Comprehensive Stock Comparison
Compare Simon Property Group, Inc. (SPG) vs Tanger Inc. (SKT) 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 | Lower P/E (30.4x vs 33.2x), PEG 0.96 vs 1.08 |
| Quality / Margins | SPG | 72.5% net margin vs SKT's 19.2% |
| Stability / Safety | SKT | Beta 0.78 vs SPG's 0.86, lower leverage |
| Dividends | SKT | 2.9% yield; 3-year raise streak; SPG pays no meaningful dividend |
| Momentum (1Y) | SPG | +14.1% vs SKT's +7.8% |
| Efficiency (ROA) | SPG | 11.4% ROA vs SKT's 4.1%, ROIC 7.6% vs 5.3% |
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
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.
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.
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 2 stocks. BestLagging
Financial Scorecard
SPG leads in 2 of 6 categories (Financial Metrics, Profitability & Efficiency). SKT leads in 2 (Total Returns, Analyst Outlook). 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 SKT's 19.2%. On growth, SPG holds the edge at +13.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | SPGSimon Property Gr… | SKTTanger Inc. |
|---|---|---|
| RevenueTrailing 12 months | $6.4B | $562M |
| EBITDAEarnings before interest/tax | $4.7B | $250M |
| Net IncomeAfter-tax profit | $4.6B | $108M |
| Free Cash FlowCash after capex | $2.3B | $248M |
| Gross MarginGross profit ÷ Revenue | +85.7% | +69.5% |
| Operating MarginEBIT ÷ Revenue | +49.9% | +18.5% |
| Net MarginNet income ÷ Revenue | +72.5% | +19.2% |
| FCF MarginFCF ÷ Revenue | +35.4% | +44.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | +13.2% | +9.2% |
| EPS Growth (YoY)Latest quarter vs prior year | +3.6% | +27.3% |
Valuation Metrics
At 14.4x trailing earnings, SPG trades at a 66% 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 | SPGSimon Property Gr… | SKTTanger Inc. |
|---|---|---|
| Market CapShares × price | $66.3B | $4.3B |
| Enterprise ValueMkt cap + debt − cash | $95.4B | $5.7B |
| Trailing P/EPrice ÷ TTM EPS | 14.42x | 42.11x |
| Forward P/EPrice ÷ next-FY EPS est. | 30.39x | 33.24x |
| PEG RatioP/E ÷ EPS growth rate | 0.46x | 1.37x |
| EV / EBITDAEnterprise value multiple | 20.48x | 19.80x |
| Price / SalesMarket cap ÷ Revenue | 10.42x | 8.11x |
| Price / BookPrice ÷ Book value/share | 9.91x | 6.06x |
| Price / FCFMarket cap ÷ FCF | — | 27.28x |
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 SPG's 4.47x. On the Piotroski fundamental quality scale (0–9), SKT scores 7/9 vs SPG's 5/9, reflecting strong financial health.
| Metric | SPGSimon Property Gr… | SKTTanger Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +68.8% | +14.7% |
| ROA (TTM)Return on assets | +11.4% | +4.1% |
| ROICReturn on invested capital | +7.6% | +5.3% |
| ROCEReturn on capital employed | +9.1% | +6.7% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 7 |
| Debt / EquityFinancial leverage | 4.47x | 2.22x |
| Net DebtTotal debt minus cash | $29.1B | $1.5B |
| Cash & Equiv.Liquid assets | $823M | $47M |
| Total DebtShort + long-term debt | $29.9B | $1.5B |
| Interest CoverageEBIT ÷ Interest expense | 3.26x | 2.48x |
Total Returns (with DRIP)
A $10,000 investment in SKT five years ago would be worth $26,009 today (with dividends reinvested), compared to $21,129 for SPG. Over the past 12 months, SPG leads with a +14.1% total return vs SKT's +7.8%. The 3-year compound annual growth rate (CAGR) favors SKT at 28.8% vs SPG's 23.1% — a key indicator of consistent wealth creation.
| Metric | SPGSimon Property Gr… | SKTTanger Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +10.8% | +12.8% |
| 1-Year ReturnPast 12 months | +14.1% | +7.8% |
| 3-Year ReturnCumulative with dividends | +86.7% | +113.6% |
| 5-Year ReturnCumulative with dividends | +111.3% | +160.1% |
| 10-Year ReturnCumulative with dividends | +44.9% | +49.4% |
| CAGR (3Y)Annualised 3-year return | +23.1% | +28.8% |
Risk & Volatility
SKT is the less volatile stock with a 0.78 beta — it tends to amplify market swings less than SPG's 0.86 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | SPGSimon Property Gr… | SKTTanger Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.86x | 0.78x |
| 52-Week HighHighest price in past year | $205.12 | $37.95 |
| 52-Week LowLowest price in past year | $136.34 | $28.69 |
| % of 52W HighCurrent price vs 52-week peak | +99.4% | +97.7% |
| RSI (14)Momentum oscillator 0–100 | 67.1 | 79.8 |
| Avg Volume (50D)Average daily shares traded | 1.3M | 876K |
Analyst Outlook
Wall Street rates SPG as "Hold" and SKT as "Hold". Consensus price targets imply -4.5% upside for SPG (target: $195) 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 | SPGSimon Property Gr… | SKTTanger Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $194.60 | $35.33 |
| # AnalystsCovering analysts | 37 | 18 |
| Dividend YieldAnnual dividend ÷ price | — | +2.9% |
| Dividend StreakConsecutive years of raises | 2 | 3 |
| Dividend / ShareAnnual DPS | — | $1.08 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Simon Property Grou… (SPG) | 100 | 150.31 | +50.3% |
| Tanger Inc. (SKT) | 100 | 261.84 | +161.8% |
Tanger Inc. (SKT) returned +160% over 5 years vs Simon Property Grou… (SPG)'s +111%. 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 |
|---|---|---|---|
| Simon Property Grou… (SPG) | $5.4B | $6.4B | +17.1% |
| Tanger Inc. (SKT) | $466M | $526M | +12.9% |
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 |
|---|---|---|---|
| Simon Property Grou… (SPG) | 33.8% | 72.5% | +114.3% |
| Tanger Inc. (SKT) | 41.6% | 18.7% | -54.9% |
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 |
|---|---|---|---|
| Simon Property Grou… (SPG) | 27.5 | 13.1 | -52.4% |
| Tanger Inc. (SKT) | 37.3 | 38.8 | +4.0% |
Simon Property Group, Inc. has traded in a 13x–28x P/E range over 9 years; current trailing P/E is ~14x. Tanger Inc. has traded in a 23x–237x P/E range over 6 years; current trailing P/E is ~42x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Simon Property Grou… (SPG) | 5.87 | 14.14 | +140.9% |
| Tanger Inc. (SKT) | 2.01 | 0.88 | -56.2% |
Simon Property Group, Inc.'s EPS grew from $5.87 (2016) to $14.14 (2025) — a 10% CAGR.
Chart 6Free Cash Flow — 5 Years
Simon Property Group, Inc. generated $0M FCF in 2025 (-100% vs 2021). Tanger Inc. generated $156M FCF in 2024 (-9% vs 2021).
SPG vs SKT: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is SPG or SKT a better buy right now?
Simon Property Group, Inc. (SPG) offers the better valuation at 14.4x trailing P/E (30.4x forward), making it the more compelling value choice. Analysts rate Simon Property Group, Inc. (SPG) a "Hold" — based on 37 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 — SPG or SKT?
On trailing P/E, Simon Property Group, Inc. (SPG) is the cheapest at 14.4x versus Tanger Inc. at 42.1x. On forward P/E, Simon Property Group, Inc. is actually cheaper at 30.4x. 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 — SPG or SKT?
Over the past 5 years, Tanger Inc. (SKT) delivered a total return of +160.1%, compared to +111.3% for Simon Property Group, Inc. (SPG). 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: SKT returned +49.4% versus SPG's +44.9%. 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 — SPG or SKT?
By beta (market sensitivity over 5 years), Tanger Inc. (SKT) is the lower-risk stock at 0.78β versus Simon Property Group, Inc.'s 0.86β — meaning SPG is approximately 9% 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 4% for Simon Property Group, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — SPG or SKT?
Simon Property Group, Inc. (SPG) is the more profitable company, earning 72.5% net margin versus 18.7% for Tanger Inc. — meaning it keeps 72.5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: SPG leads at 49.9% versus 28.6% for SKT. At the gross margin level — before operating expenses — SPG leads at 85.7%, 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 SPG or SKT 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 33.2x for Tanger Inc. — 2.9x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for SPG: -4.5% to $194.60.
07Which pays a better dividend — SPG or SKT?
In this comparison, SKT (2.9% yield) pays a dividend. SPG does not pay a meaningful dividend and should not be held primarily for income.
08Is SPG or SKT 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%, SPG: +44.9%), 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 SPG and SKT?
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: SPG is a mid-cap deep-value stock; SKT is a small-cap quality compounder stock. SKT pays a dividend while SPG does 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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