The Macerich Company (MAC) Fair Value & Analysis
Real Estate · US · Market cap $7.3B
The Macerich Company
MAC · US
Fair value as of: Jul 27, 2026
From 8 valuation models · updated 14 days ago
Share price −1.5% over the past month.
Below-average quality, and screening another 71% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case ($16.87). The favourable scenario is already priced in.
- Weak quality (33/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The model range is unusually wide ($5.15 to $16.87). 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.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 27, 2026.
How to read this chart
60‑month range $6.52 – $26.51 · fair‑value band $5.15 – $16.87 · the $24.40 price screens above the $6.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 27, 2026.
Analysis
The Macerich Company (MAC) currently trades at $24.40, while our model-based Fair Value estimate is $6.96, implying the stock looks roughly 71.5% overvalued today. The Quality Score stands at 33/100 (below-average quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, The Macerich Company generated revenue of $1.0B at a net margin of -17.9%. Revenue declined 6.7% year over year. It earns a return on equity of -7.1%. Net debt stands at $5.2B. Fundamentals as of Jul 27, 2026
Our scenario range runs from $5.15 (bear case) to $16.87 (bull case); at $24.40, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 5% below its 52-week high and 63% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -53% fair-value upside, at -71%, MAC screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 8 models by family
Widest divergence: Multiples ($13.09) versus DCF Models ($5.02). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 36 · Market factors (momentum, volatility) 68
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full company description
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. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
The 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.
MAC screens 71% overvalued. Compare with Simon Property Group →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Macerich Announces Pricing of Upsized Offering of $675 Million Exchangeable Senior Notes due 2031
- Macerich Announces Proposed Offering of Exchangeable Senior Notes
- Macerich's Q2 FFO & Revenues Beat Estimates on Strong Portfolio NOI
- The Macerich Company Q2 2026 Earnings Call Summary
Peer Group
REIT - Retail · 107 stocks
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.
Valuation Multiples vs REIT - Retail median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 30/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Retail stocks, each showing price versus our Fair Value estimate (as of Jul 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Simon Property Group SPG | $229.78 | $86.11 | -63% |
| Realty Income Corporation O | $65.60 | $30.71 | -53% |
| Unibail-Rodamco-Westfield SE URW | €103.65 | €101.67 | -2% |
| Kimco Realty Corporation KIM | $26.10 | $12.60 | -52% |
| CapitaLand Integrated Commercial Trust (CICT or the Trust) C38U | 2.47 SGD | 0.9100 SGD | -63% |
| Scentre Group SCG | A$3.93 | A$3.34 | -15% |
| Regency Centers Corporation REG | $82.15 | $33.69 | -59% |
| Link Real Estate Investment Trust (Link REIT) 0823 | HK$39.22 | HK$41.98 | +7% |
| Federal Realty Investment Trust FRT | $126.08 | $41.96 | -67% |
| Brixmor Property Group BRX | $32.44 | $13.18 | -59% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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