---
title: Simon Property Group (SPG) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/spg
ticker: SPG
as_of: 2026-10-17
sector: Real Estate
industry: REIT - Retail
---
# Simon Property Group (SPG)

Simon Property Group (SPG) closed at $205.44 on Oct 16, 2026, overvalued by 10% vs its model value of $187.49 (from its own five-year median price to Cash FFO).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $205.44 (Oct 16, 2026) |
| Model value (from its own five-year median price to Cash FFO) | $187.49 |
| Price vs model | overvalued by 10% vs model |
| Range of that model | $147.22 – $201.06 |
| Market value | $66.5B |
| P/E (fiscal 2025) | 14.5 |
| Net margin (fiscal 2025) | 72.5% |
| Free cash flow (fiscal 2025) | $3.2B |
| Dividend yield (trailing twelve months) | 4.33% |
| Beta | 1.33 |
| Cost of capital (WACC) | 8.32% |
| Business classification | Mature & Stable (Low/slowing growth (~6% recent), High profitability (84% net margin), Highly cyclical earnings, High leverage (D/E 5.5x)) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Highest dividend yield | #47 | 4.33% | https://sweetvaluelab.com/lists/highest-dividend-yield |
| Insider buying | #29 | $460,716 | https://sweetvaluelab.com/lists/insider-buying |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 4.33% |
| Dividends per share, last 12 months | $8.90 |
| Coverage | — |
| Raised | 5 years in a row |
| Growth over 5 years | 10.1% a year |
| Latest payment | $2.25, ex-date Sep 9, 2026, paid Sep 30, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 8, 2021 | $5.50 |
| To Sep 8, 2022 | $6.75 |
| To Sep 7, 2023 | $7.35 |
| To Sep 9, 2024 | $7.90 |
| To Sep 9, 2025 | $8.45 |
| Trailing twelve months (to Sep 9, 2026) | $8.90 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| P/Cash FFO · own history | primary | $187.49 | $147.22 | $201.06 |
| P/E · peers | cross check | $372.90 | $202.77 | $651.28 |
| P/E · own history | cross check | $202.42 | $168.27 | $237.94 |
| PEG | sanity check | $53.30 | $53.30 | $53.30 |
| EV/EBITDA · peers | cross check | $143.52 | $69.52 | $146.53 |
| EV/Revenue · peers | cross check | $21.25 | $17.78 | $33.91 |
| Dividend discount | cross check | $143.13 | $102.64 | $217.49 |

## Insider activity (SEC Form 4)

Past 90 days: 11 open-market buys ($460,716.2) and 0 open-market sales ($0); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 30, 2026 | Roe Peggy | Director | Open-market buy | 88 | $17,844.6 |
| Sep 30, 2026 | STEWART MARTA R | Director | Open-market buy | 199 | $40,353.2 |
| Sep 30, 2026 | Smith Daniel C. | Director | Open-market buy | 350 | $70,973 |
| Sep 30, 2026 | SELIG STEFAN M | Director | Open-market buy | 208 | $42,178.2 |
| Sep 30, 2026 | RODKIN GARY M | Director | Open-market buy | 232 | $47,045 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Aug 10, 2026 | 8-K | 2.02 Results of Operations (Earnings); 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1063761/000110465926093361/tm2620726d2_8k.htm |
| Aug 10, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1063761/000110465926093360/spg-20260630x10q.htm |
| May 15, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers | https://www.sec.gov/Archives/edgar/data/1063761/000110465926062019/tm2614706d3_8ka.htm |
| May 15, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers | https://www.sec.gov/Archives/edgar/data/1063761/000110465926062015/tm2614706d2_8ka.htm |
| May 15, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote | https://www.sec.gov/Archives/edgar/data/1063761/000110465926062012/tm2614706d1_8k.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Christopher Davis | 2026-06-30 | 49,318 | $11.0M |

1 tracked managers in all.

## About

Simon Property Group (NYSE: SPG) is a prominent S&P 100 real estate investment trust that specializes in owning and developing a portfolio of world-class shopping, dining, entertainment, and mixed-use destinations. These significant properties, strategically located across North America, Europe, and Asia, serve as vital community hubs, attracting millions of visitors daily and contributing billions in annual revenue.

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Source: https://sweetvaluelab.com/stocks/spg (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.