Simon Property Group Inc. (SPG) intrinsic value & 10-year financials
Simon Property Group Inc. (SPG) has a Graham intrinsic value of $299.51 per share. At $205.44 on Oct 17, 2026, the stock trades 31% below that value. Over the last 10 fiscal years revenue grew 1.8% a year to $6.4B, with an average return on invested capital of 9.1%.
- Graham intrinsic value
- $299.51
- Share price (Oct 17, 2026)
- $205.44
- Price vs Graham value
- 31% below
- Market cap
- $67.0B
- Revenue (FY2025)
- $6.4B
- Revenue growth (10-yr CAGR)
- 1.8%
- ROIC (10-yr avg)
- 9.1%
- Free cash flow (FY2025)
- $3.2B
SPG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $6.4B | $5.4B | $14.17 | $3.2B | 49.9% | 10.8% |
| FY2024 | $6.0B | $2.7B | $7.26 | $3.1B | 51.9% | 11.5% |
| FY2023 | $5.7B | $2.6B | $6.98 | $3.1B | 49.6% | 9.9% |
| FY2022 | $5.3B | $2.5B | $6.52 | $3.1B | 48.8% | 8.8% |
| FY2021 | $5.1B | $2.6B | $6.84 | $3.1B | 47.2% | 9.0% |
| FY2020 | $4.6B | $1.3B | — | $1.8B | 42.8% | 4.7% |
| FY2019 | $5.8B | $2.4B | — | $2.9B | 50.5% | 9.3% |
| FY2018 | $5.7B | $2.8B | — | $3.0B | 51.5% | 10.7% |
| FY2017 | $5.5B | $2.2B | — | $2.9B | 50.6% | 8.4% |
| FY2016 | $5.4B | $2.1B | — | $2.6B | 50.1% | 8.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Simon Property Group has demonstrated mature, steady growth, with revenue compounding at 1.8% annually over the past decade.
Simon Property Group returns on capital have been average, hovering around 9.1% ROIC over the decade.
Simon Property Group has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Simon Property Group is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $299.51 per share.