Macerich Co (MAC)

The Macerich Company is a fully integrated, self-managed, self-administered real estate investment trust (REIT). As a leading owner, operator, and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich's portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. Developing and managing properties that serve as community cornerstones, Macerich currently owns approximately 39 million square feet of real estate, consisting primarily of interests in 37 retail centers. The Macerich Company was incorporated in 1964 in Maryland and is based in Santa Monica, California.

Ticker: MAC
Exchange: NYSE
Sector: Real Estate
Industry: REIT - Retail
Market cap: $7.06B
52-week range: $16.03 - $26.68

Valuation

Share price: $24.84 (close of Nov 6, 2026)
P/E (TTM): -65.37x
Price to book: 2.52x
Price to free cash flow: 23.22x
Enterprise value: $10.97B
Book value per share: $9.86

Price performance

Period	Change
1 day	-0.72%
5 days	+2.05%
1 month	+8.24%
3 months	+5.75%
6 months	+11.74%
Year to date	+34.56%
1 year	+42.76%
3 years	+135.00%
5 years	+11.84%
10 years	-63.24%
All time	+37.58%

Short interest

As of: Oct 15, 2026
Short % of float: 16.56%
Shares short: 33.58M
Days to cover: 10.23
Change since prior report: +2.87%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: -7.80%
Return on assets: -2.36%
Net margin: -19.44%
Revenue growth: 10.43%
Free cash flow growth: 13.46%

Cash flow and balance sheet

Free cash flow yield (TTM): 4.31%
Net debt to EBITDA: 10.63x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $1.01B
Net income: -$197.15M
Earnings per share: $-0.78
Interest expense: $283.54M
Shares outstanding: 254.22M

Income statement by year

Period end	Revenue	Net income	EPS
2025-12-31	$1.01B	-$197.15M	-$0.78
2024-12-31	$918.20M	-$194.12M	-$0.88
2023-12-31	$884.07M	-$274.06M	-$1.28
2022-12-31	$859.16M	-$66.07M	-$0.31
2021-12-31	$847.44M	$14.26M	$0.07
2020-12-31	$786.03M	-$230.20M	-$1.58
2019-12-31	$927.46M	$96.82M	$0.68
2018-12-31	$960.35M	$68.97M	$0.42
2017-12-31	$993.66M	$161.67M	$1.02
2016-12-31	$1.04B	$554.84M	$3.52

Margins and returns by year

Period end	Net margin	Return on equity
2025-12-31	-19.44%	-7.80%
2024-12-31	-21.14%	-6.83%
2023-12-31	-31.00%	-10.84%
2022-12-31	-7.69%	-2.24%
2021-12-31	1.68%	0.45%
2020-12-31	-29.29%	-9.41%
2019-12-31	10.44%	3.42%
2018-12-31	7.18%	2.16%
2017-12-31	16.27%	4.07%
2016-12-31	53.28%	12.53%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$280.25M	$5.07B
2024-12-31	$89.86M	$4.89B
2023-12-31	$94.94M	$4.14B
2022-12-31	$100.32M	$4.24B
2021-12-31	$112.45M	$4.42B
2020-12-31	$465.30M	$4.56B
2019-12-31	$100.00M	-
2018-12-31	$102.71M	-
2017-12-31	$91.04M	-
2016-12-31	$94.05M	-

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$321.60M	$18.17M
2024-12-31	$283.44M	$12.13M
2023-12-31	$295.50M	$13.17M
2022-12-31	$337.51M	$17.64M
2021-12-31	$286.37M	$14.27M
2020-12-31	$124.84M	$13.84M
2019-12-31	$355.16M	$12.03M
2018-12-31	$344.31M	$27.37M
2017-12-31	$386.39M	$30.80M
2016-12-31	$429.53M	$33.29M

Dividend history

Most recent payment: Sep 14, 2026
Paid in the last twelve months: $0.68

Payment date	Dividend per share
2026-09-14	$0.17
2026-06-15	$0.17
2026-03-16	$0.17
2025-12-15	$0.17
2025-09-09	$0.17
2025-06-03	$0.17
2025-03-04	$0.17
2024-11-12	$0.17

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-11-04	Sep 2026	$0.36
2026-08-04	Jun 2026	$0.33
2026-05-06	Mar 2026	$0.31
2026-02-18	Dec 2025	$0.43
2025-11-04	Sep 2025	$0.36
2025-08-11	Jun 2025	$0.34
2025-05-12	Mar 2025	$0.31
2025-02-27	Dec 2024	$0.47

Filings and sources

Company website: macerich.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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