MACERICH CO
Profit Margins
| Fiscal Year | Gross Margin | Operating Margin | Net Margin |
|---|---|---|---|
| FY2011 | — | -4.9% | 24.7% |
| FY2012 | — | -0.3% | 45.9% |
| FY2013 | — | 2.5% | 43.6% |
| FY2014 | — | 5.0% | 145.4% |
| FY2015 | — | 6.7% | 40.6% |
| FY2016 | — | 9.3% | 53.3% |
| FY2017 | — | 6.3% | 16.3% |
| FY2018 | — | 2.6% | 7.2% |
| FY2019 | — | 7.3% | 10.4% |
| FY2020 | — | 1.6% | -29.3% |
| FY2021 | — | -8.1% | 1.7% |
| FY2022 | — | -7.8% | -7.7% |
| FY2023 | — | 1.5% | -31.0% |
| FY2024 | — | -4.4% | -21.1% |
| FY2025 | — | -11.4% | -19.4% |
A great business at a fair price is superior to a fair business at a great price.