The business behind the dividend
| Measure | MAC | Median | Formula |
|---|---|---|---|
| Return on equity | -8.1% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-95.97m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $54.68m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | -19.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | 2.07x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -6.2% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Interest cover, Operating margin, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -8.1% | -7.0% | -11.2% | -2.3% | 0.5% | -10.2% | 3.7% | 2.3% | 4.4% | 13.5% | -2.3% |
| Net margin | -19.4% | -21.1% | -31.0% | -7.7% | 1.7% | -29.3% | 10.4% | 7.2% | 16.3% | 53.3% | -7.7% |
| Debt to equity | 2.07x | 1.78x | 1.69x | 1.48x | 1.45x | 2.02x | 1.67x | 1.38x | 1.15x | 1.00x | 1.48x |
| Cash conversion | — | — | — | — | 20.08x | — | 3.67x | 4.99x | 2.39x | 0.77x | 3.67x |
How it compares in real estate
Among the 99 real estate companies here measured on funds from operations, Macerich pays out less than 5 of them. The median for that group is 67.5%, against this company’s 101.1%.
Closest on funds from operations
- Centerspace (CSR) 98.8%
- W. P. Carey (WPC) 100.3%
- Apollo Commercial Real Estate Finance (ARI) 100.7%
- CTO Realty Growth (CTO) 100.8%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →