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-$5.1B
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-$262M
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-Book2.49x
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$67M
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 39 million square feet of real estate, consisting primarily of interests in 37 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 39 million square feet of real estate, consisting primarily of interests in 37 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.
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
-18,760
Reconciled Depreciation
87,697
Reconciled Cost Of Revenue
114,951
EBITDA
50,081
EBIT
-37,616
Net Interest Income
-69,844
Interest Expense
Normalized Income
6,890
Net Income From Continuing And Discontinued Operation
-18,760
Total Expenses
211,849
Rent Expense Supplemental
14,148
Diluted Average Shares
296,249
267,188
Basic Average Shares
284,079
256,618
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
-18,953
Net Income Common Stockholders
-18,953
Otherunder Preferred Stock Dividend
193
Net Income
-18,760
Minority Interests
-394
Net Income Including Noncontrolling Interests
-18,366
Net Income Continuous Operations
-18,366
Tax Provision
-473
Pretax Income
-18,839
Other Income Expense
1,150
Special Income Charges
-25,232
Gain On Sale Of Ppe
4,236
Write Off
Impairment Of Capital Assets
29,468
Earnings From Equity Interest
27,461
Gain On Sale Of Security
-1,079
Net Non Operating Interest Income Expense
-69,844
Total Other Finance Cost
Interest Expense Non Operating
Operating Income
49,855
Operating Expense
94,318
Depreciation Amortization Depletion Income Statement
85,117
Depreciation And Amortization In Income Statement
85,117
Selling General And Administration
9,201
General And Administrative Expense
9,201
Other Gand A
9,201
Gross Profit
144,173
Cost Of Revenue
117,531
Total Revenue
261,704
Operating Revenue
251,600
Balance Sheet
2026
2025
Ordinary Shares Number
284,076
256,991
Share Issued
284,076
256,991
Net Debt
4,621,047
4,788,700
Total Debt
4,911,512
5,135,925
Tangible Book Value
2,635,405
2,272,483
Invested Capital
7,675,273
7,517,817
Working Capital
-262,259
-184,557
Net Tangible Assets
2,635,405
2,272,483
Capital Lease Obligations
63,437
66,979
Common Stock Equity
2,827,198
2,448,871
Total Capitalization
7,675,273
7,517,817
Total Equity Gross Minority Interest
2,907,473
2,527,070
Minority Interest
80,275
78,199
Stockholders Equity
2,827,198
2,448,871
Gains Losses Not Affecting Retained Earnings
-5
-9
Other Equity Adjustments
-5
-9
Retained Earnings
-3,933,754
-3,777,816
Additional Paid In Capital
6,758,116
6,224,127
Capital Stock
2,841
2,569
Common Stock
2,841
2,569
Total Liabilities Net Minority Interest
5,616,422
5,841,615
Total Non Current Liabilities Net Minority Interest
4,911,512
5,135,925
Long Term Debt And Capital Lease Obligation
4,911,512
5,135,925
Long Term Capital Lease Obligation
63,437
66,979
Long Term Debt
4,848,075
5,068,946
Current Liabilities
704,910
705,690
Payables And Accrued Expenses
704,910
705,690
Current Accrued Expenses
374,040
386,092
Payables
330,870
319,598
Dividends Payable
199,285
194,388
Accounts Payable
131,585
125,210
Total Assets
8,523,895
8,368,685
Total Non Current Assets
8,081,244
7,847,552
Other Non Current Assets
62,624
64,523
Non Current Deferred Assets
109,041
102,520
Non Current Deferred Taxes Assets
29,663
27,517
Investments And Advances
703,858
707,075
Long Term Equity Investment
703,858
707,075
Investmentsin Joint Venturesat Cost
703,858
707,075
Investment Properties
6,909,902
6,688,128
Goodwill And Other Intangible Assets
191,793
176,388
Other Intangible Assets
191,793
176,388
Net PPE
104,026
108,918
Accumulated Depreciation
Gross PPE
104,026
108,918
Construction In Progress
Other Properties
104,026
108,918
Machinery Furniture Equipment
Buildings And Improvements
Land And Improvements
Current Assets
442,651
521,133
Current Deferred Assets
Restricted Cash
83,918
92,717
Receivables
131,705
148,170
Receivables Adjustments Allowances
Other Receivables
Duefrom Related Parties Current
3,108
2,449
Accounts Receivable
128,597
145,721
Allowance For Doubtful Accounts Receivable
-9,731
-7,789
Gross Accounts Receivable
138,328
153,510
Cash Cash Equivalents And Short Term Investments
227,028
280,246
Cash And Cash Equivalents
227,028
280,246
Cash Flow
2026
2025
Free Cash Flow
66,871
50,204
Repayment Of Debt
-258,567
-10,299
Issuance Of Debt
150,000
0
Issuance Of Capital Stock
7,121
Interest Paid Supplemental Data
52,774
51,669
End Cash Position
310,946
372,963
Beginning Cash Position
270,764
380,603
Changes In Cash
40,182
-7,640
Financing Cash Flow
311,363
-50,671
Cash Flow From Continuing Financing Activities
311,363
-50,671
Net Other Financing Charges
470,621
-66
Cash Dividends Paid
-51,795
-46,176
Common Stock Dividend Paid
-51,795
-46,176
Net Common Stock Issuance
7,121
Common Stock Issuance
7,121
Net Issuance Payments Of Debt
-108,567
-10,299
Net Long Term Debt Issuance
-108,567
-10,299
Long Term Debt Payments
-258,567
-10,299
Long Term Debt Issuance
150,000
0
Investing Cash Flow
-338,052
-7,173
Cash Flow From Continuing Investing Activities
-338,052
-7,173
Net Other Investing Changes
977
32,621
Dividends Received Cfi
25,497
39,227
Net Investment Properties Purchase And Sale
-334,134
-56,657
Purchase Of Investment Properties
-334,134
-56,657
Net Business Purchase And Sale
-30,392
-22,364
Purchase Of Business
-30,392
-22,364
Operating Cash Flow
66,871
50,204
Cash Flow From Continuing Operating Activities
66,871
50,204
Change In Working Capital
-5,765
-26,825
Change In Other Current Assets
-1,074
-18,330
Change In Payables And Accrued Expense
2,495
10,161
Change In Accrued Expense
1,346
18,488
Change In Payable
1,149
-8,327
Change In Account Payable
1,149
-8,327
Change In Receivables
-7,186
-18,656
Changes In Account Receivables
-7,665
-17,916
Other Non Cash Items
2,466
3,154
Stock Based Compensation
6,741
4,845
Provisionand Write Offof Assets
1,922
1,322
Deferred Tax
495
-473
Deferred Income Tax
495
-473
Depreciation Amortization Depletion
89,230
87,697
Depreciation And Amortization
89,230
87,697
Operating Gains Losses
-1,366
-1,150
Earnings Losses From Equity Investments
5,237
-27,461
Net Income From Continuing Operations
-26,852
-18,366
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
0.63x 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.
$67M
vs Positive
Operating Cash Flow
$67M
Latest quarter · Buffett's cash reality check
ROIC
nan%
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
2.4x
Net Assets: $2.9B
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
Debt Trend YoY
-1.7% 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.
19.30%
54,737,438
FMR, LLC
11.10%
31,461,342
Vanguard Portfolio Management LLC
9.63%
27,314,692
State Street Corporation
5.76%
16,342,649
Vanguard Capital Management LLC
4.47%
12,682,019
Smead Capital Management, Inc.
3.98%
11,298,361
CenterSquare Investment Management LLC
3.17%
8,999,366
Geode Capital Management, LLC
3.06%
8,667,541
⚠️Very high beta — extreme price volatility
⚠️Current ratio below 1 — liquidity risk
Risk Analysis
Beta (Market Risk)
2.12
High volatility — moves more than the market
Short Interest
16.5% of float
Heavy short selling — market has significant bearish bets
Debt-to-Equity
1.87x
Moderate leverage
Current Ratio
0.35x
Weak liquidity — current liabilities exceed current assets
52-Week Price Range
Low: $16.03Current: $24.84High: $26.68
Currently at 83% 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: N/A. Operating margin: N/A. Net margin: N/A. Market cap: $7.3B. 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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