Tearsheet

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 10%
Weak multi-year price returns
2Y Excs Rtn is -9.1%
Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 101%
1 Attractive cash flow generation
CFO/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 multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 88x
2 Attractive yield
Dividend Yield is 3.9%, FCF Yield is 6.7%
  Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -4.4%
3 Low stock price volatility
Vol 12M is 38%
  Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.1%
4 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Experiential Retail, Show more.
  
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 10%
1 Attractive cash flow generation
CFO/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%
2 Attractive yield
Dividend Yield is 3.9%, FCF Yield is 6.7%
3 Low stock price volatility
Vol 12M is 38%
4 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Experiential Retail, Show more.
5 Weak multi-year price returns
2Y Excs Rtn is -9.1%
6 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 101%
7 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 88x
8 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -4.4%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.1%

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

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Macerich (MAC) stock has gained about 10% since 11/30/2025 because of the following key factors:

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)113020253132026Change
Stock Price ($)17.2018.728.8%
Change Contribution By: 
Total Revenues ($ Mil)1,0261,014-1.2%
P/S Multiple4.34.711.2%
Shares Outstanding (Mil)254257-1.0%
Cumulative Contribution8.8%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/13/2026
ReturnCorrelation
MAC8.8% 
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)83120253132026Change
Stock Price ($)18.0718.723.6%
Change Contribution By: 
Total Revenues ($ Mil)9931,0142.1%
P/S Multiple4.64.72.9%
Shares Outstanding (Mil)253257-1.4%
Cumulative Contribution3.6%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/13/2026
ReturnCorrelation
MAC3.6% 
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)22820253132026Change
Stock Price ($)17.3618.727.8%
Change Contribution By: 
Total Revenues ($ Mil)9181,01410.4%
P/S Multiple4.54.75.8%
Shares Outstanding (Mil)237257-7.8%
Cumulative Contribution7.8%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/13/2026
ReturnCorrelation
MAC7.8% 
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)22820233132026Change
Stock Price ($)10.5218.7277.9%
Change Contribution By: 
Total Revenues ($ Mil)8591,01418.0%
P/S Multiple2.64.779.8%
Shares Outstanding (Mil)215257-16.2%
Cumulative Contribution77.9%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/13/2026
ReturnCorrelation
MAC77.9% 
Market (SPY)73.4%54.3%
Sector (XLRE)21.3%64.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
MAC Return68%-32%46%34%-4%5%128%
Peers Return73%-15%12%19%-1%11%115%
S&P 500 Return27%-19%24%23%16%-1%80%

Monthly Win Rates [3]
MAC Win Rate58%33%42%83%58%67% 
Peers Win Rate83%35%57%62%47%67% 
S&P 500 Win Rate75%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

Unique KeyEventMACS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-65.2%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven187.3%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-81.4%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven436.3%51.3%
2020 Covid PandemicTime to BreakevenTime to BreakevenNot Fully Recovered days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-64.4%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven181.1%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-94.4%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven1681.4%131.3%
2008 Global Financial CrisisTime to BreakevenTime to BreakevenNot Fully Recovered days1,480 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.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Macerich (MAC)

Macerich is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence in the West Coast, Arizona, Chicago and the Metro New York to Washington, DC corridor. A recognized leader in sustainability, Macerich has achieved the #1 GRESB ranking in the North American Retail Sector for five straight years (2015 – 2019).

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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:
    • Macy's, Inc. (M)
    • Nordstrom, Inc. (JWN)
    • Dillard's, Inc. (DDS)
  • Specialty Retailers: A vast category including apparel, accessories, electronics, health & beauty, and home goods. Examples include:
    • Gap Inc. (GPS) (operating brands like Gap, Old Navy, Banana Republic)
    • Lululemon Athletica Inc. (LULU)
    • Apple Inc. (AAPL)
    • H&M Hennes & Mauritz AB (primarily publicly traded in Sweden, HM-B.ST)
    • PVH Corp. (PVH) (operating brands like Tommy Hilfiger, Calvin Klein)
  • Food & Beverage Establishments: Including full-service restaurants, fast-casual eateries, and cafes. Examples include:
    • The Cheesecake Factory Incorporated (CAKE)
    • Starbucks Corporation (SBUX)
  • 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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Better Bets vs. Macerich (MAC)

Trade Ideas

Select ideas related to MAC.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
KRC_2272026_Dip_Buyer_ValueBuy02272026KRCKilroy RealtyDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
0.0%0.0%0.0%
AAT_2202026_Insider_Buying_GTE_1Mil_EBITp+DE_V202202026AATAmerican Assets TrustInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap
-0.2%-0.2%-1.5%
LINE_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V212122025LINELineageInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap
11.7%11.7%-7.3%
OHI_11302025_Insider_Buying_45D_2Buy_200K11302025OHIOmega Healthcare InvestorsInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days
6.7%6.7%-6.0%
ADC_10312025_Insider_Buying_GTE_1Mil_EBITp+DE_V210312025ADCAgree RealtyInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap
11.8%11.8%-2.8%
MAC_3312025_Insider_Buying_GTE_1Mil_EBITp+DE_V203312025MACMacerichInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap
4.7%22.7%-22.9%
MAC_5312024_Insider_Buying_GTE_1Mil_EBITp+DE_V205312024MACMacerichInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap
43.1%10.2%-9.8%

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

MACSPGKIMFRTREGBRXMedian
NameMacerich Simon Pr.Kimco Re.Federal .Regency .Brixmor . 
Mkt Price18.72186.8222.91104.4976.5829.6553.11
Mkt Cap4.860.915.49.014.09.111.6
Rev LTM1,0146,3652,1401,2791,5541,3721,463
Op Inc LTM1683,175718460583503543
FCF LTM3223,2021,120331828652740
FCF 3Y Avg3003,1331,066301779622700
CFO LTM3224,1371,120622828652740
CFO 3Y Avg3003,9611,066584779622700

Growth & Margins

MACSPGKIMFRTREGBRXMedian
NameMacerich Simon Pr.Kimco Re.Federal .Regency .Brixmor . 
Rev Chg LTM10.4%6.7%5.1%6.4%6.9%6.7%6.7%
Rev Chg 3Y Avg5.7%6.4%7.5%6.0%8.3%4.1%6.2%
Rev Chg Q-4.4%13.2%3.2%7.9%8.5%7.7%7.8%
QoQ Delta Rev Chg LTM-1.2%3.4%0.8%2.0%2.1%1.9%1.9%
Op Mgn LTM16.5%49.9%33.5%35.9%37.5%36.7%36.3%
Op Mgn 3Y Avg18.2%50.5%32.8%35.2%36.1%36.4%35.7%
QoQ Delta Op Mgn LTM-1.0%-0.8%0.3%-0.1%0.0%1.0%-0.0%
CFO/Rev LTM31.7%65.0%52.3%48.7%53.3%47.5%50.5%
CFO/Rev 3Y Avg32.0%66.1%53.9%48.5%54.0%47.8%51.2%
FCF/Rev LTM31.7%50.3%52.3%25.9%53.3%47.5%48.9%
FCF/Rev 3Y Avg32.0%52.4%53.9%24.9%54.0%47.8%50.1%

Valuation

MACSPGKIMFRTREGBRXMedian
NameMacerich Simon Pr.Kimco Re.Federal .Regency .Brixmor . 
Mkt Cap4.860.915.49.014.09.111.6
P/S4.79.67.27.09.06.67.1
P/EBIT88.19.618.714.818.714.916.8
P/E-24.413.226.421.926.523.622.7
P/CFO14.914.713.814.416.914.014.6
Total Yield-0.2%8.3%3.8%4.6%7.4%8.1%6.0%
Dividend Yield3.9%0.7%0.0%0.0%3.7%3.9%2.2%
FCF Yield 3Y Avg7.2%5.8%7.6%3.4%6.1%8.0%6.7%
D/E1.10.50.50.60.40.60.5
Net D/E1.00.50.50.50.40.60.5

Returns

MACSPGKIMFRTREGBRXMedian
NameMacerich Simon Pr.Kimco Re.Federal .Regency .Brixmor . 
1M Rtn-0.6%-3.0%5.3%-2.3%1.1%3.9%0.2%
3M Rtn0.3%3.8%14.9%6.1%15.4%17.0%10.5%
6M Rtn4.1%4.8%4.8%5.1%9.6%8.3%5.0%
12M Rtn18.9%23.0%19.3%15.5%13.3%22.8%19.1%
3Y Rtn104.5%95.1%37.9%20.2%43.8%57.9%50.8%
1M Excs Rtn1.7%-0.6%7.7%0.1%3.5%6.3%2.6%
3M Excs Rtn5.2%5.6%17.1%10.0%18.0%20.0%13.5%
6M Excs Rtn0.8%1.2%1.6%2.1%5.4%5.1%1.9%
12M Excs Rtn-6.6%-2.7%-5.9%-8.4%-10.3%-1.7%-6.3%
3Y Excs Rtn10.2%12.1%-37.3%-56.3%-28.6%-18.7%-23.6%

Comparison Analyses

FDA Approved Drugs Data

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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  OLPRUVAsodium phenylbutyratefor suspension12222022-19.5%-2.9%43.1%96.0%88.1%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Acquisition, ownership, development, redevelopment, management and leasing of regional and community918884   
Leasing revenue  801788740
Management Companies  292623
Other  303422
Total918884859847786


Price Behavior

Price Behavior
Market Price$18.72 
Market Cap ($ Bil)4.8 
First Trading Date03/10/1994 
Distance from 52W High-9.7% 
   50 Days200 Days
DMA Price$19.00$17.52
DMA Trendupup
Distance from DMA-1.5%6.8%
 3M1YR
Volatility30.8%38.0%
Downside Capture60.10112.86
Upside Capture72.96108.52
Correlation (SPY)38.6%64.3%
MAC Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta0.850.650.700.711.251.40
Up Beta-0.220.560.390.791.311.24
Down Beta3.091.841.321.141.431.56
Up Capture155%51%106%59%106%306%
Bmk +ve Days9203170142431
Stock +ve Days14243664126393
Down Capture-65%-32%-7%40%104%108%
Bmk -ve Days12213054109320
Stock -ve Days7172459124350

[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
MAC14.5%38.2%0.43-
Sector ETF (XLRE)4.3%16.3%0.0866.8%
Equity (SPY)19.6%18.9%0.8164.2%
Gold (GLD)71.9%26.3%2.050.2%
Commodities (DBC)19.3%17.3%0.8924.9%
Real Estate (VNQ)6.2%16.3%0.1971.9%
Bitcoin (BTCUSD)-15.3%44.2%-0.2522.6%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MAC
MAC11.4%41.9%0.38-
Sector ETF (XLRE)6.0%19.0%0.2260.7%
Equity (SPY)13.1%17.0%0.6158.2%
Gold (GLD)24.1%17.3%1.148.4%
Commodities (DBC)11.2%19.0%0.4718.2%
Real Estate (VNQ)4.8%18.8%0.1665.4%
Bitcoin (BTCUSD)6.3%56.7%0.3322.9%

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%0.2954.5%
Equity (SPY)14.5%17.9%0.7047.3%
Gold (GLD)14.4%15.6%0.772.8%
Commodities (DBC)8.6%17.6%0.4022.0%
Real Estate (VNQ)5.6%20.7%0.2360.1%
Bitcoin (BTCUSD)67.4%66.8%1.0712.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity13.8 Mil
Short Interest: % Change Since 2152026-13.4%
Average Daily Volume2.6 Mil
Days-to-Cover Short Interest5.4 days
Basic Shares Quantity256.6 Mil
Short % of Basic Shares5.4%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/18/20263.2%7.6% 
11/4/2025-0.2%1.4%0.3%
8/11/20254.6%2.8%8.6%
5/12/202510.4%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   
# Positive91412
# Negative151011
Median Positive2.4%3.1%12.0%
Median Negative-2.3%-4.4%-8.6%
Max Positive10.4%21.0%68.0%
Max Negative-14.1%-11.5%-14.0%

SEC Filings

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Report DateFiling DateFiling
12/31/202502/20/202610-K
09/30/202511/05/202510-Q
06/30/202508/11/202510-Q
03/31/202505/12/202510-Q
12/31/202402/28/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/26/202410-K
09/30/202311/06/202310-Q
06/30/202308/09/202310-Q
03/31/202305/08/202310-Q
12/31/202202/24/202310-K
09/30/202211/07/202210-Q
06/30/202208/08/202210-Q
03/31/202205/10/202210-Q

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Lowenthal, Marianne DirectSell925202517.136,000102,780631,686Form
2Zecchini, Christopher JChief Accounting OfficerDirectSell818202517.169,500163,06861,571Form
3Murphy, Devin Ignatius DirectBuy317202516.407,000114,800149,535Form
4Hsieh, JacksonPresident and CEODirectBuy305202517.7556,000993,8324,019,696Form