Real Estate · Retail REITs · US stock · price as of 16 Oct 2026
Key indicators
Price
$205.44
52-week range
$164.57 – $235.97
Market cap
$66.6B
P/E (trailing)
12.4×
EV / EBITDA
19.0×
Free-cash-flow yield
4.8%
Dividend yield
4.3%
Revenue (last 12 months)
$6.9B
Revenue growth (3y a year)
6.3%
Operating margin
47.4%
Return on invested capital
7.9%
Net debt / EBITDA
5.7×
Fair value
Fair value is not shown for this company.
X-Ray Score
47/ 100 · Medium confidence · ahead of 28% of sector peers
Valuation50
Growth63
Profitability57
Financial health21
Dividends32
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Simon Property Group is a real estate investment trust that owns and operates shopping destinations, including enclosed malls, premium outlet centres and mixed-use properties. Its tenants are retailers, restaurants and entertainment operators, and its properties draw large numbers of shoppers. The company is based in the United States, where most of its portfolio is located, and it also holds interests in retail centres overseas through partnerships.
Most of the income is rent and related charges paid by the tenants occupying its centres. Revenue for the last twelve months was $6.9 billion, up 6.3% a year across the last three years. The operating margin is 47.4%, and the business earns a profit of 8% on the capital invested in it. It carries net debt of 5.7 times EBITDA. The company pays a dividend with a yield of 4.3%.
StocksXray gives Simon Property Group Inc. an X-Ray Score of 47 out of 100 (medium confidence), ahead of 28% of the S&P 500 stocks in its sector. Its strongest lens is growth (63) and its weakest is financial health (21).
XStocksXray
Simon Property Group Inc. (SPG)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$123.78
$96.67
$124.94
$158.57
$179.09
$205.44
Market cap
$40.7B
$31.7B
$40.8B
$51.7B
$58.4B
$66.6B
P/E
18.1×
14.8×
17.9×
21.8×
12.6×
12.4×
EV / revenue
12.9×
10.7×
11.5×
12.6×
13.7×
13.7×
EV / EBITDA
17.9×
14.8×
16.0×
17.2×
19.0×
19.2×
Price / free cash flow
13.1×
10.2×
13.0×
16.9×
18.3×
20.7×
Free-cash-flow yield
7.6%
9.8%
7.7%
5.9%
5.5%
4.8%
Price / book
12.1×
10.1×
13.5×
17.6×
11.2×
15.0×
Dividend yield
4.73%
7.14%
5.96%
5.11%
4.77%
4.33%
Fundamentals checklist ● 3 Good · ● 5 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash3.2%Bad
Free-cash-flow yield4.8%Average
Risk models
Piotroski F-Score4 of 9Bad
Growth
EPS growth (3y)29.5%Good
Free-cash-flow growth (3y)0.9%Average
Revenue growth (3y)6.3%Average
Growth consistency100%Good
Balance sheet
Net debt / EBITDA5.7×Bad
Interest cover3.1×Bad
Valuation
EBIT / EV yield3.4%Average
Profitability
Return on invested capital7.9%Average
Operating margin47.4%Good
XStocksXray
Simon Property Group Inc. (SPG)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
5,117
5,291
5,659
5,964
6,365
6,941
Gross profit
–
–
–
–
–
–
Operating income
2,413
2,584
2,807
3,093
3,175
3,290
Net income
2,569
2,452
2,617
2,729
5,364
5,385
Diluted EPS ($)
6.84
6.52
6.98
7.26
14.17
16.55
Free cash flow
3,109
3,117
3,138
3,059
3,202
3,218
Gross margin
–
–
–
–
–
–
Operating margin
47.2%
48.8%
49.6%
51.9%
49.9%
47.4%
Net margin
50.2%
46.3%
46.2%
45.8%
84.3%
77.6%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
33,777
33,011
34,283
32,406
40,606
39,709
Cash
534
622
1,169
1,400
823
1,019
Total debt
25,321
24,960
26,033
24,264
28,430
28,700
Equity
3,361
3,139
3,023
2,942
5,208
4,434
Dividend per share ($)
5.85
6.90
7.45
8.10
8.55
8.80
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.