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Tanger

SKT
61
REIT - Retail · Real Estate
Also trades as: 0LD4.L GBP 0.36 (+2.03%)
Price
$36.06
-0.05 (-0.14%)
Market Cap
$4.14B
Exchange
New York Stock Exchange
Winston Score
61
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
22/30
Growth
Strong
15/20
Cash Flow
Exceptional
10/10
Stability
Mixed
3/10
Valuation
Weak
2/10
Ownership
Mixed
6/15
Dividends
Good
3/5

61 of 100 counted points = Winston Score 61.

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Share count rising — dilution

+12.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 102.0M (2021) → 114.6M (2025)

§Winston Score History

The full picture

Tanger Inc. owns and operates open-air outlet shopping centers across the United States and Canada. These malls are filled with brand-name stores like Nike, Gap, and Coach, where shoppers can buy discounted merchandise directly from the brands. Tanger is one of the largest outlet center operators in North America, with roughly 40 shopping centers in its portfolio.

Tanger makes money by collecting rent from the retail tenants that lease space in its centers. It operates as a Real Estate Investment Trust (REIT), which means it is required to pay out most of its profits to shareholders as dividends. Its main competitive advantage is its established relationships with major brands and its well-located properties in high-traffic tourist and suburban areas. The key risk Tanger faces is the ongoing shift toward online shopping, which puts pressure on physical retailers and could lead to store closures or weaker demand for outlet space over time.

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Growth Profile

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

Revenue Growth

+11.2% YoY

YoY Growth Rate

Steady revenue growth

Reported EPS Growth

+7.4% YoY

Quarterly reporting periods ended:

30 Jun 2025: $0.27

30 Jun 2026: $0.29

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

2.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$260M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Tanger is a rare growth stock that's already generating positive cash flow while growing at 11%. 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
70.9%
Premium pricing power — 70.9% gross margin
Profit after running costs
Operating Margin
31.0%
Excellent — 31.0% operating margin
Return on the money invested
ROCE
7.3%
Weak — 7.3% 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
+14.1%
Fast-growing sales (+14.1% YoY)
Profit growth
EPS YoY
+22.0%
Earnings growing fast (+22.0% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
235%
Turns 235% of profit into real cash
Spare cash per sale
FCF Margin
35.3%
Converts sales into free cash efficiently (35.3%)

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
2.76
Heavy debt load (2.76)
Covers its interest
Interest Cover
2.56x
Tight — interest eats into profit (2.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
32.5x
Pricey — P/E 32.5

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
-2.3
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
3.56%
Moderate income — 3.56% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+6.6%
Dividend growing modestly (6.6% YoY)
Payout Ratio
107%
no trend
Paying out more than the last 12 months of profit. The dividend is being funded from cash or borrowing, not this year’s earnings.

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