Stock MAC THE MACERICH COMPANY
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Financials The Macerich Company

Equities

MAC

US5543821012

Commercial REITs

Market Closed - Nyse
Other stock markets
 04:00:02 2024-05-31 pm EDT 		5-day change 1st Jan Change
15.12 USD +1.96% Intraday chart for The Macerich Company +1.07% -2.01%
May. 23 Macerich to Restructure, Reduce Leverage in New Operation Plan MT
May. 20 North American Morning Briefing : Stocks Drift as -2- DJ

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 3,806 1,595 3,681 2,423 3,324 3,267 - -
Enterprise Value (EV) 1 8,916 7,168 8,097 6,869 7,558 8,244 8,207 7,173
P/E ratio 39.6 x -6.75 x 247 x -36.3 x -12.1 x -31.1 x -159 x -504 x
Yield 11.1% 14.5% 3.47% 5.51% 4.41% 4.57% 4.84% 5.05%
Capitalization / Revenue 4.43 x 2.03 x 4.34 x 2.82 x 3.76 x 3.86 x 3.7 x 3.62 x
EV / Revenue 10.4 x 9.12 x 9.55 x 8 x 8.55 x 9.74 x 9.29 x 7.95 x
EV / EBITDA 16.6 x 17.6 x 18.6 x 15.6 x 16.4 x 13.9 x 14.8 x 12.6 x
EV / FCF 53.3 x 127 x 45.4 x - 55.6 x 78.3 x 89.7 x -
FCF Yield 1.88% 0.79% 2.2% - 1.8% 1.28% 1.12% -
Price to Book 1.45 x 0.71 x 1.22 x 0.85 x 1.36 x 1.45 x 1.58 x 1.85 x
Nbr of stocks (in thousands) 141,371 149,472 213,038 215,146 215,448 216,092 - -
Reference price 2 26.92 10.67 17.28 11.26 15.43 15.12 15.12 15.12
Announcement Date 2/6/20 2/1/21 2/10/22 2/7/23 2/7/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 858.9 786 847.4 859.2 884.1 846.5 882.9 902.4
EBITDA 1 536.9 407.7 436.5 441.6 459.9 592 556.1 567.4
EBIT 1 206.1 88.09 125.4 150 177.6 175.6 209.8 202.1
Operating Margin 24% 11.21% 14.79% 17.46% 20.09% 20.74% 23.76% 22.39%
Earnings before Tax (EBT) 1 104.1 -245.9 -52.63 -64.37 -278.6 -159.4 -40.79 -12.78
Net income 1 96.82 -230.2 14.26 -66.07 -274.1 -128.5 -35.46 -6.982
Net margin 11.27% -29.29% 1.68% -7.69% -31% -15.18% -4.02% -0.77%
EPS 2 0.6800 -1.580 0.0700 -0.3100 -1.280 -0.4860 -0.0953 -0.0300
Free Cash Flow 1 167.3 56.53 178.2 - 136 105.3 91.53 -
FCF margin 19.47% 7.19% 21.02% - 15.38% 12.44% 10.37% -
FCF Conversion (EBITDA) 31.15% 13.87% 40.82% - 29.57% 17.79% 16.46% -
FCF Conversion (Net income) 172.75% - 1,249.11% - - - - -
Dividend per Share 2 3.000 1.550 0.6000 0.6200 0.6800 0.6916 0.7314 0.7640
Announcement Date 2/6/20 2/1/21 2/10/22 2/7/23 2/7/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 229.4 216.1 204.1 210.7 228.2 214.9 212.4 218.2 238.7 208.8 211.7 217.7 234.3 213.6 216.5
EBITDA 1 117.8 111.8 102 104 123.8 108.8 107.7 112.2 132.8 97.23 175 173.2 187.6 128.9 110
EBIT 1 38.16 38.95 - - - - 37.35 41.46 63.01 28.88 67.51 65.56 79.91 44.28 -
Operating Margin 16.64% 18.02% - - - - 17.59% 19.01% 26.4% 13.83% 31.88% 30.12% 34.1% 20.73% -
Earnings before Tax (EBT) 1 - - - - - - - - - -132.7 -15.34 -14.96 3.559 -33.85 -
Net income 1 -17.07 -37.18 -15.38 -15.19 1.689 -58.73 -14.96 -262.5 62.18 -126.7 -8.492 -8.05 14.79 -22.86 -14.12
Net margin -7.44% -17.2% -7.54% -7.21% 0.74% -27.34% -7.05% -120.35% 26.05% -60.7% -4.01% -3.7% 6.31% -10.7% -6.52%
EPS 2 -0.0800 -0.1700 -0.0700 -0.0700 0.0100 -0.2700 -0.0700 -1.220 0.2900 -0.5900 -0.0437 -0.0375 0.0915 -0.1100 -0.0300
Dividend per Share 2 0.1500 0.1500 0.1500 0.1500 0.1700 0.1700 0.1700 0.1700 0.1700 0.1700 0.1700 0.1724 0.1810 0.1914 0.1925
Announcement Date 2/10/22 5/9/22 7/28/22 11/3/22 2/7/23 5/4/23 8/8/23 10/31/23 2/7/24 4/30/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 5,110 5,573 4,416 4,447 4,233 4,977 4,940 3,905
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 9.518 x 13.67 x 10.12 x 10.07 x 9.204 x 8.407 x 8.883 x 6.883 x
Free Cash Flow 1 167 56.5 178 - 136 105 91.5 -
ROE (net income / shareholders' equity) 3.47% -9.42% -2.28% -2.23% -5.25% -1.93% -1.56% -2.21%
ROA (Net income/ Total Assets) 1.08% -2.55% 0.16% -0.8% -3.51% -0.7% -0.31% -0.1%
Assets 1 8,940 9,019 8,766 8,220 7,804 18,359 11,457 6,982
Book Value Per Share 2 18.60 15.10 14.20 13.30 11.30 10.40 9.550 8.190
Cash Flow per Share 2 2.510 0.8500 1.450 1.570 - 0.5400 0.6800 0.7800
Capex 1 188 68.3 108 97.9 160 134 196 254
Capex / Sales 21.88% 8.69% 12.77% 11.4% 18.04% 15.78% 22.16% 28.18%
Announcement Date 2/6/20 2/1/21 2/10/22 2/7/23 2/7/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for The Macerich Company

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
14
Last Close Price
15.12 USD
Average target price
15.65 USD
Spread / Average Target
+3.53%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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