The Macerich Company (MAC) Stock Analysis
Real Estate · REIT - Retail · NYSE
The Macerich Company (MAC) posted $1.01B in revenue for fiscal 2025 (up 10.4% year over year), with a net loss of $197.15M, and has compounded revenue about 5.2%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on The Macerich Company
The Macerich Company has grown revenue from $1.04B to $1.01B over the last 10 fiscal years, compounding about 5.2% a year. The most recent year was up 10.4%, so growth is actually accelerating.
Net margin sits at -19.4%, up 1.7 points year over year. It carries about $5.07B of total debt.
The one thing worth a second look in the filings is share count rising (dilution).
Synthesised from The Macerich Company's SEC filings — descriptive, not advice. Ask the analyst your own question →
The Macerich Company revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.04B | $993.66M | $960.35M | $927.46M | $786.03M | $847.44M | $859.16M | $884.07M | $918.20M | $1.01B |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $554.84M | $161.67M | $68.97M | $96.82M | $-230.20M | $14.26M | $-66.07M | $-274.06M | $-194.12M | $-197.15M |
| Net margin | 53.3% | 16.3% | 7.2% | 10.4% | -29.3% | 1.7% | -7.7% | -31.0% | -21.1% | -19.4% |
Source: The Macerich Company SEC filings (10-K). 18 years of history available in the interactive view.
The Macerich Company: 3 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Share count rising (dilution)Shares outstanding grew 19.6% over 4 years (214.8M → 257M) — existing holders' stakes are being diluted.
- Heavy debt loadTotal debt of $5068.9M is 15.8× last year's operating cash flow — it would take years of cash flow to clear.
- Currently unprofitableThe latest fiscal year was a net loss (net margin -19.4%).
Explore 18 years of The Macerich Company financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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The Macerich Company financial history by metric
Compare The Macerich Company with peers
About The Macerich 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. 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 39 million square feet of real estate, consisting primarily of interests in 38 retail centers. Macerich is firmly dedicated to advancing environmental goals, social good and sound corporate governance. The Macerich Company was incorporated in 1964 in Maryland and is based in Santa Monica, California.
The Macerich Company — frequently asked questions
What is The Macerich Company's revenue?
The Macerich Company (MAC) reported revenue of $1.01B for fiscal year 2025, up 10.4% from the prior year, according to its SEC filings.
Is The Macerich Company profitable?
No — MAC reported a net loss of $-197.15M in fiscal 2025.
What is MAC's P/E ratio?
The Macerich Company trades at a price-to-earnings ratio of about 0.0 based on the latest data in our nightly-refreshed cache.
How fast is The Macerich Company growing?
MAC's revenue grew at roughly 5.2% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does The Macerich Company have?
As of fiscal year 2025, MAC carried roughly $5.07B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is The Macerich Company's market cap?
The Macerich Company (MAC) has a market capitalization of about $7.20B, based on the latest data in our nightly-refreshed cache.
When does The Macerich Company's fiscal year end?
MAC's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
Where does this data come from?
All figures are computed from The Macerich Company's official SEC filings (10-K and 10-Q), covering 18 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.