Simon Property Group
SPG NYSE Retail REITs Financials FY2016–FY2025
Simon Property Group's revenue rose 6.7% to $6.4 billion in fiscal 2025. Its operating margin was 49.9%, down from 51.9% a year earlier. Free cash flow was $3.2 billion, up 4.7%. It paid out $227 million in dividends and buybacks, 7% of free cash flow.
About these figures. Simon held short-term investments only at the end of 2023 (US$1 billion, which matured in 2024), so they count as zero in other years.
What Simon Property Group does
Simon Property Group is a real estate investment trust, or REIT. A REIT generally pays no federal corporate income tax as long as it distributes at least all of its taxable income to shareholders. Simon owns, develops and manages shopping, dining, entertainment and mixed-use destinations, mainly malls, Premium Outlets and The Mills.
At the end of 2025 it owned or held an interest in 212 properties in the United States, including 108 malls, 70 Premium Outlets and 16 Mills, in 38 states and Puerto Rico. It also had interests in 42 properties abroad, mostly in Asia, Europe and Canada, and a stake in Klepierre, a Paris-based owner of shopping centers in Europe.
Simon earns money mainly from rent paid by retail tenants. It also has other investments, including Catalyst Brands, an e-commerce business called Rue Gilt Groupe, and Jamestown, a real estate investment and management firm. On October 31, 2025 it bought the rest of The Taubman Realty Group that it did not already own.
- Legal name
- SIMON PROPERTY GROUP, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001104659-26-019419
0001063761
Revenue and margins
Simon Property Group had $6.4B of revenue in fiscal 2025, up 6.7% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 10.3% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $3.2B in fiscal 2025, 50.3% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Simon Property Group returned $227M to shareholders in fiscal 2025, 7% of free cash flow. The diluted share count rose 0.1%.
Value Simon Property Group yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$27.6B and divides by 326.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 14.9x · peers 26.4x · sector 28.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably Simon Property Group can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $534M | $622M | $2.2B | $1.4B | $823M |
| Debt incl. finance leases | $25.3B | $25.0B | $26.0B | $24.3B | $28.4B |
| Net debt / EBITDA | 6.7x | 6.4x | 5.9x | 5.3x | 6.0x |
| Debt / equity | 7.5x | 8.0x | 8.6x | 8.3x | 5.5x |
| Interest coverage | 3.0x | 3.4x | 3.3x | 3.4x | 3.3x |
| Total assets | $33.8B | $33.0B | $34.3B | $32.4B | $40.6B |
| Total liabilities | $29.4B | $29.2B | $30.6B | $28.8B | $33.9B |
| Shareholders' equity | $3.4B | $3.1B | $3.0B | $2.9B | $5.2B |
| Net debt (− = net cash) | $24.8B | $24.3B | $23.9B | $22.9B | $27.6B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.6M
11 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 30, 2026 | Daniel C. SmithDirector | Bought | 350 | $202.78 | $0.1M | Form 4 |
| Sep 30, 2026 | Gary M RodkinDirector | Bought | 232 | $202.78 | $0.0M | Form 4 |
| Sep 30, 2026 | Glyn AeppelDirector | Bought | 222 | $202.78 | $0.0M | Form 4 |
| Sep 30, 2026 | Larry C GlasscockDirector | Bought | 367 | $202.78 | $0.1M | Form 4 |
| Sep 30, 2026 | Marta R StewartDirector | Bought | 199 | $202.78 | $0.0M | Form 4 |
| Sep 30, 2026 | Martin J CiccoDirector | Bought | 15 | $202.78 | $0.0M | Form 4 |
| Sep 30, 2026 | Nina P JonesDirector | Bought | 46 | $202.78 | $0.0M | Form 4 |
| Sep 30, 2026 | Peggy RoeDirector | Bought | 88 | $202.78 | $0.0M | Form 4 |
| Sep 30, 2026 | Randall J LewisDirector | Bought | 65 | $202.78 | $0.0M | Form 4 |
| Sep 30, 2026 | Reuben S LeibowitzDirector | Bought | 480 | $202.78 | $0.1M | Form 4 |
| Sep 30, 2026 | Stefan M SeligDirector | Bought | 208 | $202.78 | $0.0M | Form 4 |
| Jun 30, 2026 | Reuben S LeibowitzDirector | Bought | 508 | $223.38 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ |
| Debt fell relative to assets | ✕ | ✓ | ✕ |
| Current ratio rose | — | — | — |
| Share count didn't rise | ✓ | ✓ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −3.9% | −3.3% | 3.4% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Simon Property Group SPG | $68.6B | 6.7% | 49.9% | 50.3% | 10.5% | 14.9x | — | |
| Realty Income O | $53.2B | 9.1% | — | 67.2% | — | 41.2x | — | Compare → |
| Kimco Realty KIM | $15.9B | 5.1% | 36.0% | — | 4.3% | 27.5x | — | Compare → |
| Regency Centers REG | — | 6.9% | 72.3% | 25.3% | 7.7% | 25.4x | — | Compare → |
| Brixmor Property Group BRX | $8.7B | 6.7% | — | — | — | 20.1x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $5.4B | $5.5B | $5.6B | $5.8B | $4.6B | $5.1B | $5.3B | $5.7B | $6.0B | $6.4B |
| Operating income | $2.7B | $2.8B | $2.9B | $2.9B | $2.0B | $2.4B | $2.6B | $2.8B | $3.1B | $3.2B |
| Interest expense | $858M | $809M | $816M | $789M | $784M | $796M | $761M | $855M | $906M | $975M |
| Pretax income | — | — | — | — | — | — | — | $2.7B | $2.7B | $5.4B |
| Income tax | — | — | — | — | — | — | — | $68.8M | $9.3M | $20.3M |
| Net income | $2.1B | $2.2B | $2.8B | $2.4B | $1.3B | $2.6B | $2.5B | $2.6B | $2.7B | $5.4B |
| Diluted EPS | $5.87 | $6.24 | $7.87 | $6.81 | $3.59 | $6.84 | $6.52 | $6.98 | $7.26 | $14.17 |
| Diluted shares | 0.31B | 0.31B | 0.31B | 0.31B | 0.31B | 0.33B | 0.33B | 0.33B | 0.33B | 0.33B |
| Cash flow | ||||||||||
| Cash from operations | $3.4B | $3.6B | $3.8B | $3.8B | $2.3B | $3.6B | $3.8B | $3.9B | $3.8B | $4.1B |
| Capital expenditure | $799M | $732M | $782M | $876M | $484M | $528M | $650M | $793M | $756M | $934M |
| Free cash flow | $2.6B | $2.9B | $3.0B | $2.9B | $1.8B | $3.1B | $3.1B | $3.1B | $3.1B | $3.2B |
| Depreciation and amortization | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.2B | $1.3B | $1.3B | $1.4B |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $255M | $407M | $354M | $360M | $153M | $0.0M | $180M | $141M | $0.0M | $227M |
| Dividends paid | $2.0B | $2.2B | $2.4B | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $2.3B | $2.6B | $2.8B | $360M | $153M | $0.0M | $180M | $141M | $0.0M | $227M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $560M | $1.5B | $514M | $669M | $1.0B | $534M | $622M | $2.2B | $1.4B | $823M |
| Total debt | $23.0B | $24.6B | $23.3B | $24.2B | $26.7B | $25.3B | $25.0B | $26.0B | $24.3B | $28.4B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Total assets | $31.1B | $32.3B | $30.7B | $31.2B | $34.8B | $33.8B | $33.0B | $34.3B | $32.4B | $40.6B |
| Total liabilities | $26.0B | $27.8B | $26.7B | $28.1B | $31.1B | $29.4B | $29.2B | $30.6B | $28.8B | $33.9B |
| Shareholders' equity | $4.3B | $3.7B | $3.3B | $2.5B | $3.0B | $3.4B | $3.1B | $3.0B | $2.9B | $5.2B |
| Margins | ||||||||||
| Operating margin | 50.1% | 50.7% | 51.8% | 50.6% | 42.8% | 47.2% | 48.8% | 49.6% | 51.9% | 49.9% |
| EBITDA margin | 73.1% | 73.8% | 74.6% | 73.9% | 71.4% | 71.8% | 72.0% | 71.9% | 73.1% | 72.3% |
| Net margin | 39.3% | 40.6% | 50.0% | 42.1% | 27.7% | 50.2% | 46.4% | 46.3% | 45.8% | 84.3% |
| FCF margin | 47.4% | 51.8% | 52.6% | 50.9% | 40.0% | 60.8% | 58.9% | 55.4% | 51.3% | 50.3% |
| Returns | ||||||||||
| Return on capital | 7.9% | 8.1% | 8.6% | 8.7% | 5.6% | 6.6% | 7.2% | 9.9% | 11.5% | 10.5% |
| Return on equity | 48.6% | 56.2% | 80.8% | 83.2% | 45.9% | 80.3% | 75.5% | 85.0% | 91.5% | 131.6% |
| Return on assets | 6.9% | 7.1% | 9.0% | 7.8% | 3.9% | 7.5% | 7.3% | 7.8% | 8.2% | 14.7% |
| Growth | ||||||||||
| Revenue growth | 3.2% | 1.7% | 2.1% | 2.0% | −19.9% | 11.1% | 3.4% | 6.9% | 5.4% | 6.7% |
| Net income growth | −0.2% | 5.2% | 25.7% | −14.1% | −47.3% | 101.1% | −4.5% | 6.7% | 4.3% | 96.6% |
| EPS growth | −0.2% | 6.3% | 26.1% | −13.5% | −47.3% | 90.5% | −4.7% | 7.1% | 4.0% | 95.2% |
| FCF growth | 28.5% | 11.2% | 3.8% | −1.3% | −37.2% | 68.8% | 0.2% | 0.7% | −2.5% | 4.7% |
| Share count change | 0.8% | −0.4% | −0.6% | −0.5% | 0.3% | 6.4% | −0.2% | −0.3% | −0.2% | 0.1% |
| Financial health | ||||||||||
| Net debt / EBITDA | 5.6x | 5.7x | 5.4x | 5.5x | 7.8x | 6.7x | 6.4x | 5.9x | 5.3x | 6.0x |
| Debt / equity | 5.3x | 6.7x | 7.1x | 9.6x | 8.8x | 7.5x | 8.0x | 8.6x | 8.3x | 5.5x |
| Interest coverage | 3.2x | 3.5x | 3.6x | 3.7x | 2.5x | 3.0x | 3.4x | 3.3x | 3.4x | 3.3x |
| Capital allocation | ||||||||||
| Capex / revenue | 14.7% | 13.3% | 13.9% | 15.2% | 10.5% | 10.3% | 12.3% | 14.0% | 12.7% | 14.7% |
| Payouts / FCF | 89.1% | 92.2% | 94.4% | 12.3% | 8.3% | 0.0% | 5.8% | 4.5% | 0.0% | 7.1% |
| Quality scores | ||||||||||
| Accruals ratio | −4.0% | −4.3% | −3.0% | −4.5% | −3.2% | −3.1% | −3.9% | −3.9% | −3.3% | 3.4% |
Source: SEC EDGAR XBRL filings (CIK 0001063761). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.