Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.01, read 2026-10-27
Ethical does not pass the values gate
Price24.10 USD
Fair value14.12
Ethical score70.0/100
Our investment reviews on this name
2026-10-28Read Accumulation23.24+3.7% to today ✓Markdown gives way to Accumulation
2026-10-21Read Markdown23.24+3.7% to today Accumulation gives way to Markdown first Markdown read since October
2026-10-14Read Accumulation22.25+8.3% to today ✓Markdown gives way to Accumulation first Accumulation read since July
2026-10-02Read Markdown22.54+6.9% to today Distribution gives way to Markdown after a 7% slide in 4 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
The Macerich Company holds its Accumulation at $24.10. The statistical read favours the sellers, held for 68 days.
As held on the ledger · 2026-10-23
Phase
Accumulation
Quantitative state
The statistical read favours the sellers, held for 68 days
Price at the screen
$24.10
Valuation
N/A trailing · 169.02 forward price to earnings
Values screen
FAIL· score 70.0
Beta
2.10
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
61.37%
Below 33%
Interest-bearing debt is 61.4% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
5.09%
Below 49%
Money owed to the company is 5.1% of assets, under the 49% limit.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
The Macerich's business is in a permissible area, but its interest-bearing debt is about 61% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-27. It updates when the underlying figures move, and past reads are kept below.
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Today MAC does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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Fair value range in USD, drawn from the 2026-10-23 screen. The gold marker is the market price at the same screen. The price runs 39.2% above the base estimate.
Third-party analyst targets: 16 covering, consensus Buy. The average target sits +12% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-23 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Malls Lose Shoppers While Valuation Ignores the Losses
Picture a high street where half the units sit empty and footfall keeps sliding. Macerich owns those spaces across the United States, yet revenue is already down 7 percent and the company reports an 18 percent profit margin together with negative return on equity. At a forward multiple of 235 times earnings the shares price in a recovery that the current numbers simply do not support.
We pass because the margin of safety sits at minus 48 percent against our fair value of 13.49 dollars. Sixteen analysts still cluster around a 26 dollar target, but that optimism collides with shrinking sales and losses that show no sign of reversing soon. An unknown moat offers little comfort when the core retail format faces permanent shifts in spending habits.
Currency and interest rate moves could widen the gap further, yet the ethical screen raises no red flags. The mismatch between price and performance remains the decisive issue. Analysis, not advice.
The risks · The things to watch: it already moves more than the market on an average day; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
MAC trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 15% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 50%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (16 analysts) rates it buy, with a mean price target of $22. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-21Markdown · changed$23.24+4.4%Entry 8
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 4.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 11% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 50%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (16 analysts) rates it buy, with a mean price target of $22.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 1.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 22% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 50%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (16 analysts) rates it buy, with a mean price target of $22.
2026-10-02Markdown · changed$22.54-7.1%Entry 6
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 7.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 22% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 50%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (16 analysts) rates it buy, with a mean price target of $22.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 4.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 22% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 50%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (16 analysts) rates it buy, with a mean price target of $22.
2026-08-05Markup · changed$25.47+0.1%Entry 4
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 0.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 22% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 50%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (16 analysts) rates it buy, with a mean price target of $22.
2026-07-18Accumulation$25.45+0.0%Entry 3
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 22% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 50%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (16 analysts) rates it buy, with a mean price target of $22.
2026-07-03Accumulation$25.45+0.0%Entry 2
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Accumulation$25.45Entry 1
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
