Macerich Company (MAC) Fair Value & Analysis
Real Estate · US · Market cap $7.3B · ISIN US5543821012
What is Macerich Company really worth?
Macerich Company
MAC · US
Below-average quality, and trading another 242% above our fair value of $6.75.
Risks
For context
Fair value as of: Aug 13, 2026
From 8 valuation models · updated 22 days ago
Fair value updated Aug 13, 2026, revised from $6.96 to $6.75 (−3.0%) since Jul 27, 2026. Share price −10.0% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case ($16.46). 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 $16.46). 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 Aug 13, 2026.
How to read this chart
60‑month range $6.52 – $26.51 · fair‑value band $5.15 – $16.46 · the $23.06 price screens above the $6.75 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Macerich Company (MAC) currently trades at $23.06, while our model-based Fair Value estimate is $6.75, implying the stock looks roughly 241.6% overvalued today. The Quality Score stands at 33/100 (below-average quality), in the Real Estate sector. Bull case: the Multiples group reads highest at a median of $13.09 per share, and 0 of the 6 models we run sit above the $23.06 price. Bear case: the DCF Models group reads lowest at $5.02, and 6 of the 6 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, 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 Aug 13, 2026
Our scenario range runs from $5.15 (bear case) to $16.46 (bull case); at $23.06, 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 10% below its 52-week high and 54% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −51% 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, family-balanced 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. Every input is real reported data, nothing guessed.
All 8 models by family
Widest divergence: Multiples ($13.09) versus DCF Models ($5.02). Highest evidence: FCF DCF (77).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 36 · Market factors (momentum, volatility) 56
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
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
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 242% overvalued. Compare with Simon Property Group →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Macerich upgraded to Buy equivalent at Piper Sandler after Q2 earnings
- Macerich (MAC), Why Is It Back In The Spotlight?
- Macerich (MAC) Q2 2026 Earnings Call Transcript
- Macerich Announces Pricing of Upsized Offering of $675 Million Exchangeable Senior Notes due 2031
Peer Group
REIT - Retail · 94 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
Strength profile in five axes (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.
Similar stocks
10 more REIT - Retail stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Simon Property Group SPG | $212.32 | $84.26 | −60% |
| Realty Income Corporation O | $61.98 | $30.45 | −51% |
| Unibail-Rodamco-Westfield SE URW | €103.40 | €98.09 | −5% |
| Kimco Realty Corporation KIM | $23.71 | $12.49 | −47% |
| CapitaLand Integrated Commercial Trust (CICT or the Trust) C38U | 2.38 SGD | 0.9100 SGD | −62% |
| Scentre Group SCG | A$3.56 | A$3.34 | −6% |
| Regency Centers Corporation REG | $75.92 | $33.37 | −56% |
| Link Real Estate Investment Trust (Link REIT) 0823 | HK$39.76 | HK$41.98 | +6% |
| Federal Realty Investment Trust FRT | $116.75 | $41.47 | −64% |
| Brixmor Property Group BRX | $29.50 | $12.34 | −58% |
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