Macerich Company (The) Common Stock (MAC)

FairStock Score: 50/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a Buffett/Graham investor, I start with the business: Macerich owns high-quality retail real estate in dense U.S. markets—California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York–D.C. corridor. That location concentration can be a real asset, but I do not see proof of a durable moat in the figures. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $249.7M and net income was -$27.1M. In fiscal Q1 2026, the quarter ended 2026-03-31, revenue was $241.5M and net income was -$36.4M. Full-year fiscal 2025, period ended 2025-12-31, had revenue of $1.0B and a net loss of $197.1M, following $918.2M of revenue and a $194.1M net loss in fiscal 2024, period ended 2024-12-31, and $884.1M of revenue and a $274.1M net loss in fiscal 2023, period ended 2023-12-31. Those are not compounding profits. Because this is a REIT, depreciation distorts EPS and P/E, and FFO/AFFO—the right measures—are not in my data. I therefore lean on dividend yield, leverage, revenue trend, and price-to-book. The dividend yield is 3.00%, not unusually high. Debt-to-equity is 1.69, and the FairStock Altman Z-score is 0.04, which signals financial fragility. The FairStock P/B is 2.26 at the $22.53 close on 2026-10-13, so the price is more than twice stated book. The FairStock FCF yield is 4.8% on $306.8M of trailing free cash flow, and FairStock EV/EBITDA is 25.64. The FairStock Lynch category is 'none' because the company lost money in each of the last four years. Revenue has grown from fiscal 2023 to fiscal 2025, but losses persist. At this price, the market seems to assume a lot of improvement. I would want FFO/AFFO, occupancy, and debt metrics before calling it a value opportunity.

In plain English: Macerich owns and runs shopping centers in large U.S. markets. The business has been losing money according to its official earnings and uses a lot of debt, even though it produces cash and pays a 3% yearly dividend. At $22.53, the stock looks expensive compared with the accounting value of its net assets, and the numbers do not yet show a clear turnaround.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer