SIMON PROPERTY GROUP INC (SPG) Fundamental Analysis & Valuation

NYSE:SPG • US8288061091

203.1 USD
+1.15 (+0.57%)
At close: Mar 4, 2026
203.1 USD
0 (0%)
After Hours: 3/4/2026, 6:40:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This SPG fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

5

Taking everything into account, SPG scores 5 out of 10 in our fundamental rating. SPG was compared to 122 industry peers in the Diversified REITs industry. SPG scores excellent on profitability, but there are some minor concerns on its financial health. SPG has a valuation in line with the averages, but on the other hand it scores bad on growth.


Dividend Valuation Growth Profitability Health

9

1. SPG Profitability Analysis

1.1 Basic Checks

  • In the past year SPG was profitable.
  • In the past year SPG had a positive cash flow from operations.
  • SPG had positive earnings in each of the past 5 years.
  • Of the past 5 years SPG 4 years had a positive operating cash flow.
SPG Yearly Net Income VS EBIT VS OCF VS FCFSPG Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B 4B

1.2 Ratios

  • With an excellent Return On Assets value of 6.68%, SPG belongs to the best of the industry, outperforming 98.36% of the companies in the same industry.
  • SPG has a better Return On Equity (95.47%) than 100.00% of its industry peers.
  • SPG has a better Return On Invested Capital (8.31%) than 100.00% of its industry peers.
  • SPG had an Average Return On Invested Capital over the past 3 years of 7.61%. This is above the industry average of 3.10%.
  • The 3 year average ROIC (7.61%) for SPG is below the current ROIC(8.31%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 6.68%
ROE 95.47%
ROIC 8.31%
ROA(3y)8.45%
ROA(5y)7.69%
ROE(3y)81.56%
ROE(5y)75.91%
ROIC(3y)7.61%
ROIC(5y)7.22%
SPG Yearly ROA, ROE, ROICSPG Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60 80

1.3 Margins

  • Looking at the Profit Margin, with a value of 36.44%, SPG belongs to the top of the industry, outperforming 90.16% of the companies in the same industry.
  • In the last couple of years the Profit Margin of SPG has grown nicely.
  • SPG has a better Operating Margin (50.70%) than 92.62% of its industry peers.
  • In the last couple of years the Operating Margin of SPG has grown nicely.
  • Looking at the Gross Margin, with a value of 81.99%, SPG belongs to the top of the industry, outperforming 82.79% of the companies in the same industry.
  • SPG's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 50.7%
PM (TTM) 36.44%
GM 81.99%
OM growth 3Y0.72%
OM growth 5Y3.12%
PM growth 3Y21.64%
PM growth 5Y24.72%
GM growth 3Y0.33%
GM growth 5Y0.28%
SPG Yearly Profit, Operating, Gross MarginsSPG Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60 80

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4

2. SPG Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), SPG is creating some value.
  • SPG has less shares outstanding than it did 1 year ago.
  • The number of shares outstanding for SPG has been reduced compared to 5 years ago.
  • Compared to 1 year ago, SPG has an improved debt to assets ratio.
SPG Yearly Shares OutstandingSPG Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M
SPG Yearly Total Debt VS Total AssetsSPG Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10B 20B 30B 40B

2.2 Solvency

  • Based on the Altman-Z score of 1.48, we must say that SPG is in the distress zone and has some risk of bankruptcy.
  • SPG's Altman-Z score of 1.48 is amongst the best of the industry. SPG outperforms 87.70% of its industry peers.
  • SPG has a debt to FCF ratio of 8.26. This is a slightly negative value and a sign of low solvency as SPG would need 8.26 years to pay back of all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 8.26, SPG belongs to the top of the industry, outperforming 92.62% of the companies in the same industry.
  • SPG has a Debt/Equity ratio of 10.98. This is a high value indicating a heavy dependency on external financing.
  • SPG has a Debt to Equity ratio of 10.98. This is amonst the worse of the industry: SPG underperforms 93.44% of its industry peers.
Industry RankSector Rank
Debt/Equity 10.98
Debt/FCF 8.26
Altman-Z 1.48
ROIC/WACC1.16
WACC7.15%
SPG Yearly LT Debt VS Equity VS FCFSPG Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B 20B 25B

2.3 Liquidity

  • A Current Ratio of 0.60 indicates that SPG may have some problems paying its short term obligations.
  • The Current ratio of SPG (0.60) is worse than 68.85% of its industry peers.
  • SPG has a Quick Ratio of 0.60. This is a bad value and indicates that SPG is not financially healthy enough and could expect problems in meeting its short term obligations.
  • The Quick ratio of SPG (0.60) is worse than 68.85% of its industry peers.
Industry RankSector Rank
Current Ratio 0.6
Quick Ratio 0.6
SPG Yearly Current Assets VS Current LiabilitesSPG Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B 4B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

3

3. SPG Growth Analysis

3.1 Past

  • SPG shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -27.55%.
  • SPG shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 6.38% yearly.
  • The Revenue has been growing slightly by 6.72% in the past year.
  • SPG shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 6.67% yearly.
EPS 1Y (TTM)-27.55%
EPS 3Y-6.91%
EPS 5Y6.38%
EPS Q2Q%-78.92%
Revenue 1Y (TTM)6.72%
Revenue growth 3Y6.35%
Revenue growth 5Y6.67%
Sales Q2Q%14.52%

3.2 Future

  • The Earnings Per Share is expected to grow by 7.99% on average over the next years.
  • SPG is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 4.10% yearly.
EPS Next Y35.18%
EPS Next 2Y18.1%
EPS Next 3Y10.12%
EPS Next 5Y7.99%
Revenue Next Year8.72%
Revenue Next 2Y6.57%
Revenue Next 3Y6.93%
Revenue Next 5Y4.1%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
SPG Yearly Revenue VS EstimatesSPG Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2B 4B 6B
SPG Yearly EPS VS EstimatesSPG Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2 4 6 8

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4

4. SPG Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 38.61 indicates a quite expensive valuation of SPG.
  • SPG's Price/Earnings ratio is in line with the industry average.
  • Compared to an average S&P500 Price/Earnings ratio of 27.03, SPG is valued a bit more expensive.
  • The Price/Forward Earnings ratio is 28.56, which means the current valuation is very expensive for SPG.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of SPG indicates a rather cheap valuation: SPG is cheaper than 81.15% of the companies listed in the same industry.
  • SPG's Price/Forward Earnings ratio indicates a similar valuation than the S&P500 average which is at 25.11.
Industry RankSector Rank
PE 38.61
Fwd PE 28.56
SPG Price Earnings VS Forward Price EarningsSPG Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, SPG is valued more expensive than 81.97% of the companies in the same industry.
  • 77.05% of the companies in the same industry are more expensive than SPG, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 22.33
EV/EBITDA 20.42
SPG Per share dataSPG EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15

4.3 Compensation for Growth

  • SPG's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
  • SPG has an outstanding profitability rating, which may justify a higher PE ratio.
PEG (NY)1.1
PEG (5Y)6.05
EPS Next 2Y18.1%
EPS Next 3Y10.12%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

5

5. SPG Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 4.34%, SPG is a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 7.07, SPG has a dividend in line with its industry peers.
  • SPG's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 4.34%

5.2 History

  • The dividend of SPG decreases each year by -0.48%.
  • SPG has paid a dividend for at least 10 years, which is a reliable track record.
  • SPG has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)-0.48%
Div Incr Years3
Div Non Decr Years3
SPG Yearly Dividends per shareSPG Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2 4 6 8

5.3 Sustainability

  • 123.15% of the earnings are spent on dividend by SPG. This is not a sustainable payout ratio.
DP123.15%
EPS Next 2Y18.1%
EPS Next 3Y10.12%
SPG Yearly Income VS Free CF VS DividendSPG Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B 4B
SPG Dividend Payout.SPG Dividend Payout, showing the Payout Ratio.SPG Dividend Payout.PayoutRetained Earnings

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SPG Fundamentals: All Metrics, Ratios and Statistics

SIMON PROPERTY GROUP INC

NYSE:SPG (3/4/2026, 6:40:00 PM)

After market: 203.1 0 (0%)

203.1

+1.15 (+0.57%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)02-02
Earnings (Next)N/A
Inst Owners93.54%
Inst Owner Change-3.85%
Ins Owners0.15%
Ins Owner Change-0.31%
Market Cap69.68B
Revenue(TTM)6.36B
Net Income(TTM)2.24B
Analysts74.62
Price Target206.09 (1.47%)
Short Float %1.55%
Short Ratio3.33
Dividend
Industry RankSector Rank
Dividend Yield 4.34%
Yearly Dividend8.12
Dividend Growth(5Y)-0.48%
DP123.15%
Div Incr Years3
Div Non Decr Years3
Ex-Date03-10
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)7.15%
Min EPS beat(2)4.67%
Max EPS beat(2)9.62%
EPS beat(4)3
Avg EPS beat(4)2.32%
Min EPS beat(4)-9.93%
Max EPS beat(4)9.62%
EPS beat(8)5
Avg EPS beat(8)10.44%
EPS beat(12)7
Avg EPS beat(12)9.49%
EPS beat(16)10
Avg EPS beat(16)8.55%
Revenue beat(2)1
Avg Revenue beat(2)-1.27%
Min Revenue beat(2)-3.94%
Max Revenue beat(2)1.39%
Revenue beat(4)2
Avg Revenue beat(4)-0.37%
Min Revenue beat(4)-3.94%
Max Revenue beat(4)1.39%
Revenue beat(8)4
Avg Revenue beat(8)-0.26%
Revenue beat(12)6
Avg Revenue beat(12)0.59%
Revenue beat(16)10
Avg Revenue beat(16)2%
PT rev (1m)3.3%
PT rev (3m)4.5%
EPS NQ rev (1m)0%
EPS NQ rev (3m)1.32%
EPS NY rev (1m)1.29%
EPS NY rev (3m)2.5%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.26%
Revenue NY rev (1m)3.64%
Revenue NY rev (3m)5.93%
Valuation
Industry RankSector Rank
PE 38.61
Fwd PE 28.56
P/S 11.32
P/FCF 22.33
P/OCF 17.34
P/B 29.65
P/tB 29.65
EV/EBITDA 20.42
EPS(TTM)5.26
EY2.59%
EPS(NY)7.11
Fwd EY3.5%
FCF(TTM)9.1
FCFY4.48%
OCF(TTM)11.71
OCFY5.77%
SpS17.94
BVpS6.85
TBVpS6.85
PEG (NY)1.1
PEG (5Y)6.05
Graham Number28.47
Profitability
Industry RankSector Rank
ROA 6.68%
ROE 95.47%
ROCE 10.52%
ROIC 8.31%
ROICexc 8.77%
ROICexgc 9.24%
OM 50.7%
PM (TTM) 36.44%
GM 81.99%
FCFM 50.71%
ROA(3y)8.45%
ROA(5y)7.69%
ROE(3y)81.56%
ROE(5y)75.91%
ROIC(3y)7.61%
ROIC(5y)7.22%
ROICexc(3y)7.91%
ROICexc(5y)7.45%
ROICexgc(3y)8.05%
ROICexgc(5y)7.54%
ROCE(3y)9.63%
ROCE(5y)9.14%
ROICexgc growth 3Y1.84%
ROICexgc growth 5Y7.57%
ROICexc growth 3Y-0.05%
ROICexc growth 5Y6.38%
OM growth 3Y0.72%
OM growth 5Y3.12%
PM growth 3Y21.64%
PM growth 5Y24.72%
GM growth 3Y0.33%
GM growth 5Y0.28%
F-Score4
Asset Turnover0.18
Health
Industry RankSector Rank
Debt/Equity 10.98
Debt/FCF 8.26
Debt/EBITDA 5.63
Cap/Depr 61.52%
Cap/Sales 14.58%
Interest Coverage 250
Cash Conversion 87.75%
Profit Quality 139.13%
Current Ratio 0.6
Quick Ratio 0.6
Altman-Z 1.48
F-Score4
WACC7.15%
ROIC/WACC1.16
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-27.55%
EPS 3Y-6.91%
EPS 5Y6.38%
EPS Q2Q%-78.92%
EPS Next Y35.18%
EPS Next 2Y18.1%
EPS Next 3Y10.12%
EPS Next 5Y7.99%
Revenue 1Y (TTM)6.72%
Revenue growth 3Y6.35%
Revenue growth 5Y6.67%
Sales Q2Q%14.52%
Revenue Next Year8.72%
Revenue Next 2Y6.57%
Revenue Next 3Y6.93%
Revenue Next 5Y4.1%
EBIT growth 1Y2.34%
EBIT growth 3Y7.12%
EBIT growth 5Y10%
EBIT Next Year58.78%
EBIT Next 3Y19.01%
EBIT Next 5Y12.15%
FCF growth 1Y2.33%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y6.7%
OCF growth 3YN/A
OCF growth 5YN/A

SIMON PROPERTY GROUP INC / SPG FAQ

Can you provide the ChartMill fundamental rating for SIMON PROPERTY GROUP INC?

ChartMill assigns a fundamental rating of 5 / 10 to SPG.


Can you provide the valuation status for SIMON PROPERTY GROUP INC?

ChartMill assigns a valuation rating of 4 / 10 to SIMON PROPERTY GROUP INC (SPG). This can be considered as Fairly Valued.


What is the profitability of SPG stock?

SIMON PROPERTY GROUP INC (SPG) has a profitability rating of 9 / 10.


Can you provide the financial health for SPG stock?

The financial health rating of SIMON PROPERTY GROUP INC (SPG) is 4 / 10.


Can you provide the expected EPS growth for SPG stock?

The Earnings per Share (EPS) of SIMON PROPERTY GROUP INC (SPG) is expected to grow by 35.18% in the next year.