A Business at a Glance
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TANGER INC.
SKT
$5.1B
Mkt Cap
$41.93
+1.99%
TANGER INC. (SKT) has a current P/E ratio of 42.4, compared to its historical median P/E of 28.1. The stock is currently considered Expensive based on its historical valuation range.
TANGER INC. (SKT) has a 5-year average return on invested capital (ROIC) of 8.9%. This is below average and may indicate limited pricing power.
TANGER INC. (SKT) has a market capitalization of $4.8B. It is classified as a mid-cap stock.
Yes, TANGER INC. (SKT) pays a dividend with a trailing twelve-month yield of 2.92%.
Based on historical P/E analysis, TANGER INC. (SKT) appears expensive. The current P/E of 42.4 is 50% above its historical median of 28.1. The estimated fair value CAGR (P/E method) is 10.8%.
TANGER INC. (SKT) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
TANGER INC. (SKT) reported annual revenue of $551 million in its most recent fiscal year, based on SEC EDGAR filings.
The Company and the Operating Partnership Tanger Inc. and its subsidiaries, which we refer to as the Company, is one of the leading owners and operators of outlet and other open-air retail destinations in the United States and Canada. We are a fully-integrated, self-administered and self-managed REIT, which focuses on developing, acquiring, owning, operating and managing outlet and other open-air retail centers. As of December 31, 2025, our consolidated portfolio consisted of 31 outlet centers and three open-air lifestyle centers, with a total gross leasable area of approximately 14.0 million square feet, which were 98% occupied and contained over 2,600 stores representing over 700 store brands. We also had partial ownership interests in six unconsolidated centers totaling approximately 2.1 million square feet, including two centers in Canada. Our portfolio also includes one managed center, totaling approximately 457,000 square feet.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 566M | 551M | 498M | 439M | 421M | 408M |
| Net Income | 128M | 120M | 103M | 104M | 86M | - |
| EPS | $1.06 | $0.99 | $0.88 | $0.92 | $0.77 | - |
| Free Cash Flow | 272M | 295M | 261M | 230M | 214M | - |
| ROIC | 0.0% | 11.5% | 8.2% | 7.6% | 8.0% | - |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 2.78 | 157.51 | 86.92 | 1.19 | 59.14 | 53.00 |
| Dividends/Share | $1.22 | $1.14 | $1.07 | $0.96 | $0.79 | - |
| Operating Income | 0 | 185M | 163M | 152M | 133M | - |
| Operating Margin | 0.0% | 33.6% | 32.9% | 34.5% | 31.5% | - |
| ROE | 19.1% | 8535.8% | 15.8% | 18.3% | 17.5% | - |
| Shares Outstanding | 115M | 121M | 117M | 113M | 111M | - |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 419M | 439M | 466M | 488M | 495M | 464M | 378M | 408M | 421M | 439M | 498M | 551M | 566M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 44M | 44M | 47M | 44M | 44M | N/A | N/A | N/A | 72M | 76M | 78M | 79M | 80M |
| EBIT | 132M | 144M | 151M | 136M | 111M | N/A | N/A | N/A | 133M | 152M | 163M | 185M | 0 |
| Op. Margin | 31.5% | 32.9% | 32.5% | 27.9% | 22.4% | N/A | N/A | N/A | 31.5% | 34.5% | 32.9% | 33.6% | 0.0% |
| Net Income | 74M | 211M | 204M | 72M | 46M | N/A | N/A | N/A | 86M | 104M | 103M | 120M | 128M |
| Net Margin | 17.7% | 48.1% | 43.8% | 14.7% | 9.3% | N/A | N/A | N/A | 20.4% | 23.6% | 20.7% | 21.7% | 22.6% |
| Non-Recurring | 0 | 0 | 0 | 0 | 50M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | N/A | 6.3% | 6.3% | 5.4% | 4.8% | N/A | N/A | N/A | 8.0% | 7.6% | 8.2% | 11.5% | 0.0% |
| ROE | N/A | 36.7% | 30.4% | 12.3% | 9.6% | N/A | N/A | N/A | 17.5% | 18.3% | 15.8% | 8535.8% | 19.1% |
| ROA | 160.9% | 9.1% | 8.1% | 2.8% | 1.9% | N/A | N/A | N/A | 3.9% | 4.5% | 48.7% | 337.6% | 4.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 189M | 222M | 239M | 253M | 258M | 0 | 0 | 0 | 214M | 230M | 261M | 295M | 290M |
| Free Cash Flow | 189M | 222M | 239M | 253M | 258M | N/A | N/A | N/A | 214M | 230M | 261M | 295M | 272M |
| Owner Earnings | 72M | 103M | 109M | 112M | 112M | -1.0B | -1.1B | -1.1B | -1.0B | -1.1B | -1.2B | -1.2B | 123M |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19M |
| Maint. CapEx | 102M | 104M | 115M | 128M | 132M | 1.0B | 1.1B | 1.1B | 1.2B | 1.3B | 1.4B | 1.5B | 154M |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 102M | 104M | 115M | 128M | 132M | 1.0B | 1.1B | 1.1B | 1.2B | 1.3B | 1.4B | 1.5B | 154M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 95M | 110M | 149M | 137M | 138M | 0 | 0 | 0 | 88M | 108M | 125M | 138M | 140M |
| Dividend Yield | 5.0% | 5.7% | 6.6% | 7.6% | 8.8% | N/A | N/A | N/A | 5.4% | 4.9% | 3.8% | 3.6% | 2.9% |
| Share Buybacks | 0 | 0 | 0 | 49M | 20M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | 2.8% | 1.4% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 15M | 15M | 15M | 14M | 15M | N/A | N/A | N/A | 13M | 13M | 12M | 13M | 13M |
| Debt Repayment | 816M | 458M | 975M | 572M | 555M | 0 | 0 | 0 | 0 | 70M | 275M | 285M | 285M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.5B | 1.7B | 1.7B | 2.0B | 1.8B | N/A | N/A | N/A | 1.2B | 1.4B | 1.3B | 1.6B | 1.6B |
| Cash & Equiv. | 17M | 29M | 12M | 6.1M | 9.1M | N/A | N/A | N/A | N/A | 13M | 47M | 18M | 227M |
| Long-Term Debt | 1.4B | 1.6B | 1.7B | 1.8B | 1.7B | N/A | N/A | N/A | 1.4B | 1.4B | 1.4B | 1.6B | 1.9B |
| Debt/Equity | N/A | 3.02 | 2.60 | 3.39 | 3.86 | 44.24 | 47.45 | 53.00 | 59.14 | 1.19 | 86.92 | 157.51 | 2.78 |
| Interest Coverage | 2.3 | 2.7 | 2.5 | 2.1 | 1.7 | N/A | N/A | N/A | 2.8 | 3.2 | 2.7 | 2.8 | 2.8 |
| Equity | N/A | 575M | 670M | 582M | 480M | 3.8M | 3.6M | 3.4M | 3.2M | 88M | 2.4M | 1.4M | 670M |
| Total Assets | 46M | 2.3B | 2.5B | 2.5B | 2.4B | 172M | 174M | 184M | 192M | 194M | 211M | 222M | 2.8B |
| Total Liabilities | N/A | 1.7B | 1.8B | 1.9B | 1.9B | 168M | 171M | 180M | 189M | 105M | 209M | 221M | 2.1B |
| Intangibles | N/A | 127M | 152M | 132M | 117M | 97M | 85M | 74M | 59M | 91M | 85M | 111M | 111M |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -43M |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 35M | 35M |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 78M |
| Per Share Data | |||||||||||||
| EPS | 0.77 | 2.20 | 2.01 | 0.71 | 0.45 | N/A | N/A | N/A | 0.77 | 0.92 | 0.88 | 0.99 | 1.06 |
| Owner EPS | 0.74 | 1.07 | 1.07 | 1.11 | 1.10 | N/A | N/A | N/A | -9.19 | -9.78 | -10.09 | -10.20 | 1.07 |
| Book Value | N/A | 5.99 | 6.60 | 5.77 | 4.70 | N/A | N/A | N/A | 4.41 | 5.03 | 5.58 | N/A | 5.84 |
| Cash Flow/Share | 1.96 | 2.31 | 2.36 | 2.51 | 2.53 | N/A | N/A | N/A | 1.92 | 2.04 | 2.23 | 2.45 | 2.46 |
| Dividends/Share | 0.99 | 1.15 | 1.46 | 1.36 | 1.35 | N/A | N/A | N/A | 0.79 | 0.96 | 1.07 | 1.14 | 1.22 |
| Shares Out. | 96.1M | 96.0M | 101.5M | 100.9M | 102.2M | N/A | N/A | N/A | 111.5M | 112.6M | 116.9M | 120.7M | 114.9M |
| Valuation | |||||||||||||
| P/E Ratio | 27.9 | 9.1 | 10.8 | 24.3 | 31.8 | N/A | N/A | N/A | 20.1 | 28.1 | 36.9 | 34.0 | 39.4 |
| P/FCF | 10.9 | 8.6 | 9.2 | 6.9 | 5.7 | N/A | N/A | N/A | 8.1 | 12.7 | 14.6 | 13.8 | 17.7 |
| EV/EBIT | 27.3 | 25.1 | 26.0 | 27.1 | 29.8 | N/A | N/A | N/A | 21.7 | 28.7 | 31.4 | 30.6 | N/A |
| Price/Book | N/A | 3.3 | 3.3 | 3.0 | 3.0 | N/A | N/A | N/A | 3.5 | 5.1 | 5.8 | N/A | 7.2 |
| Price/Sales | 4.6 | 4.4 | 4.8 | 3.7 | 3.2 | N/A | N/A | N/A | 3.8 | 5.0 | 6.6 | 6.9 | 8.5 |
| FCF Yield | 9.1% | 11.6% | 10.9% | 14.5% | 17.7% | N/A | N/A | N/A | 12.4% | 7.9% | 6.9% | 7.3% | 5.6% |
| Market Cap | 2.1B | 1.9B | 2.2B | 1.7B | 1.5B | N/A | N/A | N/A | 1.7B | 2.9B | 3.8B | 4.1B | 4.8B |
| Avg. Price | 19.92 | 20.20 | 22.18 | 17.87 | 15.42 | 12.71 | 6.58 | 14.03 | 14.51 | 19.55 | 28.12 | 31.71 | 41.93 |
| Year-End Price | 21.50 | 19.95 | 21.61 | 17.26 | 14.32 | 11.21 | 8.24 | 16.22 | 15.45 | 25.89 | 32.51 | 33.69 | 41.93 |
TANGER INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
TANGER INC. trades at 42.4x trailing earnings, compared to its 15-year median P/E of 28.1x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 42.7x vs a median of 9.2x. The company's 5-year average ROIC is 8.9%. Total shareholder yield (dividends) is 2.9%. At current prices, the estimated annualized return to fair value is -9.0%.
TANGER INC. (SKT) has a net profit margin of 21.7%. This is a strong margin indicating high profitability.
TANGER INC. (SKT) generated $295 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
TANGER INC. (SKT) has a debt-to-equity ratio of 157.51. This indicates higher leverage, which may increase financial risk.
TANGER INC. (SKT) reported earnings per share (EPS) of $0.99 in its most recent fiscal year.
TANGER INC. (SKT) has a return on equity (ROE) of 8535.8%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 16 years of financial data for TANGER INC. (SKT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.