Health score, competitive moat, risk signals, and key metrics at a glance.
Macerich 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.
Competitive analysis based on 28 quarters of fundamental data
Operating margins are under pressure, averaging -9.5%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Data-driven red flags and warnings across 28 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF consistently trails net income (avg 0.9x) — earnings may be inflated by non-cash items or aggressive accounting.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares outstanding increased 18.8% — significant dilution, likely from stock compensation or capital raises.
as of December 2025
Revenue, EBITDA, operating income, net income, EPS, and shares
Gross, EBITDA, operating, and net margin trends
P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield
Total assets, cash, debt, book value, and leverage
Operating cash flow, free cash flow, FCF margin, and earnings quality
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (6 of 7 quarters up), with ~15.5% growth over the period. Strong demand durability.
