Overview Dividends

(SPG) Simon Property - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US8288061091

Malls, Premium Outlets, The Mills, Mixed-Use, International

Retail REITs
Market Cap in USD: 69,059m

IPO / Inception: 1993-12-13
Return 12m vs S&P 500: -7.19%

EPS (Earnings per Share)

EPS CAGR: 1.38%
EPS Trend: 8.5%

Last SUE: -0.35
Qual. Beats: 0

Revenue

Rev. CAGR: 5.16%
Rev. Trend: 90.2%

Last SUE: 0.99
Qual. Beats: 1

Dividends

Dividend Yield	5.72%
Yield on Cost 5y	16.88%
Yield CAGR 5y	7.79%
Payout Consistency	94.8%
Payout Ratio	137.9%

Risk via 10d forecast
Volatility	21.9%
Value at Risk 5%th	33.8%
Relative Tail Risk	-5.96%

Reward TTM
Sharpe Ratio	0.22
Alpha	-5.84
CAGR/Max DD	0.94

Character TTM
Hurst Exponent	0.353
Beta	0.887
Beta Downside	1.080

Drawdowns 3y
Max DD	24.32%
Mean DD	6.52%
Median DD	4.71%

Description: SPG Simon Property September 26, 2025

Simon Property Group, Inc. (NYSE: SPG) operates as a self-administered REIT, with its majority-owned partnership subsidiary, Simon Property Group, L.P., holding all underlying real-estate assets. The corporate structure consolidates the operating partnership, its subsidiaries, and the broader corporate entity under the “Company” designation.

As of 31 December 2024, SPG owned or held interests in 229 properties spanning ≈ 183 million sq ft across North America, Asia, and Europe. Its portfolio mix includes traditional malls, Premium Outlets, The Mills mixed-use centers, and a suite of international assets. The firm also controls an 88 % stake in The Taubman Realty Group (TRG), which operates 22 regional, super-regional, and outlet malls, and maintains a 22.4 % equity interest in Klepierre, a Paris-based shopping-center operator active in 14 European markets.

Key performance indicators from the most recent fiscal year (2023) show a funds-from-operations (FFO) of roughly $5.5 billion, an occupancy rate of ≈ 93 %, and a dividend yield near 5.5 %. The leverage ratio (net debt to EBITDA) stood at ≈ 5.7 ×, indicating moderate financing risk relative to peers.

Sector-level drivers that materially affect SPG’s outlook include: (1) consumer discretionary spending trends, which are sensitive to inflation and employment dynamics; (2) the competitive pressure from e-commerce, prompting SPG to emphasize experiential tenants and mixed-use concepts; and (3) the prevailing interest-rate environment, as higher rates increase REIT borrowing costs and can compress valuation multiples.

For a deeper quantitative breakdown, the ValueRay platform offers a granular view of SPG’s valuation metrics and scenario analysis.

Piotroski VR‑10 (Strict, 0-10) 4.5

Net Income (2.23b TTM) > 0 and > 6% of Revenue (6% = 369.3m TTM)

FCFTA 0.11 (>2.0%) and ΔFCFTA 2.14pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue -16.67% (prev -2.00%; Δ -14.68pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.12 (>3.0%) and CFO 4.02b > Net Income 2.23b (YES >=105%, WARN >=100%)

Net Debt (24.77b) to EBITDA (4.70b) ratio: 5.27 <= 3.0 (WARN <= 3.5)

Current Ratio 0.70 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (327.1m) change vs 12m ago 0.30% (target <= -2.0% for YES)

Gross Margin 83.33% (prev 83.03%; Δ 0.29pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 18.41% (prev 17.76%; Δ 0.65pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 1.77 (EBITDA TTM 4.70b / Interest Expense TTM 1.85b) >= 6 (WARN >= 3)

Altman Z'' -0.46

(A) -0.03 = (Total Current Assets 2.37b - Total Current Liabilities 3.40b) / Total Assets 33.60b

(B) -0.21 = Retained Earnings (Balance) -6.93b / Total Assets 33.60b

(D) -0.24 = Book Value of Equity -7.22b / Total Liabilities 30.63b

Total Rating: -0.46 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 68.38

1. Piotroski 4.50pt

2. FCF Yield 4.05%

3. FCF Margin 61.74%

4. Debt/Equity 11.20

5. Debt/Ebitda 5.27

6. ROIC - WACC (= 3.73)%

7. RoE 86.35%

8. Rev. Trend 90.24%

9. EPS Trend 8.52%

What is the price of SPG shares?

As of November 30, 2025, the stock is trading at USD 186.32 with a total of 506,235 shares traded.
Over the past week, the price has changed by +1.77%, over one month by +5.40%, over three months by +5.12% and over the past year by +6.55%.

Is SPG a buy, sell or hold?

Simon Property has received a consensus analysts rating of 3.84. Therefore, it is recommended to buy SPG.

Strong Buy: 7
Buy: 2
Hold: 10
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the SPG price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	192.7	3.4%
Analysts Target Price	192.7	3.4%
ValueRay Target Price	225.8	21.2%

SPG Fundamental Data Overview November 24, 2025

Market Cap USD = 69.06b (69.06b USD * 1.0 USD.USD)
P/E Trailing = 26.6492
P/E Forward = 29.3255
P/S = 11.2195
P/B = 25.8848
P/EG = 8.7406
Beta = 1.399
Revenue TTM = 6.16b USD
EBIT TTM = 3.28b USD
EBITDA TTM = 4.70b USD
Long Term Debt = 25.79b USD (from longTermDebt, last quarter)
Short Term Debt = 2.72b USD (from shortTermDebt, last fiscal year)
Debt = 26.32b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 24.77b USD (from netDebt column, last quarter)
Enterprise Value = 93.83b USD (69.06b + Debt 26.32b - CCE 1.55b)
Interest Coverage Ratio = 1.77 (Ebit TTM 3.28b / Interest Expense TTM 1.85b)
FCF Yield = 4.05% (FCF TTM 3.80b / Enterprise Value 93.83b)
FCF Margin = 61.74% (FCF TTM 3.80b / Revenue TTM 6.16b)
Net Margin = 36.29% (Net Income TTM 2.23b / Revenue TTM 6.16b)
Gross Margin = 83.33% ((Revenue TTM 6.16b - Cost of Revenue TTM 1.03b) / Revenue TTM)
Gross Margin QoQ = 83.44% (prev 85.65%)
Tobins Q-Ratio = 2.79 (Enterprise Value 93.83b / Total Assets 33.60b)
Interest Expense / Debt = 4.42% (Interest Expense 1.16b / Debt 26.32b)
Taxrate = 2.14% (15.1m / 705.2m)
NOPAT = 3.21b (EBIT 3.28b * (1 - 2.14%))
Current Ratio = 0.70 (Total Current Assets 2.37b / Total Current Liabilities 3.40b)
Debt / Equity = 11.20 (Debt 26.32b / totalStockholderEquity, last quarter 2.35b)
Debt / EBITDA = 5.27 (Net Debt 24.77b / EBITDA 4.70b)
Debt / FCF = 6.52 (Net Debt 24.77b / FCF TTM 3.80b)
Total Stockholder Equity = 2.59b (last 4 quarters mean from totalStockholderEquity)
RoA = 6.65% (Net Income 2.23b / Total Assets 33.60b)
RoE = 86.35% (Net Income TTM 2.23b / Total Stockholder Equity 2.59b)
RoCE = 11.56% (EBIT 3.28b / Capital Employed (Equity 2.59b + L.T.Debt 25.79b))
RoIC = 11.64% (NOPAT 3.21b / Invested Capital 27.58b)
WACC = 7.91% (E(69.06b)/V(95.38b) * Re(9.28%) + D(26.32b)/V(95.38b) * Rd(4.42%) * (1-Tc(0.02)))
Discount Rate = 9.28% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 0.18%
[DCF Debug] Terminal Value 74.04% ; FCFE base≈3.50b ; Y1≈3.53b ; Y5≈3.81b
Fair Price DCF = 165.9 (DCF Value 54.17b / Shares Outstanding 326.5m; 5y FCF grow 0.45% → 3.0% )
EPS Correlation: 8.52 | EPS CAGR: 1.38% | SUE: -0.35 | # QB: 0
Revenue Correlation: 90.24 | Revenue CAGR: 5.16% | SUE: 0.99 | # QB: 1

Additional Sources for SPG Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle