Simon Property Group, Inc. (SPG) 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

+0.8%

$224.55

vs $222.84 price

Levered DCF

$154.58

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.74

Distress zone

Rating

B+

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	13.09×	23.72×	20.46×	18.02×	23.36×	23.75×	21.94×	21.32×
P/B	11.59×	19.09×	15.42×	12.27×	15.62×	8.66×	18.16×	15.78×
P/S	9.48×	9.42×	8.24×	7.28×	10.26×	5.71×	7.97×	9.21×
EV / EBITDA	11.19×	15.85×	14.73×	13.8×	16.05×	15.4×	15.07×	14.89×
Gross margin	85.7%	82.5%	81.8%	81.1%	81.0%	80.7%	82.2%	82.1%
Operating margin	49.9%	51.9%	49.6%	48.8%	47.2%	42.8%	50.6%	51.8%
Net margin	72.5%	39.8%	40.3%	40.4%	44.0%	24.1%	36.5%	43.2%
Current ratio	0.16×	0.83×	1.04×	0.66×	0.67×	0.68×	0.47×	0.45×
Debt / equity	5.6×	8.42×	8.77×	8.11×	7.68×	8.96×	9.77×	7.07×
Interest coverage	3.26×	3.41×	3.28×	3.39×	3.03×	2.51×	3.69×	3.59×
Dividend yield	5.4%	4.7%	5.2%	5.9%	4.5%	5.5%	5.6%	4.7%
Payout ratio	70.1%	111.6%	106.8%	105.8%	104.5%	129.9%	121.9%	100.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	88.6%	80.6%	75.5%	68.2%	66.9%	36.6%	83.2%	74.0%
Return on invested capital	8.5%	10.6%	8.8%	8.4%	7.4%	6.3%	10.2%	10.1%
Return on assets	11.4%	7.3%	6.7%	6.5%	6.7%	3.2%	6.7%	8.0%
Free cash flow yield	5.3%	5.4%	6.7%	8.1%	5.9%	7.0%	6.4%	5.7%
Earnings yield	7.6%	4.2%	4.9%	5.6%	4.3%	4.2%	4.6%	4.7%
Enterprise value	$88.7B	$79.5B	$72B	$63.3B	$77.8B	$52.6B	$69.9B	$74.8B
Net debt / EBITDA	3.58×	4.66×	5.19×	5.41×	5.22×	7.69×	5.18×	4.54×
Cash conversion cycle (days)	-731	-512	-509	-441	-435	-405	-413	-614