Explain this page
Arphra AIPlain-English read on Simon Property Group, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +81.02% | +81.08% | +81.83% | +82.50% | +85.72% | +82.11% | +83.05% | +81.95% | +81.79% |
| Operating margin | +47.16% | +48.83% | +49.60% | +51.86% | +49.89% | +49.99% | +50.99% | +51.43% | +50.56% |
| EBITDA margin | +94.74% | +86.73% | +86.36% | +84.14% | +123.46% | +95.80% | +100.80% | +98.89% | +96.92% |
| EBIT margin | +68.82% | +62.31% | +62.80% | +61.34% | +100.16% | +75.72% | +72.52% | +76.89% | +75.17% |
| Pre-tax margin | +53.27% | +47.92% | +47.69% | +46.15% | +84.84% | +58.65% | +58.29% | +59.82% | +58.52% |
| Net margin | +43.97% | +40.43% | +40.35% | +39.75% | +72.51% | +49.42% | +49.22% | +49.32% | +49.79% |
| Cost structure | |||||||||
| Cost of revenue / sales | +18.98% | +18.92% | +18.17% | +17.50% | +14.28% | +16.69% | +17.02% | +16.55% | +16.64% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +2.83% | +2.70% | +2.93% | +3.17% | +4.42% | +3.50% | +3.52% | +3.54% | +3.56% |
| Effective tax rate | +5.77% | +3.29% | +3.03% | +0.85% | +0.66% | +1.50% | +1.57% | +1.47% | +1.52% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +51.12% | +55.95% | +61.91% | +65.87% | +68.82% | +63.39% | +65.84% | +65.65% | +65.35% |
| Return on assets (ROA) | +6.66% | +6.48% | +6.66% | +7.32% | +11.37% | +8.06% | +8.45% | +8.35% | +8.55% |
| Return on capital (ROC) | +7.98% | +8.82% | +9.29% | +10.90% | +8.85% | +9.59% | +9.88% | +9.76% | +9.71% |
| Return on invested capital (ROIC) | +7.44% | +7.31% | +7.56% | +8.35% | +12.86% | +9.48% | +9.53% | +9.36% | +9.57% |
| Asset turnover | +15.15% | +16.03% | +16.51% | +18.40% | +15.67% | +16.31% | +17.18% | +16.93% | +17.17% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +43.97% | +40.43% | +40.35% | +39.75% | +72.51% | +49.42% | +49.22% | +49.32% | +49.79% |
| Asset turnover (× revenue / assets) | +15.15% | +16.03% | +16.51% | +18.40% | +15.67% | +16.31% | +17.18% | +16.93% | +17.17% |
| Equity multiplier (× assets / equity) | +767.54% | +863.29% | +929.70% | +900.30% | +605.58% | +786.34% | +778.79% | +786.24% | +764.41% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.15 | 0.16 | 0.17 | 0.18 | 0.16 | 0.16 | 0.17 | 0.17 | 0.17 |
| Fixed-asset turnover | 10.15 | 10.65 | 11.69 | 11.48 | 0.21 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 3.51 | 3.56 | 3.99 | 4.17 | 6.81 | — | — | — | — |
| Payables turnover | 0.68 | 0.67 | 0.61 | 0.61 | 0.47 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 103.99 | 102.49 | 91.55 | 87.43 | 53.57 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 538.71 | 543.91 | 600.98 | 599.04 | 784.65 | — | — | — | — |
| Cash conversion cycle | -434.72 | -441.41 | -509.42 | -511.61 | -731.08 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.62 | 1.76 | 1.72 | 1.61 | 0.97 | 1.39 | 1.34 | 1.38 | 1.34 |
| FCF / Net income | 1.38 | 1.46 | 1.37 | 1.29 | 0.77 | 1.13 | 1.08 | 1.13 | 1.07 |
| FCF margin | +60.77% | +58.90% | +55.44% | +51.29% | +56.02% | +55.85% | +53.14% | +55.81% | +53.32% |
| OCF margin | +71.09% | +71.18% | +69.46% | +63.96% | +70.35% | +68.85% | +65.95% | +68.13% | +66.83% |
| CapEx / Revenue | +10.32% | +12.28% | +14.02% | +12.67% | +14.33% | +13.60% | +13.77% | +13.71% | +13.91% |
| CapEx / D&A | 0.40 | 0.50 | 0.63 | 0.56 | 0.64 | — | — | — | — |
| Stock-based comp / Revenue | +0.48% | +0.47% | 0.00% | 0.00% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 6.84 | 6.52 | 6.98 | 7.26 | 14.14 | 6.76 | 7.00 | 7.46 | 6.91 |
| EPS · basic | 6.84 | 6.52 | 6.97 | 7.26 | 14.14 | 6.75 | 7.08 | 7.40 | 7.00 |
| Book value / share | 13.39 | 11.66 | 11.28 | 11.04 | 20.57 | 15.61 | 15.69 | 15.92 | 17.10 |
| Tangible BV / share | 13.23 | 11.55 | 11.20 | 10.97 | 20.57 | 15.61 | 15.69 | 15.92 | 17.10 |
| Sales / share | 15.57 | 16.14 | 17.32 | 18.29 | 19.52 | 20.03 | 20.98 | 21.19 | 22.44 |
| Operating CF / share | 11.07 | 11.49 | 12.03 | 11.70 | 13.73 | 13.79 | 13.84 | 14.44 | 15.00 |
| Free cash flow / share | 9.46 | 9.51 | 9.60 | 9.38 | 10.94 | 11.18 | 11.15 | 11.83 | 11.96 |
| Dividends / share | 1.03 | 1.00 | 7.46 | 8.11 | 8.57 | 8.65 | 9.42 | 9.20 | 9.67 |
| Payout ratio | +14.98% | +15.26% | +106.84% | +111.57% | +60.52% | +87.39% | +91.17% | +88.07% | +86.53% |
| Retention ratio | +85.02% | +84.74% | -6.84% | -11.57% | +39.48% | +12.61% | +8.83% | +11.93% | +13.47% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +3.41% | +6.94% | +5.39% | +6.72% | +3.38% | +3.25% | +1.16% | +6.97% | +4.63% |
| Gross profit · YoY | — | +3.49% | +7.92% | +6.26% | +10.87% | -0.97% | +4.44% | -0.19% | +6.77% | +4.76% |
| Profit | ||||||||||
| Operating income · YoY | — | +7.06% | +8.65% | +10.18% | +2.67% | +3.58% | +5.31% | +2.02% | +5.17% | +5.55% |
| EBITDA · YoY | — | -5.33% | +6.49% | +2.68% | +56.59% | -19.78% | +8.64% | -0.76% | +4.84% | +4.93% |
| Net income · YoY | — | -4.89% | +6.71% | +3.84% | +94.65% | -29.54% | +2.83% | +1.37% | +8.00% | +6.27% |
| Operating | ||||||||||
| EBIT · YoY | — | -6.37% | +7.78% | +2.94% | +74.26% | -21.84% | -1.11% | +7.25% | +4.58% | +5.79% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -4.68% | +7.06% | +4.01% | +94.77% | -52.21% | +3.63% | +6.53% | -7.37% | +0.13% |
| EPS · basic · YoY | — | -4.68% | +6.90% | +4.16% | +94.77% | -52.24% | +4.85% | +4.44% | -5.37% | +0.29% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $25.83B | $25.46B | $26.52B | $24.78B | $29.19B | $29.16B | $30B | $31.05B | $32.67B |
| Net debt | $25.29B | $24.84B | $25.35B | $23.38B | $28.36B | $27.91B | $28.73B | $29.72B | $31.28B |
| Net debt / EBITDA | 5.22 | 5.41 | 5.19 | 4.66 | 3.61 | 4.43 | 4.20 | 4.37 | 4.39 |
| Debt / equity | 5.87 | 6.66 | 7.19 | 6.89 | 4.35 | 5.68 | 5.91 | 6.01 | 5.83 |
| Debt / assets | +76.47% | +77.12% | +77.35% | +76.48% | +71.88% | +72.29% | +75.84% | +76.49% | +76.30% |
| Equity / assets | +13.03% | +11.58% | +10.76% | +11.11% | +16.51% | +12.72% | +12.84% | +12.72% | +13.08% |
| Coverage | |||||||||
| EBITDA / interest expense | 6.09 | 6.03 | 5.72 | 5.54 | 8.06 | 6.45 | 6.44 | 6.36 | 6.55 |
| Operating income / interest | 3.03 | 3.39 | 3.28 | 3.41 | 3.26 | 3.37 | 3.26 | 3.31 | 3.42 |
| Interest expense | $795.71M | $761.25M | $854.65M | $905.8M | $974.84M | $976.58M | $1.06B | $1.07B | $1.09B |
| Liquidity | |||||||||
| Current ratio | 0.67 | 0.66 | 1.04 | 0.83 | 0.16 | — | — | — | — |
| Quick ratio | 0.57 | 0.66 | 1.04 | 0.83 | 0.16 | — | — | — | — |
| Cash ratio | 0.15 | 0.19 | 0.34 | 0.41 | 0.07 | — | — | — | — |
| Working capital | -$1.17B | -$1.09B | $132.36M | -$566.36M | -$9.25B | — | — | — | — |
| Working capital / revenue | -22.89% | -20.52% | +2.34% | -9.50% | -145.26% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).