| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 28 | — | 17.8x | Bottom tier | |
Growth | 40 | 1.3% | 7.1% | Around median | |
Quality | 26 | 1.3% | 4.5% | Bottom tier | |
Safety | 28 | 11.5x | 2.6x | Bottom tier | |
Capital Return | 65 | 2.80% | 2.12% | Around median | |
Momentum | 77 | 40.1% | 2.9% | Top tier | |
Sentiment | 62 | 6 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
The Macerich Company is a real estate company listed under the ticker MAC on the NYSE, owning and operating regional shopping centers focused on Class A assets. Its economic model relies on leasing space to retailers, restaurants, and entertainment concepts, then converting store openings and the commencement of rent payments into net operating income, alongside income from management, development, and asset dispositions. In fiscal Q2 2026, Future Portfolio centers represented $185 million of total shopping center net operating income of $211 million, or approximately 88% of the total.
Fiscal Q2 2026 indicators reflect strong demand for the company’s best centers; leased occupancy reached 94% for the full portfolio and 95.5% for the Future Portfolio, compared with physical occupancy of 91% in the latter. Tenant sales reached a company record of $919 per square foot and $954 in the Future Portfolio. Future Portfolio net operating income, excluding lease termination income, also increased by 3.8% year over year, while rising by 2.5% during the six months ended June 30, 2026.
The company recorded revenue of $249.7 million in fiscal Q2 2026, compared with $241.5 million in fiscal Q1 2026, representing a sequential increase of approximately 3.4%. Net loss was $27.1 million, or a loss of $0.10 per share, compared with a loss of $36.4 million and $0.14 per share in the previous quarter. On the REIT metric, adjusted FFO was approximately $100 million, or $0.35 per diluted share, and revenue and FFO exceeded analyst estimates according to the earnings report published on August 5, 2026.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $25.73, with a neutral consensus and a wide range between $19 and $30; the average is approximately 3.6% below the 52-week range high of $26.68, while the highest target exceeds that high. A positive P/E ratio is unavailable because of the twelve-month loss of $179.1 million, making the valuation dependent on improving FFO, net operating income growth, and leverage reduction, weighed against the risks of accounting losses and the default of the 29th Street loan.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
Revenue was $249.7 million, and net loss was $27.1 million, or $0.10 per share. Adjusted FFO was approximately $100 million, or $0.35 per diluted share, while Future Portfolio net operating income increased by 3.8% year over year. Revenue and FFO also exceeded analyst estimates according to the earnings report published on August 5, 2026.
The pipeline was valued at $124 million out of a total opportunity estimated by management at approximately $140 million on August 4, 2026. The company expects a contribution of $30 million in fiscal 2026, $40 to $45 million in fiscal 2027, and $45 to $50 million in fiscal 2028. However, realizing these contributions requires the stores to obtain permits, complete build-outs, open, and begin paying rent.
The completion rate for new leasing deals reached 88% in fiscal Q2 2026, exceeding the midyear target of 85%. Only 170 deals remained from a program comprising 1,000 new deals, and two-thirds of the remainder were at the letter-of-intent stage. At the same time, net debt to adjusted EBITDA declined by more than 1.5 turns since the start of the plan to reach 7.3 times.
Liquidity was approximately $1.2 billion at the end of fiscal Q2 2026, including $900 million of available capacity under the revolving credit facility. This does not include approximately $372 million in net unsettled forward equity proceeds. Conversely, the 29th Street loan, amounting to $76 million at the company’s share, remained in default after maturing in February 2026, and management is targeting a reduction in net debt to adjusted EBITDA to approximately 6 times.
Future Portfolio leased occupancy was 95.5% in fiscal Q2 2026, an increase of 270 basis points year over year, while tenant sales reached $954 per square foot. At Tysons Corner, traffic increased by 10% during the first six months of fiscal 2026 as the tenant mix was upgraded. Specific additions include Zara, Eataly, Din Tai Fung, and Cider, alongside Dick's House of Sport and Level 99 at other assets.
The analyst consensus is neutral, and the average price target is $25.73. Targets range between $19 and $30, compared with a 52-week range of $16.03 to $26.68, revealing significant divergence in expectations. A positive P/E ratio is unavailable with a loss of approximately $0.694 per share over the twelve months, so the valuation is tied to the realization of net operating income growth and debt reduction.
