SPG
Simon Property Group, Inc.
SPG's fundamentals are mixed: revenue grew 16%, but its operating margin fell 5 points to 46%. At 17x earnings, it's trading below its usual 20x. Analysts expect earnings growth.
SPG Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
SPG's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for real estate companies like SPG.
SPG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 14x | $200 | -14% |
| Current | 17x | $234 | — |
| Fair | 19x | $270 | +16% |
| Expensive | 27x | $370 | +58% |
| Forward | 33x | $234 | — |
Historical ranges are pointers, not guarantees.
SPG's PE is in its cheap range at 17x. On analysts' estimates for next year's earnings, today's price would be 33x, in its expensive range.
SPG Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Growth | |
| Growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for SPG, but weaker profitability.
SPG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $7.08 | -49% |
| Q3 2026 | $13.86 | +102% |
| Q2 2026 | $14.18 | +119% |
| Q1 2026 | $14.39 | +129% |
| Q4 2025 | $14.18 | +95% |
| Q3 2025 | $6.87 | -8.5% |
| Q2 2025 | $6.47 | -18% |
| Q1 2025 | $6.28 | -20% |
| Q4 2024 | $7.26 | +4% |
SPG earned $13.86 per share over the past year, up 102% from the year before.
SPG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.8B | +13% |
| Q2 2026 | $1.8B | +19% |
| Q1 2026 | $1.8B | +19% |
| Q4 2025 | $1.8B | +13% |
| Q3 2025 | $1.6B | +8.2% |
| Q2 2025 | $1.5B | +2.8% |
| Q1 2025 | $1.5B | +2.1% |
| Q4 2024 | $1.6B | +3.6% |
SPG's revenue has grown year over year for 22 quarters in a row: $1.8B last quarter, up 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 44% | -6.4 points |
| Q2 2026 | 46% | -3.6 points |
| Q1 2026 | 43% | -6 points |
| Q4 2025 | 50% | -3.1 points |
| Q3 2025 | 51% | -1.1 points |
| Q2 2025 | 50% | -2.1 points |
| Q1 2025 | 49% | -1.6 points |
| Q4 2024 | 53% | +1 points |
SPG's operating margin was 44% last quarter, down 6.4 points from the same quarter a year ago.
SPG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $822M | +20% |
| Q2 2026 | $958.7M | -1.3% |
| Q1 2026 | $625M | +4.7% |
| Q4 2025 | $948.8M | +9.4% |
| Q3 2025 | $685M | -3% |
| Q2 2025 | $971.3M | +11% |
| Q1 2025 | $597M | -2.1% |
| Q4 2024 | $867.7M | +1.1% |
SPG's free cash flow was $3.4B over the past year, up 7.5% from the year before. Free cash flow isn't a meaningful measure for real estate companies like SPG.
SPG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -647K shares |
| 1 year | -1% | -3.1M shares |
| 3 years | -1.2% | -3.8M shares |
| 5 years | -1.6% | -5.2M shares |
| Available history | +5.4% | +16.5M shares |
SPG has 323M diluted shares, down 1% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $236.5M |
| Q2 2026 | $160.7M |
| Q1 2026 | $175.3M |
| Q4 2023 | $35M |
| Q4 2022 | — |
| Q3 2022 | $36.3M |
| Q4 2020 | — |
| Q3 2020 | — |
SPG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.4x | High |
| Q2 2026 | 5.6x | High |
| Q1 2026 | 5.8x | High |
| Q4 2025 | 6.0x | High |
| Q3 2025 | 5.4x | High |
| Q2 2025 | 5.5x | High |
| Q1 2025 | 5.4x | High |
| Q4 2024 | 5.3x | High |
SPG's net debt is about 5.4 years of its operating earnings (EBITDA), about the same as a year ago. Net leverage isn't a meaningful measure for real estate companies like SPG.
SPG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 67.4 | Neutral |
| Stochastic | 77.3 | Neutral |
SPG's weekly RSI is 67 (neutral) and its Stochastic is 77 (neutral).
SPG PE vs Real Estate Sector
| Metric | SPG | Sector median | Relative |
|---|---|---|---|
| PE | 17x | 24x | 29% below |
| PE % | 31 | 23 | 8 pts above |
SPG is trading at 17x earnings, a 29% discount to the Real Estate sector's median of 24x.
SPG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $212.8 | 9.8% above |
| 20 week MA | $216.5 | 7.9% above |
| 50 week MA | $204.5 | 14% above |
| 100 week MA | $187.5 | 25% above |
| 200 week MA | $162.1 | 44% above |
SPG is in an uptrend: it's above all five of its weekly moving averages, and 44% above its 200-week average.
SPG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $147.6 | $84.4 | -43% |
| 2021 | $84.4 | $155.5 | +84% |
| 2022 | $155.5 | $117.9 | -24% |
| 2023 | $117.9 | $142.6 | +21% |
| 2024 | $142.6 | $172.0 | +21% |
| 2025 | $172.0 | $187.7 | +9.1% |
| 2026 YTD | $187.7 | $233.6 | +24% |
SPG has finished higher in four of the last six years. It's up 24% so far in 2026.