📊 MAC Key Takeaways
Is Macerich Co (MAC) a Good Investment?
Macerich exhibits severe financial distress with persistent unprofitability (−15.0% net margin, negative ROE/ROA) despite anomalous 457.6% revenue growth, combined with extremely high leverage (1.99x Debt/Equity) that overwhelms the modest positive free cash flow. The gap between positive FCF and negative net income signals significant non-cash charges or asset impairments, indicating fundamental operational deterioration that threatens debt service capacity and equity value.
MACERICH shows solid property-level cash generation, with $321.60M of operating cash flow and a strong 31.7% FCF margin, but those positives are outweighed by continued net losses and a weak return profile. Balance sheet leverage remains elevated at 2.07x debt-to-equity with $5.07B of long-term debt, which limits flexibility and raises execution risk if operating improvement stalls.
Why Buy Macerich Co Stock? MAC Key Strengths
- Positive operating cash flow of $77.4M demonstrates continued cash generation from operations
- Free cash flow positive at $77.4M provides near-term liquidity cushion
- Total assets of $8.2B provide asset base for restructuring or asset sales
- Strong operating cash flow generation relative to revenue
- Large asset base and positive equity provide some balance sheet support
- EPS loss improved year over year, indicating modest earnings stabilization
MAC Stock Risks: Macerich Co Investment Risks
- Deep unprofitability across all metrics (−15.0% net margin, −1.5% ROE, −0.4% ROA) despite revenue spike suggests operational dysfunction
- Extremely high leverage with 1.99x Debt/Equity ratio and $4.9B long-term debt poses significant refinancing and default risk
- Thin cash position of $182M relative to $8.2B assets and massive debt obligations creates insufficient liquidity buffer
- Disconnect between negative net income and positive FCF indicates substantial non-cash charges, asset impairments, or accounting write-downs
- Negative EPS of −$0.14 erodes shareholder value; REIT dividend sustainability is at risk
- Business remains unprofitable with a -19.4% net margin and negative ROE/ROA
- High leverage and large long-term debt burden reduce financial flexibility
- Revenue growth appears low quality or potentially distorted given it did not translate into meaningful earnings improvement
Key Metrics to Watch
- Path to net profitability and operating margin recovery
- Debt reduction trajectory and leverage ratio improvement
- Cash flow coverage of total debt service obligations and interest expense
- Property-level NOI growth and occupancy rate trends
- Sustained improvement in net income and net margin
- Debt reduction and refinancing progress relative to operating cash flow
Macerich Co (MAC) Financial Metrics & Key Ratios
💡 AI Analyst Insight
The 32.0% free cash flow margin provides substantial flexibility for dividends, buybacks, and strategic investments. The current ratio below 1.0x warrants monitoring of short-term liquidity.
MAC Profit Margin, ROE & Profitability Analysis
MAC vs Real Estate Sector: How Macerich Co Compares
How Macerich Co compares to Real Estate sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
Is Macerich Co Stock Overvalued? MAC Valuation Analysis 2026
Based on fundamental analysis, Macerich Co shows some fundamental concerns relative to the Real Estate sector in 2026.
Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.
Macerich Co Balance Sheet: MAC Debt, Cash & Liquidity
MAC Revenue & Earnings Growth: 5-Year Financial Trend
5-Year Trend Summary: Macerich Co's revenue has shown modest growth of 9% over the 5-year period. The most recent EPS of $-1.28 indicates the company is currently unprofitable.
MAC Revenue Growth, EPS Growth & YoY Performance
MAC Quarterly Earnings & Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q1 2026 | $241.5M | -$36.4M | $-0.14 |
| Q3 2025 | $220.2M | $17.1M | $0.08 |
| Q2 2025 | $215.5M | -$40.9M | $-0.16 |
| Q1 2025 | $208.8M | -$50.1M | $-0.20 |
| Q3 2024 | $218.2M | $17.1M | $0.08 |
| Q2 2024 | $212.4M | -$15.0M | $-0.07 |
| Q1 2024 | $208.8M | -$58.7M | $-0.27 |
| Q3 2023 | $210.7M | -$15.2M | $-0.07 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
Macerich Co Dividends, Buybacks & Capital Allocation
MAC SEC Filings: Latest 10-K & 10-Q Analysis
Access official SEC EDGAR filings for Macerich Co (CIK: 0000912242)
📋 Recent SEC Filings
❓ Frequently Asked Questions about MAC
What is the AI rating for MAC?
Macerich Co (MAC) has a Combined AI Rating of SELL from Claude (STRONG SELL) and ChatGPT (SELL) with 82% combined confidence, based on fundamental analysis of SEC EDGAR filings.
What are MAC's key strengths?
Claude: Positive operating cash flow of $77.4M demonstrates continued cash generation from operations. Free cash flow positive at $77.4M provides near-term liquidity cushion. ChatGPT: Strong operating cash flow generation relative to revenue. Large asset base and positive equity provide some balance sheet support.
What are the risks of investing in MAC?
Claude: Deep unprofitability across all metrics (−15.0% net margin, −1.5% ROE, −0.4% ROA) despite revenue spike suggests operational dysfunction. Extremely high leverage with 1.99x Debt/Equity ratio and $4.9B long-term debt poses significant refinancing and default risk. ChatGPT: Business remains unprofitable with a -19.4% net margin and negative ROE/ROA. High leverage and large long-term debt burden reduce financial flexibility.
What is MAC's revenue and growth?
Macerich Co reported revenue of $241.5M.
Does MAC pay dividends?
Macerich Co pays dividends, with $49.0M distributed to shareholders in the trailing twelve months.
Where can I find MAC SEC filings?
Official SEC filings for Macerich Co (CIK: 0000912242) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is MAC's EPS?
Macerich Co has a diluted EPS of $-0.14.
How is the AI analysis conducted?
Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined rating reflects both perspectives for balanced insights.
Is MAC a good stock to buy right now?
Based on our AI fundamental analysis in May 2026, Macerich Co has a SELL rating with 82% confidence. Review the strengths and risks sections above before making a decision. This is not investment advice.
Is MAC stock overvalued or undervalued?
Valuation metrics for MAC: ROE of -1.5% (sector avg: 8%), net margin of -15.0% (sector avg: 20%). Compare these metrics with sector averages to assess valuation.
Should I buy MAC stock in 2026?
Our dual AI analysis gives Macerich Co a combined SELL rating for 2026. Revenue is data pending, with profitability at or below sector average. Always conduct your own research.
What is MAC's free cash flow?
Macerich Co's operating cash flow is $77.4M, with capital expenditures of N/A. FCF margin is 32.0%.
How does MAC compare to other Real Estate stocks?
Vs Real Estate sector averages: Net margin -15.0% (avg: 20%), ROE -1.5% (avg: 8%), current ratio N/A (avg: 1.5).
Is Macerich Co carrying too much debt?
MAC has a debt-to-equity ratio of 1.99x, which is above the Real Estate sector average of 1.5x. Combined with a current ratio below 1, this warrants careful monitoring of the balance sheet.