MAC Stock Overview
Macerich is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.
Price History & Performance
|Historical stock prices|
|Current Share Price||US$11.43|
|52 Week High||US$22.88|
|52 Week Low||US$10.97|
|1 Month Change||-15.02%|
|3 Month Change||-22.35%|
|1 Year Change||-23.60%|
|3 Year Change||-71.03%|
|5 Year Change||-80.14%|
|Change since IPO||-41.39%|
Recent News & Updates
I Remain Cautiously Optimistic On Macerich
Since my article on The Macerich Company one year ago, its price has risen and fallen back to its previous level. However, MAC is in a much stronger position, and operational improvements and deleveraging have both seen successful initial results. MAC should also be well-positioned to deal with rising inflation, interest rates, and a potential recession. Using NAV and FFO methods, MAC has an upside of over 140%, with two very strong catalysts. However, given management, debt levels, and a potential recession, MAC still remains a high-risk, high-reward investment.
|MAC||US REITs||US Market|
Return vs Industry: MAC underperformed the US REITs industry which returned -2.1% over the past year.
Return vs Market: MAC underperformed the US Market which returned -12.3% over the past year.
|MAC Average Weekly Movement||7.6%|
|REITs Industry Average Movement||4.4%|
|Market Average Movement||7.8%|
|10% most volatile stocks in US Market||16.8%|
|10% least volatile stocks in US Market||2.9%|
Stable Share Price: MAC is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 8% a week.
Volatility Over Time: MAC's weekly volatility (8%) has been stable over the past year.
About the Company
Macerich is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence in the West Coast, Arizona, Chicago and the Metro New York to Washington, DC corridor.
Macerich Fundamentals Summary
|MAC fundamental statistics|
Is MAC overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|MAC income statement (TTM)|
|Cost of Revenue||US$382.20m|
Last Reported Earnings
Mar 31, 2022
Next Earnings Date
|Earnings per share (EPS)||0.19|
|Net Profit Margin||4.62%|
How did MAC perform over the long term?See historical performance and comparison
5.2%Current Dividend Yield
Is Macerich undervalued compared to its fair value and its price relative to the market?
Valuation Score 3/6
Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PB vs Industry
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: MAC ($11.43) is trading below our estimate of fair value ($36.95)
Significantly Below Fair Value: MAC is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: MAC is poor value based on its Price-To-Earnings Ratio (61.6x) compared to the US REITs industry average (32.4x).
PE vs Market: MAC is poor value based on its Price-To-Earnings Ratio (61.6x) compared to the US market (15.1x).
Price to Earnings Growth Ratio
PEG Ratio: MAC is poor value based on its PEG Ratio (1.6x)
Price to Book Ratio
PB vs Industry: MAC is good value based on its Price-To-Book Ratio (0.8x) compared to the US REITs industry average (1.6x).
How is Macerich forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?
Future Growth Score3/6
Future Growth Score 3/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: MAC's forecast earnings growth (38.8% per year) is above the savings rate (1.9%).
Earnings vs Market: MAC's earnings (38.8% per year) are forecast to grow faster than the US market (12.3% per year).
High Growth Earnings: earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: MAC's revenue (2.9% per year) is forecast to grow slower than the US market (7.8% per year).
High Growth Revenue: MAC's revenue (2.9% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: MAC's Return on Equity is forecast to be low in 3 years time (0.2%).
How has Macerich performed over the past 5 years?
Past Performance Score1/6
Past Performance Score 1/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: MAC has a large one-off gain of $97.6M impacting its March 31 2022 financial results.
Growing Profit Margin: MAC became profitable in the past.
Past Earnings Growth Analysis
Earnings Trend: MAC's earnings have declined by 53.4% per year over the past 5 years.
Accelerating Growth: MAC has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.
Earnings vs Industry: MAC has become profitable in the last year, making it difficult to compare its past year earnings growth to the REITs industry (69.5%).
Return on Equity
High ROE: MAC's Return on Equity (1.5%) is considered low.
How is Macerich's financial position?
Financial Health Score0/6
Financial Health Score 0/6
Short Term Liabilities
Long Term Liabilities
Financial Position Analysis
Short Term Liabilities: MAC's short term assets ($348.0M) do not cover its short term liabilities ($909.2M).
Long Term Liabilities: MAC's short term assets ($348.0M) do not cover its long term liabilities ($4.2B).
Debt to Equity History and Analysis
Debt Level: MAC's net debt to equity ratio (144.1%) is considered high.
Reducing Debt: MAC's debt to equity ratio has increased from 114.8% to 148.2% over the past 5 years.
Debt Coverage: MAC's debt is not well covered by operating cash flow (6.5%).
Interest Coverage: MAC's interest payments on its debt are not well covered by EBIT (0.8x coverage).
What is Macerich current dividend yield, its reliability and sustainability?
Dividend Score 4/6
Future Dividend Coverage
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: MAC's dividend (5.25%) is higher than the bottom 25% of dividend payers in the US market (1.57%).
High Dividend: MAC's dividend (5.25%) is in the top 25% of dividend payers in the US market (4.05%)
Stability and Growth of Payments
Stable Dividend: MAC's dividend payments have been volatile in the past 10 years.
Growing Dividend: MAC's dividend payments have fallen over the past 10 years.
Earnings Payout to Shareholders
Earnings Coverage: With its reasonably low payout ratio (27.7%), MAC's dividend payments are well covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: With its reasonably low cash payout ratio (44.7%), MAC's dividend payments are well covered by cash flows.
Discover strong dividend paying companies
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Tom O'Hern (65 yo)
Mr. Thomas E. O'Hern, also known as Tom, CPA, has been Director at Macerich Company since June 22, 2018 and its Chief Executive Officer since January 1, 2019. He served as the Chief Financial Officer and T...
CEO Compensation Analysis
Compensation vs Market: Tom's total compensation ($USD8.25M) is about average for companies of similar size in the US market ($USD6.83M).
Compensation vs Earnings: Tom's compensation has been consistent with company performance over the past year.
Experienced Management: MAC's management team is considered experienced (3.3 years average tenure).
Experienced Board: MAC's board of directors are considered experienced (7 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: MAC insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 3.4%.
The Macerich Company's employee growth, exchange listings and data sources
- Name: The Macerich Company
- Ticker: MAC
- Exchange: NYSE
- Founded: 1965
- Industry: Retail REITs
- Sector: Real Estate
- Implied Market Cap: US$2.554b
- Market Cap: US$2.453b
- Shares outstanding: 223.34m
- Website: https://www.macerich.com
Number of Employees
- The Macerich Company
- 401 Wilshire Boulevard
- Suite 700
- Santa Monica
- United States
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/05/24 00:00|
|End of Day Share Price||2022/05/24 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.