SIMON PROPERTY GROUP INC (SPG) Stock Fundamental Analysis
NYSE:SPG - US8288061091 - REIT
177.805 USD
+0.97 (+0.55%)
Taking everything into account, SPG scores 5 out of 10 in our fundamental rating. SPG was compared to 129 industry peers in the Diversified REITs industry. While SPG has a great profitability rating, there are quite some concerns on its financial health. SPG is valued correctly, but it does not seem to be growing.
1. Profitability
1.1 Basic Checks
SPG had positive earnings in the past year.
In the past year SPG had a positive cash flow from operations.
Each year in the past 5 years SPG has been profitable.
SPG had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
The Return On Assets of SPG (6.34%) is better than 98.45% of its industry peers.
SPG's Return On Equity of 86.16% is amongst the best of the industry. SPG outperforms 100.00% of its industry peers.
Looking at the Return On Invested Capital, with a value of 8.26%, SPG belongs to the top of the industry, outperforming 100.00% of the companies in the same industry.
The Average Return On Invested Capital over the past 3 years for SPG is above the industry average of 3.06%.
The 3 year average ROIC (7.62%) for SPG is below the current ROIC(8.26%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 6.34% | ||
| ROE | 86.16% | ||
| ROIC | 8.26% |
ROA(3y)6.81%
ROA(5y)6.05%
ROE(3y)74.65%
ROE(5y)65.46%
ROIC(3y)7.62%
ROIC(5y)6.84%
1.3 Margins
SPG's Profit Margin of 35.00% is amongst the best of the industry. SPG outperforms 88.37% of its industry peers.
In the last couple of years the Profit Margin of SPG has grown nicely.
Looking at the Operating Margin, with a value of 50.96%, SPG belongs to the top of the industry, outperforming 92.25% of the companies in the same industry.
In the last couple of years the Operating Margin of SPG has remained more or less at the same level.
SPG's Gross Margin of 82.17% is amongst the best of the industry. SPG outperforms 82.17% of its industry peers.
SPG's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 50.96% | ||
| PM (TTM) | 35% | ||
| GM | 82.17% |
OM growth 3Y3.22%
OM growth 5Y0.52%
PM growth 3Y-3.3%
PM growth 5Y1.72%
GM growth 3Y0.61%
GM growth 5Y0.06%
2. Health
2.1 Basic Checks
With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), SPG is creating some value.
Compared to 1 year ago, SPG has about the same amount of shares outstanding.
The number of shares outstanding for SPG has been increased compared to 5 years ago.
Compared to 1 year ago, SPG has an improved debt to assets ratio.
2.2 Solvency
Based on the Altman-Z score of 1.25, we must say that SPG is in the distress zone and has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 1.25, SPG belongs to the top of the industry, outperforming 86.05% of the companies in the same industry.
The Debt to FCF ratio of SPG is 8.08, which is on the high side as it means it would take SPG, 8.08 years of fcf income to pay off all of its debts.
SPG has a Debt to FCF ratio of 8.08. This is amongst the best in the industry. SPG outperforms 93.80% of its industry peers.
A Debt/Equity ratio of 10.36 is on the high side and indicates that SPG has dependencies on debt financing.
SPG has a Debt to Equity ratio of 10.36. This is amonst the worse of the industry: SPG underperforms 94.57% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 10.36 | ||
| Debt/FCF | 8.08 | ||
| Altman-Z | 1.25 |
ROIC/WACC1.17
WACC7.08%
2.3 Liquidity
A Current Ratio of 0.52 indicates that SPG may have some problems paying its short term obligations.
SPG has a Current ratio of 0.52. This is in the lower half of the industry: SPG underperforms 79.84% of its industry peers.
SPG has a Quick Ratio of 0.52. This is a bad value and indicates that SPG is not financially healthy enough and could expect problems in meeting its short term obligations.
SPG's Quick ratio of 0.52 is on the low side compared to the rest of the industry. SPG is outperformed by 76.74% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.52 | ||
| Quick Ratio | 0.52 |
3. Growth
3.1 Past
The earnings per share for SPG have decreased strongly by -17.79% in the last year.
SPG shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 1.29% yearly.
The Revenue has been growing slightly by 3.34% in the past year.
The Revenue has been growing slightly by 0.71% on average over the past years.
EPS 1Y (TTM)-17.79%
EPS 3Y5.29%
EPS 5Y1.29%
EPS Q2Q%12.58%
Revenue 1Y (TTM)3.34%
Revenue growth 3Y5.24%
Revenue growth 5Y0.71%
Sales Q2Q%4.84%
3.2 Future
SPG is expected to show a decrease in Earnings Per Share. In the coming years, the EPS will decrease by -0.74% yearly.
The Revenue is expected to grow by 3.82% on average over the next years.
EPS Next Y-10.13%
EPS Next 2Y-2.4%
EPS Next 3Y-0.51%
EPS Next 5Y-0.74%
Revenue Next Year6.96%
Revenue Next 2Y5.19%
Revenue Next 3Y4.71%
Revenue Next 5Y3.82%
3.3 Evolution
The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
Based on the Price/Earnings ratio of 27.48, the valuation of SPG can be described as expensive.
Based on the Price/Earnings ratio, SPG is valued a bit cheaper than 68.22% of the companies in the same industry.
SPG is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 27.08, which is the current average of the S&P500 Index.
SPG is valuated quite expensively with a Price/Forward Earnings ratio of 25.71.
Based on the Price/Forward Earnings ratio, SPG is valued cheaply inside the industry as 83.72% of the companies are valued more expensively.
SPG's Price/Forward Earnings ratio indicates a similar valuation than the S&P500 average which is at 22.67.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 27.48 | ||
| Fwd PE | 25.71 |
4.2 Price Multiples
SPG's Enterprise Value to EBITDA ratio is a bit more expensive when compared to the industry. SPG is more expensive than 79.84% of the companies in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of SPG indicates a somewhat cheap valuation: SPG is cheaper than 78.29% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 18.47 | ||
| EV/EBITDA | 18.2 |
4.3 Compensation for Growth
SPG has an outstanding profitability rating, which may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)21.34
EPS Next 2Y-2.4%
EPS Next 3Y-0.51%
5. Dividend
5.1 Amount
SPG has a Yearly Dividend Yield of 4.96%, which is a nice return.
SPG's Dividend Yield is comparable with the industry average which is at 6.31.
SPG's Dividend Yield is rather good when compared to the S&P500 average which is at 2.34.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.96% |
5.2 History
The dividend of SPG decreases each year by -0.48%.
SPG has paid a dividend for at least 10 years, which is a reliable track record.
SPG has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)-0.48%
Div Incr Years3
Div Non Decr Years3
5.3 Sustainability
129.23% of the earnings are spent on dividend by SPG. This is not a sustainable payout ratio.
SPG's earnings and Dividend Rate are declining. This means the current dividend is most likely not sustainable.
DP129.23%
EPS Next 2Y-2.4%
EPS Next 3Y-0.51%
NYSE:SPG (8/27/2025, 2:33:07 PM)
177.805
+0.97 (+0.55%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners94.28%
Inst Owner Change-0.58%
Ins Owners0.15%
Ins Owner Change1.95%
Market Cap58.05B
Analysts76.92
Price Target189.13 (6.37%)
Short Float %1.42%
Short Ratio3.01
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.96% |
Yearly Dividend8.12
Dividend Growth(5Y)-0.48%
DP129.23%
Div Incr Years3
Div Non Decr Years3
Ex-Date
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-2.63%
Min EPS beat(2)-9.93%
Max EPS beat(2)4.67%
EPS beat(4)2
Avg EPS beat(4)-2.09%
Min EPS beat(4)-9.93%
Max EPS beat(4)4.92%
EPS beat(8)5
Avg EPS beat(8)11.3%
EPS beat(12)7
Avg EPS beat(12)9.82%
EPS beat(16)10
Avg EPS beat(16)11.77%
Revenue beat(2)0
Avg Revenue beat(2)-2.14%
Min Revenue beat(2)-3.94%
Max Revenue beat(2)-0.33%
Revenue beat(4)2
Avg Revenue beat(4)-0.71%
Min Revenue beat(4)-3.94%
Max Revenue beat(4)1.38%
Revenue beat(8)4
Avg Revenue beat(8)-0.28%
Revenue beat(12)6
Avg Revenue beat(12)0.97%
Revenue beat(16)10
Avg Revenue beat(16)2.57%
PT rev (1m)1.2%
PT rev (3m)-1.57%
EPS NQ rev (1m)0.24%
EPS NQ rev (3m)4.72%
EPS NY rev (1m)0.47%
EPS NY rev (3m)2.11%
Revenue NQ rev (1m)-0.21%
Revenue NQ rev (3m)3.4%
Revenue NY rev (1m)-0.34%
Revenue NY rev (3m)1.37%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 27.48 | ||
| Fwd PE | 25.71 | ||
| P/S | 9.62 | ||
| P/FCF | 18.47 | ||
| P/OCF | 14.44 | ||
| P/B | 23.68 | ||
| P/tB | 23.68 | ||
| EV/EBITDA | 18.2 |
EPS(TTM)6.47
EY3.64%
EPS(NY)6.92
Fwd EY3.89%
FCF(TTM)9.63
FCFY5.41%
OCF(TTM)12.32
OCFY6.93%
SpS18.48
BVpS7.51
TBVpS7.51
PEG (NY)N/A
PEG (5Y)21.34
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 6.34% | ||
| ROE | 86.16% | ||
| ROCE | 10.46% | ||
| ROIC | 8.26% | ||
| ROICexc | 8.62% | ||
| ROICexgc | 9.05% | ||
| OM | 50.96% | ||
| PM (TTM) | 35% | ||
| GM | 82.17% | ||
| FCFM | 52.08% |
ROA(3y)6.81%
ROA(5y)6.05%
ROE(3y)74.65%
ROE(5y)65.46%
ROIC(3y)7.62%
ROIC(5y)6.84%
ROICexc(3y)7.91%
ROICexc(5y)7.07%
ROICexgc(3y)7.92%
ROICexgc(5y)7.08%
ROCE(3y)9.64%
ROCE(5y)8.65%
ROICexcg growth 3Y12.01%
ROICexcg growth 5Y1.19%
ROICexc growth 3Y12.04%
ROICexc growth 5Y1.24%
OM growth 3Y3.22%
OM growth 5Y0.52%
PM growth 3Y-3.3%
PM growth 5Y1.72%
GM growth 3Y0.61%
GM growth 5Y0.06%
F-Score5
Asset Turnover0.18
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 10.36 | ||
| Debt/FCF | 8.08 | ||
| Debt/EBITDA | 5.64 | ||
| Cap/Depr | 61.61% | ||
| Cap/Sales | 14.56% | ||
| Interest Coverage | 250 | ||
| Cash Conversion | 89.33% | ||
| Profit Quality | 148.78% | ||
| Current Ratio | 0.52 | ||
| Quick Ratio | 0.52 | ||
| Altman-Z | 1.25 |
F-Score5
WACC7.08%
ROIC/WACC1.17
Cap/Depr(3y)55.12%
Cap/Depr(5y)48.18%
Cap/Sales(3y)12.99%
Cap/Sales(5y)11.96%
Profit Quality(3y)137.57%
Profit Quality(5y)143.45%
High Growth Momentum
Growth
EPS 1Y (TTM)-17.79%
EPS 3Y5.29%
EPS 5Y1.29%
EPS Q2Q%12.58%
EPS Next Y-10.13%
EPS Next 2Y-2.4%
EPS Next 3Y-0.51%
EPS Next 5Y-0.74%
Revenue 1Y (TTM)3.34%
Revenue growth 3Y5.24%
Revenue growth 5Y0.71%
Sales Q2Q%4.84%
Revenue Next Year6.96%
Revenue Next 2Y5.19%
Revenue Next 3Y4.71%
Revenue Next 5Y3.82%
EBIT growth 1Y3.35%
EBIT growth 3Y8.62%
EBIT growth 5Y1.24%
EBIT Next Year58.44%
EBIT Next 3Y18.73%
EBIT Next 5Y12.93%
FCF growth 1Y1.24%
FCF growth 3Y-0.54%
FCF growth 5Y0.85%
OCF growth 1Y4.93%
OCF growth 3Y1.6%
OCF growth 5Y0.04%