MAC
Macerich Company
NYSE: MAC · REAL ESTATE · REIT - RETAIL
$25.45
+1.76% today
Updated 2026-06-12
Market cap
$7.51B
P/E ratio
—
P/S ratio
7.33x
EPS (TTM)
$-0.72
Dividend yield
2.72%
52W range
$15 – $26
Volume
2.9M
Macerich Company (MAC) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed MAC price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$25.45
Today
Analyst consensus
$21.69
-14.77% · 12M
2030 Base
$-6.08
-123.89% future
NPV today
$-6.08
@ 16% WACC
13 analysts:
7 Buy4 Hold3 Sell
Management guidance
Management has not issued explicit revenue guidance through 2030. However, CEO commentary emphasizes the 'Path Forward' strategic plan targeting elevated FFO and margin expansion through leasing momentum, asset repositioning, and high-quality Class A mall focus. Company acquired Annapolis Mall ($272M) and raised $403M equity (May 2026) to fund growth and deleveraging, signaling confidence in stabilization and modest expansion in the near term.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
MAC · Macerich Company · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$-10.35
NPV today: $-10.35
Base case (2030)
$-6.08
NPV today: $-6.08
Bull case (2030)
$6.73
NPV today: $3.38
WallStSmart.com
MAC financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|---|
| Revenue | $1.0B | $1.0B | $1.0B | $1.1B | $1.1B | $1.1B |
| Revenue growth | 10.6% | -6.9% | 4.3% | 4.5% | 3.8% | 3.0% |
| Net margin | — | -4.6% | -0.8% | 2.0% | 3.4% | 4.5% |
| EPS | $-0.45 | $-0.17 | $-0.03 | $0.08 | $0.14 | $0.19 |
| Diluted shares | — | 262M | 263M | 263M | 264M | 264M |
| Net debt | — | $5.06B | $5.04B | $5.03B | $5.01B | $4.99B |
| P/S multiple | — | 3.0x | 3.0x | 3.0x | 3.0x | 3.0x |
| Implied price (base) | — | $-8.23 | $-7.67 | $-7.07 | $-6.54 | $-6.08 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $1.1B | $1.1B | $1.1B |
| P/S multiple | 2.0x | 3.0x | 6.0x |
| Diluted shares | 264M | 264M | 264M |
| Net debt | $4.99B | $4.99B | $4.99B |
| Implied P/E † | -55x | -32x | 35x |
| 2030 Price | $-10.35 | $-6.08 | $6.73 |
| NPV @ 16% | $-10.35 | $-6.08 | $3.38 |
† Implied P/E: Multiples remain elevated across all three scenarios because MAC is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $-6.08 base case
MAC catalysts and risks
Growth catalysts
+ Annapolis Mall integration and remerchandising ($40M capex planned) driving NOI growth and repositioning success
+ Path Forward plan execution: disposition of non-core assets, leasing momentum in Class A portfolio, Gen Z-focused tenant mix transformation
+ FFO accretion from acquisitions and occupancy recovery offset by modest revenue growth; margin expansion via operational leverage
+ Deleveraging progress from equity raise ($403M) and potential asset sales reducing refinancing risk
Key risks
- Structural retail headwinds: continued brick-and-mortar erosion, e-commerce competition, and post-pandemic normalization pressuring occupancy and rent growth
- High leverage (Debt/Equity 2.07x, Enterprise Value $10.98B) limits financial flexibility; refinancing risk remains elevated despite recent capital raise
- Revenue stagnation: historical 5Y trend is flat-to-negative; recent acquisitions may not offset organic portfolio declines; guidance absent from management
- Negative net income (-17.9% margin, -$0.72 EPS TTM) reflects substantial depreciation and interest burden; FFO-to-net income divergence unsustainable long-term
Methodology · Macerich Company 2030 stock forecast model
Macerich Company 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 13 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (-7% cumulative for MAC by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($4.99B by 2030) |
| 3. Time value | NPV calculated using 16% WACC (CAPM: beta 2.112) |
| 4. Multiple framework | P/S compresses with scale: bear 2.0x / base 3.0x / bull 6.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 20, 2026.
MAC price target FAQ
What is the MAC price target for 2030?
WallStSmart's Macerich Company 2030 base case is $-6.08 per share, with a bull case of $6.73 and bear case of $-10.35. The NPV of the base case discounted to today at 16% WACC is $-6.08.
How is the Macerich Company 2030 stock forecast calculated?
The MAC 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the MAC price target account for dilution?
Macerich Company is projected to grow diluted share count from 283M to 264M by 2030 (a -7% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately -7%.
What is the analyst consensus on MAC stock?
13 analysts cover MAC with an average 12-month price target of $21.69. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.