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Arphra AIPlain-English read on Simon Property Group, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $5.12B | $5.29B | $5.66B | $5.96B | $6.36B | $6.58B | $6.79B | $6.87B | $7.35B |
| Cost of revenue | $971.06M | $1B | $1.03B | $1.04B | $909.14M | $1.1B | $1.16B | $1.14B | $1.22B |
| Gross profit | $4.15B | $4.29B | $4.63B | $4.92B | $5.46B | $5.4B | $5.64B | $5.63B | $6.01B |
| Gross margin | +81.02% | +81.08% | +81.83% | +82.50% | +85.72% | +82.11% | +83.05% | +81.95% | +81.79% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $144.64M | $142.76M | $165.86M | $189.29M | $281.55M | $230.55M | $239.37M | $243.06M | $261.56M |
| Total operating expenses | $1.73B | $1.71B | $1.82B | $1.83B | $2.28B | $2.21B | $2.22B | $2.27B | $2.35B |
| Operating income | $2.41B | $2.58B | $2.81B | $3.09B | $3.18B | $3.29B | $3.46B | $3.53B | $3.72B |
| Operating margin | +47.16% | +48.83% | +49.60% | +51.86% | +49.89% | +49.99% | +50.99% | +51.43% | +50.56% |
| EBITDA | $4.85B | $4.59B | $4.89B | $5.02B | $7.86B | $6.3B | $6.85B | $6.8B | $7.12B |
| EBIT | $3.52B | $3.3B | $3.55B | $3.66B | $6.37B | $4.98B | $4.93B | $5.28B | $5.53B |
| Below the line | |||||||||
| Interest expense | $795.71M | $761.25M | $854.65M | $905.8M | $974.84M | $976.58M | $1.06B | $1.07B | $1.09B |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $312.72M | -$47.66M | -$108.13M | -$340.51M | $2.22B | — | — | — | — |
| Pre-tax income | $2.73B | $2.54B | $2.7B | $2.75B | $5.4B | $3.86B | $3.96B | $4.11B | $4.3B |
| Income tax expense | $157.2M | $83.51M | $81.87M | $23.26M | $35.79M | $58.05M | $62.01M | $60.56M | $65.26M |
| Earnings | |||||||||
| Net income | $2.25B | $2.14B | $2.28B | $2.37B | $4.61B | $3.25B | $3.34B | $3.39B | $3.66B |
| Net income · continuing ops | $2.57B | $2.45B | $2.62B | $2.73B | $5.36B | $3.92B | $4B | $3.95B | $4.21B |
| Net margin | +43.97% | +40.43% | +40.35% | +39.75% | +72.51% | +49.42% | +49.22% | +49.32% | +49.79% |
| EPS · basic | $6.84 | $6.52 | $6.97 | $7.26 | $14.14 | $6.75 | $7.08 | $7.40 | $7.00 |
| EPS · diluted | $6.84 | $6.52 | $6.98 | $7.26 | $14.14 | $6.76 | $7.00 | $7.46 | $6.91 |
| EPS · low estimate | — | — | — | — | — | $6.72 | $6.91 | $7.44 | $6.42 |
| EPS · high estimate | — | — | — | — | — | $6.79 | $7.15 | $7.48 | $7.17 |
| Shares · basic | 328.59M | 327.82M | 326.81M | 326.1M | 326.02M | 326.38M | 326.65M | 327.93M | 323.24M |
| Shares · diluted | 328.59M | 327.82M | 326.81M | 326.1M | 326.02M | 328.55M | 323.75M | 324.31M | 327.58M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 7 | 7 | 4 | 3 |
| Analysts (EPS) | — | — | — | — | — | 5 | 6 | 2 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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