Macerich MAC
United StatesReal Estate · REIT - RetailUSD
27.00 USD (+21.7%)
15 analysts
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Macerich is a REIT that owns, operates, and develops shopping malls and retail properties in the United States, generating revenue from rents and services.
Key points
from its scores- ✓Good share-price trend8.4
- ✕Unfavourable risk and backdrop1.2
- ✕Little or no dividend1.6
- ✕Fragile balance sheet3.4
AI analysis
bottom line, main risk, context and newsThe high debt and unsustainable payout warrant caution, although momentum and FCF yield offer some appeal.
Macerich shows weak financial health with net debt of 8.73 times EBITDA and a payout of 188.89%, which compromises dividend sustainability; its valuation is moderate (P/B 2.23, FCF yield 5.94%) and momentum is strong (40.60% over 12 months), but the rising rate environment adds pressure on its balance sheet.
The main risk is the high leverage (Net Debt/EBITDA of 8.73) and the unsustainable dividend (payout of 188.89%), which could force a distribution cut or solvency issues if rates continue to rise.
Context and risks
Macerich operates shopping malls in the U.S., a sector exposed to weak physical consumption and tenant restructuring. The rising rate environment makes its debt more expensive, which is high (Net Debt/EBITDA of 8.73), and pressures the valuation of long-duration real estate assets.
Is Macerich stock cheap or expensive?
at the analysis dateOn Price / book, it trades 56% above the Real Estate median.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| EV / EBITDA | 20.6 | 18.5 | +12% |
| Price / book | 2.2 | 1.4 | +56% |
| Price / sales | 6.4 | 6.3 | +1% |
Sector: median of the 100 Real Estate companies analysed. In bold, the multiples used for the comparison.
Valuation score: 4.6 out of 10 (median for Real Estate: 4.9).
Average analyst target: 27.00 USD, +21.7% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 4.2 (sector 5.2), Growth 4.6 (sector 5.7).
Classic formulas with standard assumptions (5.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Real Estate medianValuation
- Forward P/E
- 161.4
- EV / EBITDA
- 20.6
- Price / book
- 2.2
- Price / sales
- 6.4
- PEG
- 4.80
- Market cap
- 6.5B USD
- Enterprise value
- 11.1B USD
Profitability
- ROE
- −6.2%
- ROA
- 1.3%
- ROIC (approx.)
- 2.1%
- Gross margin
- 54.9%
- Operating margin
- 16.3%
- Net margin
- −16.5%
- Free cash flow
- 388.9M USD
- FCF yield
- 5.9%
- Cash conversion
- 72%
Solvency
- Total debt
- 4.9B USD
- Net debt
- 4.7B USD
- Cash
- 227.0M USD
- EBITDA
- 536.7M USD
- Net debt / EBITDA
- 8.73
- Debt / equity
- 168.93
- Current ratio
- 0.33
- Quick ratio
- 0.27
Growth
- Revenue growth
- +1.2%
- EPS (TTM)
- −0.65 USD
- EPS (forward)
- 0.14 USD
Dividend
- Dividend yield
- 3.1%
- Payout
- 188.9%
Risk and market
- Beta
- 2.10
- Analyst consensus
- Buy (15)
- Target price
- 27.00 USD
- 52-week range
- 16.03 – 26.68
Recent news
All MAC news →Compare it with its sector
All 100 in Real Estate →Frequently asked questions about Macerich
Is Macerich stock cheap or expensive?
On Price / book, it trades 56% above the Real Estate median. Valuation score: 4.6 out of 10 (median for Real Estate: 4.9). Average analyst target: 27.00 USD, +21.7% versus the price. This is not investment advice.
What score does Macerich get on MeridIAn Screener?
It scores 3.4 out of 10, rank 2,044 of 2,130 (better than 4% of the companies analysed). Its strongest category is Momentum (8.4) and its weakest, Risk & Context (1.2). Analysis of 08/10/2026.
How much is Macerich worth on the stock market?
Its market capitalisation is 6.5B USD.
Does Macerich pay a dividend?
Yes: its dividend yield is 3.06% and it pays out 189% of its earnings.
How has Macerich stock performed over the last year?
It has risen 39.0% over the last year, excluding dividends. Over the last 52 weeks it has traded between 16.03 and 26.68 USD. Past performance does not guarantee future results.
What do analysts think of Macerich?
15 analysts cover it; their average recommendation is “Buy” and their average target is 27.00 USD (+21.7% versus the price). It is an estimate, not market data.