Macerich Co. (MAC) intrinsic value & 10-year financials
Macerich Co. (MAC) has a Graham intrinsic value of $0.48 per share. At $22.96 on Oct 17, 2026, the stock trades 4683% above that value. Over the last 10 fiscal years revenue shrank 0.3% a year to $1.0B, with an average return on invested capital of -2.3%.
- Graham intrinsic value
- $0.48
- Share price (Oct 17, 2026)
- $22.96
- Price vs Graham value
- 4683% above
- Market cap
- $5.8B
- Revenue (FY2025)
- $1.0B
- Revenue growth (10-yr CAGR)
- -0.3%
- ROIC (10-yr avg)
- -2.3%
- Free cash flow (FY2025)
- —
MAC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.0B | -$197.1M | -$0.78 | — | — | -2.7% |
| FY2024 | $918.2M | -$194.1M | -$0.88 | — | — | -2.8% |
| FY2023 | $884.1M | -$274.1M | -$1.28 | — | — | -4.1% |
| FY2022 | $859.2M | -$66.1M | -$0.31 | — | — | -0.9% |
| FY2021 | $847.4M | $14.3M | $0.07 | — | — | 0.2% |
| FY2020 | $786.0M | -$230.2M | -$1.58 | — | — | -3.6% |
| FY2019 | $927.5M | $96.8M | $0.68 | — | — | — |
| FY2018 | $960.4M | $69.0M | $0.42 | — | — | — |
| FY2017 | $993.7M | $161.7M | $1.02 | — | — | — |
| FY2016 | $1.0B | $554.8M | $3.52 | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MACERICH CO is facing top-line stagnation, with revenue contracting over the decade.
MACERICH CO has historically struggled to out-earn its cost of capital, averaging just -2.3% ROIC.
MACERICH CO has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MACERICH CO is modeled at -0.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.48 per share.