PerpEquities

Equity

Is Simon Property Group (SPG) tradable as a perp? Not yet

Simon Property Group is a real estate investment trust that owns and develops shopping, dining, entertainment, and mixed-use destinations across North America, Europe, and Asia.

Not yet listed on any perp exchange

No perpetual-futures venue lists SPG yet. We track it continuously; as soon as the first listing appears, this page becomes a full market page. Until then: fundamentals below and tradable alternatives.

Similar stocks already tradable as perps
AGNCOPEN

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Company data

Company fundamentals

Updated 2h ago
Market cap
$66.6B
Updated 2h ago
Revenue
$6.9B
Trailing 12 months
Revenue growth
+5%
Next fiscal year
Profit margin
+66.4%
P/E
14.5
Peer P/E 1.8
Free cash flow
$3.3B
Trailing 12 months
More metrics
Net income
$4.6B
Trailing 12 months
P/S
9.6
Peer P/E
1.8
Similar listed perps
Revenue estimate
$6.7B
Next fiscal year
Earnings
2026-11-02
Revenue est. $1.6B · Updated 2h ago
Dividend
$2.25
2026-09-09

Fundamental detail

Annual + quarterly
Latest revenue$6.4B
Net margin+72.5%
Free cash flow$3.6B
Net debt$28.4B
2020$4.6B
2021$5.1B
2022$5.3B
2023$5.7B
2024$6B
2025$6.4B
PeriodRevenueGrowthNet incomeFCF
2020$4.6B-20%$1.1B$1.8B
2021$5.1B+11%$2.2B$3.1B
2022$5.3B+3%$2.1B$3.1B
2023$5.7B+7%$2.3B$3.1B
2024$6B+5%$2.4B$3.1B
2025$6.4B+7%$4.6B$3.6B
PeriodGross marginOperating marginNet marginROEROA
2020+80.7%+42.8%+24.1%+36.6%+3.2%
2021+81.0%+47.2%+44.0%+66.9%+6.7%
2022+81.1%+48.8%+40.4%+68.2%+6.5%
2023+81.8%+49.6%+40.3%+75.5%+6.7%
2024+82.5%+51.9%+39.8%+80.6%+7.3%
2025+85.7%+49.9%+72.5%+88.6%+11.4%
PeriodCashDebtNet debtCurrent ratio
2020$1B$27.2B$26.2B0.68
2021$533.9M$25.8B$25.3B0.67
2022$621.6M$25.5B$24.8B0.66
2023$1.2B$26.5B$25.3B1.04
2024$1.4B$24.8B$23.4B0.83
2025$823.1M$29.2B$28.4B0.16
PeriodMarket capEnterprise valueP/SP/E
2020$26.3B$52.6B5.723.8
2021$52.5B$77.8B10.323.4
2022$38.5B$63.3B7.318.0
2023$46.6B$72B8.220.5
2024$56.2B$79.5B9.423.7
2025$60.3B$88.7B9.513.1
Q3 2024$1.5B
Q4 2024$1.6B
Q1 2025$1.5B
Q2 2025$1.5B
Q3 2025$1.6B
Q4 2025$1.8B
Q1 2026$1.8B
Q2 2026$1.8B
PeriodRevenueGrowthNet incomeFCF
Q3 2024$1.5B+5%$476M$706.5M
Q4 2024$1.6B+4%$668.1M$867.7M
Q1 2025$1.5B+2%$414.5M$597M
Q2 2025$1.5B+3%$557M$971.3M
Q3 2025$1.6B+8%$594.4M$685M
Q4 2025$1.8B+13%$3B$982M
Q1 2026$1.8B+19%$480.4M$625M
Q2 2026$1.8B+19%$484M$958.7M
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+82.6%+51.9%+32.1%+17.5%+1.4%
Q4 2024+82.8%+52.8%+42.2%+22.7%+2.1%
Q1 2025+81.4%+49.4%+28.1%+15.9%+1.3%
Q2 2025+85.7%+49.7%+37.2%+22.7%+1.7%
Q3 2025+83.4%+50.8%+37.1%+25.3%+1.8%
Q4 2025+91.4%+49.7%+170.2%+58.5%+7.5%
Q1 2026+80.3%+43.4%+27.3%+9.9%+1.2%
Q2 2026+83.1%+46.0%+27.0%+10.9%+1.2%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$2.2B$25.9B$23.8B0.96
Q4 2024$1.4B$24.8B$23.4B0.83
Q1 2025$1.4B$25.3B$23.9B0.67
Q2 2025$1.2B$25.9B$24.7B0.59
Q3 2025$1.6B$26.3B$24.8B0.70
Q4 2025$823.1M$29.2B$28.4B0.19
Q1 2026$543M$29B$28.4B0.84
Q2 2026$1B$29.4B$28.4B1.05
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$55.1B$78.9B37.228.9
Q4 2024$56.2B$79.6B35.521.1
Q1 2025$54.2B$78.1B36.832.7
Q2 2025$52.6B$77.3B35.123.6
Q3 2025$61.4B$86.2B38.325.8
Q4 2025$60.3B$88.7B33.74.9
Q1 2026$60.4B$88.9B34.431.5
Q2 2026$72.5B$100.9B40.537.5

Refreshed 2h ago

Charts: revenue, profit, cash flow & valuation
Revenue$1.8BQ2 2026
$447.9M$895.7M$1.3B$1.8BQ3 2023: $1.4BQ4 2023: $1.5BQ1 2024: $1.4BQ2 2024: $1.5BQ3 2024: $1.5BQ4 2024: $1.6BQ1 2025: $1.5BQ2 2025: $1.5BQ3 2025: $1.6BQ4 2025: $1.8BQ1 2026: $1.8BQ2 2026: $1.8BQ3 2023Q2 2026
Net income$484MQ2 2026
$762.3M$1.5B$2.3B$3BQ3 2023: $595MQ4 2023: $748.3MQ1 2024: $732.5MQ2 2024: $494.3MQ3 2024: $476MQ4 2024: $668.1MQ1 2025: $414.5MQ2 2025: $557MQ3 2025: $594.4MQ4 2025: $3BQ1 2026: $480.4MQ2 2026: $484MQ3 2023Q2 2026
EBITDA$1.4BQ2 2026
$1.1B$2.1B$3.2B$4.2BQ3 2023: $1.3BQ4 2023: $1.5BQ1 2024: $1.4BQ2 2024: $1.1BQ3 2024: $1.1BQ4 2024: $1.3BQ1 2025: $1.1BQ2 2025: $1.3BQ3 2025: $1BQ4 2025: $4.2BQ1 2026: $1.2BQ2 2026: $1.4BQ3 2023Q2 2026
Free cash flow$958.7MQ2 2026
$245.5M$491M$736.5M$982MQ3 2023: $708.2MQ4 2023: $858.5MQ1 2024: $610.1MQ2 2024: $874.8MQ3 2024: $706.5MQ4 2024: $867.7MQ1 2025: $597MQ2 2025: $971.3MQ3 2025: $685MQ4 2025: $982MQ1 2026: $625MQ2 2026: $958.7MQ3 2023Q2 2026
EPS$1.49Q2 2026
$2.34$4.68$7.01$9.35Q3 2023: $1.85Q4 2023: $2.3Q1 2024: $2.25Q2 2024: $1.51Q3 2024: $1.46Q4 2024: $2.04Q1 2025: $1.27Q2 2025: $1.7Q3 2025: $1.82Q4 2025: $9.35Q1 2026: $1.48Q2 2026: $1.49Q3 2023Q2 2026
Cash / Debt$1BQ2 2026
$7.4B$14.7B$22.1B$29.4BQ3 2023 · Cash: $769MQ3 2023 · Debt: $25.4BQ4 2023 · Cash: $1.2BQ4 2023 · Debt: $26.5BQ1 2024 · Cash: $1.3BQ1 2024 · Debt: $26BQ2 2024 · Cash: $1.2BQ2 2024 · Debt: $25.8BQ3 2024 · Cash: $2.2BQ3 2024 · Debt: $25.9BQ4 2024 · Cash: $1.4BQ4 2024 · Debt: $24.8BQ1 2025 · Cash: $1.4BQ1 2025 · Debt: $25.3BQ2 2025 · Cash: $1.2BQ2 2025 · Debt: $25.9BQ3 2025 · Cash: $1.6BQ3 2025 · Debt: $26.3BQ4 2025 · Cash: $823.1MQ4 2025 · Debt: $29.2BQ1 2026 · Cash: $543MQ1 2026 · Debt: $29BQ2 2026 · Cash: $1BQ2 2026 · Debt: $29.4BQ3 2023Q2 2026
CashDebt
Profitability+83.1%Q2 2026
+42.6%+85.1%+127.7%+170.2%Q3 2023 · Gross margin: +80.5%Q4 2023 · Gross margin: +83.3%Q1 2024 · Gross margin: +81.9%Q2 2024 · Gross margin: +84.4%Q3 2024 · Gross margin: +82.6%Q4 2024 · Gross margin: +82.8%Q1 2025 · Gross margin: +81.4%Q2 2025 · Gross margin: +85.7%Q3 2025 · Gross margin: +83.4%Q4 2025 · Gross margin: +91.4%Q1 2026 · Gross margin: +80.3%Q2 2026 · Gross margin: +83.1%Q3 2023 · Operating margin: +49.2%Q4 2023 · Operating margin: +51.9%Q1 2024 · Operating margin: +51.0%Q2 2024 · Operating margin: +51.7%Q3 2024 · Operating margin: +51.9%Q4 2024 · Operating margin: +52.8%Q1 2025 · Operating margin: +49.4%Q2 2025 · Operating margin: +49.7%Q3 2025 · Operating margin: +50.8%Q4 2025 · Operating margin: +49.7%Q1 2026 · Operating margin: +43.4%Q2 2026 · Operating margin: +46.0%Q3 2023 · Net margin: +42.2%Q4 2023 · Net margin: +49.0%Q1 2024 · Net margin: +50.8%Q2 2024 · Net margin: +33.9%Q3 2024 · Net margin: +32.1%Q4 2024 · Net margin: +42.2%Q1 2025 · Net margin: +28.1%Q2 2025 · Net margin: +37.2%Q3 2025 · Net margin: +37.1%Q4 2025 · Net margin: +170.2%Q1 2026 · Net margin: +27.3%Q2 2026 · Net margin: +27.0%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+19.5%Q2 2026
+4.9%+9.7%+14.6%+19.5%Q2 2024: +6.5%Q3 2024: +4.9%Q4 2024: +3.6%Q1 2025: +2.1%Q2 2025: +2.8%Q3 2025: +8.2%Q4 2025: +13.2%Q1 2026: +19.3%Q2 2026: +19.5%Q3 2023Q2 2026
Shares outstanding324MQ2 2026
81.8M163.6M245.4M327.2MQ3 2023: 327.2MQ4 2023: 325.9MQ1 2024: 325.9MQ2 2024: 326MQ3 2024: 326.2MQ4 2024: 326.3MQ1 2025: 326.3MQ2 2025: 327.1MQ3 2025: 327.1MQ4 2025: 326MQ1 2026: 324MQ2 2026: 324MQ3 2023Q2 2026
Valuation37.5Q2 2026
10.120.230.440.5Q3 2023 · P/E: 14.6Q4 2023 · P/E: 15.5Q1 2024 · P/E: 17.1Q2 2024 · P/E: 24.3Q3 2024 · P/E: 28.9Q4 2024 · P/E: 21.1Q1 2025 · P/E: 32.7Q2 2025 · P/E: 23.6Q3 2025 · P/E: 25.8Q4 2025 · P/E: 4.9Q1 2026 · P/E: 31.5Q2 2026 · P/E: 37.5Q3 2023 · P/S: 25.0Q4 2023 · P/S: 30.4Q1 2024 · P/S: 34.7Q2 2024 · P/S: 32.8Q3 2024 · P/S: 37.2Q4 2024 · P/S: 35.5Q1 2025 · P/S: 36.8Q2 2025 · P/S: 35.1Q3 2025 · P/S: 38.3Q4 2025 · P/S: 33.7Q1 2026 · P/S: 34.4Q2 2026 · P/S: 40.5Q3 2023Q2 2026
P/EP/S
Revenue$6.4B2025
$1.6B$3.2B$4.8B$6.4B2018: $5.6B2019: $5.8B2020: $4.6B2021: $5.1B2022: $5.3B2023: $5.7B2024: $6B2025: $6.4B20182025
Net income$4.6B2025
$1.2B$2.3B$3.5B$4.6B2018: $2.4B2019: $2.1B2020: $1.1B2021: $2.2B2022: $2.1B2023: $2.3B2024: $2.4B2025: $4.6B20182025
EBITDA$7.9B2025
$2B$3.9B$5.9B$7.9B2018: $5B2019: $4.6B2020: $3.4B2021: $4.8B2022: $4.6B2023: $4.9B2024: $5B2025: $7.9B20182025
Free cash flow$3.6B2025
$891.3M$1.8B$2.7B$3.6B2018: $3B2019: $2.9B2020: $1.8B2021: $3.1B2022: $3.1B2023: $3.1B2024: $3.1B2025: $3.6B20182025
EPS$14.12025
$3.54$7.07$10.6$14.12018: $7.882019: $6.792020: $3.592021: $6.842022: $6.522023: $6.982024: $7.262025: $14.120182025
Cash / Debt$823.1M2025
$7.3B$14.6B$21.9B$29.2B2018 · Cash: $514.3M2018 · Debt: $23.3B2019 · Cash: $669.4M2019 · Debt: $24.7B2020 · Cash: $1B2020 · Debt: $27.2B2021 · Cash: $533.9M2021 · Debt: $25.8B2022 · Cash: $621.6M2022 · Debt: $25.5B2023 · Cash: $1.2B2023 · Debt: $26.5B2024 · Cash: $1.4B2024 · Debt: $24.8B2025 · Cash: $823.1M2025 · Debt: $29.2B20182025
CashDebt
Profitability+85.7%2025
+21.4%+42.9%+64.3%+85.7%2018 · Gross margin: +82.1%2019 · Gross margin: +82.2%2020 · Gross margin: +80.7%2021 · Gross margin: +81.0%2022 · Gross margin: +81.1%2023 · Gross margin: +81.8%2024 · Gross margin: +82.5%2025 · Gross margin: +85.7%2018 · Operating margin: +51.8%2019 · Operating margin: +50.6%2020 · Operating margin: +42.8%2021 · Operating margin: +47.2%2022 · Operating margin: +48.8%2023 · Operating margin: +49.6%2024 · Operating margin: +51.9%2025 · Operating margin: +49.9%2018 · Net margin: +43.2%2019 · Net margin: +36.5%2020 · Net margin: +24.1%2021 · Net margin: +44.0%2022 · Net margin: +40.4%2023 · Net margin: +40.3%2024 · Net margin: +39.8%2025 · Net margin: +72.5%20182025
Gross marginOperating marginNet margin
Revenue growth+6.7%2025
-12.2%-4.4%+3.3%+11.1%2019: +1.9%2020: -19.9%2021: +11.1%2022: +3.4%2023: +6.9%2024: +5.4%2025: +6.7%20182025
Shares outstanding326M2025
82.1M164.3M246.4M328.6M2018: 309.6M2019: 308M2020: 308.7M2021: 328.6M2022: 327.8M2023: 326.8M2024: 326.1M2025: 326M20182025
Valuation13.12025
5.911.917.823.82018 · P/E: 21.32019 · P/E: 21.92020 · P/E: 23.82021 · P/E: 23.42022 · P/E: 18.02023 · P/E: 20.52024 · P/E: 23.72025 · P/E: 13.12018 · P/S: 9.22019 · P/S: 8.02020 · P/S: 5.72021 · P/S: 10.32022 · P/S: 7.32023 · P/S: 8.22024 · P/S: 9.42025 · P/S: 9.520182025
P/EP/S

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20266.71$6.7B+5%4
FY 20277.00$6.9B+8%6
FY 20287.45$7.1B+11%6
FY 20297.58$7.8B+23%3
FY 20307.33$8.7B+37%2
Q1 20271.44$1.6B-6%1

Company events

6
2026-11-02EarningsActual - / Estimate 1.68-
2026-09-09Dividend$2.25-
2026-08-10Earnings · After market closeActual 1.49 / Estimate 1.64Miss
2026-06-09Dividend$2.25-
2026-05-11EarningsActual 1.48 / Estimate 1.46Beat
2026-03-10Dividend$2.2-

Peer comparison

Similar listed perps
NameMarket capP/SP/EProfit marginVenues
AGNC$11.3B3.75.0+72.0%1OPEN$2.5B0.6-1.4-46.7%1

Analyst track record

How the analysts covering SPG have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings97252
Analysts2127
Buy / hold / sell28 / 69 / 088 / 164 / 0
Upgrades / downgrades / initiations3 / 2 / 07 / 7 / 3
Price targets hit / missed31 / 59 (34%)176 / 61 (74%)
Avg. return after a rating (TipRanks)-2.9%+14.0%
Best / worst call+13.6% / -28.3%+71.8% / -28.3%

After buy calls on this stock: median 21-day move +3.3% vs S&P 500 +0.3% (n = 86)

Most accurate on this stock

Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.

  1. Simon YarmakStifel Nicolaus100% hit rate on this stock · 9 targets measuredHoldtarget $209Aug 11, 2026
  2. Alexander GoldfarbPiper Sandler75% hit rate on this stock · 12 targets measuredBuytarget $285Aug 27, 2026

Latest ratings

DateAnalystCallTarget
Sep 17, 2026Greg McGinnissScotiabankHoldMaintained$221article ↗
Sep 17, 2026Greg McGinnissScotiabankHoldMaintained$221article ↗
Sep 14, 2026Michael MuellerJ.P. MorganHoldMaintained$223article ↗
Sep 14, 2026Steve SakwaEvercore ISIHoldMaintained$219article ↗
Aug 27, 2026Alexander GoldfarbPiper SandlerBuyMaintained$285article ↗
Consensus over the last 12 months buy hold sell avg. target month-end close
Monthly buy, hold and sell shares of analyst ratings with the average price target and the month-end close$180$190$200$210$220$230Oct 25 · Buy 6 · Hold 10 · Sell 0Oct 25Nov 25 · Buy 6 · Hold 12 · Sell 0Dec 25 · Buy 6 · Hold 10 · Sell 0Dec 25Jan 26 · Buy 6 · Hold 12 · Sell 0Feb 26 · Buy 5 · Hold 11 · Sell 0Feb 26Mar 26 · Buy 6 · Hold 11 · Sell 0Apr 26 · Buy 6 · Hold 11 · Sell 0Apr 26May 26 · Buy 7 · Hold 12 · Sell 0Jun 26 · Buy 6 · Hold 13 · Sell 0Jun 26Jul 26 · Buy 5 · Hold 14 · Sell 0Aug 26 · Buy 5 · Hold 14 · Sell 0Aug 26Sep 26 · Buy 5 · Hold 14 · Sell 0Oct 25 · avg. target $185Nov 25 · avg. target $189Dec 25 · avg. target $192Jan 26 · avg. target $193Feb 26 · avg. target $200Mar 26 · avg. target $205Apr 26 · avg. target $206May 26 · avg. target $212Jun 26 · avg. target $217Jul 26 · avg. target $223Aug 26 · avg. target $233Sep 26 · avg. target $232Oct 25 · month-end close $176Nov 25 · month-end close $186Dec 25 · month-end close $185Jan 26 · month-end close $191Feb 26 · month-end close $204Mar 26 · month-end close $187Apr 26 · month-end close $204May 26 · month-end close $205Jun 26 · month-end close $224Jul 26 · month-end close $229Aug 26 · month-end close $212Sep 26 · month-end close $204

Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.

TipRanks data via FMP · computed Sep 18, 2026 · 97 ratings