Simon Property Group Inc. (SPG)
Real Estate · Retail REITs · US stock · S&P 500 component
$212.04
▲ +6.49 (3.16%)
Fair valueFair
$203 −4.3% to fair value
$101fair band $173–$246$304
Day's range
$205.79 – $212.69
52-week range
$172.19 – $238.50
About Simon Property Group Inc.
Simon Property Group is a real estate investment trust that owns and operates shopping destinations, including enclosed malls, premium outlet centres and mixed-use properties. Its tenants are retailers, restaurants and entertainment operators, and its properties draw large numbers of shoppers. The company is based in the United States, where most of its portfolio is located, and it also holds interests in retail centres overseas through partnerships.
Most of the income is rent and related charges paid by the tenants occupying its centres. Revenue for the last twelve months was $6.9 billion, up 6.3% a year across the last three years. The operating margin is 47.4%, and the business earns a profit of 8% on the capital invested in it. It carries net debt of 5.7 times EBITDA. The company pays a dividend with a yield of 4.2%. On the site's X-Ray Score it receives 42 out of 100.
Price chart
52-wk range $172.19 – $238.50Volume 1,279,534Daily, split-adjusted
Vitals
Market cap$68.7B
52-week range$172.19 – $238.50
Volume (last day)1,279,534
P/E (TTM)12.8
EBIT / EV yield3.3%
Free-cash-flow yield4.7%
Dividend yield4.2%
Revenue (TTM)$6.9B
Net income (TTM)$5.4B
Operating margin47.4%
Return on capital7.9%
Debt incl. leases$29.4B
Cash & securities$1.0B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$203middle half of models $193 – $212
Fair
−4.3% to fair value
Average of the 4 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $212
Undervalued < $173Fair $173 – $246Overvalued > $246
P/B multiple
$194
P/S multiple
$190
P/FFO multiple
$218
P/AFFO multiple
$209
Dividend discount, stable · not used
$723
Dividend discount, multi-stage · not used
$1,131
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Real Estate peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
31/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield3.3%
Free-cash-flow yield4.7%
Fair value vs price1.0×
Growth
Fair
63/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)6.3%
EPS growth (3y)29.5%
Growth consistency100%
Profitability
Fair
57/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital7.9%
Operating margin47.4%
Financial health
Weak
21/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score4 / 9
Net debt / EBITDA5.7×
Interest cover3.1×
Dividends
Weak
31/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield4.2%
Dividends vs free cash flow90%
Quarterly results: last 6 quarters
+2.1%
Mar '25
+2.8%
Jun '25
+8.2%
Sep '25
+13.2%
Dec '25
+19.3%
Mar '26
+19.5%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.8B, diluted EPS $1.49.
Compare with peers
FRT Federal Realty Investm...56 KIM Kimco Realty Corp54 O Realty Income Corp53Other Retail REITs companies by X-Ray Score.
SWOT analysis: Simon Property Group Inc.
Strengthsinside the company
- Operating margin of 47.4% is well above the 36.0% median of industry peers, a sign of pricing power or lower costs.
- Earnings per share have compounded at 29.5% a year over three years.
Weaknessesinside the company
- Net debt is 5.7x EBITDA, above the 3x level that lenders usually watch.
Opportunitiesvaluation and setting
- Trades at 12.8x earnings, 54% below the 27.5x median of industry peers.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
- Our Market Compass rates the backdrop for Real Estate as unfavourable.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare SPG with peers and sector
Medians of 3 Retail REITs peers and of 28 Real Estate stocks in our universe.
Largest peers (X-Ray Score): O 53, KIM 54, FRT 56.
| Metric | SPG | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 42 | 54 | 52 |
| Valuation | 31 | 43 | 53 |
| Growth | 63 | 57 | 56 |
| Profitability | 57 | 54 | 50 |
| Financial health | 21 | 64 | 56 |
| Dividends | 31 | 53 | 48 |
Sector leaders: highest X-Ray Score in Real Estate
SPG ranks #26 of 29 in Real Estate and #4 of 4 in Retail REITs by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for SPG
Each factor is rated by where SPG stands among the 29 Real Estate stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 6 Good · 4 Average · 9 Bad of 19
Growth: 2 · 1 · 0
Profitability: 3 · 1 · 0
Financial strength: 0 · 0 · 3
Valuation: 1 · 1 · 3
Cash flow: 0 · 1 · 3
| Factor | SPG | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +6.3% | Average beats 47% | +6.8% | – | – |
| Revenue growth, last year | +6.7% | Good beats 67% | +5.1% | +6.7% | ≈ In line |
| EPS growth, 3 years a year | +29.5% | Good beats 83% | −1.9% | – | – |
| Profitability | |||||
| Operating margin | 47.4% | Good beats 77% | 34.3% | 49.6% | ≈ In line |
| Net margin | 77.6% | Good beats 98% | 21.5% | 46.3% | ▲ Better |
| Return on invested capital | 7.9% | Average beats 56% | 7.5% | – | – |
| Return on equity | 121.4% | Good beats 98% | 7.3% | 86.6% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 5.7x | Bad beats 31% | 4.6x | 6.0x | ≈ In line |
| Interest cover | 3.1x | Bad beats 31% | 3.4x | 3.3x | ≈ In line |
| Piotroski F-score | 4 / 9 | Bad beats 9% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 12.8x | Good beats 95% | 32.1x | 17.8x | ▲ Better |
| Price / book | 15.5x | Bad beats 6% | 2.6x | 15.4x | ≈ In line |
| Price / sales | 9.9x | Bad beats 12% | 7.0x | 9.4x | ≈ In line |
| EV / EBITDA | 19.8x | Bad beats 31% | 18.6x | 18.1x | ≈ In line |
| Free cash flow yield | 4.7% | Average beats 59% | 4.1% | 5.9% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 46.4% | Average beats 57% | 44.6% | 55.4% | ▼ Worse |
| Cash from operations / net income | 0.77 | Bad beats 2% | 1.91 | 1.42 | ▼ Worse |
| Free cash flow growth, 3 years a year | +0.9% | Bad beats 28% | +11.7% | – | – |
| Accruals (lower is better) | +3.2% | Bad beats 2% | −3.7% | – | – |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 3 Good · ● 5 Average · ● 5 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldAverage
Risk models
Piotroski F-ScoreBad
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Average
Revenue growth (3y)Average
Growth consistencyGood
Balance sheet
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceBad
EBIT / EV yieldAverage
Profitability
Return on invested capitalAverage
Operating marginGood
Each check is graded against the company's sector, not a fixed number. Checklist score 43/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $5.1B | $5.3B | $5.7B | $6.0B | $6.4B |
| Operating income | $2.4B | $2.6B | $2.8B | $3.1B | $3.2B |
| Net income | $2.6B | $2.5B | $2.6B | $2.7B | $5.4B |
| Operating cash flow | $3.6B | $3.8B | $3.9B | $3.8B | $4.1B |
| Operating margin | 47.2% | 48.8% | 49.6% | 51.9% | 49.9% |
| Free cash flow | $3.1B | $3.1B | $3.1B | $3.1B | $3.2B |
| Diluted EPS | $6.84 | $6.52 | $6.98 | $7.26 | $14.17 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
11 bullish · 1 neutral · 4 bearish
Weekly
Strongly bullish
9 bullish · 1 neutral · 2 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 203.6 | Bullish |
| EMA 10 | 205.0 | Bullish |
| SMA 20 | 202.6 | Bullish |
| EMA 20 | 204.2 | Bullish |
| SMA 50 | 207.3 | Bullish |
| EMA 50 | 206.8 | Bullish |
| SMA 100 | 213.0 | Bearish |
| EMA 100 | 207.2 | Bullish |
| SMA 200 | 201.6 | Bullish |
| EMA 200 | 200.8 | Bullish |
Oscillators (daily)
| RSI (14) | 63.11 | Neutral |
| MACD (12, 26) | 0.03 | Bullish |
| Momentum (12) | 5.11 | Bullish |
| Stochastic %K (14) | 95.92 | Bearish |
| Williams %R (14) | -4.08 | Bearish |
| CCI (20) | 215.3 | Bearish |
Pivot points (classic, last session)
S3 200.8 | S2 203.3 | S1 207.7 | Pivot 210.2 | R1 214.6 | R2 217.1 | R3 221.5 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
8.90 USD
Yield on today's price
4.20%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 2.2500 | |
| 2.2500 | |
| 2.2000 | |
| 2.2000 | |
| 2.1500 | |
| 2.1000 | |
| 2.1000 | |
| 2.1000 | |
| 2.0500 | |
| 2.0000 | |
| 1.9500 | |
| 1.9000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold SPG
| ETF | Share of the fund |
|---|---|
| ICF iShares Cohen & Steers REIT | 6.39% |
| XLRE The Real Estate Select Sector SPDR | 4.98% |
| DFAR DFA Investment Dimensions Group Inc. | 4.83% |
| IYR iShares U.S. Real Estate | 4.77% |
| RWR SPDR Dow Jones REIT | 4.66% |
| USRT iShares Core U.S. REIT | 4.65% |
| SCHH Schwab U.S. REIT | 4.47% |
| REET iShares Global REIT | 3.91% |
The eight funds with the largest weight in SPG among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
SPG SEC filings
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Shareholder vote results
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
DEF 14ASEC EDGAR
Proxy statement
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
8-KSEC EDGAR
Entered a material agreement
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.