Simon Property Group, Inc. (SPG) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Simon Property Group, Inc.

Updated on October 31, 2026 · accounts published on August 10, 2026

A highly profitable REIT with a well-covered, rising dividend and a heavy debt load

Simon Property trades at 11.8× fiscal 2025 FFO, below the 15× REIT threshold, and FFO covered the dividend 2.2 times.

• Is Simon Property expensive or cheap? At 11.8× fiscal 2025 FFO, Simon Property sits below the 15× level REITs pass, even after a 30 % rise in 12 months.
• How is the business doing? Revenue grew 6.7 % over the last 12 months, with a 47 % operating margin just under the 49 % average of fiscal 2014-2025.
• How strong is the balance sheet? Debt equals 72 % of assets in fiscal 2025, above the 60 % REITs consider healthy, though net debt is 3.6× EBITDA.
• What to expect from the next earnings? Simon Property reports on November 5, 2026; analysts expect EPS of $1.69 after a 9 % miss in the August report.
• Does FFO cover the dividend, and at what multiple does the stock trade? FFO covered the dividend 2.2 times in fiscal 2025, double the 1.1× floor that marks a healthy REIT payout.

Is Simon Property expensive or cheap?

Simon Property trades at 11.8× fiscal 2025 FFO of $18.53 per share. That is inside the 15× ceiling for a REIT at a fair multiple. Price to book looks steep at 15.9× over the last 12 months, but this comes from a thin equity base, with debt at 6.64 times equity, and does not mean the price is inflated. EV/EBITDA of 12.5× and a 5.5 % free cash flow yield over the same period tell the same story. The stock has gained 30 % in a year and sits 8 % below its 52-week high of $236.70, so much of the rerating has already happened.

How is the business doing?

Revenue rose 6.7 % over the last 12 months, a steady pace for a company of this size. The operating margin held at 47 %, about two points below both the fiscal 2025 margin of 50 % and the 49 % average of the twelve fiscal years from 2014 to 2025. Profitability has eased slightly but remains in line with its long-run pattern. Keeping nearly half of every revenue dollar as operating profit across more than a decade shows how durable the business has been. The small dip is something to track over the coming quarters. It is not yet a warning sign.

How strong is the balance sheet?

Leverage is the weak point. Debt reached 72 % of total assets in fiscal 2025, well above the 60 % considered healthy for a REIT. Debt to equity stands at 6.64 over the last 12 months. The cash flow view is calmer: net debt was 3.6× EBITDA in fiscal 2025, inside the 5× level rated excellent, so operating earnings carry the debt with room to spare. Shareholders collect a 4.1 % dividend yield over the last 12 months, and the dividend per share has risen for three consecutive fiscal years through 2025.

What to expect from the next earnings?

The next report comes on November 5, 2026, and analysts expect EPS of $1.69 for the quarter. The last release, on August 10, 2026, showed $1.49 against $1.64 expected, a 9.1 % miss, though Simon Property has beaten EPS estimates in 5 of the last 8 quarters. Forecasts are barely moving: the 2026 EPS consensus slipped 0.9 % in 30 days to $6.65, while the revenue consensus rose 0.9 %. Of 38 analysts, 16 rate the stock a buy, 20 a hold and 2 a sell.

Does FFO cover the dividend, and at what multiple does the stock trade?

In a REIT, EPS and the P/E mislead because property depreciation distorts accounting profit. That explains why Simon Property's P/E has ranged from 6.8× to 47.3× over the past decade. FFO adds depreciation back and gives a cleaner view: $18.53 per share in fiscal 2025, which covered the dividend 2.2 times against a healthy floor of 1.1×. The dividend took 62 % of operating cash flow, below the 80 % limit. On that cash measure, the stock trades at 11.8× FFO, inside the 15× range that passes for the sector.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.