Detailed financial statements for Tanger Inc. (SKT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Tanger Inc. (NYSE: SKT) stands as a prominent owner and operator of outlet and open-air retail shopping destinations, leveraging over 43 years of extensive expertise within the retail and outlet sectors. Its expansive portfolio comprises 38 outlet centers, an adjacent managed facility, and an open-air lifestyle complex, collectively encompassing more than 15 million square feet.
Analysis Summary
Tanger Inc. reported revenue of $581.6M in the most recent fiscal year, growing at a 5-year CAGR of 8.3%.
Trailing-twelve-month margins: gross margin 69.5%, operating margin 30.2%, net margin 21.0%.
At the current price of $34.78, SKT trades at a P/E of 31.16 and an ROE of 18.64%. Market capitalisation stands at $4.0B.
Balance sheet quality for SKT: current ratio of 0.3. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $465.8M | $488.2M | $494.7M | $478.3M | $390.0M | $426.5M | $442.6M | $464.4M | $526.1M | $581.6M |
| Cost of Revenue | $152.0M | $155.2M | $160.5M | $157.7M | $137.1M | $140.7M | $143.9M | $145.5M | $158.7M | $176.5M |
| Gross Profit | $313.8M | $333.0M | $334.2M | $320.6M | $252.9M | $285.8M | $298.7M | $318.9M | $367.3M | $405.1M |
| Research & Development | $0 | $0 | $0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $46.7M | $44.0M | $44.2M | $53.8M | $47.7M | $65.8M | $71.5M | $76.1M | $78.0M | $78.7M |
| Operating Expenses | $162.5M | $172.3M | $334.2M | $320.6M | $252.9M | $175.8M | $183.4M | $185.0M | $216.7M | $229.7M |
| Operating Income | $151.3M | $160.7M | $93.5M | $279.0M | 0 | $110.0M | $115.2M | $133.8M | $150.6M | $175.4M |
| EBITDA | $266.6M | $288.5M | $132.6M | $266.8M | $142.3M | $172.4M | $244.7M | $260.7M | $302.1M | $336.3M |
| Interest Expense | $60.7M | $64.8M | $64.8M | $61.7M | $63.1M | $52.9M | $47.0M | $47.9M | $60.6M | $65.9M |
| Pre-tax Income | $204.3M | $71.9M | $45.6M | $92.7M | -$38.0M | $9.6M | $85.8M | $103.9M | $102.8M | $119.5M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | $193.7M | $68.0M | $43.7M | $87.9M | -$36.3M | $9.1M | $82.1M | $99.2M | $98.6M | $114.8M |
| EPS | $2.02 | $0.71 | $0.45 | $0.93 | $-0.40 | $0.08 | $0.78 | $0.94 | $0.89 | $1.01 |
| EPS (Diluted) | $2.01 | $0.71 | $0.45 | $0.93 | $-0.40 | $0.08 | $0.77 | $0.92 | $0.88 | $0.99 |
| Shares Outstanding (Diluted) | $95.3M | $94.5M | $93.3M | $92.8M | $92.6M | $102.0M | $105.6M | $106.5M | $111.1M | $114.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +4.8% | +1.3% | -3.3% | -18.5% | +9.4% | +3.8% | +4.9% | +13.3% | +10.5% | |
| Net Income Growth (YoY) | -64.9% | -35.8% | +101.2% | -141.3% | +125.1% | +800.0% | +20.8% | -0.6% | +16.4% | |
| EPS Growth (YoY) | -64.9% | -36.6% | +106.7% | -143.0% | +120.0% | +875.0% | +20.5% | -5.3% | +13.5% | |
| Shares Change (YoY) | -0.9% | -1.3% | -0.5% | -0.2% | +10.1% | +3.6% | +0.8% | +4.3% | +3.1% | |
| Gross Margin | 67.4% | 68.2% | 67.6% | 67.0% | 64.8% | 67.0% | 67.5% | 68.7% | 69.8% | 69.7% |
| Operating Margin | 32.5% | 32.9% | 18.9% | 58.3% | 0.0% | 25.8% | 26.0% | 28.8% | 28.6% | 30.2% |
| EBITDA Margin | 57.2% | 59.1% | 26.8% | 55.8% | 36.5% | 40.4% | 55.3% | 56.1% | 57.4% | 57.8% |
| Net Margin | 41.6% | 13.9% | 8.8% | 18.4% | -9.3% | 2.1% | 18.5% | 21.4% | 18.7% | 19.7% |
| Effective Tax Rate | 0.0% | 0.0% | 0.0% | 0.0% | -0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | 18.64% |
| Return on Invested Capital | 6.72% |
| Return on Assets | 4.49% |
| Gross Margin | 69.54% |
| Operating Margin | 30.20% |
| Net Margin | 20.96% |
Financial Health
| Debt / Equity | 2.76 |
| Current Ratio | 1.83 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.28 |
Key Ratios (10y)
| Year | 2025 |
|---|---|
| P/E | 33.04 |
| P/B | 5.34 |
| P/S | 6.48 |
| Gross Margin | 69.7% |
| Operating Margin | 30.2% |
| Net Margin | 19.7% |
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Explore sector: Real Estate · REIT - Retail
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