NYSE: SPG · Retail REITs
Simon Property Group
Simon Property Group, an Indianapolis REIT, owns malls, Premium Outlets and The Mills: 212 U.S. income-producing properties at the end of 2025, plus international holdings and a 22.2% stake in Klépierre. 2025 revenue was $6,365M, of which lease income $5,839M. Net income jumped to $5,364M because of a $2.9B non-cash gain when it bought the remaining 12% of The Taubman Realty Group on October 31, 2025. U.S. occupancy was 96.4%.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: November 4, 2026 15:27 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-2510-Q (quarter ended 2026-09-30) · filed 2026-11-06Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 6.7%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 49.9%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +0.7 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 6.0x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 0.77x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 4 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 15.8x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.76
Higher than 38% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 97% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 38% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 93% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 3% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-06-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$225.16close on 2026-11-04
Market cap$85.24B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 15.8x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- —
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 24.5x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 3.8%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 3.8%
At FY2025 year-end: 13.1x
Earnings: trailing 12 months to 2026-06-30
At FY2025 year-end: —
Book value at FY2025 year-end
At FY2025 year-end: 21.2x
EBITDA for FY2025
At FY2025 year-end: 4.6%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Jun 30, 2026.
These figures are behind: a newer quarter was reported on Nov 5, 2026, but SEC's structured data doesn't include it yet. Read the release ↗
- Revenue$1.5B → $1.79B (vs. a year earlier)↑ +19.5%$1.5B → $1.79B (vs. a year earlier)
- Operating margin49.7% → 46.0% (vs. a year earlier)↓ −3.6 pts49.7% → 46.0% (vs. a year earlier)
- Net income$644M → $574M (vs. a year earlier)↓ −10.8%$644M → $574M (vs. a year earlier)
- Diluted EPS$1.70 → $1.49 (vs. a year earlier)↓ −12.4%$1.70 → $1.49 (vs. a year earlier)
- Cash$543M → $1.02B (vs. previous quarter-end)↑ +87.7%$543M → $1.02B (vs. previous quarter-end)
- Long-term debt$28.25B → $28.7B (vs. previous quarter-end)↑ +1.6%$28.25B → $28.7B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Aug 10, 2026.
Management outlook ↑ Raised
Raised 2026 Real Estate FFO outlook, with a range starting at $13.20 per share. Source sentence
The Company is increasing its outlook for full year 2026 Real Estate FFO per diluted share to $13.20 to $13.30, an increase of $0.08 per diluted share at the midpoint.
Key changes
Real Estate FFO $1.249B, or $3.29 per share. Source sentence
Real Estate Funds From Operations (“Real Estate FFO”) was $1.249 billion, or $3.29 per diluted share as compared to $1.154 billion, or $3.05 per diluted share in the prior year, an increase of 7.9%.
Domestic NOI up 8.5%. Source sentence
Domestic property Net Operating Income (“NOI”) increased 8.5% and portfolio NOI increased 8.3% compared to the prior year period.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- SIMON PROPERTY GROUP INC.
- Headquarters
- INDIANAPOLIS, IN
- Incorporated in
- Indiana
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: SPG
- Industry
- Retail REITs
- CIK
- 1063761
- Website
- https://www.simon.com/ ↗
Workforce (as of FY2025 year-end)
Employees
3,600
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 33–36 days after quarter end (Feb 2, 2026; Feb 4, 2025; Feb 5, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 32–42 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 5, 2026 (+36 days) | Nov 6, 2026 10-Q (+37 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 10, 2026 (+41 days) | Aug 10, 2026 10-Q (+41 days) |
| Q1 FY2026 | Mar 31, 2026 | May 11, 2026 (+41 days) | May 11, 2026 10-Q (+41 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 2, 2026 (+33 days) | Feb 25, 2026 10-K (+56 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 3, 2025 (+34 days) | Nov 6, 2025 10-Q (+37 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 4, 2025 (+35 days) | Aug 7, 2025 10-Q (+38 days) |
| Q1 FY2025 | Mar 31, 2025 | May 12, 2025 (+42 days) | May 12, 2025 10-Q (+42 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 4, 2025 (+35 days) | Feb 21, 2025 10-K (+52 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 1, 2024 (+32 days) | Nov 8, 2024 10-Q (+39 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 5, 2024 (+36 days) | Aug 7, 2024 10-Q (+38 days) |
| Q1 FY2024 | Mar 31, 2024 | May 6, 2024 (+36 days) | May 7, 2024 10-Q (+37 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 5, 2024 (+36 days) | Feb 22, 2024 10-K (+53 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Properties
Malls
108 malls in the U.S.
Properties
Premium Outlets
70 Premium Outlets in the U.S.
Properties
The Mills
16 Mills in the U.S.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
No market share figure is stated in the 10-K.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Recent developments.
Q2 2026 results
Revenue $1,791M (vs $1,498M); net income to common $483M (vs $556M).
Source: Form 10-Q (quarter ended 2026-06-30)
TRG Acquisition
Bought the remaining 12% on October 31, 2025; a $2.9B remeasurement gain.
Source: Form 10-K (FY2025)
Capex ÷ D&A (FY2025)
0.66x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$934M ÷ $1,426M = 0.66x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $484M in FY2020 to $934M in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$6.36B
As reported in the 10-K
Revenue CAGR (5 years)
+6.7%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($6,365M ÷ $4,608M) ^ (1÷5) − 1 = 6.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
49.9%▲favorable
+7.1pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$3,175M ÷ $6,365M × 100 = 49.9%
ROE (FY2025)
131.6%▲favorable
6-year average: 84.3%
As reported in the 10-K
P/B (FY2025 end)
—
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
21.2x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($70,074M + $28,430M − $823M) ÷ ($3,175M + $1,426M) = 21.2x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +6.7% a year over 5 years (strong growth)
From $4.61B in FY2020 to $6.36B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 42.8% → 49.9%
How much operating profit is left per $100 of revenue. It moved +7.1 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 12.8% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 84.3% over 6 years (latest: 131.6%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Klépierre
- The Taubman Realty Group
- Catalyst Brands
- Rue Gilt Groupe
07 · what it does
Key activities
- Leasing and operating properties
- Redevelopment and mixed-use projects
- Platform investments such as Catalyst Brands and Rue Gilt Groupe
06 · what it draws on
Key resources
- 212 U.S. income-producing properties
- About 188.4M sq ft of U.S. GLA
- About 3,600 employees
02 · why customers buy
Value propositions
- Shopping, dining, entertainment and mixed-use destinations with high occupancy.
04 · how it keeps them
Customer relationships
- Long-term tenant leases and property management.
03 · how it reaches them
Channels
- Leases negotiated directly with retailers, plus mall, outlet and shop.simon.com channels.
01 · who it serves
Customer segments
- Retail, dining and entertainment tenants
- No tenant at 5% or more of revenue
09 · where money goes
Cost structure
FY2025, share of revenue ($6.36B)
- Selling, general & administrative1.0%
- Other operating costs (incl. cost of goods sold)49.2%
Operating profit left: 49.9% of revenue. Depreciation & amortization (inside the costs above): $1.43B. Capital spending: $934M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Revenue $6,365M (2025)
- Lease income $5,839M
- Management fees $144M; other income $381M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Leases space in malls, outlets and mixed-use destinations to retail, dining and entertainment tenants and earns fees from managing properties.
01 what it draws on
Inputs & resources
- 212 U.S. income-producing properties
- About 188.4M sq ft of U.S. GLA
- About 3,600 employees
02 what it does
Activities
- Leasing and operating properties
- Redevelopment and mixed-use projects
- Platform investments such as Catalyst Brands and Rue Gilt Groupe
03 who it serves
Customers
- Retail, dining and entertainment tenants
- No tenant at 5% or more of revenue
04 how money comes in
How it earns
- Revenue $6,365M (2025)
- Lease income $5,839M
- Management fees $144M; other income $381M
How the business makes money
- Ending occupancy 96.4%, base minimum rent $60.97 psf for U.S. malls and outlets.
- Must pay minimum dividends as a REIT.
- Debt $28,430M at end of 2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Simon’s tax status depends on REIT distribution rules.
Approvals & licenses
REIT rules
Must pay a minimum amount of dividends to keep REIT status.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Lease income
5,839.2 (92%)Other income
380.9 (6%)Management fees and other
144.4 (2%)
Source: Form 10-K (FY2025) Revenue types; no separate operating segments are shown.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Capital tie / equity stake
Klépierre
22.2% equity stake in the Paris-based shopping center company.
Source: Form 10-K (FY2025)
Pending or recent acquisition
The Taubman Realty Group
Remaining 12% bought October 31, 2025.
Source: Form 10-K (FY2025)
Capital tie / equity stake
Catalyst Brands
Interest in the retail operator.
Source: Form 10-K (FY2025)
Capital tie / equity stake
Rue Gilt Groupe
E-commerce venture that operates shop.simon.com.
Source: Form 10-K (FY2025)
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Retail, dining and entertainment tenants.
Named by the company
What the filings disclose
Suppliers
Not a material disclosure in the 10-K.
Named by the company
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K describes competing channels without naming direct rivals beyond discounters.
Competitors named in the 10-K
Peer group the company chose
Peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Compensation peer group from the 2026 proxy statement.
- American Towersite ↗
- The Carlyle Groupsite ↗
- CBRE Groupsite ↗
- Crown Castlesite ↗
- Cushman & Wakefieldsite ↗
- eBaysite ↗
- Equinixsite ↗
- Federal Realty Investment Trustsite ↗
- Global Paymentssite ↗
- JLL (Jones Lang LaSalle)site ↗
- Kimco Realtysite ↗
- Northern Trustsite ↗
- Prologissite ↗
- Realty Incomesite ↗
- Regency Centerssite ↗
- State Streetsite ↗
- Tapestrysite ↗
- TJX Companiessite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Profit over time (operating → net)
Unit: $M
- Operating income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 4,608 | 5,117 | 5,291 | 5,659 | 5,964 | 6,365 |
| Operating income | 1,972 | 2,413 | 2,584 | 2,807 | 3,093 | 3,175 |
| Net income (attributable) | 1,277 | 2,569 | 2,452 | 2,617 | 2,729 | 5,364 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 11.1% | 3.4% | 6.9% | 5.4% | 6.7% |
| Operating margincalcoperating income ÷ revenue × 100 | 42.8% | 47.2% | 48.8% | 49.6% | 51.9% | 49.9% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 27.7% | 50.2% | 46.3% | 46.2% | 45.8% | 84.3% |
| Balance sheet ($M) | ||||||
| Total assets | 34,787 | 33,777 | 33,011 | 34,283 | 32,406 | 40,606 |
| Total equity | 3,472 | 3,853 | 3,612 | 3,492 | 3,415 | 6,472 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 26,723 | 25,321 | 24,960 | 26,033 | 24,264 | 28,430 |
| Equity ratio | 8.7% | 10.0% | 9.5% | 8.8% | 9.1% | 12.8% |
| ROE | 42.0% | 80.3% | 75.5% | 84.9% | 91.5% | 131.6% |
| Cash flow ($M) | ||||||
| Operating CF | 2,327 | 3,637 | 3,767 | 3,931 | 3,815 | 4,137 |
| Investing CF | -3,978 | -553 | -627 | -1,363 | 1,408 | -1,601 |
| Financing CF | 1,994 | -3,562 | -3,052 | -2,020 | -4,992 | -3,113 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,843 | 3,109 | 3,117 | 3,138 | 3,059 | 3,202 |
| Cash and equivalents | 1,012 | 534 | 622 | 1,169 | 1,400 | 823 |
| Per share & other | ||||||
| EPS ($) | 3.59 | 6.84 | 6.52 | 6.98 | 7.26 | 14.17 |
| Dividend per share ($) | 6.00 | 5.85 | 6.90 | 7.45 | 8.10 | 8.55 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 167.1% | 85.5% | 105.8% | 106.7% | 111.6% | 60.3% |
| P/E (x) | 23.8 | 23.4 | 18.0 | 20.4 | 23.7 | 13.1 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 17.0 | 23.1 | 18.0 | 19.3 | 20.1 | 21.2 |
Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-06-30 | $1.79B+19.5% | $824M+10.7% | $574M-10.8% | $1.49 |
| 2026-03-31 | $1.76B+19.3% | $762M+4.7% | $569M+19.0% | $1.48 |
| 2025-12-31 | $1.79B+13.2% | $891M+6.6% | $3.54B+358.7% | $9.35 |
| 2025-09-30 | $1.6B+8.2% | $813M+5.9% | $703M+28.5% | $1.86 |
| 2025-06-30 | $1.5B | $744M | $644M | $1.70 |
| 2025-03-31 | $1.47B | $728M | $478M | $1.27 |
| 2024-12-31 | $1.58B | $836M | $772M | $2.04 |
| 2024-09-30 | $1.48B | $768M | $547M | $1.46 |
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
8.0%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$3,175M × (1 − 21%) ÷ $31,291M × 100 = 8.0%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
7.28%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $70.07B ÷ ($70.07B + $28.43B) = 71.1%
e.g.Debt weight: $28.43B ÷ ($70.07B + $28.43B) = 28.9%
e.g.WACC: 9.1% × 71.1% + 3.4% × (1 − 21%) × 28.9% = 7.28%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 6.1%–8.7% and ROIC − WACC runs −0.7 to +1.9 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 7.28% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.76 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 9.13%
- Cost of debt
- 3.43%
- Tax rate
- 21% (U.S. federal statutory rate (not enough data for an effective rate))
- Capital structure (equity : debt)
- 71% : 29%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 7.28%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.76 (price-derived adjusted beta. Raw β 0.64, R² 0.20, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.642 + 0.33 = 0.760
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.76 × 5.5% = 9.1%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
4.4%
Perpetual FCF growth: g = r − FCF ÷ EV = 7.3% − 2.8%
Past FCF growth (FY2020–FY2025)
+11.7%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+6.7%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $3.2B (operating CF − capex); enterprise value $112.84B = market cap $85.24B (latest close, 2026-11-04) + debt $28.43B − cash and short-term investments $823M; r = WACC of 7.3% using this page’s default assumptions (β 0.76, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$110.42B
FCF $3.2B ÷ (7.3% − 4.4%)
Theoretical ÷ actual enterprise value
0.98x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 5.3% | 6.3% | 7.3% | 8.3% | 9.3% |
|---|---|---|---|---|---|
| 0% | 0.54x | 0.45x | 0.39x | 0.34x | 0.31x |
| 2% | 0.86x | 0.66x | 0.54x | 0.45x | 0.39x |
| 4% | 2.18x | 1.23x | 0.86x | 0.66x | 0.54x |
| 6% | — | 9.46x | 2.18x | 1.23x | 0.86x |
| 8% | — | — | — | 9.46x | 2.18x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.41x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): 3.4%
A small share of profit rests on accounting estimates.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$4,137M ÷ $5,364M = 0.77x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Will appear once 13F holdings have been tallied for this company.
19
Strengths & weaknessesSite analysis
Strengths
1. High occupancy
Ending occupancy 96.4% for U.S. malls and outlets.
Evidence: Form 10-K (FY2025)
2. Rent growth
Average base minimum rent rose 4.7% to $60.97 psf.
Evidence: Form 10-K (FY2025)
3. Dividend growth
Dividends rose from $5.85 (2021) to $8.55 (2025) per share.
Evidence: Form 10-K (FY2025)
Weaknesses
1. High leverage
Debt of $28,430M against revenue of $6,365M.
Evidence: Form 10-K (FY2025)
2. Gain-driven profit
2025 net income includes a $2.9B non-cash gain.
Evidence: Form 10-K (FY2025)
3. Online pressure
Competes with internet retailing, including its own tenants.
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
13.1x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
4.62%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
60%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
4.6%
(Operating CF − capex) ÷ market cap
1. Income
Dividend $8.55 per share in 2025.
- What has to hold
- Occupancy stays high.
- The other side
- Debt costs rise.
Evidence: Form 10-K (FY2025)
2. Destination retail
Own malls, outlets and mixed-use destinations.
- What has to hold
- Physical retail stays relevant.
- The other side
- Online competition.
Evidence: Form 10-K (FY2025)
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$823M vs. —
Interest coverage (operating income ÷ interest expense)
3.3x
$3.18B vs. $975M
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
2020 pandemic
Net income fell to $1,277M in 2020 and revenue to $4,608M; it recovered to $2,569M in 2021.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Simon says its current proceedings, which arise in the ordinary course of business, will not have a material adverse effect.
Company statement:
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-11-05. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Online retail
- Company disclosure (summarized from the 10-K)
- Internet retail gives tenants options beyond physical stores.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 2Funding & liquidity
Debt and rates
- Company disclosure (summarized from the 10-K)
- Depends on refinancing about $28B of debt.
- Company’s stated mitigation
- The Credit Facilities and the Commercial Paper program provide alternative sources of liquidity as our cash needs vary from time to time.
- This site’s assessment
- Impact High / Likelihood Med
- 3Demand & macro
Retail tenants
- Company disclosure (summarized from the 10-K)
- Results depend on tenant sales and occupancy.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Law & regulation
REIT status
- Company disclosure (summarized from the 10-K)
- Must meet distribution rules to stay a REIT.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Low
- 5M&A & integration
Taubman integration
- Company disclosure (summarized from the 10-K)
- Now owns all of TRG, consolidated from October 2025.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (3)
● we may face construction delays or higher construction costs caused by potential increases in the cost of imported goods and materials due to threatened or implemented tariffs and international trade disputes, supply chain disruptions and/or shortages;
● differences in cultures and consumer retail behavior may create operational complexity and result in inefficiencies ;
● difficulties in managing international operations, in particular where our properties are held in joint ventures ;
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 25, 2026 ↗ with the 10-K filed Feb 21, 2025 ↗.
25
What to watch going forwardSite analysis
- Occupancy and base rent.
- Leverage after TRG.
- FFO growth.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: November 4, 2026 15:27 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-25Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Simon Property Group’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.