Latest Ratios: P/E Ratio -33.1x · EV/EBITDA 22.1x · ROE -7.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.6B | $4.7B | $5.0B | $3.3B | $2.4B | $3.4B | $1.6B | $3.8B | $6.1B | $9.3B | $10.4B |
| Enterprise Value | $11.8B | $9.9B | $9.9B | $7.5B | $6.8B | $7.9B | $7.2B | $9.0B | $11.0B | $14.4B | $15.3B |
| P/E Ratio → | -33.10 | — | — | — | — | 255.24 | — | 39.59 | 100.65 | 63.15 | 19.73 |
| P/S Ratio | 6.53 | 4.67 | 5.42 | 3.76 | 2.82 | 4.04 | 1.99 | 4.10 | 6.36 | 9.38 | 9.98 |
| P/B Ratio | 2.59 | 1.87 | 1.75 | 1.32 | 0.82 | 1.08 | 0.64 | 1.34 | 1.92 | 2.35 | 2.35 |
| P/FCF | 20.62 | 14.73 | 17.55 | 11.26 | 7.17 | 11.95 | 12.50 | 10.71 | 17.74 | 24.12 | 24.20 |
| P/OCF | 20.62 | 14.73 | 17.55 | 11.26 | 7.17 | 11.95 | 12.50 | 10.71 | 17.74 | 24.12 | 24.89 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.75 | 10.84 | 8.53 | 7.94 | 9.34 | 9.19 | 9.74 | 11.44 | 14.49 | 14.66 |
| EV / EBITDA | 22.11 | 18.56 | 21.13 | 15.91 | 15.07 | 17.61 | 17.44 | 16.60 | 17.28 | 25.00 | 25.14 |
| EV / EBIT | 70.29 | 251.18 | 473.30 | — | 44.73 | 36.70 | — | 37.25 | 44.25 | 61.36 | 59.02 |
| EV / FCF | — | 30.77 | 35.10 | 25.52 | 20.21 | 27.65 | 57.86 | 25.42 | 31.91 | 37.27 | 35.54 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.2% | 38.2% | 53.1% | 55.3% | 54.6% | 55.1% | 55.7% | 60.3% | 60.3% | 60.2% | 61.0% |
| Operating Margin | 16.5% | 16.5% | 18.0% | 20.1% | 17.5% | 14.8% | 11.2% | 22.2% | 32.1% | 23.6% | 24.8% |
| Net Profit Margin | -19.4% | -19.4% | -21.1% | -31.0% | -7.7% | 1.7% | -29.3% | 10.4% | 6.2% | 14.6% | 49.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -7.3% | -7.3% | -7.2% | -10.0% | -2.2% | 0.5% | -8.7% | 3.2% | 1.7% | 3.5% | 10.9% |
| ROA | -2.3% | -2.3% | -2.4% | -3.5% | -0.8% | 0.2% | -2.6% | 1.1% | 0.6% | 1.5% | 4.9% |
| ROIC | 1.6% | 1.6% | 1.7% | 1.9% | 1.5% | 1.2% | 0.8% | 1.9% | 2.7% | 1.9% | 2.0% |
| ROCE | 2.2% | 2.2% | 2.2% | 2.4% | 1.9% | 1.5% | 1.0% | 2.4% | 3.5% | 2.5% | 2.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.06 | 2.06 | 1.78 | 1.71 | 1.53 | 1.45 | 2.51 | 1.88 | 1.56 | 1.30 | 1.12 |
| Debt / EBITDA | 9.76 | 9.76 | 10.76 | 9.09 | 9.94 | 10.25 | 14.80 | 9.79 | 7.83 | 8.98 | 8.18 |
| Net Debt / Equity | — | 2.04 | 1.75 | 1.67 | 1.49 | 1.42 | 2.32 | 1.85 | 1.53 | 1.28 | 1.10 |
| Net Debt / EBITDA | 9.68 | 9.68 | 10.56 | 8.89 | 9.72 | 10.00 | 13.67 | 9.61 | 7.67 | 8.82 | 8.02 |
| Debt / FCF | — | 16.04 | 17.55 | 14.26 | 13.03 | 15.70 | 45.37 | 14.71 | 14.17 | 13.15 | 11.34 |
| Interest Coverage | 0.18 | 0.18 | 0.10 | -0.61 | 0.70 | 1.12 | -2.25 | 1.75 | 1.36 | 1.37 | 1.58 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.09 | 0.09 | 0.51 | 0.66 | 0.73 | 0.86 | 1.52 | 0.62 | 0.75 | 0.72 | 0.60 |
| Quick Ratio | 0.09 | 0.09 | 0.51 | 0.66 | 0.73 | 0.86 | 1.52 | 0.62 | 0.75 | 0.72 | 0.60 |
| Cash Ratio | 0.04 | 0.04 | 0.14 | 0.17 | 0.20 | 0.25 | 0.98 | 0.24 | 0.22 | 0.19 | 0.16 |
| Asset Turnover | — | 0.12 | 0.11 | 0.12 | 0.11 | 0.10 | 0.09 | 0.10 | 0.11 | 0.10 | 0.10 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.7% | 3.7% | 3.2% | 4.8% | 7.7% | 4.2% | 11.5% | 12.5% | 7.4% | 5.9% | 7.5% |
| Payout Ratio | — | — | — | — | — | 1005.7% | — | 490.1% | 755.8% | 376.7% | 150.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 0.4% | — | 2.5% | 1.0% | 1.6% | 5.1% |
| FCF Yield | 4.8% | 6.8% | 5.7% | 8.9% | 13.9% | 8.4% | 8.0% | 9.3% | 5.6% | 4.1% | 4.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.4% | 7.7% |
| Total Shareholder Yield | 2.7% | 3.7% | 3.2% | 4.8% | 7.7% | 4.2% | 11.5% | 12.5% | 7.4% | 8.3% | 15.2% |
| Shares Outstanding | — | $257M | $250M | $216M | $215M | $198M | $146M | $141M | $141M | $142M | $147M |
High leverage and liquidity
As reported in recent financial statements, Macerich's P/FFO multiple has remained compressed near 10x, which, when compared to the broader retail REIT sector, suggests that investors are pricing in significant risk regarding the company's ability to sustain long-term cash flow growth amidst a challenging interest rate environment.
The lack of a consistent P/FFO or P/AFFO trend highlights the difficulty in valuing the company based on core earnings. The current valuation appears to reflect a deep skepticism regarding the company's ability to navigate its debt maturity profile while maintaining its high-end asset portfolio.
Based on the provided quarterly data, NOI margins have exhibited extreme instability, swinging from a peak of 58.8% in 2023Q4 to a negative 17.7% in 2026Q1, which indicates that property-level operating expenses are currently overwhelming the company's ability to generate consistent rental income from its mall portfolio.
This margin compression suggests that the company's high-end retail assets are struggling to absorb rising operating costs. Investors should monitor whether this trend is a temporary result of tenant turnover or a more permanent shift in the profitability of the company's core retail footprint.
According to the company's reported earnings metrics, the FFO payout ratio has fluctuated wildly, reaching an unsustainable 111.8% in 2025Q1, which suggests that current dividend distributions are not adequately supported by recurring property-level cash flow and may be at risk of future adjustments or reductions.
The erratic nature of the payout ratio underscores the lack of predictability in core cash flow generation. A payout ratio that frequently exceeds 100% of FFO implies that the company is essentially funding its dividend through non-operating sources, which is rarely a sustainable long-term strategy.
As reported in recent financial filings, the company's interest coverage ratio has frequently dipped below 1.0x, such as the 0.31x level observed in 2026Q1, which indicates that the current debt load is placing significant pressure on the company's ability to meet its ongoing financial obligations.
The high leverage profile, combined with inconsistent interest coverage, suggests that the company is highly vulnerable to further interest rate volatility. This financial posture limits the company's capacity to invest in necessary capital improvements or pursue strategic redevelopment opportunities without further straining its balance sheet.
The most commonly misapplied metric for Macerich is the standard P/E ratio, which, as indicated by the reported negative TTM P/E of -33.55, fails to account for the significant non-cash depreciation charges that fundamentally distort the company's true economic earnings and cash-generating capacity.
Using P/E for a REIT obscures the reality that depreciation is a non-cash accounting entry rather than an actual operational expense. Analysts should instead focus on P/FFO or P/AFFO, which provide a more accurate representation of the cash available to shareholders after accounting for the capital-intensive nature of mall ownership.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MAC stock.
The Macerich Company's current P/E ratio is -33.1x. The historical average is 33.2x.
The Macerich Company's current EV/EBITDA is 22.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.4x.
The Macerich Company's return on equity (ROE) is -7.3%. The historical average is 6.5%.
Based on historical data, The Macerich Company is trading at a P/E of -33.1x. Compare with industry peers and growth rates for a complete picture.
The Macerich Company's current dividend yield is 2.66%.
The Macerich Company has 38.2% gross margin and 16.5% operating margin. Operating margin between 10-20% is typical for established companies.
The Macerich Company's Debt/EBITDA ratio is 9.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.