Simon Property Group

SPG

REIT - Retail · Real Estate

Also trades as: 0L6P.L

Exchange

New York Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Strong

Stability

Weak

Valuation

Mixed

Dividends

Strong

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Winston Score History

The full picture

Simon Property Group owns and operates shopping malls and outlet centers across the United States and in several other countries. Its properties include well-known destinations like Premium Outlets and The Mills, which attract both everyday shoppers and major retail brands as tenants. It is the largest retail real estate investment trust (REIT) in the United States by market value.

Simon makes money primarily by leasing space to retailers, restaurants, and entertainment businesses inside its properties, collecting rent and a share of tenant sales. It operates roughly 190 properties across the U.S., along with investments in Europe and Asia, and generates strong margins partly because its premium locations are difficult for competitors to replicate. The key risk is that continued growth in online shopping could reduce foot traffic and make it harder for retailers to justify paying high rents, which would pressure Simon's revenue over time.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+19.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-12.4% YoY

YoY Growth Rate

Earnings declining

Insider Activity

1.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$6.4B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Simon Property Group is a rare growth stock that's already generating positive cash flow while growing at 19%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

81.2%

Premium pricing power — 81.2% gross margin

Profit after running costs

Operating Margin

48.8%

Excellent — 48.8% operating margin

Return on the money invested

ROCE

10.1%

Below par — 10.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+15.0%

Fast-growing sales (+15.0% YoY)

Profit growth

EPS YoY

+118.5%

Earnings growing fast (+118.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

87%

Modest — 87% of profit becomes cash

Spare cash per sale

FCF Margin

46.8%

Converts sales into free cash efficiently (46.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

6.47

Heavy debt load (6.47)

Covers its interest

Interest Cover

3.12x

Tight — interest eats into profit (3.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

15.6x

no trend

Fair value — P/E 15.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-13.5

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

4.01%

no trend

Healthy income — 4.01% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+5.3%

no trend

Dividend growing modestly (5.3% YoY)

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