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SPG logoSimon Property Group, Inc.(SPG)Earnings, Financials & Key Ratios

SPG•NYSE•REIT / Real Estate
$202.31
$65.79B mkt cap·14.3× P/E·Price updated May 6, 2026
SectorReal EstateIndustryRetail REITsSub-IndustryMalls and Outlet Centers
AboutSimon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.Show more
  • Revenue$6.36B+6.7%
  • FFO$6.1B+63.4%
  • FFO/Share18.70+63.5%
  • FFO Payout0%-100.0%
  • FFO per Share18.70+63.5%
  • NOI Margin85.72%+3.9%
  • FFO Margin95.81%+53.2%
  • ROE89.57%+37.6%
  • ROA12.64%+77.8%
  • Debt/Assets73.74%-3.6%
  • Net Debt/EBITDA6.25+19.0%
  • Book Value/Share20.57+86.3%
Analysis→Technical→

SPG Key Insights

Simon Property Group, Inc. (SPG) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 71.8%
  • ✓Strong 5Y profit CAGR of 32.9%
  • ✓FFO growing 63.4% TTM
  • ✓High NOI margin of 85.7%
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗High debt to equity ratio of 4.5x

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

SPG Price & Volume

Simon Property Group, Inc. (SPG) stock price & volume — 10-year historical chart

Loading chart...

SPG Growth Metrics

Simon Property Group, Inc. (SPG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years1.91%
5 Years6.67%
3 Years6.35%
TTM6.72%

Profit CAGR

10 Years9.7%
5 Years32.91%
3 Years29.21%
TTM94.65%

EPS CAGR

10 Years9.17%
5 Years31.54%
3 Years29.44%
TTM94.77%

Return on Capital

10 Years9.22%
5 Years9.04%
3 Years9.57%
Last Year9.12%

SPG Recent Earnings

Simon Property Group, Inc. (SPG) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 12/12 qtrs (100%)
Q1 2026Latest
Feb 2, 2026
EPS
$9.35
Est $1.90
+392.1%
Revenue
$1.8B
Est $1.5B
+20.0%
Q4 2025
Nov 3, 2025
EPS
$3.22
Est $3.09
+4.2%
Revenue
$1.6B
Est $1.5B
+6.5%
Q3 2025
Aug 4, 2025
EPS
$3.05
Est $3.04
+0.3%
Revenue
$1.5B
Est $1.4B
+5.2%
Q2 2025
May 12, 2025
EPS
$2.95
Est $2.91
+1.4%
Revenue
$1.5B
Est $1.3B
+9.6%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 2, 2026
$9.35vs $1.90+392.1%
$1.8Bvs $1.5B+20.0%
Q4 2025Nov 3, 2025
$3.22vs $3.09+4.2%
$1.6Bvs $1.5B+6.5%
Q3 2025Aug 4, 2025
$3.05vs $3.04+0.3%
$1.5Bvs $1.4B+5.2%
Q2 2025May 12, 2025
$2.95vs $2.91+1.4%
$1.5Bvs $1.3B+9.6%
Based on last 12 quarters of dataView full earnings history →

SPG Peer Comparison

Simon Property Group, Inc. (SPG) competitors in Malls and Outlet Centers — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
MAC logoMACThe Macerich CompanyDirect Competitor5.51B21.49-27.5510.43%-19.44%
CBL logoCBLCBL & Associates Properties, Inc.Direct Competitor1.35B43.7810.0912.18%23.51%42.94%5.3%5.95
O logoORealty Income CorporationProduct Competitor59.37B63.5754.339.07%18.41%2.64%6.73%
REG logoREGRegency Centers CorporationProduct Competitor14.44B78.8927.983.39%37.4%9%2.73%0.83
KIM logoKIMKimco Realty CorporationProduct Competitor15.88B23.5428.365.06%28.51%5.81%4.87%0.82
BRX logoBRXBrixmor Property Group Inc.Product Competitor9.24B30.1224.106.73%31.99%14.85%7.05%1.95
SITC logoSITCSITE Centers Corp.Product Competitor294.31M5.611.65-62.67%72.14%12.2%6.66%
NKE logoNKENIKE, Inc.Supply Chain51.28B43.0619.94-9.84%5.43%17.92%6.37%0.83

Compare SPG vs Peers

Simon Property Group, Inc. (SPG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs MAC

Most directly comparable listed peer for SPG.

Scale Benchmark

vs AMZN

Larger-name benchmark to compare SPG against a more recognizable public peer.

Peer Set

Compare Top 5

vs MAC, CBL, O, REG

SPG Income Statement

Simon Property Group, Inc. (SPG) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue5.53B5.65B5.76B4.61B5.12B5.29B5.66B5.96B6.36B
Revenue Growth %1.69%2.13%1.95%-19.94%11.05%3.41%6.94%5.39%6.72%
Property Operating Expenses980.08M1.01B1.02B887.15M971.06M1B1.03B1.04B909.14M
Net Operating Income (NOI)
4.55B▲ 0%
4.64B▲ 2.0%
4.73B▲ 2.1%
3.72B▼ 21.4%
4.15B▲ 11.4%
4.29B▲ 3.5%
4.63B▲ 7.9%
4.92B▲ 6.3%
5.46B▲ 10.9%
NOI Margin %82.27%82.14%82.25%80.75%81.02%81.08%81.83%82.5%85.72%
Operating Expenses1.74B1.71B1.82B1.75B1.73B1.71B1.82B1.83B2.28B
G&A Expenses202.84M197.78M185.2M121.19M144.64M142.76M165.86M189.29M281.55M
EBITDA4.16B4.28B4.31B3.33B3.74B3.88B4.14B4.45B4.66B
EBITDA Margin %75.26%75.75%74.84%72.2%73.07%73.24%73.17%74.66%73.19%
Depreciation & Amortization1.36B1.35B1.39B1.35B1.33B1.29B1.33B1.36B1.48B
D&A / Revenue %24.56%23.91%24.22%29.41%25.91%24.42%23.57%22.8%23.29%
Operating Income
2.8B▲ 0%
2.93B▲ 4.4%
2.91B▼ 0.5%
1.97B▼ 32.3%
2.41B▲ 22.4%
2.58B▲ 7.1%
2.81B▲ 8.6%
3.09B▲ 10.2%
3.18B▲ 2.7%
Operating Margin %50.7%51.84%50.61%42.8%47.16%48.83%49.6%51.86%49.89%
Interest Expense809.39M815.92M789.35M784.4M795.71M761.25M854.65M905.8M974.84M
Interest Coverage3.46x3.59x3.69x2.51x3.03x3.39x3.28x3.41x3.26x
Non-Operating Income-275.3M-748.87M-329.81M-85.28M-1.11B-713.6M-746.52M-565.28M-3.12B
Pretax Income
2.27B▲ 0%
2.86B▲ 26.1%
2.45B▼ 14.2%
1.27B▼ 48.1%
2.73B▲ 114.2%
2.54B▼ 7.0%
2.7B▲ 6.4%
2.75B▲ 2.0%
5.4B▲ 96.2%
Pretax Margin %41.04%50.65%42.63%27.62%53.27%47.92%47.69%46.15%84.84%
Income Tax23.34M36.9M30.05M-4.64M157.2M83.51M81.87M23.26M35.79M
Effective Tax Rate %1.03%1.29%1.23%-0.36%5.77%3.29%3.03%0.85%0.66%
Net Income
1.95B▲ 0%
2.44B▲ 25.3%
2.1B▼ 13.9%
1.11B▼ 47.1%
2.25B▲ 102.2%
2.14B▼ 4.9%
2.28B▲ 6.7%
2.37B▲ 3.8%
4.61B▲ 94.7%
Net Margin %35.24%43.22%36.52%24.15%43.97%40.43%40.35%39.75%72.51%
Net Income Growth %5.93%25.26%-13.87%-47.06%102.2%-4.89%6.71%3.84%94.65%
Funds From Operations (FFO)
3.31B▲ 0%
3.79B▲ 14.7%
3.5B▼ 7.8%
2.47B▼ 29.4%
3.58B▲ 44.9%
3.43B▼ 4.0%
3.62B▲ 5.4%
3.73B▲ 3.2%
6.1B▲ 63.4%
FFO Margin %59.8%67.13%60.74%53.56%69.88%64.85%63.91%62.56%95.81%
FFO Growth %4.37%14.66%-7.76%-29.41%44.9%-4.02%5.39%3.15%63.44%
FFO per Share10.6112.2411.357.9910.8810.4711.0711.4418.70
FFO Payout Ratio %67.51%64.62%73.2%58.49%9.43%9.52%67.44%70.9%0%
EPS (Diluted)
6.24▲ 0%
7.88▲ 26.3%
6.79▼ 13.8%
3.59▼ 47.1%
6.84▲ 90.5%
6.52▼ 4.7%
6.98▲ 7.1%
7.26▲ 4.0%
14.14▲ 94.8%
EPS Growth %6.3%26.28%-13.83%-47.13%90.53%-4.68%7.06%4.01%94.77%
EPS (Basic)6.247.886.793.596.846.526.977.2614.14
Diluted Shares Outstanding311.52M309.63M307.95M308.74M328.59M327.82M326.81M326.1M326.02M

SPG Balance Sheet

Simon Property Group, Inc. (SPG) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets32.26B30.69B31.23B34.79B33.78B33.01B34.28B32.41B40.61B
Asset Growth %3.71%-4.87%1.78%11.38%-2.9%-2.27%3.85%-5.48%25.31%
Real Estate & Other Assets-31.09B-29.63B24.11B23.33B22.42B21.86B21.65B21.28B-755.93M
PP&E (Net)24.46B24.21B514.66M512.91M504.12M496.93M484.07M519.61M755.93M
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K0
Total Current Assets2.22B1.28B1.99B2.71B2.34B2.11B3.59B2.83B0
Cash & Equivalents1.48B514.34M669.37M1.01B533.94M621.63M1.17B1.4B823.15M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K0
Other Current Assets00-492.58M-465.79M-193.17M-662.33M00-823.15M
Intangible Assets188.46M130.64M75.75M34.96M33.28M17.77M8.71M2.75M0
Total Liabilities27.83B26.66B28.1B31.13B29.38B29.19B30.6B28.81B33.9B
Total Debt24.63B23.31B24.68B27.24B25.83B25.46B26.52B24.78B29.94B
Net Debt23.15B22.79B24.01B26.23B25.29B24.84B25.35B23.38B29.12B
Long-Term Debt23.59B22.48B22.77B26.04B24.76B24.9B25.97B24.21B29.19B
Short-Term Borrowings978.47M758.68M1.33B623.02M500M0000
Capital Lease Obligations68.42M67.25M584.06M580.26M570.38M561.4M545.46M579.35M756.54M
Total Current Liabilities2.68B2.85B4.28B4B3.51B3.19B3.46B3.4B2.72M
Accounts Payable1.27B1.32B1.39B1.31B1.43B1.49B1.69B1.71B0
Deferred Revenue-978.47M-758.68M0000000
Other Liabilities520.36M500.6M464.3M513.51M540.91M535.74M621.6M626.15M-29.94B
Total Equity
4.43B▲ 0%
4.03B▼ 9.1%
3.13B▼ 22.3%
3.66B▲ 16.9%
4.4B▲ 20.3%
3.82B▼ 13.1%
3.69B▼ 3.6%
3.6B▼ 2.4%
6.71B▲ 86.3%
Equity Growth %-13.11%-9.08%-22.27%16.86%20.3%-13.11%-3.56%-2.39%86.29%
Shareholders Equity3.69B3.3B2.53B3.04B3.36B3.14B3.02B2.94B5.21B
Minority Interest743.08M730.44M603.91M618.77M1.04B685.37M664.76M657.53M1.5B
Common Stock32K32K32K34K34K34K33K33K33K
Additional Paid-in Capital9.61B9.7B9.76B11.18B11.21B11.23B11.41B11.58B12.35B
Retained Earnings-4.78B-4.89B-5.38B-6.1B-5.82B-5.93B-6.1B-6.38B-4.61B
Preferred Stock43.08M42.75M42.42M42.09M41.76M41.44M41.11M40.78M40.45M
Return on Assets (ROA)6.15%7.75%6.79%3.37%6.56%6.41%6.79%7.11%12.64%
Return on Equity (ROE)40.89%57.71%58.72%32.78%55.83%52.03%60.79%65.07%89.57%
Debt / Assets76.36%75.95%79.02%78.3%76.47%77.12%77.35%76.48%73.74%
Debt / Equity5.56x5.79x7.88x7.45x5.87x6.66x7.19x6.89x4.47x
Net Debt / EBITDA5.57x5.33x5.57x7.88x6.76x6.41x6.12x5.25x6.25x
Book Value per Share14.2213.0110.1611.8513.3911.6611.2811.0420.57

SPG Cash Flow Statement

Simon Property Group, Inc. (SPG) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations3.59B3.75B3.81B2.33B3.64B3.77B3.93B3.81B0
Operating CF Growth %6.56%4.37%1.52%-38.9%56.33%3.55%4.36%-2.95%-100%
Operating CF / Revenue %65.02%66.44%66.16%50.5%71.09%71.18%69.46%63.96%0%
Net Income1.95B2.44B2.42B1.28B2.57B2.45B2.28B2.73B4.63B
Depreciation & Amortization1.36B1.35B1.39B1.35B1.33B1.29B1.26B1.36B0
Stock-Based Compensation23M026.8M1.9M24.8M24.7M0082.54M
Other Non-Cash Items324.66M-30.39M26.87M119.41M-648.93M-126.78M127.43M-201.75M-4.71B
Working Capital Changes-59.18M-8.65M-36.4M-425.02M391.73M148.89M258.13M-72.48M0
Cash from Investing-761.47M-236.51M-1.08B-3.98B-552.76M-626.56M-1.36B1.41B0
Acquisitions (Net)-421.66M-114.46M-76.59M-3.8B-313.98M-439.16M-149.79M-168.76M0
Purchase of Investments-25M-21.56M-374.23M-32.95M-33.6M-66.14M-1.03B-841.19M0
Sale of Investments1000K1000K1000K1000K1000K1000K1000K1000K0
Other Investing361.03M656.42M-625.89M306.74M257.25M502.67M307.5M390.32M0
Cash from Financing-1.91B-4.48B-2.58B1.99B-3.56B-3.05B-2.02B-4.99B0
Dividends Paid-2.23B-2.45B-2.56B-1.45B-2.35B-2.26B-2.44B-2.65B0
Common Dividends-2.23B-2.45B-2.56B-1.44B-337.02M-326.55M-2.44B-2.65B0
Debt Issuance (Net)1000K-1000K1000K1000K-1000K-1000K1000K-1000K0
Share Repurchases-410.12M-438.85M-369.9M-169.55M-2.32M-515.9M-518.29M-10.56M0
Other Financing-351.76M-531.21M-539.02M-227.15M-382.64M-328.7M-34.04M-462.11M0
Net Change in Cash
922.25M▲ 0%
-967.97M▼ 205.0%
155.04M▲ 116.0%
342.24M▲ 120.7%
-477.68M▼ 239.6%
87.69M▲ 118.4%
547.36M▲ 524.2%
231.35M▼ 57.7%
-577.2M▼ 349.5%
Exchange Rate Effect00000000-1000K
Cash at Beginning560.06M1.48B514.34M669.37M1.01B533.94M621.63M1.17B1.4B
Cash at End1.48B514.34M669.37M1.01B533.94M621.63M1.17B1.4B823.15M
Free Cash Flow
2.86B▲ 0%
2.97B▲ 3.7%
2.93B▼ 1.2%
1.84B▼ 37.2%
3.11B▲ 68.8%
3.12B▲ 0.2%
3.14B▲ 0.7%
3.06B▼ 2.5%
0▼ 100.0%
FCF Growth %11.17%3.75%-1.25%-37.15%68.76%0.23%0.67%-2.5%-100%
FCF / Revenue %51.77%52.59%50.94%39.99%60.77%58.9%55.44%51.29%0%

SPG Key Ratios

Simon Property Group, Inc. (SPG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
FFO per Share10.1310.6112.2411.357.9910.8810.4711.0711.4418.7
FFO Payout Ratio64.34%67.51%64.62%73.2%58.49%9.43%9.52%67.44%70.9%0%
NOI Margin82.13%82.27%82.14%82.25%80.75%81.02%81.08%81.83%82.5%85.72%
Net Debt / EBITDA5.54x5.57x5.33x5.57x7.88x6.76x6.41x6.12x5.25x6.25x
Debt / Assets73.87%76.36%75.95%79.02%78.3%76.47%77.12%77.35%76.48%73.74%
Interest Coverage3.17x3.46x3.59x3.69x2.51x3.03x3.39x3.28x3.41x3.26x
Book Value / Share16.314.2213.0110.1611.8513.3911.6611.2811.0420.57
Revenue Growth3.21%1.69%2.13%1.95%-19.94%11.05%3.41%6.94%5.39%6.72%

SPG SEC Filings & Documents

Simon Property Group, Inc. (SPG) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Mar 24, 2026·SEC

Material company update

Mar 5, 2026·SEC

Material company update

Feb 5, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 25, 2026·SEC

FY 2025

Feb 21, 2025·SEC

10-Q Quarterly Reports

5
FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 7, 2025·SEC

FY 2025

May 12, 2025·SEC

SPG Frequently Asked Questions

Simon Property Group, Inc. (SPG) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Simon Property Group, Inc. (SPG) reported $6.36B in revenue for fiscal year 2025. This represents a 740% increase from $757.3M in 1996.

Simon Property Group, Inc. (SPG) grew revenue by 6.7% over the past year. This is steady growth.

Yes, Simon Property Group, Inc. (SPG) is profitable, generating $4.61B in net income for fiscal year 2025 (72.5% net margin).

Dividend & Returns

Simon Property Group, Inc. (SPG) has a return on equity (ROE) of 89.6%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Simon Property Group, Inc. (SPG) generated Funds From Operations (FFO) of $6.10B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Explore More SPG

Simon Property Group, Inc. (SPG) financial analysis — history, returns, DCA and operating performance tools

Full SPG Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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