What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies. Negative P/B indicates book equity has been reduced by buybacks — common in highly profitable capital-return businesses.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
The Macerich Company is a fully integrated, self-managed, self-administered real estate investment trust (REIT). As a leading owner, operator, and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich's portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. Developing and managing properties that serve as community cornerstones, Macerich currently owns 39 million square feet of real estate, consisting primarily of interests in 38 retail centers. Macerich is firmly dedicated to advancing environmental goals, social good and sound corporate governance. The Macerich Company was incorporated in 1964.
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
124.6%▲
116.4%
128.4%
123.5%
N/A
Operating Margin %
37.6%▼
39.4%
46.6%
39.5%
N/A
Net Income %
-44.1%▲
-46.3%
-72.0%
-17.4%
N/A
Diluted EPS
-0.78▲
-0.88
-1.28
-0.31
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$8.4B
$8.6B
$7.5B
$8.1B
N/A
Total Debt
$5.1B↑
$5.1B
$4.3B
$4.5B
N/A
Working Capital
-$185M▲
-$325M
-$195M
-$135M
N/A
Years to Pay Debt
-26.05
-26.09
-15.73
-68.09
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$322M▲
$283M
$296M
$338M
N/A
Owner Earnings
N/A
N/A
N/A
N/A
N/A
CapEx % of Net Income
N/A
N/A
N/A
N/A
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-19,994
349
-224
1,617
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
571,810
273,535
317,036
447,259
Total Unusual Items
-123,417
53,362
-126,315
7,698
Total Unusual Items Excluding Goodwill
-123,417
53,362
-126,315
7,698
Net Income From Continuing Operation Net Minority Interest
-197,149
-194,120
-274,065
-66,068
Reconciled Depreciation
368,103
305,875
296,394
302,480
Reconciled Cost Of Revenue
446,580
419,172
380,857
379,485
EBITDA
448,393
326,897
190,721
454,957
EBIT
80,290
21,022
-105,673
152,477
Net Interest Income
-283,542
-219,987
-172,920
-216,851
Interest Expense
283,542
219,987
172,920
216,851
Normalized Income
-93,726
-247,133
-147,974
-72,149
Net Income From Continuing And Discontinued Operation
-197,149
-194,120
-274,065
-66,068
Total Expenses
846,222
753,192
706,489
709,129
Rent Expense Supplemental
46,626
41,340
36,423
32,670
Diluted Average Shares
254,216
231,864
224,501
223,678
Basic Average Shares
254,216
221,845
215,548
215,031
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
-197,923
-195,026
-274,935
-66,924
Net Income Common Stockholders
-197,923
-195,026
-274,935
-66,924
Otherunder Preferred Stock Dividend
774
906
870
856
Net Income
-197,149
-194,120
-274,065
-66,068
Minority Interests
3,910
3,545
4,034
-989
Net Income Including Noncontrolling Interests
-201,059
-197,665
-278,099
-65,079
Net Income Continuous Operations
-201,059
-197,665
-278,099
-65,079
Tax Provision
-2,193
-1,300
-494
705
Pretax Income
-203,252
-198,965
-278,593
-64,374
Other Income Expense
-87,471
-143,990
-283,252
2,442
Special Income Charges
-144,902
-318,787
-139,695
7,312
Gain On Sale Of Ppe
6,545
1,185
5,592
22,357
Other Special Charges
-14,403
-8,208
1,007
Write Off
153,495
15,045
67,344
Impairment Of Capital Assets
151,447
334,375
153,495
15,045
Earnings From Equity Interest
35,946
-197,352
-156,937
-5,256
Gain On Sale Of Security
21,485
372,149
13,380
386
Net Non Operating Interest Income Expense
-283,542
-219,987
-172,920
-216,851
Interest Expense Non Operating
283,542
219,987
172,920
216,851
Operating Income
167,761
165,012
177,579
150,035
Operating Expense
388,622
322,925
311,599
318,776
Depreciation Amortization Depletion Income Statement
357,083
294,780
282,361
291,612
Depreciation And Amortization In Income Statement
357,083
294,780
282,361
291,612
Selling General And Administration
31,539
28,145
29,238
27,164
General And Administrative Expense
31,539
28,145
29,238
27,164
Other Gand A
31,539
28,145
29,238
27,164
Gross Profit
556,383
487,937
489,178
468,811
Cost Of Revenue
457,600
430,267
394,890
390,353
Operating Revenue
973,470
880,267
839,208
829,060
Balance Sheet
2025
2024
2023
2022
2021
Ordinary Shares Number
256,991
252,925
215,977
215,241
Share Issued
256,991
252,925
215,977
215,241
Net Debt
4,788,700
4,902,990
4,130,748
4,303,393
Total Debt
5,135,925
5,064,531
4,309,673
4,498,624
Tangible Book Value
2,272,483
2,545,003
2,344,716
2,792,727
Invested Capital
7,517,817
7,749,335
6,672,704
7,269,486
Working Capital
-184,557
-325,414
-195,195
-134,914
Net Tangible Assets
2,272,483
2,545,003
2,344,716
2,792,727
Capital Lease Obligations
66,979
71,683
83,989
94,911
Common Stock Equity
2,448,871
2,756,487
2,447,020
2,865,773
Total Capitalization
7,517,817
7,749,335
6,672,704
7,269,486
Total Equity Gross Minority Interest
2,527,070
2,842,425
2,527,601
2,949,349
Minority Interest
78,199
85,938
80,581
83,576
Stockholders Equity
2,448,871
2,756,487
2,447,020
2,865,773
Gains Losses Not Affecting Retained Earnings
-9
-34
-952
632
Other Equity Adjustments
-9
-34
-952
632
Retained Earnings
-3,777,816
-3,406,786
-3,063,789
-2,643,094
Additional Paid In Capital
6,224,127
6,160,780
5,509,603
5,506,084
Capital Stock
2,569
2,527
2,158
2,151
Common Stock
2,569
2,527
2,158
2,151
Total Liabilities Net Minority Interest
5,841,615
5,724,614
4,985,911
5,144,790
Total Non Current Liabilities Net Minority Interest
5,135,925
5,064,531
4,412,189
4,641,845
Other Non Current Liabilities
102,516
143,221
118,988
Long Term Debt And Capital Lease Obligation
5,135,925
5,064,531
4,309,673
4,498,624
Long Term Capital Lease Obligation
66,979
71,683
83,989
94,911
Long Term Debt
5,068,946
4,992,848
4,225,684
4,403,713
Current Liabilities
705,690
660,083
573,722
502,945
Payables And Accrued Expenses
705,690
660,083
573,722
502,945
Current Accrued Expenses
386,092
379,863
334,742
318,745
Payables
319,598
280,220
238,980
184,200
Dueto Related Parties Current
0
327
Dividends Payable
194,388
192,680
174,786
121,093
Accounts Payable
125,210
87,540
64,194
63,107
Total Assets
8,368,685
8,567,039
7,513,512
8,094,139
Total Non Current Assets
7,847,552
8,232,370
7,134,985
7,726,108
Other Non Current Assets
64,523
63,714
73,985
96,911
Non Current Deferred Assets
102,520
94,355
86,779
77,467
Non Current Deferred Taxes Assets
27,517
25,324
24,024
23,114
Investments And Advances
707,075
654,667
852,764
1,224,288
Long Term Equity Investment
707,075
654,667
852,764
1,224,288
Investmentsin Joint Venturesat Cost
707,075
654,667
852,764
1,224,288
Investment Properties
6,688,128
7,097,113
5,900,489
6,127,790
Goodwill And Other Intangible Assets
176,388
211,484
102,304
73,046
Other Intangible Assets
176,388
211,484
102,304
73,046
Net PPE
108,918
111,037
118,664
126,606
Gross PPE
108,918
111,037
118,664
126,606
Other Properties
108,918
111,037
118,664
126,606
Current Assets
521,133
334,669
378,527
368,031
Restricted Cash
92,717
87,621
95,358
80,819
Receivables
148,170
157,190
188,233
186,892
Duefrom Related Parties Current
2,449
1,840
4,755
3,299
Accounts Receivable
145,721
155,350
183,478
183,593
Allowance For Doubtful Accounts Receivable
-7,789
-7,146
-4,824
-10,741
Gross Accounts Receivable
153,510
162,496
188,302
194,334
Cash Cash Equivalents And Short Term Investments
280,246
89,858
94,936
100,320
Cash And Cash Equivalents
280,246
89,858
94,936
100,320
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
321,604
283,445
295,502
337,510
Repurchase Of Capital Stock
-583
-183
Repayment Of Debt
-261,733
-2,029,848
-865,258
-407,998
Issuance Of Debt
599,100
1,225,000
719,000
277,000
Issuance Of Capital Stock
55,527
658,872
1,798
1,741
Interest Paid Supplemental Data
207,922
186,345
191,500
180,321
End Cash Position
372,963
177,479
190,294
181,139
Beginning Cash Position
177,479
190,294
181,139
166,971
Changes In Cash
195,484
-12,815
9,155
14,168
Financing Cash Flow
199,219
-316,050
-338,888
-321,940
Cash Flow From Continuing Financing Activities
199,219
-316,050
-338,888
-321,940
Net Other Financing Charges
-5,467
-8,785
-34,555
-6,172
Cash Dividends Paid
-188,208
-161,289
-159,290
-186,328
Common Stock Dividend Paid
-188,208
-161,289
-159,290
-186,328
Net Common Stock Issuance
55,527
658,872
1,215
1,558
Common Stock Payments
-583
-183
Common Stock Issuance
55,527
658,872
1,798
1,741
Net Issuance Payments Of Debt
337,367
-804,848
-146,258
-130,998
Net Long Term Debt Issuance
337,367
-804,848
-146,258
-130,998
Long Term Debt Payments
-261,733
-2,029,848
-865,258
-407,998
Long Term Debt Issuance
599,100
1,225,000
719,000
277,000
Investing Cash Flow
-325,339
19,790
52,541
-1,402
Cash Flow From Continuing Investing Activities
-325,339
19,790
52,541
-1,402
Net Other Investing Changes
153,992
277,238
32,028
68,347
Dividends Received Cfi
112,635
93,998
300,861
131,306
Net Investment Properties Purchase And Sale
-434,351
-338,476
-199,190
-119,337
Purchase Of Investment Properties
-434,351
-338,476
-199,190
-119,337
Net Business Purchase And Sale
-157,615
-12,970
-81,158
-81,718
Sale Of Business
0
49,002
0
0
Purchase Of Business
-157,615
-61,972
-81,158
-81,718
Operating Cash Flow
321,604
283,445
295,502
337,510
Cash Flow From Continuing Operating Activities
321,604
283,445
295,502
337,510
Change In Working Capital
22,353
18,052
18,298
60,370
Change In Other Current Assets
612
-16,193
6,100
-13,246
Change In Payables And Accrued Expense
18,952
27,889
13,300
70,632
Change In Accrued Expense
-13,564
6,583
11,430
71,014
Change In Payable
32,516
21,306
1,870
-382
Change In Account Payable
32,516
21,306
1,870
-382
Change In Receivables
2,789
6,356
-1,102
2,984
Changes In Account Receivables
3,398
3,441
354
6,610
Other Non Cash Items
24,128
-3,791
-34,596
22,962
Stock Based Compensation
18,168
12,131
13,166
17,638
Provisionand Write Offof Assets
4,633
6,153
-2,699
-656
Deferred Tax
-2,193
-1,300
-494
705
Deferred Income Tax
-2,193
-1,300
-494
705
Depreciation Amortization Depletion
368,103
305,875
296,394
302,480
Depreciation And Amortization
368,103
305,875
296,394
302,480
Operating Gains Losses
87,471
143,990
283,532
-910
Earnings Losses From Equity Investments
-35,946
197,352
156,937
5,256
Gain Loss On Investment Securities
280
1,532
48
Net Income From Continuing Operations
-201,059
-197,665
-278,099
-65,079
These metrics estimate what The Macerich Company is worth based on its fundamentals — independent of what the market currently prices it at.
Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles.
EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.
Graham's Fair Value
N/A (negative EPS)
Margin of Safety
—
Market Cap ÷ Company Value
2.97
P/B Ratio
2.28
Warren's Owner Earnings
N/A
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
1/6 — Speculative Investor
❌Adequate Size
$447M
vs > $1.5B revenue
❌Strong Financial Condition
0.74x
vs Current Ratio > 2.0x
❌Earnings Stability
4 loss years (4 yrs data)
vs No negative EPS years
✅Dividend Record
3.16%
vs Uninterrupted dividends
❌Moderate P/E Ratio
-4300.0x
vs P/E ≤ 15.0x
❌Moderate Price-to-Book
2.28x P/B (P/E×P/B: -9822.2)
vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5
Graham's 7 Criteria — Explained
What each criterion measures and why it may or may not apply to modern businesses.
❌ Adequate Size — $447Mvs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
❌ Strong Financial Condition — 0.74xvs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
❌ Earnings Stability — 4 loss years (4 yrs data)vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
✅ Dividend Record — 3.16%vs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
❌ Moderate P/E Ratio — -4300.0xvs P/E ≤ 15.0x
Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.
"The price-earnings ratio should be no more than 15 times average earnings."
Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.
"The price should not be more than 1½ times book value. P/E × P/B ≤ 22.5."
Net Current Asset Value
$-20.45
Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
$7.16
Per share, no-growth floor. Compare to current price.
Cash Flow Analysis
Metric
2025
2024
2023
2022
2021
Capital Expenditure % of Net Income
N/A
N/A
N/A
N/A
N/A
Repurchase of Capital Stock
N/A
N/A
-$1M
-$0M
N/A
Free Cash Flow
$322M▲
$283M▼
$296M▼
$338M•
N/A•
Warren's Owner Earnings
N/A
N/A
N/A
N/A
N/A
Peers & Industry
No auto-detected peers for REIT - Retail. You can manually compare MAC against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
0.36%
Low — management has little skin in the game
Return on Equity (ROE)
-8.1%
Weak — poor returns on equity
Return on Assets (ROA)
-2.4%
Poor — assets are not generating adequate returns
Debt Trend YoY
+1.4% YoY
Debt is roughly stable
Leadership Team
Jackson Hsieh
President, CEO & Director
Age 64
Pay: $4,221,400
Daniel Swanstrom II
CFO, Treasurer & Senior EVP
Age 48
Pay: $2,201,834
David Keane
Executive Vice President of Investments
Tom Birdsall
Senior Vice President of Information Technology
Alexandra Johnstone
Vice President of Finance & Investor Relations
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
17.48%
45,480,729
Vanguard Group Inc
14.83%
38,576,064
FMR, LLC
7.59%
19,750,982
State Street Corporation
5.72%
14,892,879
Smead Capital Management, Inc.
5.37%
13,963,805
JPMORGAN CHASE & CO
5.21%
13,555,892
T. Rowe Price Investment Management, Inc.
2.64%
6,878,907
Geode Capital Management, LLC
2.54%
6,608,318
⚠️Very high beta — extreme price volatility
⚠️Current ratio below 1 — liquidity risk
Risk Analysis
Beta (Market Risk)
2.11
High volatility — moves more than the market
Short Interest
6.7% of float
Moderate short interest
Debt-to-Equity
2.03x
High leverage — significant financial risk
Current Ratio
0.45x
Weak liquidity — current liabilities exceed current assets
52-Week Price Range
Low: $14.62Current: $21.50High: $22.56
Currently at 87% of 52-week range
The Macerich Company (MAC) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 124.6%. Operating margin: 37.6%. Net margin: -44.1%. Market cap: $5.8B. Sector: Real Estate. Industry: REIT - Retail. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.