Simon Property Group, Inc.SPG
NYSE•Real Estate•REIT - Retail
Simon Property Group, Inc. 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. Simon Property Group, Inc. was incorporated in 1960 and is based in Indiana, United States.
Simon Property Group, Inc. (SPG) reported trailing twelve months revenue of $6.65B as of March 2026, a 10.9% increase year-over-year. Quarterly revenue reached $1.76B, reflecting continued top-line momentum.
Simon Property Group, Inc. generated $4.69B in TTM net income, with quarterly EBITDA of $1.22B. The operating margin contracted from 49.4% to 43.4%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (43.4%) and net margin (27.3%) indicates significant non-operating expenses or interest burden. Net margin has narrowed from 28.1% a year ago, reflecting increased costs or interest expense.
SPG trades at a P/E of 12.6x (below the broader market average) and a P/S of 8.9x. The price-to-book ratio of 12.2x indicates a significant premium over book value.
The company generated $624.98M in free cash flow over the trailing twelve months, a 4.7% increase year-over-year, indicating cash generation ability. The balance sheet shows $39.64B in total assets with $28.25B in long-term debt against $4.86B in stockholders equity for a debt-to-equity ratio of 5.8, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~49.9% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 87.9% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~13.9% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 6.0% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.3x on average — earnings are well-supported by cash generation.
D/E ratio is 5.8 — dangerously high. The company is heavily leveraged and vulnerable to rising rates or cash flow dips.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation