# Simon Property Group, Inc. (SPG) — Stock CV

Simon Property Group, Inc. 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.

> Simon Property Group is the largest retail real estate investment trust in the United States.

## Identity

- **Ticker**: SPG
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: INDIANAPOLIS, IN
- **Employees**: 3 600
- **Website**: https://www.simon.com
- **Market cap**: $64.7B
- **Last price**: $199.82
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $6.94B
- **Net income**: $4.62B
- **Free cash flow**: $3.22B
- **Net debt**: $27.6B
- **P/E**: 14.0
- **Revenue growth (YoY)**: 15.0%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 61 |
| Growth | 57 |
| Profitability | 87 |
| Health | 21 |
| Quality | 70 |
| Moat | 70 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +15.0% YoY
- [x] Profitable — $4.62B TTM
- [x] Profit growing — +27.9% YoY
- [x] Generates cash — $3.22B TTM
- [ ] Debt under control — ~8.6y of cash flow to repay
- [x] Established company — $64.7B market cap
- [x] Not printing shares — -11.8% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z 0.0 — distress
- [x] Pays a dividend — yield 4.44%
- [x] Valuation not extreme — P/E 14.0

## Experience (career milestones)

- **Q3 2026** — 11 open-market insider purchases: ~2K shares bought by insiders
- **FY2025** — Best year on record: $4.62B net income
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $5.44B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2016** — In partnership with Authentic Brands Group and GGP Inc., the company acquired Aéropostale
- **2015** — Washington Prime Group acquired Glimcher Realty Trust and was renamed WP Glimcher
- **2012** — Simon acquired Farallon's stake in 26 Landmark Mills malls for $1.5 billion
- **2011** — Simon acquired Southdale Center in Edina, Minnesota
- **2010** — Simon placed a bid acquire General Growth Properties
- **2009** — The Premium Outlets portfolio was expanded with the acquisition of Prime Retail for $2.24 billion in December 2009
- **2007** — Simon Property Group and Farallon Capital Management acquired the Chevy Chase, Maryland-based Mills…
- **2004** — The company entered the outlet mall business in June 2004 with the acquisition of Chelsea Property Group, Inc
- **2002** — In partnership with Westfield Group and The Rouse Company, the company acquired 13 properties from Rodamco…
- **1993** — They took their interests public as Simon Property Group in the largest initial public offering of…

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $5.12B | $2.25B | $3.11B |
| FY2022 | $5.29B | $2.14B | $3.12B |
| FY2023 | $5.66B | $2.28B | $3.14B |
| FY2024 | $5.96B | $2.37B | $3.06B |
| FY2025 | $6.36B | $4.62B | $3.20B |

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Source: https://stockcv.com/SPG — derived from company filings; may be delayed or incomplete. Information, not investment advice.