MeritValue

MACERICH CO

MACdata completeness 88%18 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'pretaxIncome'

The thesis, from the filings

MACERICH CO earns about -6% on equity, but has diluted owners by 28% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$847.4M1$859.2M2$884.1M3$918.2M3$1.01B3
Net income$14.3M4−$66.1M5−$274.1M6−$194.1M6−$197.1M6
Operating cash flow$286.4M7$337.5M8$295.5M9$283.4M9$321.6M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$4.42B10$4.24B11$4.14B12$4.89B13$5.07B13
Cash & equivalents$112.5M14$100.3M15$94.9M15$89.9M15$280.2M15
Diluted shares198.1M215.0M215.5M221.8M254.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$96.33
your share of equity
Profit it earned you last year
−$7.76
Free cash flow it threw off
—
Debt you’d be carrying
$199.4

10 shares is a claim on $96.33 of net worth that earned you −$7.76 last year, against $199.4 of debt.

iii. Is this a good business?
Moat signal · return on equity
-6% avg · 5y
FY21 0%FY22 -2%FY23 -11%FY24 -7%FY25 -8%

It earned an average -6% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+28% shares · 5y

Share count is up 28% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 15% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000912242-24-000026 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000912242-25-000023 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000912242-26-000016 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000912242-24-000026 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000912242-25-000023 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000912242-26-000016 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000912242-24-000026 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000912242-25-000023 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000912242-26-000016 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000912242-23-000007 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0000912242-24-000026 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0000912242-25-000023 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0000912242-26-000016 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0000912242-25-000023 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0000912242-26-000016 (CashAndCashEquivalentsAtCarryingValue)