Macerich Financials
Macerich (MAC) reported $1.0B in revenue for fiscal year 2025, up 10.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
The clearest pattern is cash generation surviving accounting losses while leverage and equity erosion do the financing work.
In FY2025, depreciation at$368M was larger than the net loss of$197M . Paired with positive operating cash flow in each of the last three years and a rise in debt-to-equity from 1.7x to 2.1x, that says the losses are heavily non-cash, but balance-sheet strain is still increasing because cash generation is not strong enough to rebuild equity on its own.
Revenue crossed
Dividends paid of
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Macerich's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Macerich, and counted as zero in the overall score.
Not available for Macerich, and counted as zero in the overall score.
Macerich passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Macerich reported a net loss of $197.1M while generating $321.6M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Macerich generated $1.0B in revenue in fiscal year 2025. This represents an increase of 10.4% from the prior year.
Macerich reported -$197.1M in net income in fiscal year 2025. This represents a decrease of 1.1% from the prior year.
Macerich earned -$0.78 per diluted share (EPS) in fiscal year 2025. This represents an increase of 11.4% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Macerich held $280.2M in cash against $5.1B in long-term debt as of fiscal year 2025.
Macerich paid $0.68 per share in dividends in fiscal year 2025. That is unchanged from the prior year.
Not reported for fiscal year 2025.
Margins & Returns
Macerich's net profit margin was -19.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.8 percentage points from the prior year.
Macerich's ROE was -8.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.0 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
MAC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0B | $1.0B+10.4% | $918.2M+3.9% | $884.1M+2.9% | $859.2M+1.4% | $847.4M+7.8% | $786.0M-15.2% | $927.5M-3.4% | $960.4M-3.4% | $993.7M-4.6% | $1.0B-19.2% | $1.3B+16.5% | $1.1B+7.4% | $1.0B+29.1% | $797.5M+16.5% | $684.7M |
| SG&A Expenses | $33.6M | $31.5M+12.1% | $28.1M-3.7% | $29.2M+7.6% | $27.2M-9.6% | $30.1M-0.9% | $30.3M+34.0% | $22.6M-6.3% | $24.2M-14.4% | $28.2M+0.1% | $28.2M-5.5% | $29.9M+1.6% | $29.4M+5.9% | $27.8M+36.1% | $20.4M-3.3% | $21.1M |
| Interest Expense | -$276.1M | -$283.5M-28.9% | -$220.0M-27.2% | -$172.9M-179.7% | $216.9M+12.5% | $192.7M+155.0% | $75.5M-45.4% | $138.3M-24.4% | $183.0M+6.5% | $171.8M+4.9% | $163.7M-22.8% | $211.9M+11.1% | $190.7M-3.3% | $197.2M+20.0% | $164.4M-1.7% | $167.2M |
| Income Tax | -$3.3M | -$2.2M-68.7% | -$1.3M-163.2% | -$494K-170.1% | $705K-89.9% | $6.9M+1654.4% | -$447K-128.1% | $1.6M+144.1% | -$3.6M-123.1% | $15.6M+2059.8% | $722K+122.4% | -$3.2M+24.5% | -$4.3M-152.3% | -$1.7M+59.3% | -$4.2M+31.9% | -$6.1M |
| Net Income | -$169.5M | -$197.1M-1.1% | -$195.0M+28.9% | -$274.1M-314.7% | -$66.1M-562.2% | $14.3M+106.2% | -$230.2M-337.8% | $96.8M+40.4% | $69.0M-57.3% | $161.7M-70.9% | $554.8M+6.1% | $522.9M-67.5% | $1.6B+257.9% | $449.0M+22.5% | $366.4M+116.7% | $169.1M |
| EPS (Diluted) | — | -$0.78+11.4% | -$0.88+31.3% | -$1.28-312.9% | -$0.31-542.9% | $0.07+104.4% | -$1.58-332.4% | $0.68+61.9% | $0.42-58.8% | $1.02-71.0% | $3.52+14.3% | $3.08-70.5% | $10.45+248.3% | $3.00+19.5% | $2.51+112.7% | $1.18 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MAC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.4B-2.3% | $8.6B+14.0% | $7.5B-7.2% | $8.1B-3.0% | $8.3B-9.1% | $9.2B+3.7% | $8.9B-1.9% | $9.0B-6.0% | $9.6B-3.5% | $10.0B-11.4% | $11.2B-14.4% | $13.1B+44.6% | $9.1B-2.5% | $9.3B+17.3% | $7.9B |
| Cash & Equivalents | $280.2M+211.9% | $89.9M-5.3% | $94.9M-5.4% | $100.3M-10.8% | $112.5M-75.8% | $465.3M+365.3% | $100.0M-2.6% | $102.7M+12.8% | $91.0M-3.2% | $94.0M+8.7% | $86.5M+1.9% | $84.9M+21.8% | $69.7M+6.0% | $65.8M-2.2% | $67.2M |
| Total Liabilities | $5.8B+2.0% | $5.7B+14.8% | $5.0B-3.1% | $5.1B-0.5% | $5.2B-23.3% | $6.7B+11.9% | $6.0B+3.2% | $5.8B+3.6% | $5.6B+1.9% | $5.5B-10.3% | $6.2B-13.0% | $7.1B+32.2% | $5.4B-9.1% | $5.9B+23.5% | $4.8B |
| Long-Term Debt | $5.1B+3.6% | $4.9B+18.3% | $4.1B-2.5% | $4.2B-4.1% | $4.4B-3.0% | $4.6B | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $2.4B-11.2% | $2.8B+12.6% | $2.4B-14.6% | $2.9B-5.9% | $3.0B+35.0% | $2.3B-14.3% | $2.6B-10.8% | $3.0B-19.9% | $3.7B-10.3% | $4.1B-12.9% | $4.7B-16.4% | $5.6B+67.9% | $3.4B+9.1% | $3.1B+9.4% | $2.8B |
| Retained Earnings | -$3.8B-10.9% | -$3.4B-11.2% | -$3.1B-15.9% | -$2.6B-8.2% | -$2.4B-4.4% | -$2.3B-20.4% | -$1.9B-20.4% | -$1.6B-94.4% | -$830.3M-69.9% | -$488.8M-129.7% | -$212.8M-135.7% | $596.7M+208.7% | -$548.8M+14.2% | -$639.7M+5.7% | -$678.6M |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities.
MAC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $306.8M | $321.6M+13.5% | $283.4M-4.1% | $295.5M-12.4% | $337.5M+17.9% | $286.4M+129.4% | $124.8M-64.9% | $355.2M+3.2% | $344.3M-10.9% | $386.4M-10.0% | $429.5M-22.6% | $555.0M+38.5% | $400.7M-5.1% | $422.0M+20.1% | $351.3M+48.0% | $237.3M |
| Investing Cash Flow | -$403.4M | -$325.3M-1744.0% | $19.8M-62.3% | $52.5M+3847.6% | -$1.4M-100.6% | $235.0M+215.8% | -$202.8M-81.1% | -$112.0M-163.5% | $176.3M-1.5% | $179.0M-60.6% | $454.1M+549.5% | -$101.0M+60.5% | -$255.8M-194.1% | $271.9M+128.2% | -$963.4M-354.2% | -$212.1M |
| Financing Cash Flow | $182.1M | $199.2M+163.0% | -$316.1M+6.7% | -$338.9M-5.3% | -$321.9M+61.5% | -$837.0M-287.5% | $446.5M+260.5% | -$278.2M+45.9% | -$514.4M+9.2% | -$566.3M+34.7% | -$867.5M-91.8% | -$452.3M-248.7% | -$129.7M+81.2% | -$690.0M-213.0% | $610.6M+251.3% | -$403.6M |
| Dividends Paid | $192.9M | $188.2M+16.7% | $161.3M+1.3% | $159.3M-14.5% | $186.3M+29.9% | $143.4M-20.2% | $179.9M-62.1% | $474.5M+4.6% | $453.6M+2.2% | $443.8M-43.0% | $779.3M-1.0% | $787.1M+104.1% | $385.7M+8.5% | $355.5M+9.0% | $326.2M+9.8% | $296.9M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0-100.0% | $221.4M-72.3% | $800.0M+99.9% | $400.1M | $0 | $0 | N/A | N/A |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MAC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | -19.4%+1.8pp | -21.2%+9.8pp | -31.0%-23.3pp | -7.7%-9.4pp | 1.7%+31.0pp | -29.3%-39.7pp | 10.4%+3.3pp | 7.2%-9.1pp | 16.3%-37.0pp | 53.3%+12.7pp | 40.6% | 145.4% | 43.6%-2.3pp | 45.9%+21.2pp | 24.7% |
| Return on Equity | -8.1%-1.0pp | -7.1%+4.1pp | -11.2%-8.9pp | -2.3%-2.8pp | 0.5%+10.7pp | -10.2%-13.9pp | 3.7%+1.3pp | 2.3%-2.1pp | 4.4%-9.1pp | 13.5%+2.4pp | 11.1%-17.4pp | 28.5%+15.1pp | 13.4%+1.5pp | 11.9%+5.9pp | 6.0% |
| Return on Assets | -2.4%-0.1pp | -2.3%+1.4pp | -3.6%-2.8pp | -0.8%-1.0pp | 0.2%+2.7pp | -2.5%-3.6pp | 1.1%+0.3pp | 0.8%-0.9pp | 1.7%-3.9pp | 5.6%+0.9pp | 4.7%-7.6pp | 12.3%+7.3pp | 5.0%+1.0pp | 3.9%+1.8pp | 2.1% |
| Debt-to-Equity | 2.07+0.3x | 1.78+0.1x | 1.69+0.2x | 1.480.0x | 1.45-0.6x | 2.02-0.3x | 2.29+0.3x | 1.98+0.4x | 1.53+0.2x | 1.350.0x | 1.31+0.1x | 1.26-0.3x | 1.59-0.3x | 1.92+0.2x | 1.70 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
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Where Macerich Ranks
Frequently Asked Questions
What is Macerich's annual revenue?
Macerich (MAC) reported $1.0B in total revenue for fiscal year 2025. This represents a 10.4% 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 10.4% year-over-year, from $918.2M to $1.0B in fiscal year 2025.
Is Macerich profitable?
No, Macerich (MAC) reported a net income of -$197.1M in fiscal year 2025, with a net profit margin of -19.4%.
How much debt does Macerich have?
As of fiscal year 2025, Macerich (MAC) had $280.2M in cash and equivalents against $5.1B in long-term debt.
What is Macerich's net profit margin?
Macerich (MAC) had a net profit margin of -19.4% in fiscal year 2025, 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 2025.
What is Macerich's return on equity (ROE)?
Macerich (MAC) has a return on equity of -8.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Macerich's operating cash flow?
Macerich (MAC) generated $321.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Macerich's total assets?
Macerich (MAC) had $8.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Macerich's debt-to-equity ratio?
Macerich (MAC) had a debt-to-equity ratio of 2.07 as of fiscal year 2025, 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 -2.4% for fiscal year 2025, 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 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Macerich's earnings high quality?
Macerich (MAC) reported a net loss of $197.1M while generating $321.6M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.
How financially healthy is Macerich?
Macerich (MAC) scores 48 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.