Macerich Financials

MAC

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Weak

3/9

Macerich passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Mixed

-1.46x

For every $1 of reported earnings, Macerich generates $-1.46 in operating cash flow ($283.4M OCF vs -$194.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

This page shows Macerich (MAC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$918.2M

YoY+3.9%

5Y CAGR-0.2%

10Y CAGR-1.8%

Macerich generated $918.2M in revenue in fiscal year 2024. This represents an increase of 3.9% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

-$194.1M

YoY+29.2%

Macerich reported -$194.1M in net income in fiscal year 2024. This represents an increase of 29.2% from the prior year.

EPS (Diluted)

$-0.88

YoY+31.3%

Macerich earned $-0.88 per diluted share (EPS) in fiscal year 2024. This represents an increase of 31.3% from the prior year.

Cash & Debt

$89.9M

YoY-5.3%

5Y CAGR-2.1%

10Y CAGR+0.6%

Macerich held $89.9M in cash against $4.9B in long-term debt as of fiscal year 2024.

Dividends Per Share

$0.68

YoY+0.0%

5Y CAGR-25.7%

10Y CAGR-12.2%

Macerich paid $0.68 per share in dividends in fiscal year 2024. This represents an increase of 0.0% from the prior year.

Shares Outstanding

253M

YoY+17.1%

5Y CAGR+12.3%

10Y CAGR+4.8%

Macerich had 253M shares outstanding in fiscal year 2024. This represents an increase of 17.1% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-21.1%

YoY+9.9pp

5Y CAGR-31.6pp

10Y CAGR-166.5pp

Macerich's net profit margin was -21.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 9.9 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

MAC Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$918.2M+3.9%	$884.1M+2.9%	$859.2M+1.4%	$847.4M+7.8%	$786.0M-15.2%	$927.5M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$28.1M-3.7%	$29.2M+7.6%	$27.2M-9.6%	$30.1M-0.9%	$30.3M+34.0%	$22.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	-$220.0M-27.2%	-$172.9M-179.7%	$216.9M+12.5%	$192.7M+155.0%	$75.5M-45.4%	$138.3M
Income Tax	-$1.3M-163.2%	-$494K-170.1%	$705K-89.9%	$6.9M+1654.4%	-$447K-128.1%	$1.6M
Net Income	-$194.1M+29.2%	-$274.1M-314.8%	-$66.1M-563.2%	$14.3M+106.2%	-$230.2M-337.8%	$96.8M
EPS (Diluted)	$-0.88+31.3%	$-1.28-312.9%	$-0.31-542.9%	$0.07+104.4%	$-1.58-332.4%	$0.68

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$253.3M+1.4%	$249.8M+0.2%	$249.2M-8.9%	$273.7M+27.0%	$215.5M+3.2%	$208.8M-12.5%	$238.7M+9.4%	$218.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$6.9M-11.2%	$7.8M+2.4%	$7.6M+1.5%	$7.5M+7.1%	$7.0M-8.5%	$7.6M+1.3%	$7.5M+27.7%	$5.9M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	-$72.7M-1.1%	-$71.9M-4.1%	-$69.1M+2.6%	-$70.9M-78.4%	-$39.8M+23.8%	-$52.2M+49.9%	-$104.3M-95.3%	-$53.4M
Income Tax	-$710K-277.7%	-$188K+77.1%	-$822K+6.5%	-$879K-440.7%	$258K+121.1%	-$1.2M-86.9%	-$655K-139.2%	$1.7M
Net Income	-$87.4M-113.6%	-$40.9M+18.4%	-$50.1M+76.3%	-$211.2M-183.8%	$252.0M+298.9%	-$126.7M-303.8%	$62.2M+123.7%	-$262.5M
EPS (Diluted)	$-0.34-112.5%	$-0.16+20.0%	$-0.20+78.9%	$-0.95-181.9%	$1.16+296.6%	$-0.59-310.7%	$0.28+123.0%	$-1.22

MAC Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$8.6B+14.0%	$7.5B-7.2%	$8.1B-3.0%	$8.3B-9.1%	$9.2B+3.7%	$8.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$89.9M-5.3%	$94.9M-5.4%	$100.3M-10.8%	$112.5M-75.8%	$465.3M+365.3%	$100.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.7B+14.8%	$5.0B-3.1%	$5.1B-0.5%	$5.2B-23.3%	$6.7B+11.9%	$6.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$4.9B+18.3%	$4.1B-2.5%	$4.2B-4.1%	$4.4B-3.0%	$4.6B	N/A
Total Equity	$2.8B+12.6%	$2.4B-14.6%	$2.9B-5.9%	$3.0B+35.0%	$2.3B-14.3%	$2.6B
Retained Earnings	-$3.4B-11.2%	-$3.1B-15.9%	-$2.6B-8.2%	-$2.4B-4.4%	-$2.3B-20.4%	-$1.9B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$8.4B-3.5%	$8.7B+0.6%	$8.7B+1.3%	$8.6B+10.1%	$7.8B+5.6%	$7.4B-2.0%	$7.5B-1.0%	$7.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$290.2M+121.3%	$131.1M-48.2%	$253.2M+181.8%	$89.9M+27.1%	$70.7M-41.1%	$120.1M+26.5%	$94.9M-15.1%	$111.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.8B-3.7%	$6.1B+2.2%	$5.9B+3.7%	$5.7B+10.3%	$5.2B+3.7%	$5.0B+0.3%	$5.0B-2.0%	$5.1B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$5.1B-2.9%	$5.2B0.0%	$5.2B+6.9%	$4.9B+11.9%	$4.4B+6.7%	$4.1B-0.9%	$4.1B-0.7%	$4.2B
Total Equity	$2.5B-2.9%	$2.6B-2.9%	$2.7B-3.4%	$2.8B+10.0%	$2.5B+9.5%	$2.3B-6.5%	$2.4B+0.6%	$2.4B
Retained Earnings	-$3.7B-3.6%	-$3.6B-2.4%	-$3.5B-2.8%	-$3.4B-13.1%	-$3.0B+6.7%	-$3.2B-5.3%	-$3.1B+0.8%	-$3.1B

MAC Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$283.4M-4.1%	$295.5M-12.4%	$337.5M+17.9%	$286.4M+129.4%	$124.8M-64.9%	$355.2M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$19.8M-62.3%	$52.5M+3847.6%	-$1.4M-100.6%	$235.0M+215.8%	-$202.8M-81.1%	-$112.0M
Financing Cash Flow	-$316.1M+6.7%	-$338.9M-5.3%	-$321.9M+61.5%	-$837.0M-287.5%	$446.5M+260.5%	-$278.2M
Dividends Paid	$161.3M+1.3%	$159.3M-14.5%	$186.3M+29.9%	$143.4M-20.2%	$179.9M-62.1%	$474.5M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	$0

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$112.4M+59.4%	$70.5M-20.3%	$88.5M+61.3%	$54.9M-18.6%	$67.4M+10.4%	$61.1M+23.7%	$49.4M-54.0%	$107.4M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$3.5M+98.5%	-$231.6M-178.9%	-$83.0M-323.5%	$37.2M+165.9%	-$56.4M-109.0%	-$27.0M-233.4%	$20.2M+176.0%	-$26.6M
Financing Cash Flow	$46.2M+9.9%	$42.1M-74.0%	$161.6M+211.8%	-$144.5M-165.3%	-$54.5M-8268.4%	$667K+100.8%	-$87.4M-52.2%	-$57.5M
Dividends Paid	$45.9M+0.3%	$45.7M-9.3%	$50.4M+22.4%	$41.2M+0.5%	$41.0M+4.7%	$39.2M+0.1%	$39.2M+0.4%	$39.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MAC Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-21.1%+9.9pp	-31.0%-23.3pp	-7.7%-9.4pp	1.7%+31.0pp	-29.3%-39.7pp	10.4%
Return on Equity	N/A	N/A	N/A	0.5%	N/A	3.7%
Return on Assets	-2.3%+1.4pp	-3.6%-2.8pp	-0.8%-1.0pp	0.2%+2.7pp	-2.5%-3.6pp	1.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.78+0.1	1.69+0.2	1.48+0.0	1.45-0.6	2.02-0.3	2.29
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-34.5%-18.1pp	-16.4%+3.7pp	-20.1%+57.1pp	-77.2%-194.1pp	116.9%+177.6pp	-60.7%-86.8pp	26.1%+146.4pp	-120.3%
Return on Equity	N/A	N/A	N/A	N/A	10.1%	N/A	2.5%	N/A
Return on Assets	-1.0%-0.6pp	-0.5%+0.1pp	-0.6%+1.9pp	-2.5%-5.7pp	3.2%+5.0pp	-1.7%-2.6pp	0.8%+4.3pp	-3.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.020.0	2.02+0.1	1.96+0.2	1.78+0.0	1.75-0.0	1.79+0.1	1.69-0.0	1.71
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Macerich's annual revenue?

Macerich (MAC) reported $918.2M in total revenue for fiscal year 2024. This represents a 3.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Macerich's revenue growing?

Macerich (MAC) revenue grew by 3.9% year-over-year, from $884.1M to $918.2M in fiscal year 2024.

Is Macerich profitable?

No, Macerich (MAC) reported a net income of -$194.1M in fiscal year 2024, with a net profit margin of -21.1%.

What is Macerich's earnings per share (EPS)?

Macerich (MAC) reported diluted earnings per share of $-0.88 for fiscal year 2024. This represents a 31.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Macerich have?

As of fiscal year 2024, Macerich (MAC) had $89.9M in cash and equivalents against $4.9B in long-term debt.

What is Macerich's net profit margin?

Macerich (MAC) had a net profit margin of -21.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Macerich pay dividends?

Yes, Macerich (MAC) paid $0.68 per share in dividends during fiscal year 2024.

What is Macerich's operating cash flow?

Macerich (MAC) generated $283.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Macerich's total assets?

Macerich (MAC) had $8.6B in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does Macerich have outstanding?

Macerich (MAC) had 253M shares outstanding as of fiscal year 2024.

What is Macerich's debt-to-equity ratio?

Macerich (MAC) had a debt-to-equity ratio of 1.78 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Macerich's return on assets (ROA)?

Macerich (MAC) had a return on assets of -2.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Macerich's Piotroski F-Score?

Macerich (MAC) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Macerich's earnings high quality?

Macerich (MAC) has an earnings quality ratio of -1.46x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.