Tanger Factory Outlet Centers, Inc. (SKT)

Q: What's priced into Tanger Factory Outlet Centers, Inc. (SKT) stock?

Valuation is described as justified, with low fragility, meaning the evidence does not point to a particularly vulnerable setup. SKT trades at a 1.32 premium versus peers, while the expectations gap is small at 0.02; the evidence does not specify exactly what earnings or growth the market assumes.

Q: What does the Tanger Factory Outlet Centers, Inc. (SKT) outlook hinge on?

Over the next few quarters, a guidance cut would be a meaningful negative, while continued leasing progress and execution would support the multi-year thesis. Rate cuts or stronger results and guidance from sector peers could help the sector backdrop; the evidence does not establish when those changes may occur.

NYSEReal EstateReit - RetailSnapshot 2026-10-23

$36.44+0.91%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Tanger Factory Outlet Centers, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	156.72M
EPS	—	0.28
Annual ending 2026-12-31
Revenue	—	603.6M
EPS	—	1.042
Annual ending 2027-12-31
Revenue	—	607M
EPS	—	1.126

Management figures unavailable.

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Maintain stable or growing dividends	A primary condition in Tanger Factory Outlet Centers, Inc.'s published investment case. The stated target is Dividend per share >= $0.29 per quarter.	Intact	Dividend per share falls below $0.29 in next 4 quarters	Dividend per share: $0.31 per share FY2026-Q2; GAAP. Published target: Dividend per share >= $0.29 per quarter. Target period is not explicitly aligned with this observation. Source published Aug 6, 20260.3125 USD/share · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 0fb547d6-f75e-440c-9f43-16c4a90f4986. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Increase operating income via cost control	Operating income improved from $17.6M to $26M.	Intact	Operating income falls below $17.6M in next 4 quarters	Operating income: $48.453M FY2026-Q2; GAAP. Published target: Operating income >= $26M next 4 quarters. Target period is not explicitly aligned with this observation. Source published Aug 6, 202648,453,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Operating income increased from $25.98 million in 2026-Q1 to $30.75 million in 2026-Q2, and cash from operations rose from $36.3 million to $93.5 million over the same period. Management’s focus on leasing and operational execution is delivering improved operating income and cash flow. Delivery assessment Oct 24, 2026
Revenue growth through strategic initiatives	A primary condition in Tanger Factory Outlet Centers, Inc.'s published investment case. The stated target is >=3.7% YoY revenue growth.	Intact	YoY revenue growth falls below 3.7% in FY26	Revenue growth: 11.15% FY2026-Q2; GAAP. Published target: >=3.7% YoY revenue growth. Target period is not explicitly aligned with this observation. Source published Aug 6, 202611.154705 percent · calculatedSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 0fb547d6-f75e-440c-9f43-16c4a90f4986. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Valuation remains reasonable relative to peers	A supporting condition in Tanger Factory Outlet Centers, Inc.'s published investment case. The stated target is PE ratio <= 25.	Intact	PE ratio rises above 40	Valuation inputs unavailable A completed valuation measurement is required. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS: comparable history unavailable.

FY2027 revenueUnavailable

$0.61B → Unavailable · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	Unavailable	$614,879,180	3 / 5
2026-07-25	Unavailable	$614,879,180	3 / 5
2026-07-26	Unavailable	$614,879,180	3 / 5
2026-07-27	Unavailable	$614,879,180	3 / 5
2026-07-28	Unavailable	$614,879,180	3 / 5
2026-07-29	Unavailable	$614,879,180	3 / 5
2026-07-30	Unavailable	Unavailable	3 / 4
2026-07-31	Unavailable	Unavailable	3 / 4
2026-08-01	Unavailable	Unavailable	3 / 4
2026-08-02	Unavailable	$614,879,180	3 / 5
2026-08-03	Unavailable	Unavailable	3 / 4
2026-08-04	Unavailable	$614,879,180	3 / 5
2026-08-05	Unavailable	Unavailable	3 / 4
2026-08-06	Unavailable	Unavailable	3 / 4
2026-08-08	Unavailable	Unavailable	3 / 4
2026-08-09	Unavailable	$622,278,820	3 / 6
2026-08-10	Unavailable	$622,278,820	3 / 6
2026-08-12	Unavailable	Unavailable	3 / 4
2026-08-13	Unavailable	Unavailable	3 / 4
2026-08-14	Unavailable	Unavailable	3 / 4
2026-08-15	Unavailable	Unavailable	3 / 4
2026-08-16	Unavailable	Unavailable	3 / 4
2026-08-17	Unavailable	Unavailable	3 / 4
2026-08-18	Unavailable	Unavailable	3 / 4
2026-08-19	Unavailable	Unavailable	3 / 4
2026-08-20	Unavailable	Unavailable	3 / 4
2026-08-21	Unavailable	Unavailable	3 / 4
2026-08-22	Unavailable	Unavailable	3 / 4
2026-08-23	Unavailable	Unavailable	3 / 4
2026-08-24	Unavailable	Unavailable	3 / 4
2026-08-25	Unavailable	Unavailable	3 / 4
2026-08-26	Unavailable	Unavailable	3 / 4
2026-08-27	Unavailable	Unavailable	3 / 4
2026-08-28	Unavailable	Unavailable	3 / 4
2026-08-29	Unavailable	Unavailable	3 / 4
2026-08-30	Unavailable	Unavailable	3 / 4
2026-08-31	Unavailable	Unavailable	3 / 4
2026-09-01	Unavailable	Unavailable	3 / 4
2026-09-02	Unavailable	Unavailable	3 / 4
2026-09-03	Unavailable	Unavailable	3 / 4
2026-09-04	Unavailable	Unavailable	3 / 4
2026-09-05	Unavailable	Unavailable	3 / 4
2026-09-06	Unavailable	Unavailable	3 / 4
2026-09-07	Unavailable	Unavailable	3 / 4
2026-09-08	Unavailable	Unavailable	3 / 4
2026-09-09	Unavailable	Unavailable	3 / 4
2026-09-10	Unavailable	Unavailable	3 / 4
2026-09-11	Unavailable	Unavailable	3 / 4
2026-09-12	Unavailable	Unavailable	3 / 4
2026-09-13	Unavailable	Unavailable	3 / 4
2026-09-14	Unavailable	Unavailable	3 / 4
2026-09-15	Unavailable	Unavailable	3 / 4
2026-09-16	Unavailable	Unavailable	3 / 4
2026-09-17	Unavailable	Unavailable	3 / 4
2026-09-18	Unavailable	Unavailable	3 / 4
2026-09-19	Unavailable	Unavailable	3 / 4
2026-09-20	Unavailable	Unavailable	3 / 4
2026-09-21	Unavailable	Unavailable	3 / 4
2026-09-22	Unavailable	Unavailable	3 / 4
2026-09-23	Unavailable	Unavailable	3 / 4
2026-09-24	Unavailable	Unavailable	3 / 4
2026-09-25	Unavailable	Unavailable	3 / 4
2026-09-26	Unavailable	Unavailable	3 / 4
2026-09-27	Unavailable	Unavailable	3 / 4
2026-09-28	Unavailable	Unavailable	3 / 4
2026-09-29	Unavailable	Unavailable	3 / 4
2026-09-30	Unavailable	Unavailable	3 / 4
2026-10-01	Unavailable	Unavailable	3 / 4
2026-10-02	Unavailable	Unavailable	3 / 4
2026-10-03	Unavailable	Unavailable	3 / 4
2026-10-04	Unavailable	Unavailable	3 / 4
2026-10-05	Unavailable	Unavailable	3 / 4
2026-10-06	Unavailable	Unavailable	3 / 4
2026-10-07	Unavailable	Unavailable	3 / 4
2026-10-08	Unavailable	Unavailable	3 / 4
2026-10-09	Unavailable	Unavailable	3 / 4
2026-10-10	Unavailable	Unavailable	3 / 4
2026-10-11	Unavailable	Unavailable	3 / 4
2026-10-12	Unavailable	Unavailable	3 / 4
2026-10-13	Unavailable	Unavailable	3 / 4
2026-10-14	Unavailable	Unavailable	3 / 4
2026-10-15	Unavailable	Unavailable	3 / 4
2026-10-16	Unavailable	Unavailable	3 / 4
2026-10-17	Unavailable	Unavailable	3 / 4
2026-10-18	Unavailable	Unavailable	3 / 4
2026-10-19	Unavailable	Unavailable	3 / 4
2026-10-20	Unavailable	Unavailable	3 / 4
2026-10-21	Unavailable	Unavailable	3 / 4
2026-10-22	Unavailable	Unavailable	3 / 4
2026-10-23	Unavailable	Unavailable	3 / 4
2026-10-24	Unavailable	Unavailable	3 / 4

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	3	9	0
2026-06-01	3	9	1
2026-07-01	3	8	1
2026-08-01	3	8	1
2026-09-01	3	8	1
2026-10-01	2	8	1

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 2 Buy / Strong Buy · 8 Hold · 1 Sell / Strong Sell

0 upgrades0 downgrades1 maintains

Recent actions · Sep 25–Oct 24 · 1 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Goldman SachsOct 7

$40.00New observation · no comparable prior

$0$22.00$44.00

0 raises · 0 cuts · 0 unchanged · 1 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Maintain stable or growing dividendsDividend per share: $0.31 per share
Increase operating income via cost controlOperating income: $48.453M
Revenue growth through strategic initiativesRevenue growth: 11.15%
Valuation remains reasonable relative to peersValuation inputs unavailable

Next proof point

Nov 4, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

0.8%Typical daily move · historical

Downside history

-18.6%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Tanger Factory Outlet Centers, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

SKT is a real estate income and growth story, with recent strength coming from leasing, acquisitions, and improved operations. Its long-term thesis is intact, though the risk label has moved from low to moderate.

What's priced into Tanger Factory Outlet Centers, Inc.

Valuation is described as justified, with low fragility, meaning the evidence does not point to a particularly vulnerable setup. SKT trades at a 1.32 premium versus peers, while the expectations gap is small at 0.02; the evidence does not specify exactly what earnings or growth the market assumes.

What the fundamentals likely do

Near-term results have been strong: SKT beat earnings in August 2026, and operating income and cash from operations rose from the first to the second quarter. Management is on track with leasing, acquisitions, and dividend growth, but the real estate sector is a headwind and peer misses warrant attention.

What Tanger Factory Outlet Centers, Inc. hinges on