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Simon Property Group, Inc.

SPG Real Estate Reit Retail

Simon Property Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.4 billion, up 6.72% from fiscal 2024.

Revenue
+13.3%
EPS
−17.2%
Free cash flow
−1.30%
Total debt
+10.2%

Quarter to September 2026, against a year earlier

229.01 2.46 +1.09%
Market cap
$73.3B
P/E
16.4×
Fwd P/E
33.2×
Dividend yield
3.92%
F-score
3/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Real estate segment
  • Other, not broken out

Every year since 2022 →

Insider Decisions last twelve months

Bought, $m 1.91
Sold, $m 2.01
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 11 — — 10 — — 11 — — 11 — —
Sell — — 1 — — — — — — — — —
Insider Ownership 0.92%

Capital & Financial Ratios $m

Size
Market Cap 73,300.00
Revenue ttm 7,153.71
Net income ttm 5,247.84
Free cash flow ttm 3,354.50
Net debt Q 27,853.96
Valuation
P/E 16.37
Forward P/E 33.20
Price / sales 10.26 (above 10: high)
Forward P/S Powerpack
Price / FCF 21.88
Price / book 14.39
Financial health
Current ratio Q 1.05
Debt / equity Q 5.53
Interest coverage Q 2.80
Growth
Revenue growth Q +13.30% (above 0%: growing)
Operating income growth Q −1.04% (below 0%: shrinking)
EPS, this year −53.08% (below 0%: weak)
EPS, next year A +5.30%
Revenue, next year A −84.38% (below 0%: weak)
EPS, past 5 yrs +31.60% (at or above 15%: strong)
EPS, next 5 yrs A −19.17% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 14.2×, against a ten-year median of 13.2×; over the ten years it ranged from 7.2× in 2020 to 17.4× in 2016.
P/E against its own 10 years 18.78%
10-year low 10-year high
P/S against its own 10 years 85.30%
10-year low 10-year high
P/B against its own 10 years 75.69%
10-year low 10-year high
EV/Sales against its own 10 years 77.34%
10-year low 10-year high
EV/FCF against its own 10 years 84.60%
10-year low 10-year high

Dividends raised 4 years running

Yield
3.92%
Annual rate
8.90
Payout ratio
64.2%
Growth, 2017–25
+2.26%/yr
  1. 7.15 ’17
  2. 7.90 ’18 +10
  3. 8.30 ’19 +5
  4. 6.00 ’20 −28
  5. 5.85 ’21 −3
  6. 6.90 ’22 +18
  7. 7.45 ’23 +8
  8. 8.10 ’24 +9
  9. 8.55 ’25 +6
  10. 1.34 ’26e −84
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,169 1,400 823 570
Receivables 826 797 934 900
Inventory — — — —
Other — — — —
2,995 2,197 1,757 —
2023 2024 2025 Q'26
Payables 1,693 1,712 1,954 1,807
ST’ Debt — — — —
Other — — — —
1,693 1,712 1,954 1,807

Compound Annual Growth %

10y 5y 3y
Sales 1.91% 6.67% 6.35%
Cash Flow 3.18% 12.20% 3.17%
Earnings 9.75% 33.05% 29.36%
Book Value 2.18% 13.26% 21.46%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 3.18 Actual 3.29

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 3.09 3.22 Beat by 0.13
Q4 FY25 3.47 3.49 Beat by 0.02
Q1 FY26 2.98 3.17 Beat by 0.19
Q2 FY26 3.18 3.29 Beat by 0.11
Q3 FY26 3.32 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.48 1.49 1.54 — —
’25 1.27 1.70 1.86 9.35 14.17
’24 2.25 1.51 1.46 2.04 7.26
’23 1.38 1.49 1.82 2.29 6.98
’22 1.30 1.51 1.65 2.06 6.52
’21 1.36 1.88 2.07 1.53 6.84
’20 1.43 0.83 0.48 0.86 3.59
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,757 1,791 1,815 — —
’25 1,473 1,498 1,602 1,791 6,365
’24 1,443 1,458 1,481 1,582 5,964
’23 1,351 1,370 1,411 1,527 5,659
’22 1,296 1,280 1,316 1,400 5,291
’21 1,240 1,254 1,297 1,326 5,117
’20 1,353 1,062 1,061 1,131 4,608
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 833 1,196 1,072 — —
’25 827 1,215 890 1,204 4,137
’24 773 1,063 893 1,086 3,815
’23 829 1,129 936 1,037 3,931
’22 792 1,101 942 932 3,767
’21 876 1,002 875 885 3,637
’20 741 73 617 895 2,327
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 625 959 822 — —
’25 597 971 685 949 3,202
’24 610 875 706 923 3,114
’23 663 908 708 858 3,138
’22 637 1,005 786 748 3,176
’21 761 888 684 779 3,112
’20 528 (51) 559 840 1,876
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing 4.4% a year for ten years. It grew 4.1% a year over the last ten.

Implied
4.4%
10 years, reported
4.1%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 5,435 5,527 5,645 5,755 4,608 5,117 5,291 5,659 5,964 6,365 7,154 +1.8% 994 1,032 1,071 (44.8%)
Gross margin, % 82.13 82.27 82.15 82.25 80.75 81.02 81.08 81.83 82.50 81.90 0.00 (0.2) pt
EBT 1,726 1,864 2,095 2,009 1,053 1,943 1,888 2,323 2,545 4,896 4,936 +12.3%
EBT margin, % 31.76 33.73 37.11 34.91 22.85 37.97 35.68 41.05 42.67 76.92 0.00 +45.2 pt
Net income 2,135 2,245 2,822 2,423 1,277 2,569 2,452 2,617 2,729 5,364 5,248 +10.8%
Per share, $
Per share, $ Revenue 17.38 17.74 18.23 18.69 14.92 15.57 16.14 17.32 18.29 19.50 22.12 +1.3%
Earnings 5.87 6.24 7.87 6.81 3.59 6.84 6.52 6.98 7.26 14.17 13.86 +10.3%
Cash flow 10.79 11.54 12.11 12.37 7.54 11.07 11.49 12.03 11.70 12.67 13.31 +1.8%
Capex (2.44) (2.29) (1.93) (2.82) (1.46) (1.60) (1.80) (2.43) (2.15) (2.86) (2.94) +1.8%
Free cash flow 8.35 9.25 10.18 9.54 6.08 9.47 9.69 9.60 9.55 9.81 10.37 +1.8%
Book value 15.86 13.61 12.26 9.45 11.25 11.73 11.02 10.68 10.47 19.83 15.89 +2.5%
Shares, m 313 312 310 308 309 329 328 327 326 326 325 +0.5%
Valuation, ×
Valuation, × P/E 31.11 27.59 21.35 21.87 23.69 23.36 18.03 20.49 23.72 13.05 16.37 22.4
P/S 10.51 9.72 9.21 7.97 5.71 10.26 7.28 8.26 9.42 9.49 10.26 8.8
P/B 11.61 12.80 13.85 15.99 7.68 13.77 10.79 13.55 16.64 9.39 14.39 12.6
EV/Sales 14.63 13.91 13.25 12.05 11.29 15.10 11.88 12.48 13.25 13.83 14.15 13.2
EV/FCF 30.46 26.67 23.73 23.61 27.74 24.83 19.79 22.50 25.37 27.49 30.18 25.2
Cash, $m
Cash, $m Operating cash flow 3,373 3,594 3,751 3,808 2,327 3,637 3,767 3,931 3,815 4,137 4,304 +2.3%
Capex (762) (712) (599) (869) (451) (525) (590) (793) (700) (934) (950) +2.3%
Free cash flow 2,611 2,882 3,152 2,939 1,876 3,112 3,176 3,138 3,114 3,202 3,354 +2.3%
Balance, $m
Balance, $m Working capital 11 956 (39) 111 936 20 (46) 1,302 484 (197) 96 n/m
Net debt 22,417 23,150 22,791 23,494 25,712 24,787 24,339 23,864 22,864 27,607 27,854 +2.3%
Shareholders’ equity 4,960 4,239 3,797 2,911 3,472 3,853 3,612 3,492 3,415 6,472 5,140 +3.0%
Returns, %
Returns, % ROA 5.95 6.14 7.74 6.78 3.36 6.55 6.40 6.78 7.10 12.67 12.41 +6.7 pt
ROIC 6.21 6.39 6.88 6.89 4.22 5.27 5.78 6.41 7.36 5.82 6.22 (0.4) pt
ROE 36.39 42.68 61.30 63.36 35.22 62.04 57.88 64.94 69.38 94.32 115.81 +57.9 pt
People
People Employees 5,000 5,000 5,000 4,500 3,300 3,300 3,300 3,000 3,000 3,600 — (3.6%)
Revenue/emp, $m 1.09 1.11 1.13 1.28 1.40 1.55 1.60 1.89 1.99 1.77 — +5.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Business profile

Updated

Simon Property Group is a real estate investment trust, or REIT, that owns, develops and manages shopping, dining, entertainment and mixed-use destinations. Its properties include malls, Premium Outlets and The Mills. It leases space to retailers, restaurants, entertainment operators and other tenants, and also manages properties for fees.

The company was founded in 1993 and is headquartered in Indianapolis, Indiana. David Simon was chairman, chief executive officer and president as of February 25, 2026. By the third quarter of 2026, Eli Simon was identified as chief executive officer, president and chief operating officer.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Real estate segment 6,017 94.53%
Other, not broken out 348 5.47%
Gross margin 81.90%
Operating margin 49.89%
Pre-tax margin 76.92%

Revenue by segment since 2022

Simon Property Group, Inc. vs peers in Reit Retail (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SPG Simon Property Group, Inc. $73.3B 16.0× 33.2× +19.50% (above 0%: growing) −12.35% (below 0%: shrinking) −1.30% (below 0%: shrinking) 81.23% 46.02%
O Realty Income Corporation $56.6B 40.2× 37.8× +10.27% (above 0%: growing) +30.74% (above 0%: growing) −343.97% (below 0%: shrinking) 92.45% 20.67% Compare
KIM Kimco Realty Corporation $17.0B 23.6× 28.5× +1.92% (above 0%: growing) +122.74% (above 0%: growing) +12.37% (above 0%: growing) 70.40% 51.27% Compare
REG Regency Centers Corporation $14.0B 25.8× 29.9× +8.58% (above 0%: growing) +8.93% (above 0%: growing) +15.87% (above 0%: growing) 70.75% 37.28% Compare
FRT Federal Realty Investment Trust $9.8B 22.3× 25.9× +5.20% (above 0%: growing) +15.51% (above 0%: growing) +14.04% (above 0%: growing) 67.81% 34.47% Compare
BRX Brixmor Property Group Inc. $9.2B 21.4× 25.2× +5.50% (above 0%: growing) −7.48% (below 0%: shrinking) +294.25% (above 0%: growing) 75.75% 38.37% Compare
ADC Agree Realty Corporation $9.2B 36.3× 34.2× +16.73% (above 0%: growing) +17.78% (above 0%: growing) +50.00% (above 0%: growing) 87.70% 51.23% Compare
NNN NNN REIT, Inc. $8.0B 19.6× 19.9× +8.48% (above 0%: growing) +12.98% (above 0%: growing) +232.63% (above 0%: growing) 96.70% 66.07% Compare
MAC Macerich Company (The) $7.4B — (loss-making) — (loss-making) +2.69% (above 0%: growing) n/m −3.56% (below 0%: shrinking) 0.00% 0.00% Compare
Median of peers $9.5B 23.6× 28.5× +6.99% +15.51% +14.96% 73.25% 37.83%

All 26 Reit Retail stocks →

From the latest earnings call

Updated

  • Eli Simon said tenant demand remained broad, with more than 1,200 leases signed for over 4.8 million square feet during the second quarter.
  • Brian McDade said Simon Property Group raised its 2026 Real Estate FFO outlook to $13.20 to $13.30 per share.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 93.30%
Held by the ten largest 51.72%
Holder Shares Stake Change
Vanguard 52.12m 16.11% +4.92m
BlackRock 37.27m 11.52% +455.54k
State Street 20.36m 6.29% −574.74k
Capital Group 11.60m 3.59% +1.64m
Geode Capital Management 11.34m 3.50% +510.20k
Wellington Management 9.39m 2.90% +242.71k
Bank of America 8.25m 2.55% −254.63k
COHEN & STEERS, INC. 5.87m 1.81% −11.39k
Morgan Stanley 5.57m 1.72% +144.80k
Fidelity (FMR) 5.56m 1.72% +526.28k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 1 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 11.66m 31.74m 283.00
2024 61.39m 81.60m 251.00
2023 15.56m 22.40m 198.00
2022 35.67m 30.03m 153.00
2021 10.48m 24.35m 196.00

Ownership

Directors and executive officers, together 7.31%
David Simon 7.07%
Eli Simon 7.07%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Simon Property Group, Inc. (SPG) Latest News

6 Nov

Impact 3 · · credaily.com
Impact 3 · · Zacks
Impact 3 · · GuruFocus.com

5 Nov

Impact 3 · · PR Newswire

29 Oct

Impact 3 · · Zacks

18 Oct

Impact 4 · · Simply Wall St.

17 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

16 Oct

Impact 3 · · Barchart

13 Oct

Impact 3 · · Insider Monkey

7 Oct

Impact 3 · · Insider Monkey

19 Sep

Impact 4 ·

17 Sep

Impact 4 · · MarketBeat

15 Sep

Impact 4 · · The Daily Upside

8 Sep

Impact 4 · · wwd.com
Impact 3 · · retaildive.com

6 Sep

Impact 3 ·

28 Aug

Impact 3 ·

27 Aug

Impact 3 ·

21 Aug

Impact 4 ·

17 Aug

Impact 3 · · The Motley Fool transcript

13 Aug

Impact 4 · · credaily.com

12 Aug

Impact 3 ·

11 Aug

Impact 4 ·
Impact 4 · · Moby transcript
Impact 4 · transcript
Impact 3 · · retaildive.com
Impact 3 · · MarketBeat transcript

10 Aug

Impact 4 ·
Impact 3 ·

SPG metrics, ten years each

stockrow.com/SPG · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com