At a glance
Macerich Company is worth $6.76B. Revenue grew 10.4% to $1.01B in fiscal 2025, at a loss; over 5 years it has grown 5.2% a year. It pays a 2.85% dividend yield, and returned $838.6M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +38.8% over the past year with dividends reinvested and +10.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 72.0% in the 2020 crash (S&P 500: 33.7%) and 57.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 20 months and 16 months after the lows.
The business in plain English
Macerich is a real estate investment trust (REIT). A REIT is a company that owns income-producing property and must pay out most of its taxable income as dividends. Macerich owns, develops, redevelops, manages and leases shopping malls across the United States. As of December 31, 2025, it owned or had a stake in 37 regional retail centers, some with office, hotel or residential space attached. It also had one community/power center, an open-air center built around big-box stores. Together they total about 39 million square feet of leasable space. Some are wholly owned and some are held in joint ventures.
Its customers are retailers, restaurants and other tenants that lease space, and it makes money by collecting their rent. Revenue was about $1.01 billion in 2025, up 10.4% from 2024, but the company posted a net loss of $197.1 million. A significant share of its centers are in California, New York and Arizona. Large ones include Green Acres Mall in New York and Scottsdale Fashion Square in Arizona.
In 2025 Macerich bought Crabtree Mall in Raleigh, North Carolina, for $290.0 million. It sold several properties, including Lakewood Center in California and Wilton Mall in New York. It is also redeveloping centers, adding luxury shops and restaurants at Scottsdale Fashion Square and building luxury apartments at FlatIron Crossing in Colorado.
Price history
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MAC +38.8% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $249.7M, up 0% from a year earlier, and net income was $-27.1M.
- For fiscal 2025, revenue was $1.01B (+10.4% year over year; +5.2% a year from FY2020 to FY2025) with a -19.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.2% good |
|---|---|
| Return on equity (FY2025) | -8.1% weak |
| Return on assets (FY2025) | -2.4% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $786.0M | $-230.2M | — |
| FY2021 | $847.4M | $14.3M | — |
| FY2022 | $859.2M | $-66.1M | — |
| FY2023 | $884.1M | $-274.1M | — |
| FY2024 | $918.2M | $-194.1M | — |
| FY2025 | $1.01B | $-197.1M | — |
Valuation snapshot
| Market value | $6.76B |
|---|---|
| P/E ratio | — |
| Dividend yield | 2.85% |
Rank among 1514 US companies
Market value at each year end
Macerich’s market value went from $10.18B at the end of 2016 to $6.76B on Oct 28, 2026, down 34%; since the end of 2025 it is up 43%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.76B | +43.0% |
| 2025 | $4.73B | +5.2% |
| 2024 | $4.49B | +35.1% |
| 2023 | $3.32B | +37.5% |
| 2022 | $2.42B | -34.3% |
| 2021 | $3.68B | +130.8% |
| 2020 | $1.59B | -58.1% |
| 2019 | $3.80B | -37.7% |
| 2018 | $6.10B | -34.0% |
| 2017 | $9.25B | -9.2% |
| 2016 | $10.18B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MAC price data to Oct 28, 2026 | +32.2% | +38.8% | +40.4% | +10.4% | -5.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +32.2% |
| 2025 | -3.7% |
| 2024 | +34.5% |
| 2023 | +45.9% |
| 2022 | -31.5% |
| 2021 | +68.5% |
| 2020 | -56.7% |
| 2019 | -32.2% |
| 2018 | -30.6% |
| 2017 | -2.9% |
| 2016 | -9.0% |
| 2015 | +3.4% |
| 2014 | +47.2% |
| 2013 | +5.0% |
| 2012 | +19.8% |
| 2011 | +11.3% |
| 2010 | +39.2% |
| 2009 | +128.8% |
| 2008 | -72.5% |
| 2007 | -15.1% |
| 2006 | +33.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 90.8% over that stretch · deepest drop along the way 91%, back to its old high 48.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 69.9% over that stretch · deepest drop along the way 72%, back to its old high 19.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 48.6% over that stretch · deepest drop along the way 57.3%, back to its old high 16.4 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (16 read): 0 open-market purchases and 1 sales ($64K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 9, 2026 | Christopher J Zecchini Chief Accounting Officer | sell | $64K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 17.5% | Dec 31, 2024 |
| FMR LLC | 10.2% | Apr 30, 2026 |
| Vanguard Portfolio Management | 10.09% | Aug 31, 2026 |
| STATE STREET CORPORATION | 5.5% | Jun 30, 2026 |
| Vanguard Capital Management | 5.29% | Mar 31, 2026 |
| Smead Capital Management, Inc. | 4.74% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 4.1% | Jan 30, 2026 |
ETFs with the most weight in MAC
| PSCF Invesco S&P SmallCap Financials ETF | 1.15% |
| NIXT Research Affiliates Deletions ETF | 0.81% |
| CVY Invesco Zacks Multi-Asset Income ETF | 0.44% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.43% |
| SLYG SPDR S&P 600 Small Cap Growth ETF | 0.4% |
| IJT iShares S&P Small-Cap 600 Growth ETF | 0.39% |
| BBRE JPMorgan BetaBuilders MSCI US REIT ETF | 0.37% |
| FRI First Trust S&P REIT Index Fund | 0.34% |
What could go wrong
- Heavy debt and loans in default. Total debt was about $4.85 billion versus $227 million of cash and investments as of June 30, 2026. Higher rates make refinancing costlier, and one joint-venture loan went into default in February 2026.
- Anchor stores closing or going bankrupt. Anchors are the big stores, often department stores, that draw shoppers. If they close or go bankrupt, rent income can drop and space can sit empty, like the vacant former Nordstrom at FlatIron Crossing.
- Heavy exposure to California, New York, Arizona. A significant share of its centers are in these three states. A local slowdown, falling property values or higher taxes there could hurt Macerich more than a landlord spread across the country.
- Costly redevelopments may disappoint. Macerich is remaking several centers, including a project at Green Acres Mall estimated to cost $130 million to $150 million. Projects can run over budget, open late or struggle to attract tenants.
- Selling properties can mean taking losses. Real estate is illiquid, meaning it often cannot be sold quickly at a good price. Several 2025 sales booked accounting losses, including SouthPark Mall, sold for $10.5 million at a $4.3 million loss.
- Online shopping pulls sales from malls. Shoppers keep shifting to online stores. Retailers respond by closing weaker locations. That can lower occupancy (the share of space leased) and the rents tenants are willing to pay.
Recent events
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Other company announcement
- Shareholder vote results
- Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
Macerich pays a quarterly dividend, but it has been flat since 2023 and is far below its 2020 level. It paid $0.68 per share for 2025 ($0.17 a quarter), versus $1.55 in 2020. The yield was 2.85% as of October 28, 2026. Net income fell short of dividends paid every year from 2020 to 2025, with losses in five of those years. REIT investors often judge payouts by funds from operations instead, which adds back non-cash depreciation. There were no buybacks from 2021 to 2025. The share count rose 33.1% between August 2021 and August 2026, partly through new stock sales.
The share price has fallen hard in past downturns: about 91% in the 2008 financial crisis, 72% in the 2020 COVID crash and 57% in the 2022 bear market. It took roughly 49, 20 and 16 months, respectively, to recover. As with any single stock, Macerich carries more risk than a diversified fund.
Questions investors ask
How does Macerich make money?
Macerich makes money by leasing space in its shopping malls to retailers, restaurants and other tenants. It also develops and redevelops properties, such as the luxury apartments being built at FlatIron Crossing in Colorado. Revenue was about $1.01 billion in 2025, up 10.4% from 2024, but the company reported a net loss of $197.1 million, or $0.78 per share. As a real estate investment trust (REIT), it must pay out most of its taxable income as dividends.
What malls does Macerich own?
Macerich owned or had a stake in 37 regional malls and one community/power center as of December 31, 2025, about 39 million square feet in all. They include Scottsdale Fashion Square in Arizona, Green Acres Mall in Valley Stream, New York, FlatIron Crossing in Broomfield, Colorado, Washington Square in Portland, Oregon, and Crabtree Mall in Raleigh, North Carolina. Macerich bought Crabtree Mall for $290.0 million in June 2025. Scottsdale Fashion Square and FlatIron Crossing are joint ventures.
Does Macerich raise its dividend every year?
No. Macerich paid $0.68 per share in each of 2023, 2024 and 2025, including $0.17 a quarter in 2025. It declared another $0.17 for the first quarter of 2026. That compares with $1.55 per share in 2020 and $0.60 in 2021. The yield was 2.85% as of October 28, 2026. Net income fell short of dividends paid in every year from 2020 to 2025, and the board reviews the dividend each quarter.
How much debt does Macerich have?
Total debt was about $4.85 billion as of June 30, 2026, compared with $227 million of cash and investments and $2.83 billion of equity. Some loans have run into trouble. The $200.0 million South Plains Mall loan was in default before it was extended in February 2026 to November 2029 at 4.22%. A joint-venture loan at Twenty Ninth Street, $76.5 million at Macerich's share, went into default in February 2026, and the joint venture was negotiating with the lender.
How has Macerich stock performed over the long term?
The record is mixed: strong gains over the past three years, but a loss over the past decade. As of October 28, 2026, the share price was up 38.8% over one year, about 177% over three years and 64% over five years. It was down about 42% over 10 years. Its deepest drop in about 21 years of price history was 93.3%. It fell 91% in the 2008 financial crisis and 72% in the 2020 COVID crash.