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 Margin12.8%
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-15.0%
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.
Financial Health
F
Years to Pay Off Debt-137.5 yrs
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-$5.2B
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-$282M
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.
Valuation
D
Price-to-Book2.75x
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 like software and consumer brands.
Cash Flow
A
Free Cash Flow$77M
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.
About The Macerich Company
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 approximately 41 million square feet of real estate, consisting primarily of interests in 39 retail centers. The Macerich Company was incorporated in 1964 in Maryland and is based in Santa Monica, California.
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 approximately 41 million square feet of real estate, consisting primarily of interests in 39 retail centers. The Macerich Company was incorporated in 1964 in Maryland and is based in Santa Monica, California.
Metric Explanations
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 like software and consumer brands.
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.
Net Income From Continuing Operation Net Minority Interest
-36,350
-18,760
Reconciled Depreciation
86,015
87,697
Reconciled Cost Of Revenue
116,506
114,951
EBITDA
113,980
50,081
EBIT
27,965
-37,616
Net Interest Income
-67,500
-69,844
Interest Expense
67,500
Normalized Income
-42,733
6,890
Net Income From Continuing And Discontinued Operation
-36,350
-18,760
Total Expenses
210,547
211,849
Rent Expense Supplemental
13,809
14,148
Diluted Average Shares
258,028
267,188
Basic Average Shares
258,028
256,618
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
-36,563
-18,953
Net Income Common Stockholders
-36,563
-18,953
Otherunder Preferred Stock Dividend
213
193
Net Income
-36,350
-18,760
Minority Interests
544
-394
Net Income Including Noncontrolling Interests
-36,894
-18,366
Net Income Continuous Operations
-36,894
-18,366
Tax Provision
-2,641
-473
Pretax Income
-39,535
-18,839
Other Income Expense
-3,026
1,150
Special Income Charges
6,840
-25,232
Gain On Sale Of Ppe
9,916
4,236
Write Off
Impairment Of Capital Assets
3,076
29,468
Earnings From Equity Interest
-9,866
27,461
Gain On Sale Of Security
-1,079
-7,769
Net Non Operating Interest Income Expense
-67,500
-69,844
Total Other Finance Cost
Interest Expense Non Operating
67,500
Operating Income
30,991
49,855
Operating Expense
91,102
94,318
Depreciation Amortization Depletion Income Statement
83,076
85,117
Depreciation And Amortization In Income Statement
83,076
85,117
Selling General And Administration
8,026
9,201
General And Administrative Expense
8,026
9,201
Other Gand A
8,026
9,201
Gross Profit
122,093
144,173
Cost Of Revenue
119,445
117,531
Total Revenue
241,538
261,704
Operating Revenue
232,519
251,600
Balance Sheet
2026
2025
2024
Ordinary Shares Number
260,633
256,991
Share Issued
260,633
256,991
Net Debt
4,750,584
4,788,700
Total Debt
4,997,767
5,135,925
Tangible Book Value
2,278,726
2,272,483
Invested Capital
7,370,616
7,517,817
Working Capital
-281,958
-184,557
Net Tangible Assets
2,278,726
2,272,483
Capital Lease Obligations
65,149
66,979
Common Stock Equity
2,437,998
2,448,871
Total Capitalization
7,370,616
7,517,817
Total Equity Gross Minority Interest
2,511,866
2,527,070
Minority Interest
73,868
78,199
Stockholders Equity
2,437,998
2,448,871
Gains Losses Not Affecting Retained Earnings
-7
-9
Other Equity Adjustments
-7
-9
Retained Earnings
-3,858,433
-3,777,816
Additional Paid In Capital
6,293,832
6,224,127
Capital Stock
2,606
2,569
Common Stock
2,606
2,569
Total Liabilities Net Minority Interest
5,679,836
5,841,615
Total Non Current Liabilities Net Minority Interest
4,997,767
5,135,925
Long Term Debt And Capital Lease Obligation
4,997,767
5,135,925
Long Term Capital Lease Obligation
65,149
66,979
Long Term Debt
4,932,618
5,068,946
Current Liabilities
682,069
705,690
Payables And Accrued Expenses
682,069
705,690
Current Accrued Expenses
352,648
386,092
Payables
329,421
319,598
Dividends Payable
199,884
194,388
Accounts Payable
129,537
125,210
Total Assets
8,191,702
8,368,685
Total Non Current Assets
7,791,591
7,847,552
Other Non Current Assets
56,001
64,523
Non Current Deferred Assets
103,760
102,520
Non Current Deferred Taxes Assets
30,158
27,517
Investments And Advances
699,632
707,075
Long Term Equity Investment
699,632
707,075
Investmentsin Joint Venturesat Cost
699,632
707,075
Investment Properties
6,666,442
6,688,128
7,097,113
Goodwill And Other Intangible Assets
159,272
176,388
Other Intangible Assets
159,272
176,388
Net PPE
106,484
108,918
Accumulated Depreciation
Gross PPE
106,484
108,918
Construction In Progress
Other Properties
106,484
108,918
Machinery Furniture Equipment
Buildings And Improvements
Land And Improvements
Current Assets
400,111
521,133
Current Deferred Assets
Restricted Cash
88,730
92,717
Receivables
129,347
148,170
Receivables Adjustments Allowances
Other Receivables
Duefrom Related Parties Current
3,587
2,449
Accounts Receivable
125,760
145,721
Allowance For Doubtful Accounts Receivable
-9,133
-7,789
-7,146
Gross Accounts Receivable
134,893
153,510
162,496
Cash Cash Equivalents And Short Term Investments
182,034
280,246
Cash And Cash Equivalents
182,034
280,246
Cash Flow
2026
2025
2024
Free Cash Flow
77,377
50,204
Repayment Of Debt
-221,378
-10,299
Issuance Of Debt
100,000
0
Issuance Of Capital Stock
7,121
509,293
Interest Paid Supplemental Data
56,345
51,669
End Cash Position
270,764
372,963
Beginning Cash Position
372,963
380,603
Changes In Cash
-102,199
-7,640
Financing Cash Flow
-124,862
-50,671
Cash Flow From Continuing Financing Activities
-124,862
-50,671
Net Other Financing Charges
45,550
-66
Cash Dividends Paid
-49,034
-46,176
Common Stock Dividend Paid
-49,034
-46,176
Net Common Stock Issuance
7,121
509,293
Common Stock Issuance
7,121
509,293
Net Issuance Payments Of Debt
-121,378
-10,299
Net Long Term Debt Issuance
-121,378
-10,299
Long Term Debt Payments
-221,378
-10,299
Long Term Debt Issuance
100,000
0
Investing Cash Flow
-54,714
-7,173
Cash Flow From Continuing Investing Activities
-54,714
-7,173
Net Other Investing Changes
11,179
32,621
Dividends Received Cfi
17,109
39,227
Net Investment Properties Purchase And Sale
-68,968
-56,657
Purchase Of Investment Properties
-68,968
-56,657
Net Business Purchase And Sale
-14,034
-22,364
Sale Of Business
0
41,629
Purchase Of Business
-14,034
-22,364
Operating Cash Flow
77,377
50,204
Cash Flow From Continuing Operating Activities
77,377
50,204
Change In Working Capital
18,748
-26,825
Change In Other Current Assets
14,510
-18,330
Change In Payables And Accrued Expense
-19,640
10,161
Change In Accrued Expense
-30,245
18,488
Change In Payable
10,605
-8,327
Change In Account Payable
10,605
-8,327
Change In Receivables
23,878
-18,656
Changes In Account Receivables
25,016
-17,916
Other Non Cash Items
2,011
3,154
Stock Based Compensation
5,901
4,845
Provisionand Write Offof Assets
1,211
1,322
Deferred Tax
-2,641
-473
Deferred Income Tax
-2,641
-473
Depreciation Amortization Depletion
86,015
87,697
Depreciation And Amortization
86,015
87,697
Operating Gains Losses
3,026
-1,150
Earnings Losses From Equity Investments
9,866
-27,461
Net Income From Continuing Operations
-36,894
-18,366
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $249M▼ $242M-3.1%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 53.0%▼ 50.5%-2.4pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 12.4%▼ 12.8%+0.4pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: -20.1%▲ -15.0%+5.1pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
❌ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$242M/qtr (≈$966M ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
0.59x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$77M
vs Positive
Operating Cash Flow
$77M
Latest quarter · Buffett's cash reality check
ROIC
0.3%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
2.7x
Net Assets: $2.5B
⚠️Operating income is positive but net income is negative. This typically reflects below-the-line items: interest expense, impairment charges, tax adjustments, or one-time write-offs. The core business may be healthy — operating margin is a better signal of ongoing profitability here.
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
0.35%
Low — management has little skin in the game
Return on Equity (ROE)
-1.5%
Weak — poor returns on equity
Return on Assets (ROA)
-0.4%
Poor — assets are not generating adequate returns
Debt Trend YoY
-2.7% YoY
Debt is declining — management is deleveraging
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.
16.31%
46,259,103
Vanguard Portfolio Management LLC
9.02%
25,565,859
FMR, LLC
8.48%
24,047,392
State Street Corporation
5.21%
14,781,086
Smead Capital Management, Inc.
4.29%
12,155,332
Vanguard Capital Management LLC
4.05%
11,472,606
JPMORGAN CHASE & CO
2.79%
7,904,430
CenterSquare Investment Management LLC
2.57%
7,274,604
⚠️Very high beta — extreme price volatility
⚠️Current ratio below 1 — liquidity risk
Risk Analysis
Beta (Market Risk)
2.09
High volatility — moves more than the market
Short Interest
6.1% of float
Moderate short interest
Debt-to-Equity
1.99x
Moderate leverage
Current Ratio
0.30x
Weak liquidity — current liabilities exceed current assets
52-Week Price Range
Low: $15.48Current: $23.63High: $25.72
Currently at 80% 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: 50.5%. Operating margin: 12.8%. Net margin: -15.0%. Market cap: $7.0B. Sector: Real Estate. Industry: REIT - Retail. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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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
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