Simon Property Group, Inc. (SPG) Key Metrics
SPG valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $77.99B
- Enterprise value
- $94.51B
- P/E (TTM)
- 14.5 10-yr median 22.6
- Forward P/E
- 30.7
- PEG ratio
- 8.74
- Price / sales
- 11.2 10-yr median 9.3
- Price / book
- 15.0 10-yr median 12.6
- EV / EBITDA
- 11.4 10-yr median 15.6
- Dividend yield
- 3.69% $8.90 a year
- Beta
- 1.33
SPG key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsSPG valuation Price multiples at each fiscal year-end price.
SPG returns How much profit the business earns on the capital it uses.
SPG per-share figures Results divided by the shares outstanding at year-end.
SPG financial health Debt, liquidity and how easily interest is covered.
SPG efficiency & capital use Working capital cycle and where the cash goes.
SPG valuation history
SPG returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
SPG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
SPG cash returned to shareholders
SPG price vs earnings per share
SPG key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $60.35B | $56.16B | $46.62B | $38.51B | $52.50B | $26.33B | $45.87B | $52.01B | $53.50B | $55.56B |
| Enterprise value | $88.71B | $79.54B | $70.97B | $63.35B | $77.79B | $52.66B | $70.69B | $75.56B | $77.63B | $78.93B |
| P/E ratio | 13.1 | 23.7 | 17.8 | 18.0 | 23.3 | 23.7 | 21.8 | 21.3 | 27.5 | 30.2 |
| Price / sales | 9.5 | 9.4 | 8.2 | 7.3 | 10.3 | 5.7 | 8.0 | 9.2 | 9.7 | 10.2 |
| Price / book | 11.6 | 19.1 | 15.4 | 12.3 | 15.6 | 7.2 | 14.7 | 12.9 | 12.1 | 10.9 |
| Price / free cash flow | 18.8 | 18.4 | 14.9 | 12.4 | 16.9 | 14.3 | 15.6 | 17.5 | 18.7 | 21.6 |
| Price / operating cash flow | 14.6 | 14.7 | 11.9 | 10.2 | 14.4 | 11.3 | 12.0 | 13.9 | 14.9 | 16.5 |
| EV / sales | 13.9 | 13.3 | 12.5 | 12.0 | 15.2 | 11.4 | 12.3 | 13.4 | 14.0 | 14.5 |
| EV / EBITDA | 11.2 | 15.9 | 17.4 | 14.2 | 17.4 | 15.4 | 15.2 | 15.0 | 17.5 | 18.1 |
| EV / free cash flow | 27.7 | 26.0 | 22.6 | 20.3 | 25.0 | 28.6 | 24.1 | 25.5 | 27.1 | 30.7 |
| Earnings yield | 7.6% | 4.2% | 5.6% | 5.6% | 4.3% | 4.2% | 4.6% | 4.7% | 3.6% | 3.3% |
| Free cash flow yield | 5.3% | 5.4% | 6.7% | 8.1% | 5.9% | 7.0% | 6.4% | 5.7% | 5.3% | 4.6% |
| Dividend yield | 5.4% | 4.7% | 5.2% | 6.7% | 5.1% | 6.3% | 6.4% | 4.7% | 4.2% | 3.7% |
| Shareholder yield (dividends + buybacks) | 5.8% | 4.7% | 6.3% | 7.2% | 5.1% | 7.0% | 7.2% | 5.6% | 4.9% | 4.1% |
| Share price at fiscal year-end | $185.11 | $172.21 | $142.64 | $117.48 | $159.77 | $85.28 | $148.96 | $167.99 | $171.74 | $177.67 |
| Per share | ||||||||||
| Revenue per share | $19.52 | $18.29 | $17.32 | $16.14 | $15.57 | $14.92 | $18.69 | $18.23 | $17.74 | $17.38 |
| Earnings per share | $14.16 | $7.27 | $8.01 | $6.53 | $6.85 | $3.60 | $6.82 | $7.88 | $6.25 | $5.88 |
| Operating cash flow per share | $12.69 | $11.70 | $12.03 | $11.49 | $11.07 | $7.54 | $12.37 | $12.11 | $11.54 | $10.79 |
| Free cash flow per share | $9.82 | $9.38 | $9.60 | $9.51 | $9.46 | $5.97 | $9.52 | $9.59 | $9.19 | $8.23 |
| Cash per share | $2.52 | $4.29 | $6.64 | $1.90 | $1.62 | $3.28 | $2.17 | $1.66 | $4.76 | $1.79 |
| Book value per share | $15.98 | $9.02 | $9.25 | $9.57 | $10.23 | $11.85 | $10.16 | $13.01 | $14.22 | $16.30 |
| Tangible book value per share | $15.76 | $8.95 | $9.16 | $9.46 | $10.07 | $11.67 | $9.85 | $12.52 | $13.55 | $15.39 |
| Dividends per share | $9.92 | $8.11 | $7.46 | $7.91 | $8.19 | $5.39 | $9.58 | $7.91 | $7.16 | $6.52 |
| Capex per share | $2.87 | $2.32 | $2.43 | $1.98 | $1.61 | $1.57 | $2.84 | $2.53 | $2.35 | $2.55 |
| Debt per share | $89.52 | $76.00 | $81.14 | $77.66 | $78.60 | $88.57 | $82.77 | $77.72 | $82.21 | $76.53 |
| Shares outstanding | 326.0M | 326.1M | 326.8M | 327.8M | 328.6M | 308.7M | 308.0M | 309.6M | 311.5M | 312.7M |
| Change in shares outstanding | −0.0% | −0.2% | −0.3% | −0.2% | +6.4% | +0.3% | −0.5% | −0.6% | −0.4% | +0.8% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 113.2% | 79.5% | 84.9% | 65.8% | 64.1% | 32.8% | 58.7% | 57.7% | 40.9% | 35.6% |
| Return on invested capital (ROIC) | 10.5% | 11.4% | 9.8% | 8.8% | 7.8% | 6.8% | 10.4% | 10.3% | 9.7% | 9.5% |
| Return on assets (ROA) | 12.6% | 7.1% | 7.8% | 6.4% | 6.6% | 3.4% | 6.8% | 7.8% | 6.1% | 6.0% |
| Return on tangible assets | 11.4% | 7.3% | 7.6% | 6.5% | 6.7% | 3.2% | 6.7% | 8.0% | 6.1% | 6.0% |
| Free cash flow margin | 50.3% | 51.3% | 55.4% | 58.9% | 60.8% | 40.0% | 50.9% | 52.6% | 51.8% | 47.4% |
| Income quality (OCF / net income) | 0.90 | 1.61 | 1.50 | 1.76 | 1.62 | 2.09 | 1.81 | 1.54 | 1.84 | 1.83 |
| Financial health | ||||||||||
| Total debt | $29.19B | $24.78B | $26.52B | $25.46B | $25.83B | $27.35B | $25.49B | $24.06B | $25.61B | $23.93B |
| Cash & short-term investments | $823.1M | $1.40B | $2.17B | $621.6M | $533.9M | $1.01B | $669.4M | $514.3M | $1.48B | $560.1M |
| Net debt | $28.36B | $23.38B | $24.35B | $24.84B | $25.29B | $26.33B | $24.82B | $23.55B | $24.13B | $23.37B |
| Debt / equity | 5.60 | 8.42 | 8.77 | 8.11 | 7.68 | 7.48 | 8.14 | 5.98 | 5.78 | 4.69 |
| Debt / assets | 0.72 | 0.76 | 0.77 | 0.77 | 0.76 | 0.79 | 0.82 | 0.78 | 0.79 | 0.77 |
| Net debt / EBITDA | 3.58 | 4.66 | 5.98 | 5.57 | 5.67 | 7.72 | 5.35 | 4.69 | 5.44 | 5.37 |
| Current ratio | 0.16 | 0.83 | 1.04 | 0.66 | 0.67 | 0.67 | 0.51 | 0.45 | 0.83 | 0.48 |
| Quick ratio | 0.16 | 0.83 | 0.41 | 0.66 | 0.82 | 0.67 | 0.51 | 0.63 | 1.05 | 0.65 |
| Interest coverage | 3.3 | 3.4 | 3.3 | 3.4 | 3.0 | 2.5 | 3.7 | 3.6 | 3.5 | 3.2 |
| Working capital | −$9.25B | −$566.4M | $132.4M | −$1.09B | −$1.17B | −$1.13B | −$1.46B | −$1.57B | −$450.6M | −$1.35B |
| Invested capital | $33.57B | $26.33B | $27.37B | $27.98B | $28.66B | $29.99B | $27.95B | $27.58B | $28.56B | $28.47B |
| Tangible asset value | $6.64B | $3.58B | $3.66B | $3.79B | $4.35B | $3.60B | $3.03B | $3.88B | $4.22B | $4.81B |
| Net current asset value | −$32.14B | −$25.98B | −$27.01B | −$27.08B | −$27.04B | −$28.88B | −$26.60B | −$25.38B | −$25.60B | −$24.78B |
| Graham number | $71.33 | $38.42 | $40.82 | $37.50 | $39.70 | $31.00 | $39.51 | $48.02 | $44.73 | $46.45 |
| Graham net-net per share | −$99.31 | −$80.76 | −$80.41 | −$83.74 | −$85.27 | −$94.54 | −$87.04 | −$83.42 | −$83.72 | −$80.50 |
| Capital allocation | ||||||||||
| Dividends paid | $3.23B | $2.65B | $2.44B | $2.59B | $2.69B | $1.66B | $2.95B | $2.45B | $2.23B | $2.04B |
| Share buybacks (net) | $248.3M | $10.6M | $518.3M | $189.4M | $4.9M | $169.5M | $369.9M | $438.9M | $410.1M | $259.9M |
| Dividend payout ratio | 70.1% | 111.6% | 93.2% | 121.2% | 119.6% | 149.6% | 140.3% | 100.4% | 114.5% | 110.8% |
| Dividends + buybacks / free cash flow | 108.7% | 86.8% | 94.3% | 89.3% | 86.7% | 99.5% | 113.2% | 97.3% | 92.3% | 89.2% |
| Capex / revenue | 14.7% | 12.7% | 14.0% | 12.3% | 10.3% | 10.5% | 15.2% | 13.9% | 13.2% | 14.7% |
| Capex / operating cash flow | 22.6% | 19.8% | 20.2% | 17.3% | 14.5% | 20.8% | 23.0% | 20.8% | 20.4% | 23.7% |
| Capex / depreciation | 0.60 | 0.56 | 0.59 | 0.50 | 0.40 | 0.36 | 0.63 | 0.58 | 0.54 | 0.60 |
| Stock-based compensation / revenue | 1.3% | 0.9% | 0.5% | 0.5% | 0.5% | 0.0% | 0.5% | 0.4% | 0.4% | 0.7% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 4.4% | 3.2% | 2.9% | 2.7% | 2.8% | 2.6% | 3.2% | 3.5% | 3.7% | 3.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 67.7 | 87.2 | 93.7 | 101.5 | 96.1 | 81.9 | 50.6 | 48.7 | 46.5 | 43.3 |
| Days of inventory on hand | — | — | 850.2 | — | -101.1 | 1.4 | -91.0 | -199.3 | -192.8 | -157.3 |
| Days payables outstanding | 736.1 | 595.7 | 624.2 | 533.3 | 515.9 | 556.0 | 483.7 | 468.2 | 462.4 | 476.9 |
| Cash conversion cycle (days) | -668.3 | -508.5 | 319.7 | -431.7 | -521.0 | -472.6 | -524.1 | -618.8 | -608.8 | -590.9 |
| Receivables turnover | 5.39 | 4.19 | 3.90 | 3.60 | 3.80 | 4.45 | 7.21 | 7.49 | 7.86 | 8.43 |
| Payables turnover | 0.50 | 0.61 | 0.58 | 0.68 | 0.71 | 0.66 | 0.75 | 0.78 | 0.79 | 0.77 |
| Inventory turnover | — | — | 0.43 | — | — | 257.10 | — | — | — | — |
| Asset turnover | 0.17 | 0.18 | 0.17 | 0.16 | 0.15 | 0.14 | 0.19 | 0.18 | 0.17 | 0.18 |
| Average receivables | $1.18B | $1.42B | $1.45B | $1.47B | $1.35B | $1.03B | $798.0M | $753.2M | $703.6M | $644.6M |
| Average payables | $1.83B | $1.70B | $1.59B | $1.46B | $1.37B | $1.35B | $1.35B | $1.29B | $1.24B | $1.27B |
| Average inventory | — | — | $2.17B | — | −$269.1M | $3.5M | −$254.8M | −$550.3M | −$517.8M | −$418.5M |
| Intangibles / total assets | 0.2% | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% | 0.3% | 0.5% | 0.6% | 0.9% |
Computed from SPG's annual financial statements (latest annual report filed February 25, 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.
SPG valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Simon Property traded at 13.1 times earnings, against a 10-year median of 22.6. Based on the latest twelve months, the trailing P/E is 14.5 and the forward P/E is 30.7. Simon Property earned a return on equity of 113.2% and a return on invested capital of 10.5% in fiscal 2025. It ended the year with $29.2 billion of debt and $823.1 million in cash and short-term investments, net debt of $28.4 billion. It returned $3.5 billion to shareholders: $3.2 billion in dividends and $248.3 million in share buybacks, 109% of free cash flow. The share count rose 4.3% from 312.7M to 326.0M over 9 years.
See the SPG income statement, the SPG chart for price history, or the SPG stock overview for the latest quote and news.
SPG key metrics FAQ
What is Simon Property's P/E ratio?
Simon Property's trailing P/E ratio is 14.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 30.7. At the end of fiscal 2025 it was 13.1, compared with a 10-year median of 22.6.
What is Simon Property's EV/EBITDA?
Simon Property's enterprise value was 11.2 times EBITDA at the end of fiscal 2025 (enterprise value $88.7 billion, EBITDA $7.9 billion); the current EV/EBITDA is 11.4.
What is Simon Property's return on equity?
Simon Property's return on equity (ROE) was 113.2% in fiscal 2025: net income of $4.6 billion on average shareholders' equity of $4.1 billion. ROE is high partly because years of buybacks have reduced equity on the balance sheet.
What is Simon Property's ROIC?
Simon Property's return on invested capital was 10.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Simon Property have?
Simon Property had total debt of $29.2 billion at the end of fiscal 2025, a debt-to-equity ratio of 5.60 and $28.4 billion of net debt (3.58 times EBITDA).
What is Simon Property's dividend yield?
Simon Property's forward dividend yield is 3.69%. Simon Property paid $3.2 billion in dividends in fiscal 2025 ($9.92 per share), a payout ratio of 70.1%.
Does Simon Property buy back its shares?
Yes. Simon Property spent $248.3 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.0% over the year, to 326.0M..
What is Simon Property's free cash flow yield?
Simon Property generated $3.2 billion of free cash flow in fiscal 2025, a free cash flow yield of 5.3% on its market value at year-end ($60.3 billion).
What is Simon Property's current ratio?
Simon Property's current ratio was 0.16 at the end of fiscal 2025: current assets were 0.16 times current liabilities.