Latest Ratios: P/E Ratio 39.9x · EV/EBITDA 19.2x · ROE 16.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.6B | $3.8B | $3.8B | $3.0B | $1.9B | $2.0B | $922M | $1.4B | $1.9B | $2.5B | $3.4B |
| Enterprise Value | $6.3B | $5.5B | $5.3B | $4.5B | $3.2B | $3.3B | $2.5B | $3.0B | $3.6B | $4.3B | $5.1B |
| P/E Ratio → | 39.91 | 33.37 | 38.78 | 30.13 | 23.30 | 236.56 | — | 64.04 | — | 37.34 | 17.80 |
| P/S Ratio | 7.88 | 6.57 | 7.21 | 6.36 | 4.28 | 4.61 | 2.37 | 2.81 | 3.81 | 5.13 | 7.32 |
| P/B Ratio | 6.22 | 5.20 | 5.58 | 4.99 | 3.69 | 3.93 | 2.57 | 3.00 | 3.73 | 4.09 | 4.84 |
| P/FCF | 15.52 | 12.94 | 24.24 | 13.49 | 11.37 | 11.44 | 6.75 | 7.58 | 9.36 | 13.27 | 18.89 |
| P/OCF | 15.52 | 12.94 | 14.34 | 12.86 | 8.86 | 9.03 | 5.60 | 6.20 | 7.30 | 9.90 | 14.25 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.45 | 9.98 | 9.62 | 7.23 | 7.72 | 6.40 | 6.19 | 7.26 | 8.73 | 10.92 |
| EV / EBITDA | 19.17 | 16.83 | 18.15 | 18.40 | 14.08 | 14.96 | 17.54 | 7.72 | 8.35 | 8.74 | 10.92 |
| EV / EBIT | 35.67 | 29.64 | 32.14 | 29.42 | 24.09 | 52.72 | 99.31 | 19.34 | 32.53 | 31.19 | 19.20 |
| EV / FCF | — | 18.60 | 33.58 | 20.41 | 19.20 | 19.16 | 18.25 | 16.70 | 17.81 | 22.58 | 28.17 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 17.7% | 17.7% | 69.8% | 68.7% | 67.5% | 67.0% | 64.8% | 72.9% | 67.6% | 68.2% | 67.4% |
| Operating Margin | 30.2% | 30.2% | 28.6% | 28.8% | 26.0% | 25.8% | — | 57.4% | 18.9% | 32.9% | 32.5% |
| Net Profit Margin | 19.7% | 19.7% | 18.7% | 21.3% | 18.5% | 2.1% | -9.3% | 18.1% | -1.2% | 13.9% | 41.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.2% | 16.2% | 15.5% | 17.9% | 16.2% | 2.1% | -8.9% | 18.3% | -1.1% | 10.3% | 29.5% |
| ROA | 4.6% | 4.6% | 4.2% | 4.4% | 3.8% | 0.4% | -1.6% | 3.8% | -0.2% | 2.7% | 8.0% |
| ROIC | 5.8% | 5.8% | 5.3% | 5.1% | 4.7% | 4.4% | — | 9.7% | 3.1% | 5.1% | 5.0% |
| ROCE | 7.4% | 7.4% | 6.7% | 6.2% | 5.5% | 5.3% | — | 12.8% | 4.2% | 6.9% | 6.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.30 | 2.30 | 2.22 | 2.58 | 2.95 | 2.97 | 4.62 | 3.64 | 3.39 | 2.88 | 2.39 |
| Debt / EBITDA | 5.17 | 5.17 | 5.21 | 6.28 | 6.67 | 6.76 | 11.65 | 4.26 | 3.98 | 3.62 | 3.62 |
| Net Debt / Equity | — | 2.27 | 2.15 | 2.56 | 2.54 | 2.65 | 4.38 | 3.61 | 3.37 | 2.87 | 2.38 |
| Net Debt / EBITDA | 5.12 | 5.12 | 5.05 | 6.23 | 5.74 | 6.02 | 11.06 | 4.22 | 3.96 | 3.60 | 3.60 |
| Debt / FCF | — | 5.65 | 9.34 | 6.91 | 7.83 | 7.71 | 11.50 | 9.12 | 8.45 | 9.31 | 9.28 |
| Interest Coverage | 2.81 | 2.81 | 2.69 | 3.17 | 2.83 | 1.18 | 0.40 | 2.52 | 1.70 | 2.11 | 4.37 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.30 | 0.30 | 0.44 | 0.17 | 2.53 | 1.73 | 0.96 | 0.21 | 0.48 | 0.34 | 0.70 |
| Quick Ratio | 0.30 | 0.30 | 0.44 | 0.17 | 2.53 | 1.73 | 0.96 | 0.21 | 0.50 | 0.36 | 0.73 |
| Cash Ratio | 0.10 | 0.10 | 0.44 | 0.17 | 2.53 | 1.73 | 0.96 | 0.21 | 0.04 | 0.02 | 0.09 |
| Asset Turnover | — | 0.22 | 0.22 | 0.20 | 0.20 | 0.20 | 0.18 | 0.21 | 0.21 | 0.19 | 0.18 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.9% | 3.5% | 3.2% | 3.5% | 4.4% | 3.7% | 7.2% | 9.7% | 7.0% | 5.2% | 4.1% |
| Payout Ratio | 115.2% | 115.2% | — | 104.7% | 102.6% | 794.3% | — | 151.0% | — | 191.4% | 72.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.5% | 3.0% | 2.6% | 3.3% | 4.3% | 0.4% | — | 1.6% | — | 2.7% | 5.6% |
| FCF Yield | 6.4% | 7.7% | 4.1% | 7.4% | 8.8% | 8.7% | 14.8% | 13.2% | 10.7% | 7.5% | 5.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.1% | 1.5% | 1.1% | 2.0% | 0.1% |
| Total Shareholder Yield | 2.9% | 3.5% | 3.2% | 3.5% | 4.7% | 3.7% | 7.3% | 11.2% | 8.0% | 7.2% | 4.2% |
| Shares Outstanding | — | $115M | $111M | $107M | $106M | $102M | $93M | $93M | $93M | $95M | $95M |
Retail tenant concentration risk
Based on the reported P/FFO of 6.09x as of 2026Q1, Tanger Inc. appears to be trading at a valuation that incorporates a premium for its ongoing transition into open-air lifestyle centers, distinguishing it from the more distressed multiples observed in traditional enclosed mall operators like Macerich.
The current P/FFO multiple suggests that investors are pricing in the company's ability to maintain rent growth despite the broader retail sector's volatility. While the valuation remains modest, it warrants further investigation into whether the market is correctly discounting the capital intensity required for the company's recent portfolio rebranding and expansion efforts.
According to recent quarterly filings, Tanger's NOI margin contracted sharply to 15.3% in 2026Q1 from historical levels exceeding 67%, which may indicate significant operational cost pressures or a fundamental shift in how property-level expenses are being recognized within the company's current financial reporting structure.
This sudden margin compression suggests that the company's ability to pass through operating expenses to tenants may be weakening, or that rising maintenance costs are outpacing revenue gains. Investors should monitor whether this trend is a temporary accounting anomaly or a structural deterioration in the profitability of the core outlet portfolio.
As reported in financial statements, the FFO payout ratio stood at 51.1% in 2026Q1, suggesting that the dividend remains well-covered by recurring cash flows despite the recent volatility in AFFO and the increased capital requirements associated with the company's ongoing portfolio-wide lifestyle center renovations.
While the payout ratio appears sustainable, the divergence between FFO and AFFO indicates that maintenance capital expenditures are becoming increasingly lumpy and unpredictable. This volatility may limit management's flexibility to aggressively raise dividends until the capital expenditure cycle for the new lifestyle assets stabilizes.
Based on the company's 2026Q1 balance sheet, the debt-to-equity ratio of 2.80 suggests that Tanger is utilizing moderate leverage to fund its strategic pivot, maintaining a balance sheet that appears adequate to support ongoing operations while navigating the current interest rate environment.
The company's interest coverage ratio of 2.53x indicates that while the debt load is manageable, there is limited room for error should property-level cash flows face further pressure. Investors should monitor the maturity profile of this debt to ensure that refinancing risks remain contained as the company continues its capital-intensive transition.
The most commonly misapplied metric for Tanger Inc. is the standard P/E ratio, which obscures the company's true cash-generating capacity by failing to account for the massive non-cash depreciation charges inherent in owning 15 million square feet of retail real estate across the United States.
Using P/E instead of P/FFO leads to a distorted view of valuation, as the depreciation expense artificially depresses net income without impacting the actual cash available for dividends or reinvestment. Analysts should prioritize P/FFO and P/AFFO to better align valuation metrics with the recurring cash flow realities of the REIT business model.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SKT stock.
Tanger Inc.'s current P/E ratio is 39.9x. The historical average is 45.5x. This places it at the 63th percentile of its historical range.
Tanger Inc.'s current EV/EBITDA is 19.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.9x.
Tanger Inc.'s return on equity (ROE) is 16.2%. The historical average is 10.8%.
Based on historical data, Tanger Inc. is trading at a P/E of 39.9x. This is at the 63th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Tanger Inc.'s current dividend yield is 2.89% with a payout ratio of 115.2%.
Tanger Inc. has 17.7% gross margin and 30.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Tanger Inc.'s Debt/EBITDA ratio is 5.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.