Simon Property GroupSPGRevenue: is the business selling more than it used to?
$6.4B+7% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $6.4B in 2025, compounding +6% a year since 2022 and the pace is picking up. The trailing twelve months are already running at $6.9B, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Simon Property GroupSPGNet income: how much of that revenue becomes profit?
$5.4B+97% YoYFY 2025
→Net income was $5.4B in 2025, compounding +30% a year over three years. Earnings per share moved +121% over the last twelve months.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Simon Property GroupSPGHow fast is it growing, year by year?
+6.7%revenue growth, FY 2025
→Revenue grew +7% in 2025 against a five-year average of +7%. Earnings grew faster (+97%), so each new dollar of sales is arriving more profitably.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Simon Property GroupSPGRevenue per share: is your slice growing as fast as the company?
$19.50revenue per share, FY 2025
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Revenue per share reached $19.50 in 2025, compounding +7% a year - in line with SPG's own +6%, so the share count is not distorting your slice.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Simon Property GroupSPGMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Operating margin has held near 50% since 2022. After everything, 84 cents of each sales dollar reaches net profit. SPG doesn't tag a gross-profit line in its filings, so the chart starts at operating margin.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Simon Property GroupSPGWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→SPG earns 121% on shareholders' capital. Return on capital employed isn't meaningful for this business model, so ROE carries the picture alone.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Simon Property GroupSPGWhat has the market paid for SPG over time?
12.7xP/E today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 12.7x earnings, the market is paying about what it has typically paid SPG's own 8-year median of 14.0x. Neither a bargain nor a stretch by its own standard.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Simon Property GroupSPGCould it handle its debt if things went wrong?
◌ 2026 = the latest balance sheet (2026-06-30), not a fiscal year-end
→Debt of $28.7B sits against $1.0B of cash, or 6.5x shareholders' equity. Earnings cover interest 3.1 times - adequate, with less room than it looks in a downturn.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Simon Property GroupSPGIs the company's own capital growing?
→The company's own capital grew from $3.0B in 2023 to $4.4B (+47%). The business is building book value rather than consuming it.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Simon Property GroupSPGHow much goes back, and how much leaks out as stock comp?
→Shareholders received $227M in buybacks in 2025.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Simon Property GroupSPGHow fast is your ownership being diluted - or concentrated?
→The share count grew 0.1% in 2025. Your slice of the company shrinks by that much each year unless earnings grow faster.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Simon Property GroupSPGDoes SPG earn more on its capital than that capital costs?
→SPG earns 103.0% on the capital it employs, well above the 10% most investors treat as the cost of capital. It was 78.1% in 2022, so the trend is up, and the pace is picking up. That is the highest in SPG's filed history.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Simon Property GroupSPGSPG has issued or retired shares - did shareholders end up better off?
→SPG issued +44% more shares from 2008 to 2025, but FFO per share still rose +164%. The dilution bought more growth than it cost existing holders.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Simon Property GroupSPGWhat does SPG really earn on its properties?
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→SPG generated $6.8B of funds from operations in 2025, growing +23% a year over three years. FFO adds back depreciation because a REIT's buildings do not really wear out the way the accounts assume. Per share that is $20.81, +164% since 2011 - the number REIT investors actually compare.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Simon Property GroupSPGAre the people running it buying or selling?
→Insiders bought $729,717 of stock on the open market and sold nothing. Buying with their own money is the one insider signal that is hard to explain away. A further 25 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30