MAC Macerich margins

Relative Growth: Rel. Growth: 44

Relative Strength: Rel. Strength: 73

Relative Valuation: Rel. Valuation: 13

Relative Profitability: Rel. Profitability: 49

Gross margin

54%

Operating margin

7.8%

EBITDA margin

45.7%

Net margin

-16.8%

Macerich records its net margin is negative at -16.8%, with a gross margin of 54%, an operating margin of 7.8%, an EBITDA margin of 45.7%, and a net margin of -16.8%. EBITDA margin led the available margin gains with 25.2 percentage points, while the other margins did not change.

MAC margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Macerich recorded average margins of 54.27% gross, 11.71% operating, 37.03% EBITDA, and -21.51% net. Macerich's current performance shows that EBITDA and net margins are above their three-year averages and gross and operating margins are below their three-year averages.

MAC margin expansion

Year-over-year margin changes in percentage points

Operating margin expanded by 18.1 percentage points, EBITDA margin by 25.2 percentage points, and net margin by 24.5 percentage points. Gross margin was unchanged.

Gross margin expansion

0pp

Operating margin expansion

18.1pp

EBITDA margin expansion

25.2pp

Net margin expansion

24.5pp

MAC Gross margin

Macerich's gross margin averaged 54.27% over the last 3 years. Against its three-year average, Macerich's gross margin is currently 54%, 0.3 percentage points below its three-year average. Over the last 3 years, Macerich's gross margin peaked at 55.3% in Dec 2023 and reached a low of 53.1% in Dec 2024.

MAC Operating margin

Across the last 3 years, Macerich's operating margin averaged 11.71%. Against its three-year average, Macerich's operating margin is currently 7.8%, 3.9 percentage points below its three-year average. Operating margin was highest at 49.7% in Sep 2024 and lowest at -14.7% in Sep 2025.

MAC EBITDA margin

Over the last 3 years, the average EBITDA margin for Macerich was 37.03%. Against its three-year average, Macerich's EBITDA margin is currently 45.7%, 8.7 percentage points above its three-year average. Macerich's EBITDA margin ranged from a low of 15.6% in Mar 2024 to a high of 61.9% in Sep 2024.

MAC Net margin

Macerich recorded an average net margin of -21.51% across the last 3 years. The latest net margin for Macerich is -16.8%, 4.7 percentage points above its three-year average. Macerich's net margin ranged from a low of -41.3% in Jun 2025 to a high of 9% in Sep 2024.

MAC margin group comparison

Margins compared with peer-group, industry and sector averages

Macerich's gross margin of 54% is higher than its peers average but lower than the Real Estate sector and the industry average. In comparison with the Real Estate sector average of 62.8%, Macerich's gross margin is 14% lower.

MAC margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Macerich's gross margin?

The current gross margin for MAC is 54% as of Jun 30, 2026.

What is Macerich's operating margin?

For the period ending Jun 30, 2026, MAC recorded an operating margin of 7.8%.

What is Macerich's EBITDA margin?

The current EBITDA margin for MAC is 45.7% as of Jun 30, 2026.

What is Macerich's net margin?

As of Jun 30, 2026, MAC has a net margin of -16.8%.

What are the average margins of MAC?

Across the last 3 years, MAC averaged 54.3% gross, 11.7% operating, 37.0% EBITDA, and -21.5% net.

What are the highest historical margins of MAC?

Over this 5-year history, MAC peaked at 56.2% gross in Mar 2022, 49.7% operating in Sep 2024, 63.8% EBITDA in Mar 2022, and 9% net in Sep 2024.

What are the lowest historical margins of MAC?

Over this 5-year history, Macerich's margins fell as low as 53.1% gross in Dec 2024, -14.7% operating in Sep 2025, 15.6% EBITDA in Mar 2024, and -41.3% net in Jun 2025.