Macerich
MAC on NYSE. Macerich rents space in shopping centers to retailers and businesses. Market value $6.5bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Capital spending looks too small to be complete, so we leave free cash flow out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.15 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 34 of 100. Our list needs 70 on quality and 60 on price.
$22.87 a share, 43% above its 1-year low
Over the past year the price has ranged from $16.03 to $26.68.
Dividend: 2.9% a year
Paid every year for at least 5 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $847m | $859m | $884m | $918m | $1.0bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | 1.46 | 1.48 | 1.69 | 1.78 | 2.07 |
| Shares outstanding | |||||
| Shares outstanding | 0.21bn | 0.22bn | 0.23bn | 0.26bn | 0.28bn |
Health checks
- Free cash flow positive1 of 1 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)3 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- Debt2.07× equity
- Revenue growth, five yearsSlow, 5.2% a year
- Buying back its own sharesNo, 32% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $250 million last quarter, about the same as a year ago.
- A loss of $27 million, compared with a loss of $41 million a year ago.
- 8% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $4.6 billion more than cash, down from $5.1 billion a year ago.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $220m |
| December 2024 | $274m |
| March 2025 | $249m |
| June 2025 | $250m |
| September 2025 | $253m |
| December 2025 | $262m |
| March 2026 | $242m |
| June 2026 | $250m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$108m |
| December 2024 | -$211m |
| March 2025 | -$50m |
| June 2025 | -$41m |
| September 2025 | -$87m |
| December 2025 | -$19m |
| March 2026 | -$36m |
| June 2026 | -$27m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 20 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 347 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Smead Capital ManagementBill Smead | $289m | 6.2% | Cut |
| Letko BrosseauLetko Brosseau team | $46m | 0.7% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $298,376 | <0.1% | Cut |
| Barrow HanleyBarrow Hanley team | $16,651 | <0.1% | Added |
Largest holders overall
- BlackRock$1.4bnAdded
- FMR$793mAdded
- Vanguard Portfolio Management$688mAdded
- State Street$412mAdded
- Vanguard Capital Management$319mAdded
- Smead Capital Management$289mCut
- Centersquare Investment Management$227mAdded
- Geode Capital Management$218mAdded
- Principal Financial Group$177mAdded
- Charles Schwab Investment Management$146mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- BlackRock, Inc.Passive investor17.5%Since 31 December 2024
- FMR LLCPassive investorat least 10.2%+0.9 pts(filed with 1 related holder)Since 30 April 2026
- Vanguard Portfolio ManagementPassive investor10.1%+0.1 ptsSince 31 August 2026
- STATE STREET CORPORATIONPassive investor5.5%Since 30 June 2026
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- Smead Capital ManagementPassive investorat least 4.7%−0.7 pts(filed with 2 related holders)Since 31 March 2026
- JPMORGAN CHASE & CO.Passive investorSold down below 5%Since 30 January 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 17.5% | 31 December 2024 | |
FMR LLC Passive investor | at least 10.2%+0.9 pts (filed with 1 related holder) | 30 April 2026 | |
Vanguard Portfolio Management Passive investor | 10.1%+0.1 pts | 31 August 2026 | |
STATE STREET CORPORATION Passive investor | 5.5% | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
Smead Capital Management Passive investor | at least 4.7%−0.7 pts (filed with 2 related holders) | 31 March 2026 | |
JPMORGAN CHASE & CO. Passive investor | Sold down below 5% | 30 January 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $63,787.
- Zecchini Christopher JChief Accounting OfficerSold
- Date
- 9 September 2026
- Shares
- 2,740
- Price
- $23.28
- Value
- $63,787
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 9 September 2026 | Zecchini Christopher J Chief Accounting Officer | Sold | 2,740 | $23.28 | $63,787 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 11 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 2.1× its equity.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.