Simon Property Group, Inc.

SPG

Real EstateLarge CapUS Equities · NYSE / NASDAQ

AI Agents

Company Profile

Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and its subsidiaries. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets, The Mills, and International Properties. At December 31, 2024, we owned or had an interest in 229 properties comprising 183 million square feet in North America, Asia and Europe. We also owned an 88% interest in The Taubman Realty Group, or TRG, which owns 22 regional, super-regional, and outlet malls in the U.S. and Asia. Additionally, at December 31, 2024, we had a 22.4% ownership interest in Klepierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 14 European countries.

Valuation

Market Cap$78.4B

Current Price$216.40as of Jun 23, 2026

P/E Ratio16.93

P/B Ratio15.16

EV / EBITDA13.46

EV / Sales16.77

Profitability

Operating Margin49.9%

Net Profit Margin72.7%

EBITDA Margin124.6%

Returns

ROE89.5%

ROCE8.7%

ROIC %-

ROA11.4%

Solvency

Current Ratio0.57

Debt / Equity5.65

Debt / Assets0.72

CFO / Net Profit0.89

Price History▲ 36.03% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$6.4B▲ 6.7%

EBITDA$7.9B▲ 58.0%

Net Profit$4.6B▲ 95.2%

Cash from Ops (CFO)$4.1B▲ 8.4%

Free Cash Flow (FCF)$3.2B▲ 4.7%

Revenue CAGR 3Y6.3%

Revenue CAGR 5Y-

Net Profit CAGR 3Y29.3%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$6.4B	$7.9B	$4.6B	$3.2B	89.5%	6.7%	95.2%
2024	$6.0B	$5.0B	$2.4B	$3.1B	81.7%	5.4%	3.8%
2023	$5.7B	$4.9B	$2.3B	$3.1B	76.6%	6.9%	6.7%
2022	$5.3B	$4.6B	$2.1B	$3.1B	69.1%	-	-
2021	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	5,291.45	5,658.84	5,963.80	6,364.50
Operating Revenue	-	5,022.08	5,290.33	5,523.01	5,983.59
Cost Of Revenue	-	1,000.95	1,028.39	1,043.41	1,152.02
Gross Profit	-	4,290.49	4,630.45	4,920.38	5,212.49
Operating Expense	-	1,706.94	1,823.43	1,827.59	2,037.09
Selling General And Administration	-	142.76	165.86	189.29	216.71
Total Expenses	-	2,707.89	2,851.81	2,871	3,189.11
Operating Income	-	2,583.55	2,807.02	3,092.80	3,175.40
Total Operating Income As Reported	-	2,583.55	2,807.02	3,092.80	3,175.40
EBITDA	-	4,589.26	4,887.12	5,017.94	7,929.09
Normalized EBITDA	-	4,523.64	4,516.27	4,659.98	5,233.83
EBIT	-	3,297.15	3,553.54	3,658.08	6,374.74
Interest Expense	-	761.25	854.65	905.80	974.84
Net Interest Income	-	-761.25	-854.65	-905.80	-974.84
Other Income Expense	-	713.60	746.52	565.28	3,199.35
Interest Expense Non Operating	-	761.25	854.65	905.80	974.84
Net Non Operating Interest Income Expense	-	-761.25	-854.65	-905.80	-974.84
Pretax Income	-	2,535.90	2,698.89	2,752.28	5,399.91
Tax Provision	-	83.51	81.87	23.26	35.79
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	2.16	11.25	3.03	17.86
Net Income Continuous Operations	-	2,452.39	2,617.02	2,729.02	5,364.12
Net Income From Continuing And Discontinued Operation	-	2,139.54	2,283.13	2,370.90	4,627.61
Net Income From Continuing Operation Net Minority Interest	-	2,139.54	2,283.13	2,370.90	4,627.61
Net Income	-	2,139.54	2,283.13	2,370.90	4,627.61
Net Income Common Stockholders	-	2,136.20	2,279.79	2,367.56	4,624.27
Net Income Including Noncontrolling Interests	-	2,452.39	2,617.02	2,729.02	5,364.12
Normalized Income	-	2,076.08	1,923.52	2,015.96	1,950.22
Diluted NI Availto Com Stockholders	-	2,136.20	2,279.79	2,367.56	4,624.27
Basic Average Shares	-	327.82	326.81	326.10	326.37
Diluted Average Shares	-	327.82	326.81	326.10	326.37
Reconciled Depreciation	-	1,292.11	1,333.58	1,359.86	1,554.35
Reconciled Cost Of Revenue	-	936.21	956.91	948.89	1,024.10
Total Unusual Items	-	65.62	370.86	357.96	2,695.26
Total Unusual Items Excluding Goodwill	-	65.62	370.86	357.96	2,695.26
Preferred Stock Dividends	-	3.34	3.34	3.34	3.34
Minority Interests	-	-312.85	-333.89	-358.12	-736.51
Special Income Charges	-	126.82	358.96	375.35	2,801.34
Gain On Sale Of Business	-	121.18	362.02	451.17	-86.12
Other Special Charges	51.84	-	-	-	-
Restructuring And Mergern Acquisition	-	-5.65	3.06	75.82	-2,887.46
Gain On Sale Of Security	-	-61.20	11.89	-17.39	-106.08
Depreciation Amortization Depletion Income Statement	-	1,227.37	1,262.11	1,265.34	1,426.42
Depreciation And Amortization In Income Statement	-	1,227.37	1,262.11	1,265.34	1,426.42
General And Administrative Expense	-	34.97	38.51	44.74	60.89
Other Gand A	-	34.97	38.51	44.74	60.89
Other Operating Expenses	-	336.80	395.46	372.95	393.95
Selling And Marketing Expense	-	107.79	127.35	144.55	155.83
Earnings From Equity Interest	-	647.98	375.66	207.32	504.09

Peer Comparison

Real Estate sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Simon Property Group, Inc.this co.	SPG	$78.4B	16.93↓ discount	15.16	89.5%	13.46
Equinix, Inc.	EQIX	$107.4B	79.57	7.59	9.5%	31.31
American Tower Corporation	AMT	$90.3B	35.72	24.73	69.3%	20.76
Digital Realty Trust, Inc.	DLR	$67.5B	51.58	3.04	5.9%	22.76
Realty Income Corporation	O	$55.7B

Learn while you research

Hand-picked academy chapters to deepen your understanding of Simon Property Group, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Leverage Ratios

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$6.4B

$7.9B

$4.6B

$3.2B

89.5%

6.7%

95.2%

2024

$6.0B

$5.0B

$2.4B

$3.1B

81.7%

5.4%

3.8%

2023

$5.7B

$4.9B

$2.3B

$3.1B

76.6%

6.9%

6.7%

2022

$5.3B

$4.6B

$2.1B

$3.1B

69.1%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

5,291.45

5,658.84

5,963.80

6,364.50

Operating Revenue

5,022.08

5,290.33

5,523.01

5,983.59

Cost Of Revenue

1,000.95

1,028.39

1,043.41

1,152.02

Gross Profit

4,290.49

4,630.45

4,920.38

5,212.49

Operating Expense

1,706.94

1,823.43

1,827.59

2,037.09

Selling General And Administration

142.76

165.86

189.29

216.71

Total Expenses

2,707.89

2,851.81

2,871

3,189.11

Operating Income

2,583.55

2,807.02

3,092.80

3,175.40

Total Operating Income As Reported

2,583.55

2,807.02

3,092.80

3,175.40

EBITDA

4,589.26

4,887.12

5,017.94

7,929.09

Normalized EBITDA

4,523.64

4,516.27

4,659.98

5,233.83

EBIT

3,297.15

3,553.54

3,658.08

6,374.74

Interest Expense

761.25

854.65

905.80

974.84

Net Interest Income

-761.25

-854.65

-905.80

-974.84

Other Income Expense

713.60

746.52

565.28

3,199.35

Interest Expense Non Operating

761.25

854.65

905.80

974.84

Net Non Operating Interest Income Expense

-761.25

-854.65

-905.80

-974.84

Pretax Income

2,535.90

2,698.89

2,752.28

5,399.91

Tax Provision

83.51

81.87

23.26

35.79

Tax Rate For Calcs

Tax Effect Of Unusual Items

2.16

11.25

3.03

17.86

Net Income Continuous Operations

2,452.39

2,617.02

2,729.02

5,364.12

Net Income From Continuing And Discontinued Operation

2,139.54

2,283.13

2,370.90

4,627.61

Net Income From Continuing Operation Net Minority Interest

2,139.54

2,283.13

2,370.90

4,627.61

Net Income

2,139.54

2,283.13

2,370.90

4,627.61

Net Income Common Stockholders

2,136.20

2,279.79

2,367.56

4,624.27

Net Income Including Noncontrolling Interests

2,452.39

2,617.02

2,729.02

5,364.12

Normalized Income

2,076.08

1,923.52

2,015.96

1,950.22

Diluted NI Availto Com Stockholders

2,136.20

2,279.79

2,367.56

4,624.27

Basic Average Shares

327.82

326.81

326.10

326.37

Diluted Average Shares

327.82

326.81

326.10

326.37

Reconciled Depreciation

1,292.11

1,333.58

1,359.86

1,554.35

Reconciled Cost Of Revenue

936.21

956.91

948.89

1,024.10

Total Unusual Items

65.62

370.86

357.96

2,695.26

Total Unusual Items Excluding Goodwill

65.62

370.86

357.96

2,695.26

Preferred Stock Dividends

3.34

Minority Interests

-312.85

-333.89

-358.12

-736.51

Special Income Charges

126.82

358.96

375.35

2,801.34

Gain On Sale Of Business

121.18

362.02

451.17

-86.12

Other Special Charges

51.84

Restructuring And Mergern Acquisition

-5.65

3.06

75.82

-2,887.46

Gain On Sale Of Security

-61.20

11.89

-17.39

-106.08

Depreciation Amortization Depletion Income Statement

1,227.37

1,262.11

1,265.34

1,426.42

Depreciation And Amortization In Income Statement

1,227.37

1,262.11

1,265.34

1,426.42

General And Administrative Expense

34.97

38.51

44.74

60.89

Other Gand A

34.97

38.51

44.74

60.89

Other Operating Expenses

336.80

395.46

372.95

393.95

Selling And Marketing Expense

107.79

127.35

144.55

155.83

Earnings From Equity Interest

647.98

375.66

207.32

504.09

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Simon Property Group, Inc.this co.

SPG

$78.4B

16.93↓ discount

15.16

89.5%

13.46

Equinix, Inc.

EQIX

$107.4B

79.57

7.59

9.5%

31.31

American Tower Corporation

AMT

$90.3B

35.72

24.73

69.3%

20.76

Digital Realty Trust, Inc.

DLR

$67.5B

51.58

3.04

5.9%

22.76

Realty Income Corporation

$55.7B

Simon Property Group, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Simon Property Group, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on