The Macerich Company (MAC) has experienced a significant stock rally, with shares rising 57.4% over the past year, outperforming its sub-industry’s 21.1% gain. As of March 31, 2026, MAC reported a portfolio occupancy rate of 94.5%, with 90% of net operating income derived from Class A properties. In the first quarter of 2026, adjusted funds from operations were 34 cents per share, matching the previous year’s quarter and exceeding analysts’ expectations by 9.68%.
Despite the positive momentum, MAC’s valuation appears more fair than cheap, trading at 16.39 times forward funds from operations, slightly above the Zacks sector average of 16.18. Current estimates reflect modest growth, with 2026 projected funds from operations at $1.46 per share. The company also carries a net debt to adjusted EBITDA ratio of 7.76 as of March 31, 2026, posing potential risks for investors.
MAC has a Zacks Rank of #3 (Hold), suggesting a cautious approach for investors considering additional purchases. The stock’s blended scores reflect its mixed performance: a Value Score of C, and both Growth and Momentum Scores of D indicate limited short-term upside potential.
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