MAC

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Macerich Company (The)

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Key Metrics

Previous Close: $24.69
52-Week Range: $16.03 – $26.68
Market Cap: $7.19B
P/E (TTM): —
EPS (TTM): -0.66
Dividend Yield: 2.75%

Advanced Metrics

Price/Book: 2.45
PEG Ratio: 4.80
Return on Equity: -6.18%
Return on Assets: 1.34%
Gross Margin: 54.91%
Operating Margin: 16.26%
Profit Margin: -16.50%
Current Ratio: 0.33
Debt/Equity: 1.69
Total Debt: $4.91B
Free Cash Flow: $388.90M
Revenue Growth: 1.20%
Earnings Growth: —
Enterprise Value: $11.78B

MAC Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$859.16M	$884.07M	$918.20M	$1.01B
Cost of Revenue	$390.35M	$394.89M	$430.27M	$457.60M
Gross Profit	$468.81M	$489.18M	$487.94M	$556.38M
Selling, General & Admin	$27.16M	$29.24M	$28.14M	$31.54M
Operating Expenses	$318.78M	$311.60M	$322.93M	$388.62M
Operating Income	$150.03M	$177.58M	$165.01M	$167.76M
EBITDA	$454.96M	$190.72M	$326.90M	$448.39M
Pretax Income	-$64.37M	-$278.59M	-$198.97M	-$203.25M
Income Tax	$705.00K	-$494.00K	-$1.30M	-$2.19M
Net Income	-$66.07M	-$274.06M	-$194.12M	-$197.15M
Diluted EPS	-0.31	-1.28	-0.88	-0.78
Diluted Shares	223.68M	224.50M	231.86M	264.97M

MAC Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$100.32M	$94.94M	$89.86M	$280.25M
Receivables	$186.89M	$188.23M	$157.19M	$148.17M
Current Assets	$368.03M	$378.53M	$334.67M	$521.13M
Total Assets	$8.09B	$7.51B	$8.57B	$8.37B
Current Liabilities	$502.94M	$573.72M	$660.08M	$705.69M
Long-Term Debt	$4.40B	$4.23B	$4.99B	$5.07B
Total Debt	$4.50B	$4.31B	$5.06B	$5.14B
Total Liabilities	$5.14B	$4.99B	$5.72B	$5.84B
Retained Earnings	-$2.64B	-$3.06B	-$3.41B	-$3.78B
Shareholders' Equity	$2.87B	$2.45B	$2.76B	$2.45B
Working Capital	-$134.91M	-$195.19M	-$325.41M	-$184.56M
Net Debt	$4.30B	$4.13B	$4.90B	$4.79B

MAC Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$337.51M	$295.50M	$283.44M	$321.60M
Free Cash Flow	$337.51M	$295.50M	$283.44M	$321.60M
Depreciation & Amortisation	$302.48M	$296.39M	$305.88M	$368.10M
Stock-Based Compensation	$17.64M	$13.17M	$12.13M	$18.17M
Investing Cash Flow	-$1.40M	$52.54M	$19.79M	-$325.34M
Financing Cash Flow	-$321.94M	-$338.89M	-$316.05M	$199.22M
Dividends Paid	-$186.33M	-$159.29M	-$161.29M	-$188.21M
Share Repurchases	-$183.00K	-$583.00K	—	—
Net Change in Cash	$14.17M	$9.15M	-$12.81M	$195.48M

MAC Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$249.22M	$249.79M	$253.26M	$261.70M	$241.54M
Cost of Revenue	$117.17M	$112.34M	$110.56M	$117.53M	$119.44M
Gross Profit	$132.06M	$137.45M	$142.70M	$144.17M	$122.09M
Selling, General & Admin	$7.61M	$7.80M	$6.93M	$9.20M	$8.03M
Operating Expenses	$100.17M	$96.30M	$97.83M	$94.32M	$91.10M
Operating Income	$31.89M	$41.15M	$44.87M	$49.85M	$30.99M
EBITDA	$112.32M	$121.39M	$138.86M	$50.08M	$113.98M
Pretax Income	-$51.98M	-$41.73M	-$90.70M	-$18.84M	-$39.53M
Income Tax	-$822.00K	-$188.00K	-$710.00K	-$473.00K	-$2.64M
Net Income	-$50.12M	-$40.91M	-$87.36M	-$18.76M	-$36.35M
Diluted EPS	-0.20	-0.16	-0.34	-0.07	-0.14
Diluted Shares	252.99M	263.97M	264.85M	267.19M	258.03M

MAC Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$253.25M	$131.09M	$290.16M	$280.25M	$182.03M
Receivables	$130.28M	$132.70M	$38.60M	$148.17M	$129.35M
Current Assets	$474.79M	$358.17M	$512.19M	$521.13M	$400.11M
Total Assets	$8.68B	$8.73B	$8.42B	$8.37B	$8.19B
Current Liabilities	$638.43M	$674.85M	$695.74M	$705.69M	$682.07M
Long-Term Debt	$5.23B	$5.32B	$5.08B	$5.07B	$4.93B
Total Debt	$5.30B	$5.39B	$5.15B	$5.14B	$5.00B
Total Liabilities	$5.94B	$6.07B	$5.84B	$5.84B	$5.68B
Retained Earnings	-$3.50B	-$3.58B	-$3.72B	-$3.78B	-$3.86B
Shareholders' Equity	$2.66B	$2.59B	$2.51B	$2.45B	$2.44B
Working Capital	-$163.65M	-$316.68M	-$183.55M	-$184.56M	-$281.96M
Net Debt	$4.98B	$5.19B	$4.79B	$4.79B	$4.75B

MAC Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$88.49M	$70.52M	$112.39M	$50.20M	$77.38M
Free Cash Flow	$88.49M	$70.52M	$112.39M	$50.20M	$77.38M
Depreciation & Amortisation	$95.22M	$91.20M	$93.99M	$87.70M	$86.02M
Stock-Based Compensation	$3.21M	$5.30M	$4.82M	$4.84M	$5.90M
Investing Cash Flow	-$83.04M	-$231.62M	-$3.51M	-$7.17M	-$54.71M
Financing Cash Flow	$161.58M	$42.07M	$46.25M	-$50.67M	-$124.86M
Dividends Paid	-$50.43M	-$45.73M	-$45.87M	-$46.18M	-$49.03M
Net Change in Cash	$167.03M	-$119.03M	$155.13M	-$7.64M	-$102.20M

Market Snapshot

About

The Macerich Company is a premier real estate investment trust (REIT) that specializes in owning, leasing, and managing regional shopping centers and community/power centers in high-quality markets. The company's portfolio includes iconic properties such as Santa Monica Place, Tysons Corner Center, and Scottsdale Fashion Square. Macerich focuses on creating exceptional retail environments in densely populated, affluent markets with strong demographics and limited new supply.