NYSE · MAC
The Macerich Company
Real Estate · REIT - Retail
$22.61▼ 1.82% ($0.42)at close
As of 4:01 PM ET
Market cap
$6.73B
P/E
-34.78
Volume
5.50M
Shares outstanding
297.56M
Price vs Fundamentals
Why The Stock Is Moving
What changed
The stock rose 26.17% over the last year. Revenue grew 1.59% over the trailing twelve months. Operating margin moved from 17.3% to 9.71%. Free cash flow declined 29.29% over the trailing twelve months.
What the market seems to be pricing
The stock is rising despite deteriorating fundamentals and now sits at the 98th percentile of its historical P/FCF range. This is a momentum-driven move — the market may be front-running a recovery that has not yet appeared in reported numbers.
What would invalidate this read
Operating margin (currently 9.71%) would need to stabilize or improve to justify the move. This read is wrong if the next period shows operating metrics turning the corner. At that point the price would be anticipating real improvement rather than running ahead of it.
Performance
Return analysis
Company profile
Macerich operates as a comprehensive, self-managed real estate investment trust (REIT) that independently oversees all aspects of its operations.
Market multiples
Stock splits
Every 500 shares became 507
Every 10000 shares became 10179
Every 10000 shares became 10189
Every 1000 shares became 1027
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Analyst consensus
13
Buy
18
Hold
4
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Nov 3, 2026
Q4 FY26 · EPS est -$0.01 · Revenue est $248.75M
View
Dividends
$0.68/shareQuarterly5yr growth streakEx-div Sep 14, 2026 · in 4dSafeMAC pays a dividend with a 3.01% declared yield, 5 consecutive years of growth, growing at 2.53% annually, covered 1.7× by free cash flow.
Declared Yield
3.01%
Annual Div / Share
$0.68
5yr CAGR
+2.53%
Doubles every ~27.7yr
FCF Coverage
1.7×
Safe
Dividend Growth Rate
3yr CAGR
+0%
5yr CAGR
+2.53%
10yr CAGR
-20.47%
Dividend History
Annualized dividend cycles per share
Income Projection
Today
$3/mo
In 5 yrs
$3/mo
In 10 yrs
$3/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$30/yr $3/mo | $34/yr+13% $3/mo | $39/yr+28% $3/mo |
Yield-on-cost grows from 3.01% → 3.86% over 10yr
Analysis
Dividend Strengths
Well-covered by free cash flow
The dividend is covered 1.7× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Risks to Watch
No strong risk signal stands out from the latest period pair.