Latest Ratios: P/E Ratio 16.4x · EV/EBITDA 19.5x · ROE 89.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $74.1B | $60.3B | $56.2B | $46.6B | $38.5B | $52.5B | $26.3B | $45.9B | $52.0B | $53.5B | $55.6B |
| Enterprise Value | $102.4B | $88.7B | $79.5B | $72.0B | $63.3B | $77.8B | $52.6B | $69.9B | $74.8B | $76.7B | $78.0B |
| P/E Ratio → | 16.37 | 13.09 | 23.72 | 20.44 | 18.02 | 23.36 | 23.75 | 21.94 | 21.32 | 27.52 | 30.27 |
| P/S Ratio | 10.35 | 9.48 | 9.42 | 8.24 | 7.28 | 10.26 | 5.71 | 7.97 | 9.21 | 9.68 | 10.22 |
| P/B Ratio | 11.11 | 9.00 | 15.60 | 12.64 | 10.07 | 11.93 | 7.20 | 14.65 | 12.92 | 12.08 | 10.90 |
| P/FCF | 22.08 | 18.85 | 18.36 | 14.86 | 12.36 | 16.88 | 14.29 | 15.65 | 17.52 | 18.70 | 21.58 |
| P/OCF | 17.91 | 14.59 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 19.54 | 18.76 | 17.86 | 17.38 | 16.35 | 20.81 | 15.80 | 16.23 | 17.49 | 18.43 | 19.26 |
| EV / EBIT | 32.26 | 13.92 | 21.74 | 20.25 | 19.21 | 22.09 | 25.55 | 21.55 | 20.35 | 24.91 | 25.80 |
| EV / FCF | — | 27.70 | 26.00 | 22.94 | 20.33 | 25.02 | 28.52 | 23.84 | 25.20 | 26.78 | 30.29 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | 6.17 | 6.17 | 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 | 6.00 | 6.00 | 5.25 | 6.12 | 6.41 | 6.76 | 7.88 | 5.57 | 5.33 | 5.57 | 5.54 |
| Debt / FCF | — | 8.86 | 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 0.6% | 0.7% | 4.7% | 5.2% | 0.8% | 0.6% | 5.5% | 5.6% | 4.7% | 4.2% | 3.7% |
| Payout Ratio | 9.5% | 9.5% | 111.6% | 106.8% | 15.3% | 15.0% | 129.7% | 121.8% | 100.4% | 114.5% | 110.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.1% | 7.6% | 4.2% | 4.9% | 5.5% | 4.3% | 4.2% | 4.6% | 4.7% | 3.6% | 3.3% |
| FCF Yield | 4.5% | 5.3% | 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 | 0.9% | 1.1% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying SPG stock.
Simon Property Group, Inc.'s current P/E ratio is 16.4x. The historical average is 30.3x. This places it at the 7th percentile of its historical range.
Simon Property Group, Inc.'s current EV/EBITDA is 19.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.4x.
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%.
Based on historical data, Simon Property Group, Inc. is trading at a P/E of 16.4x. This is at the 7th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Simon Property Group, Inc.'s current dividend yield is 0.59% with a payout ratio of 9.5%.
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.
Simon Property Group, Inc.'s Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Elevated leverage and refinancing exposure
Metrics are mathematically derived from official filings.
Premium Multiple Lacks FFO Anchor
Based on reported figures, SPG trades at roughly 15.9 to 20.6 times quarterly FFO per share across recent periods, yet the P/FFO field is blank in the current snapshot, so the valuation cannot be cleanly anchored to cash earnings from the supplied data alone.
The P/FFO and P/AFFO fields are unavailable in the current valuation block, so any conclusion about relative cheapness must rest on the quarterly ratio history rather than a current multiple. The implied quarterly P/FFO range suggests the market has moved between roughly 9 and 20 times recent FFO, which appears to reflect shifting sentiment toward the mall platform rather than a stable re-rating. Investors should monitor whether the earnings miss and raised guidance are reconciled into a sustainable FFO trajectory before inferring an attractive entry point.
Payout Ratio Swings Obscure Coverage
According to recent SEC filings, SPG's FFO payout ratio moved from 11% to 72% across recent quarters, with a 180% outlier in Q4 2024, suggesting dividend coverage has been inconsistent rather than steadily secure.
The low dividend yield of 0.6% combined with high FFO per share implies a payout that is modest in most periods, yet the spike to 72% in Q3 2026 and the 180% reading in Q4 2024 indicate that quarterly coverage is sensitive to timing and to non-recurring items. The AFFO payout sits close to the FFO payout in recent periods, which suggests recurring capital spending does not materially widen the gap. Investors should monitor whether the Q3 2026 payout level reflects a normalized run rate or a temporary dip in per-share earnings.
Debt-Heavy Structure Under Refinancing Pressure
As reported in financial statements, SPG's debt-to-equity ratio has ranged from 4.35 to 8.85 over ten quarters, with interest coverage between 2.5 and 4.3 times, indicating a leveraged capital structure with limited cushion above interest costs.
The most recent debt-to-equity reading of 5.53 and interest coverage near 2.9 times suggest the company services its debt load adequately but with less margin than a conservative REIT would typically carry. Debt grew alongside total assets over the past year, which appears to reflect borrowing-funded expansion rather than organic deleveraging. Refinancing of maturing debt at higher rates may compress coverage further, and investors should monitor the debt maturity schedule and fixed-rate share, which are not provided in the supplied data.
Stable NOI Margins Mask Earnings Noise
Based on SPG's reported figures, NOI margins held between 80% and 91% across the last ten quarters, with the most recent reading near 81%, indicating durable property-level profitability even as GAAP earnings remain distorted.
Property-level margins remain high and fairly consistent, which supports the view that the core mall and outlet portfolio is generating reliable operating income. The gap between net income and FFO, combined with the Q4 2025 earnings spike, suggests reported profitability is heavily influenced by depreciation and non-operating items rather than by margin movement. Same-store NOI growth and the split between organic and acquisition-driven FFO growth are not supplied, so the source of recent FFO gains cannot be determined from this data.
P/E Misleads on Depreciation-Heavy Earnings
The trailing P/E of 16.4 is the metric most commonly misapplied to SPG, because heavy real estate depreciation and the Q4 2025 non-operating gain distort GAAP earnings, obscuring the cash generation that FFO captures more reliably.
Applying standard P/E treats depreciation as a real economic cost, which understates the cash earnings available to shareholders and may overstate the multiple if the Q4 2025 net income spike is non-recurring. Price-to-FFO or price-to-AFFO, adjusted for recurring capital expenditures, provides a more appropriate cash-based lens for a REIT. Investors should rely on FFO-based multiples and verify the nature of the Q4 2025 gain before using any earnings-based valuation.