The Macerich Company

NYSE:MAC Stock Report

Market Cap: US$5.1b

Macerich Valuation

Is MAC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MAC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MAC ($19.96) is trading below our estimate of fair value ($26.98)

Significantly Below Fair Value: MAC is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MAC?

Key metric: As MAC is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MAC. This is calculated by dividing MAC's market cap by their current earnings.
What is MAC's PE Ratio?
PE Ratio62.5x
EarningsUS$78.41m
Market CapUS$5.14b

Price to Earnings Ratio vs Peers

How does MAC's PE Ratio compare to its peers?

The above table shows the PE ratio for MAC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average40.4x
PECO Phillips Edison
78.5x16.8%US$5.1b
SKT Tanger
39.6x3.9%US$3.9b
SRC Spirit Realty Capital
24.1x-8.7%US$6.0b
NNN NNN REIT
19.2x2.4%US$7.6b
MAC Macerich
62.5x-15.8%US$5.1b

Price-To-Earnings vs Peers: MAC is expensive based on its Price-To-Earnings Ratio (62.5x) compared to the peer average (40.4x).

Price to Earnings Ratio vs Industry

How does MAC's PE Ratio compare vs other companies in the US Retail REITs Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SITC SITE Centers
1.1x-118.9%US$786.98m
RVIC Retail Value
0.2xn/aUS$5.72m
No more companies available in this PE range
MAC 62.5xIndustry Avg. 34.0xNo. of Companies4PE020406080100+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MAC is expensive based on its Price-To-Earnings Ratio (62.5x) compared to the US Retail REITs industry average (34x).

Price to Earnings Ratio vs Fair Ratio

What is MAC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MAC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio62.5x
Fair PE Ratio28.7x

Price-To-Earnings vs Fair Ratio: MAC is expensive based on its Price-To-Earnings Ratio (62.5x) compared to the estimated Fair Price-To-Earnings Ratio (28.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MAC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$19.96
US$20.25
+1.4%
16.2%US$25.00US$13.50n/a13
Dec ’25US$21.21
US$17.85
-15.8%
20.6%US$25.00US$13.50n/a13
Nov ’25US$18.32
US$16.70
-8.8%
18.6%US$24.00US$12.50n/a13
Oct ’25US$17.92
US$16.01
-10.7%
18.1%US$24.00US$12.50n/a13
Sep ’25US$15.97
US$15.65
-2.0%
20.6%US$24.00US$11.00n/a13
Aug ’25US$15.51
US$15.31
-1.3%
20.4%US$24.00US$11.00n/a13
Jul ’25US$14.65
US$15.38
+5.0%
20.1%US$24.00US$11.00n/a13
Jun ’25US$15.12
US$15.65
+3.5%
19.7%US$24.00US$11.00n/a13
May ’25US$13.46
US$16.27
+20.9%
19.8%US$24.00US$11.00n/a13
Apr ’25US$16.79
US$17.19
+2.4%
16.2%US$24.00US$12.50n/a13
Mar ’25US$16.52
US$16.42
-0.6%
23.9%US$25.00US$8.00n/a13
Feb ’25US$15.81
US$15.27
-3.4%
25.8%US$25.00US$8.00n/a13
Jan ’25US$15.43
US$14.04
-9.0%
29.7%US$25.00US$8.00n/a13
Dec ’24US$12.13
US$12.73
+5.0%
33.8%US$25.00US$8.00US$21.2113
Nov ’24US$9.81
US$12.77
+30.2%
33.8%US$25.00US$8.00US$18.3213
Oct ’24US$10.91
US$13.08
+19.9%
32.5%US$25.00US$8.00US$17.9213
Sep ’24US$11.82
US$12.81
+8.4%
37.0%US$26.50US$8.00US$15.9713
Aug ’24US$12.90
US$12.58
-2.5%
38.2%US$26.50US$8.00US$15.5113
Jul ’24US$11.27
US$12.42
+10.2%
39.0%US$26.50US$8.00US$14.6513
Jun ’24US$9.49
US$12.75
+34.4%
37.5%US$26.50US$8.00US$15.1214
May ’24US$10.31
US$13.36
+29.6%
35.0%US$26.50US$8.00US$13.4614
Apr ’24US$10.60
US$13.36
+26.0%
35.0%US$26.50US$8.00US$16.7914
Mar ’24US$11.99
US$13.96
+16.4%
32.7%US$26.50US$8.00US$16.5213
Feb ’24US$13.89
US$13.54
-2.5%
36.4%US$27.50US$8.00US$15.8113
Jan ’24US$11.26
US$13.69
+21.6%
37.2%US$27.50US$8.00US$15.4313
Dec ’23US$12.56
US$12.85
+2.3%
40.7%US$27.50US$8.00US$12.1313

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/30 01:24
End of Day Share Price 2024/12/30 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

The Macerich Company is covered by 38 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullArgus Research Company
Ross SmotrichBarclays
Paul AdornatoBMO Capital Markets Equity Research