Simon Property Group, Inc. (SPG)

FundStockHighly Crowded

Held by 400 of 2,417 reporting institutions (98th percentile) — extremely crowded.

Data as of Q3 2026

FY2025 basis· reit

$217.75▲ 0.94%

EOD close · as of 2026-10-30

Market Cap

$70.46B

Enterprise Value

$98.06B

P/E

15.4×

P/S

11.1×

Revenue (FY)

$6.36B

Rev. growth

1.8%/yr

Gross margin

—

Net margin

84%

ROIC

16%

Net debt / EBITDA

n/a for a REIT

Revenue· FY2025$6.36B

Net Income· FY2025$5.36B

Free Cash Flow· FY2025$3.20B

Deep analysis

Valuation vs. its own history

Cheap or dear — against itself

Where each multiple sits in its own 14-yr range · 73th pct blended

P/E

13.2× now

10.9×19.3×

27th

cheap

P/S

11.2× now

4.2×9.2×

100th

rich

P/B

13.6× now

4.0×17.6×

91th

rich

Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

Cash-backed earnings

Operating cash flow 0.8× net income

0.77×

✓

Capital intensity

Reinvests 23% of operating cash flow

light

✓

Returns on capital

ROIC 16%

16%

Income statement

How a revenue dollar becomes profit

FY2025 · every deduction from revenue to net income

Returns

Why ROE is 103.0%

DuPont — the three levers

Net margin

84.3%

profit / rev

Asset turns

0.16×

rev / assets

Leverage

7.80×

assets / year-end equity

ROE

103.0%

on year-end equity

ROE 103% against ROIC 16% — 87% of the return on equity comes from leverage and buybacks rather than from the operating business.

Equity is the year-end figure. On average equity over the two year-ends, ROE is 131.6% — the two diverge when buybacks or issuance move equity during the year.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

$28.43B

Cash & Equivalents

$823.1M

Net Debt

$27.61B

Net debt / EBITDA—

This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

+6.7%

Op. income Δ

+2.7%

Op. leverage

0.4×

Low operating leverage — profit tracks sales closely (stable, less cyclical).

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
SG&A	0.8	0.6	0.5	0.6	0.7	0.7	0.8	1.0
Operating Income	51.8	50.6	42.8	47.2	48.8	49.6	51.9	49.9
Income Tax	—	—	—	—	—	1.2	0.2	0.3
Net Income	50.0	42.1	27.7	50.2	46.3	46.2	45.8	84.3

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2016 → FY2025

How the ratios & debt developed

The metrics that matter, over time

ROE

103%

FY2025 · latest

Net margin

84%

FY2025 · latest

ROIC

16%

FY2025 · latest

Gross margin

—

— · latest

—

Current ratio

—

— · latest

—

FCF margin

50%

FY2025 · latest

Free cash flow

$3.20B

FY2025 · latest

Institutional ownership: 400 holders · 98th percentile crowding — Held by 400 of 2,417 reporting institutions (98th percentile) — extremely crowded. (see the 13F tab)

A 30-second read on SPG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.

Loading snapshot...

Financials

$217.75▲ 0.94%

EOD close · as of 2026-10-30

Market Cap

$70.46B

Enterprise Value

$98.06B

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2025

Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.

Each value shows its share of revenue below it (common-size).

Line Item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Revenue	$6.36B 100.0%	$5.96B 100.0%	$5.66B 100.0%	$5.29B 100.0%	$5.12B 100.0%	$4.61B 100.0%	$5.76B 100.0%	$5.65B 100.0%	$5.53B 100.0%	$5.44B 100.0%
Selling, General & Admin	$60.9M 1.0%	$44.7M 0.8%	$38.5M 0.7%	$35.0M 0.7%	$30.3M 0.6%	$22.6M 0.5%	$34.9M 0.6%	$46.5M 0.8%	$52.0M 0.9%	$65.1M 1.2%
Total Operating Expenses	$3.19B 50.1%	$2.87B 48.1%	$2.85B 50.4%	$2.71B 51.2%	$2.70B 52.8%	$2.64B 57.2%	$2.84B 49.4%	$2.72B 48.2%	$2.72B 49.3%	$2.71B 49.9%
Operating Income	$3.18B 49.9%	$3.09B 51.9%	$2.81B 49.6%	$2.58B 48.8%	$2.41B 47.2%	$1.97B 42.8%	$2.91B 50.6%	$2.93B 51.8%	$2.80B 50.7%	$2.72B 50.1%
Interest Expense	$974.8M 15.3%	$905.8M 15.2%	$854.6M 15.1%	$761.3M 14.4%	$795.7M 15.6%	$784.4M 17.0%	$789.4M 13.7%	$815.9M 14.5%	$809.4M 14.6%	$857.6M 15.8%
Income Tax Expense	$20.3M 0.3%	$9.3M 0.2%	$68.8M 1.2%	—	—	—	—	—	—	—
Net Income	$5.36B 84.3%	$2.73B 45.8%	$2.62B 46.2%	$2.45B 46.3%	$2.57B 50.2%	$1.28B 27.7%	$2.42B 42.1%	$2.82B 50.0%	$2.24B 40.6%	$2.13B 39.3%
Per Share
EPS (Basic)	$14.17	$7.26	$6.98	$6.52	$6.84	$3.59	$6.81	—	—	—
EPS (Diluted)	$14.17	$7.26	$6.98	$6.52	$6.84	—	—	—	—	—
Weighted Avg Shares (Basic)	326.4M	326.1M	326.8M	327.8M	328.6M	308.7M	308.0M	—	—	—
Weighted Avg Shares (Diluted)	326.4M	326.1M	326.8M	327.8M	328.6M	308.7M	308.0M	—	—	—

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

Loading financials...

Is the business good?

Can't say

Cost of capital cannot be computed, so the spread is unknown.

Not enough history to draw the spread — it needs at least two fiscal years with a computable ROIC and a cost of capital.

Gross, operating and net margin by fiscal year
Fiscal year	Gross margin	Operating margin	Net margin
FY2016	not reported	50.1%	39.3%
FY2017	not reported	50.7%	40.6%
FY2018	not reported	51.8%	50.0%
FY2019	not reported	50.6%	42.1%
FY2020	not reported	42.8%	27.7%
FY2021	not reported	47.2%	50.2%
FY2022	not reported	48.8%	46.3%
FY2023	not reported	49.6%	46.2%
FY2024	not reported	51.9%	45.8%
FY2025	not reported	49.9%	84.3%

Shared scale — the distance between the lines is the cost structure▨ each line's own 10-year range

ROE

103%

ROIC

16%

Gap

+87pts

Leverage and buybacks account for 87 points of the 103% return on equity in FY2025. The business earns 16% on the capital it employs; the rest is balance sheet.

ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.

The other side

No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.

Missing from our data, so excluded from this answer: tax_rate.

Basis: FY2025Source: SEC EDGAR XBRL

Are the earnings real?

Adequate

Converts 1.08x of reported profit into cash — adequate, without much margin.

FCF / net income

1.08×↘ narrowing

5-year average; latest 0.60x

Sloan accruals

3.0%

(net income − OCF) / assets · negative is better

Share count since FY2019

5.9%

measured from the first year on file, so a recent listing shows up here as dilution

SBC / revenue

—

not reported

Cash conversion cycle

—

receivables, inventory or cost of revenue not reported

The other side

Shares outstanding are up 6% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.

Missing from our data, so excluded from this answer: share_based_compensation.

Basis: FY2025Source: SEC EDGAR XBRL

Can it survive?

Can't say

Leverage is not measurable this way for a reit.

A stress curve needs EBIT and a reported interest expense — one of them is not available for this company.

Can the maturities be paid?

cumulative principal duecash + free cash flow held flat at $3.2B/yr exceeds resources

Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.

What is on hand

Cash & equivalents

$823M

excludes restricted cash

Net debt

$27.6B

total debt less cash

Current ratio

—

not reported

Quick ratio

—

not reported

Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.

The other side

Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.

Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.

Basis: FY2025Source: SEC EDGAR XBRL

What's priced in?

Demanding

At $215.72, free cash flow must compound 13.71%/yr for 10 years. It has done 1.48%/yr over 6 years.

Achieved free cash flow growth by year against the growth the price requires
Fiscal year	FCF growth	Price requires
FY2020	−37.2%	13.7%
FY2021	68.8%	13.7%
FY2022	0.2%	13.7%
FY2023	0.7%	13.7%
FY2024	−2.5%	13.7%
FY2025	4.7%	13.7%

The rate the price requires sits inside the range this business has delivered — matched or beaten in 1 of 6 years. Shaded band is ±1σ of its own free-cash-flow growth.

Implied FCF growth

13.7%

for 10 years, discounted at 10.0% (published default — this company's cost of capital could not be computed)

Achieved FCF growth

1.5%

6-year CAGR, on the same basis as the requirement above

Required vs achieved

9.25×

above 1 means the price asks for more than the record

P / E

15.2× · med 35.2× · 25.5×–75.3×

P / S

11.0× · med 8.9× · 7.0×–11.1×

EV / EBITDA

not reported for this company

P / B

13.5× · med 2.7× · 1.9×–4.9×

SPG cohort median p25–p7520 peersvalues clipped at p1/p99 before rankingeach row scaled to its own range

The other side

The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.

Basis: FY2025Source: SEC EDGAR XBRL

Loading analysis...

SPG vs. Real Estate Investment Trusts peers

Ranked against 20 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

SPG 15.2× · med 35.2× · p25–p75 25.5×–75.3×

100th pct

P / S

SPG 11.0× · med 8.9× · p25–p75 7.0×–11.1×

33rd pct

EV / EBITDA

SPG — · med 20.5× · p25–p75 14.8×–23.5×

not enough peer data

—

P / B

SPG 13.5× · med 2.7× · p25–p75 1.9×–4.9×

17th pct

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

SPG 6.7% · med 5.2% · p25–p75 3.8%–9.8%

62nd pct

ProfitabilityMargins vs the sector

Gross margin

SPG — · med 69.9% · p25–p75 45.6%–86.4%

not enough peer data

—

Operating margin

SPG 49.9% · med 41.8% · p25–p75 16.9%–47.7%

94th pct

Net margin

SPG 84.3% · med 25.3% · p25–p75 10.9%–37.2%

100th pct

FCF margin

SPG 50.3% · med 36.7% · p25–p75 9.8%–58.1%

67th pct

Returns on capitalHow hard the capital works

Return on equity

SPG 103% · med 6.8% · p25–p75 2.4%–11.6%

100th pct

Return on invested capital

SPG 15.9% · med 6.0% · p25–p75 2.3%–9.0%

100th pct

LeverageLess debt scores higher

Net debt / EBITDA

SPG — · med 5.1× · p25–p75 -0.1×–7.4×

not enough peer data

—

13F convictionInstitutional breadth & ownership

13F holders

SPG 400 · med 239 · p25–p75 196–381

80th pct

Institutional ownership

SPG — · med 2.0% · p25–p75 1.5%–2.9%

not enough peer data

—

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
WELLWELLTOWER INC.	$171.1B	167.8×	—	15.8×	35.6%	40.1%	8.9%	2.3%	1.6%	—	501
PLDPrologis, Inc.	$121.7B	36.0×	—	13.8×	7.2%	—	37.9%	6.3%	3.8%	—	505
EQIXEQUINIX INC	$102.3B	75.3×	26.1×	11.1×	5.4%	51.1%	14.6%	9.5%	8.7%	-0.1×	381
AMTAMERICAN TOWER CORP /M…	$86.2B	34.4×	20.5×	8.1×	5.1%	—	24.7%	72.0%	6.4%	6.0×	536
SPGSIMON PROPERTY GROUP I…	$69.8B	15.2×	—	11.0×	6.7%	—	84.3%	103%	15.9%	—	400
DLRDIGITAL REALTY TRUST, …	$67.9B	51.1×	—	11.1×	10.0%	—	21.4%	5.7%	5.7%	—	—
PSAPublic Storage	$59.2B	35.2×	—	12.3×	2.7%	—	37.0%	19.3%	9.1%	—	335
OREALTY INCOME CORP	$54.1B	48.9×	—	9.4×	9.1%	—	18.4%	2.7%	2.7%	—	459
VTRVentas, Inc.	$44.3B	155.0×	—	7.6×	18.5%	—	4.5%	2.1%	1.0%	—	256
CCICROWN CASTLE INC.	$37.8B	88.0×	25.3×	8.9×	-4.4%	97.3%	10.4%	-27.2%	1.7%	10.5×	240
IRMIRON MOUNTAIN INC	$35.2B	241.6×	23.5×	5.1×	12.2%	—	2.2%	-15.5%	1.0%	7.4×	348
EXRExtra Space Storage In…	$31.7B	32.7×	14.8×	9.4×	3.7%	72.8%	28.8%	7.3%	7.3%	-0.1×	204
AVBAVALONBAY COMMUNITIES …	$27.1B	25.6×	12.3×	8.9×	4.4%	—	34.7%	9.1%	5.0%	3.1×	1
VICIVICI PROPERTIES INC.	$27.0B	9.4×	—	6.7×	4.1%	99.3%	69.3%	10.0%	6.2%	—	233
SBACSBA COMMUNICATIONS COR…	$19.6B	18.9×	21.9×	7.0×	5.1%	75.5%	37.4%	-21.7%	13.1%	8.6×	151
HSTHOST HOTELS & RESORTS,…	$17.6B	23.4×	—	2.9×	7.6%	—	12.5%	11.7%	9.8%	—	196
ESSESSEX PROPERTY TRUST, …	$17.0B	25.5×	11.3×	9.0×	6.4%	69.9%	37.2%	12.7%	12.7%	-0.1×	148
KIMKIMCO REALTY CORP	$16.4B	—	17.1×	7.7×	5.1%	—	27.3%	5.6%	3.2%	5.4×	174
LAMRLAMAR ADVERTISING CO/N…	$16.1B	27.6×	—	7.1×	2.7%	67.0%	25.9%	57.3%	13.2%	—	205
WYWEYERHAEUSER CO	$14.2B	43.9×	15.6×	2.1×	-3.1%	14.8%	4.7%	3.4%	2.2%	4.1×	239
OHIOMEGA HEALTHCARE INVES…	$14.2B	24.1×	22.3×	11.9×	13.2%	—	49.6%	11.4%	6.3%	5.1×	219

Peers = companies sharing SPG's sector (Real Estate Investment Trusts) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

Loading peer comparison...

Open-market buys

$207k · 1 holder

Discretionary sales

$2.0m · 1 holder

10b5-1 plan sales

$0 · scheduled in advance

Filed late

0 of 88 filings

2 open-market purchases and 1 discretionary sale against the share price · hover a marker

2025-10-31$167.98 – $227.342026-10-23

Shares held by reporting insiders1 → 21 insiders reporting — no comparable change

2025-11-17 · 278,8542026-09-30 · 1,846,735 (21 insiders)

Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.

Date	Insider	What it was	Shares	Price	Value
2026-09-30	Aeppel Glyn Director	Plan purchase	222	$202.78	$45k
2026-09-30	Smith Daniel C. Director	Plan purchase	350	$202.78	$71k
2026-09-30	Stewart Marta R Director	Plan purchase	199	$202.78	$40k
2026-09-30	Rodkin Gary M Director	Plan purchase	232	$202.78	$47k
2026-09-30	Selig Stefan M

How this is measured

Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.

Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.

Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.

The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.

“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.

Insider activity is descriptive. Nothing here is investment advice.

Loading insider activity...

Step	Amount	Running total
Net income	$5.36B	$5.36B
Share-based comp	not reported	not reported
Other non-cash & working capital	−$1.23B	$4.14B
Operating cash flow	$4.14B	$4.14B
Capex	−$934M	$3.20B
Free cash flow	$3.20B	$3.20B

Fiscal year	Revenue growth	Receivables growth	Gap
FY2020	-19.9%	not reported	not reported
FY2021	11.1%	not reported	not reported
FY2022	3.4%	not reported	not reported
FY2023	6.9%	not reported	not reported
FY2024	5.4%	not reported	not reported
FY2025	6.7%	not reported	not reported

Fiscal year	Accruals / assets
FY2019	-4.4 percent
FY2020	-3.0 percent
FY2021	-3.2 percent
FY2022	-4.0 percent
FY2023	-3.8 percent
FY2024	-3.4 percent
FY2025	3.0 percent

Simon Property Group, Inc. (SPG)

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 103.0%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

When the debt comes due · $28.60B scheduled

Capital structure over time

Debt servicing

Liquidity

Short-term vs long-term debt

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -41%

SPG vs. Real Estate Investment Trusts peers

Where it ranks

Peer table

Ownership Map

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Institutional Holders

Institutional Holders

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

SPG vs. Real Estate Investment Trusts peers

Where it ranks

Peer table

Ownership Map

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

When the debt comes due · $28.60B scheduled

Capital structure over time

Debt servicing

Liquidity

Short-term vs long-term debt

Reverse DCF — what growth does the price assume?

Financials

Revenue → Profit Flow

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -41%

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 103.0%

Debt structure

How profit responds to sales

Common-size income statement