The Macerich Company

NYSE:MAC Stock Report

Market Cap: US$4.6b

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 ($20.11) is trading below our estimate of fair value ($27.04)

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?

Other financial metrics that can be useful for relative valuation.

MAC key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue11.1x
Enterprise Value/EBITDA24.3x
PEG Ratio-1.6x

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 Average55.2x
SKT Tanger
42.1x1.3%US$4.1b
PECO Phillips Edison
83.2x15.9%US$5.3b
UE Urban Edge Properties
11.2x-59.5%US$3.1b
CURB Curbline Properties
84.2x19.1%US$2.6b
MAC Macerich
57.8x-35.7%US$4.6b

Price-To-Earnings vs Peers: MAC is expensive based on its Price-To-Earnings Ratio (57.8x) compared to the peer average (55.2x).

Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a8.2%
 n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a8.2%
 n/an/an/a
No more companies

Price-To-Earnings vs Industry: MAC is expensive based on its Price-To-Earnings Ratio (57.8x) compared to the US Retail REITs industry average (34.6x).

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 Ratio57.8x
Fair PE Ratio23.3x

Price-To-Earnings vs Fair Ratio: MAC is expensive based on its Price-To-Earnings Ratio (57.8x) compared to the estimated Fair Price-To-Earnings Ratio (23.3x).

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$19.38
US$17.32
-10.7%
19.8%US$24.00US$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$8.00n/a13
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
Nov ’23US$11.66
US$12.35
+5.9%
43.2%US$27.50US$8.00US$9.8113

Analyst Forecast: Target price is lower than the current share price.

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