Simon Property SPG

NYSE · Real Estate Investment Trusts · $74.6B

Every report since 2023 →

No closes on file for SPG yet.

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$74.6B

Enterprise value$102.2B

Revenue$6.4B +6.7%

ROIC7.4%

EPS, diluted$14.17 +95.2%

Modern Valuation (EOD)

Market Cap$74.6B

Enterprise Value$102.2B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT32.18

EV / Sales16.05

P / E (GAAP)13.90

P / FCF—

P / Oper. CF18.03

P / Book11.52

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield7.2%

Shareholder Yield+0.3%

Buyback Yield0.3%

Dividend Yield—

Dividend / sh$8.55

Payout Ratio—

FCF / sh—

EPS (diluted)$14.17

Compounder & Returns

Rule of 40—

ROIC7.4%

Cash ROIC (CROIC)—

GP / Assets—

ROE82.9%

ROA13.2%

Gross Margin—

Oper. Margin49.9%

Net Margin84.3%

FCF Margin—

True FCF Margin—

Quality & Dilution

Cash Conversion—

Accrual Ratio+3.0%

SBC % of FCF—

SBC % of Rev—

Reinvest. Rate—

Sales Growth Y/Y+6.7%

Sales 3Y CAGR+6.3%

EPS Growth Y/Y+95.2%

FCF Growth Y/Y—

FCF 3Y CAGR—

Share Change Y/Y+0.1%

Balance Sheet & Scale

Revenue (FY)$6.4B

Gross Profit (FY)—

Oper. Income (FY)$3.2B

GAAP Net Income$5.4B

True FCF (ex-SBC)—

Cash & Equiv$823.1M

Total Debt$28.4B

Net Cash (Debt)$-27.6B

Net Cash % MCap−37.0%

Debt / FCF (yrs)—

Current Ratio—

Price & Technicals (EOD)

Perf Week—

Perf Month—

Perf Quarter—

Perf Half Y—

Perf YTD—

SMA 20 Dist—

SMA 50 Dist—

SMA 100 Dist—

Window High—

Window Low—

RSI (14) · Vol—

Income Distribution & Cash Flow ConversionHow every dollar of SPG revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$0 ($0.0 / $100)

Operating Expenses$3.2B ($50.1 / $100)

Tax & Non-Operating$0 ($0.0 / $100)

Net Profit Kept$5.4B ($49.9 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$5.4B (84.3% margin)

Operating Cash Flow (OCF)$4.1B(65.0% of rev)

Less: Capital Expenditures—

Standard Free Cash Flow (FCF)—

Less: Stock-Based Comp (SBC)—

True FCF (Owner Cash ex-SBC)—

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$5.1B	$5.3B	$5.7B	$6.0B	$6.4B	+6.7%	+5.6%
Operating Income (EBIT)	$2.4B	$2.6B	$2.8B	$3.1B	$3.2B	+2.7%	+7.1%
Interest Expense	$795.7M	$761.3M	$854.6M	$905.8M	$974.8M	+7.6%	+5.2%
Income Tax Expense	—	—	$68.8M	$9.3M	$20.3M	+117.9%	−45.7%
GAAP Net Income	$2.6B	$2.5B	$2.6B	$2.7B	$5.4B	+96.6%	+20.2%
Diluted EPS	$6.84	$6.52	$6.98	$7.26	$14.17	+95.2%	+20.0%
Diluted Shares	328.6M	327.8M	326.8M	326.1M	326.4M	+0.1%	−0.2%
Balance Sheet
Cash & Equivalents	$533.9M	$621.6M	$1.2B	$1.4B	$823.1M	−41.2%	+11.4%
Total Assets	$33.8B	$33.0B	$34.3B	$32.4B	$40.6B	+25.3%	+4.7%
Total Debt (Short + Long Term)	$25.3B	$25.0B	$26.0B	$24.3B	$28.4B	+17.2%	+2.9%
Total Liabilities	$29.4B	$29.2B	$30.6B	$28.8B	$33.9B	+17.7%	+3.6%
Stockholders' Equity	$3.9B	$3.6B	$3.5B	$3.4B	$6.5B	+89.5%	+13.8%
Net Cash / (Net Debt)	$-24.8B	$-24.3B	$-24.9B	$-22.9B	$-27.6B	−20.7%	—
Invested Capital	$28.6B	$28.0B	$28.4B	$26.3B	$34.1B	+29.7%	+4.4%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$3.6B	$3.8B	$3.9B	$3.8B	$4.1B	+8.4%	+3.3%
Depreciation & Amortization (D&A)	$1.3B	$1.2B	$1.3B	$1.3B	$1.4B	+12.7%	+3.1%
Share Repurchases (Buybacks)	—	$180.4M	$140.6M	—	$226.8M	—	+7.9%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what SPG did at the next close after each story

No Wire story has named SPG yet.

What happened · big days

23 big days in a year, and what we hold on each

A big day is a close more than 2.19% from the one before, three times SPG’s median day (0.73%). On 10 of the 23, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±2.19%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DaySPGWhat we hold that dayGroup (median of 4) · each

1 Nov 4, 2025+3.35%
Resultsgroup +0.5%, did not move with it
1Nov 4, 2025+3.35%
ResultsFirst close after the Nov 3 results filing
+0.5% did not move with itAMT +2.1 · WELL +1.1 · PLD −0.2 · EQIX −0.3
2 Jan 29, 2026+3.29%
Before our storiesgroup +1.7%, moved with SPG
2Jan 29, 2026+3.29%
Before our stories
+1.7% moved with SPGPLD +2.6 · AMT +2.2 · EQIX +1.2 · WELL +0.9
3 Feb 4, 2026+3.26%
Before our storiesgroup +1.0%, did not move with it
3Feb 4, 2026+3.26%
Before our stories
+1.0% did not move with itPLD +2.2 · AMT +2.0 · EQIX +0.0 · WELL −1.1
4 Feb 13, 2026+2.82%
Before our storiesgroup +1.6%, moved with SPG
4Feb 13, 2026+2.82%
Before our stories
+1.6% moved with SPGAMT +2.1 · PLD +1.9 · WELL +1.2 · EQIX −0.2
5 Feb 17, 2026+2.63%
Before our storiesgroup +1.3%, did not move with it
5Feb 17, 2026+2.63%
Before our stories
+1.3% did not move with itWELL +2.3 · PLD +2.0 · AMT +0.5 · EQIX −0.4
6 Mar 6, 2026−3.08%
Before our storiesgroup −1.0%, did not move with it
6Mar 6, 2026−3.08%
Before our stories
−1.0% did not move with itPLD −2.4 · EQIX −1.7 · WELL −0.4 · AMT +0.5
7 Mar 20, 2026−3.55%
Before our storiesgroup −2.8%, moved with SPG
7Mar 20, 2026−3.55%
Before our stories
−2.8% moved with SPGWELL −4.9 · AMT −3.3 · PLD −2.4 · EQIX −1.6
8 Mar 31, 2026+2.29%
Before our storiesgroup +1.5%, moved with SPG
8Mar 31, 2026+2.29%
Before our stories
+1.5% moved with SPGPLD +2.6 · EQIX +1.7 · AMT +1.3 · WELL +1.2
9 Apr 9, 2026+2.54%
Before our storiesgroup +1.1%, did not move with it
9Apr 9, 2026+2.54%
Before our stories
+1.1% did not move with itAMT +2.1 · EQIX +1.4 · WELL +0.8 · PLD +0.4
10 Apr 17, 2026+2.42%
Before our storiesgroup +1.9%, moved with SPG
10Apr 17, 2026+2.42%
Before our stories
+1.9% moved with SPGAMT +2.1 · PLD +2.1 · EQIX +1.6 · WELL −1.9
11 May 12, 2026+2.32%
Resultsgroup +0.3%, did not move with it
11May 12, 2026+2.32%
ResultsFirst close after the May 11 results filing
+0.3% did not move with itWELL +1.2 · AMT +0.8 · PLD −0.2 · EQIX −0.5
12 May 13, 2026−2.48%
Before our storiesgroup −0.8%, did not move with it
12May 13, 2026−2.48%
Before our stories
−0.8% did not move with itAMT −2.8 · PLD −1.2 · EQIX −0.3 · WELL +1.2
13 Jun 9, 2026+2.19%
Before our storiesgroup +2.1%, moved with SPG
13Jun 9, 2026+2.19%
Before our stories
+2.1% moved with SPGWELL +3.4 · PLD +3.3 · AMT +0.9 · EQIX −0.3
14 Jun 17, 2026−2.50%
Nothing on SPGgroup −2.5%, moved with SPG
14Jun 17, 2026−2.50%
Nothing on SPGNo SPG story, brief or results filing in our record that day
−2.5% moved with SPGPLD −3.5 · WELL −3.3 · AMT −1.8 · EQIX −0.6
15 Jun 24, 2026+2.50%
Nothing on SPGgroup −2.3%, did not move with it
15Jun 24, 2026+2.50%
Nothing on SPGNo SPG story, brief or results filing in our record that day
−2.3% did not move with itWELL +1.7 · EQIX −1.9 · AMT −2.7 · PLD −3.0
16 Jul 8, 2026−3.57%
Nothing on SPGgroup −1.1%, did not move with it
16Jul 8, 2026−3.57%
Nothing on SPGNo SPG story, brief or results filing in our record that day
−1.1% did not move with itPLD −1.8 · WELL −1.6 · EQIX −0.7 · AMT −0.1
17 Jul 16, 2026+2.92%
Nothing on SPGgroup +1.8%, moved with SPG
17Jul 16, 2026+2.92%
Nothing on SPGNo SPG story, brief or results filing in our record that day
+1.8% moved with SPGPLD +4.6 · WELL +3.5 · AMT +0.2 · EQIX −1.3
18 Jul 30, 2026−2.19%
Nothing on SPGgroup −0.9%, did not move with it
18Jul 30, 2026−2.19%
Nothing on SPGNo SPG story, brief or results filing in our record that day
−0.9% did not move with itAMT −2.7 · WELL −2.3 · PLD +0.5 · EQIX +3.9
19 Sep 9, 2026−3.47%
Nothing on SPGgroup −0.4%, did not move with it
19Sep 9, 2026−3.47%
Nothing on SPGNo SPG story, brief or results filing in our record that day
−0.4% did not move with itPLD −2.0 · WELL −0.6 · AMT −0.2 · EQIX +0.2
20 Oct 15, 2026+2.36%
Nothing on SPGgroup +0.6%, did not move with it
20Oct 15, 2026+2.36%
Nothing on SPGNo SPG story, brief or results filing in our record that day
+0.6% did not move with itAMT +1.1 · WELL +1.1 · EQIX +0.0 · PLD −2.7
21 Oct 20, 2026+2.22%
Nothing on SPGgroup +1.6%, moved with SPG
21Oct 20, 2026+2.22%
Nothing on SPGNo SPG story, brief or results filing in our record that day
+1.6% moved with SPGPLD +2.7 · WELL +2.0 · EQIX +1.2 · AMT +0.3
22 Oct 22, 2026+3.16%
Nothing on SPGgroup +0.3%, did not move with it
22Oct 22, 2026+3.16%
Nothing on SPGNo SPG story, brief or results filing in our record that day
+0.3% did not move with itAMT +2.2 · WELL +1.4 · PLD −0.7 · EQIX −4.3
23 Nov 4, 2026+2.89%
Nothing on SPGgroup +3.4%, moved with SPG
23Nov 4, 2026+2.89%
Nothing on SPGNo SPG story, brief or results filing in our record that day
+3.4% moved with SPGAMT +4.0 · EQIX +3.9 · WELL +2.8 · PLD +1.8

A story on the same day is not a cause, and a group move is not proof either. Group: the median of WELL, PLD, EQIX and AMT that day, the largest companies in SPG’s SEC industry; “moved with SPG” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). SPG reports after the close, so day 1 is the next close. 1 of 4 times, day 6 ended on the same side as day 1.

Reported Nov 3, 2025

day 1+3.35%day 6+4.72%

Reported Feb 2, 2026

day 1−0.94%day 6+2.66%

Reported May 11, 2026

day 1+2.32%day 6−0.07%

Reported Aug 10, 2026

day 1−0.46%day 6+0.03%

Next report: expected early FebruaryEstimated from the dates of its last four results filings. Not announced. Four reports is a small sample.

Every report since 2023 →

Each line is SPG’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

SPG against four REIT peers, a year at 100

SPG is up 24.5% in a year. Welltower is up 30.3% and Equinix 27.8%. Of these four, American Tower (+9.5%) and Prologis (+4.6%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

Share this chart

SPG +24.5%. Welltower +30.3%, Equinix +27.8%, American Tower +9.5%, Prologis +4.6%. Weekly closes, Nov 7, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in SPG’s SEC industry (Real Estate Investment Trusts) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

WELL	Welltower	$178.7B	−1.03%
PLD	Prologis	$122.5B	−2.14%
EQIX	Equinix	$104.0B	−5.38%
AMT	American Tower	$90.8B	−0.45%
DLR	Digital Realty Trust	$65.0B	−5.52%
PSA	Public Storage	$60.2B	−0.66%
O	Realty Income	$56.0B	+0.47%
VTR	Ventas	$45.8B	−0.18%