MAC · REIT · FFO, book-value and yield view
The Macerich Company (MAC): Valuation Snapshot
The Macerich Company (MAC) is a real-estate investment trust, and a discounted-cash-flow model is the wrong lens for one, so TickerWorth does not publish a DCF fair value for it. What its filings and market data do show is below. Snapshot as of Oct 20, 2026.
Model by Miraaj Patel · generated from public market data · Updated Oct 20, 2026 · How these pages are made
How is a REIT like MAC valued?
This is a REIT. A free-cash-flow DCF is structurally the wrong lens for property: heavy depreciation and continuous property capex swamp reported free cash flow, which is why REITs are valued on FFO/AFFO, net asset value and dividend yield. We show those lenses instead of a DCF number we would not stand behind.
What is MAC's TickerWorth Score?
A weaker business than almost every company
Compared with Real Estate companies in US
Its strongest point: recent price trend has been strong. Its weakest: profitability is weak.
- Value · 53 of 100
Cheaper than 53% of Real Estate companies in US
- Price vs worth · — of 100
- Quality · 11 of 100
More profitable than 11% of Real Estate companies in US
- Financial health · 28 of 100
Financially stronger than 28% of Real Estate companies in US
- Growth · 19 of 100
Growing faster than 19% of Real Estate companies in US
- Momentum · 79 of 100
Outperformed 79% of Real Estate companies in US over the past year
Confidence: Medium confidence · Scored
Get the Undervalued Company of the Week.
- Price
- $22.53
- Market cap
- $6,
647, 034, 368 - 52-week high
- $26.68
- 52-week low
- $16.03
- Currency
- USD
- Exchange
- NYSE
Snapshot of Oct 20, 2026, quote time not published · Prices are delayed.
What we can say
The Macerich Company (MAC) is a real-estate investment trust, and a free-cash-flow discounted-cash-flow (DCF) model is structurally the wrong lens for one. A REIT's reported free cash flow is swamped by property depreciation and the continuous capital spending that maintaining a portfolio requires, which is why the industry is valued on funds from operations (FFO/AFFO), net asset value and dividend yield instead. We have the data to print a DCF number for MAC; we don't publish one because it would not mean what it appears to mean. What follows is how a REIT is actually read — descriptive, not a valuation, and not investment advice.
Read the full reasoning
On the numbers we do have, MAC trades at a recent price of $22.53, a market capitalisation of about $6,647,034,368, sitting 61% of the way up its 52-week range ($16.03–$26.68), on the NYSE.
The standard alternative to a DCF is relative valuation — comparing MAC's trading multiples against a sector benchmark. Here that gives Fwd P/E of 163.9× (richer than the peer median of 35.7×); P/B of 2.3× (cheaper than the peer median of 6.7×); P/S of 6.5× (cheaper than the peer median of 9.7×); EV/EBITDA of 20.8× (in line with the peer median of 19.2×); Dividend yield of 3.0% (richer than the peer median of 3.9%). A cheaper multiple than peers can flag a discount or a market that expects weaker growth; it is a comparison, not a recommendation.
The asset, or book-value, lens is the classic tool for asset-heavy businesses and financials. MAC shows a price-to-book (P/B) of 2.26 and book value of $9.95 per share. Price-to-book compares the market price to the accounting net-asset value per share; below 1.0 can mean a discount to net assets or that the market is pricing in trouble — descriptive either way, never a buy signal on its own.
Finally, a price-based read — explicitly not a valuation. MAC is in a mixed trend, trading -15.6% from its 52-week high. Over the past year the stock is +31.5%. Moving-average trend and 52-week position describe where the stock has traded; they say nothing about what it is worth.
To be exact about what this page is not: we are not saying the numbers for MAC are unavailable. They are, and they are above. We are saying a discounted-cash-flow model is the wrong instrument for this kind of business, and publishing one anyway — because the inputs happen to exist — would be a precise answer to the wrong question. Refusing is the more useful answer, and it is the same rule we apply to every name in this category.
MAC vs peers
Sector benchmark (bellwethers, not direct competitors).
| Multiple | MAC | Peer median | Read |
|---|---|---|---|
| Fwd P/E | 163.9× | 35.7× | richer than |
| P/B | 2.3× | 6.7× | cheaper than |
| P/S | 6.5× | 9.7× | cheaper than |
| EV/EBITDA | 20.8× | 19.2× | in line with |
| Dividend yield | 3.0% | 3.9% | richer than |
What does The Macerich Company do?
What does it do?
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. It operates in the REIT - Retail industry (Real Estate sector), headquartered in United States. The company employs roughly 596 people.
How does it make money?
The business turns $1.0B in annual revenue into profit. Out of every $100 of sales, about $16 is left as operating profit (operating margin of 16.3%), after a 55% gross margin on the products/services it sells. After all costs, taxes and interest, -16.5% of revenue becomes bottom-line net profit.
Is it financially healthy?
Financially it looks stretched: carries moderate debt (1.7× equity), may struggle to cover its short-term bills (0.3× current ratio), and is currently lossmaking.
Who at MAC filed insider trades?
| Date | Insider | Relationship | What happened | Value | Filing |
|---|---|---|---|---|---|
| Zecchini Christopher J | Chief Accounting Officer | Open-market sale | $63,787.47 | Form 4 for Zecchini Christopher J (opens sec.gov in a new tab) | |
| HERNANDEZ ENRIQUE JR | Director | Grant / award | — | Form 4 for HERNANDEZ ENRIQUE JR (opens sec.gov in a new tab) | |
| Stephen Andrea M | Director | Grant / award | — | Form 4 for Stephen Andrea M (opens sec.gov in a new tab) | |
| LAING DIANA | Director | Grant / award | — | Form 4 for LAING DIANA (opens sec.gov in a new tab) | |
| Lowenthal Marianne | Director | Grant / award | — | Form 4 for Lowenthal Marianne (opens sec.gov in a new tab) | |
| Murphy Devin Ignatius | Director | Grant / award | — | Form 4 for Murphy Devin Ignatius (opens sec.gov in a new tab) |
A disclosure, not a signal to trade. Source: SEC EDGAR (Form 4). Older filings and the 90-day buying-and-selling read are part of Pro. See plans
Companies we do put a number on
Not investment advice. TickerWorth Score is a model output.
A descriptive, available-data snapshot and relative comparison — NOT a DCF, NOT a price target, and NOT investment advice. TickerWorth is not a licensed investment adviser, and these figures are estimates from public market data that can be wrong, stale or incomplete.