The Macerich Company (MAC) AI Stock Analysis

The Macerich Company operates as a fully integrated, self-managed, and self-administered real estate investment trust focused on the acquisition, leasing, management, development, and redevelopment of regional malls across the United States. Macerich holds ownership interests in 51 million square feet of real estate across 47 regional shopping centers. Its properties are strategically located in dense, high-demand retail markets, with concentrations along the West Coast, in Arizona, Chicago, and the Metro New York to Washington, DC corridor. Headquartered in Santa Monica, California, the company also emphasizes sustainability practices across its retail properties.

Macerich expanded revenue from $847.4M in FY2021 to $1.02B in FY2025, generating a 5-year revenue CAGR of 5.3%. Operating margin stood at 14.8% in FY2021, reached 20.1% in FY2023, and ended FY2025 at 16.5%, while gross margin compressed to 38.2% from 53.1% in FY2024. The company generated net income of $14.3M in FY2021, followed by net losses of -$66.1M in FY2022, -$274.1M in FY2023, -$194.1M in FY2024, and -$197.1M in FY2025. In the latest quarter ended June 30, 2026, quarterly revenue growth was 1.2% year-over-year, while quarterly earnings growth was 3971.1%. TTM operating margin was 16.3% on revenue of $1.03B.

As of June 30, 2026, Macerich held $227.0M in cash and short-term investments against total debt of $4.85B, resulting in net debt of $4.62B. Total assets were $8.52B, shareholders' equity stood at $2.83B, and the current ratio was 0.46. Debt-to-equity reached 1.71. During FY2025, operating cash flow was $321.6M and free cash flow was $321.6M. The company directed capital toward $333.3M in capital expenditures and paid $188.2M in dividends, while raising $53.3M through share issuance.

At $22.96, Macerich trades at an enterprise value of $11.15B and a market cap of $6.77B. Its price-to-sales multiple is 6.6x, compared to the median of 3.7x for its US-listed Real Estate peers. The company's EV/EBITDA stands at 24.4x, higher than the peer median of 14.7x. Over the past year, Macerich delivered a return of 39.4%, outperforming the S&P 500 SPY return of 16.8%, while its 5-year return of 61.6% trailed the SPY return of 83.0%.

Macerich pays a quarterly dividend with an annualized forward rate of $0.68 per share, representing a dividend yield of 2.96%. The company has paid dividends for 33 consecutive years, though its 5-year annualized dividend growth is -10.0%. Its payout ratio stands at 133.3%, and the last ex-dividend date was September 14, 2026.

Wall Street analysts hold 9 Strong Buy, 4 Buy, 2 Hold, 0 Sell, and 1 Strong Sell recommendations on Macerich. The mean price target of $26.62 represents an upside of 16.0% from the last close of $22.96. For the fiscal year ending December 31, 2026, analysts estimate an EPS of -$0.17 on revenue of $984.8M. For the next fiscal year, consensus projects EPS of $0.14 and revenue of $1.04B. Over the last 4 quarters, the company beat EPS estimates 2 times. The next earnings date is November 4, 2026.

This page is an AI-written research summary of The Macerich Company (MAC). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

Related: MAC income statement, MAC balance sheet, MAC key metrics, MAC analyst forecast, MAC chart. See the MAC stock overview for the latest quote and news.