Simon Property Group, Inc. (SPG) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Retail
EV/EBITDA
↓
20.83
+14% vs avg
5yr avg: 18.29
30Y Low5.5·High21.0
P/FCF
↑
19.25
↑+21% vs avg
5yr avg: 15.88
30Y Low8.6·High85.7
P/B Ratio
↓
10.27
↓-13% vs avg
5yr avg: 11.85
30Y Low0.9·High15.6
ROE
↑
89.6%
↓+39% vs avg
5yr avg: 64.7%
30Y Low7%·High90%
Debt/EBITDA
↓
6.27
↓-1% vs avg
5yr avg: 6.34
30Y Low2.8·High8.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
SPG Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Simon Property Group, Inc. trades at 14.9x earnings, 24% below its 5-year average of 19.7x, sitting at the 3rd percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a discount of 38%. On a free-cash-flow basis, the stock trades at 19.3x P/FCF, 21% above the 5-year average of 15.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $68.6B | $60.3B | $56.2B | $46.6B | $38.5B | $52.5B | $26.3B | $45.9B | $52.0B | $53.5B | $55.6B |
| Enterprise Value | $97.0B | $88.7B | $79.5B | $72.0B | $63.3B | $77.8B | $52.6B | $69.9B | $74.8B | $76.7B | $78.0B |
| P/E Ratio → | 14.95 | 13.09 | 23.72 | 20.44 | 18.02 | 23.36 | 23.75 | 21.94 | 21.32 | 27.52 | 30.27 |
| P/S Ratio | 10.79 | 9.48 | 9.42 | 8.24 | 7.28 | 10.26 | 5.71 | 7.97 | 9.21 | 9.68 | 10.22 |
| P/B Ratio | 10.27 | 9.00 | 15.60 | 12.64 | 10.07 | 11.93 | 7.20 | 14.65 | 12.92 | 12.08 | 10.90 |
| P/FCF | 19.25 | 16.93 | 18.36 | 14.86 | 12.36 | 16.88 | 14.29 | 15.65 | 17.52 | 18.70 | 21.58 |
| P/OCF | 15.33 | 13.48 | 14.72 | 11.86 | 10.22 | 14.43 | 11.32 | 12.05 | 13.87 | 14.89 | 16.47 |
P/E links to full P/E history page with 30-year chart
SPG EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Simon Property Group, Inc.'s enterprise value stands at 20.8x EBITDA, 14% above its 5-year average of 18.3x. The Real Estate sector median is 17.0x, placing the stock at a 23% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 13.94 | 13.34 | 12.72 | 11.97 | 15.20 | 11.41 | 12.14 | 13.25 | 13.87 | 14.35 |
| EV / EBITDA | 20.83 | 19.05 | 17.86 | 17.38 | 16.35 | 20.81 | 15.80 | 16.23 | 17.49 | 18.43 | 19.26 |
| EV / EBIT | 30.55 | 13.92 | 21.74 | 20.25 | 19.21 | 22.09 | 25.55 | 21.55 | 20.35 | 24.91 | 25.80 |
| EV / FCF | — | 24.88 | 26.00 | 22.94 | 20.33 | 25.02 | 28.52 | 23.84 | 25.20 | 26.78 | 30.29 |
SPG Profitability
Margins and return-on-capital ratios measuring operating efficiency
Simon Property Group, Inc. earns an operating margin of 49.9%, significantly above the Real Estate sector average of 24.8%. Return on equity of 89.6% is exceptionally high. ROIC of 7.7% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 85.7% | 85.7% | 82.5% | 81.8% | 81.1% | 81.0% | 80.7% | 82.2% | 82.1% | 82.3% | 82.1% |
| Operating Margin | 49.9% | 49.9% | 51.9% | 49.6% | 48.8% | 47.2% | 42.8% | 50.6% | 51.8% | 50.7% | 50.1% |
| Net Profit Margin | 72.5% | 72.5% | 39.8% | 40.3% | 40.4% | 44.0% | 24.1% | 36.5% | 43.2% | 35.2% | 33.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 89.6% | 89.6% | 65.1% | 60.8% | 52.0% | 55.8% | 32.8% | 58.7% | 57.7% | 40.9% | 35.6% |
| ROA | 12.6% | 12.6% | 7.1% | 6.8% | 6.4% | 6.6% | 3.4% | 6.8% | 7.8% | 6.1% | 6.0% |
| ROIC | 7.7% | 7.7% | 8.3% | 7.3% | 6.6% | 6.1% | 5.2% | 8.1% | 8.1% | 7.6% | 7.5% |
| ROCE | 10.8% | 10.8% | 10.3% | 9.3% | 8.6% | 7.9% | 6.8% | 10.6% | 10.2% | 9.6% | 9.6% |
SPG Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Simon Property Group, Inc. carries a Debt/EBITDA ratio of 6.3x, which is highly leveraged (21% below the sector average of 7.9x). Net debt stands at $28.4B ($29.2B total debt minus $823M cash). Interest coverage of 6.5x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.35 | 4.35 | 6.89 | 7.19 | 6.66 | 5.87 | 7.45 | 7.88 | 5.79 | 5.56 | 4.51 |
| Debt / EBITDA | 6.27 | 6.27 | 5.57 | 6.40 | 6.57 | 6.91 | 8.19 | 5.73 | 5.45 | 5.92 | 5.68 |
| Net Debt / Equity | — | 4.23 | 6.50 | 6.87 | 6.50 | 5.75 | 7.17 | 7.67 | 5.66 | 5.23 | 4.40 |
| Net Debt / EBITDA | 6.09 | 6.09 | 5.25 | 6.12 | 6.41 | 6.76 | 7.88 | 5.57 | 5.33 | 5.57 | 5.54 |
| Debt / FCF | — | 7.96 | 7.64 | 8.08 | 7.97 | 8.13 | 14.23 | 8.19 | 7.68 | 8.09 | 8.71 |
| Interest Coverage | 6.54 | 6.54 | 4.04 | 4.16 | 4.33 | 4.43 | 2.62 | 4.11 | 4.50 | 3.80 | 3.52 |
SPG Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.16x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 1.04x to 0.16x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.16 | 0.16 | 0.83 | 1.04 | 0.66 | 0.67 | 0.68 | 0.47 | 0.45 | 0.83 | 0.48 |
| Quick Ratio | 0.16 | 0.16 | 0.83 | 1.04 | 0.66 | 0.67 | 0.68 | 0.47 | 0.63 | 1.05 | 0.65 |
| Cash Ratio | 0.07 | 0.07 | 0.41 | 0.63 | 0.19 | 0.15 | 0.25 | 0.16 | 0.18 | 0.55 | 0.22 |
| Asset Turnover | — | 0.16 | 0.18 | 0.17 | 0.16 | 0.15 | 0.13 | 0.18 | 0.18 | 0.17 | 0.17 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
SPG Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Simon Property Group, Inc. returns 4.4% to shareholders annually — split between a 4.1% dividend yield and 0.3% buyback yield. A payout ratio of 60.5% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 6.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.1% | 4.6% | 4.7% | 5.2% | 0.8% | 0.6% | 5.5% | 5.6% | 4.7% | 4.2% | 3.7% |
| Payout Ratio | 60.5% | 60.5% | 111.6% | 106.8% | 15.3% | 15.0% | 129.7% | 121.8% | 100.4% | 114.5% | 110.8% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.7% | 7.6% | 4.2% | 4.9% | 5.5% | 4.3% | 4.2% | 4.6% | 4.7% | 3.6% | 3.3% |
| FCF Yield | 5.2% | 5.9% | 5.4% | 6.7% | 8.1% | 5.9% | 7.0% | 6.4% | 5.7% | 5.3% | 4.6% |
| Buyback Yield | 0.3% | 0.4% | 0.0% | 1.1% | 1.3% | 0.0% | 0.6% | 0.8% | 0.8% | 0.8% | 0.5% |
| Total Shareholder Yield | 4.4% | 5.0% | 4.7% | 6.3% | 2.2% | 0.6% | 6.1% | 6.4% | 5.6% | 4.9% | 4.1% |
| Shares Outstanding | — | $326M | $326M | $327M | $328M | $329M | $309M | $308M | $310M | $312M | $313M |
Peer Comparison
Compare SPG with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 SPGYou | $69B | 14.9 | 20.8 | 19.3 | 85.7% | 49.9% | 89.6% | 7.7% | 6.3 |
 MAC | $6B | -30.7 | 21.2 | 19.1 | 38.2% | 16.5% | -7.3% | 1.6% | 9.8 |
 CBL | $1B | 10.9 | 11.8 | 20.4 | 7.6% | 24.2% | 40.1% | 4.2% | 7.1 |
 O | $56B | 51.5 | 21.6 | 14.1 | 89.8% | 28.3% | 2.7% | 1.8% | 8.0 |
 REG | $14B | 27.3 | 20.3 | 35.7 | 44.7% | 37.0% | 7.5% | 3.5% | 6.1 |
 KIM | $16B | 29.4 | 18.1 | 21.3 | 54.7% | 35.2% | 5.5% | 3.0% | 6.3 |
 BRX | $9B | 24.7 | 16.3 | 14.5 | 75.2% | 36.7% | 12.9% | 4.6% | 6.4 |
 SITC | $250M | 1.4 | 4.8 | 12.8 | -5.7% | -1.3% | 41.8% | -0.2% | 1.7 |
 NKE | $54B | 20.9 | 12.7 | 16.5 | 42.7% | 8.0% | 23.3% | 16.7% | 2.4 |
 L | $22B | 13.5 | 10.7 | 8.2 | 43.9% | 12.6% | 8.9% | 6.2% | 3.3 |
 SBUX | $115B | 61.7 | 26.2 | 47.0 | 24.2% | 9.6% | — | 17.7% | 5.1 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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SPG — Frequently Asked Questions
Quick answers to the most common questions about buying SPG stock.
What is Simon Property Group, Inc.'s P/E ratio?
Simon Property Group, Inc.'s current P/E ratio is 14.9x. The historical average is 30.3x. This places it at the 3th percentile of its historical range.
What is Simon Property Group, Inc.'s EV/EBITDA?
Simon Property Group, Inc.'s current EV/EBITDA is 20.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.4x.
What is Simon Property Group, Inc.'s ROE?
Simon Property Group, Inc.'s return on equity (ROE) is 89.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 27.2%.
Is SPG stock overvalued?
Based on historical data, Simon Property Group, Inc. is trading at a P/E of 14.9x. This is at the 3th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Simon Property Group, Inc.'s dividend yield?
Simon Property Group, Inc.'s current dividend yield is 4.05% with a payout ratio of 60.5%.
What are Simon Property Group, Inc.'s profit margins?
Simon Property Group, Inc. has 85.7% gross margin and 49.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Simon Property Group, Inc. have?
Simon Property Group, Inc.'s Debt/EBITDA ratio is 6.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.