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Simon Property GroupLIM:SPG 79 Owner Earnings per Share (TTM) is 3.40 as of Mar. 2026, which is 95% below its 10-year median of 67.86. GuruFocus rates LIM:SPG with a GF Score™ of 79/100 and a GF Value™ of $144.48. The stock has 7 warning signs investors should review. Among 333 REITs companies, Simon Property Group ranks worse than 89.49% on this metric.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
Simon Property Group's Owner Earnings per Share (TTM) ended in Mar. 2026 was $3.40. It's Price-to-Owner-Earnings ratio for today is 54.18.
The historical rank and industry rank for Simon Property Group's Owner Earnings per Share (TTM) or its related term are showing as below:
LIM:SPG'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 22.56 Med: 67.86 Max: 127.59
Current: 54.13
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
Simon Property Group Owner Earnings per Share (TTM) Related Terms
Simon Property Group Owner Earnings per Share (TTM) Historical Data
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The historical data trend for Simon Property Group's Owner Earnings per Share (TTM) can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Simon Property Group Owner Earnings per Share (TTM) Chart
LIM:SPG vs O, KIM, REG: Owner Earnings per Share (TTM) Comparison
For the REIT - Retail subindustry, Simon Property Group's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Simon Property Group Price-to-Owner-Earnings vs REITs Industry
For the REITs industry and Real Estate sector, Simon Property Group's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Simon Property Group's Price-to-Owner-Earnings falls into.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
Simon Property Group's Change In Deferred Tax for the trailing twelve months (TTM) ended in Mar. 2026 was $0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $735 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
Simon Property Group's 5-Year Average Maintenance Capital Expenditure = $735 Mil
5. "Change In Working Capital" is from cashflow statement. Simon Property Group's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2026 was $-157 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Owner Earnings per Share (TTM) of 3.40 mean?
Simon Property Group (LIM:SPG) has a Owner Earnings per Share (TTM) of 3.40 as of Mar. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Simon Property Group. This is 95% below median its historical median of 67.86. Over the past decade, Simon Property Group's Owner Earnings per Share (TTM) has ranged from 22.56 to 127.59. According to the industry distribution chart, Simon Property Group ranks #298 out of 333 companies in the REITs industry, placing it in the top 89.5%.
Is Simon Property Group's Owner Earnings per Share (TTM) too high?
Simon Property Group's current Owner Earnings per Share (TTM) of 3.40 is 95% below median its 10-year median of 67.86. Over the past 10 years, this metric has ranged from a low of 22.56 to a high of 127.59. The REITs industry median Owner Earnings per Share (TTM) is 14.38. Simon Property Group's value of 3.40 is 76.4% below this industry median. Based on the distribution chart, Simon Property Group ranks #298 out of 333 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Simon Property Group has a GF Score™ of 79/100, reflecting its overall financial health beyond just this single metric.
How does Simon Property Group's Owner Earnings per Share (TTM) compare to O and KIM?
According to the REITs industry distribution chart, Simon Property Group ranks #298 out of 333 companies for Owner Earnings per Share (TTM). This places Simon Property Group in the lower half of its industry. The industry median Owner Earnings per Share (TTM) is 14.38. Simon Property Group's value of 3.40 is 76.4% below this benchmark. Historically, Simon Property Group's own Owner Earnings per Share (TTM) has ranged from 22.56 to 127.59 over the past decade. While the company's 10-year median is 67.86 vs. the industry median of 14.38, Simon Property Group has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Owner Earnings per Share (TTM) for a REITs company?
The median Owner Earnings per Share (TTM) among REITs companies is 14.38, based on 333 companies in the industry. Companies in the top quartile (top 25%) have a Owner Earnings per Share (TTM) significantly above this median, while those in the bottom quartile fall well below. However, Owner Earnings per Share (TTM) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Simon Property Group's current Owner Earnings per Share (TTM) of 3.40 is 76.4% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Owner Earnings per Share (TTM) mean?
A high Owner Earnings per Share (TTM) can signal that a stock is expensive relative to its fundamentals. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Simon Property Group. For the REITs industry, the median Owner Earnings per Share (TTM) is 14.38 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Simon Property Group's current Owner Earnings per Share (TTM) is 3.40, which is 95% below median its own 10-year median of 67.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Simon Property Group stock overvalued right now?
Simon Property Group (LIM:SPG) has a current Owner Earnings per Share (TTM) of 3.40. The stock's GF Value™ is $144.48, compared to a current price of $184.20 — trading 27.5% above its estimated fair value. The current Owner Earnings per Share (TTM) is 3.40, which is 95% below median its 10-year median of 67.86 and 76.4% below the REITs industry median of 14.38. Simon Property Group's overall GF Score™ is 79/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Owner Earnings per Share (TTM) calculated?
Owner Earnings per Share (TTM) is calculated from a company's financial statements. For Simon Property Group (LIM:SPG), the current Owner Earnings per Share (TTM) is 3.40 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Simon Property Group (LIM:SPG) Overvalued in 2026?
Based on GuruFocus' analysis, Simon Property Group stock appears to be overvalued.
The current stock price of $184.20 is trading 27.5% above its estimated GF Value™ of $144.48.
Key valuation signals for LIM:SPG:
Owner Earnings per Share (TTM): 3.40 (95% below median its 10-year median of 67.86)
GF Value™: $144.48 vs. price of $184.20 (27.5% above fair value)
Industry Position: 76.4% below the REITs median (#298 of 333)
No single metric tells the full story. See the LIM:SPG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Simon Property Group is the largest retail real estate investment trust in the United States. Its portfolio includes an interest in 254 properties: 114 traditional malls, 108 premium outlets, 14 Mills centers (a combination of a traditional mall, outlet center, and big-box retailers), six lifestyle centers, and 12 other retail properties. Simon's portfolio averaged $736 in sales per square foot over the trailing 12 months. The company also owns a 22% interest in Klépierre, a European retail company with investments in shopping centers in 14 countries, and joint-venture interests in 33 premium outlets across 14 countries.
79GF Score
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