A Business at a Glance
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SIMON PROPERTY GROUP INC.
SPG
$75.0B
Mkt Cap
$229.78
+2.03%
SIMON PROPERTY GROUP INC. (SPG) has a current P/E ratio of 16.2, compared to its historical median P/E of 18.0. The stock is currently considered Fair based on its historical valuation range.
SIMON PROPERTY GROUP INC. (SPG) has a 5-year average return on invested capital (ROIC) of 10.1%. This indicates solid capital allocation.
SIMON PROPERTY GROUP INC. (SPG) has a market capitalization of $74.7B. It is classified as a large-cap stock.
Yes, SIMON PROPERTY GROUP INC. (SPG) pays a dividend with a trailing twelve-month yield of 3.72%. The company also returns capital through share buybacks, with a buyback yield of 0.30%.
Based on historical P/E analysis, SIMON PROPERTY GROUP INC. (SPG) appears fair. The current P/E of 16.2 is 10% below its historical median of 18.0. The estimated fair value CAGR (P/E method) is 5.2%.
SIMON PROPERTY GROUP INC. (SPG) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
SIMON PROPERTY GROUP INC. (SPG) reported annual revenue of $6.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Simon Property Group is a self-administered and self-managed real estate investment trust that owns, develops, and manages premier shopping, dining, entertainment, and mixed-use destinations across the United States and internationally. As of December 31, 2025, the company owned or held interests in 212 income-producing properties in the United States, comprising 108 malls, 70 Premium Outlets, 16 Mills, six lifestyle centers, and 12 other retail properties across 38 states and Puerto Rico, along with 42 international properties primarily in Asia, Europe, and Canada. The company also holds a 22.2% equity stake in Klépierre SA, a Paris-based shopping center operator with properties in 13 European countries, and maintains platform investments in retail operations, e-commerce ventures, and real estate management companies. Simon's business model generates revenue through base minimum rents, percentage rents, and other tenant charges, with the company distributing at least 90% of its REIT taxable income to shareholders. The company finances its operations and growth through a combination of unsecured revolving credit facilities totaling $8.5 billion, a $2.0 billion commercial paper program, unsecured debt securities, and equity issuances, while maintaining investment-grade credit ratings and adhering to debt covenants limiting total debt to 65% of total assets and secured debt to 50% of total assets.
【Strong NOI growth momentum】 Management expects domestic property net operating income to grow at least 3% in 2026, building on 4.8% year-over-year growth achieved in the fourth quarter of 2025. The company is advancing a substantial redevelopment pipeline with projects including anchor redevelopments at Fashion Mall at Keystone and Town Center at Boca Raton, along with new open-air retail developments, which are expected to contribute approximately $30 million in incremental NOI upon completion. Average base minimum rents increased 4.7% year-over-year for malls and premium outlets, and total sales volumes grew approximately 4% in the fourth quarter and 3% for the full year, reflecting strong tenant performance and customer demand. Management anticipates continued interest expense headwinds of approximately $0.25 to $0.30 per share in 2026 due to current market interest rate conditions, though spreads remain at record tights. The company remains focused on disciplined capital allocation, including completing the buyback of approximately 5 million shares issued for the Taubman acquisition, while maintaining flexibility to pursue acquisitions and redevelopment opportunities that offer attractive returns.
| Metric | Target | Period |
|---|---|---|
| Real Estate FFO per share | $13.10–$13.25 | FY2026 |
| Domestic property NOI growth | at least 3% | FY2026 |
| Net interest expense headwind | $0.25–$0.30 per share | FY2026 |
Real Estate FFO per share (FY2026): “we are increasing our full year 2026 real estate FFO guidance to a range of $13.10-$13.25 per share”
Domestic property NOI growth (FY2026): “The guidance range assumes domestic property NOI growth of at least 3%”
Net interest expense headwind (FY2026): “a higher net interest expense of $0.25-$0.30 per share versus 2025, reflecting current market interest rate conditions”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 6.6B | 6.4B | 6.0B | 5.7B | 5.3B | 5.1B |
| Net Income | 4.7B | 4.6B | 2.4B | 2.3B | 2.1B | 2.2B |
| EPS | $14.38 | $14.17 | $7.26 | $6.98 | $6.52 | $6.84 |
| Free Cash Flow | 3.2B | 3.2B | 3.1B | 3.1B | 3.1B | 3.1B |
| ROIC | 9.9% | 10.9% | 11.8% | 10.0% | 9.3% | 8.5% |
| Gross Margin | - | 66.2% | 67.8% | 65.4% | 63.9% | 63.3% |
| Debt/Equity | 5.81 | 5.46 | 8.25 | 8.61 | 7.95 | 7.53 |
| Dividends/Share | $0.00 | $8.55 | $8.10 | $7.45 | $6.90 | $5.85 |
| Operating Income | 3.2B | 3.2B | 3.1B | 2.8B | 2.6B | 2.4B |
| Operating Margin | 48.3% | 49.9% | 51.9% | 49.6% | 48.8% | 47.2% |
| ROE | 96.5% | 113.5% | 79.4% | 74.0% | 65.7% | 70.2% |
| Shares Outstanding | 325M | 326M | 326M | 327M | 328M | 328M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 4.9B | 5.3B | 5.4B | 5.5B | 5.6B | 5.8B | 4.6B | 5.1B | 5.3B | 5.7B | 6.0B | 6.4B | 6.6B |
| Gross Margin | 70.6% | 68.4% | 67.0% | 66.3% | 67.1% | 64.9% | 60.3% | 63.3% | 63.9% | 65.4% | 67.8% | 66.2% | 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 | 60M | 60M | 65M | 52M | 47M | 35M | 23M | 30M | 35M | 39M | 45M | 61M | 103M |
| EBIT | 2.4B | 2.7B | 2.7B | 2.8B | 2.9B | 2.9B | 2.0B | 2.4B | 2.6B | 2.8B | 3.1B | 3.2B | 3.2B |
| Op. Margin | 49.0% | 50.7% | 50.1% | 50.7% | 51.8% | 50.6% | 42.8% | 47.2% | 48.8% | 49.6% | 51.9% | 49.9% | 48.3% |
| Net Income | 1.4B | 1.8B | 1.8B | 1.9B | 2.4B | 2.1B | 1.1B | 2.2B | 2.1B | 2.3B | 2.4B | 4.6B | 4.7B |
| Net Margin | 28.9% | 34.6% | 33.8% | 35.2% | 43.2% | 36.5% | 24.1% | 43.9% | 40.4% | 40.3% | 39.7% | 72.7% | 70.5% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 13.6% | 10.4% | 10.3% | 10.5% | 11.1% | 11.2% | 7.2% | 8.5% | 9.3% | 10.0% | 11.8% | 10.9% | 9.9% |
| ROE | 25.7% | 40.8% | 41.8% | 48.6% | 69.8% | 72.1% | 39.9% | 70.2% | 65.7% | 74.0% | 79.4% | 113.5% | 96.5% |
| ROA | 4.5% | 6.0% | 6.0% | 6.1% | 7.7% | 6.8% | 3.4% | 6.6% | 6.4% | 6.8% | 7.1% | 12.7% | 11.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.7B | 3.0B | 3.4B | 3.6B | 3.8B | 3.8B | 2.3B | 3.6B | 3.8B | 3.9B | 3.8B | 4.1B | 4.1B |
| Free Cash Flow | 1.9B | 2.0B | 2.6B | 2.9B | 3.0B | 2.9B | 1.8B | 3.1B | 3.1B | 3.1B | 3.1B | 3.2B | 3.2B |
| Owner Earnings | 1.6B | 1.8B | 2.1B | 2.3B | 2.5B | 2.5B | 1.0B | 2.4B | 2.5B | 2.7B | 2.5B | 2.7B | 2.6B |
| CapEx | 797M | 1.0B | 798M | 732M | 782M | 876M | 484M | 528M | 650M | 793M | 756M | 934M | 913M |
| Maint. CapEx | 1.1B | 1.2B | 1.3B | 1.3B | 1.3B | 1.3B | 1.3B | 1.3B | 1.2B | 1.3B | 1.3B | 1.4B | 1.6B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 1.1B | 1.2B | 1.3B | 1.3B | 1.3B | 1.3B | 1.3B | 1.3B | 1.2B | 1.3B | 1.3B | 1.4B | 1.6B |
| CapEx/OCF | 29.2% | 33.8% | 23.7% | 20.4% | 20.8% | 23.0% | 20.8% | 14.5% | 17.3% | 20.2% | 19.8% | 22.6% | 22.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.6B | 1.9B | 2.0B | 2.2B | 2.4B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 5.5% | 5.4% | 5.3% | 6.8% | 7.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 255M | 407M | 354M | 360M | 153M | 0 | 180M | 141M | 0 | 227M | 227M |
| Buyback Yield | N/A | N/A | N/A | 1.2% | 1.0% | 1.1% | 0.8% | N/A | 0.6% | 0.3% | N/A | 0.4% | 0.3% |
| Stock-Based Comp | 84K | 3.3M | 4.3M | 2.8M | 2.9M | 3.0M | 854K | 2.3M | 6.8M | 5.8M | 11M | 14M | 15M |
| Debt Repayment | 5.3B | 9.1B | 14.7B | 10.5B | 9.1B | 12.4B | 13.0B | 10.1B | 3.7B | 2.7B | 3.0B | 3.3B | 3.3B |
| Balance Sheet | |||||||||||||
| Net Debt | 2.9B | 21.0B | 22.4B | 23.1B | 22.8B | 23.4B | 25.7B | 24.7B | 24.3B | 23.9B | 22.3B | 27.4B | 27.5B |
| Cash & Equiv. | 612M | 701M | 560M | 1.5B | 514M | 669M | 1.0B | 534M | 622M | 1.2B | 1.4B | 823M | 707M |
| Long-Term Debt | 3.6B | 22.4B | 23.0B | 24.6B | 23.3B | 24.2B | 26.7B | 25.3B | 25.0B | 26.0B | 24.3B | 28.4B | 28.2B |
| Debt/Equity | 0.71 | 5.01 | 5.33 | 6.68 | 7.07 | 9.56 | 8.79 | 7.53 | 7.95 | 8.61 | 8.25 | 5.46 | 5.81 |
| Interest Coverage | 2.4 | 2.9 | 3.2 | 3.5 | 3.6 | 3.7 | 2.5 | 3.0 | 3.4 | 3.3 | 3.4 | 3.3 | 3.1 |
| Equity | 5.1B | 4.5B | 4.3B | 3.7B | 3.3B | 2.5B | 3.0B | 3.4B | 3.1B | 3.0B | 2.9B | 5.2B | 4.9B |
| Total Assets | 29.5B | 30.6B | 31.1B | 32.3B | 30.7B | 31.2B | 34.8B | 33.8B | 33.0B | 34.3B | 32.4B | 40.6B | 39.6B |
| Total Liabilities | 23.6B | 25.3B | 26.0B | 27.8B | 26.7B | 28.1B | 31.1B | 29.4B | 29.2B | 30.6B | 28.8B | 33.9B | 33.3B |
| Intangibles | 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 |
| Retained Earnings | -4.2B | -4.3B | -4.5B | -4.8B | -4.9B | -5.4B | -6.1B | -5.8B | -5.9B | -6.1B | -6.4B | -4.6B | -4.9B |
| 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 | N/A |
| Current Assets | 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 |
| 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 | N/A |
| Per Share Data | |||||||||||||
| EPS | 4.52 | 5.88 | 5.87 | 6.24 | 7.87 | 6.81 | 3.59 | 6.84 | 6.52 | 6.98 | 7.26 | 14.17 | 14.38 |
| Owner EPS | 5.10 | 5.74 | 6.77 | 7.43 | 7.96 | 8.00 | 3.26 | 7.22 | 7.73 | 8.15 | 7.78 | 8.26 | 7.91 |
| Book Value | 16.38 | 14.41 | 13.78 | 11.83 | 10.65 | 8.20 | 9.84 | 10.24 | 9.58 | 9.25 | 9.02 | 15.96 | 14.95 |
| Cash Flow/Share | 8.78 | 9.75 | 10.79 | 11.53 | 12.11 | 12.36 | 7.53 | 11.08 | 11.50 | 12.03 | 11.70 | 12.68 | 19.23 |
| Dividends/Share | 5.15 | 6.05 | 6.50 | 7.15 | 7.90 | 8.30 | 6.00 | 5.85 | 6.90 | 7.45 | 8.10 | 8.55 | 0.00 |
| Shares Out. | 310.9M | 310.3M | 312.7M | 311.6M | 309.6M | 308.1M | 309.0M | 328.4M | 327.6M | 326.6M | 326.1M | 326.3M | 325.0M |
| Valuation | |||||||||||||
| P/E Ratio | 23.8 | 19.8 | 18.4 | 17.8 | 14.5 | 15.5 | 18.3 | 18.5 | 15.0 | 18.7 | 22.5 | 13.2 | 16.0 |
| P/FCF | 17.3 | 18.0 | 13.1 | 12.1 | 11.9 | 11.1 | 11.0 | 13.3 | 10.3 | 13.6 | 17.5 | 19.1 | 23.1 |
| EV/EBIT | 22.2 | 21.4 | 20.5 | 20.1 | 19.7 | 19.0 | 22.8 | 27.2 | 21.6 | 23.7 | 24.2 | 27.7 | 31.8 |
| Price/Book | 6.6 | 8.1 | 7.8 | 9.4 | 10.7 | 12.9 | 6.7 | 12.3 | 10.2 | 14.1 | 18.1 | 11.8 | 15.4 |
| Price/Sales | 6.0 | 6.6 | 7.0 | 5.9 | 6.1 | 6.1 | 4.0 | 6.4 | 6.0 | 5.9 | 8.0 | 8.6 | 11.2 |
| FCF Yield | 5.8% | 5.5% | 7.6% | 8.3% | 8.4% | 9.0% | 9.1% | 7.5% | 9.7% | 7.4% | 5.7% | 5.2% | 4.3% |
| Market Cap | 33.4B | 36.2B | 33.8B | 34.6B | 35.4B | 32.5B | 20.2B | 41.5B | 32.1B | 42.7B | 53.4B | 61.3B | 74.7B |
| Avg. Price | 94.19 | 111.34 | 122.08 | 105.19 | 112.10 | 113.99 | 59.60 | 99.32 | 96.80 | 101.87 | 145.47 | 167.02 | 229.78 |
| Year-End Price | 107.38 | 116.52 | 108.16 | 111.02 | 114.32 | 105.56 | 65.53 | 126.34 | 97.86 | 130.62 | 163.71 | 187.71 | 229.78 |
SIMON PROPERTY GROUP INC. passes 4 of 9 quality checks, suggesting mixed fundamentals.
SIMON PROPERTY GROUP INC. trades at 16.2x trailing earnings, compared to its 15-year median P/E of 18.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 23.3x vs a median of 12.6x. The company's 5-year average ROIC is 10.1% with a gross margin of 65.3%. Total shareholder yield (dividends + buybacks) is 4.0%. At current prices, the estimated annualized return to fair value is +2.6%.
SIMON PROPERTY GROUP INC. (SPG) has a net profit margin of 72.7%. This is a strong margin indicating high profitability.
SIMON PROPERTY GROUP INC. (SPG) generated $3.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
SIMON PROPERTY GROUP INC. (SPG) has a debt-to-equity ratio of 5.46. This indicates higher leverage, which may increase financial risk.
SIMON PROPERTY GROUP INC. (SPG) reported earnings per share (EPS) of $14.17 in its most recent fiscal year.
SIMON PROPERTY GROUP INC. (SPG) has a return on equity (ROE) of 113.5%. This indicates the company generates strong returns for shareholders.
SIMON PROPERTY GROUP INC. (SPG) has a 5-year average gross margin of 65.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for SIMON PROPERTY GROUP INC. (SPG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
SIMON PROPERTY GROUP INC. (SPG) has a book value per share of $15.96, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects domestic property net operating income to grow at least 3% in 2026, building on 4.8% year-over-year growth achieved in the fourth quarter of 2025. The company is advancing a substantial redevelopment pipeline with projects including anchor redevelopments at Fashion Mall at Keystone and Town Center at Boca Raton, along with new open-air retail developments, which are expected to contribute approximately $30 million in incremental NOI upon completion. Average base minimum rents increased 4.7% year-over-year for malls and premium outlets, and total sales volumes grew approximately 4% in the fourth quarter and 3% for the full year, reflecting strong tenant performance and customer demand. Management anticipates continued interest expense headwinds of approximately $0.25 to $0.30 per share in 2026 due to current market interest rate conditions, though spreads remain at record tights. The company remains focused on disciplined capital allocation, including completing the buyback of approximately 5 million shares issued for the Taubman acquisition, while maintaining flexibility to pursue acquisitions and redevelopment opportunities that offer attractive returns.
Based on recent SEC filings and earnings calls, SIMON PROPERTY GROUP INC. (SPG) has provided the following forward guidance: Real Estate FFO per share: $13.10–$13.25 (FY2026); Domestic property NOI growth: at least 3% (FY2026); Net interest expense headwind: $0.25–$0.30 per share (FY2026).