Simon Property Group, Inc. — Earnings Quality Grade F
SPG · Real Estate
Major red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 54 days, change +5 days YoY
AR growth 17.3% exceeds revenue growth 6.7%
Revenue 6.7%, CFFO 8.4%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 23.7% is >2x revenue growth 6.7%
SG&A/Gross Profit = 4.2%, excellent (<30%)
Gross margin 81.9%, change -0.6pp. Stable
Cash Flow Quality
CFFO/NI = 0.89. Profits backed by cash
FCF $3.2B, FCF/NI = 0.69
Accruals ratio = 1.2%. Low accruals
Cash $0.8B covers only 3% of debt $29.2B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 1% of equity. Manageable
Debt/EBITDA = 3.7x. Healthy
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 203% YoY
Manipulation Score
M-Score = -2.24 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score — Not Applicable
Simon Property Group, Inc. is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-10