yield 4.09%

5.2 History

The dividend of MAC decreases each year by -25.88%.
MAC has paid a dividend for at least 10 years, which is 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-65.26%
EPS Next 2Y38.47%
EPS Next 3Y27.19%
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

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MACERICH CO/THE

NYSE:MAC (7/3/2025, 7:45:47 PM)

After market: 16.64 0 (0%)

16.64

+0.01 (+0.06%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)05-12 2025-05-12/bmo
Earnings (Next)07-30 2025-07-30/bmo
Inst Owners101.6%
Inst Owner Change1%
Ins Owners0.31%
Ins Owner Change0.5%
Market Cap4.20B
Analysts66.32
Price Target18.93 (13.76%)
Short Float %5.61%
Short Ratio7.83
Dividend
Industry RankSector Rank
Dividend Yield 4.09%
Yearly Dividend0.64
Dividend Growth(5Y)-25.88%
DP-65.26%
Div Incr Years0
Div Non Decr Years3
Ex-Date06-03 2025-06-03 (0.17)
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-1051.33%
Min EPS beat(2)-1955.13%
Max EPS beat(2)-147.52%
EPS beat(4)1
Avg EPS beat(4)-198.19%
Min EPS beat(4)-1955.13%
Max EPS beat(4)2110%
EPS beat(8)3
Avg EPS beat(8)-429.99%
EPS beat(12)3
Avg EPS beat(12)-330.33%
EPS beat(16)5
Avg EPS beat(16)-242.78%
Revenue beat(2)2
Avg Revenue beat(2)17.41%
Min Revenue beat(2)12.16%
Max Revenue beat(2)22.66%
Revenue beat(4)4
Avg Revenue beat(4)10.5%
Min Revenue beat(4)3.11%
Max Revenue beat(4)22.66%
Revenue beat(8)7
Avg Revenue beat(8)6.21%
Revenue beat(12)9
Avg Revenue beat(12)4.32%
Revenue beat(16)13
Avg Revenue beat(16)5.32%
PT rev (1m)-0.89%
PT rev (3m)-9.25%
EPS NQ rev (1m)-26.93%
EPS NQ rev (3m)-175%
EPS NY rev (1m)-71.88%
EPS NY rev (3m)-292.85%
Revenue NQ rev (1m)1.49%
Revenue NQ rev (3m)7.1%
Revenue NY rev (1m)3.97%
Revenue NY rev (3m)12.23%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 3.6
P/FCF 51.16
P/OCF 13.52
P/B 1.58
P/tB 1.71
EV/EBITDA 17.44
EPS(TTM)-0.43
EYN/A
EPS(NY)-0.07
Fwd EYN/A
FCF(TTM)0.33
FCFY1.95%
OCF(TTM)1.23
OCFY7.39%
SpS4.62
BVpS10.54
TBVpS9.73
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -2.83%
ROE -9.21%
ROCE 2.39%
ROIC 1.89%
ROICexc 1.94%
ROICexgc 2.03%
OM 16.87%
PM (TTM) N/A
GM 53.11%
FCFM 7.04%
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%
ROICexcg growth 3Y9.63%
ROICexcg 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-Score5
Asset Turnover0.13
Health
Industry RankSector Rank
Debt/Equity 1.96
Debt/FCF 63.67
Debt/EBITDA 9.94
Cap/Depr 69.35%
Cap/Sales 19.59%
Interest Coverage 1.05
Cash Conversion 59.03%
Profit Quality N/A
Current Ratio 0.89
Quick Ratio 0.89
Altman-Z 0.06
F-Score5
WACC6.52%
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)73.62%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%66.1%
EPS Next Y70.97%
EPS Next 2Y38.47%
EPS Next 3Y27.19%
EPS Next 5Y17.57%
Revenue 1Y (TTM)32.95%
Revenue growth 3Y2.71%
Revenue growth 5Y-0.2%
Sales Q2Q%19.37%
Revenue Next Year17.42%
Revenue Next 2Y8.11%
Revenue Next 3Y5.99%
Revenue Next 5Y5.5%
EBIT growth 1Y16.37%
EBIT growth 3Y9.58%
EBIT growth 5Y-4.36%
EBIT Next Year238.93%
EBIT Next 3Y51.4%
EBIT Next 5Y29.98%
FCF growth 1Y-69.3%
FCF growth 3Y-40.36%
FCF growth 5Y-30.47%
OCF growth 1Y-11.89%
OCF growth 3Y-0.35%
OCF growth 5Y-4.41%