The Macerich Company (MAC) Key Metrics
MAC valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $6.77B
- Enterprise value
- $11.15B
- P/E (TTM)
- — 10-yr median 63.7
- Forward P/E
- —
- PEG ratio
- 4.80
- Price / sales
- 6.6 10-yr median 4.4
- Price / book
- 2.3 10-yr median 1.6
- EV / EBITDA
- 24.4 10-yr median 24.8
- Dividend yield
- 2.85% $0.68 a year
- Beta
- 2.10
MAC key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMAC valuation Price multiples at each fiscal year-end price.
Price / sales−13.9%
4.7
2025 · hover or tap a bar for each year
20162025
Price / book+7.2%
1.9
2025 · hover or tap a bar for each year
20162025
EV / EBITDA−20.2%
24.3
2025 · hover or tap a bar for each year
20162025
Price / free cash flow−16.1%
14.7
2025 · hover or tap a bar for each year
20162025
Free cash flow yield+1.1 pts
6.8%
2025 · hover or tap a bar for each year
20162025
MAC returns How much profit the business earns on the capital it uses.
Return on equity−0.1 pts
−7.6%
2025 · hover or tap a bar for each year
20162025
Return on invested capital−0.1 pts
1.7%
2025 · hover or tap a bar for each year
20162025
Return on assets+0.1 pts
−2.3%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin+0.8 pts
31.7%
2025 · hover or tap a bar for each year
20162025
Asset turnover+5.0%
0.12
2025 · hover or tap a bar for each year
20162025
MAC per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+7.6%
$3.96
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$0.77
2025 · hover or tap a bar for each year
20162025
Free cash flow per share+10.4%
$1.25
2025 · hover or tap a bar for each year
20162025
Book value per share−13.5%
$9.54
2025 · hover or tap a bar for each year
20162025
Dividends per share+13.6%
$0.73
2025 · hover or tap a bar for each year
20162025
Shares outstanding+2.8%
256.6M
2025 · hover or tap a bar for each year
20162025
MAC financial health Debt, liquidity and how easily interest is covered.
Debt / equity+15.6%
2.12
2025 · hover or tap a bar for each year
20162025
Net debt+$185.2M
$5.16B
2025 · hover or tap a bar for each year
20162025
Net debt / EBITDA−2.56
12.66
2025 · hover or tap a bar for each year
20162025
Current ratio−82.5%
0.09
2025 · hover or tap a bar for each year
20162025
Interest coverage+3.4%
0.8
2025 · hover or tap a bar for each year
20162025
Debt / assets+5.2%
0.62
2025 · hover or tap a bar for each year
20162025
MAC efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−30 days
39 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding−3 days
62 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle−27 days
-23 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue+14.6 pts
32.8%
2025 · hover or tap a bar for each year
20162025
Dividends + buybacks / FCF+1.6 pts
58.5%
2025 · hover or tap a bar for each year
20162025
MAC valuation history
Fiscal year-endToday10-year median
MAC returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MAC debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MAC cash returned to shareholders
DividendsBuybacksFree cash flow
MAC price vs earnings per share
Share price at year-endEPS (right axis)
MAC key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $4.74B | $4.97B | $3.33B | $2.42B | $3.42B | $1.56B | $3.80B | $6.11B | $9.26B | $10.20B |
| Enterprise value | $9.90B | $9.95B | $7.54B | $7.47B | $8.65B | $9.23B | $9.24B | $11.75B | $14.39B | $15.29B |
| P/E ratio | — | — | — | — | 240.0 | — | 39.3 | 101.8 | 63.7 | 19.7 |
| Price / sales | 4.7 | 5.4 | 3.8 | 2.8 | 4.0 | 2.0 | 4.1 | 6.4 | 9.3 | 9.8 |
| Price / book | 1.9 | 1.8 | 1.4 | 0.8 | 1.1 | 0.6 | 1.3 | 1.9 | 2.3 | 2.3 |
| Price / free cash flow | 14.7 | 17.6 | 11.3 | 7.2 | 12.0 | 12.5 | 10.7 | 17.8 | 24.0 | 23.7 |
| Price / operating cash flow | 14.7 | 17.6 | 11.3 | 7.2 | 12.0 | 12.5 | 10.7 | 17.8 | 24.0 | 24.4 |
| EV / sales | 9.7 | 10.8 | 8.5 | 8.7 | 10.2 | 11.7 | 10.0 | 12.2 | 14.5 | 14.7 |
| EV / EBITDA | 24.3 | 30.4 | 39.5 | 16.4 | 16.0 | 59.3 | 15.9 | 20.2 | 25.2 | 25.4 |
| EV / free cash flow | 30.8 | 35.1 | 25.5 | 22.1 | 30.2 | 74.0 | 26.0 | 34.1 | 37.2 | 35.6 |
| Earnings yield | −4.2% | −3.9% | −8.2% | −2.7% | 0.4% | −14.8% | 2.5% | 1.0% | 1.6% | 5.1% |
| Free cash flow yield | 6.8% | 5.7% | 8.9% | 13.9% | 8.4% | 8.0% | 9.3% | 5.6% | 4.2% | 4.2% |
| Dividend yield | 4.0% | 3.2% | 4.8% | 7.7% | 4.2% | 11.5% | 12.5% | 7.4% | 4.8% | 7.6% |
| Shareholder yield (dividends + buybacks) | 4.0% | 3.2% | 4.8% | 7.7% | 4.2% | 11.5% | 12.5% | 7.4% | 7.2% | 15.5% |
| Share price at fiscal year-end | $18.46 | $19.92 | $15.43 | $11.26 | $17.28 | $10.67 | $26.92 | $43.28 | $65.68 | $70.84 |
| Per share | ||||||||||
| Revenue per share | $3.96 | $3.68 | $4.10 | $4.00 | $4.28 | $5.38 | $6.56 | $6.80 | $7.05 | $7.23 |
| Earnings per share | −$0.77 | −$0.78 | −$1.27 | −$0.31 | $0.07 | −$1.57 | $0.69 | $0.43 | $1.03 | $3.59 |
| Operating cash flow per share | $1.25 | $1.13 | $1.37 | $1.57 | $1.45 | $0.85 | $2.51 | $2.44 | $2.74 | $2.90 |
| Free cash flow per share | $1.25 | $1.13 | $1.37 | $1.57 | $1.45 | $0.85 | $2.51 | $2.44 | $2.74 | $2.98 |
| Cash per share | $0.17 | $0.36 | $0.44 | $0.47 | $0.57 | $3.18 | $0.71 | $0.73 | $0.65 | $0.65 |
| Book value per share | $9.54 | $11.04 | $11.35 | $13.72 | $16.04 | $16.72 | $20.03 | $22.58 | $28.14 | $30.75 |
| Tangible book value per share | $9.43 | $10.19 | $10.77 | $12.90 | $15.15 | $15.31 | $18.69 | $20.51 | $25.82 | $28.02 |
| Dividends per share | $0.73 | $0.65 | $0.74 | $0.87 | $0.72 | $1.23 | $3.36 | $3.21 | $3.15 | $5.41 |
| Capex per share | $1.30 | $0.67 | $0.71 | $0.44 | $0.55 | $0.47 | $1.41 | $1.68 | $1.43 | $1.80 |
| Debt per share | $20.27 | $20.28 | $19.99 | $23.95 | $26.97 | $55.65 | $39.18 | $40.65 | $37.03 | $36.01 |
| Shares outstanding | 256.6M | 249.7M | 215.5M | 215.0M | 198.1M | 146.2M | 141.3M | 141.2M | 141.0M | 144.0M |
| Change in shares outstanding | +2.8% | +15.9% | +0.2% | +8.6% | +35.4% | +3.5% | +0.1% | +0.2% | −2.1% | −6.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −7.6% | −7.5% | −10.2% | −2.2% | 0.5% | −8.7% | 3.2% | 1.7% | 3.5% | 10.9% |
| Return on invested capital (ROIC) | 1.7% | 1.8% | 1.9% | 1.4% | 0.9% | 0.8% | 2.4% | 3.4% | 2.3% | 2.1% |
| Return on assets (ROA) | −2.3% | −2.4% | −3.5% | −0.8% | 0.2% | −2.6% | 1.1% | 0.6% | 1.5% | 4.9% |
| Return on tangible assets | −2.4% | −2.3% | −3.7% | −0.8% | 0.2% | −2.6% | 1.1% | 0.7% | 1.6% | 5.4% |
| Free cash flow margin | 31.7% | 30.9% | 33.4% | 39.3% | 33.8% | 15.9% | 38.3% | 35.9% | 38.9% | 41.3% |
| Income quality (OCF / net income) | — | — | — | — | 20.08 | — | 3.67 | 5.74 | 2.66 | 0.81 |
| Financial health | ||||||||||
| Total debt | $5.20B | $5.06B | $4.31B | $5.15B | $5.34B | $8.14B | $5.54B | $5.74B | $5.22B | $5.19B |
| Cash & short-term investments | $43.0M | $89.9M | $94.9M | $100.3M | $112.5M | $465.3M | $100.0M | $102.7M | $91.0M | $94.0M |
| Net debt | $5.16B | $4.97B | $4.21B | $5.05B | $5.23B | $7.67B | $5.44B | $5.64B | $5.13B | $5.09B |
| Debt / equity | 2.12 | 1.84 | 1.76 | 1.75 | 1.68 | 3.33 | 1.96 | 1.80 | 1.32 | 1.17 |
| Debt / assets | 0.62 | 0.59 | 0.57 | 0.64 | 0.64 | 0.89 | 0.63 | 0.64 | 0.54 | 0.52 |
| Net debt / EBITDA | 12.66 | 15.22 | 22.10 | 11.10 | 9.68 | 49.28 | 9.37 | 9.67 | 9.00 | 8.47 |
| Current ratio | 0.09 | 0.51 | 0.66 | 0.73 | 1.43 | 2.17 | 0.62 | 1.57 | 1.68 | 1.63 |
| Quick ratio | 0.09 | 0.51 | 0.66 | 0.73 | 1.31 | 2.13 | −0.03 | 1.47 | 1.57 | 1.54 |
| Interest coverage | 0.8 | 0.8 | 1.0 | 0.7 | 0.7 | 1.2 | 1.5 | 1.7 | 1.4 | 1.6 |
| Working capital | −$1.06B | −$325.4M | −$195.2M | −$134.9M | $191.8M | $554.6M | −$160.1M | $270.9M | $319.5M | $321.2M |
| Invested capital | $7.61B | $7.73B | $6.66B | $8.00B | $8.41B | $10.12B | $8.27B | $8.83B | $9.10B | $9.52B |
| Tangible asset value | $2.50B | $2.63B | $2.40B | $2.77B | $3.00B | $2.24B | $2.64B | $2.90B | $3.64B | $4.03B |
| Net current asset value | −$5.74B | −$5.39B | −$4.61B | −$4.78B | −$4.54B | −$5.71B | −$5.76B | −$5.09B | −$4.85B | −$4.70B |
| Graham number | — | — | — | — | $5.10 | — | $17.57 | $14.69 | $25.55 | $49.84 |
| Graham net-net per share | −$22.42 | −$22.09 | −$22.04 | −$22.81 | −$24.59 | −$41.61 | −$40.12 | −$39.34 | −$38.12 | −$36.52 |
| Capital allocation | ||||||||||
| Dividends paid | $188.2M | $161.3M | $159.3M | $186.3M | $143.4M | $179.9M | $474.5M | $453.6M | $443.8M | $779.3M |
| Share buybacks (net) | $0 | $0 | $583,000 | $183,000 | $0 | $0 | $0 | $0 | $221.4M | $800.0M |
| Dividend payout ratio | — | — | — | — | — | — | 490.1% | 755.8% | 305.3% | 150.7% |
| Dividends + buybacks / free cash flow | 58.5% | 56.9% | 54.1% | 55.3% | 50.1% | 144.1% | 133.6% | 131.8% | 172.2% | 367.7% |
| Capex / revenue | 32.8% | 18.3% | 17.3% | 11.0% | 12.8% | 8.7% | 21.5% | 24.7% | 20.3% | 24.9% |
| Capex / operating cash flow | 103.6% | 59.1% | 51.6% | 28.1% | 37.8% | 54.7% | 56.3% | 68.9% | 52.3% | 62.1% |
| Capex / depreciation | 0.91 | 0.55 | 0.51 | 0.31 | 0.33 | 0.21 | 0.59 | 0.71 | 0.59 | 0.76 |
| Stock-based compensation / revenue | 1.8% | 1.3% | 1.5% | 2.1% | 1.7% | 1.8% | 1.3% | 2.8% | 3.1% | 3.2% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 3.1% | 3.1% | 3.3% | 3.2% | 3.5% | 3.9% | 2.4% | 2.5% | 2.8% | 2.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 39.0 | 68.7 | 77.4 | 84.6 | 97.4 | 90.8 | 70.6 | 76.7 | 73.5 | 73.5 |
| Days of inventory on hand | — | — | — | — | 34.4 | 155.2 | 161.3 | 47.3 | 47.1 | 41.1 |
| Days payables outstanding | 61.8 | 64.4 | 58.8 | 57.2 | 61.4 | 62.9 | 54.8 | 56.4 | 55.3 | 61.0 |
| Cash conversion cycle (days) | -22.9 | 4.3 | 18.6 | 27.4 | 70.5 | 183.2 | 177.1 | 67.5 | 65.3 | 53.5 |
| Receivables turnover | 9.37 | 5.32 | 4.71 | 4.31 | 3.75 | 4.02 | 5.17 | 4.76 | 4.97 | 4.97 |
| Payables turnover | 5.90 | 5.67 | 6.20 | 6.38 | 5.95 | 5.81 | 6.66 | 6.47 | 6.60 | 5.98 |
| Inventory turnover | — | — | — | — | 10.60 | 2.35 | 2.26 | 7.72 | 7.75 | 8.89 |
| Asset turnover | 0.12 | 0.11 | 0.11 | 0.10 | 0.10 | 0.09 | 0.10 | 0.10 | 0.10 | 0.10 |
| Average receivables | $108.4M | $172.7M | $187.6M | $199.1M | $226.1M | $195.5M | $179.4M | $201.7M | $200.0M | $209.6M |
| Average payables | $106.4M | $75.9M | $63.7M | $61.2M | $64.0M | $59.9M | $55.2M | $58.9M | $59.9M | $67.9M |
| Average inventory | — | — | — | — | $35.9M | $148.0M | $162.6M | $49.3M | $51.0M | $45.7M |
| Intangibles / total assets | 0.4% | 2.5% | 1.7% | 2.2% | 2.1% | 2.2% | 2.1% | 3.2% | 3.4% | 3.9% |
Computed from MAC's annual financial statements (latest annual report filed February 20, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MAC valuation and financial ratios
Macerich earned a return on equity of −7.6% and a return on invested capital of 1.7% in fiscal 2025. It ended the year with $5.2 billion of debt and $43.0 million in cash and short-term investments, net debt of $5.2 billion. It returned $188.2 million to shareholders: $188.2 million in dividends and $0 in share buybacks, 59% of free cash flow. The share count rose 78.2% from 144.0M to 256.6M over 9 years.
See the MAC income statement, the MAC chart for price history, or the MAC stock overview for the latest quote and news.
MAC key metrics FAQ
What is Macerich's EV/EBITDA?
Macerich's enterprise value was 24.3 times EBITDA at the end of fiscal 2025 (enterprise value $9.9 billion, EBITDA $407.5 million); the current EV/EBITDA is 24.4.
What is Macerich's return on equity?
Macerich's return on equity (ROE) was −7.6% in fiscal 2025: net income of -$197.1 million on average shareholders' equity of $2.6 billion.
What is Macerich's ROIC?
Macerich's return on invested capital was 1.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Macerich have?
Macerich had total debt of $5.2 billion at the end of fiscal 2025, a debt-to-equity ratio of 2.12 and $5.2 billion of net debt (12.66 times EBITDA).
What is Macerich's dividend yield?
Macerich's forward dividend yield is 2.85%. Macerich paid $188.2 million in dividends in fiscal 2025 ($0.73 per share), a payout ratio of —.
What is Macerich's free cash flow yield?
Macerich generated $321.6 million of free cash flow in fiscal 2025, a free cash flow yield of 6.8% on its market value at year-end ($4.7 billion).
What is Macerich's current ratio?
Macerich's current ratio was 0.09 at the end of fiscal 2025: current assets were 0.09 times current liabilities.