MAC Macerich margins

Relative Growth: Rel. Growth: 50

Relative Strength: Rel. Strength: 80

Relative Valuation: Rel. Valuation: 12

Relative Profitability: Rel. Profitability: 55

Gross margin

52.9%

Operating margin

15.8%

EBITDA margin

51.6%

Net margin

-9.8%

Macerich records its net margin is negative at -9.8%, with a gross margin of 52.9%, an operating margin of 15.8%, an EBITDA margin of 51.6%, and a net margin of -9.8%. Operating margin led the available margin improvements with a 30.5 percentage-point increase, while gross margin fell by 2 percentage points.

MAC margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Macerich recorded average margins of 54.16% gross, 12.05% operating, 38.24% EBITDA, and -20.53% net. Macerich's current performance shows that operating, EBITDA, and net margins are above their three-year averages and gross margin is below its three-year average.

MAC margin expansion

Year-over-year margin changes in percentage points

The largest positive change was in operating margin, up 30.5 percentage points. Ebitda margin also expanded by 26.6 percentage points and Net margin also expanded by 28.2 percentage points, while gross margin contracted by 2 percentage points.

Gross margin expansion

-2pp

Operating margin expansion

30.5pp

EBITDA margin expansion

26.6pp

Net margin expansion

28.2pp

MAC Gross margin

Macerich's gross margin averaged 54.16% over the last 3 years. Against its three-year average, Macerich's gross margin is currently 52.9%, 1.3 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 52.9% in Sep 2026.

MAC Operating margin

Across the last 3 years, Macerich's operating margin averaged 12.05%. Against its three-year average, Macerich's operating margin is currently 15.8%, 3.8 percentage points above 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 38.24%. Against its three-year average, Macerich's EBITDA margin is currently 51.6%, 13.4 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 -20.53% across the last 3 years. The latest net margin for Macerich is -9.8%, 10.7 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 52.9% 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 60.8%, Macerich's gross margin is 13% 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 52.9% as of Sep 30, 2026.

What is Macerich's operating margin?

For the period ending Sep 30, 2026, MAC recorded an operating margin of 15.8%.

What is Macerich's EBITDA margin?

The current EBITDA margin for MAC is 51.6% as of Sep 30, 2026.

What is Macerich's net margin?

As of Sep 30, 2026, MAC has a net margin of -9.8%.

What are the average margins of MAC?

Across the last 3 years, MAC averaged 54.2% gross, 12.1% operating, 38.2% EBITDA, and -20.5% 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 52.9% gross in Sep 2026, -14.7% operating in Sep 2025, 15.6% EBITDA in Mar 2024, and -41.3% net in Jun 2025.