Simon Property Group is the largest retail real estate investment trust in the United States.
It is a $64.7B real estate company. Revenue grew 15.0% over the last year, it keeps 67¢ of every dollar of sales as profit, and its net debt equals ~8.6 years of free cash flow. It trades at 14.0× earnings — near the lowest of its own history.
- Website
- simon.com
- Location
- Indianapolis, IN
- Employees
- 3 600
- Sector
- Real Estate
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong profitability; Health lags behind.
Valuation61
- P/E vs own history0th pct · 25/25
- FCF yield5.0% · 12/25
- P/S9.3x · 12/25
- EV/EBITDA18.6x · 12/25
Growth57
- Revenue CAGR5.6% · 12/25
- Net income CAGR19.8% · 20/25
- EPS CAGR ~5Y23.6% · 25/25
- Fwd implied growth-53.6% · 0/25
Profitability87
- ROIC14.1% · 12/25
- ROE109.7% · 25/25
- Net margin66.5% · 25/25
- Operating margin47.1% · 25/25
Health21
- Altman Z0.04 · 3/25
- Current ratio0.44 · 0/25
- Interest coverage9.1x · 18/25
- Net cash / debtD/A 68% · 0/25
Quality70
- Piotroski F4/9 · 10/25
- Beneish M-2.44 · 20/25
- FCF conversion70% · 15/25
- Margin stabilityσ 2.3% · 25/25
Moat70
- ROIC >12% years0/10 yrs · 0/25
- Median gross margin50.0% · 20/25
- FCF-positive years10/10 yrs · 25/25
- Worst-year net marginworst 24.1% · 25/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- Q3 2026Insiders11 open-market insider purchases~2K shares bought by insiders
- FY2025FinancialBest year on record$4.62B net income
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $1B$5.44B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2016AcquisitionIn partnership with Authentic Brands Group and GGP Inc., the company acquired Aéropostale
- 2015AcquisitionWashington Prime Group acquired Glimcher Realty Trust and was renamed WP Glimcher
- 2012AcquisitionSimon acquired Farallon's stake in 26 Landmark Mills malls for $1.5 billion
- 2011AcquisitionSimon acquired Southdale Center in Edina, Minnesota
- 2010AcquisitionSimon placed a bid acquire General Growth Properties
- 2009AcquisitionThe Premium Outlets portfolio was expanded with the acquisition of Prime Retail for $2.24 billion in December 2009
- 2007AcquisitionSimon Property Group and Farallon Capital Management acquired the Chevy Chase, Maryland-based Mills…
- 2004AcquisitionThe company entered the outlet mall business in June 2004 with the acquisition of Chelsea Property Group, Inc
- 2002AcquisitionIn partnership with Westfield Group and The Rouse Company, the company acquired 13 properties from Rodamco…
- 1993IPOThey took their interests public as Simon Property Group in the largest initial public offering of…
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (81.4%)
- Strongly profitable — 66.5% net margin
- Revenue growing 15.0% year over year
- Strong cash conversion — FCF is 46.4% of revenue
- Interest covered 9.1× by operating earnings
Watch-outs
- Altman Z-Score 0.04 — elevated financial-distress risk
- Net debt would take ~8.8 years of free cash flow to repay
- Net debt equals ~8.6 years of free cash flow
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+15.0% YoY
- Profitable — makes more than it spends$4.62B TTM
- Profit growing — earnings are higher than last year+27.9% YoY
- Generates cash — cash left after running and investing$3.22B TTM
- Debt under control — could handle its obligations~8.6y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$64.7B market cap
- Not printing shares — share count not ballooning — you keep your slice-11.8% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distressAltman Z 0.0 — distress
- Pays a dividend — returns cash to shareholdersyield 4.44%
- Valuation not extreme — price not wildly above earningsP/E 14.0
Peer comparisonSimon Property Group, Inc. vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| SPG this company | $64.7B | 14.0 | +15.0% | 66.5% | Strained |
| WELL Welltower Inc. | $162.5B | 108.1 | +37.6% | 12.1% | Strained |
| PLD Prologis, Inc. | $123.1B | 29.8 | +7.3% | 45.8% | Strained |
| EQIX Equinix, Inc. | $101.2B | 66.0 | +9.6% | 15.6% | Strained |
| AMT American Tower Corporation | $84.5B | 25.0 | +14.2% | 31.1% | Strained |
| DLR Digital Realty Trust, Inc. | $66.6B | 83.0 | +17.4% | 11.8% | Strained |
| PSA Public Storage | $54.1B | 26.5 | +3.0% | 41.8% | Strained |
Head-to-head: SPG vs WELL · SPG vs PLD · SPG vs EQIX
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/SPG
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of SPG on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $199.82 · market cap $64.7B.