Simon Property Group

SPG · NYSE · Real Estate · Financials, fiscal 2016 to 2025

SPG · Last close · October 26, 2026

$212.69

Simon Property Group's revenue rose 6.7% to $6.4 billion in fiscal 2025. Its operating margin was 49.9%, down from 51.9% a year earlier. Free cash flow was $3.2 billion, up 4.7%. It paid out $227 million in dividends and buybacks, 7% of free cash flow.

SIMON PROPERTY GROUP, INC. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001104659-26-019419 Updated October 9, 2026

Revenue

$6.4B

6.7%

Operating margin

49.9%

2.0 pts

Net income

$5.4B

96.6%

Free cash flow

$3.2B

4.7%

Return on capital

10.5%

1.0 pts

Market cap

$68.9B

Oct 26 close

P/E

15.0x

On $14.18 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Simon held short-term investments only at the end of 2023 (US$1 billion, which matured in 2024), so they count as zero in other years.

What Simon Property Group does

Simon Property Group is a real estate investment trust, or REIT. A REIT generally pays no federal corporate income tax as long as it distributes at least all of its taxable income to shareholders. Simon owns, develops and manages shopping, dining, entertainment and mixed-use destinations, mainly malls, Premium Outlets and The Mills.

At the end of 2025 it owned or held an interest in 212 properties in the United States, including 108 malls, 70 Premium Outlets and 16 Mills, in 38 states and Puerto Rico. It also had interests in 42 properties abroad, mostly in Asia, Europe and Canada, and a stake in Klepierre, a Paris-based owner of shopping centers in Europe.

Simon earns money mainly from rent paid by retail tenants. It also has other investments, including Catalyst Brands, an e-commerce business called Rue Gilt Groupe, and Jamestown, a real estate investment and management firm. On October 31, 2025 it bought the rest of The Taubman Realty Group that it did not already own.

Its biggest risks, as it describes them

Tenants going bankrupt, and vacant space at its properties.
Failing to lease or re-lease space at the rents and tenant mix it wants.
Competition from e-commerce and changes in how consumers shop.
Natural disasters and losses that its insurance does not cover.
Risks in buying, developing and expanding properties.

From Simon Property Group's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 10.3% a year and net income 10.8% a year, as new shares raised the share count by 4% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Simon Property Group yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Simon Property Group's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Simon Property Group's fiscal 2025 free cash flow of $3.2B, net cash of −$27.6B at December 31, 2025 and 326 million diluted shares, from its filings. The scenarios are fitted to Simon Property Group: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 6.3% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Retail REITs); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Simon Property Group's own revenue growth, as above. Cautious: growth of 3% then 2.5% a year, 2% after year 10, a 10% discount rate. Base: growth of 6.5% then 4.5% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 9.5% then 6% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $212.69
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Simon Property Group's earnings per share of $14.18 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 26.4×, the middle of Simon Property Group's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Realty Income, Kimco Realty, Regency Centers, Brixmor Property Group.

Earnings growth in the years ahead (% a year) Starts at Simon Property Group's revenue growth over the last 3 years, 6.3% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $212.69
Value at this multiple, against the last close: —
Simon Property Group's P/E at the last close: 15.0×

Company	Last close	Earnings per share	P/E today
Realty IncomeO	$57.16	$1.38	41.4×
Kimco RealtyKIM	$23.65	$0.86	27.5×
Regency CentersREG	$73.67	$2.91	25.3×
Brixmor Property GroupBRX	$28.12	$1.37	20.5×
Simon Property GroupSPG	$212.69	$14.18	15.0×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	534	622	2,169	1,400	823
Debt incl. finance leases	25,321	24,960	26,033	24,264	28,430
Net debt (negative means net cash)	24,787	24,339	23,864	22,864	27,607
Net debt to EBITDA	6.7x	6.4x	5.9x	5.2x	6.0x
Debt to equity	7.5x	8.0x	8.6x	8.2x	5.5x
Interest coverage	3.0x	3.4x	3.3x	3.4x	3.3x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 11 insiders bought $2.0 million of Simon Property Group shares on the open market, and 1 insider sold $2.0 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 30, 2026	Reuben S LeibowitzDirector	Bought	480	$202.78	$97,334	Form 4
Sep 30, 2026	Larry C GlasscockDirector	Bought	367	$202.78	$74,420	Form 4
Sep 30, 2026	Daniel C. SmithDirector	Bought	350	$202.78	$70,973	Form 4
Sep 30, 2026	Gary M RodkinDirector	Bought	232	$202.78	$47,045	Form 4
Sep 30, 2026	Glyn AeppelDirector	Bought	222	$202.78	$45,017	Form 4
Sep 30, 2026	Stefan M SeligDirector	Bought	208	$202.78	$42,178	Form 4
Sep 30, 2026	Marta R StewartDirector	Bought	199	$202.78	$40,353	Form 4
Sep 30, 2026	Peggy RoeDirector	Bought	88	$202.78	$17,845	Form 4
Sep 30, 2026	Randall J LewisDirector	Bought	65	$202.78	$13,181	Form 4
Sep 30, 2026	Nina P JonesDirector	Bought	46	$202.78	$9,328	Form 4
Sep 30, 2026	Martin J CiccoDirector	Bought	15	$202.78	$3,042	Form 4
Jun 30, 2026	Reuben S LeibowitzDirector	Bought	508	$223.38	$113,475	Form 4

The latest 12 of 45 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Fail
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	—	—	—
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—
Accruals ratio	−3.9%	−3.3%	3.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Simon Property Group side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Simon Property Group	FY25	6.7%	49.9%	50.3%	10.5%	6.0x	—
Realty Income	FY25	9.1%	—	67.2%	—	—	—	Compare
Kimco Realty	FY25	5.1%	36.0%	—	4.3%	5.4x	—	Compare
Regency Centers	FY25	6.8%	72.3%	25.3%	7.7%	3.0x	—	Compare
Brixmor Property Group	FY25	6.7%	—	—	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	5,435	5,527	5,645	5,755	4,608	5,117	5,291	5,659	5,964	6,364
Revenue growth	3.2%	1.7%	2.1%	1.9%	−19.9%	11.1%	3.4%	6.9%	5.4%	6.7%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	2,721	2,802	2,926	2,913	1,972	2,413	2,584	2,807	3,093	3,175
Net income	2,135	2,245	2,822	2,423	1,277	2,569	2,452	2,617	2,729	5,364
Diluted EPS (US$)	5.87	6.24	7.87	6.81	3.59	6.84	6.52	6.98	7.26	14.17
Diluted shares (millions)	313	312	310	308	309	329	328	327	326	326
Cash flow
Cash from operations	3,373	3,594	3,751	3,808	2,327	3,637	3,767	3,931	3,815	4,137
Capital expenditure	798	732	782	876	484	528	650	793	756	934
Free cash flow	2,574	2,862	2,969	2,932	1,843	3,109	3,117	3,138	3,059	3,202
Dividends paid	2,038	2,231	2,449	0	0	0	0	0	0	0
Share buybacks	255	407	354	360	153	0	180	141	0	227
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Balance sheet at fiscal year end
Cash and short-term investments	560	1,482	514	669	1,012	534	622	2,169	1,400	823
Debt incl. finance leases	22,977	24,632	23,306	24,163	26,723	25,321	24,960	26,033	24,264	28,430
Total assets	31,104	32,258	30,686	31,232	34,787	33,777	33,011	34,284	32,406	40,606
Total liabilities	26,006	27,828	26,659	28,101	31,129	29,377	29,187	30,596	28,806	33,901
Shareholders' equity	4,310	3,686	3,297	2,526	3,040	3,362	3,138	3,023	2,942	5,208
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	50.1%	50.7%	51.8%	50.6%	42.8%	47.2%	48.8%	49.6%	51.9%	49.9%
Net margin	39.3%	40.6%	50.0%	42.1%	27.7%	50.2%	46.4%	46.2%	45.8%	84.3%
Free cash flow margin	47.4%	51.8%	52.6%	50.9%	40.0%	60.8%	58.9%	55.4%	51.3%	50.3%
Return on capital	7.9%	8.1%	8.6%	8.7%	5.6%	6.6%	7.2%	9.9%	11.5%	10.5%
Return on equity	48.6%	56.1%	80.8%	83.2%	45.9%	80.3%	75.5%	85.0%	91.5%	131.6%
Return on assets	6.9%	7.1%	9.0%	7.8%	3.9%	7.5%	7.3%	7.8%	8.2%	14.7%
Net debt to EBITDA	5.6x	5.7x	5.4x	5.5x	7.8x	6.7x	6.4x	5.9x	5.2x	6.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Simon Property Group's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Simon Property Group.