# The Macerich Company (MAC)

> Source: Nexqual · https://nexqual.com/MAC · data as of 2026-10-15 20:00 UTC · cite as "Nexqual, The Macerich Company (MAC), nexqual.com/MAC" · informational, not investment advice.

**Price:** USD 23.09 (+4.10% on the day) · last close of Oct 15, 2026; US market closed, not a live price. Prev close 22.18 · day 22.36–23.2 · 52w 16.03–26.68 · market cap $6.81B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.01B, net income -$170M (-16.8% margin) (SEC filings).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (16 analysts), mean target USD 26.63 (range 20–30).
- Total return with dividends: 1Y +40.1% vs S&P 500 +18.1%; 5Y +62.5% vs S&P 500 +85.1%.
- Next earnings: 2026-11-04, EPS estimate USD -0.01, revenue estimate $248M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $847M | $859M | $884M | $918M | $1.01B | $1.01B |
| Net income | $14.3M | -$66.1M | -$274M | -$194M | -$197M | -$170M |
| EPS (diluted) | $0.07 | -$0.31 | -$1.28 | -$0.88 | -$0.78 | — |
| Net margin | 1.7% | -7.7% | -31.0% | -21.1% | -19.4% | -16.8% |
| Revenue growth | +7.8% | +1.4% | +2.9% | +3.9% | +10.4% | — |
| Cash + short-term investments | $112M | $100M | $94.9M | $89.9M | $280M | — |
| Total debt | $4.42B | $4.24B | $4.14B | $4.89B | $5.07B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 6.8x · EV/Sales 11.4x · P/B 2.4x · Earnings yield -2.49% · Dividend yield (paid, TTM) 2.83% · Net debt $4.62B · EV $11.4B

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 16 analysts; mean target USD 26.63 (low 20, high 30).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Piper Sandler | Target lowered | Overweight | $30 → $26 |
| 2026-09-24 | JP Morgan | Upgrade | Neutral → Overweight | $26 |
| 2026-09-21 | Evercore ISI Group | Upgrade | In-Line → Outperform | $26 |
| 2026-08-27 | Piper Sandler | Upgrade | Neutral → Overweight | $28 → $30 |
| 2026-08-18 | Evercore ISI Group | Target raised | In-Line | $25 → $26 |
| 2026-08-11 | Citigroup | Target raised | Buy | $28 → $29 |
| 2026-08-06 | Evercore ISI Group | Target raised | In-Line | $24 → $25 |
| 2026-07-21 | Piper Sandler | Target raised | Neutral | $21 → $28 |
| 2026-07-07 | Evercore ISI Group | Target raised | In-Line | $22 → $24 |
| 2026-06-26 | Compass Point | Downgrade | Buy → Neutral | $23 → $26 |
| 2026-06-24 | Truist Securities | Target raised | Buy | $20 → $26 |
| 2026-06-24 | Citigroup | Upgrade | Neutral → Buy | $24 → $28 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-16) | 5Y (from 2021-10-11) |
|---|---|---|
| Total return | +40.1% | +62.5% |
| S&P 500 (SPY) | +18.1% | +85.1% |
| Per year | +40.3% | +10.2% |
| Volatility (annualized) | 29.2% | 40.2% |
| Max drawdown | -15.7% (Jul 2026→Oct 2026) | -63.1% (Nov 2021→Sep 2022) |

## Peers (REIT - Retail)
NNN (NNN REIT, Inc.) USD 41.15 +1.60% · EPRT (Essential Properties Realty Tru) USD 25.96 +1.09% · ADC (Agree Realty Corporation) USD 66.56 +1.76% · BRX (Brixmor Property Group Inc.) USD 27.43 +0.55% · PECO (Phillips Edison & Company, Inc.) USD 37.96 +0.66% · KRG (Kite Realty Group Trust) USD 24.52 +1.66%

## More
Full page: https://nexqual.com/MAC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt