June 26, 2026 a 11:31 am

SPG: Dividend Analysis - Simon Property Group, Inc.

📊 Overview

Simon Property Group operates in the Retail REIT sector, known for its consistent dividend output. With a dividend yield of 4.15%, the current dividend per share stands at $8.57. The company has a robust 33-year dividend history with no recent cuts or suspensions, making it a reliable choice for income-seeking investors.

Parameter	Details
Sector	Retail REIT
Dividend yield	4.15 %
Current dividend per share	8.57 USD
Dividend history	33 years
Last cut or suspension	None

🗣️ Dividend History

The historical perspective offers insights into the stability and predictability of dividend payments, important for income-focused portfolios.

Year	Dividend Per Share (USD)
2026	4.45
2025	8.55
2024	8.10
2023	7.45
2022	6.90

📈 Dividend Growth

Dividend growth metrics reflect the company’s capability to enhance shareholder value over time. Observing these trends is crucial for assessing potential future income expansion.

Time	Growth
3 years	7.41 %
5 years	7.34 %

The average dividend growth is 7.34% over 5 years. This shows moderate but steady dividend growth, indicating a reliable revenue increase for investors.

✅ Payout Ratio

Evaluating payout ratios provides insights into how well earnings and free cash flows cover dividend payments, highlighting sustainability risks.

Key Figure	Ratio
EPS-based	59.30 %
Free cash flow-based	85.13 %

An EPS-based payout ratio of 59.30% is sustainable, suggesting the company retains a significant portion of its earnings. However, a high FCF payout ratio of 85.13% indicates limited free cash flow for other investments.

🧮 Cashflow & Capital Efficiency

These factors are vital for understanding a company's ability to generate cash and utilize capital effectively. It's essential for maintaining growth and meeting dividend commitments.

Metric	2025	2024	2023
Free Cash Flow Yield	5.91%	5.45%	6.73%
Earnings Yield	7.65%	4.22%	4.90%
CAPEX to Operating Cash Flow	20.38%	19.81%	20.18%
Stock-based Compensation to Revenue	0%	0%	0%
Free Cash Flow / Operating Cash Flow Ratio	79.62%	80.19%	79.82%

The figures indicate stable cash flow generation. Strong earnings yield supports investment in operations, while a consistent free cash flow yield affirms dividend coverage.

📊 Balance Sheet & Leverage Analysis

A solid balance sheet is crucial for long-term sustainability. It determines a company's ability to manage debt and navigate economic fluctuations.

Metric	2025	2024	2023
Debt-to-Equity	5.60	8.42	8.77
Debt-to-Assets	71.88%	76.48%	77.35%
Debt-to-Capital	84.86%	89.39%	89.77%
Net Debt to EBITDA	3.61	4.66	5.19
Current Ratio	0.83	0.83	1.04
Quick Ratio	0.83	0.83	1.04
Financial Leverage	7.80	11.02	11.34

The leverage situation indicates moderate risks. Growing debt ratios present challenges, yet operational cash inflows mitigate these concerns to an extent.

📈 Fundamental Strength & Profitability

Strong fundamentals and profitability ensure sustained growth and investor rewards, crucial in volatile markets.

Metric	2025	2024	2023
Return on Equity	88.61%	80.59%	75.53%
Return on Assets	11.37%	7.32%	6.66%
Margins: Net	72.51%	39.75%	40.35%
Margins: EBIT	100.16%	61.34%	62.80%
Margins: EBITDA	123.46%	84.14%	86.36%
Research & Development to Revenue	0%	0%	0%

Profitability metrics demonstrate robust returns and margins, highlighting operational efficiency. Sustained ROE and EBITDA margins are particularly promising.

📉 Price Development

💼 Dividend Scoring System

Category	Score
Dividend yield	4
Dividend Stability	5
Dividend growth	4
Payout ratio	3
Financial stability	2
Dividend continuity	5
Cashflow Coverage	3
Balance Sheet Quality	3

🌟 Rating

Simon Property Group, Inc. offers an attractive dividend profile with a strong history of stability and consistent dividends. With a firm financial base, it’s a sound option for dividend-focused portfolios. However, investors should remain cautious of high leverage ratios and ensure ongoing evaluations of cash flow sustainability.