The Macerich Company (MAC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-88.3%

$2.92

vs $24.85 price

Levered DCF

-$0.99

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.21

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-23.97×	-25.22×	-12.05×	-36.32×	255.24×	-6.75×	39.59×	100.65×
P/B	1.93×	1.77×	1.36×	0.84×	1.12×	0.69×	1.45×	2.07×
P/S	4.67×	5.31×	3.76×	2.82×	4.04×	1.99×	4.1×	6.36×
EV / EBITDA	24.29×	30.14×	39.54×	14.99×	14.66×	46.39×	15.57×	18.85×
Gross margin	38.2%	53.1%	55.3%	54.6%	55.1%	55.7%	60.3%	60.3%
Operating margin	16.5%	18.0%	20.1%	17.5%	14.8%	11.2%	22.2%	32.1%
Net margin	-19.4%	-21.1%	-31.0%	-7.7%	1.7%	-29.3%	10.4%	6.2%
Current ratio	0.09×	0.51×	0.66×	0.73×	0.86×	1.52×	0.62×	0.75×
Debt / equity	2.12×	1.84×	1.76×	1.57×	1.51×	2.72×	2.02×	1.69×
Interest coverage	0.78×	0.75×	1.03×	0.69×	0.65×	1.17×	1.49×	1.69×
Dividend yield	4.0%	3.3%	4.8%	7.7%	4.2%	11.5%	12.5%	7.4%
Payout ratio	-95.5%	-83.1%	-58.1%	-282.0%	1005.7%	-78.1%	490.1%	755.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-8.1%	-7.0%	-11.2%	-2.3%	0.5%	-10.2%	3.7%	2.0%
Return on invested capital	2.0%	2.1%	2.6%	2.0%	1.1%	1.0%	2.4%	3.6%
Return on assets	-2.4%	-2.3%	-3.6%	-0.8%	0.2%	-2.5%	1.1%	0.7%
Free cash flow yield	6.8%	5.8%	8.9%	13.9%	8.4%	8.0%	9.3%	5.6%
Earnings yield	-4.2%	-4.0%	-8.2%	-2.7%	0.4%	-14.8%	2.5%	1.0%
Enterprise value	$9.9B	$9.9B	$7.5B	$6.8B	$7.9B	$7.2B	$9B	$11B
Net debt / EBITDA	12.66×	15.22×	22.1×	9.67×	8.32×	36.37×	9.01×	8.37×
Cash conversion cycle (days)	-51	-12	18	20	34	40	8	22