Assessing Macerich (MAC) Valuation After Latest Earnings Reveal Shifts In Sales And Net Losses

Macerich (MAC) just released its fourth quarter and full year 2025 results, giving investors fresh numbers on sales, revenue, and net losses that help explain recent stock price moves.

See our latest analysis for Macerich.

Macerich’s recent earnings release and dividend affirmation have come alongside a clear shift in sentiment, with the 90 day share price return of 18.21% and a three year total shareholder return of 77.28% signalling positive momentum despite a slightly negative one year total shareholder return.

If you are reassessing real estate exposure after Macerich’s update, it could be a good moment to broaden your search and check out 22 top founder-led companies.

With the shares up 18.21% over 90 days and trading close to analyst targets, but still at what appears to be a sizeable intrinsic discount, you have to ask: is Macerich undervalued, or is the market already pricing in future growth?

Most Popular Narrative: 4.9% Undervalued

With Macerich last closing at $19.15 against a widely followed fair value estimate of $20.13, the current price sits slightly below that narrative view and puts the focus firmly on how sustainable future earnings and occupancy really are.

The focus on experiential and destination-oriented retail (for example, DICK'S House of Sport, Cheesecake Factory, entertainment concepts) is revitalizing consumer engagement and increasing traffic, positioning the portfolio to benefit from experience-driven spending and capturing higher net margins over time.

Strategic acquisitions like Crabtree Mall in high-growth, supply-constrained markets are expected to meaningfully boost future revenues by increasing permanent occupancy, elevating rent profiles, and leveraging Macerich's operational platform to capture embedded NOI growth.

Read the complete narrative.

To see what kind of revenue path and margin rebuild that story relies on, and how those feed into a very punchy future earnings multiple and discount rate assumptions, the full narrative lays out the complete playbook.

Result: Fair Value of $20.13 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, heavy leverage and exposure to challenged brick and mortar markets, along with ongoing tenant churn and refinancing needs, could still upset the current fair value story.

Find out about the key risks to this Macerich narrative.

Another Angle On Valuation

Those fair value stories look attractive, but the P/S ratio tells a different story. Macerich trades at 4.5x sales against a fair ratio of 3x, even though peers sit around 6.3x and the US Retail REITs group at 6.6x. That gap hints at both cushion and downside risk if sentiment turns. How comfortable are you with that trade off?

See what the numbers say about this price — find out in our valuation breakdown.

Next Steps

With mixed signals across valuation ratios and sentiment, it makes sense to review the underlying data yourself and take action before the next update resets the story. You can start with 2 key rewards and 2 important warning signs.

Looking for more investment ideas?

If this Macerich update has you rethinking your next move, do not stop here. Let the data surface a few fresh leads worth your attention.

• Target stronger value potential by scanning our list of 53 high quality undervalued stocks that combine quality fundamentals with prices that may not fully reflect them yet.
• Fortify your income stream by reviewing 13 dividend fortresses, a set of companies offering 5%+ yields that focus on consistency alongside payout.
• Lower the bumpiness in your portfolio by checking 80 resilient stocks with low risk scores, highlighting businesses with more resilient risk profiles and steadier fundamentals.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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