NYSE · Real Estate

Simon Property Group, Inc.

SPG · REIT - Retail

$228.42

▲ 1.87 (0.83%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

N/A⤢

Fin. Health

F⤢

Years to Pay Off Debt 60.8 yrs

Working Capital vs Long-Term Debt -$30.4B

Working Capital -$1.7B

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 16.76x

Cash Flow

C⤢

Free Cash Flow $959M

CapEx % of Net Income 48.9%

Owner Earnings $1.2B

Financial Health

Years to Pay Off Debt 60.8 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt -$30.4B

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital -$1.7B

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Cash Flow

Free Cash Flow $959M

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 48.9%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $1.2B

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

About Simon Property Group, Inc.

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 Indianapolis, Indiana.

Market Data

Market Cap $86.5B

Enterprise Value $108.1B

P/E (TTM) 16.49

Dividend Yield 0.97%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin N/A

Company Info

Sector Real Estate

Industry REIT - Retail

Employees 3100

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Simon Property Group, Inc. at $228.42.

The business passes only 1 of 5 of Graham's defensive criteria — well below his required standard.

At $228.42, the stock trades at a 951% premium to its Graham Number of $21.73. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

Showing Key Metrics

Income Highlights

Metric	Q3 2026	Q4 2025
Gross Profit %	N/A•	82.4%
Operating Margin %	N/A•	49.7%
Net Income %	N/A•	170.2%
Diluted EPS	1.54▼	9.35

Balance Sheet Highlights

Metric	Q2 2026	Q4 2025
Total Assets	$39.7B	$40.6B
Total Debt	$29.4B▲	$29.2B
Working Capital	-$1.7B▲	-$1.7B
Years to Pay Debt	60.80	9.57

Cash Flow Highlights

Metric	Q2 2026	Q4 2025
Free Cash Flow	$959M▲	$949M
Owner Earnings	$1.2B	$3.8B
CapEx % of Net Income	48.9%	8.4%

Income Statement

	2026	2025
Tax Effect Of Unusual Items		692,386
Tax Rate For Calcs		0
Normalized EBITDA		1,553,924
Total Unusual Items		2,707,806
Total Unusual Items Excluding Goodwill		2,707,806
Net Income From Continuing Operation Net Minority Interest		3,049,103
Reconciled Depreciation		456,317
Reconciled Cost Of Revenue		279,786
EBITDA		4,261,730
EBIT		3,805,413
Net Interest Income		-272,326
Interest Expense		272,326
Normalized Income		1,033,683
Net Income From Continuing And Discontinued Operation		3,049,103
Total Expenses		900,793
Total Operating Income As Reported		890,669
Diluted Average Shares	323,371	326,180
Basic Average Shares	323,371	326,180
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders		3,048,269
Net Income Common Stockholders		3,048,269
Preferred Stock Dividends		834
Net Income		3,049,103
Minority Interests		-490,780
Net Income Including Noncontrolling Interests		3,539,883
Net Income Continuous Operations		3,539,883
Tax Provision		-6,796
Pretax Income		3,533,087
Other Income Expense		2,914,744
Special Income Charges		2,800,547
Gain On Sale Of Business
Restructuring And Mergern Acquisition		-2,886,666
Earnings From Equity Interest		206,938
Gain On Sale Of Security		-92,741
Net Non Operating Interest Income Expense		-272,326
Interest Expense Non Operating		272,326
Operating Income		890,669
Operating Expense		585,365
Other Operating Expenses		100,205
Depreciation Amortization Depletion Income Statement		420,675
Depreciation And Amortization In Income Statement		420,675
Selling General And Administration		64,485
Selling And Marketing Expense		46,615
General And Administrative Expense		17,870
Other Gand A		17,870
Gross Profit		1,476,034
Cost Of Revenue		315,428
Total Revenue		1,791,462
Operating Revenue		1,675,126

Balance Sheet

	2026	2025
Treasury Shares Number		17,845
Preferred Shares Number		797
Ordinary Shares Number	323,560	325,224
Share Issued	323,560	343,069
Net Debt	27,680,516	27,607,028
Total Debt	29,427,509	29,186,714
Tangible Book Value	4,394,129	5,098,486
Invested Capital	33,093,736	33,597,992
Working Capital	-1,713,715	-1,736,585
Net Tangible Assets	4,434,416	5,138,937
Capital Lease Obligations	727,902	756,539
Common Stock Equity	4,394,129	5,167,817
Preferred Stock Equity	40,287	40,451
Total Capitalization	33,134,023	33,283,443
Total Equity Gross Minority Interest	5,846,527	6,705,393
Minority Interest	1,412,111	1,497,125
Stockholders Equity	4,434,416	5,208,268
Gains Losses Not Affecting Retained Earnings	-233,740	-251,361
Other Equity Adjustments	-233,740	-251,361
Treasury Stock	2,638,101	2,319,911
Retained Earnings	-5,128,188	-4,608,136
Additional Paid In Capital	12,394,125	12,347,192
Capital Stock	40,320	40,484
Common Stock	33	33
Preferred Stock	40,287	40,451
Total Liabilities Net Minority Interest	33,862,739	33,901,073
Total Non Current Liabilities Net Minority Interest	30,245,692	29,849,530
Other Non Current Liabilities	818,183	1,017,816
Long Term Debt And Capital Lease Obligation	29,427,509	28,831,714
Long Term Capital Lease Obligation	727,902	756,539
Long Term Debt	28,699,607	28,075,175
Current Liabilities	3,617,047	4,051,543
Current Debt And Capital Lease Obligation		355,000
Current Debt		355,000
Commercial Paper		355,000
Payables And Accrued Expenses	3,617,047	3,696,543
Payables	3,617,047	3,696,543
Dividends Payable	1,810,125	1,742,141
Accounts Payable	1,806,922	1,954,402
Total Assets	39,709,266	40,606,466
Total Non Current Assets	37,805,934	38,291,508
Other Non Current Assets	1,972,484	700,641
Non Current Deferred Assets		128,943
Investments And Advances	5,389,798	6,392,102
Investmentin Financial Assets		524,386
Long Term Equity Investment	5,389,798	5,867,716
Investmentsin Joint Venturesat Cost	1,377,318	1,505,377
Investments In Other Ventures Under Equity Method	4,012,480	4,362,339
Investment Properties	29,712,452	30,244,557
Goodwill And Other Intangible Assets		69,331
Other Intangible Assets		49,233
Goodwill		20,098
Net PPE	731,200	755,934
Gross PPE	731,200	755,934
Other Properties	731,200	755,934
Current Assets	1,903,332	2,314,958
Receivables	884,241	1,491,811
Notes Receivable		557,734
Accounts Receivable	884,241	934,077
Cash Cash Equivalents And Short Term Investments	1,019,091	823,147
Cash And Cash Equivalents	1,019,091	823,147

Cash Flow

	2026	2025
Free Cash Flow	958,674	948,843
Repurchase Of Capital Stock	-220,277	-232,656
Repayment Of Debt	-3,064,248	-1,085,845
Issuance Of Debt	3,552,815	596,000
Capital Expenditure	-236,889	-254,898
End Cash Position	1,019,091	823,147
Beginning Cash Position	542,955	1,552,577
Changes In Cash	476,136	-729,430
Financing Cash Flow	-592,099	-1,571,164
Cash Flow From Continuing Financing Activities	-592,099	-1,571,164
Net Other Financing Charges	-4,905	-14,251
Cash Dividends Paid	-855,484	-834,412
Preferred Stock Dividend Paid	-729,082	-717,805
Common Stock Dividend Paid	-126,402	-116,607
Net Preferred Stock Issuance		-5,000
Preferred Stock Payments		-5,000
Net Common Stock Issuance	-220,277	-227,656
Common Stock Payments	-220,277	-227,656
Net Issuance Payments Of Debt	488,567	-489,845
Net Long Term Debt Issuance	488,567	-489,845
Long Term Debt Payments	-3,064,248	-1,085,845
Long Term Debt Issuance	3,552,815	596,000
Investing Cash Flow	-127,328	-362,007
Cash Flow From Continuing Investing Activities	-127,328	-362,007
Net Other Investing Changes	-5,973	3,767
Dividends Received Cfi	136,241	11,199
Net Investment Purchase And Sale	-7,189	7,488
Sale Of Investment	0	9,167
Purchase Of Investment	-7,189	-1,679
Net Investment Properties Purchase And Sale	0	39,949
Sale Of Investment Properties
Net Business Purchase And Sale	-13,518	-169,512
Purchase Of Business	-13,518	-169,512
Capital Expenditure Reported	-236,889	-254,898
Operating Cash Flow	1,195,563	1,203,741
Cash Flow From Continuing Operating Activities	1,195,563	1,203,741
Dividend Received Cfo	129,510	121,255
Change In Working Capital	52,295	11,034
Change In Other Working Capital	-8,187	62,354
Change In Payables And Accrued Expense	48,028	28,091
Change In Payable	48,028	28,091
Change In Account Payable	48,028	28,091
Change In Receivables	12,454	-79,411
Other Non Cash Items	-7,477	-2,896,670
Unrealized Gain Loss On Investment Securities	56,425	21,105
Depreciation Amortization Depletion	497,857	456,317
Depreciation And Amortization	497,857	456,317
Operating Gains Losses	-107,177	-49,183
Earnings Losses From Equity Investments	-119,127	-206,938
Gain Loss On Sale Of Business	11,950	157,755
Net Income From Continuing Operations	574,130	3,539,883

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

0.53x current ratio

vs ≥ 2.0x

✅ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

$959M

vs Positive

Operating Cash Flow

$1.2B

Latest quarter · Buffett's cash reality check

ROIC

nan%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

12.6x

Net Assets: $5.8B

Peers & Industry

No auto-detected peers for REIT - Retail. You can manually compare SPG against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

1.80%

Low — management has little skin in the game

Share Buybacks (Latest Year)

$253M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+1.5% YoY

Debt is roughly stable

Leadership Team

Eli Simon

President, CEO, COO & Director

Age 37

Pay: $2,145,201

Brian McDade

Executive VP & CFO

Age 46

Pay: $1,740,146

Thomas Ward

Senior Vice President of Investor Relations

Age 56

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	11.52%	37,269,192
Vanguard Portfolio Management LLC	8.62%	27,878,674
Vanguard Capital Management LLC	6.38%	20,632,222
State Street Corporation	6.29%	20,356,570
Geode Capital Management, LLC	3.50%	11,335,910
Capital World Investors	3.25%	10,524,034
Wellington Management Group, LLP	2.90%	9,390,325
Bank of America Corporation	2.55%	8,248,498

⚠️ Very high debt-to-equity — leverage risk

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Short Interest

0.0% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

5.67x

High leverage — significant financial risk

Current Ratio

0.39x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $177.88 Current: $228.42 High: $238.50

Currently at 83% of 52-week range

Simon Property Group, Inc.

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis