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Simon Property Group (SPG)
NYSEReal EstateReit - RetailSnapshot 2026-06-15
Intact
$215.64-1.55%
Close 2026-06-15 · 1-day change
Recent financial performance is holding in the top half of its industry — the reason to own it looks intact.
The bottom line
Recent financial performance is neutral. Earnings quality is fragile, and management's track record is volatile. Risk is low, but the sector backdrop is a headwind. Compared with sector peers, SPG is below typical. Peer multiples imply a price about 41% below where it trades (it looks expensive on this basis); the read is expensive, growth-justified. This assessment is provisional.
as of 2026-06-15
Quick facts
- Exchange
- NYSE
- Sector
- Real Estate
- Industry
- Reit - Retail
- Market cap
- $83.23B
- Employees
- —
- IPO date
- 1998-09-22
- Next earnings
- 2026-08-03
Price
Daily closes. Earnings/event dots are placed inline.
Adjusted daily closes (split & dividend). Scroll over the chart to zoom; click a range to reset.
EarningsMaterial event
What's priced in
(what the market already expects)What it's worth (estimated)
A consensus fair price across 7 valuation methods, at three horizons. Current price $215.64. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
12-month· primaryfull
$160.04consensus
Range $123.74 – $249.45
vs price: +35% above
Method agreement — · 7 methods
No-growth: today's peer multiple on trailing earnings. The headline read.
3-yearfair
$218.28consensus
Range $191.47 – $408.78
vs price: -1% below
Method agreement — · 6 methods
Embeds projected growth. Leans optimistic by design. Upside context.
5-yearfair
How much to trust our fair value
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
Re-ratinglow confidence
At $216 SPG trades at 41× p/e — 2.6× the 16× p/e peer median, and above its own 26× history. The market is re-rating it beyond its own range; our $160 fair value is low-confidence here. Analysts: $194–$212. Not investment advice.
Multiple (P/E)
41.3x
peer 16.1x · own history 25.9x
Premium
2.6x peer
1.6x its own history
Growth the price needs
35%
our forecast 16%
Our fair value
$160.04
range $123.74 – $249.45
Analyst range(a guide on our number, not a target)Our number is below the analyst range
How this stock is priced
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
Long-term · 1–3 yr
fullexpensive — growth-justified12-month view
What's priced inStretched
The market is pricing in roughly 35% near-term growth, ahead of our forecast of about 16%. This describes what's priced in, not a forecast of the move.
Low fragilityrisk posture, not a price call
Only weak execution quality, a turbulent sector regime (Heating) — not the full expensive x weak x turbulent stack.
Historical context
For similar setups historically (n=20,154): about 33% saw a 20%+ drawdown, and roughly 76% of those did not recover within the year. These are historical base rates for the cohort, not a forecast of this stock.
How strong is the business
(quality & execution)Factor signals
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Recent financial performance
neutralOperating income rose in 2 of the last 3 quarter-over-quarter moves. Historically, Real Estate names rated neutral grew net income 53% of the time over the next year (vs 57% for the rest of the cohort, n=1968).
67th pctl · Real Estate
Earnings quality
fragileOver the trailing year it converted 0.76x of net income into operating cash flow. Historically, Real Estate names rated fragile grew net income 35% of the time over the next year (vs 60% for the rest of the cohort, n=1399).
16th pctl · Real Estate
Macro sensitivity
Most sensitive to the broad stock market.
- the broad stock market: This stock moves with the broad market (high beta).
Not enough signal to read sensitivity to the US dollar, real (inflation-adjusted) rates, long-term interest rates, Fed net liquidity.
Management & capital allocation
volatileEarnings setup & market context
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
Earnings setup · pre-print positioning
forward-looking
NeutralEPS revised -4.8% / 30d, n=4for period ending 2026-06-30
Why this setup
Consensus revisions
EPS estimate $1.61 → $1.53 (-4.8% / 30d). 1 raised, 1 cut, 4 covering analysts.
Rating actions
0 upgrades, 0 downgrades / 30d, 5 maintained. 43% of analysts rate Buy.
Price target activity
5 PT revisions / 30d. Avg target 0.9% above current price.
Sector context
Intermediate · WeeklySector phase: real estate is in maturing, with decelerating (~1.2 years in phase).
Sector regime (90d momentum): headwind.Secular epoch: by revenue growth.Management scorecard
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Long-term · 1–3 yr
Overall: strongProvisional
- Capital allocation
- strong
- Earnings discipline
- neutral
- Margin discipline
- strong
- Post-call reaction
- strong
A guidance track record builds as the company issues and delivers on guidance.
How bumpy is the path
(risk while you hold it)Risk: how this stock moves
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
Intermediate · WeeklyLong-term · 1–3 yr
On a typical day, $10k can swing ±$98.
How much price usually moves either way.
On a bad day, this stock has moved -$167.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $1,155.
Deepest peak-to-trough drop in the last year.
lowas of 2026-06-15
Past results, not a forecast. Not investment advice.
What would change the read
(catalysts & re-read triggers)What changed
The most important moves since the prior daily snapshot.
Short-term · Daily
- label change · valuation_labelsmall change
Valuation label changed from 'expensive' to 'full'.
No material changes since the prior snapshot.
as of 2026-06-15
What to watch next
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Intermediate · Weekly
- Either wayHigh confidenceMonthsactive 22d
Watch for the next earnings report on August 3, 2026
Why it matters: Earnings results will show how revenue is growing and how operations are doing.
What confirms / what disproves
Confirms one read:Earnings report shows revenue growth is speeding up compared to earlier quarters.
Confirms the other:Earnings report shows revenue is still going down or not changing.
Sector context
News catalysts
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
No graded news catalysts for SPG yet.
This sector is also watching
- Watch for revenue growth speeding up in the Real Estate sector.
- Watch for FOMC decisions that change interest rates.
What could change this view
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
Intermediate · Weekly
Upside triggers
- If the Fed starts cutting rates from the current 3.62%, that would be a tailwind for SPG and other Real Estate names, since rate-sensitive parts of the market tend to rally when the Fed eases.
- If sector bellwethers like O, KIM, and REG keep beating earnings and guiding higher, the Real Estate sector momentum should keep lifting SPG and other Real Estate names. Worth watching these names for early signals.
Downside triggers
- If SPG reverses and cuts guidance after recently raising (RAISED as of 2026-05-11), that's the worst kind of move: a credibility hit on top of the lower number. Stocks usually get punished disproportionately for this.
- If sector bellwethers like O, KIM, and REG start missing or guiding lower, the Real Estate tailwind helping SPG and other Real Estate names could fade. Watch these names for early warning.
- If SPG misses again next quarter like this past one (a solid miss of -18% on the 2026-03-31 print), expect continued pressure. The Street usually keeps walking estimates down after consecutive misses.
Recent events
(material 8-K / filing activity)Material updates
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
- 2026-05-151mo agoItem 5.02
Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As previously disclosed in the Current Report on Form 8-K filed by Simon Property Group, Inc. (the “Company”), on March 24, 2026, the Company’s Board of Directors (the “Board”) appointed Eli Simon to serve as Chief Executive Officer and President of the Company, effective March 23, 2026 (the “Appointment”). At the time of the Appointment, the Boa…
Executive changeneutral
Score history
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
-33 vs last weeklatest as of 2026-06-15
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.