Macerich Company (MAC) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Macerich Company stock $5.42, price $24.84, that is 78.2% below the price, quality 31 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range $6.52 – $26.51 · fair‑value band $4.26 – $13.75 · the $24.84 price screens above the $5.42 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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The Macerich Company is a fully integrated, self-managed, self-administered real estate investment trust (REIT). As a leading owner, operator, and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich's portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor.
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Developing and managing properties that serve as community cornerstones, Macerich currently owns approximately 41 million square feet of real estate, consisting primarily of interests in 39 retail centers.
The Macerich Company was incorporated in 1964 in Maryland and is based in Santa Monica, California.
Stock analysis
Macerich Company (MAC) currently trades at $24.84, while our model-based Fair Value estimate is $5.42, 78% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $13.27 per share, and 0 of the 6 models we run sit above the $24.84 price.
Bear case: the Growth DCF group reads lowest at $1.23, and 6 of the 6 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $4.26 (bear) to $13.75 (bull), the price of $24.84 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 31/100 (below-average quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Macerich Company reported revenue of $1.0B in FY2025 versus $847M in FY2021, a compound +4.6%/yr. Reported net income was −$197M in FY2025.
Key figures
Market cap $7.6B Mid · P/S ratio 7.44 · EPS (TTM) $−0.6200 · Dividend yield 2.7% · Net margin −16.5% · Return on equity −6.2% · Return on assets (EBIT) 1.9% (5-year average) · Operating margin 16.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 23 out of 100 (medium confidence).
What moves the price
The share trades about 6% below its 52-week high and 57% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −30% fair-value upside, at −78%, MAC screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely ($1.23 to $13.27). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear$4.26Fair Value $5.42Bull$13.75
Price $24.84 · Downside -78.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director sold shares worth $63,787 and none bought.
SaleChristopher J ZecchiniChief Accounting Officer2,740 shares at $23.28$63,787Sep 9, 2026
Plus 7 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.41/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+10.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.3%
Start year 2020 (pandemic). Over 10 years: −2.4% a year
Revenue growth 31 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.8%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
11.2% (2020) → 16.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+28.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +25.1% a year for the price and +1.6% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (90 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Progress in portfolio simplification and leverage reduction stands as the main strength, yet weak moat, negative profitability and limited differentiation remain the core weakness.
Main risk: Defaults on specific loans such as the Fresno Fashion Fair mortgage could force negotiations or givebacks, reducing the portfolio and rental income.
Bull case: Successful refinancing and asset sales could free capital to accelerate leasing in Class A malls and expand the experiential tenant base.
Bear case: Ongoing defaults might lead to further property losses or restricted investment, slowing the Path Forward simplification and NOI growth.
Execution on the Path Forward plan shows clear advances in simplifying the portfolio and reducing leverage. Our models currently see the shares as overvalued. Will the leasing momentum and NOI growth deliver lasting advantages, or will selective consumer spending limit the benefits?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Retail · 88 stocks
Beats the industry median on 0/13 measures
Overall it trails its industry peers.
Valuation
Quality Score31 · Bottom 25%
Fair Value upside−78.2% · Bottom 25%
Profitability
Return on assets−2.4% · Bottom 25%
Net margin (12 months)−16.5% · Bottom 25%
Operating margin (12 months)16.3% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)1.2% · Below median
Dividend yield (12 months)2.7% · Bottom 25%
Balance sheet
Debt / equity2.07× · Highest 25%
Valuation Multiplesvs REIT - Retail median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Macerich Company Fair Value". https://www.fairvalue-calculator.com/stock/MAC
Frequently asked questions
Is Macerich Company (MAC) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of $5.42 versus a price of $24.84, about 78% lower (overvalued).
What is the fair value of MAC?
Our model-based fair value for Macerich Company is $5.42 (as of Nov 5, 2026), built from audited fundamentals. The current price: $24.84.
What is the quality score of MAC?
Macerich Company has a Quality Score of 31/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Macerich Company (MAC)?
Our model-based price target is the fair value of $5.42 (as of Nov 5, 2026) from 6 valuation models. Cautious scenario $4.26, optimistic scenario $13.75. It is a calculation from audited fundamentals, not an analyst target.
What is the Macerich Company stock forecast for 2026?
Our models put fair value at $5.42, about 78% lower versus a price of $24.84 (overvalued). Cautious scenario $4.26, optimistic scenario $13.75. The calculation is refreshed regularly with new filings.
What is the revenue of Macerich Company (MAC)?
Macerich Company reported trailing-twelve-month revenue of about $1.0B (latest available figure, as of Nov 5, 2026).
Does Macerich Company pay a dividend?
Macerich Company currently shows a dividend yield of 2.74% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Macerich Company (MAC) and when is the ex-dividend date?
Macerich Company pays a dividend of $0.68 per share a year, a dividend yield of 2.7%. The next ex-dividend date is Dec 14, 2026. A dividend has been paid every year since at least 1994. Free cash flow covers the dividend 1.67 times. Our assessment: Cash covered. The dividend is fully funded by free cash flow. The payout ratio on earnings is not available for this company.
What growth is priced into Macerich Company (MAC)?
For today's price to be fair in a discounted-cash-flow model, Macerich Company would have to grow free cash flow by +28.1 % per year for five years (discount rate 12.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.3 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of MAC use?
Our models discount Macerich Company at 12.2 %: a base by market capitalisation (mid), damped by beta 2.12, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Macerich Company that is +28.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.2 %) and the same formula as our fair value.
How much growth has Macerich Company (MAC) delivered so far?
Over the past 5 years revenue at Macerich Company grew +5.3 % a year. The price currently implies free-cash-flow growth of +28.1 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Macerich Company (MAC) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Macerich Company (+28.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Macerich Company (MAC)?
The free-cash-flow yield on the price is 4.73 %: that much free cash flow Macerich Company produces per unit of market value. When it exceeds the discount rate of our models (12.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Macerich Company (MAC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Macerich Company it is $5.42 per share (as of Nov 5, 2026), against a price of $24.84. It is the blended result of 6 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Macerich Company stock overvalued or undervalued in 2026?
As of Nov 5, 2026, MAC trades above its calculated fair value: price $24.84, fair value $5.42, a gap of about −78% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MAC?
No. The price is what the market pays today ($24.84); the fair value is what the company's own numbers justify ($5.42). For Macerich Company the two are $19.42 per share apart. That gap is exactly why we show both numbers side by side.
How much is Macerich Company worth?
The market values Macerich Company at about $7.6B (market capitalisation, as of Nov 5, 2026). Per share that is $24.84; our models calculate a fair value of $5.42 per share.
What do the bullish and bearish scenarios say about MAC?
Our models span a range for Macerich Company: cautious scenario $4.26, base $5.42, optimistic $13.75 per share (as of Nov 5, 2026, price $24.84). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of MAC?
The PEG ratio of Macerich Company is 4.80 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Macerich Company (MAC)?
Balance-sheet figures for Macerich Company (as of Nov 5, 2026): return on equity −6.2%, debt of 2.07 per unit of equity. They feed the Quality Score of 31/100, which measures business quality independently of the share price.
How far is MAC from its 52-week high?
Macerich Company trades at $24.84, about 6% below its 52-week high of $26.51 and 57% above the low of $15.80 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $5.42 is for.
Which stocks are comparable to Macerich Company?
From the same area (Real Estate) we also value Simon Property Group, Realty Income Corporation, Kimco Realty Corporation, Unibail-Rodamco-Westfield SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Macerich Company stock attractive at the current price?
The data as of Nov 5, 2026: price $24.84, calculated fair value $5.42 (−78%), Quality Score 31/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MAC calculated?
We run Macerich Company through 6 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of $5.42 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Macerich Company itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Macerich Company (MAC)?
The closing price on Nov 6, 2026 was $24.84. Our model-based fair value is $5.42, about 78% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Macerich Company right now?
The price sits above even our optimistic bull case ($13.75). The favourable scenario is already priced in. Weak quality (31/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide ($4.26 to $13.75). The outcome hinges heavily on assumptions, so read the point estimate with caution. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Macerich Company
How large is the market capitalisation of Macerich Company (MAC)?
The market capitalisation of Macerich Company is $7.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Macerich Company (MAC)?
The price-to-sales ratio of Macerich Company is 7.44 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Macerich Company (MAC)?
Earnings per share at Macerich Company are $−0.6200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Macerich Company (MAC)?
The dividend yield of Macerich Company is 2.7%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Macerich Company (MAC)?
The net margin of Macerich Company is −16.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Macerich Company (MAC)?
The return on equity (ROE) of Macerich Company is −6.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Macerich Company (MAC)?
On an EBIT basis the return on assets of Macerich Company is 1.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Macerich Company (MAC)?
The operating margin of Macerich Company is 16.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Macerich Company (MAC)?
Revenue at Macerich Company is growing +1.2% versus a year earlier (3y avg +5.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Macerich Company (MAC)?
Earnings per share at Macerich Company are growing +39.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Macerich Company (MAC) carry?
The net debt of Macerich Company is $5.2B (fiscal year 2025, ≈ 16.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 5, 2026