Tanger Factory Outlet Centers, Inc. (SKT) Key Metrics
SKT valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $4.24B
- Enterprise value
- $5.84B
- P/E (TTM)
- 32.5 10-yr median 33.3
- Forward P/E
- 31.2
- PEG ratio
- 4.14
- Price / sales
- 6.7 10-yr median 4.9
- Price / book
- 6.1 10-yr median 4.0
- EV / EBITDA
- 16.1 10-yr median 17.0
- Dividend yield
- 3.39% $1.25 a year
- Beta
- 1.10
SKT key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsSKT valuation Price multiples at each fiscal year-end price.
SKT returns How much profit the business earns on the capital it uses.
SKT per-share figures Results divided by the shares outstanding at year-end.
SKT financial health Debt, liquidity and how easily interest is covered.
SKT efficiency & capital use Working capital cycle and where the cash goes.
SKT valuation history
SKT returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
SKT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
SKT cash returned to shareholders
SKT price vs earnings per share
SKT key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $3.82B | $3.79B | $2.95B | $1.90B | $1.97B | $922.5M | $1.37B | $1.89B | $2.51B | $3.41B |
| Enterprise value | $5.49B | $5.25B | $4.46B | $4.18B | $4.33B | $3.64B | $4.15B | $3.73B | $4.47B | $5.15B |
| P/E ratio | 33.3 | 38.5 | 29.8 | 23.1 | 215.6 | — | 15.6 | 43.2 | 36.8 | 17.6 |
| Price / sales | 6.6 | 7.2 | 6.4 | 4.3 | 4.6 | 2.4 | 2.9 | 3.8 | 5.1 | 7.3 |
| Price / book | 5.4 | 5.8 | 5.2 | 3.7 | 3.9 | 2.6 | 3.0 | 3.7 | 4.1 | 4.8 |
| Price / free cash flow | 12.9 | 24.2 | 13.5 | 8.9 | 9.0 | 5.6 | 6.2 | 9.4 | 13.3 | 18.9 |
| Price / operating cash flow | 12.9 | 14.3 | 12.9 | 8.9 | 9.0 | 5.6 | 6.2 | 7.3 | 9.9 | 14.3 |
| EV / sales | 9.4 | 10.0 | 9.6 | 9.5 | 10.1 | 9.3 | 8.7 | 7.5 | 9.2 | 11.0 |
| EV / EBITDA | 16.3 | 17.4 | 17.1 | 17.1 | 25.1 | 25.6 | 14.9 | 15.4 | 16.9 | 13.5 |
| EV / free cash flow | 18.6 | 33.6 | 20.4 | 19.6 | 19.9 | 22.1 | 18.8 | 18.5 | 23.7 | 28.5 |
| Earnings yield | 3.0% | 2.6% | 3.4% | 4.3% | 0.5% | −3.9% | 6.4% | 2.3% | 2.7% | 5.7% |
| Free cash flow yield | 7.7% | 4.1% | 7.4% | 11.3% | 11.1% | 17.9% | 16.1% | 10.7% | 7.5% | 5.3% |
| Dividend yield | 3.5% | 3.2% | 3.5% | 4.4% | 3.7% | 7.2% | 9.7% | 7.0% | 5.2% | 4.1% |
| Shareholder yield (dividends + buybacks) | 3.5% | 3.2% | 3.8% | 4.4% | 3.7% | 7.3% | 11.2% | 8.0% | 7.2% | 4.2% |
| Share price at fiscal year-end | $33.37 | $34.13 | $27.72 | $17.94 | $19.28 | $9.96 | $14.73 | $20.22 | $26.51 | $35.78 |
| Per share | ||||||||||
| Revenue per share | $5.08 | $4.74 | $4.36 | $4.19 | $4.18 | $4.21 | $5.15 | $5.30 | $5.17 | $4.89 |
| Earnings per share | $1.00 | $0.89 | $0.93 | $0.78 | $0.09 | −$0.39 | $0.95 | $0.47 | $0.72 | $2.03 |
| Operating cash flow per share | $2.58 | $2.38 | $2.16 | $2.03 | $2.13 | $1.78 | $2.38 | $2.77 | $2.68 | $2.51 |
| Free cash flow per share | $2.58 | $1.41 | $2.05 | $2.03 | $2.13 | $1.78 | $2.38 | $2.16 | $2.00 | $1.89 |
| Cash per share | $0.16 | $0.42 | $0.21 | $2.50 | $1.58 | $0.92 | $0.18 | $0.10 | $0.06 | $0.13 |
| Book value per share | $6.17 | $5.87 | $5.32 | $4.87 | $4.90 | $3.87 | $4.91 | $5.42 | $6.48 | $7.40 |
| Tangible book value per share | $6.03 | $6.02 | $5.39 | $5.15 | $5.06 | $3.92 | $4.79 | $5.10 | $5.95 | $6.61 |
| Dividends per share | $1.15 | $1.08 | $0.97 | $0.80 | $0.71 | $0.72 | $1.43 | $1.41 | $1.38 | $1.48 |
| Capex per share | $0.84 | $0.97 | $0.10 | $0.80 | $0.03 | $0.33 | $0.52 | $0.61 | $0.68 | $0.62 |
| Debt per share | $14.74 | $13.58 | $14.32 | $24.18 | $24.73 | $30.22 | $30.17 | $19.88 | $20.84 | $18.31 |
| Shares outstanding | 114.6M | 111.1M | 106.5M | 105.6M | 102.0M | 92.6M | 92.8M | 93.3M | 94.5M | 95.3M |
| Change in shares outstanding | +3.1% | +4.3% | +0.8% | +3.6% | +10.1% | −0.2% | −0.5% | −1.3% | −0.9% | +0.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 16.9% | 16.2% | 18.3% | 16.2% | 2.1% | −8.9% | 18.3% | 7.8% | 10.3% | 29.5% |
| Return on invested capital (ROIC) | 6.2% | 3.6% | 5.2% | 2.0% | 1.9% | 2.3% | 5.0% | 1.9% | 3.2% | 3.2% |
| Return on assets (ROA) | 4.6% | 4.2% | 4.4% | 3.8% | 0.4% | −1.6% | 3.8% | 1.8% | 2.7% | 8.0% |
| Return on tangible assets | 4.3% | 4.1% | 4.3% | 3.7% | 0.4% | −1.7% | 3.9% | 1.9% | 2.7% | 7.9% |
| Free cash flow margin | 50.8% | 29.7% | 47.1% | 48.3% | 51.0% | 42.2% | 46.1% | 40.8% | 38.7% | 38.8% |
| Income quality (OCF / net income) | 2.57 | 2.68 | 2.32 | 2.61 | 23.88 | — | 2.51 | 5.92 | 3.72 | 1.24 |
| Financial health | ||||||||||
| Total debt | $1.69B | $1.51B | $1.53B | $2.55B | $2.52B | $2.80B | $2.80B | $1.85B | $1.97B | $1.75B |
| Cash & short-term investments | $18.1M | $47.0M | $22.0M | $264.6M | $161.3M | $84.8M | $16.7M | $9.1M | $6.1M | $12.2M |
| Net debt | $1.67B | $1.46B | $1.50B | $2.29B | $2.36B | $2.71B | $2.78B | $1.85B | $1.96B | $1.73B |
| Debt / equity | 2.39 | 2.31 | 2.69 | 4.97 | 5.05 | 7.80 | 6.14 | 3.67 | 3.22 | 2.47 |
| Debt / assets | 0.64 | 0.63 | 0.66 | 1.15 | 1.17 | 1.28 | 1.23 | 0.78 | 0.78 | 0.69 |
| Net debt / EBITDA | 4.97 | 4.84 | 5.77 | 9.36 | 13.69 | 19.07 | 9.97 | 7.62 | 7.43 | 4.56 |
| Current ratio | 0.30 | 0.44 | 0.17 | 2.53 | 2.86 | 2.15 | 1.51 | 0.48 | 0.34 | 0.70 |
| Quick ratio | 0.30 | 0.44 | 0.19 | 2.66 | 2.89 | 2.15 | 1.52 | 0.50 | 0.36 | 0.73 |
| Interest coverage | 2.7 | 2.5 | 2.8 | 2.5 | 2.1 | 1.4 | 4.5 | 1.4 | 2.5 | 2.5 |
| Working capital | −$123.5M | −$60.8M | −$109.5M | $159.8M | $172.8M | $101.9M | $40.7M | −$117.5M | −$194.5M | −$40.9M |
| Invested capital | $2.38B | $2.11B | $2.07B | $2.80B | $2.86B | $3.07B | $3.24B | $2.35B | $2.58B | $2.44B |
| Tangible asset value | $719.8M | $696.2M | $599.0M | $544.5M | $516.3M | $362.8M | $444.8M | $476.3M | $562.1M | $630.6M |
| Net current asset value | −$1.87B | −$1.65B | −$1.71B | −$1.44B | −$1.39B | −$1.64B | −$1.71B | −$1.77B | −$1.83B | −$1.73B |
| Graham number | $11.79 | $10.83 | $10.56 | $9.22 | $3.14 | — | $10.23 | $7.55 | $10.24 | $18.39 |
| Graham net-net per share | −$16.61 | −$14.50 | −$15.73 | −$13.27 | −$14.29 | −$18.32 | −$19.04 | −$19.61 | −$19.95 | −$18.62 |
| Capital allocation | ||||||||||
| Dividends paid | $132.2M | $120.2M | $103.8M | $84.2M | $72.4M | $66.6M | $132.7M | $131.2M | $130.2M | $141.1M |
| Share buybacks (net) | $0 | $0 | $7.3M | $0 | $0 | $736,000 | $20.0M | $20.0M | $49.4M | $2.2M |
| Dividend payout ratio | 115.2% | 122.0% | 104.7% | 102.6% | 794.3% | — | 151.0% | 300.6% | 191.4% | 72.8% |
| Dividends + buybacks / free cash flow | 44.8% | 76.9% | 50.7% | 39.4% | 33.3% | 40.8% | 69.3% | 75.0% | 95.1% | 79.3% |
| Capex / revenue | 16.5% | 20.5% | 2.3% | 19.1% | 0.7% | 7.8% | 10.0% | 11.5% | 13.2% | 12.6% |
| Capex / operating cash flow | 32.5% | 40.9% | 4.7% | 39.6% | 1.5% | 18.5% | 21.7% | 22.0% | 25.4% | 24.5% |
| Capex / depreciation | 0.64 | 0.78 | 0.10 | 0.76 | 0.03 | 0.26 | 0.39 | 0.43 | 0.50 | 0.51 |
| Stock-based compensation / revenue | 2.2% | 2.3% | 2.7% | 2.9% | 3.0% | 3.2% | 3.8% | 3.0% | 2.8% | 3.3% |
| R&D / revenue | — | — | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 13.5% | 14.8% | 20.8% | 20.1% | 20.3% | 17.5% | 16.7% | 14.4% | 15.0% | 16.3% |
| Efficiency | ||||||||||
| Days sales outstanding | — | 37.1 | 42.7 | 46.6 | 51.0 | 59.6 | 45.4 | 40.4 | 36.9 | 34.2 |
| Days of inventory on hand | — | — | -21.1 | -21.1 | -6.4 | — | -7.8 | -12.8 | -11.2 | -53.5 |
| Days payables outstanding | — | 260.2 | 279.9 | 250.7 | 235.0 | 223.3 | 187.7 | 196.9 | 198.2 | 210.7 |
| Cash conversion cycle (days) | — | -223.1 | -258.3 | -225.2 | -190.5 | -163.7 | -150.1 | -169.3 | -172.5 | -230.0 |
| Receivables turnover | — | 9.85 | 8.55 | 7.83 | 7.16 | 6.12 | 8.03 | 9.04 | 9.89 | 10.66 |
| Payables turnover | — | 1.40 | 1.30 | 1.46 | 1.55 | 1.63 | 1.94 | 1.85 | 1.84 | 1.73 |
| Asset turnover | 0.23 | 0.22 | 0.20 | 0.20 | 0.20 | 0.17 | 0.20 | 0.20 | 0.19 | 0.19 |
| Average receivables | — | $53.4M | $54.3M | $56.5M | $59.5M | $63.7M | $59.5M | $54.7M | $49.4M | $43.7M |
| Average payables | — | $113.1M | $111.6M | $98.9M | $90.6M | $83.9M | $81.1M | $86.5M | $84.3M | $87.8M |
| Average inventory | — | — | −$8.4M | −$8.3M | −$2.5M | — | −$3.4M | −$5.6M | −$4.8M | −$22.3M |
| Intangibles / total assets | 0.6% | −0.7% | −0.3% | −1.4% | −0.8% | −0.2% | 0.5% | 1.2% | 2.0% | 3.0% |
Computed from SKT's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
SKT valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Tanger Factory Outlet Centers traded at 33.3 times earnings, against a 10-year median of 33.3. Based on the latest twelve months, the trailing P/E is 32.5 and the forward P/E is 31.2. Tanger Factory Outlet Centers earned a return on equity of 16.9% and a return on invested capital of 6.2% in fiscal 2025. It ended the year with $1.7 billion of debt and $18.1 million in cash and short-term investments, net debt of $1.7 billion. It returned $132.2 million to shareholders: $132.2 million in dividends and $0 in share buybacks, 45% of free cash flow. The share count rose 20.2% from 95.3M to 114.6M over 9 years.
See the SKT income statement, the SKT chart for price history, or the SKT stock overview for the latest quote and news.
SKT key metrics FAQ
What is Tanger Factory Outlet Centers's P/E ratio?
Tanger Factory Outlet Centers's trailing P/E ratio is 32.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 31.2. At the end of fiscal 2025 it was 33.3, compared with a 10-year median of 33.3.
What is Tanger Factory Outlet Centers's EV/EBITDA?
Tanger Factory Outlet Centers's enterprise value was 16.3 times EBITDA at the end of fiscal 2025 (enterprise value $5.5 billion, EBITDA $336.3 million); the current EV/EBITDA is 16.1.
What is Tanger Factory Outlet Centers's return on equity?
Tanger Factory Outlet Centers's return on equity (ROE) was 16.9% in fiscal 2025: net income of $114.8 million on average shareholders' equity of $679.4 million.
What is Tanger Factory Outlet Centers's ROIC?
Tanger Factory Outlet Centers's return on invested capital was 6.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Tanger Factory Outlet Centers have?
Tanger Factory Outlet Centers had total debt of $1.7 billion at the end of fiscal 2025, a debt-to-equity ratio of 2.39 and $1.7 billion of net debt (4.97 times EBITDA).
What is Tanger Factory Outlet Centers's dividend yield?
Tanger Factory Outlet Centers's forward dividend yield is 3.39%. Tanger Factory Outlet Centers paid $132.2 million in dividends in fiscal 2025 ($1.15 per share), a payout ratio of 115.2%.
What is Tanger Factory Outlet Centers's free cash flow yield?
Tanger Factory Outlet Centers generated $295.4 million of free cash flow in fiscal 2025, a free cash flow yield of 7.7% on its market value at year-end ($3.8 billion).
What is Tanger Factory Outlet Centers's current ratio?
Tanger Factory Outlet Centers's current ratio was 0.30 at the end of fiscal 2025: current assets were 0.30 times current liabilities.