Tanger Inc. (SKT) 10-Year Financial Performance & Capital Metrics

SKT • • REIT / Real Estate

Real EstateRetail REITsRegional Malls & Outlet CentersOutlet & Value Retail

AboutTanger Inc. (NYSE: SKT) is a leading owner and operator of outlet and open-air retail shopping destinations, with over 43 years of expertise in the retail and outlet shopping industries. Tanger's portfolio of 38 outlet centers, one adjacent managed center and one open-air lifestyle center comprises over 15 million square feet well positioned across tourist destinations and vibrant markets in 20 U.S. states and Canada. A publicly traded REIT since 1993, Tanger continues to innovate the retail experience for its shoppers with over 3,000 stores operated by more than 700 different brand name companies.Show more

Revenue $526M +13.3%
FFO $237M +14.1%
FFO/Share 2.14 +9.4%
FFO Payout 50.67% +1.6%
FFO per Share 2.14 +9.4%
NOI Margin 69.83% +1.7%
FFO Margin 45.11% +0.7%
ROE 15.51% -13.5%
ROA 4.19% -4.0%
Debt/Assets 63.34% -3.5%
Net Debt/EBITDA 5.05 -18.9%
Book Value/Share 6.12 +10.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FFO growing 9.7% TTM
✓Sustainable FFO payout ratio of 50.7%
✓High NOI margin of 69.8%
✓Good 3Y average ROE of 16.5%
✓Healthy dividend yield of 3.2%

✗Weaknesses

✗High debt to equity ratio of 2.2x

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y2.31%

5Y1.59%

3Y7.24%

TTM9.59%

Profit (Net Income) CAGR

10Y2.91%

5Y2.33%

3Y121.13%

TTM12.42%

EPS CAGR

10Y1.34%

5Y30.78%

3Y-

TTM9.3%

ROCE

10Y Avg6.87%

5Y Avg5.94%

3Y Avg6.16%

Latest6.75%

Peer Comparison

Outlet & Value Retail

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SKTTanger Inc.	3.83B	33.49	38.06	13.28%	19.18%	14.72%	4.08%	2.22

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	439.37M	465.83M	488.23M	494.68M	486.19M	389.99M	426.52M	442.61M	464.41M	526.06M
Revenue Growth %	0.05%	0.06%	0.05%	0.01%	-0.02%	-0.2%	0.09%	0.04%	0.05%	0.13%
Property Operating Expenses	146.5M	152.02M	155.24M	160.46M	131.71M	137.13M	140.74M	143.94M	145.55M	158.73M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	148.41M	162.05M	171.75M	175.89M	75.44M	252.86M	175.82M	183.44M	185.02M	216.71M
G&A Expenses	73.61M	74.6M	73.05M	71.23M	75.44M	47.73M	65.82M	71.53M	76.13M	78.02M
EBITDA+	248.4M	465.83M	487.71M	429.86M	390.08M	142.27M	219.97M	227.15M	242.73M	289.31M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	103.94M	314.56M	326.98M	336.35M	111.05M	117.14M	110.01M	111.9M	108.89M	138.69M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	144.46M	151.28M	160.72M	93.51M	279.03M	0	109.96M	115.24M	133.84M	150.62M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	54.19M	60.67M	64.83M	64.82M	61.67M	63.14M	52.87M	46.97M	47.93M	60.64M
Interest Coverage	2.67x	2.49x	2.48x	1.44x	4.52x	-	2.08x	2.45x	2.79x	2.48x
Non-Operating Income	-131.9M	-113.72M	24.02M	47.95M	123.31M	-25.13M	47.54M	-17.56M	-17.97M	-12.77M
Pretax Income+	222.17M	204.33M	71.88M	45.56M	92.73M	-38.01M	9.56M	85.83M	103.88M	102.76M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	51.65M	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	211.2M	193.74M	68M	-6.08M	87.86M	-36.28M	9.12M	82.06M	99.15M	98.59M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.85%	-0.08%	-0.65%	-1.09%	15.44%	-1.41%	1.25%	8%	0.21%	-0.01%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.79%	0.61%	-0.22%	-0.16%	-0.4%	-0.59%	0.47%	0.63%	0.07%	0.14%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	2.20	2.01	0.71	-0.07	0.23	-1.10	-0.50	0.36	0.92	0.88
EPS Growth %	1.86%	-0.09%	-0.65%	-1.09%	4.53%	-5.78%	0.55%	1.72%	1.56%	-0.04%
EPS (Basic)	2.20	2.02	0.71	-0.07	0.23	-1.10	-0.51	0.37	0.94	0.89
Diluted Shares Outstanding	94.76M	95.34M	94.52M	93.31M	92.81M	92.62M	101.98M	105.64M	106.53M	111.08M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	2.33B	2.53B	2.54B	2.38B	2.29B	2.19B	2.16B	2.22B	2.32B	2.38B
Asset Growth %	0.11%	0.09%	0.01%	-0.06%	-0.04%	-0.04%	-0.01%	0.03%	0.05%	0.02%
Real Estate & Other Assets+	1.85B	-2.45B	-2.46B	-2.3B	2.08B	1.93B	1.85B	1.83B	2.16B	2.21B
PP&E (Net)	1.76B	2.15B	2.19B	2.06B	86.58M	81.5M	79.81M	78.64M	77.4M	76.1M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	221.78M	95.21M	102.11M	107.19M	16.67M	84.83M	161.25M	264.57M	21.96M	46.99M
Cash & Equivalents	21.56M	12.22M	6.1M	9.08M	16.67M	84.83M	161.25M	212.12M	12.78M	46.99M
Receivables	1000K	0	0	0	0	0	0	0	0	0
Other Current Assets	159.62M	0	0	0	-103.62M	-105.28M	-104.58M	0	0	0
Intangible Assets	56.71M	74.85M	50.17M	29.28M	11.27M	-3.91M	-16.52M	-30.53M	-7.66M	-16.53M
Total Liabilities	1.72B	1.82B	1.93B	1.88B	1.83B	1.83B	1.66B	1.7B	1.73B	1.7B
Total Debt+	1.56B	1.69B	1.76B	1.71B	1.66B	1.66B	1.49B	1.52B	1.53B	1.51B
Net Debt	1.54B	1.68B	1.76B	1.7B	1.64B	1.57B	1.32B	1.3B	1.51B	1.46B
Long-Term Debt	1.37B	1.61B	1.7B	1.71B	1.57B	1.57B	1.4B	1.43B	1.43B	1.42B
Short-Term Borrowings	1000K	1000K	0	0	0	0	0	0	1000K	0
Capital Lease Obligations	10.4M	0	0	0	91.24M	90.11M	88.87M	87.53M	86.08M	84.5M
Total Current Liabilities+	287.7M	136.15M	296.58M	224.66M	79.56M	88.25M	93M	104.74M	131.5M	107.78M
Accounts Payable	97.4M	78.14M	90.42M	82.68M	0	0	0	0	0	0
Deferred Revenue	-28.39M	-1.82B	-1.93B	-1.88B	0	0	0	0	0	0
Other Liabilities	199.58M	70.02M	-69.24M	-54.84M	88.53M	84.4M	78.65M	82.97M	89.02M	85.48M
Total Equity+	606.03M	705.44M	612.3M	505.54M	456.11M	358.88M	499.79M	513.93M	591.31M	679.67M
Equity Growth %	0.16%	0.16%	-0.13%	-0.17%	-0.1%	-0.21%	0.39%	0.03%	0.15%	0.15%
Shareholders Equity	575.14M	670.22M	581.58M	480.18M	433.21M	341.39M	477.93M	491.64M	566.78M	652.37M
Minority Interest	30.89M	35.23M	30.72M	25.36M	22.9M	17.49M	21.86M	22.29M	24.53M	27.3M
Common Stock	959K	961K	946K	939K	929K	936K	1.04M	1.04M	1.09M	1.13M
Additional Paid-in Capital	806.38M	820.25M	784.78M	778.85M	775.03M	787.14M	978.05M	987.19M	1.08B	1.19B
Retained Earnings	-195.49M	-122.7M	-184.87M	-272.45M	-317.26M	-420.1M	-483.41M	-485.56M	-490.17M	-511.82M
Preferred Stock	0	295K	285K	0	0	0	0	0	0	0
Return on Assets (ROA)	0.1%	0.08%	0.03%	-0%	0.04%	-0.02%	0%	0.04%	0.04%	0.04%
Return on Equity (ROE)	0.37%	0.3%	0.1%	-0.01%	0.18%	-0.09%	0.02%	0.16%	0.18%	0.16%
Debt / Assets	0.67%	0.67%	0.69%	0.72%	0.73%	0.76%	0.69%	0.68%	0.66%	0.63%
Debt / Equity	2.58x	2.39x	2.88x	3.39x	3.64x	4.62x	2.97x	2.95x	2.58x	2.22x
Net Debt / EBITDA	6.21x	3.60x	3.60x	3.96x	4.22x	11.06x	6.02x	5.74x	6.23x	5.05x
Book Value per Share	6.40	7.40	6.48	5.42	4.91	3.87	4.90	4.87	5.55	6.12

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	220.75M	239.32M	253.16M	258.32M	220.45M	164.75M	217.72M	213.96M	229.61M	264.44M
Operating CF Growth %	0.17%	0.08%	0.06%	0.02%	-0.15%	-0.25%	0.32%	-0.02%	0.07%	0.15%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	222.17M	204.33M	71.88M	45.56M	92.73M	-38.01M	9.56M	85.83M	103.88M	97.67M
Depreciation & Amortization	103.94M	115.36M	127.74M	131.72M	123.31M	117.14M	110.01M	111.9M	108.89M	138.69M
Stock-Based Compensation	14.71M	15.32M	13.59M	14.67M	18.12M	12.52M	12.75M	12.97M	12.51M	0
Other Non-Cash Items	-900K	827K	922K	56.96M	801K	10.16M	10.36M	1.51M	7.43M	23.08M
Working Capital Changes	633K	2.52M	1.59M	9.4M	-8.45M	-4.32M	19.84M	1.75M	-3.1M	5M
Cash from Investing+	-221.83M	-45.5M	-117.55M	-40.02M	99.29M	-18.77M	-22.74M	-98.82M	-409.56M	-181.69M
Acquisitions (Net)	119.3M	-49.48M	33.32M	-1.92M	-2.32M	-10.6M	-7M	-313K	-2.58M	80K
Purchase of Investments	-388.7M	-145.8M	-116.67M	-10.78M	-11.18M	-13.03M	-9.44M	-52.45M	-7.68M	-76.13M
Sale of Investments	0	1000K	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-341.13M	3.98M	-150.87M	-38.11M	101.61M	-8.17M	-15.74M	-46.05M	-450.24M	-4.02M
Cash from Financing+	6.85M	-203.47M	-141.68M	-215.2M	-312.13M	-77.59M	-118.38M	-64.16M	-19.28M	-48.41M
Dividends Paid	-104.88M	-141.09M	-130.17M	-131.24M	-132.66M	-66.56M	-72.42M	-84.21M	-103.77M	-120.24M
Common Dividends	-104.88M	-141.09M	-130.17M	-131.24M	-132.66M	-66.56M	-72.42M	-84.21M	-103.77M	0
Debt Issuance (Net)	1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	1000K	1000K	-1000K
Share Repurchases	-1.13M	-2.18M	-49.36M	-20M	-20M	-736K	0	-3.92M	0	0
Other Financing	-7.5M	-9.61M	1.13M	-7.68M	-11M	-6.73M	-60.08M	-4.88M	-12.18M	-18.29M
Net Change in Cash+	4.68M	-9.34M	-6.12M	2.98M	7.59M	68.16M	76.42M	50.87M	-199.35M	34.21M
Exchange Rate Effect	-1000K	316K	-56K	-110K	-19K	-223K	-177K	-111K	-115K	-122K
Cash at Beginning	16.88M	21.56M	12.22M	6.1M	9.08M	16.67M	84.83M	161.25M	212.12M	12.78M
Cash at End	21.56M	12.22M	6.1M	9.08M	16.67M	84.83M	161.25M	212.12M	12.78M	46.99M
Free Cash Flow+	203.32M	180.58M	188.8M	201.6M	180.28M	136.74M	171.8M	166.6M	229.61M	156.4M
FCF Growth %	0.08%	-0.11%	0.05%	0.07%	-0.11%	-0.24%	0.26%	-0.03%	0.38%	-0.32%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	3.33	5.33	4.18	3.54	2.14	0.87	1.17	1.84	1.95	2.14
FFO Payout Ratio	33.28%	27.76%	32.95%	39.74%	66.7%	82.31%	60.8%	43.42%	49.88%	50.67%
NOI Margin	66.66%	67.37%	68.2%	67.56%	72.91%	64.84%	67%	67.48%	68.66%	69.83%
Net Debt / EBITDA	6.21x	3.60x	3.60x	3.96x	4.22x	11.06x	6.02x	5.74x	6.23x	5.05x
Debt / Assets	67.21%	66.81%	69.43%	71.82%	72.69%	75.72%	68.88%	68.36%	65.63%	63.34%
Interest Coverage	2.67x	2.49x	2.48x	1.44x	4.52x	-	2.08x	2.45x	2.79x	2.48x
Book Value / Share	6.4	7.4	6.48	5.42	4.91	3.87	4.9	4.87	5.55	6.12
Revenue Growth	4.97%	6.02%	4.81%	1.32%	-1.72%	-19.79%	9.37%	3.77%	4.92%	13.28%

Frequently Asked Questions

Valuation & Price

Tanger Inc. (SKT) has a price-to-earnings (P/E) ratio of 38.1x. This suggests investors expect higher future growth.

Growth & Financials

Tanger Inc. (SKT) reported $562.0M in revenue for fiscal year 2024. This represents a 78% increase from $315.2M in 2011.

Tanger Inc. (SKT) grew revenue by 13.3% over the past year. This is steady growth.

Yes, Tanger Inc. (SKT) is profitable, generating $107.8M in net income for fiscal year 2024 (18.7% net margin).

Dividend & Returns

Yes, Tanger Inc. (SKT) pays a dividend with a yield of 3.23%. This makes it attractive for income-focused investors.

Tanger Inc. (SKT) has a return on equity (ROE) of 15.5%. This is reasonable for most industries.

Industry Metrics

Tanger Inc. (SKT) generated Funds From Operations (FFO) of $253.9M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Tanger Inc. (SKT) offers a 3.23% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

US Stock Screener

...