Simon Property Group (SPG)
Real Estate · $66.4B market cap · SEC CIK 0001063761
fundamentals score out of 100
Next reports on Nov 2, 2026, with analysts expecting $1.69 in earnings per share.
The case for SPG
- Generated $3.2B of free cash flow in FY2025, 50% of revenue.
- Earns 110% on shareholder equity, a figure flattered by a small equity base.
- 67% of revenue drops through to net profit.
- Revenue growing 15.0% year over year.
- Earnings per share up 78.0%.
- Pays a 6.3% dividend while you wait.
The case against
- Long-term debt of $28.4B would take 7 years of operating cash flow to repay.
- Current liabilities exceed current assets (ratio 0.44).
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Real Estate companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 60 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 69 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 93 |
| Momentumhow the price has behaved lately | 52 |
| Stabilityhow violently it moves, what it owes and what it pays you | 33 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Real Estate companies.
Key numbers
| Price / earnings | 14.4× |
|---|---|
| Price / book | 16.36× |
| Price / sales | 9.6× |
| Revenue growth (YoY) | +15.0% |
| EPS growth (YoY) | +78.0% |
| Gross margin | 81% |
| Operating margin | 47% |
| Net margin | 67% |
| Return on equity | 110% |
| Debt / equity | 6.47× |
| Current ratio | 0.44 |
| Dividend yield | 6.29% |
| Beta | 1.32 |
| 52-week range | $172.19 – $238.50 |
| Position in that range | 51% of the way up |
| 3-month return | -3.0% |
| 1-year return | +13.4% |
Five years of financials, as filed
Pulled from Simon Property Group's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $6.4B | $6.0B | $5.7B | $5.3B | $5.1B |
| Operating income | $3.2B | $3.1B | $2.8B | $2.6B | $2.4B |
| Operating cash flow | $4.1B | $3.8B | $3.9B | $3.8B | $3.6B |
| Capital expenditure | $934M | $756M | $793M | $650M | $528M |
| Total assets | $40.6B | $32.4B | $34.3B | $33.0B | $33.8B |
| Total liabilities | $33.9B | $28.8B | $30.6B | $29.2B | $29.4B |
| Shareholder equity | $5.2B | $2.9B | $3.0B | $3.1B | $3.4B |
| Cash | $823M | $1.4B | $1.2B | $622M | $534M |
| Long-term debt | $28.4B | $24.3B | $26.0B | $25.0B | $25.3B |
| Free cash flow | $3.2B | $3.1B | $3.1B | $3.1B | $3.1B |
| Operating margin | 49.9% | 51.9% | 49.6% | 48.8% | 47.2% |
| Diluted shares | 326M | 326M | 327M | 328M | 329M |
Share count is essentially flat over 4 years.
What Simon Property Group says it does
_32765"> Item 1. Business Simon Property Group, Inc. is an Indiana corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Indiana partnership subsidiary that owns directly or indirectly all of our real estate properties and other assets. Unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership.…
Risk factors SPG lists in its 10-K
- Information about our Executive Officers
- Risks Related to Tenant Operations at Our Properties
- Risks Related to Real Estate Holdings and Operations
- Risks Relating to Income Taxes and REIT Rules
- Risks Related to Indebtedness and the Financial Markets