Is it safe?
Can MAC take a bad year?
The Macerich Company carries $4.67B of net debt at 19.6× EBITDA: a heavy load to carry through a bad year.
$4.67B
Net debt · as at Q1 2026 · over four years of earnings before interest, tax and depreciation, heavy
- Net debt / EBITDA
- 19.6×
Net debt / EBITDA · 18.4× a year ago · the load is going up
- Cash runway
- 5+ years
Cash runway · burning $2.2M a quarter at the current rate
- Annualised volatility
- 35%
Annualised volatility · roughly twice as jumpy as the market
Details›
- Total debtQ1 2026
- $4.85B
- Cash and short-term investments
- $182M
- Net debt
- $4.67B
- EBITDA, trailing twelve months
- $238M
- Operating profit, trailing twelve months
- −$115M
- Debt / equity
- 1.99×
- Total debt / EBITDA
- 20.4×
- Annualised volatilitytwo years of daily moves
- 35%
- Worst drawdown on file
- −93%
- Below its 52-week high
- −8.8%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.