Macerich (MAC)
Market Price (3/15/2026): $18.73 | Market Cap: $4.8 BilSector: Real Estate | Industry: Retail REITs
Macerich (MAC)
Market Price (3/15/2026): $18.73Market Cap: $4.8 BilSector: Real EstateIndustry: Retail REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 10% | Weak multi-year price returns2Y Excs Rtn is -9.1% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 101% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 88x | |
| Attractive yieldDividend Yield is 3.9%, FCF Yield is 6.7% | Weak revenue growthRev Chg QQuarterly Revenue Change % is -4.4% | |
| Low stock price volatilityVol 12M is 38% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.1% | |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Experiential Retail, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 10% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32% |
| Attractive yieldDividend Yield is 3.9%, FCF Yield is 6.7% |
| Low stock price volatilityVol 12M is 38% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Experiential Retail, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -9.1% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 101% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 88x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -4.4% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.1% |
Qualitative Assessment
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1. Macerich significantly surpassed Funds from Operations (FFO) estimates for the fourth quarter of 2025. The company reported FFO per share of $0.48, dramatically exceeding analysts' consensus estimates which ranged from $0.0231 to $0.43 per share. This marked a beat of approximately 166.67% compared to some estimates, and favorably compared to $0.47 in the prior-year quarter.
2. The company demonstrated strong leasing momentum and made progress on its "Path Forward Plan." Macerich reported a record-breaking 7.1 million square feet of new and renewed leases signed in 2025, an 85% increase over 2024. The company also achieved its 17th consecutive quarter of positive base rent re-leasing spreads, which were 6.7% higher than expiring base rent for the trailing 12 months ended December 31, 2025. Additionally, the signed non-open (SNO) pipeline reached approximately $107 million, exceeding the year-end target of $100 million.
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Stock Movement Drivers
Fundamental Drivers
The 8.8% change in MAC stock from 11/30/2025 to 3/13/2026 was primarily driven by a 11.2% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.20 | 18.72 | 8.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,026 | 1,014 | -1.2% |
| P/S Multiple | 4.3 | 4.7 | 11.2% |
| Shares Outstanding (Mil) | 254 | 257 | -1.0% |
| Cumulative Contribution | 8.8% |
Market Drivers
11/30/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| MAC | 8.8% | |
| Market (SPY) | -3.1% | 39.4% |
| Sector (XLRE) | 1.4% | 43.2% |
Fundamental Drivers
The 3.6% change in MAC stock from 8/31/2025 to 3/13/2026 was primarily driven by a 2.9% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.07 | 18.72 | 3.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 993 | 1,014 | 2.1% |
| P/S Multiple | 4.6 | 4.7 | 2.9% |
| Shares Outstanding (Mil) | 253 | 257 | -1.4% |
| Cumulative Contribution | 3.6% |
Market Drivers
8/31/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| MAC | 3.6% | |
| Market (SPY) | 3.0% | 33.8% |
| Sector (XLRE) | 0.6% | 55.6% |
Fundamental Drivers
The 7.8% change in MAC stock from 2/28/2025 to 3/13/2026 was primarily driven by a 10.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.36 | 18.72 | 7.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 918 | 1,014 | 10.4% |
| P/S Multiple | 4.5 | 4.7 | 5.8% |
| Shares Outstanding (Mil) | 237 | 257 | -7.8% |
| Cumulative Contribution | 7.8% |
Market Drivers
2/28/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| MAC | 7.8% | |
| Market (SPY) | 12.4% | 63.4% |
| Sector (XLRE) | 0.2% | 65.5% |
Fundamental Drivers
The 77.9% change in MAC stock from 2/28/2023 to 3/13/2026 was primarily driven by a 79.8% change in the company's P/S Multiple.| (LTM values as of) | 2282023 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.52 | 18.72 | 77.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 859 | 1,014 | 18.0% |
| P/S Multiple | 2.6 | 4.7 | 79.8% |
| Shares Outstanding (Mil) | 215 | 257 | -16.2% |
| Cumulative Contribution | 77.9% |
Market Drivers
2/28/2023 to 3/13/2026| Return | Correlation | |
|---|---|---|
| MAC | 77.9% | |
| Market (SPY) | 73.4% | 54.3% |
| Sector (XLRE) | 21.3% | 64.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MAC Return | 68% | -32% | 46% | 34% | -4% | 5% | 128% |
| Peers Return | 73% | -15% | 12% | 19% | -1% | 11% | 115% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -1% | 80% |
Monthly Win Rates [3] | |||||||
| MAC Win Rate | 58% | 33% | 42% | 83% | 58% | 67% | |
| Peers Win Rate | 83% | 35% | 57% | 62% | 47% | 67% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| MAC Max Drawdown | -0% | -54% | -18% | -12% | -33% | -4% | |
| Peers Max Drawdown | -4% | -31% | -14% | -10% | -17% | -1% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -2% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SPG, KIM, FRT, REG, BRX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)
How Low Can It Go
| Event | MAC | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -65.2% | -25.4% |
| % Gain to Breakeven | 187.3% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -81.4% | -33.9% |
| % Gain to Breakeven | 436.3% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -64.4% | -19.8% |
| % Gain to Breakeven | 181.1% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -94.4% | -56.8% |
| % Gain to Breakeven | 1681.4% | 131.3% |
| Time to Breakeven | Not Fully Recovered days | 1,480 days |
Compare to SPG, KIM, FRT, REG, BRX
In The Past
Macerich's stock fell -65.2% during the 2022 Inflation Shock from a high on 11/5/2021. A -65.2% loss requires a 187.3% gain to breakeven.
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About Macerich (MAC)
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Here are 1-2 brief analogies for Macerich (MAC):
- Like Marriott or Hilton, but for shopping malls instead of hotels.
- Essentially a smaller, more concentrated version of Simon Property Group, focused on premium regional malls.
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- Retail Space Leasing: Providing commercial retail space for lease to tenants within their portfolio of regional shopping centers.
- Property Management: Overseeing the operations, maintenance, and tenant relations for their owned regional shopping centers.
- Property Development and Redevelopment: Developing new regional shopping centers and enhancing existing properties through renovations and upgrades.
- Property Acquisition: Acquiring regional shopping centers to expand their real estate portfolio.
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Macerich's Major Customers
Macerich (MAC) is a Real Estate Investment Trust (REIT) that owns and operates regional shopping centers. As such, its business model involves leasing retail, dining, and entertainment space within its malls to various companies. Therefore, Macerich's customers are the businesses that operate as tenants in its properties.
Macerich has a diverse customer base consisting of thousands of tenants across its 47 regional shopping centers. These customers range from large anchor department stores to specialty retailers, restaurants, entertainment venues, and service providers. Below are examples of major customer companies or types of companies that commonly lease significant space in Macerich's malls:
- Department Stores: These often serve as anchor tenants, occupying large footprints. Examples include:
- Specialty Retailers: A vast category including apparel, accessories, electronics, health & beauty, and home goods. Examples include:
- Food & Beverage Establishments: Including full-service restaurants, fast-casual eateries, and cafes. Examples include:
- Entertainment and Service Providers: Such as movie theaters, fitness centers, and salons. Examples include:
- AMC Entertainment Holdings, Inc. (AMC)
It's important to note that the specific mix of major tenants varies significantly across Macerich's portfolio of properties, and the company continuously works to attract and retain a diverse array of businesses to its shopping centers.
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The accelerated and permanent shift of consumer purchasing behavior towards e-commerce and direct-to-consumer (DTC) models, which fundamentally undermines the traditional enclosed regional mall's role as a primary retail destination and leads to a structural decline in demand for large-format physical retail space.
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Trade Ideas
Select ideas related to MAC.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02272026 | KRC | Kilroy Realty | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02202026 | AAT | American Assets Trust | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -0.2% | -0.2% | -1.5% |
| 12122025 | LINE | Lineage | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 11.7% | 11.7% | -7.3% |
| 11302025 | OHI | Omega Healthcare Investors | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 6.7% | 6.7% | -6.0% |
| 10312025 | ADC | Agree Realty | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 11.8% | 11.8% | -2.8% |
| 03312025 | MAC | Macerich | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 4.7% | 22.7% | -22.9% |
| 05312024 | MAC | Macerich | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 43.1% | 10.2% | -9.8% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 53.11 |
| Mkt Cap | 11.6 |
| Rev LTM | 1,463 |
| Op Inc LTM | 543 |
| FCF LTM | 740 |
| FCF 3Y Avg | 700 |
| CFO LTM | 740 |
| CFO 3Y Avg | 700 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.7% |
| Rev Chg 3Y Avg | 6.2% |
| Rev Chg Q | 7.8% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Mgn LTM | 36.3% |
| Op Mgn 3Y Avg | 35.7% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 50.5% |
| CFO/Rev 3Y Avg | 51.2% |
| FCF/Rev LTM | 48.9% |
| FCF/Rev 3Y Avg | 50.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 11.6 |
| P/S | 7.1 |
| P/EBIT | 16.8 |
| P/E | 22.7 |
| P/CFO | 14.6 |
| Total Yield | 6.0% |
| Dividend Yield | 2.2% |
| FCF Yield 3Y Avg | 6.7% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.2% |
| 3M Rtn | 10.5% |
| 6M Rtn | 5.0% |
| 12M Rtn | 19.1% |
| 3Y Rtn | 50.8% |
| 1M Excs Rtn | 2.6% |
| 3M Excs Rtn | 13.5% |
| 6M Excs Rtn | 1.9% |
| 12M Excs Rtn | -6.3% |
| 3Y Excs Rtn | -23.6% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA214860 | OLPRUVA | sodium phenylbutyrate | for suspension | 12222022 | -19.5% | -2.9% | 43.1% | 96.0% | 88.1% |
Price Behavior
| Market Price | $18.72 | |
| Market Cap ($ Bil) | 4.8 | |
| First Trading Date | 03/10/1994 | |
| Distance from 52W High | -9.7% | |
| 50 Days | 200 Days | |
| DMA Price | $19.00 | $17.52 |
| DMA Trend | up | up |
| Distance from DMA | -1.5% | 6.8% |
| 3M | 1YR | |
| Volatility | 30.8% | 38.0% |
| Downside Capture | 60.10 | 112.86 |
| Upside Capture | 72.96 | 108.52 |
| Correlation (SPY) | 38.6% | 64.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.85 | 0.65 | 0.70 | 0.71 | 1.25 | 1.40 |
| Up Beta | -0.22 | 0.56 | 0.39 | 0.79 | 1.31 | 1.24 |
| Down Beta | 3.09 | 1.84 | 1.32 | 1.14 | 1.43 | 1.56 |
| Up Capture | 155% | 51% | 106% | 59% | 106% | 306% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 14 | 24 | 36 | 64 | 126 | 393 |
| Down Capture | -65% | -32% | -7% | 40% | 104% | 108% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 7 | 17 | 24 | 59 | 124 | 350 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MAC | |
|---|---|---|---|---|
| MAC | 14.5% | 38.2% | 0.43 | - |
| Sector ETF (XLRE) | 4.3% | 16.3% | 0.08 | 66.8% |
| Equity (SPY) | 19.6% | 18.9% | 0.81 | 64.2% |
| Gold (GLD) | 71.9% | 26.3% | 2.05 | 0.2% |
| Commodities (DBC) | 19.3% | 17.3% | 0.89 | 24.9% |
| Real Estate (VNQ) | 6.2% | 16.3% | 0.19 | 71.9% |
| Bitcoin (BTCUSD) | -15.3% | 44.2% | -0.25 | 22.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MAC | |
|---|---|---|---|---|
| MAC | 11.4% | 41.9% | 0.38 | - |
| Sector ETF (XLRE) | 6.0% | 19.0% | 0.22 | 60.7% |
| Equity (SPY) | 13.1% | 17.0% | 0.61 | 58.2% |
| Gold (GLD) | 24.1% | 17.3% | 1.14 | 8.4% |
| Commodities (DBC) | 11.2% | 19.0% | 0.47 | 18.2% |
| Real Estate (VNQ) | 4.8% | 18.8% | 0.16 | 65.4% |
| Bitcoin (BTCUSD) | 6.3% | 56.7% | 0.33 | 22.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MAC | |
|---|---|---|---|---|
| MAC | -8.7% | 48.6% | -0.00 | - |
| Sector ETF (XLRE) | 6.8% | 20.4% | 0.29 | 54.5% |
| Equity (SPY) | 14.5% | 17.9% | 0.70 | 47.3% |
| Gold (GLD) | 14.4% | 15.6% | 0.77 | 2.8% |
| Commodities (DBC) | 8.6% | 17.6% | 0.40 | 22.0% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 60.1% |
| Bitcoin (BTCUSD) | 67.4% | 66.8% | 1.07 | 12.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/18/2026 | 3.2% | 7.6% | |
| 11/4/2025 | -0.2% | 1.4% | 0.3% |
| 8/11/2025 | 4.6% | 2.8% | 8.6% |
| 5/12/2025 | 10.4% | 7.0% | 12.5% |
| 2/27/2025 | -8.9% | -8.8% | -13.3% |
| 11/6/2024 | -1.7% | 3.2% | 16.5% |
| 7/31/2024 | -4.3% | -11.5% | -5.1% |
| 4/30/2024 | -14.1% | -8.3% | -8.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 14 | 12 |
| # Negative | 15 | 10 | 11 |
| Median Positive | 2.4% | 3.1% | 12.0% |
| Median Negative | -2.3% | -4.4% | -8.6% |
| Max Positive | 10.4% | 21.0% | 68.0% |
| Max Negative | -14.1% | -11.5% | -14.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lowenthal, Marianne | Direct | Sell | 9252025 | 17.13 | 6,000 | 102,780 | 631,686 | Form | |
| 2 | Zecchini, Christopher J | Chief Accounting Officer | Direct | Sell | 8182025 | 17.16 | 9,500 | 163,068 | 61,571 | Form |
| 3 | Murphy, Devin Ignatius | Direct | Buy | 3172025 | 16.40 | 7,000 | 114,800 | 149,535 | Form | |
| 4 | Hsieh, Jackson | President and CEO | Direct | Buy | 3052025 | 17.75 | 56,000 | 993,832 | 4,019,696 | Form |
External Quote Links
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| SeekingAlpha | ValueLine |
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| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
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