Simon Property Group, Inc.

SPG · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993
Valuation
Market cap	$60,433	$56,188	$46,536	$38,411	$52,503	$28,025	$48,951	$55,205	$56,437	$58,386	$63,897	$56,587	$44,382	$45,055	$35,579	$27,227	$20,034	$11,255	$18,210	$21,043	$15,908	$12,606	$8,280	$5,768	$4,738	$3,896	$3,719	$3,377	$3,073	$3,488	$1,369	$1,057	$862
Enterprise value	$90,060	$80,046	$71,354	$63,720	$78,289	$54,685	$73,347	$78,496	$80,140	$81,452	$86,443	$77,686	$67,253	$67,966	$54,121	$44,707	$35,432	$29,394	$34,079	$35,178	$30,543	$28,051	$19,128	$15,941	$14,287	$12,402	$13,804	$11,221	$8,151	$7,170	$3,350	$2,995	$2,320
P/E (TTM) at period end	13.07×	23.73×	20.41×	17.98×	23.37×	25.27×	23.33×	22.66×	29.02×	31.81×	35.02×	40.27×	33.72×	31.48×	34.83×	44.60×	70.77×	26.64×	41.75×	37.32×	33.44×	41.93×	26.41×	10.27×	23.79×	11.65×	12.53×	20.18×	22.39×	26.59×	9.98×	23.44×	26.03×
P/S (TTM) at period end	9.50×	9.42×	8.22×	7.26×	10.26×	6.08×	8.51×	9.78×	10.21×	10.74×	12.13×	11.62×	9.77×	10.59×	8.26×	6.88×	5.31×	2.98×	4.99×	6.32×	5.02×	4.88×	3.69×	2.81×	2.31×	1.93×	1.91×	2.40×	2.91×	4.61×	2.46×	2.23×	2.12×
P/B at period end	11.60×	19.10×	15.39×	12.24×	15.62×	9.22×	19.38×	16.75×	15.31×	13.55×	14.29×	11.11×	7.59×	7.62×	7.65×	5.64×	4.49×	4.31×	5.11×	5.29×	3.69×	3.86×	3.73×	2.22×	2.11×	1.66×	1.51×	0.99×	1.97×	2.67×	5.88×	18.45×	29.21×
EV / EBITDA (TTM)	19.57×	18.37×	17.54×	16.72×	21.30×	16.62×	17.24×	18.65×	19.65×	20.50×	22.47×	22.01×	20.40×	22.11×	17.99×	16.38×	14.74×	11.70×	13.97×	16.49×	15.09×	16.85×	12.81×	11.15×	11.00×	9.32×	11.06×	12.18×	11.89×	5.55×	3.54×	3.73×	3.64×
EV / Sales (TTM)	14.15×	13.42×	12.61×	12.04×	15.30×	11.87×	12.74×	13.90×	14.50×	14.99×	16.41×	15.95×	14.80×	15.97×	12.57×	11.30×	9.39×	7.77×	9.33×	10.56×	9.64×	10.85×	8.53×	7.76×	6.97×	6.14×	7.11×	7.98×	7.73×	9.47×	6.01×	6.32×	5.71×
Returns
Return on equity	88.8%	80.5%	75.4%	68.1%	66.8%	36.5%	83.1%	73.9%	52.8%	42.6%	40.8%	27.6%	22.5%	24.2%	22.0%	12.6%	6.4%	16.2%	12.2%	14.2%	11.0%	9.2%	14.1%	21.6%	8.9%	14.3%	12.1%	4.9%	8.8%	10.1%	58.9%	78.7%	112.2%
Return on invested capital	9.1%	11.5%	9.5%	8.8%	7.8%	6.6%	10.7%	10.9%	10.1%	9.8%	9.8%	9.0%	7.4%	6.9%	8.3%	7.8%	7.1%	7.4%	7.6%	7.0%	6.1%	5.6%	7.5%	7.4%	7.1%	8.3%	6.8%	5.7%	7.2%	23.0%	38.2%	36.1%	42.7%
Dividend yield	0.7%	4.7%	5.2%	0.9%	0.6%	5.1%	5.2%	4.4%	4.0%	3.5%	2.9%	0.5%	3.3%	0.5%	0.6%	0.6%	0.3%	2.1%	1.1%	(2.6%)	(3.1%)	5.9%	8.1%	10.3%	11.9%	12.9%	15.1%	12.9%	7.4%	7.5%	13.0%	11.4%	–
Financial health
Current ratio	–	–	–	–	–	–	–	–	0.83×	0.48×	0.49×	0.49×	–	0.81×	–	–	3.11×	1.04×	1.00×	1.05×	0.26×	0.31×	0.40×	0.41×	1.21×	1.57×	0.28×	0.18×	–	–	–	–	–
Debt / equity	6.86×	8.25×	8.61×	7.95×	7.68×	9.00×	10.09×	7.30×	6.95×	5.55×	5.21×	–	3.88×	3.91×	3.96×	3.62×	4.18×	6.90×	4.83×	3.87×	3.27×	4.47×	4.62×	3.68×	3.94×	3.73×	3.57×	2.34×	3.26×	2.82×	8.50×	33.82×	49.42×
Effective tax rate	0.4%	0.3%	2.5%	3.3%	5.8%	(0.4%)	1.2%	1.3%	1.0%	1.4%	0.9%	1.7%	2.8%	1.0%	0.9%	0.6%	(1.4%)	0.6%	(2.2%)	2.0%	4.4%	(3.0%)	(2.0%)	–	–	–	(1.2%)	–	–	–	–	–	–
Share count
Diluted shares outstanding	326	326	327	328	329	309	308	310	312	313	310	311	310	303	294	291	268	226	224	222	221	209	190	180	174	173	172	126	100	120	60	46	41

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993
Revenue and gross profit
Revenue	$6,941	$6,365	$5,964	$5,659	$5,291	$5,117	$4,608	$5,755	$5,645	$5,527	$5,435	$5,266	$4,871	$4,544	$4,256	$4,306	$3,958	$3,775	$3,783	$3,651	$3,332	$3,167	$2,585	$2,242	$2,053	$2,049	$2,021	$1,943	$1,406	$1,054	$757	$557	$474	$406
Cost of revenue	($1,070)	($909)	($1,043)	($1,028)	($1,001)	($971)	($887)	($1,022)	($1,008)	($980)	($971)	($960)	($883)	($838)	($800)	($920)	($863)	($426)	($456)	($455)	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Gross profit	$5,871	$5,455	$4,920	$4,630	$4,290	$4,146	$3,720	$4,734	$4,637	$4,547	$4,464	$4,306	$3,988	$3,706	$3,456	$3,387	$3,095	$3,350	$3,327	$3,196	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($100)	($61)	($45)	($39)	($35)	($30)	($23)	($35)	($47)	($52)	($65)	($60)	($60)	($60)	($57)	($46)	($21)	($18)	($21)	($20)	($105)	($18)	($86)	($15)	($63)	($65)	($66)	($66)	($51)	($33)	($25)	($14)	($13)	($10)
Total operating expenses	($2,581)	($2,280)	($1,828)	($1,823)	($1,707)	($1,733)	($1,749)	($1,821)	($1,711)	($1,745)	($1,743)	($1,637)	($1,603)	($1,517)	($1,450)	($1,443)	($1,348)	($1,943)	($1,784)	($1,662)	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($3,651)	($3,189)	($2,871)	($2,852)	($2,708)	($2,704)	($2,636)	($2,842)	($2,719)	($2,725)	($2,714)	($2,597)	($2,485)	($2,355)	($2,250)	($2,363)	($2,211)	($2,369)	($2,240)	($2,117)	($2,012)	($1,961)	($1,531)	($1,268)	($1,114)	($1,215)	($1,120)	($1,088)	($763)	($577)	$392	$289	$247	$228
Operating income	$3,290	$3,175	$3,093	$2,807	$2,584	$2,413	$1,972	$2,913	$2,926	$2,802	$2,721	$2,669	$2,385	$2,189	$2,006	$1,943	$1,747	$1,407	$1,543	$1,534	$1,320	$1,205	$1,054	$975	$939	$833	$901	$854	$642	$477	$1,149	$846	$720	$634
Earnings
EBITDA	$4,968	$4,602	$4,358	$4,069	$3,811	$3,676	$3,290	$4,253	$4,209	$4,078	$3,974	$3,846	$3,529	$3,296	$3,075	$3,009	$2,730	$2,404	$2,513	$2,440	$2,133	$2,024	$1,665	$1,493	$1,430	$1,298	$1,331	$1,248	$921	$686	$1,292	$947	$804	$636
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($1,072)	($975)	($906)	($855)	($761)	($796)	($784)	($789)	($816)	($809)	($858)	($924)	($993)	($1,082)	($1,068)	($984)	($1,027)	($992)	($947)	($946)	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$5,286	$5,364	$2,729	$2,699	$2,536	$2,726	$1,273	$2,453	$2,859	$2,268	$2,164	$2,160	$1,650	$1,406	$1,579	$1,257	$758	$382	$603	$508	$575	$370	$392	$372	–	–	–	$275	–	–	–	–	–	–
Income tax expense	$1	($20)	($9)	($69)	($84)	($157)	$5	($30)	($37)	($23)	($30)	($20)	($28)	($40)	($16)	($12)	($4)	$5	($4)	$11	($11)	($16)	$12	$8	–	–	–	$3	–	–	–	–	–	–
Net income	$5,207	$4,628	$2,371	$2,283	$2,140	$2,250	$1,113	$2,102	$2,440	$1,948	$1,839	$1,828	$1,409	$1,320	$1,434	$1,025	$754	$387	$600	$639	$564	$476	$301	$314	$562	$199	$334	$297	$167	$137	$131	$137	$45	$33
Per share
Diluted EPS (GAAP)	$14.18	$14.17	$7.26	$6.98	$6.52	$6.84	$3.59	$6.81	$7.87	$6.24	$5.87	$5.88	$4.52	$4.24	$4.72	$3.48	$2.10	$1.05	$1.87	$1.95	$2.19	$1.82	$1.44	$1.65	$1.99	$0.85	$1.08	$0.97	$1.06	$1.08	$0.99	$1.04	$0.50	$0.82
Basic EPS (GAAP)	$14.18	$14.17	$7.26	$6.98	$6.52	$6.84	$3.59	$6.81	$7.87	$6.24	$5.87	$5.88	$4.52	$4.24	$4.72	$3.48	$2.10	$1.06	$1.88	$1.96	$2.20	$1.82	$1.45	$1.65	$1.99	$0.86	$1.08	$0.97	$1.06	$1.08	$0.99	$1.04	$0.50	$0.82
Basic shares outstanding	325	326	326	327	328	329	309	308	310	312	313	310	311	310	303	294	291	267	225	223	221	221	207	190	180	172	173	172	126	100	120	60	46	41
Margins
Gross margin	84.6%	85.7%	82.5%	81.8%	81.1%	81.0%	80.7%	82.2%	82.1%	82.3%	82.1%	81.8%	81.9%	81.6%	81.2%	78.6%	78.2%	88.7%	87.9%	87.6%	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating margin	47.4%	49.9%	51.9%	49.6%	48.8%	47.2%	42.8%	50.6%	51.8%	50.7%	50.1%	50.7%	49.0%	48.2%	47.1%	45.1%	44.1%	37.3%	40.8%	42.0%	39.6%	38.1%	40.8%	43.5%	45.7%	40.7%	44.6%	44.0%	45.7%	45.3%	151.7%	151.9%	152.1%	156.3%
Net margin	75.0%	72.7%	39.8%	40.3%	40.4%	44.0%	24.1%	36.5%	43.2%	35.2%	33.8%	34.7%	28.9%	29.0%	33.7%	23.8%	19.0%	10.3%	15.8%	17.5%	16.9%	15.0%	11.6%	14.0%	27.4%	9.7%	16.6%	15.3%	11.9%	13.0%	17.3%	24.6%	9.5%	8.2%

Analyst consensus

Hold38 analysts

Bearish · 2 · Hold · 20 · Bullish · 16

Earnings history

	EPS	Estimate
Q3 2024	$2.84	$1.57	Beat
Q4 2024	$2.04	$1.98	Beat
Q1 2025	$1.27	$1.36	Miss
Q2 2025	$1.70	$1.60	Beat
Q3 2025	$1.86	$1.97	Miss
Q4 2025	$9.35	$1.90	Beat
Q1 2026	$1.48	$1.46	Beat
Q2 2026	$1.49	$1.64	Miss

Peers

Company overview

IPO dateDec 14, 1993

CEOEli Simon

Employees3,350

SectorReal Estate

IndustryREIT - Retail

CountryUS

ExchangeNew York Stock Exchange

Websitewww.simon.com

Simon Property Group (NYSE: SPG) is a prominent S&P 100 real estate investment trust that specializes in owning and developing a portfolio of world-class shopping, dining, entertainment, and mixed-use destinations. These significant properties, strategically located across North America, Europe, and Asia, serve as vital community hubs, attracting millions of visitors daily and contributing billions in annual revenue.

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