Stocks · Real Estate · REIT - Retail
The Macerich Company MAC
$23.05 +2.26% Close, Oct 2, 2026 · NYSE · Market cap $6.86B
Strong trendExpensive vs sector
Next earnings report: Nov 3, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Operating margin narrowed to 9.7% from 17.3% a year earlier.
- Net debt is 11.5× EBITDA, a high level of leverage.
- The stock is in an uptrend: above its 200-day average for 214 trading days, with the 50-day average above the 200-day.
PromtFinance scores
Each score is a percentile within the Real Estate sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 5, 2026.
Growth19Very weak
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Bottom 33%
- FCF growth (TTM, YoY)Bottom 31%
- Revenue growth, 3-year CAGRTop 47%
- Revenue growth accelerationBottom 18%
Quality14Very weak
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalBottom 6%
- Gross marginBottom 31%
- Operating marginBottom 22%
- Accruals (lower is better)Top 22%
- Net debt / EBITDA (lower is better)Bottom 24%
- Interest coverBottom 21%
Value11Very weak
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldBottom 21%
- Free-cash-flow yieldBottom 33%
- EBITDA / enterprise valueBottom 21%
- Sales / enterprise valueBottom 32%
Momentum93Exceptional
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthTop 14%
- 6-month returnTop 14%
- 1-year return vs S&P 500Top 9%
- Distance from 52-week highTop 19%
- Trend checklist (0–4)Top 8%
Revisions6Very weak
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersBottom 5%
- Consecutive EPS beatsBottom 18%
- Share of analysts rating BuyBottom 43%
- Upside to consensus price targetBottom 17%
Stability22Very weak
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Bottom 43%
- Maximum drawdown, 3 yearsBottom 44%
- Beta vs S&P 500 (lower is better)Bottom 9%
- Net debt / EBITDA (lower is better)Bottom 24%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | 5.2% | 1.6% | ↓ |
| Gross margin | 54.0% | 24.5% | ↓ |
| Operating margin | 17.3% | 9.7% | ↓ |
| FCF margin | 30.1% | 20.9% | ↓ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | 1.6% | 5.2% | ↓ | Bottom 33% |
| Gross margin | 24.5% | 54.0% | ↓ | Bottom 31% |
| Operating margin | 9.7% | 17.3% | ↓ | Bottom 22% |
| Net margin | -16.8% | -41.3% | ↑ | — |
| Free-cash-flow margin | 20.9% | 30.1% | ↓ | — |
| Return on invested capital | -30.9% | — | Bottom 6% | |
| Revenue growth, 3-year CAGR | 5.7% | — | Top 47% |
Quality of earnings and balance sheet
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- -5.6%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 0.9%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- -4.7 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- 11.54×
- Interest cover (operating income / interest)How many times operating profit covers interest.
- 0.5×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 2.83%
- Net buyback yield (TTM)
- -8.57%
- Shareholder yield
- -5.74%
- Share count change, 1 year
- +8.2%
- Share count change, 3-year CAGR
- +8.3%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jun 30, 2026 (filed Aug 5, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 0
- Beats in the last 8 reports
- 0 of 8
- Average EPS surprise, last 4
- -100.0%
- Average 2-day reaction, last 8
- +0.7%
- Positive 20 days after report
- 5 of 8
Analysts
- Consensus price target
- $26.00
- Target vs current price
- +12.8%
- Analysts with a rating
- 35
- Share rating Buy or Strong Buy
- 43%
- Consensus rating
- Hold
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Aug 4, 2026 | -89.6% | -1.0% | -6.0% | -8.7% | — |
| May 6, 2026 | -180.0% | +3.4% | +3.4% | +3.7% | +20.2% |
| Feb 18, 2026 | -2014.8% | +1.9% | +7.3% | +1.3% | +16.9% |
| Nov 4, 2025 | -6900.0% | +2.1% | +3.1% | -1.4% | +9.2% |
| Aug 11, 2025 | -74.2% | -0.2% | +3.1% | +10.9% | +3.9% |
| May 12, 2025 | -164.5% | +10.4% | +7.0% | +9.7% | +13.6% |
| Feb 27, 2025 | -1880.0% | -8.9% | -9.7% | -13.5% | -24.4% |
| Nov 6, 2024 | -751.9% | -1.7% | +2.3% | +13.4% | +7.1% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Aug 4, 2026 | -$0.10 | -$0.05 | -89.6% | $249.7M |
| May 6, 2026 | -$0.14 | -$0.05 | -180.0% | $241.5M |
| Feb 18, 2026 | -$0.07 | -$0.00 | -2014.8% | $261.7M |
| Nov 4, 2025 | -$0.34 | $0.01 | -6900.0% | $253.3M |
| Aug 11, 2025 | -$0.16 | -$0.09 | -74.2% | $249.8M |
| May 12, 2025 | -$0.20 | -$0.08 | -164.5% | $249.2M |
| Feb 27, 2025 | -$0.89 | $0.05 | -1880.0% | $273.7M |
| Nov 6, 2024 | -$0.50 | -$0.06 | -751.9% | $220.2M |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| EV / EBITDA | 28.7× | — | — | Bottom 21% |
| EV / Sales | 11.38× | — | — | Bottom 32% |
| Free-cash-flow yield | 3.08% | — | — | Bottom 33% |
| Earnings yield | -2.82% | — | — | Bottom 21% |
Technical state
Trend checklist
- ✓ Price above 20-day average
- ✗ Price above 50-day average
- ✓ Price above 200-day average
- ✓ 50-day average above 200-day
- ✓ MACD histogram positive
Trend quality
- Days above the 50-day average
- 0
- Days above the 200-day average
- 214
- 50-day average slope (20 days)
- -4.2%
- 200-day average slope (20 days)
- +2.5%
- Distance from 50-day average
- -3.6%
- Distance from 200-day average
- +5.9%
- RSI (14)
- 49.9
- Relative volume
- 1.11×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 25.0%
- Volatility vs own 5-year history
- 1th percentile · Low for this stock
- Beta vs S&P 500 (2 years, weekly)
- 1.05
- Correlation with S&P 500
- 0.48
- Current drawdown from 1-year high
- -13.1%
- Maximum drawdown, 3 years
- -40.1%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Jan 27, 2021 | Sep 26, 2022 | -65.5% | 419 days | 915 days (May 20, 2026) |
| Jul 28, 2026 | Sep 30, 2026 | -15.7% | 45 days | Not yet recovered |
| Oct 8, 2020 | Oct 28, 2020 | -15.6% | 14 days | 8 days (Nov 9, 2020) |
| Dec 9, 2020 | Dec 22, 2020 | -15.4% | 9 days | 14 days (Jan 13, 2021) |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $6.86B
- EPS, diluted (TTM)
- -$0.65
- Revenue (TTM)
- $1.01B
- Dividend yield
- 2.95%
- 52-week range
- $16.03 – $26.68
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $847.4M | $859.2M | $884.1M | $918.2M | $1.02B |
| Gross profit | $466.6M | $468.8M | $489.2M | $487.9M | $387.5M |
| Operating income | $125.4M | $150.0M | $177.6M | $165.0M | $167.8M |
| Net income | $14.3M | -$66.1M | -$274.1M | -$194.1M | -$197.1M |
| EPS (diluted) | $0.07 | -$0.31 | -$1.28 | -$0.78 | -$0.77 |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $220.2M | $273.7M | $249.2M | $249.8M | $253.3M | $263.0M | $242.7M | $249.7M |
| Net income | -$108.2M | -$211.2M | -$50.1M | -$40.9M | -$87.4M | -$18.8M | -$36.4M | -$27.1M |
| EPS (diluted) | -$0.50 | -$0.89 | -$0.20 | -$0.16 | -$0.34 | -$0.07 | -$0.14 | -$0.10 |
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Operating cash flow | $286.4M | $337.5M | $295.5M | $283.4M | $321.6M |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Free cash flow | $286.4M | $337.5M | $295.5M | $283.4M | $321.6M |
| Dividends paid | -$143.4M | -$186.3M | -$159.3M | -$161.3M | -$188.2M |
| Net share buybacks | $831.6M | $1.6M | $1.2M | $658.9M | $55.5M |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $227.0M
- Total assets
- $8.52B
- Total liabilities
- $5.62B
- Total debt
- $4.85B
- Net debt
- $4.62B
- Shareholders’ equity
- $2.83B
As of Jun 30, 2026 (filed Aug 5, 2026).
Dividends
| Ex-date | Amount | Paid |
|---|---|---|
| Sep 14, 2026 | $0.17 | Sep 28, 2026 |
| Jun 15, 2026 | $0.17 | Jun 29, 2026 |
| Mar 16, 2026 | $0.17 | Mar 30, 2026 |
| Dec 15, 2025 | $0.17 | Dec 29, 2025 |
| Sep 9, 2025 | $0.17 | Sep 23, 2025 |
| Jun 3, 2025 | $0.17 | Jun 17, 2025 |
| Mar 4, 2025 | $0.17 | Mar 18, 2025 |
| Nov 12, 2024 | $0.17 | Dec 2, 2024 |
Short interest
- Shares sold short
- 32,526,380
- Days to cover
- 9.04
- Change vs previous report
- +7.3%
FINRA short interest, settlement date Sep 15, 2026.
Stock splits
- Feb 11, 2010
- 507-for-500
- Nov 9, 2009
- 10,179-for-10,000
- Aug 10, 2009
- 10,189-for-10,000
- May 7, 2009
- 1,027-for-1,000