Comprehensive Stock Comparison
Compare Tanger Inc. (SKT) vs Simon Property Group, Inc. (SPG) vs The Macerich Company (MAC) vs CBL & Associates Properties, Inc. (CBL) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | SKT | 13.3% revenue growth vs SPG's 6.7% |
| Value | SPG | Better valuation composite |
| Quality / Margins | SPG | 72.5% net margin vs MAC's -19.4% |
| Stability / Safety | SKT | Beta 0.78 vs MAC's 1.27 |
| Dividends | SKT | 2.9% yield; 3-year raise streak; SPG, MAC, CBL pay no meaningful dividend |
| Momentum (1Y) | CBL | +29.2% vs SKT's +7.8% |
| Efficiency (ROA) | SPG | 11.4% ROA vs MAC's -13.0%, ROIC 7.6% vs 20.9% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Tanger Inc. is a real estate investment trust that owns and operates outlet shopping centers across the United States and Canada. It generates revenue primarily through tenant leases—collecting rent from retailers—with additional income from property management and development services. The company's competitive advantage lies in its specialized focus on the outlet shopping segment and its established portfolio of well-located properties in tourist destinations and high-traffic markets.
Simon Property Group is a real estate investment trust that owns and operates premier shopping malls, outlets, and mixed-use destinations across North America, Europe, and Asia. It generates revenue primarily through tenant leases—collecting base rents, percentage rents based on tenant sales, and common area maintenance charges—with retail properties contributing over 90% of its income. The company's moat lies in its portfolio of high-quality, dominant regional malls in prime locations that attract premium tenants and shoppers, creating a network effect that's difficult to replicate.
Macerich is a real estate investment trust that owns and operates regional shopping malls across the United States. It generates revenue primarily through leasing retail space to tenants—collecting base rents, percentage rents based on tenant sales, and common area maintenance charges—with its portfolio concentrated in high-density coastal markets. The company's competitive advantage lies in its premium portfolio of Class-A malls in affluent, densely populated regions—particularly the West Coast and Northeast corridor—which attract high-quality tenants and shoppers.
CBL & Associates Properties is a retail-focused real estate investment trust that owns and manages shopping centers across the United States. It generates revenue primarily through property leasing — collecting rent from retail tenants — with additional income from property management services for third parties. The company's moat lies in its portfolio of market-dominant properties in growing communities, which attract stable anchor tenants and benefit from strategic locations.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 4 stocks. BestLagging
Financial Scorecard
SKT leads in 2 of 6 categories (Total Returns, Analyst Outlook). CBL leads in 1 (Valuation Metrics). 2 tied.
Financial Metrics (TTM)
SPG is the larger business by revenue, generating $6.4B annually — 11.3x SKT's $562M. SPG is the more profitable business, keeping 72.5% of every revenue dollar as net income compared to MAC's -19.4%. On growth, CBL holds the edge at +18.8% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | SKTTanger Inc. | SPGSimon Property Gr… | MACThe Macerich Comp… | CBLCBL & Associates … |
|---|---|---|---|---|
| RevenueTrailing 12 months | $562M | $6.4B | $1.0B | $578M |
| EBITDAEarnings before interest/tax | $250M | $4.7B | $1.1B | $305M |
| Net IncomeAfter-tax profit | $108M | $4.6B | -$197M | $135M |
| Free Cash FlowCash after capex | $248M | $2.3B | $297M | $250M |
| Gross MarginGross profit ÷ Revenue | +69.5% | +85.7% | +95.4% | +7.6% |
| Operating MarginEBIT ÷ Revenue | +18.5% | +49.9% | +67.8% | +24.2% |
| Net MarginNet income ÷ Revenue | +19.2% | +72.5% | -19.4% | +23.3% |
| FCF MarginFCF ÷ Revenue | +44.2% | +35.4% | +29.3% | +43.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | +9.2% | +13.2% | -4.4% | +18.8% |
| EPS Growth (YoY)Latest quarter vs prior year | +27.3% | +3.6% | +92.1% | +27.9% |
Valuation Metrics
At 8.7x trailing earnings, CBL trades at a 79% valuation discount to SKT's 42.1x P/E. Adjusting for growth (PEG ratio), SPG offers better value at 0.46x vs SKT's 1.37x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | SKTTanger Inc. | SPGSimon Property Gr… | MACThe Macerich Comp… | CBLCBL & Associates … |
|---|---|---|---|---|
| Market CapShares × price | $4.3B | $66.3B | $5.2B | $1.1B |
| Enterprise ValueMkt cap + debt − cash | $5.7B | $95.4B | $5.2B | $3.2B |
| Trailing P/EPrice ÷ TTM EPS | 42.11x | 14.42x | -26.24x | 8.71x |
| Forward P/EPrice ÷ next-FY EPS est. | 33.24x | 30.39x | — | 41.07x |
| PEG RatioP/E ÷ EPS growth rate | 1.37x | 0.46x | — | — |
| EV / EBITDAEnterprise value multiple | 19.80x | 20.48x | 4.98x | 10.37x |
| Price / SalesMarket cap ÷ Revenue | 8.11x | 10.42x | 5.17x | 1.98x |
| Price / BookPrice ÷ Book value/share | 6.06x | 9.91x | — | 3.20x |
| Price / FCFMarket cap ÷ FCF | 27.28x | — | — | 15.96x |
Profitability & Efficiency
SPG delivers a 68.8% return on equity — every $100 of shareholder capital generates $69 in annual profit, vs $15 for SKT. SKT carries lower financial leverage with a 2.22x debt-to-equity ratio, signaling a more conservative balance sheet compared to CBL's 5.95x. On the Piotroski fundamental quality scale (0–9), SKT scores 7/9 vs MAC's 3/9, reflecting strong financial health.
| Metric | SKTTanger Inc. | SPGSimon Property Gr… | MACThe Macerich Comp… | CBLCBL & Associates … |
|---|---|---|---|---|
| ROE (TTM)Return on equity | +14.7% | +68.8% | — | +37.0% |
| ROA (TTM)Return on assets | +4.1% | +11.4% | -13.0% | +4.9% |
| ROICReturn on invested capital | +5.3% | +7.6% | +20.9% | +4.3% |
| ROCEReturn on capital employed | +6.7% | +9.1% | +13.6% | +5.1% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 5 | 3 | 6 |
| Debt / EquityFinancial leverage | 2.22x | 4.47x | — | 5.95x |
| Net DebtTotal debt minus cash | $1.5B | $29.1B | -$43M | $2.0B |
| Cash & Equiv.Liquid assets | $47M | $823M | $43M | $153M |
| Total DebtShort + long-term debt | $1.5B | $29.9B | $0 | $2.2B |
| Interest CoverageEBIT ÷ Interest expense | 2.48x | 3.26x | 2.43x | 0.79x |
Total Returns (with DRIP)
A $10,000 investment in SKT five years ago would be worth $26,009 today (with dividends reinvested), compared to $15,577 for CBL. Over the past 12 months, CBL leads with a +29.2% total return vs SKT's +7.8%. The 3-year compound annual growth rate (CAGR) favors SKT at 28.8% vs CBL's 19.7% — a key indicator of consistent wealth creation.
| Metric | SKTTanger Inc. | SPGSimon Property Gr… | MACThe Macerich Comp… | CBLCBL & Associates … |
|---|---|---|---|---|
| YTD ReturnYear-to-date | +12.8% | +10.8% | +10.5% | +2.3% |
| 1-Year ReturnPast 12 months | +7.8% | +14.1% | +17.2% | +29.2% |
| 3-Year ReturnCumulative with dividends | +113.6% | +86.7% | +86.9% | +71.4% |
| 5-Year ReturnCumulative with dividends | +160.1% | +111.3% | +81.4% | +55.8% |
| 10-Year ReturnCumulative with dividends | +49.4% | +44.9% | -54.7% | +55.8% |
| CAGR (3Y)Annualised 3-year return | +28.8% | +23.1% | +23.2% | +19.7% |
Risk & Volatility
SKT is the less volatile stock with a 0.78 beta — it tends to amplify market swings less than MAC's 1.27 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | SKTTanger Inc. | SPGSimon Property Gr… | MACThe Macerich Comp… | CBLCBL & Associates … |
|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.78x | 0.86x | 1.27x | 0.85x |
| 52-Week HighHighest price in past year | $37.95 | $205.12 | $20.93 | $38.67 |
| 52-Week LowLowest price in past year | $28.69 | $136.34 | $12.48 | $21.10 |
| % of 52W HighCurrent price vs 52-week peak | +97.7% | +99.4% | +97.8% | +97.7% |
| RSI (14)Momentum oscillator 0–100 | 79.8 | 67.1 | 67.1 | 60.0 |
| Avg Volume (50D)Average daily shares traded | 876K | 1.3M | 1.6M | 126K |
Analyst Outlook
Analyst consensus: SKT as "Hold", SPG as "Hold", MAC as "Hold", CBL as "Hold". Consensus price targets imply 1.8% upside for MAC (target: $21) vs -4.7% for SKT (target: $35). SKT is the only dividend payer here at 2.92% yield — a key consideration for income-focused portfolios.
| Metric | SKTTanger Inc. | SPGSimon Property Gr… | MACThe Macerich Comp… | CBLCBL & Associates … |
|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold | Hold | Hold |
| Price TargetConsensus 12-month target | $35.33 | $194.60 | $20.83 | — |
| # AnalystsCovering analysts | 18 | 37 | 34 | 22 |
| Dividend YieldAnnual dividend ÷ price | +2.9% | — | — | — |
| Dividend StreakConsecutive years of raises | 3 | 2 | 0 | 0 |
| Dividend / ShareAnnual DPS | $1.08 | — | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Dec 21 | Feb 26 | Change |
|---|---|---|---|
| Tanger Inc. (SKT) | 100 | 165.2 | +65.2% |
| Simon Property Grou… (SPG) | 100 | 129.45 | +29.4% |
| The Macerich Company (MAC) | 100 | 106.61 | +6.6% |
| CBL & Associates Pr… (CBL) | 103.73 | 122.3 | +17.9% |
Tanger Inc. (SKT) returned +160% over 5 years vs CBL & Associates Pr… (CBL)'s +56%. A $10,000 investment in SKT 5 years ago would be worth $26,009 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Tanger Inc. (SKT) | $466M | $526M | +12.9% |
| Simon Property Grou… (SPG) | $5.4B | $6.4B | +17.1% |
| The Macerich Company (MAC) | $1.0B | $1.0B | -2.6% |
| CBL & Associates Pr… (CBL) | $1.0B | $578M | -43.8% |
Simon Property Group, Inc.'s revenue grew from $5.4B (2016) to $6.4B (2025) — a 1.8% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Tanger Inc. (SKT) | 41.6% | 18.7% | -54.9% |
| Simon Property Grou… (SPG) | 33.8% | 72.5% | +114.3% |
| The Macerich Company (MAC) | 49.7% | -19.4% | -139.2% |
| CBL & Associates Pr… (CBL) | 12.4% | 23.5% | +88.9% |
Simon Property Group, Inc.'s net margin went from 34% (2016) to 73% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Tanger Inc. (SKT) | 37.3 | 38.8 | +4.0% |
| Simon Property Grou… (SPG) | 27.5 | 13.1 | -52.4% |
| The Macerich Company (MAC) | 63.2 | 255.2 | +303.8% |
| CBL & Associates Pr… (CBL) | 143.6 | 8.5 | -94.1% |
Tanger Inc. has traded in a 23x–237x P/E range over 6 years; current trailing P/E is ~42x. Simon Property Group, Inc. has traded in a 13x–28x P/E range over 9 years; current trailing P/E is ~14x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Tanger Inc. (SKT) | 2.01 | 0.88 | -56.2% |
| Simon Property Grou… (SPG) | 5.87 | 14.14 | +140.9% |
| The Macerich Company (MAC) | 3.59 | -0.78 | -121.7% |
| CBL & Associates Pr… (CBL) | 0.88 | 4.34 | +393.2% |
Simon Property Group, Inc.'s EPS grew from $5.87 (2016) to $14.14 (2025) — a 10% CAGR.
Chart 6Free Cash Flow — 5 Years
Tanger Inc. generated $156M FCF in 2024 (-9% vs 2021). Simon Property Group, Inc. generated $0M FCF in 2025 (-100% vs 2021).
SKT vs SPG vs MAC vs CBL: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is SKT or SPG or MAC or CBL a better buy right now?
CBL & Associates Properties, Inc. (CBL) offers the better valuation at 8.7x trailing P/E (41.1x forward), making it the more compelling value choice. Analysts rate Tanger Inc. (SKT) a "Hold" — based on 18 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — SKT or SPG or MAC or CBL?
On trailing P/E, CBL & Associates Properties, Inc. (CBL) is the cheapest at 8.7x versus Tanger Inc. at 42.1x. On forward P/E, Simon Property Group, Inc. is actually cheaper at 30.4x — notably different from the trailing picture, reflecting expected earnings growth. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Simon Property Group, Inc. wins at 0.96x versus Tanger Inc.'s 1.08x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — SKT or SPG or MAC or CBL?
Over the past 5 years, Tanger Inc. (SKT) delivered a total return of +160.1%, compared to +55.8% for CBL & Associates Properties, Inc. (CBL). A $10,000 investment in SKT five years ago would be worth approximately $26K today (assuming dividends reinvested). Over 10 years, the gap is even starker: CBL returned +55.8% versus MAC's -54.7%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — SKT or SPG or MAC or CBL?
By beta (market sensitivity over 5 years), Tanger Inc. (SKT) is the lower-risk stock at 0.78β versus The Macerich Company's 1.27β — meaning MAC is approximately 62% more volatile than SKT relative to the S&P 500. On balance sheet safety, Tanger Inc. (SKT) carries a lower debt/equity ratio of 2% versus 6% for CBL & Associates Properties, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — SKT or SPG or MAC or CBL?
Simon Property Group, Inc. (SPG) is the more profitable company, earning 72.5% net margin versus -19.4% for The Macerich Company — meaning it keeps 72.5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: MAC leads at 67.8% versus 24.2% for CBL. At the gross margin level — before operating expenses — MAC leads at 95.4%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is SKT or SPG or MAC or CBL more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Simon Property Group, Inc. (SPG) is the more undervalued stock at a PEG of 0.96x versus Tanger Inc.'s 1.08x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Simon Property Group, Inc. (SPG) trades at 30.4x forward P/E versus 41.1x for CBL & Associates Properties, Inc. — 10.7x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for MAC: 1.8% to $20.83.
07Which pays a better dividend — SKT or SPG or MAC or CBL?
In this comparison, SKT (2.9% yield) pays a dividend. SPG, MAC, CBL do not pay a meaningful dividend and should not be held primarily for income.
08Is SKT or SPG or MAC or CBL better for a retirement portfolio?
For long-horizon retirement investors, Tanger Inc. (SKT) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.78), 2.9% yield). Both have compounded well over 10 years (SKT: +49.4%, MAC: -54.7%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between SKT and SPG and MAC and CBL?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: SKT is a small-cap quality compounder stock; SPG is a mid-cap deep-value stock; MAC is a small-cap quality compounder stock; CBL is a small-cap deep-value stock. SKT pays a dividend while SPG, MAC, CBL do not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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