Tanger

SKT

REIT - Retail · Real Estate

Price

$41.78

+0.10 (+0.24%)

Market Cap

$4.80B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

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)

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.

Winston Score History

Politician Trades

2 trades / 12mo

1 Congressional buy and 1 sell on SKT 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

+11.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+47.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

2.5%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$2.5B 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

Gross Margin

15.3%

Thin — 15.3% gross margin

Operating Margin

28.7%

Excellent — 28.7% operating margin

ROCE

1.7%

Weak — 1.7% 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

+26.4%

Earnings growing fast (26.4% 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

236%

Turns 236% of profit into real cash

FCF Margin

37.5%

Converts sales into free cash efficiently (37.5%)

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

2.78

Heavy debt load (2.78)

Interest Cover

1.72x

Dangerous — barely covers interest (1.7x)

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

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Valuation

P/E Ratio (TTM)

38.0x

Pricey — P/E 38.0

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+0.9

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

3.01%

Moderate income — 3.01% yield

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

Dividend Growth

+6.5%

Dividend growing modestly (6.5% YoY)

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