Simon Property Group Past Earnings Performance
Past criteria checks 4/6
Simon Property Group has been growing earnings at an average annual rate of 13.3%, while the Retail REITs industry saw earnings growing at 13.1% annually. Revenues have been growing at an average rate of 6.2% per year. Simon Property Group's return on equity is 80%, and it has net margins of 72.7%.
Key information
13.32%
Earnings growth rate
13.07%
EPS growth rate
| Retail REITs Industry Growth | 8.45% |
| Revenue growth rate | 6.17% |
| Return on equity | 80.00% |
| Net Margin | 72.66% |
| Next Earnings Update | 11 May 2026 |
Recent past performance updates
Recent updates
SPG: Future Returns Will Reflect Healthy Malls Buybacks And Leadership Change Risks
Analysts have nudged their blended price target for Simon Property Group higher to $208.55 from $206.30. This reflects recent research that points to updated retail REIT models after Q4 results, stronger mall operating metrics and a reassessment of valuation across the group.SPG: Future Returns Will Reflect Strong Malls Buybacks And Leadership Transition
Simon Property Group's fair value estimate edges up to $206.30 from $206.15, reflecting analysts' higher price targets across the Street as they refresh models after Q4 retail REIT updates and factor in solid operating metrics along with modest adjustments to discount rates and future P/E assumptions. Analyst Commentary Recent research updates cluster on the positive side for Simon Property Group, with most firms lifting price targets following Q4 retail REIT reporting and model refreshes.SPG: Future Returns Will Reflect Strong Mall Fundamentals And New Buyback Program
Analysts have nudged the fair value estimate for Simon Property Group to $206.15 from $205.40, reflecting a series of higher price targets across the Street that are supported by updated retail REIT models, firmer operating metrics, and expectations for steadier revenue growth despite slightly lower profit margin assumptions. Analyst Commentary Recent Street research on Simon Property Group reflects a generally constructive stance on the stock, with higher fair value and price targets supported by updated REIT models, refreshed mall sector views, and revised funds from operations assumptions.SPG: Future Returns Will Reflect Mall Strength And Mixed 2026 REIT Sentiment
Analysts have nudged their blended fair value estimate for Simon Property Group to about $205 from roughly $202, reflecting updated Q4 models that factor in slightly lower discount rates, modestly higher revenue growth assumptions, a revised profit margin outlook, and Street price target increases across several firms. Analyst Commentary Recent Street research on Simon Property Group has centered on refreshed models after Q4 reporting season, updated views on mall operating metrics, and shifting expectations for the broader retail REIT group.SPG: Future Returns Will Balance Redevelopment Progress And Mixed 2026 REIT Outlook
Our analyst fair value estimate for Simon Property Group has been nudged up by $1.70 to $201.75. This reflects updated modeling as analysts lift price targets following recent sector wide REIT revisions and company specific reassessments around revenue growth, profitability, and forward P/E assumptions.Simon Property Group: Firing On All Cylinders, But Strong Performance Looks Priced In Already
Feb 18SPG: Future Returns Will Reflect Redevelopment And Balanced 2026 REIT Sector Views
Analysts have nudged their price target for Simon Property Group higher to $200.05 from $197.15, citing updated assumptions around modestly stronger revenue growth, a slightly higher discount rate, stable profit margins, and a somewhat lower future P/E multiple, informed by a series of recent target increases across major firms. Analyst Commentary Recent research on Simon Property Group has become more active, with several firms adjusting price targets and, in some cases, ratings as they refresh models for 2026 and incorporate the latest sector views on U.S. REITs. Bullish Takeaways Bullish analysts are lifting price targets into a range that now stretches above the current blended target, reflecting updated assumptions on revenue and profitability that they see as supportive of Simon's valuation.SPG: Future Returns Will Reflect Redevelopment And Mixed Analyst 2026 REIT Outlook
Analysts have nudged our fair value estimate for Simon Property Group up by about US$3 to US$197.15, reflecting slightly higher assumptions for revenue growth, profit margins, and future P/E after a series of recent price target increases across the Street. Analyst Commentary Recent Street research on Simon Property Group has centered on refreshed price targets for 2026 and updated sector views within the REIT universe.SPG: Future Returns Will Reflect Redevelopment Progress And Anticipated 2026 REIT Turnaround
Narrative Update Our analyst price target framework for Simon Property Group now points to a fair value of US$194.05, a modest US$0.60 adjustment. This reflects analysts factoring in updated REIT models and recent target increases from several firms, which are tied to expectations for a sector turnaround and solid Q3 earnings season commentary.SPG: Future Performance Will Reflect Redevelopment Progress And Measured Premium Mall Expansion
Analysts have nudged their consolidated price target for Simon Property Group modestly higher, with multiple firms lifting estimates in the roughly $6 to $10 per share range to reflect strong Q3 REIT earnings, updated sector models, and improved expectations following recent capital markets activity and transactions. Analyst Commentary Recent Street research reflects a generally constructive outlook on Simon Property Group, with several bullish analysts lifting price targets into the high $180s to low $200s range as they refresh sector models following Q3 results and capital markets activity.SPG: Recent Earnings And Premium Retail Expansion Will Shape Share Performance
Analysts have modestly raised their price target for Simon Property Group from $192 to $193.45. This reflects recent upward adjustments in sector models following strong earnings and ongoing positive momentum in real estate investment trusts.SPG: New Luxury Project And Dividend Boost Will Influence Investor Sentiment
Analysts have raised their price target for Simon Property Group from $188.40 to $192.00. This reflects recent positive updates to sector models and company fundamentals.SPG: Recent Capital Markets Moves Will Shape Mixed-Use Retail Direction
Simon Property Group's analyst price target rose modestly to $188.40 per share from $186.45. Analysts cited recent refinements based on updated earnings projections, profit margins, and adjustments to broader sector valuation models.Urban Redevelopment Will Boost Mixed-use Retail Appeal
Analysts raised Simon Property Group’s price target due to stronger Q2 results, improved capital markets activity, and higher near-term FFO estimates, despite some valuation and macro concerns, resulting in a modest increase in consensus fair value from $184.55 to $186.45. Analyst Commentary Bullish analysts raised price targets citing recent capital markets activity, positive transactions, and Q2 2025 business refinements impacting forward guidance.Urban Redevelopment Will Boost Mixed-use Retail Appeal
Simon Property Group’s consensus price target saw a modest upward revision to $184.55 as analysts updated FY25/FY26 FFO estimates following strong Q2 results and sector-wide REIT outperformance, while some valuation-based downgrades reflect caution amidst macro risks. Analyst Commentary Price target increases by bullish analysts reflect updated FY25 and FY26 Funds From Operations (FFO) estimates following solid Q2 results.Simon Property Group: Price Drop Is A Major Opportunity For Long-Term Investors
Apr 17Simon Property Group: 5.2% Dividend Yield As U.S. Recession Fears Spike
Mar 24Simon Property Group: Price Drop Creates Opportunity
Mar 13Simon Property Group: The Mall Isn't Dead After Strong Earnings And Continued Dividend Increases
Feb 06SPG: The Common Shares Are Our Preferred Choice, Though They Are No Longer A Bargain
Jan 17Simon Property Group: Still An Opportunistic Buy For Long-Term Investors
Dec 12Simon Property Group Is Still Undervalued
Nov 14Simon Property Group: Inexpensive And Still Increasing The Dividend Yielding Around 5%
Nov 04Simon Property Group: The Rebirth Of Malls Is Experiential
Oct 24Simon Property Group: Cheap Dividend Growth
Sep 23Simon Property Group: Why Momentum Might Be In The Cards
Sep 03Simon Property Group: Not The Best Investment At This Point
Aug 18Simon Property Group: Still In My Portfolio But Certainly Not Adding More
Jul 13Simon Property Group Can Go Higher After Increased Dividend And 2024 Guidance
Jun 07Simon Property Group Q1 Results: A 'Hold' Due To Its Premium Valuation
May 07Simon Property: Time To Take Some Profit
Apr 21I Added Simon Property Group's 5.4% Dividend Yield To My Shopping
Apr 15Simon Property Group: I'd Be Careful Here Due To Valuation (Rating Downgrade)
Mar 24Simon Property Group: Strong Fundamentals Make This REIT A Buy And Hold
Mar 18Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Simon Property Group makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Dec 25 | 6,365 | 4,624 | 468 | 0 |
| 30 Sep 25 | 6,155 | 2,243 | 457 | 0 |
| 30 Jun 25 | 6,034 | 2,112 | 435 | 0 |
| 31 Mar 25 | 5,994 | 2,050 | 427 | 0 |
| 31 Dec 24 | 5,964 | 2,368 | 413 | 0 |
| 30 Sep 24 | 5,909 | 2,448 | 399 | 0 |
| 30 Jun 24 | 5,839 | 2,567 | 388 | 0 |
| 31 Mar 24 | 5,751 | 2,560 | 381 | 0 |
| 31 Dec 23 | 5,659 | 2,280 | 373 | 0 |
| 30 Sep 23 | 5,531 | 2,206 | 356 | 0 |
| 30 Jun 23 | 5,436 | 2,151 | 349 | 0 |
| 31 Mar 23 | 5,346 | 2,161 | 332 | 0 |
| 31 Dec 22 | 5,291 | 2,136 | 327 | 0 |
| 30 Sep 22 | 5,216 | 1,966 | 329 | 0 |
| 30 Jun 22 | 5,196 | 2,107 | 345 | 0 |
| 31 Mar 22 | 5,171 | 2,227 | 343 | 0 |
| 31 Dec 21 | 5,115 | 2,246 | 329 | 0 |
| 30 Sep 21 | 4,920 | 2,015 | 325 | 0 |
| 30 Jun 21 | 4,684 | 1,481 | 289 | 0 |
| 31 Mar 21 | 4,490 | 1,117 | 270 | 0 |
| 31 Dec 20 | 4,602 | 1,109 | 293 | 0 |
| 30 Sep 20 | 4,960 | 1,348 | 302 | 0 |
| 30 Jun 20 | 5,314 | 1,746 | 335 | 0 |
| 31 Mar 20 | 5,648 | 1,987 | 371 | 0 |
| 31 Dec 19 | 5,671 | 2,098 | 375 | 0 |
| 30 Sep 19 | 5,635 | 2,301 | 366 | 0 |
| 30 Jun 19 | 5,607 | 2,313 | 357 | 0 |
| 31 Mar 19 | 5,598 | 2,365 | 345 | 0 |
| 31 Dec 18 | 5,645 | 2,437 | 334 | 0 |
| 30 Sep 18 | 5,594 | 2,295 | 369 | 0 |
| 30 Jun 18 | 5,611 | 2,253 | 368 | 0 |
| 31 Mar 18 | 5,587 | 2,088 | 374 | 0 |
| 31 Dec 17 | 5,527 | 1,945 | 338 | 0 |
| 30 Sep 17 | 5,539 | 1,768 | 395 | 0 |
| 30 Jun 17 | 5,492 | 1,759 | 407 | 0 |
| 31 Mar 17 | 5,444 | 1,832 | 409 | 0 |
| 31 Dec 16 | 5,435 | 1,836 | 405 | 0 |
| 30 Sep 16 | 5,388 | 1,833 | 402 | 0 |
| 30 Jun 16 | 5,351 | 1,749 | 400 | 0 |
| 31 Mar 16 | 5,387 | 1,766 | 408 | 0 |
| 31 Dec 15 | 5,258 | 1,824 | 389 | 0 |
| 30 Sep 15 | 5,174 | 1,837 | 386 | 0 |
| 30 Jun 15 | 5,089 | 1,669 | 389 | 0 |
Quality Earnings: SPG has a large one-off gain of $2.7B impacting its last 12 months of financial results to 31st December, 2025.
Growing Profit Margin: SPG's current net profit margins (72.7%) are higher than last year (39.7%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: SPG's earnings have grown by 13.3% per year over the past 5 years.
Accelerating Growth: SPG's earnings growth over the past year (95.3%) exceeds its 5-year average (13.3% per year).
Earnings vs Industry: SPG earnings growth over the past year (95.3%) exceeded the Retail REITs industry 36.8%.
Return on Equity
High ROE: Whilst SPG's Return on Equity (80%) is outstanding, this metric is skewed due to their high level of debt.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/01 11:32 |
| End of Day Share Price | 2026/05/01 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Simon Property Group, Inc. is covered by 43 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Jacob Kilstein | Argus Research Company |
| Richard Hightower | Barclays |
| William Acheson | Benchmark Company |