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MAC

The Macerich Company

MAC

The Macerich Company • NYSE
$17.36 ▲ 0.70% (+0.12)
Market Cap $4.45 B
52w High $22.27
52w Low $12.48
Dividend Yield 0.51%
P/E -10.4
Volume 1.17M
Outstanding Shares 256.12M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $253.262M ▲ $69.12M ▼ $-87.36M ▼ -34.494% ▼ $-0.34 ▼ $4.254M ▼
Q2-2025 $249.793M ▲ $96.298M ▼ $-40.905M ▲ -16.376% ▲ $-0.16 ▲ $121.392M ▲
Q1-2025 $249.224M ▼ $100.174M ▲ $-50.123M ▲ -20.112% ▲ $-0.2 ▲ $112.318M ▼
Q4-2024 $273.676M ▲ $88.95M ▲ $-211.21M ▼ -77.175% ▼ $-0.89 ▼ $143.14M ▲
Q3-2024 $220.224M $79.309M $-108.189M -49.127% $-0.5 $110.381M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $290.162M ▲ $8.424B ▼ $5.842B ▼ $2.511B ▼
Q2-2025 $131.092M ▼ $8.729B ▲ $6.066B ▲ $2.585B ▼
Q1-2025 $253.248M ▲ $8.68B ▲ $5.936B ▲ $2.664B ▼
Q4-2024 $89.858M ▼ $8.567B ▲ $5.725B ▲ $2.756B ▲
Q3-2024 $116.475M $7.59B $5.001B $2.512B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-89.995M ▲ $112.39M ▲ $-3.506M ▲ $46.246M ▲ $155.13M ▲ $153.586M ▲
Q2-2025 $-113.516M ▼ $91.642M ▲ $-252.742M ▼ $42.066M ▼ $-119.034M ▼ $55.338M ▼
Q1-2025 $-51.153M ▲ $88.491M ▲ $-83.041M ▼ $161.578M ▲ $167.028M ▲ $88.491M ▲
Q4-2024 $-219.62M ▼ $54.872M ▼ $37.161M ▼ $-144.532M ▼ $-52.499M ▼ $54.872M ▼
Q3-2024 $-112.098M $100.047M $65.979M $-117.702M $48.324M $100.047M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Management Service
Management Service
 $10.00M ▲$0 ▼$10.00M ▲$10.00M ▲
Real Estate Other
Real Estate Other
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been edging higher over the past few years, showing that the core portfolio is still drawing tenants and shoppers. Property-level profitability looks reasonably steady, but the path from operating profit down to net income has been bumpy. The company has swung between small profits and meaningful losses, with recent years still in negative territory on an earnings-per-share basis. That suggests non‑cash charges, interest expense, and one‑off items are weighing on reported profits even as the underlying malls remain productive. Overall, the story is slow revenue growth, decent operating performance, but no consistent bottom-line profitability yet.

Balance Sheet

Balance Sheet Macerich has a large and valuable property base, but it is financed with a substantial amount of debt. Total assets remain high, and shareholder equity has been rebuilding after pandemic-era pressure, which is a constructive sign. At the same time, cash on hand is relatively thin compared with the size of the balance sheet, leaving the company reliant on ongoing cash flow and access to financing. The deliberate effort to sell non-core assets and use proceeds to pay down debt is an important balancing act: strengthening the balance sheet while trying to preserve the earning power of key properties.

Cash Flow

Cash Flow Cash generation from the core business has been fairly steady and clearly stronger than at the height of the pandemic. Free cash flow has been positive in recent years, even after funding ongoing investments in the properties. Capital spending looks measured rather than aggressive, suggesting a focus on targeted redevelopment rather than heavy new-build expansion. Overall, cash flow quality appears better than the earnings figures alone might imply, but the company still needs this steady cash to cover interest, maintain properties, and work down leverage.

Competitive Edge

Competitive Edge Macerich’s edge comes from owning high-end, well-located malls in dense, affluent areas where it is hard to build new competing centers. These “Class A” properties attract a mix of luxury, mainstream, and emerging brands, which helps maintain occupancy and tenant sales. The shift toward experiential offerings—dining, entertainment, wellness—and broader mixed-use environments (with residential, office, and hotels) helps the centers function as all-day destinations rather than just shopping venues. The main competitive challenges are the long-running pressure on traditional retail, e-commerce competition, and the need to keep properties fresh enough that tenants are willing to pay premium rents.

Innovation and R&D

Innovation and R&D While not a technology company, Macerich is actively using innovation to keep its centers relevant. It is rolling out interactive digital directories, text-based concierge services, and a stronger digital marketing presence to make visits easier and more engaging. Behind the scenes, smart-building systems aim to cut energy use and reduce operating costs. The BrandBox concept supports online brands that want a flexible, low-friction way to test physical stores, which can keep the tenant mix dynamic. Large projects such as redeveloping key properties into mixed-use districts are capital-intensive but central to its strategy of turning malls into live-work-play hubs. Overall, innovation here is less about pure R&D and more about reimagining how the real estate is used and experienced.

Summary

Macerich is a mature retail REIT working through a long transition in the mall industry. Its financials show modest revenue growth and solid property performance, but reported earnings remain inconsistent and weighed down by interest costs and other charges. The balance sheet combines valuable assets with meaningful leverage, making its ongoing effort to sell non-core properties and reduce debt an important element of the story. Cash flow is healthier than headline earnings and appears sufficient to support targeted reinvestment. Competitively, the company leans on a portfolio of high-quality, hard-to-replicate malls and a clear strategy to convert them into mixed-use, experiential destinations. The future path depends heavily on execution of redevelopment projects, debt reduction, and the broader health of brick‑and‑mortar retail and consumer spending, all of which introduce both opportunity and uncertainty.

NEWS

November 4, 2025 · 4:15 PM UTC

Macerich Reports Third Quarter 2025 Earnings Results

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October 30, 2025 · 4:15 PM UTC

Macerich Declares the Quarterly Dividend on Its Common Shares

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October 22, 2025 · 1:46 PM UTC

THEMAC Resources Group Limited Announces Closing of Going Private Transaction

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October 16, 2025 · 4:15 PM UTC

Macerich Schedules Third Quarter 2025 Earnings Release and Conference Call

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October 10, 2025 · 6:30 AM UTC

MAC Copper Limited Announces Scheme with Harmony Becomes Effective

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