Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Macerich Company
Physical assets are 81.2% of total assets, a heavy footprint. Capex is 0.91x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by 0.21x, which is below 1.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 0.15x.
Physical asset ratio
81.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.80BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$8.37BtotalAssetsInventory was not reported and is treated as zero.Uses the property line, which is larger than net PP&E ($65.50M, propertyPlantAndEquipmentNet).Result 81.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.15xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.02BtotalRevenueNet PP&E$6.80BpropertyPlantEquipmentResult 0.15x
Revenue per dollar of the physical asset base.
Capex / D&A
0.91xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$333.34McapitalExpendituresD&A$368.10MdepreciationAndAmortizationResult 0.91x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$9.73Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.37BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$30.13MintangibleAssetsLiabilities$5.84BtotalLiabTangible book$2.50BShares256,618,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $9.73
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.50xPrice / tangible bookPrice / tangible book per sharePrice$24.31Latest quoteTangible book / share$9.732025-12-31Result 2.50x
Price $24.31.
Fixed-charge coverage
0.21xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$407.51MebitdaCapex$333.34McapitalExpendituresInterest$216.34MinterestExpenseShort-term debt$133.96MshortLongTermDebtTotal − longTermDebtEBITDA − capex$74.17MShort-term debt is total debt minus long-term debt.Result 0.21x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-0.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$11.74MNot reportedMarket cap$7.04BMarketCapitalizationResult -0.2%
Latest free cash flow divided by current market cap ($7.04B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$167.76MoperatingIncomeTax expense-$2.19MincomeTaxExpensePretax income-$176.94MincomeBeforeTaxTax rate—Equity$2.45BtotalStockholderEquityDebt$5.20BshortLongTermDebtTotalCash$280.25McashAndEquivalentsInvested capital$7.37BROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.02x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 75.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.79BpropertyPlantEquipmentInventory$46.59MinventoryTotal assets$9.03BtotalAssetsResult 75.7% | 0.14xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$960.35MtotalRevenueNet PP&E$6.79BpropertyPlantEquipmentResult 0.14x | 0.71xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$237.23McapitalExpendituresD&A$334.68MdepreciationAndAmortizationResult 0.71x | $20.51Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.03BtotalAssetsGoodwill$32.20MgoodWillIntangibles$259.36MintangibleAssetsLiabilities$5.84BtotalLiabTangible book$2.90BShares141,221,712commonStockSharesOutstandingResult $20.51 | 0.37xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$583.01MebitdaCapex$237.23McapitalExpendituresInterest$182.96MinterestExpenseShort-term debt$758.68MshortTermDebtEBITDA − capex$345.78MPrincipal due is short-term debt.Result 0.37x | $107.08MFree cash flow · 2018-12-31Operating cash flow − capexOperating cash flow$344.31MtotalCashFromOperatingActivitiesCapex$237.23McapitalExpendituresFree cash flow$107.08MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $107.08M | 3.5%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$308.57MoperatingIncomeTax expense-$3.60MincomeTaxExpensePretax income$65.37MincomeBeforeTaxTax rate0.0%Equity$3.19BtotalStockholderEquityDebt$5.74BshortLongTermDebtTotalCash$102.71McashAndEquivalentsInvested capital$8.83BResult 3.5% | 0.05xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$308.57MoperatingIncomeNet PP&E$6.79BpropertyPlantEquipmentResult 0.05x |
| 2019 | 78.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.64BpropertyPlantEquipmentInventory$278.62MinventoryTotal assets$8.85BtotalAssetsUses the property line, which is larger than net PP&E ($148.09M, propertyPlantAndEquipmentNet).Result 78.2% | 0.14xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$927.46MtotalRevenueNet PP&E$6.64BpropertyPlantEquipmentResult 0.14x | 0.59xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$199.81McapitalExpendituresD&A$337.67MdepreciationAndAmortizationResult 0.59x | $18.69Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.85BtotalAssetsGoodwill$30.76MgoodWillIntangibles$158.61MintangibleAssetsLiabilities$6.02BtotalLiabTangible book$2.64BShares141,340,000commonStockSharesOutstandingResult $18.69 | 0.87xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$580.06MebitdaCapex$199.81McapitalExpendituresInterest$138.25MinterestExpenseShort-term debt$301.12MshortLongTermDebtEBITDA − capex$380.25MPrincipal due is the current portion of debt.Result 0.87x | $155.35MFree cash flow · 2019-12-31Operating cash flow − capexOperating cash flow$355.16MtotalCashFromOperatingActivitiesCapex$199.81McapitalExpendituresFree cash flow$155.35MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $155.35M | 2.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$206.15MoperatingIncomeTax expense$1.59MincomeTaxExpensePretax income$104.14MincomeBeforeTaxTax rate1.5%Equity$2.83BtotalStockholderEquityDebt$5.54BshortLongTermDebtTotalCash$100.01McashAndEquivalentsInvested capital$8.27BResult 2.5% | 0.03xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$206.15MoperatingIncomeNet PP&E$6.64BpropertyPlantEquipmentResult 0.03x |
| 2020 | 74.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.81BpropertyPlantAndEquipmentNetInventory$17.36MinventoryTotal assets$9.18BtotalAssetsResult 74.4% | 0.12xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$786.03MtotalRevenueNet PP&E$6.81BpropertyPlantAndEquipmentNetResult 0.12x | 0.21xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$68.30McapitalExpendituresD&A$326.06MdepreciationAndAmortizationResult 0.21x | $15.31Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.18BtotalAssetsGoodwill$30.77MgoodWillIntangibles$175.51MintangibleAssetsLiabilities$6.74BtotalLiabTangible book$2.24BShares146,232,000commonStockSharesOutstandingResult $15.31 | 0.04xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$155.70MebitdaCapex$68.30McapitalExpendituresInterest$75.55MinterestExpenseShort-term debt$2.10BshortTermDebtEBITDA − capex$87.40MPrincipal due is short-term debt.Result 0.04x | $56.53MFree cash flow · 2020-12-31Operating cash flow − capexOperating cash flow$124.84MtotalCashFromOperatingActivitiesCapex$68.30McapitalExpendituresFree cash flow$56.53MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $56.53M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$88.09MoperatingIncomeTax expense-$447.00KincomeTaxExpensePretax income-$245.91MincomeBeforeTaxTax rate—Equity$2.45BtotalStockholderEquityDebt$8.14BshortLongTermDebtTotalCash$465.30McashAndEquivalentsInvested capital$10.12BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.01xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$88.09MoperatingIncomeNet PP&E$6.81BpropertyPlantAndEquipmentNetResult 0.01x |
| 2021 | 77.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.39BpropertyPlantEquipmentInventory$54.52MinventoryTotal assets$8.35BtotalAssetsResult 77.3% | 0.13xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$847.44MtotalRevenueNet PP&E$6.39BpropertyPlantEquipmentResult 0.13x | 0.33xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$108.21McapitalExpendituresD&A$324.40MdepreciationAndAmortizationResult 0.33x | $15.15Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.35BtotalAssetsGoodwill$23.41MgoodWillIntangibles$151.83MintangibleAssetsLiabilities$5.17BtotalLiabTangible book$3.00BShares198,070,000commonStockSharesOutstandingResult $15.15 | 0.43xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$540.19MebitdaCapex$108.21McapitalExpendituresInterest$192.68MinterestExpenseShort-term debt$813.29MshortTermDebtEBITDA − capex$431.99MPrincipal due is short-term debt.Result 0.43x | $178.16MFree cash flow · 2021-12-31Operating cash flow − capexOperating cash flow$286.37MtotalCashFromOperatingActivitiesCapex$108.21McapitalExpendituresFree cash flow$178.16MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $178.16M | 1.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$125.37MoperatingIncomeTax expense$6.95MincomeTaxExpensePretax income$23.11MincomeBeforeTaxTax rate30.1%Equity$3.18BtotalStockholderEquityDebt$5.34BshortLongTermDebtTotalCash$112.45McashAndEquivalentsInvested capital$8.41BResult 1.0% | 0.02xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$125.37MoperatingIncomeNet PP&E$6.39BpropertyPlantEquipmentResult 0.02x |
| 2022 | 77.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.25BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$8.09BtotalAssetsInventory was not reported and is treated as zero.Result 77.3% | 0.14xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$859.16MtotalRevenueNet PP&E$6.25BpropertyPlantEquipmentResult 0.14x | 0.31xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$94.79McapitalExpendituresD&A$302.48MdepreciationAndAmortizationResult 0.31x | $12.90Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.09BtotalAssetsGoodwill$23.11MgoodWillIntangibles$152.56MintangibleAssetsLiabilities$5.14BtotalLiabTangible book$2.77BShares215,031,000commonStockSharesOutstandingResult $12.90 | 0.44xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$454.96MebitdaCapex$94.79McapitalExpendituresInterest$216.85MinterestExpenseShort-term debt$603.80MshortTermDebtEBITDA − capex$360.16MPrincipal due is short-term debt.Result 0.44x | $242.72MFree cash flow · 2022-12-31Operating cash flow − capexOperating cash flow$337.51MtotalCashFromOperatingActivitiesCapex$94.79McapitalExpendituresFree cash flow$242.72MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $242.72M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$150.04MoperatingIncomeTax expense$705.00KincomeTaxExpensePretax income-$64.37MincomeBeforeTaxTax rate—Equity$2.95BtotalStockholderEquityDebt$5.15BshortLongTermDebtTotalCash$100.32McashAndEquivalentsInvested capital$8.00BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.02xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$150.04MoperatingIncomeNet PP&E$6.25BpropertyPlantEquipmentResult 0.02x |
| 2023 | 80.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.02BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$7.51BtotalAssetsInventory was not reported and is treated as zero.Uses the property line, which is larger than net PP&E ($118.66M, propertyPlantAndEquipmentNet).Result 80.1% | 0.15xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$884.07MtotalRevenueNet PP&E$6.02BpropertyPlantEquipmentResult 0.15x | 0.51xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$152.50McapitalExpendituresD&A$296.39MdepreciationAndAmortizationResult 0.51x | $11.14Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.51BtotalAssetsGoodwill$24.02MgoodWillIntangibles$102.30MintangibleAssetsLiabilities$4.99BtotalLiabTangible book$2.40BShares215,548,000commonStockSharesOutstandingResult $11.14 | 0.05xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$190.72MebitdaCapex$152.50McapitalExpendituresInterest$172.92MinterestExpenseShort-term debt$612.00MshortTermDebtEBITDA − capex$38.22MPrincipal due is short-term debt.Result 0.05x | $143.00MFree cash flow · 2023-12-31Operating cash flow − capexOperating cash flow$295.50MtotalCashFromOperatingActivitiesCapex$152.50McapitalExpendituresFree cash flow$143.00MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $143.00M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$177.58MoperatingIncomeTax expense-$494.00KincomeTaxExpensePretax income-$278.59MincomeBeforeTaxTax rate—Equity$2.45BtotalStockholderEquityDebt$4.31BshortLongTermDebtTotalCash$94.94McashAndEquivalentsInvested capital$6.66BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.03xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$177.58MoperatingIncomeNet PP&E$6.02BpropertyPlantEquipmentResult 0.03x |
| 2024 | 84.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.21BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$8.57BtotalAssetsInventory was not reported and is treated as zero.Uses the property line, which is larger than net PP&E ($111.04M, propertyPlantAndEquipmentNet).Result 84.1% | 0.13xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$918.20MtotalRevenueNet PP&E$7.21BpropertyPlantEquipmentResult 0.13x | 0.55xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$167.65McapitalExpendituresD&A$305.88MdepreciationAndAmortizationResult 0.55x | $10.53Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.57BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$211.48MintangibleAssetsLiabilities$5.72BtotalLiabTangible book$2.63BShares249,748,500commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $10.53 | 0.29xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$326.90MebitdaCapex$167.65McapitalExpendituresInterest$219.99MinterestExpenseShort-term debt$330.12MshortTermDebtEBITDA − capex$159.25MPrincipal due is short-term debt.Result 0.29x | $115.80MFree cash flow · 2024-12-31Operating cash flow − capexOperating cash flow$283.45MtotalCashFromOperatingActivitiesCapex$167.65McapitalExpendituresFree cash flow$115.80MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $115.80M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$165.01MoperatingIncomeTax expense-$1.30MincomeTaxExpensePretax income-$198.97MincomeBeforeTaxTax rate—Equity$2.76BtotalStockholderEquityDebt$5.06BshortLongTermDebtTotalCash$89.86McashAndEquivalentsInvested capital$7.73BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.02xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$165.01MoperatingIncomeNet PP&E$7.21BpropertyPlantEquipmentResult 0.02x |
| 2025 | 81.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.80BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$8.37BtotalAssetsInventory was not reported and is treated as zero.Uses the property line, which is larger than net PP&E ($65.50M, propertyPlantAndEquipmentNet).Result 81.2% | 0.15xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.02BtotalRevenueNet PP&E$6.80BpropertyPlantEquipmentResult 0.15x | 0.91xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$333.34McapitalExpendituresD&A$368.10MdepreciationAndAmortizationResult 0.91x | $9.73Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.37BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$30.13MintangibleAssetsLiabilities$5.84BtotalLiabTangible book$2.50BShares256,618,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $9.73 | 0.21xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$407.51MebitdaCapex$333.34McapitalExpendituresInterest$216.34MinterestExpenseShort-term debt$133.96MshortLongTermDebtTotal − longTermDebtEBITDA − capex$74.17MShort-term debt is total debt minus long-term debt.Result 0.21x | -$11.74MFree cash flow · 2025-12-31Operating cash flow − capexOperating cash flow$321.60MtotalCashFromOperatingActivitiesCapex$333.34McapitalExpendituresFree cash flow-$11.74MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$11.74M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$167.76MoperatingIncomeTax expense-$2.19MincomeTaxExpensePretax income-$176.94MincomeBeforeTaxTax rate—Equity$2.45BtotalStockholderEquityDebt$5.20BshortLongTermDebtTotalCash$280.25McashAndEquivalentsInvested capital$7.37BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.02xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$167.76MoperatingIncomeNet PP&E$6.80BpropertyPlantEquipmentResult 0.02x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is total debt minus long-term debt.
- The physical ratio uses the property line, which is larger than net corporate PP&E. Real estate portfolios are often carried there.
- Reported free cash flow matched operating cash flow, so capex was subtracted.
Latest year inputs (2025)
Net PP&E: $6.80B
Inventory: $0.00
Total assets: $8.37B
Goodwill: $0.00
Intangibles: $30.13M
Liabilities: $5.84B
Tangible book: $2.50B
Shares: 256,618,000
Revenue: $1.02B
Capex: $333.34M
D&A: $368.10M
EBITDA: $407.51M
Interest: $216.34M
Short-term debt: $133.96M
Free cash flow: -$11.74M
Operating income: $167.76M
Invested capital: $7.37B
Tax rate: —