The Macerich Company

MACNYSEReal Estate● Active

$23.51

$-0.16(-0.66%)

Market Cap$6.7B

P/E Ratio—

52W High$23.76

52W Low$15.48

Avg Volume2.6M

Open$23.60

Beta2.09

Free Cash Flow Financials Revenue

The Macerich Company (MAC) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

MAC · free cash flow · updated Jun 8, 2026

Core FCF metrics

MAC · FCF · TTM · margin & CAGR

Free cash flow was $321.6M for FY2025 (fiscal year ending 2025-12-31), up 13.5% year-over-year The FCF margin was 31.7%. Five-year CAGR stands at +20.8%.

FY2025 Free Cash Flow$321.6M▲ +13.5% YoY

Trailing 12M (TTM)$294.6Mtrailing 4 quarters sum

FCF Margin31.7%$321.6M ÷ revenue

3-Year CAGR-1.6%FY2022 → FY2025

5-Year CAGR+20.8%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

MAC · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$321.6M(0M)$321.6M▲ +13.5%31.7%

FY2024$283.4M(0M)$283.4M▼ 4.1%30.9%

FY2023$295.5M(0M)$295.5M▼ 12.4%33.4%

FY2022$337.5M(0M)$337.5M▲ +17.9%39.3%

FY2021$286.4M(0M)$286.4M▲ +129.4%33.8%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

MAC · P/FCF · FCF yield · FCF per share

The Macerich Company (MAC) trades at a FCF yield of 4.43% and a price-to-free-cash-flow ratio of 20.4x. FCF per share stands at $1.15, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

4.43%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$1.15

TTM FCF ÷ Shares Outstanding

Price / FCF

x20.4

Share Price ÷ FCF per Share

EV / FCF (TTM)

x39.6

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

MAC · cash flow statement · operating / investing / financing

For FY2025, The Macerich Company generated $321.6M in operating cash flow and spent 0M in capital expenditures, yielding $321.6M in free cash flow.

Operating Activities

+$321.6M

Cash from core business operations

2025-12-31

Investing Activities

−$325.3M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$199.2M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($321.6M) − |CapEx| (0M) = FCF ($321.6M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Real Estate)

MAC vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

The Macerich CompanyYOU

MAC

$321.6M+13.5%31.7%

American Tower Corporation

AMT

$3.78B+2.2%35.5%

76%

Simon Property Group, Inc.

Real Estate · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

The Macerich Company (MAC) reported free cash flow of $321.6M for FY2025 (fiscal year ending 2025-12-31), up 13.5% year-over-year. The FCF margin was 31.7%.

Based on available data, The Macerich Company has maintained positive free cash flow for at least 14 fiscal year(s). FCF peaked at $555.0M in FY2015. The 5-year CAGR stands at +20.8%.

The Macerich Company's FCF yield is 4.43% and price-to-FCF ratio is 20.4x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

MAC free cash flow · 8 questions

The Macerich Company free cash flow was $321.6M for FY2025, up 13.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $294.6M.

MAC free cash flowMAC FCFMAC FCF 2025MAC free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · The Macerich Company · The Macerich Company SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026