Tanger Inc. (SKT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+27.0%

$47.94

vs $37.75 price

Levered DCF

$44.72

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.39

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	33.04×	38.35×	29.49×	23×	241×	-24.9×	15.84×	44.93×
P/B	5.34×	5.7×	5.12×	3.78×	4.05×	2.7×	3.16×	3.93×
P/S	6.48×	7.07×	6.25×	4.2×	4.54×	2.37×	2.86×	3.81×
EV / EBITDA	16.18×	17.15×	16.93×	12.93×	18.91×	17.54×	10.79×	14.83×
Gross margin	69.7%	69.8%	68.7%	67.5%	67.0%	64.8%	67.0%	67.6%
Operating margin	30.2%	28.6%	28.8%	26.0%	25.8%	0.0%	58.3%	18.9%
Net margin	19.7%	18.7%	21.4%	18.5%	2.1%	-9.3%	18.4%	8.8%
Current ratio	0.3×	0.44×	0.17×	2.53×	1.73×	0.96×	0.21×	0.48×
Debt / equity	2.39×	2.31×	2.69×	3.08×	3.11×	4.86×	3.83×	3.57×
Interest coverage	2.66×	2.48×	2.79×	2.45×	2.08×	0×	4.52×	1.44×
Dividend yield	3.5%	3.2%	3.6%	4.5%	3.7%	7.2%	9.7%	7.0%
Payout ratio	115.2%	122.0%	104.7%	102.6%	794.3%	-183.5%	151.0%	300.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.2%	15.1%	17.5%	16.7%	1.9%	-10.6%	20.3%	9.1%
Return on invested capital	7.0%	6.6%	6.1%	5.5%	5.3%	0.0%	12.7%	4.3%
Return on assets	4.3%	4.1%	4.3%	3.7%	0.4%	-1.7%	3.8%	1.8%
Free cash flow yield	7.8%	4.2%	7.5%	9.0%	8.9%	14.8%	13.2%	10.7%
Earnings yield	3.0%	2.7%	3.4%	4.4%	0.5%	-3.9%	6.4%	2.3%
Enterprise value	$5.4B	$5.2B	$4.4B	$3.2B	$3.3B	$2.5B	$3B	$3.6B
Net debt / EBITDA	4.97×	4.84×	5.8×	5.33×	7.68×	11.06×	5.89×	7.04×
Cash conversion cycle (days)	0	0	0	0	0	0	0	-201