Simon Property Group (SPG) Stock Analysis & Winston Score

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.

Winston Score History

Politician Trades

9 trades / 12mo

6 Congressional buys and 3 sells on SPG in the last 12 months.

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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

+19.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+16.5% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

1.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$543M 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.

Share count broadly stable

−0.8% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 328.6M (2021) → 326.0M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

80.3%

Premium pricing power — 80.3% gross margin

Operating Margin

43.4%

Excellent — 43.4% operating margin

ROCE

2.3%

Weak — 2.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+10.9%

Steady sales growth (10.9% YoY)

EPS YoY

+128.5%

Earnings growing fast (128.5% YoY)

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

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

89%

Modest — 89% of profit becomes cash

FCF Margin

49.1%

Converts sales into free cash efficiently (49.1%)

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

Debt / Equity

5.81

Heavy debt load (5.81)

Interest Cover

3.14x

Tight — interest eats into profit (3.1x)

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

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Valuation

P/E Ratio (TTM)

15.9x

Fair value — P/E 15.9

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

P/E vs Forward

-13.6

SLOWING

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

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Dividends

Dividend Yield

3.81%

Moderate income — 3.81% yield

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

Dividend Growth

+5.4%

Dividend growing modestly (5.4% YoY)

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