# Simon Property Group, Inc. (SPG)

> Source: Nexqual · https://nexqual.com/SPG · data as of 2026-10-23 16:21 UTC · cite as "Nexqual, Simon Property Group, Inc. (SPG), nexqual.com/SPG" · informational, not investment advice.

**Price:** USD 211.36 (-0.32% today) · US market open, as of October 23, 2026 at 16:21 UTC; quotes may be delayed. Prev close 212.04 · day 210.51–213.5 · 52w 172.19–238.5 · market cap $80.2B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.94B, net income $5.39B (77.6% margin), free cash flow $3.22B (SEC filings).
- Valuation: P/E 14.9x (avg 16.6x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold SPG (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Hold (mean 2.67 on a 1–5 scale) (21 analysts), mean target USD 228.89 (range 205–275).
- Total return with dividends: 1Y +23.8% vs S&P 500 +14.7%; 5Y +88.1% vs S&P 500 +77.5%.
- Next earnings: 2026-11-05, EPS estimate USD 1.62, revenue estimate $1.66B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.12B | $5.29B | $5.66B | $5.96B | $6.36B | $6.94B |
| Operating income | $2.41B | $2.58B | $2.81B | $3.09B | $3.18B | $3.29B |
| Net income | $2.57B | $2.45B | $2.62B | $2.73B | $5.36B | $5.39B |
| EPS (diluted) | $6.84 | $6.52 | $6.98 | $7.26 | $14.17 | — |
| Free cash flow | $3.11B | $3.12B | $3.14B | $3.06B | $3.20B | $3.22B |
| Operating margin | 47.2% | 48.8% | 49.6% | 51.9% | 49.9% | 47.4% |
| Net margin | 50.2% | 46.3% | 46.2% | 45.8% | 84.3% | 77.6% |
| Revenue growth | +11.1% | +3.4% | +6.9% | +5.4% | +6.7% | — |
| Cash + short-term investments | $534M | $622M | $2.17B | — | — | — |
| Total debt | $25.3B | $25.0B | $26.0B | $24.3B | $28.4B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 14.9x · P/S 11.6x · P/FCF 24.9x · P/B 18.1x · FCF yield 4.01% · Earnings yield 6.71%
P/E at fiscal year-ends: Dec 2025 11.3x, Dec 2024 20.6x, Dec 2023 17.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold SPG. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Christopher Davis | Davis Advisors | 0.05% | $11.0M | Reduced -2.3% |

## Analysts
Consensus Hold (mean 2.67 on a 1–5 scale), 21 analysts; mean target USD 228.89 (low 205, high 275).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Piper Sandler | Target lowered | Overweight | $285 → $254 |
| 2026-10-09 | UBS | Target lowered | Neutral | $222 → $205 |
| 2026-09-28 | Barclays | Target lowered | Equal-Weight | $215 → $208 |
| 2026-09-21 | Evercore ISI Group | Target lowered | In-Line | $219 → $216 |
| 2026-09-17 | Scotiabank | Target lowered | Sector Perform | $222 → $221 |
| 2026-09-14 | Evercore ISI Group | Target lowered | In-Line | $226 → $219 |
| 2026-08-27 | Mizuho | Target raised | Neutral | $211 → $226 |
| 2026-08-20 | Scotiabank | Target raised | Sector Perform | $220 → $222 |
| 2026-08-17 | Citigroup | Target raised | Neutral | $205 → $230 |
| 2026-08-17 | Barclays | Target raised | Equal-Weight | $213 → $215 |
| 2026-08-11 | Ladenburg Thalmann | Target raised | Buy | $250 → $275 |
| 2026-08-11 | Stifel | Target raised | Hold | $194 → $209 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +23.8% | +88.1% |
| S&P 500 (SPY) | +14.7% | +77.5% |
| Per year | +23.8% | +13.5% |
| Volatility (annualized) | 19.2% | 25.8% |
| Max drawdown | -15.6% (Jul 2026→Oct 2026) | -44.4% (Nov 2021→Sep 2022) |

## Peers (REIT - Retail)
O (Realty Income Corporation) USD 56.8 -0.45% · KIM (Kimco Realty Corporation (HC)) USD 23.61 +0.06% · REG (Regency Centers Corporation) USD 74 -0.51% · FRT (Federal Realty Investment Trust) USD 108.55 -0.30% · BRX (Brixmor Property Group Inc.) USD 28.14 -0.42% · ADC (Agree Realty Corporation) USD 66.7 -0.56%

## More
Full page: https://nexqual.com/SPG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SPG's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1063761/000110465926019419/spg-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | The Taubman Realty Group | "During the quarter ended December 31, 2025, we issued 4,980,693 units in the Operating Partnership as part of the TRG Acquisition, as further discussed in Note 4." |
| Partner | Phoenix Retail | "During the second quarter of 2024, we participated in the formation of a joint venture, Phoenix Retail, LLC, to acquire the Express Retail Company from the previous owner on June 21, 2024, in a bankruptcy proceeding, and…" |
| Partner | Melvin Simon & Associates | "Neither MSA, David Simon, nor members of the Simon family have an ownership interest in any of our unconsolidated joint ventures, except through their ownership interests in the Company or the Operating Partnership." |
| Partner | Mitsubishi Estate | "We conduct our international Premium Outlet operations in Japan through a joint venture with Mitsubishi Estate Co., Ltd. We have a 40% noncontrolling ownership interest in this joint venture." |
| Competitor | Costco (COST) | "Our properties compete with other forms of retailing such as pure online retail websites as well as other types of retail properties such as single user freestanding discounters (Costco, Walmart and Target)." |
| Competitor | Walmart (WMT) | "Our properties compete with other forms of retailing such as pure online retail websites as well as other types of retail properties such as single user freestanding discounters (Costco, Walmart and Target)." |

## Company outlook (8-K filed 2026-08-10)

- "Today, we are once again increasing our guidance for full-year 2026 Real Estate FFO per share." Results for the Quarter • Net income attributable to common stockholders was $483.1 million, or $1.49 per diluted share, as compared to $556.1 million, or $1.70 per diluted share in 2025."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.62 | $1.64 | -0.8% | $1.66B | 3 |
| Next quarter (ends 2026-12-31) | $1.84 | $1.86 | -1.4% | $1.73B | 3 |
| Current fiscal year (ends 2026-12-31) | $5.85 | $6.44 | -9.2% | $6.67B | 1 |
| Next fiscal year (ends 2027-12-31) | $6.77 | $6.74 | +0.5% | $6.92B | 3 |