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Macerich (MAC) AI Stock Analysis
Macerich
(NYSE:MAC)
MAC scores as neutral overall. The biggest constraints are weak reported profitability and a leveraged capital structure (despite improving cash generation). Offsetting this, the latest earnings call supported a more constructive forward outlook with guided NOI growth, strong leasing/occupancy metrics, and an expanding SNO pipeline. Technicals and valuation are mixed, reflecting modest near-term momentum and the challenge of valuing a currently loss-making REIT despite a moderate dividend yield.
Macerich Key Performance Indicators (KPIs)
Revenue by SegmentBreaks down the company’s revenue by business line — rental income, percentage rents, property management and services, development or asset sales, and other fees. For Macerich, the mix reveals how reliant cash flow is on recurring mall rents versus one-time property transactions and highlights exposure to foot traffic, anchor-tenant health, and e-commerce pressure. Use this to assess revenue stability, redevelopment or leasing upside, and risk from vacancies or tenant weakness.
Leasing is clearly the company’s growth engine, showing sustained post‑pandemic recovery and seasonal Q4 strength; management’s record leasing volumes, sizable SNO pipeline and fully committed anchor program make further NOI/FFO upside likely in 2026–28 as leases commence. ‘Other’ and management‑company revenue are small and lumpy, so near‑term earnings hinge on lease conversion and rent commencement timing. The main risk is execution: elevated leverage, remaining uncommitted deals and physical occupancy lags could push out the expected revenue and balance‑sheet improvements.
Macerich (MAC) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $7.30B
- Dividend Yield
- 2.75%
- Average Volume (3M)
- 3.51M
- Price to Earnings (P/E)
- -38.1
- Beta (1Y)
- 0.99
- Revenue Growth
- 9.48%
- EPS Growth
- 45.78%
- Country
- US
- Employees
- 597
- Sector
- Real Estate
- Sector Strength
- 65
- Industry
- REIT - Retail
Macerich Business Overview & Revenue Model
Company Description
Macerich operates as a comprehensive, self-managed real estate investment trust (REIT) that independently oversees all aspects of its operations. Its core focus is on the acquisition, leasing, management, development, and revitalization of regional s...
How the Company Makes Money
Macerich makes money primarily from real estate operations as a mall-focused REIT. Its core revenue stream is rental income from tenants that lease space in its properties, typically structured as base (minimum) rent plus additional rent components t...
Macerich Earnings Call Summary
The call emphasized strong operational momentum: record sales per square foot, high leased occupancy, sustained leasing velocity (1.3M sf signed in Q2), a sizable SNO pipeline, and meaningful balance sheet progress (liquidity, equity raises and leverage reduction). Management expects accelerating NOI growth in 2027–2028 and a robust acquisition pipeline that could be accretive. Key risks discussed include remaining elevated leverage (7.3x), a $76M loan in default, the need to complete additional dispositions this year to hit targets, and execution/timing risk converting signed tenants into opened stores and rent. Overall, positive operational and strategic execution materially outweigh near‑term financial and execution challenges, supporting a constructive outlook while acknowledging remaining execution and market risks.
Q2-2026 Updates
Positive Updates
Negative Updates
Company Guidance
Macerich guided that go‑forward portfolio NOI should increase at least 3% in 2026 (Q2 go‑forward NOI +3.8%; YTD +2.5%) with meaningful acceleration in 2027–28 (Path Forward 3.0 implies a 3‑year NOI CAGR midpoint of 6.5% for ’26–’28, which implies north of ~8% in ’27–’28); they have high confidence in a ~$140M SNO opportunity (SNO pipeline $124M) with estimated annual contributions of ~$30M in 2026 (back‑end weighted), $40–45M in 2027 and $45–50M in 2028. Q2 FFO as‑adjusted was ~$100M or $0.35 per diluted share; leasing activity included 1.3M sq ft signed (645k new) in Q2, ~350k sq ft opened, a leasing speedometer at 88% (vs. 85% midyear target), store openings completion at 57% (ahead of 50% at NAREIT and expected >60% by year‑end), ~1,000 new‑deal program with ~170 deals remaining (≈2/3 in LOI), portfolio sales $919/sq ft ($954 go‑forward), leased occupancy 94% (95.5% go‑forward) and physical occupancy ~91%. On the balance sheet, liquidity is ≈$1.2B (≈$900M revolver), May equity net proceeds ≈$450M, unsettled forward equity ≈$372M available for acquisitions, net debt/adjusted EBITDA was 7.3x (below 7x inclusive of forwards) with a target around 6x, ~$1.3B of dispositions closed (~2/3 of target) with $300–400M more expected to reach ≈$1.7B, and acquisition opportunities underwriting to ~9–11% stabilized yields (deploying $372M of equity at 9–11% would add roughly $0.02–$0.04 of FFO and lower leverage ~25–30 bps).
Macerich Financial Statement Overview
Summary
Overall financial statement quality is below average. Income statement performance is weak with volatile revenue (TTM down ~13%) and negative net income across most periods (including TTM), despite solid EBITDA margins. The balance sheet is a key risk due to historically elevated leverage and negative ROE, which limits flexibility. Cash flow is the main positive: operating cash flow and free cash flow are consistently positive, with very strong TTM FCF growth, but the gap versus reported losses still weighs on quality.
Income Statement
38NegativeBalance Sheet
34NegativeCash Flow
63Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.01B | 1.02B | 918.20M | 884.07M | 859.16M | 847.44M |
| Gross Profit | 246.89M | 387.47M | 487.94M | 489.18M | 468.81M | 466.55M |
| EBITDA | 408.86M | 407.51M | 326.90M | 190.72M | 454.96M | 540.19M |
| Net Income | -169.54M | -197.15M | -194.12M | -274.06M | -66.07M | 14.26M |
Balance Sheet | ||||||
| Total Assets | 8.52B | 8.37B | 8.57B | 7.51B | 8.09B | 8.35B |
| Cash, Cash Equivalents and Short-Term Investments | 227.03M | 43.01M | 89.86M | 94.94M | 100.32M | 112.45M |
| Total Debt | 4.85B | 5.20B | 5.06B | 4.31B | 4.50B | 4.61B |
| Total Liabilities | 5.62B | 5.84B | 5.72B | 4.99B | 5.14B | 5.17B |
| Stockholders Equity | 2.83B | 2.45B | 2.76B | 2.45B | 2.87B | 3.05B |
Cash Flow | ||||||
| Free Cash Flow | 211.26M | 321.60M | 283.44M | 295.50M | 337.51M | 286.37M |
| Operating Cash Flow | 306.84M | 321.60M | 283.44M | 295.50M | 337.51M | 286.37M |
| Investing Cash Flow | -403.44M | -325.34M | 19.79M | 52.54M | -1.40M | 234.97M |
| Financing Cash Flow | 182.08M | 199.22M | -316.05M | -338.89M | -321.94M | -837.02M |
Macerich Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MAC, the sentiment is Positive. The current price of 24.74 is above the 20-day moving average (MA) of 23.38, above the 50-day MA of 23.10, and above the 200-day MA of 22.06, indicating a bullish trend. The MACD of 0.46 indicates Negative momentum. The RSI at 66.13 is Neutral, neither overbought nor oversold. The STOCH value of 88.82 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MAC.
Macerich Risk Analysis
Macerich disclosed 38 risk factors in its most recent earnings report. Macerich reported the most risks in the "Finance & Corporate" category.
Latest Risks Added
0 New RisksMacerich Peers Comparison
Overall Rating
SPG82.6Outperform
FRT76Outperform
KIM76Outperform
BRX72Outperform
SKT72Outperform
MAC54Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| 83Outperform | $71.74B | 15.71 | 109.38% | 4.01% | 15.01% | -25.41% | |
| 76Outperform | $9.64B | 22.06 | 13.38% | 4.08% | 7.77% | 27.04% | |
| 76Outperform | $16.66B | 22.72 | 7.27% | 4.24% | 3.13% | 28.07% | |
| 72Outperform | $9.07B | 21.01 | 14.11% | 4.18% | 5.14% | 27.80% | |
| 72Outperform | $4.33B | 33.88 | 18.64% | 3.27% | 11.37% | 23.27% | |
| Sector * | 65Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
| 54Neutral | $7.31B | -38.06 | -6.63% | 2.75% | 9.48% | 45.78% |
* Real Estate Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| MAC | Macerich Company | 24.74 | 7.64 | 44.64% | |
| KIM | Kimco Realty Corp | 24.99 | 5.49 | 28.16% | |
| SPG | Simon Property Group | 222.08 | 48.71 | 28.10% | |
| SKT | Tanger Inc. | 37.61 | 4.85 | 14.80% | |
| FRT | Federal Realty Investment Trust | 111.64 | 19.39 | 21.02% | |
| BRX | Brixmor Property Group | 29.41 | 4.32 | 17.23% |
Macerich Corporate Events
Macerich Raises Capital Through Exchangeable Senior Notes Offering
PositiveIn early August 2026, Macerich’s operating partnership completed a private offering of exchangeable senior notes due 2031 to qualified institutional buyers, generating approximately $757 million in net proceeds after discounts and expenses. The...
Macerich Updates Shelf Registration, Expands ATM Program Syndicate
PositiveOn August 5, 2026, Macerich filed a new automatic shelf registration statement with the SEC to replace its prior shelf that expired on August 4, 2026, and simultaneously launched four prospectus supplements to continue existing equity‑related o...
Macerich Narrows Losses and Advances Growth Strategy
PositiveFor the quarter ended June 30, 2026, Macerich reduced its net loss to $27.1 million, or $0.10 per diluted share, from a $40.9 million loss a year earlier, mainly due to gains on asset sales. Adjusted funds from operations rose to $100.4 million, or $...
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Aug 17, 2026