Macerich (MAC) is back in focus after reporting second quarter 2026 funds from operations and revenue that topped consensus estimates, alongside a reaffirmed quarterly dividend of $0.17 per common share.

At a recent share price of US$25.62, Macerich has given investors a strong year to date share price return of 38.34%, backed by a 55.04% total shareholder return over the past year and a 126.38% total shareholder return over three years. This points to building momentum around the stock as the market reacts to its FFO beat, dividend affirmation, and the flexibility implied by its new shelf registration.

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Macerich has delivered better than expected FFO and a strong recent share price run, which points to a solid business footing. The next question is whether that quality is already fully reflected in today’s valuation.

Most Popular Narrative: 50% Undervalued

Analysts following Macerich see a fair value of about $25.75 per share, which is close to the recent $25.62 price, yet the most widely referenced narrative frames the stock as trading at a very large discount to its future cash flow value under an 8.31% discount rate.

Ongoing asset dispositions and disciplined portfolio refinement are concentrating capital in top-performing, high-barrier, urban and coastal assets, which is enhancing pricing power, stabilizing cash flows, and allowing for continued improvements in balance sheet strength and lower interest expense, positively impacting net earnings.

Want to see what sits underneath that fair value call for Macerich? The crux is how revenue, margins and future earnings are modeled to justify the valuation. The bigger question is what kind of profit profile those assumptions imply over time. The full narrative lays out the numbers that make this discount look compelling on paper.

Result: Fair Value of $25.75 (UNDERVALUED)

However, the Macerich narrative can still be knocked off course if high leverage squeezes earnings or if e commerce pressure keeps weighing on mall tenant demand.

Next Steps

With Macerich’s story showing both pressure points and bright spots, it makes sense to move quickly and review the underlying data for yourself. To weigh those trade offs in context, take a closer look at the 2 key rewards and 3 important warning signs.

Looking for more investment ideas beyond Macerich?

If Macerich has sharpened your focus, do not stop here. Broader research across different styles and risk levels can help you build a more resilient portfolio.

• Target potential mispricings by checking the 52 high quality undervalued stocks that currently pass Simply Wall Street's quality filters.
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• Prioritize resilience by scanning the 82 resilient stocks with low risk scores that stand out for more measured risk profiles.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.