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 12.8× (Sep '26).
The price-to-sales ratio has risen from 6.9× (Mar '23) to 10.8× (Sep '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?
As of Sep '26, Simon Property Group traded at a price-to-earnings ratio of about 12.8× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. 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), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.