Simon Property Group
SPG NYSE· Retail REITs
Last close · Oct 26, 2026
$212.69
KIRA · Stoqly’s AI analyst, in plain words
- Simon Property Group had $6.4B of revenue in fiscal 2025, up 6.7% on the year before. Over five years, revenue changed +6.7% a year on average.
- Its operating margin was 49.9%, down 2.0 pts: of every 100 in sales, about 50 is left after running the business.
- Simon Property Group made $5.4B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 10.3% a year.
- Free cash flow was $3.2B in fiscal 2025, 50.3% of revenue.
- Simon Property Group returned $227M to shareholders in fiscal 2025, 7% of free cash flow. The diluted share count rose 0.1%.
- Simon Property Group owes $27.6B more than it holds in cash, about 6.0 years of operating profit.
Market cap
$68.9B
P/E
15.0x
Revenue
$6.4B
Net income
$5.4B
Free cash flow
$3.2B
Operating margin
49.9%
Simon Property Group in 30 seconds · fiscal 2025
Are sales growing?
+6.7%
Yes. Sales grew 6.7% last year.
Does it make a profit?
84.3%
Yes. It keeps 84.3% of every sale as profit.
Does profit turn into cash?
50.3%
Yes. 50.3% of sales ends up as free cash.
Is debt under control?
6.0x
Heavy. Repaying its debt would take 6.0 years of operating profit.
How is the share priced?
15.0x
One share costs 15.0 times its yearly profit per share. Typical for its sector: 28.2x.
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.
Biggest risks, in its own words
- Tenants going bankrupt, and vacant space at its properties.
- Failing to lease or re-lease space at the rents and tenant mix it wants.
- Competition from e-commerce and changes in how consumers shop.
- Natural disasters and losses that its insurance does not cover.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Legal name
- SIMON PROPERTY GROUP, INC.
- CIK
- 0001063761
Simon Property Group · SPG
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $5.1B | $5.3B | $5.7B | $6.0B | $6.4B |
| Revenue growth | 11.1% | 3.4% | 6.9% | 5.4% | 6.7% |
| Operating margin | 47.2% | 48.8% | 49.6% | 51.9% | 49.9% |
| Net income | $2.6B | $2.5B | $2.6B | $2.7B | $5.4B |
| Net margin | 50.2% | 46.4% | 46.3% | 45.8% | 84.3% |
| Diluted EPS | $6.84 | $6.52 | $6.98 | $7.26 | $14.17 |
| Cash | |||||
| Cash from operations | $3.6B | $3.8B | $3.9B | $3.8B | $4.1B |
| Capital expenditure | $528M | $650M | $793M | $756M | $934M |
| Free cash flow | $3.1B | $3.1B | $3.1B | $3.1B | $3.2B |
| FCF margin | 60.8% | 58.9% | 55.4% | 51.3% | 50.3% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $180M | $141M | $0.0M | $227M |
| Share count change | 6.4% | −0.2% | −0.3% | −0.2% | 0.1% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $3.4B | $3.1B | $3.0B | $2.9B | $5.2B |
| Net debt / EBITDA | 6.7x | 6.4x | 5.9x | 5.3x | 6.0x |
| Interest coverage | 3.0x | 3.4x | 3.3x | 3.4x | 3.3x |
| Returns and quality | |||||
| Return on capital | 6.6% | 7.2% | 9.9% | 11.5% | 10.5% |
| Return on equity | 80.3% | 75.5% | 85.0% | 91.5% | 131.6% |
Insiders bought, 12 months
$2.0M
11 insiders
Insiders sold, 12 months
$2.0M
1 insider
Of sales under plans
0%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Simon Property Group · SPG
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
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 | $68.9B | 6.7% | 49.9% | 50.3% | 10.5% | 15.0x | — |
| Realty Income O | $53.4B | 9.1% | — | 67.2% | — | 41.4x | — |
| Kimco Realty KIM | $15.9B | 5.1% | 36.0% | — | 4.3% | 27.5x | — |
| Regency Centers REG | — | 6.9% | 72.3% | 25.3% | 7.7% | 25.4x | — |
| Brixmor Property Group BRX | $8.7B | 6.7% | — | — | — | 20.1x | — |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $212.69 a share, the company is worth $68.9B: 15.0 times its earnings of the last four quarters.
Simon Property Group grew sales faster than 1 of its 4 similar companies. Its P/E is higher than 0 of 4.
Source: SEC EDGAR XBRL filings (CIK 0001063761). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.