MAC Real Estate

The Macerich Company

$24.74-0.28%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Real Estate
Industry: REIT - Retail
Country: United States
Market cap: 7.3B USD
Enterprise value: 11.1B USD
Full-time employees: 596

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.10 vs a peer median of 0.75), less short-term liquidity (current ratio 0.33 vs a peer median of 1.20) and more debt relative to equity (1.71× vs a peer median of 0.80×)higher risk: bigger price swings (beta 2.10 vs peers 0.75), less liquidity (current ratio 0.33 vs peers 1.20) and more debt vs equity (1.71× vs peers 0.80×)
About average: growth

Ranks #587 of 632 real estate companies (bottom 8%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 32% from December 2022 to August 2026.
Macerich had 32% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Macerich had 32% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Macerich reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $786M in 2020 to $1.0B in 2025.
Macerich's fiscal-year revenue rose in each of the five years to 2025, from $786M to $1.0B.
More volatile share price. Beta 2.10: tends to move more than the market.
Macerich's shares have swung more with the market than most peers' (beta 2.10, above the market's 1.0).

StockQuotient Score

23/ 100▼ 1 since Oct 27 close

Oct 5 25 → Nov 4 23 (-2)

Valuation

Is the price right?

22/100

Weak▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Share count up 8.5% (existing holders diluted)

Valuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 23 → 22

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Earnings yield
▼ FCF yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-2.4%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.10Sector median: 0.0535 · MAD: 0.0484

EBITDA yield4.5%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -0.40Sector median: 0.0536 · MAD: 0.0204

Free cash flow yield4.2%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingReported value20% base weight · Z-score -0.52Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield40.3%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

52/100

Moderate▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Score 53 → 52

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.28Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth5.1%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.18Sector median: 0.0378 · MAD: 0.0744

Revenue growth1.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.18Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

11/100

Weak

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating marginUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.2683 · MAD: 0.2257

Return on assets-2.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.05Sector median: 0.0211 · MAD: 0.0134

Return on invested capital1.8%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score -0.84Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin54.9%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity-6.0%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Current ratio
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.10

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -2.65Sector median: 0.7490 · MAD: 0.3270

Current ratio0.33×

Yahoo Finance fallback · SEC figure unavailable or out of dateReported value33% base weight · Z-score -1.20Sector median: 1.1950 · MAD: 0.7210

Debt / equity1.71×

SEC filings · latest balance sheetReported value33% base weight · Z-score -2.34Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Macerich

Is Macerich getting weaker?: Its latest SEC filing (Aug 5, 2026) got weaker in some ways: share count up 8.5%. Its overall score is 23/100, down 1 since Oct 28, 2026.
How is Macerich valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 22/100 against 762 real estate peers. Earnings yield -2.4% vs a peer median of 5.3% (weaker than 100% of peers).Earnings yield -2.4% vs peers 5.3% (weaker than 100% of peers).
Is Macerich growing?: At about the same pace as its peers. Growth scores 52/100 against 762 real estate peers.
How profitable is Macerich?: Less profitable than most of its peers. Profitability scores 11/100 against 762 real estate peers. Return on assets -2.0% vs a peer median of 2.1% (weaker than 92% of peers).Return on assets -2.0% vs peers 2.1% (weaker than 92% of peers).
How risky is Macerich?: Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Beta 2.10 vs a peer median of 0.75 (weaker than 100% of peers).Beta 2.10 vs peers 0.75 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Share count up 8.5% (existing holders diluted)

Worth watching: Macerich is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.0B USD	1.0B USD	−0.0%
Net income (12 months)	−183.3M USD	−169.5M USD	−7.5%
Debt	4.9B USD	4.8B USD	−0.1%
Cash	182.0M USD	227.0M USD	+24.7%
Shares outstanding	261.4M	283.6M	+8.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: REIT - Retail · 21 companies

Valuations in REIT - Retail are above their usual range since Mar 2016.

61% of months since Mar 2016 were valued lower than now.
5% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +9% and earnings +49% (medians): earnings grew faster than prices.
Median price-to-sales is +189% vs the whole market, against a usual +191%.

Mar 2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Net margin	1.7%	-7.7%	-31.0%	-21.1%	-19.4%	▲ 1.7 pts
Return on assets (ROA)	0.2%	-0.8%	-3.6%	-2.3%	-2.4%	▼ 0.1 pts
Return on equity (ROE)	0.5%	-2.3%	-11.2%	-7.0%	-8.1%	▼ 1.0 pts
Debt to equity	1.45×	1.48×	1.69×	1.78×	2.07×	▲ 17%

MAC price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Millrose Properties, Inc.MRP94/ 100

Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.10 vs a peer median of 0.75), less short-term liquidity (current ratio 0.33 vs a peer median of 1.20) and more debt relative to equity (1.71× vs a peer median of 0.80×)higher risk: bigger price swings (beta 2.10 vs peers 0.75), less liquidity (current ratio 0.33 vs peers 1.20) and more debt vs equity (1.71× vs peers 0.80×)

About average: growth

Ranks #587 of 632 real estate companies (bottom 8%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 32% from December 2022 to August 2026.

Macerich had 32% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Macerich had 32% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Not profitable yet. Reported a loss in the 12 months to June 2026.

Macerich reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $786M in 2020 to $1.0B in 2025.

Macerich's fiscal-year revenue rose in each of the five years to 2025, from $786M to $1.0B.

More volatile share price. Beta 2.10: tends to move more than the market.

Macerich's shares have swung more with the market than most peers' (beta 2.10, above the market's 1.0).

Questions investors ask about Macerich

Is Macerich getting weaker?

Its latest SEC filing (Aug 5, 2026) got weaker in some ways: share count up 8.5%. Its overall score is 23/100, down 1 since Oct 28, 2026.

How is Macerich valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 22/100 against 762 real estate peers. Earnings yield -2.4% vs a peer median of 5.3% (weaker than 100% of peers).Earnings yield -2.4% vs peers 5.3% (weaker than 100% of peers).

Is Macerich growing?

At about the same pace as its peers. Growth scores 52/100 against 762 real estate peers.

How profitable is Macerich?

Less profitable than most of its peers. Profitability scores 11/100 against 762 real estate peers. Return on assets -2.0% vs a peer median of 2.1% (weaker than 92% of peers).Return on assets -2.0% vs peers 2.1% (weaker than 92% of peers).

How risky is Macerich?

Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Beta 2.10 vs a peer median of 0.75 (weaker than 100% of peers).Beta 2.10 vs peers 0.75 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.0B USD

1.0B USD

−0.0%

Net income (12 months)

−183.3M USD

−169.5M USD

−7.5%

Debt

4.9B USD

4.8B USD

−0.1%

Cash

182.0M USD

227.0M USD

+24.7%

Shares outstanding

261.4M

283.6M

+8.5%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Net margin

1.7%

-7.7%

-31.0%

-21.1%

-19.4%

▲ 1.7 pts

Return on assets (ROA)

0.2%

-0.8%

-3.6%

-2.3%

-2.4%

▼ 0.1 pts

Return on equity (ROE)

0.5%

-2.3%

-11.2%

-7.0%

-8.1%

▼ 1.0 pts

Debt to equity

1.45×

1.48×

1.69×

1.78×

2.07×

▲ 17%