15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 6.7% per year over the past 5 years.
Net income has grown faster than revenue (33.2% vs 6.7% per year).
Operating margin has expanded, at 49.9% in the latest year.
Free cash flow has grown 11.7% per year over the past 5 years.
Financial health
Total debt ($28.4B) exceeds cash ($823M); net debt is $27.6B.
Total debt has grown slower than revenue (1.2% vs 6.7% per year).
Operating income covered interest expense 3.3× in the latest year, up from 2.5× 5 years ago.
Total debt is 6.2× EBITDA.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
2025
$6.4B
$5.4B
0.0%
49.9%
103.0%
13.2%
$3.2B
$28.4B
$823M
2024
$6.0B
$2.7B
0.0%
51.9%
92.8%
8.4%
$3.1B
$24.3B
$1.4B
2023
$5.7B
$2.6B
0.0%
49.6%
86.6%
7.6%
$3.1B
$26.0B
$1.2B
2022
$5.3B
$2.5B
0.0%
48.8%
78.1%
7.4%
$3.1B
$25.0B
$622M
2021
$5.1B
$2.6B
0.0%
47.2%
76.4%
7.6%
$3.1B
$25.3B
$534M
2020
$4.6B
$1.3B
0.0%
42.8%
42.0%
3.7%
$1.8B
$26.7B
$1.0B
2019
$5.8B
$2.4B
0.0%
50.6%
95.9%
7.8%
$2.9B
$24.2B
$669M
2018
$5.6B
$2.8B
0.0%
51.8%
85.6%
9.2%
$3.0B
$23.3B
$514M
2017
$5.5B
$2.2B
0.0%
50.7%
60.9%
7.0%
$2.9B
$24.6B
$1.5B
2016
$5.4B
$2.1B
0.0%
50.1%
49.5%
6.9%
$2.6B
$23.0B
$560M
2015
$5.3B
$2.1B
0.0%
50.7%
47.8%
7.0%
$2.0B
$22.4B
$701M
2014
$4.9B
$1.7B
0.0%
49.0%
32.4%
5.6%
$1.9B
—
$612M
2013
$4.5B
$1.6B
0.0%
48.2%
26.5%
4.7%
—
—
$1.7B
2012
$4.3B
$1.7B
0.0%
47.1%
29.1%
5.3%
—
—
$1.2B
2011
$4.3B
$1.2B
0.0%
45.1%
26.8%
4.8%
—
$18.4B
$799M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
Jun '26
$1.8B
$574M
0.0%
46.0%
12.9%
1.4%
$959M
$28.7B
$1.0B
Mar '26
$1.8B
$569M
0.0%
43.4%
11.7%
1.4%
$625M
$28.2B
$543M
Dec '25
$1.8B
$3.5B
0.0%
49.7%
68.0%
8.7%
$949M
$28.4B
$823M
Sep '25
$1.6B
$703M
0.0%
50.8%
29.9%
2.1%
$685M
$25.8B
$1.6B
Jun '25
$1.5B
$644M
0.0%
49.7%
26.3%
1.9%
$971M
$25.4B
$1.2B
Mar '25
$1.5B
$478M
0.0%
49.4%
18.3%
1.5%
$597M
$24.8B
$1.4B
Dec '24
$1.6B
$772M
0.0%
52.8%
26.2%
2.4%
$868M
$24.3B
$1.4B
Sep '24
$1.5B
$547M
0.0%
51.9%
20.1%
1.6%
$706M
$25.4B
$2.2B
Jun '24
$1.5B
$569M
0.0%
51.7%
19.3%
1.7%
$875M
$25.3B
$1.2B
Mar '24
$1.4B
$841M
0.0%
51.0%
27.1%
2.5%
$610M
$25.5B
$1.3B
Dec '23
$1.5B
$859M
0.0%
51.9%
28.4%
2.5%
$858M
$26.0B
$1.2B
Sep '23
$1.4B
$681M
0.0%
49.2%
23.1%
2.1%
$708M
$24.9B
$769M
Jun '23
$1.4B
$558M
0.0%
48.0%
19.4%
1.7%
$908M
$25.0B
$837M
Mar '23
$1.4B
$519M
0.0%
49.1%
17.3%
1.6%
$663M
$25.6B
$1.2B
Dec '22
$1.4B
$773M
0.0%
48.9%
24.6%
2.3%
$748M
$25.0B
$622M
Sep '22
$1.3B
$622M
0.0%
49.6%
20.6%
1.9%
$786M
$24.6B
$602M
Jun '22
$1.3B
$569M
0.0%
49.0%
18.5%
1.7%
$946M
$24.9B
$541M
Mar '22
$1.3B
$488M
0.0%
47.9%
15.0%
1.5%
$637M
$25.2B
$515M
Dec '21
$1.3B
$574M
0.0%
44.6%
17.1%
1.7%
$776M
$25.3B
$534M
Sep '21
$1.3B
$779M
0.0%
47.2%
23.0%
2.3%
$684M
$25.6B
$438M
Valuation over time
How the market has priced SPG against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has fallen from 14.8× (Mar '23) to 13.4× (Nov '26).
The price-to-sales ratio has risen from 6.8× (Mar '23) to 11.3× (Nov '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Frequently asked questions
Is SPG growing its revenue and profit?
Over the past 5 years, Simon Property Group's revenue has grown 6.7% per year, and net income grown 33.2% per year. These are computed facts, not advice.
How much debt does SPG have?
As of FY2025, Simon Property Group reported $28.4B of total debt against $823M of cash; operating income covered interest expense 3.3×.
What is SPG's profit margin?
In FY2025, gross margin was —, operating margin 49.9%, and net margin 84.3%.
What is SPG's P/E ratio?
Simon Property Group's P/E (TTM) is 13.33 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the SPG stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 13.4× as of Nov '26) can differ. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.