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Simon Property Group

SPG Clue Score62
United States Fiscal year ends December CIK 0001063761
$199.42 -0.10% Close, 9 Oct 2026
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Price $199.42 +50.37% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue5.44Operating income2.72Net income2.13Fiscal year 2017Revenue5.53 +1.7%Operating income2.80Net income2.24 +5.2%Fiscal year 2018Revenue5.65 +2.1%Operating income2.93Net income2.82 +25.7%Fiscal year 2019Revenue5.76 +1.9%Operating income2.91Net income2.42 −14.1%Fiscal year 2020Revenue4.61 −19.9%Operating income1.97Net income1.28 −47.3%Fiscal year 2021Revenue5.12 +11.1%Operating income2.41Net income2.57 +101.1%EPS, diluted6.84Fiscal year 2022Revenue5.29 +3.4%Operating income2.58Net income2.45 −4.5%EPS, diluted6.52 −4.7%Fiscal year 2023Revenue5.66 +6.9%Operating income2.81Net income2.62 +6.7%EPS, diluted6.98 +7.1%Fiscal year 2024Revenue5.96 +5.4%Operating income3.09Net income2.73 +4.3%EPS, diluted7.26 +4.0%Fiscal year 2025Revenue6.36 +6.7%Operating income3.18Net income5.36 +96.6%EPS, diluted14.17 +95.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 5.44 5.53 5.65 5.76 4.61 5.12 5.29 5.66 5.96 6.36
Growth +1.7% +2.1% +1.9% −19.9% +11.1% +3.4% +6.9% +5.4% +6.7%
Operating income 2.72 2.80 2.93 2.91 1.97 2.41 2.58 2.81 3.09 3.18
Net income 2.13 2.24 2.82 2.42 1.28 2.57 2.45 2.62 2.73 5.36
Growth +5.2% +25.7% −14.1% −47.3% +101.1% −4.5% +6.7% +4.3% +96.6%
EPS, diluted n/a n/a n/a n/a n/a 6.84 6.52 6.98 7.26 14.17
Growth −4.7% +7.1% +4.0% +95.2%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin50.1%Net margin39.3%Free cash flow margin47.4%Fiscal year 2017Operating margin50.7%Net margin40.6%Free cash flow margin51.8%Fiscal year 2018Operating margin51.8%Net margin50.0%Free cash flow margin52.6%Fiscal year 2019Operating margin50.6%Net margin42.1%Free cash flow margin50.9%Fiscal year 2020Operating margin42.8%Net margin27.7%Free cash flow margin40.0%Fiscal year 2021Operating margin47.2%Net margin50.2%Free cash flow margin60.8%Fiscal year 2022Operating margin48.8%Net margin46.3%Free cash flow margin58.9%Fiscal year 2023Operating margin49.6%Net margin46.2%Free cash flow margin55.4%Fiscal year 2024Operating margin51.9%Net margin45.8%Free cash flow margin51.3%Fiscal year 2025Operating margin49.9%Net margin84.3%Free cash flow margin50.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 50.1% 50.7% 51.8% 50.6% 42.8% 47.2% 48.8% 49.6% 51.9% 49.9%
Net margin 39.3% 40.6% 50.0% 42.1% 27.7% 50.2% 46.3% 46.2% 45.8% 84.3%
Free cash flow margin 47.4% 51.8% 52.6% 50.9% 40.0% 60.8% 58.9% 55.4% 51.3% 50.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow3.37Capital expenditure−0.80Free cash flow2.57Buybacks−0.26Fiscal year 2017Operating cash flow3.59Capital expenditure−0.73Free cash flow2.86 +11.2%Buybacks−0.41Fiscal year 2018Operating cash flow3.75Capital expenditure−0.78Free cash flow2.97 +3.7%Buybacks−0.35Fiscal year 2019Operating cash flow3.81Capital expenditure−0.88Free cash flow2.93 −1.2%Buybacks−0.36Fiscal year 2020Operating cash flow2.33Capital expenditure−0.48Free cash flow1.84 −37.2%Buybacks−0.15Fiscal year 2021Operating cash flow3.64Capital expenditure−0.53Free cash flow3.11 +68.8%Fiscal year 2022Operating cash flow3.77Capital expenditure−0.65Free cash flow3.12 +0.2%Buybacks−0.18Fiscal year 2023Operating cash flow3.93Capital expenditure−0.79Free cash flow3.14 +0.7%Buybacks−0.14Fiscal year 2024Operating cash flow3.81Capital expenditure−0.76Free cash flow3.06 −2.5%Fiscal year 2025Operating cash flow4.14Capital expenditure−0.93Free cash flow3.20 +4.7%Buybacks−0.23
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 3.37 3.59 3.75 3.81 2.33 3.64 3.77 3.93 3.81 4.14
Capital expenditure −0.80 −0.73 −0.78 −0.88 −0.48 −0.53 −0.65 −0.79 −0.76 −0.93
Free cash flow 2.57 2.86 2.97 2.93 1.84 3.11 3.12 3.14 3.06 3.20
Growth +11.2% +3.7% −1.2% −37.2% +68.8% +0.2% +0.7% −2.5% +4.7%
Buybacks −0.26 −0.41 −0.35 −0.36 −0.15 n/a −0.18 −0.14 n/a −0.23

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.56Total debt22.98Net cash (debt)−22.42Shareholders’ equity4.31Debt to equity5.33Fiscal year 2017Cash1.48Total debt24.63Net cash (debt)−23.15Shareholders’ equity3.69Debt to equity6.68Fiscal year 2018Cash0.51Total debt23.31Net cash (debt)−22.79Shareholders’ equity3.30Debt to equity7.07Fiscal year 2019Cash0.67Total debt24.16Net cash (debt)−23.49Shareholders’ equity2.53Debt to equity9.56Fiscal year 2020Cash1.01Total debt26.72Net cash (debt)−25.71Shareholders’ equity3.04Debt to equity8.79Fiscal year 2021Cash0.53Total debt25.32Net cash (debt)−24.79Shareholders’ equity3.36Debt to equity7.53Fiscal year 2022Cash0.62Total debt24.96Net cash (debt)−24.34Shareholders’ equity3.14Debt to equity7.95Fiscal year 2023Cash1.17Total debt26.03Net cash (debt)−24.86Shareholders’ equity3.02Debt to equity8.61Fiscal year 2024Cash1.40Total debt24.26Net cash (debt)−22.86Shareholders’ equity2.94Debt to equity8.25Fiscal year 2025Cash0.82Total debt28.43Net cash (debt)−27.61Shareholders’ equity5.21Debt to equity5.46
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.56 1.48 0.51 0.67 1.01 0.53 0.62 1.17 1.40 0.82
Total debt 22.98 24.63 23.31 24.16 26.72 25.32 24.96 26.03 24.26 28.43
Net cash (debt) −22.42 −23.15 −22.79 −23.49 −25.71 −24.79 −24.34 −24.86 −22.86 −27.61
Shareholders’ equity 4.31 3.69 3.30 2.53 3.04 3.36 3.14 3.02 2.94 5.21
Debt to equity 5.33 6.68 7.07 9.56 8.79 7.53 7.95 8.61 8.25 5.46

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
50.1% 50.7% 51.8% 50.6% 42.8% 47.2% 48.8% 49.6% 51.9% 49.9%
39.3% 40.6% 50.0% 42.1% 27.7% 50.2% 46.3% 46.2% 45.8% 84.3%
47.4% 51.8% 52.6% 50.9% 40.0% 60.8% 58.9% 55.4% 51.3% 50.3%
Spending
1.2% 0.9% 0.8% 0.6% 0.5% 0.6% 0.7% 0.7% 0.8% 1.0%
14.7% 13.2% 13.9% 15.2% 10.5% 10.3% 12.3% 14.0% 12.7% 14.7%
Returns
49.5% 60.9% 85.6% 95.9% 42.0% 76.4% 78.1% 86.6% 92.8% 103.0%
6.9% 7.0% 9.2% 7.8% 3.7% 7.6% 7.4% 7.6% 8.4% 13.2%
Balance and payout
5.33 6.68 7.07 9.56 8.79 7.53 7.95 8.61 8.25 5.46
83.6% 86.3% 86.9% 90.0% 89.5% 87.0% 88.4% 89.2% 88.9% 83.5%
9.9% 14.2% 11.9% 12.3% 8.3% n/a 5.8% 4.5% n/a 7.1%