Tearsheet

Tanger (SKT)

Market Price (11/9/2025): $34.44 | Market Cap: $3.9 Bil
Sector: Real Estate | Industry: Retail REITs

Tanger (SKT)

Market Price (11/8/2025): $34.44
Market Cap: $3.9 Bil
Sector: Real Estate
Industry: Retail REITs

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.1%, Dividend Yield is 3.3%, FCF Yield is 7.4%	Trading close to highs Dist 52W High is -3.6%, Dist 3Y High is -3.6%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 51%
2	Low stock price volatility Vol 12M is 27%

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.1%, Dividend Yield is 3.3%, FCF Yield is 7.4%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 51%
2	Low stock price volatility Vol 12M is 27%
3	Trading close to highs Dist 52W High is -3.6%, Dist 3Y High is -3.6%

Market Valuation & Key Metrics

	11/8/25	2024	2023	2022	2021
Share Price CYE	$34.44	$32.91	$25.77	$15.90	$16.28
Market Cap CYE ($ Bil)	3.9	3.7	2.7	1.7	1.7
Total Debt ($ Bil)	1.7	1.5	1.5	1.5	1.5
Total Cash ($ Bil)	0.0	0.0	0.0	0.3	0.2
Enterprise Value ($ Bil)	5.6	5.2	4.2	3.2	3.2
Valuation Ratios
P/S TTM	6.9	7.1	6.2	4.2	4.5
P/EBIT TTM	22.1	22.8	19.1	14.0	31.0
P/E TTM	36.1	37.8	29.3	22.7	212.3
Sector Ratios
P/S TTM (Sector)	3.7	4.0	4.2	4.4	6.6
P/EBIT TTM (Sector)	11.4	12.6	13.1	13.1	16.2
P/E TTM (Sector)	16.1	19.1	19.2	18.0	23.4

	11/8/25	2024	2023
Share Price CYE	$34.44	$32.91	$25.77
Market Cap CYE ($ Bil)	3.9	3.7	2.7
Total Debt ($ Bil)	1.7	1.5	1.5
Total Cash ($ Bil)	0.0	0.0	0.0
Enterprise Value ($ Bil)	5.6	5.2	4.2
Valuation Ratios
P/S TTM	6.9	7.1	6.2
P/EBIT TTM	22.1	22.8	19.1
P/E TTM	36.1	37.8	29.3
Sector Ratios
P/S TTM (Sector)	3.7	4.0	4.2
P/EBIT TTM (Sector)	11.4	12.6	13.1
P/E TTM (Sector)	16.1	19.1	19.2

	SKT	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	0.6
Rev Chg Q	9.2%	7.2%
Rev Chg LTM	9.6%	6.0%
Rev Chg 3Y Avg	8.7%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	29.6%	18.8%
CFO/Rev LTM	51.5%	20.5%
Net Inc Mgn	19.2%	13.0%
VALUATION	HIGH
P/S	6.9	3.2
P/CFO	13.4	15.2
P/FCF	13.4	20.0
P/E	36.1	23.6

AI Generated Analysis | Feedback

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SKT Stock

Return (1M): 6.25%

Factor Drivers of Stock Movement

The 9.9% change in SKT stock from 8/8/2025 to 11/7/2025 was primarily driven by a 4.8% change in the company's Net Income Margin (%).

	8082025	11072025	Change
Stock Price ($)	31.37	34.48	9.90%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	549.79	562.00	2.22%
Net Income Margin (%)	18.30%	19.18%	4.80%
P/E Multiple	35.12	36.14	2.90%
Shares Outstanding (Mil)	112.66	113.00	-0.31%
Cumulative Contribution			9.90%

LTM = Last Twelve Months as of date shown

The 16.4% change in SKT stock from 5/9/2025 to 11/7/2025 was primarily driven by a 8.2% change in the company's Net Income Margin (%).

	5092025	11072025	Change
Stock Price ($)	29.63	34.48	16.36%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	538.05	562.00	4.45%
Net Income Margin (%)	17.73%	19.18%	8.20%
P/E Multiple	34.92	36.14	3.52%
Shares Outstanding (Mil)	112.40	113.00	-0.54%
Cumulative Contribution			16.36%

LTM = Last Twelve Months as of date shown

The 0.9% change in SKT stock from 11/7/2024 to 11/7/2025 was primarily driven by a 9.6% change in the company's Total Revenues ($ Mil).

	11072024	11072025	Change
Stock Price ($)	34.19	34.48	0.86%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	512.80	562.00	9.59%
Net Income Margin (%)	18.70%	19.18%	2.58%
P/E Multiple	38.85	36.14	-6.96%
Shares Outstanding (Mil)	108.97	113.00	-3.70%
Cumulative Contribution			0.72%

LTM = Last Twelve Months as of date shown

The 107.1% change in SKT stock from 11/8/2022 to 11/7/2025 was primarily driven by a 60.7% change in the company's P/E Multiple.

	11082022	11072025	Change
Stock Price ($)	16.65	34.48	107.12%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	438.25	562.00	28.24%
Net Income Margin (%)	17.52%	19.18%	9.48%
P/E Multiple	22.49	36.14	60.69%
Shares Outstanding (Mil)	103.75	113.00	-8.92%
Cumulative Contribution			105.47%

LTM = Last Twelve Months as of date shown

Why The Stock Moved

AI Generated Analysis | Feedback

Here are the key points for why Tanger (SKT) stock moved by 15.9% from July 31, 2025, to November 8, 2025:

1. Strong Third Quarter 2025 Financial Results: Tanger reported robust financial performance for the third quarter of 2025, with net income available to common shareholders reaching $0.28 per share, surpassing analyst estimates of $0.25 per share. The company's revenue also exceeded projections, totaling $145.2 million against an estimated $137.24 million. Funds From Operations (FFO) per share increased to $0.60, beating expectations of $0.58 or $0.59 and improving from $0.54 in the prior year period.

2. Raised Full-Year 2025 Guidance: Following the strong Q3 performance, Tanger increased its full-year 2025 guidance for Funds From Operations (FFO) per share to a range of $2.28 to $2.32, signaling management's confidence in continued growth and value creation.

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
SKT Return	-27%	102%	-2%	62%	28%	2%	203%
Peers Return	-26%	48%	-8%	11%	13%	0%	27%
S&P 500 Return	16%	27%	-19%	24%	23%	14%	108%
Monthly Win Rates [3]
SKT Win Rate	58%	58%	42%	75%	58%	30%
Peers Win Rate	42%	75%	47%	50%	57%	56%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
SKT Max Drawdown	-70%	-1%	-27%	-1%	-6%	-14%
Peers Max Drawdown	-54%	-5%	-27%	-17%	-8%	-14%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: O, FRT, GTY, WSR, SPG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/7/2025 (YTD)

How Low Can It Go

Unique Key	Event	SKT	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-36.8%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	58.3%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	251 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-74.2%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	287.8%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	299 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-62.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	169.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-41.5%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	70.9%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	488 days	1480 days

Compare to O, FRT, GTY, WSR, SPG

In The Past

Tanger's stock fell -36.8% during the 2022 Inflation Shock from a high on 11/18/2021. A -36.8% loss requires a 58.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

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About Tanger (SKT)

Tanger Factory Outlet Centers, Inc. (NYSE: SKT) is a leading operator of open-air upscale outlet shopping centers that owns, or has an ownership interest in, a portfolio of 38 centers. Tanger's operating properties are located in 20 states and in Canada, totaling approximately 14.1 million square feet, leased to over 2,700 stores operated by more than 500 different brand name companies. The Company has more than 39 years of experience in the outlet industry and is a publicly-traded REIT. Tanger is furnishing a Form 8-K with the Securities and Exchange Commission ("SEC") that includes a supplemental information package for the quarter ended September 30, 2020.

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Better Bets than Tanger (SKT)

	SKT	Better Performance than SKT
Metric	Value	Industry (Retail REITs)
Rev Chg LTM	9.6%	O (14.7%), KIM (10.2%), ADC (14.7%), MAC (16.2%), PECO (10.7%)
Rev Chg 3Y Avg	8.7%	O (21.5%), ADC (19.5%), GTY (9.8%), NTST (27.4%), PINE (10.1%)
Op Mgn LTM	29.6%	SPG (50.7%), O (45.7%), KIM (33.0%), REG (37.5%), FRT (36.0%)
CFO/Rev LTM	51.5%	SPG (65.3%), O (67.1%), REG (53.6%), ADC (70.3%), NNN (72.7%)
FCF/Rev LTM	51.5%	O (67.1%), REG (53.6%), ADC (70.3%), NNN (72.7%), CURB (78.0%)
Total Yield	6.1%	O (7.4%), REG (7.2%), BRX (8.3%), ADC (6.4%), NNN (10.9%)

	SKT	Better Performance than SKT
Metric	Value	Sector (Real Estate)
Rev Chg LTM	9.6%	WELL (32.6%), PLD (10.7%), O (14.7%), CBRE (15.0%), CCI (28.0%)
Rev Chg 3Y Avg	8.7%	WELL (20.9%), PLD (18.1%), DLR (9.1%), O (21.5%), VTR (10.7%)
Op Mgn LTM	29.6%	PLD (39.8%), AMT (46.4%), SPG (50.7%), O (45.7%), PSA (47.0%)
CFO/Rev LTM	51.5%	PLD (59.3%), SPG (65.3%), O (67.1%), PSA (67.3%), VICI (62.0%)
FCF/Rev LTM	51.5%	PLD (59.3%), O (67.1%), PSA (61.2%), VICI (62.0%), EXR (56.0%)
Total Yield	6.1%	AMT (7.3%), O (7.4%), VICI (14.2%), EXR (8.2%), EQR (9.0%)

	SKT	Better Performance than SKT
Metric	Value	All Other Sectors
Rev Chg LTM	9.6%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AVGO (28.0%)
Rev Chg 3Y Avg	8.7%	NVDA (92.0%), MSFT (13.2%), GOOGL (11.0%), AMZN (11.3%), AVGO (24.0%)
Op Mgn LTM	29.6%	NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AVGO (39.0%)
CFO/Rev LTM	51.5%	META (56.8%), MA (56.1%), V (57.6%), BAC (57.3%), RY (135.4%)
FCF/Rev LTM	51.5%	MA (52.5%), V (53.9%), BAC (57.3%), RY (131.7%), SCHW (79.4%)
Total Yield	6.1%	BRK-B (6.3%), JPM (6.7%), XOM (9.5%), JNJ (8.3%), BAC (7.5%)

		Best Bets In Real Estate Sector
	SKT	CTRE	WPC	ADC	NNN	OHI	O	EPRT	GLPI	EPR	FCPT
What You Pay
P/E	36.1	29.3	40.7	42.2	19.5	23.9	54.0	25.2	16.4	19.4	23.0
P/EBIT	22.1	25.5	21.4	25.2	13.0	16.3	24.3	17.7	10.8	11.8	15.6
What You Get
Rev Chg Q	9.2%	82.4%	8.5%	18.7%	5.3%	12.9%	9.1%	23.7%	3.2%	4.3%	11.0%
Rev Chg LTM	9.6%	47.6%	5.6%	14.7%	4.5%	13.7%	14.7%	24.2%	4.4%	4.2%	8.3%
Rev Chg 3Y Avg	8.7%	21.2%	5.6%	19.5%	6.0%	6.3%	21.5%	24.2%	7.4%	3.9%	9.5%
FCF/Rev 3Y Avg	51.1%	88.9%	84.4%	73.1%	73.6%	71.6%	69.5%	69.3%	65.4%	63.9%	61.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 9.6%, alpha of 3.1%, and sharpe of 0.44

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Tanger Earnings Notes
2	How Low Can Tanger Stock Really Go?	Return
3	Tanger vs Alphabet: Which Is A Better Investment?	Counter-Intuitive Comparisons
4	How Does Tanger Stock Stack Up Against Its Peers?	Peer Comparison
5	Better Bet Than SKT Stock: Pay Less Than Tanger To Get More From GOOGL, MU
6	Better Bet Than SKT Stock: Pay Less Than Tanger To Get More From O, REXR
7	Better Bet Than SKT Stock: Pay Less Than Tanger To Get More From O
8	Why Tanger Stock Moved: SKT Stock Has Gained 103% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
9	SKT Dip Buy Analysis
10	Tanger (SKT) Valuation Ratios Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to SKT. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
MPW_10312025_Short_Squeeze	10312025	MPW	Medical Properties Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-1.9%	-1.9%	-5.8%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
MPW_10312025_Short_Squeeze	10312025	MPW	Medical Properties Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-1.9%	-1.9%	-5.8%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ORGO	Organogenesis	0.7	44.7%	75.9%
GMED	Globus Medical	11.3	35.9%	1.4%
KODK	Eastman Kodak	0.6	33.2%	18.6%
GCT	GigaCloud Technology	1.3	30.0%	78.8%
FROG	JFrog	6.9	27.0%	104.0%
PGNY	Progyny	1.9	24.2%	29.7%
TNDM	Tandem Diabetes Care	1.1	22.0%	-54.9%
OS	OneStream	4.1	19.2%	-20.3%
FLGT	Fulgent Genetics	0.8	18.2%	42.7%
UAMY	United States Antimony	1.0	17.8%	370.1%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIRS	AirSculpt Technologies	0.4	-41.7%	17.9%
FOXF	Fox Factory	0.7	-25.5%	-45.9%
ASTH	Astrana Health	1.3	-23.5%	-19.0%
CERT	Certara	1.4	-23.1%	-18.6%
NTLA	Intellia Therapeutics	1.0	-22.7%	-18.4%
DNA	Ginkgo Bioworks	0.5	-20.8%	-8.9%
SIGA	SIGA Technologies	0.5	-20.0%	20.2%
UI	Ubiquiti	37.0	-19.4%	85.3%
EVCM	EverCommerce	1.7	-19.3%	-15.1%
PSIX	Power Solutions International	1.5	-19.1%	120.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	123.6%	233.4%
GDEN	Golden Entertainment	0.8	44.7%	-4.9%
FSLY	Fastly	1.7	39.4%	22.5%
GMED	Globus Medical	11.3	38.9%	1.4%
CSIQ	Canadian Solar	1.9	37.1%	156.0%
HAE	Haemonetics	3.3	36.7%	-12.4%
ESTA	Establishment Labs	1.9	35.6%	41.1%
APPN	Appian	3.0	34.6%	22.2%
XMTR	Xometry	3.3	33.1%	51.9%
ORGO	Organogenesis	0.7	32.5%	75.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
QURE	uniQure	1.5	-58.9%	57.4%
ASPN	Aspen Aerogels	0.3	-52.6%	-67.5%
BHVN	Biohaven	0.8	-52.0%	-77.9%
DD	DuPont de Nemours	16.7	-51.3%	-46.9%
SOC	Sable Offshore	0.5	-48.9%	-76.7%
BLZE	Backblaze	0.3	-43.7%	-3.7%
CCOI	Cogent Communications	1.1	-43.1%	-67.5%
NVTS	Navitas Semiconductor	1.6	-41.8%	119.6%
AIRS	AirSculpt Technologies	0.4	-41.2%	17.9%
ACVA	ACV Auctions	0.9	-40.5%	-75.0%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
PRAX	Praxis Precision Medicines	3.6	207.2%	118.6%
INBX	Inhibrx Biosciences	1.2	130.5%	424.0%
VTYX	Ventyx Biosciences	0.6	127.2%	300.5%
TERN	Terns Pharmaceuticals	1.7	117.3%	233.4%
PUMP	ProPetro	1.1	95.6%	15.1%
SNDK	SanDisk	34.7	84.7%
REPL	Replimune	0.8	79.5%	-31.4%
CSIQ	Canadian Solar	1.9	78.3%	156.0%
VICR	Vicor	3.9	66.2%	80.9%
ESTA	Establishment Labs	1.9	62.0%	41.1%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SOC	Sable Offshore	0.5	-72.8%	-76.7%
NTLA	Intellia Therapeutics	1.0	-62.6%	-18.4%
QURE	uniQure	1.5	-56.3%	57.4%
FMC	FMC	1.8	-53.2%	-69.9%
BHVN	Biohaven	0.8	-52.1%	-77.9%
ASPN	Aspen Aerogels	0.3	-51.4%	-67.5%
LRN	Stride	3.1	-50.3%	-30.7%
FI	Fiserv	35.1	-49.4%	-69.0%
WOLF	Wolfspeed	2.8	-49.3%
ELF	e.l.f. Beauty	4.2	-49.1%	-41.3%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ORGO	Organogenesis	0.7	44.7%	75.9%
GMED	Globus Medical	11.3	35.9%	1.4%
KODK	Eastman Kodak	0.6	33.2%	18.6%
GCT	GigaCloud Technology	1.3	30.0%	78.8%
FROG	JFrog	6.9	27.0%	104.0%
PGNY	Progyny	1.9	24.2%	29.7%
TNDM	Tandem Diabetes Care	1.1	22.0%	-54.9%
OS	OneStream	4.1	19.2%	-20.3%
FLGT	Fulgent Genetics	0.8	18.2%	42.7%
UAMY	United States Antimony	1.0	17.8%	370.1%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIRS	AirSculpt Technologies	0.4	-41.7%	17.9%
FOXF	Fox Factory	0.7	-25.5%	-45.9%
ASTH	Astrana Health	1.3	-23.5%	-19.0%
CERT	Certara	1.4	-23.1%	-18.6%
NTLA	Intellia Therapeutics	1.0	-22.7%	-18.4%
DNA	Ginkgo Bioworks	0.5	-20.8%	-8.9%
SIGA	SIGA Technologies	0.5	-20.0%	20.2%
UI	Ubiquiti	37.0	-19.4%	85.3%
EVCM	EverCommerce	1.7	-19.3%	-15.1%
PSIX	Power Solutions International	1.5	-19.1%	120.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	123.6%	233.4%
GDEN	Golden Entertainment	0.8	44.7%	-4.9%
FSLY	Fastly	1.7	39.4%	22.5%
GMED	Globus Medical	11.3	38.9%	1.4%
CSIQ	Canadian Solar	1.9	37.1%	156.0%
HAE	Haemonetics	3.3	36.7%	-12.4%
ESTA	Establishment Labs	1.9	35.6%	41.1%
APPN	Appian	3.0	34.6%	22.2%
XMTR	Xometry	3.3	33.1%	51.9%
ORGO	Organogenesis	0.7	32.5%	75.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
QURE	uniQure	1.5	-58.9%	57.4%
ASPN	Aspen Aerogels	0.3	-52.6%	-67.5%
BHVN	Biohaven	0.8	-52.0%	-77.9%
DD	DuPont de Nemours	16.7	-51.3%	-46.9%
SOC	Sable Offshore	0.5	-48.9%	-76.7%
BLZE	Backblaze	0.3	-43.7%	-3.7%
CCOI	Cogent Communications	1.1	-43.1%	-67.5%
NVTS	Navitas Semiconductor	1.6	-41.8%	119.6%
AIRS	AirSculpt Technologies	0.4	-41.2%	17.9%
ACVA	ACV Auctions	0.9	-40.5%	-75.0%

Peer Comparisons for Tanger

Financials

	SKT	O	FRT	GTY	WSR	SPG	Median
Name	Tanger	Realty I.	Federal .	Getty Re.	Whitesto.	Simon Pr.
Mkt Price	34.48	56.87	97.34	27.31	13.35	183.60	45.67
Mkt Cap	3.9	52.0	8.4	1.5	0.7	59.9	6.1
Rev LTM	562	5,612	1,254	214	159	6,155	908
Op Inc LTM	166	2,564	451	114	55	3,120	309
FCF LTM	289	3,763	336	129	53	3,121	312
FCF 3Y Avg	260	3,318	276	118	51	3,066	268
CFO LTM	289	3,763	597	130	53	4,018	443
CFO 3Y Avg	260	3,318	572	118	51	3,870	416

Growth & Margins

	SKT	O	FRT	GTY	WSR	SPG	Median
Name	Tanger	Realty I.	Federal .	Getty Re.	Whitesto.	Simon Pr.
Rev Chg LTM	9.6%	14.7%	6.0%	8.2%	4.4%	4.2%	7.1%
Rev Chg 3Y Avg	8.7%	21.5%	6.2%	9.8%	4.8%	5.7%	7.4%
Rev Chg Q	9.2%	9.1%	6.1%	8.0%	5.5%	8.2%	8.1%
QoQ Delta Rev Chg LTM	2.2%	2.1%	1.5%	2.0%	1.4%	2.0%	2.0%
Op Mgn LTM	29.6%	45.7%	36.0%	53.2%	34.4%	50.7%	40.8%
Op Mgn 3Y Avg	28.5%	42.6%	35.1%	52.7%	33.3%	50.4%	38.9%
QoQ Delta Op Mgn LTM	0.5%	1.1%	-0.2%	2.6%	0.3%	-0.3%	0.4%
CFO/Rev LTM	51.5%	67.1%	47.6%	60.8%	33.4%	65.3%	56.1%
CFO/Rev 3Y Avg	51.1%	69.5%	48.2%	59.6%	33.2%	66.1%	55.4%
FCF/Rev LTM	51.5%	67.1%	26.8%	60.4%	33.4%	50.7%	51.1%
FCF/Rev 3Y Avg	51.1%	69.5%	23.1%	59.4%	33.2%	52.3%	51.7%

Valuation

	SKT	O	FRT	GTY	WSR	SPG	Median
Name	Tanger	Realty I.	Federal .	Getty Re.	Whitesto.	Simon Pr.
Mkt Cap	3.9	52.0	8.4	1.5	0.7	59.9	6.1
P/S	6.9	9.3	6.7	7.2	4.3	9.7	7.1
P/EBIT	22.1	24.3	15.6	13.0	8.7	16.9	16.3
P/E	36.1	54.0	24.1	20.8	15.3	26.7	25.4
P/CFO	13.5	13.8	14.0	11.9	12.9	14.9	13.6
Total Yield	6.1%	7.4%	4.1%	11.7%	10.5%	4.5%	6.7%
Dividend Yield	3.3%	5.5%	0.0%	6.9%	3.9%	0.7%	3.6%
FCF Yield 3Y Avg	8.2%	6.9%	3.2%	7.6%	8.6%	6.4%	7.3%
D/E	0.4	0.6	0.6	0.6	0.9	0.4	0.6
Net D/E	0.4	0.5	0.6	0.6	0.9	0.4	0.6

Returns

	SKT	O	FRT	GTY	WSR	SPG	Median
Name	Tanger	Realty I.	Federal .	Getty Re.	Whitesto.	Simon Pr.
1M Rtn	6.0%	-3.2%	-0.2%	4.9%	14.3%	3.0%	4.0%
3M Rtn	9.9%	0.4%	7.8%	-2.5%	12.7%	12.6%	8.9%
6M Rtn	16.4%	3.2%	6.5%	-1.2%	8.4%	15.3%	7.4%
12M Rtn	0.9%	6.7%	-10.5%	-6.9%	-2.7%	9.7%	-0.9%
3Y Rtn	107.1%	5.8%	7.0%	2.5%	65.7%	87.6%	36.4%
1M Excs Rtn	6.5%	-2.5%	0.3%	6.0%	15.4%	2.8%	4.4%
3M Excs Rtn	4.5%	-5.1%	2.1%	-6.6%	7.0%	6.9%	3.3%
6M Excs Rtn	-2.5%	-15.7%	-12.4%	-20.1%	-10.5%	-3.5%	-11.4%
12M Excs Rtn	-9.6%	-14.1%	-26.9%	-23.9%	-17.7%	-5.8%	-15.9%
3Y Excs Rtn	37.8%	-69.3%	-67.2%	-74.9%	-9.4%	15.0%	-38.3%

Comparison Analyses

	Title
0	How Does Tanger Stock Stack Up Against Its Peers?

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/6/2025	2/21/2025	2/21/2024	2/27/2023	2/22/2022	2/23/2021	2/19/2020
Key Financials
Total Revenue	562	526	464	443	427	390	478
Net Income	108	99	99	82	9	-36	88
EPS	0.96	0.89	0.94	0.78	0.08	-0.40	0.93
Growth Rates
Total Revenue Growth	9.6%	13.3%	4.9%	3.8%	9.4%	-18.5%	-3.3%
Net Income Growth	12.4%	-0.6%	20.8%	800.0%	125.1%	-141.3%	101.2%
Margins
Net Income Margin	19.2%	18.7%	21.4%	18.5%	2.1%	-9.3%	18.4%
Cash & Debt
Total Cash	13	47	22	265	161	85	17
Total Debt	1,703	1,508	1,525	1,516	1,486	1,658	1,661
Net Debt / (Cash)	1,690	1,461	1,503	1,251	1,325	1,573	1,644
Cash Flows
Net Cash from Operations	289	261	230	214	218	165	220
Free Cash from Operations	289	261	230	214	218	165	220
Returns to Shareholders
Dividends	129	120	104	84	72	67	133
Share Repurchases	-0	-0	-0	-0	-0	-0	20

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/6/2025	8/6/2025	5/2/2025	2/21/2025	11/7/2024	8/5/2024	5/1/2024	2/21/2024	11/7/2023	8/4/2023	4/28/2023	2/27/2023
Key Financials Quarterly
Total Revenue	145	141	135	141	133	129	123	127	117	111	109	116
Net Income	32	30	19	26	25	25	22	24	28	24	24	18
EPS	0.28	0.27	0.17	0.24	0.23	0.23	0.20	0.22	0.26	0.23	0.22	0.17
Key Financials TTM
Total Revenue TTM	562	550	538	526	513	497	479	464	453	447	443	443
Net Income TTM	108	101	95	99	96	99	98	99	94	89	85	82
Growth Rates Quarterly
Total Revenue Growth	9.2%	9.1%	9.7%	10.4%	13.3%	16.6%	13.2%	9.5%	5.3%	4.5%	0.1%	3.9%
Net Income Growth	28.9%	21.1%	-14.3%	11.4%	-10.0%	2.6%	-4.8%	29.5%	18.7%	21.6%	14.7%	40.3%
Margins Quarterly
Net Income Margin	22.1%	21.4%	14.2%	18.8%	18.7%	19.3%	18.2%	18.7%	23.5%	21.9%	21.6%	15.8%
Cash & Debt
Total Cash	13	10	10	47	11	11	16	22	202	228	236	265
Total Debt	1,703	1,610	1,647	1,508	1,509	1,545	1,557	1,525	1,513	1,514	1,515	1,516
Net Debt / (Cash)	1,690	1,600	1,637	1,461	1,498	1,534	1,542	1,503	1,312	1,286	1,279	1,251
Cash Flows Quarterly
FCF from Operations	74	82	41	92	65	73	31	77	53	73	26	91
Cash Flows TTM
FCF from Operations TTM	289	280	271	261	247	235	235	230	243	224	221	214
Returns to Shareholders Quarterly
Dividends	33	33	32	30	30	30	30	27	26	26	25	23
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	6.3%	6.5%	5.4%	5.9%	6.1%	5.9%	5.3%	5.0%	6.3%	5.9%	5.8%	4.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	5.7%	5.8%	5.5%	5.7%	5.6%	5.4%	5.2%	5.2%	5.5%	5.4%	5.2%	5.2%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Rental revenues	439	421	408	378	464
Other revenues	17	14	12	7	9
Management, leasing and other services	9	7	6	5	5
Total	464	443	427	390	478

Price Behavior

Price Behavior

Market Price	$34.48
Market Cap ($ Bil)	3.9
First Trading Date	05/28/1993
Distance from 52W High	-3.6%
	50 Days	200 Days
DMA Price	$33.16	$31.73
DMA Trend	indeterminate	up
Distance from DMA	4.0%	8.7%
	3M	1YR
Volatility	19.8%	26.6%
Downside Capture	27.18	69.11
Upside Capture	70.20	60.80
Correlation (SPY)	38.2%	57.3%

SKT Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.78	0.81	0.83	1.03	0.79	0.89
Up Beta	1.28	1.59	1.92	1.57	0.79	0.88
Down Beta	1.19	1.15	0.95	1.07	0.97	1.04
Up Capture	7%	12%	55%	60%	48%	66%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	10	18	29	61	123	381
Down Capture	61%	69%	25%	79%	80%	93%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	13	26	36	66	128	366

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of SKT With Other Asset Classes (Last 1Y)
	SKT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	6.9%	-2.0%	18.9%	45.7%	0.7%	-1.3%	49.7%
Annualized Volatility	26.9%	17.8%	19.6%	19.9%	16.1%	18.0%	37.2%
Sharpe Ratio	0.22	-0.26	0.76	1.78	-0.14	-0.22	0.85
Correlation With Other Assets		62.4%	56.9%	-1.7%	18.1%	66.1%	21.8%

ETFs used for asset classes: Sector ETF = XLRE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of SKT With Other Asset Classes (Last 5Y)
	SKT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	47.0%	7.3%	17.1%	15.9%	13.8%	7.2%	49.2%
Annualized Volatility	38.8%	19.3%	17.1%	15.6%	18.9%	19.1%	49.3%
Sharpe Ratio	1.10	0.29	0.81	0.82	0.61	0.29	0.76
Correlation With Other Assets		45.7%	42.5%	0.3%	13.4%	50.6%	16.3%

Based On 10-Year Data

		Comparison of SKT With Other Asset Classes (Last 10Y)
	SKT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	5.1%	6.4%	14.3%	12.9%	5.1%	5.3%	77.5%
Annualized Volatility	42.2%	20.7%	18.0%	14.7%	17.7%	20.9%	56.2%
Sharpe Ratio	0.27	0.28	0.69	0.72	0.22	0.23	0.95
Correlation With Other Assets		52.1%	44.8%	-0.1%	18.4%	58.2%	10.3%

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	3,790,213
Short Interest: % Change Since 9302025	-3.7%
Average Daily Volume	892,449
Days-to-Cover Short Interest	4.25
Basic Shares Quantity	113,005,000
Short % of Basic Shares	3.4%

Returns Analyses

	Title
0	How Low Can Tanger Stock Really Go?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/4/2025	0.7%
8/4/2025	6.0%	3.7%	11.5%
4/30/2025	-5.0%	-5.5%	-5.4%
2/19/2025	3.9%	2.1%	-6.9%
11/6/2024	4.9%	5.4%	7.4%
8/1/2024	-2.6%	-4.9%	5.9%
4/30/2024	-3.2%	-0.7%	-3.3%
2/15/2024	3.4%	3.9%	2.5%
...
SUMMARY STATS
# Positive	13	17	12
# Negative	10	6	11
Median Positive	4.2%	3.7%	9.9%
Median Negative	-3.4%	-4.9%	-3.9%
Max Positive	15.3%	27.0%	62.6%
Max Negative	-7.2%	-8.1%	-18.9%

	Forward Returns
11/4/2025	0.7%
8/4/2025	6.0%	3.7%	11.5%
4/30/2025	-5.0%	-5.5%	-5.4%
2/19/2025	3.9%	2.1%	-6.9%
11/6/2024	4.9%	5.4%	7.4%
8/1/2024	-2.6%	-4.9%	5.9%
4/30/2024	-3.2%	-0.7%	-3.3%
2/15/2024	3.4%	3.9%	2.5%
11/6/2023	4.5%	3.2%	12.9%
8/3/2023	2.7%	5.0%	-2.2%
2/21/2023	4.2%	6.4%	4.1%
11/2/2022	5.0%	0.5%	9.2%
8/8/2022	0.6%	9.2%	-4.6%
5/5/2022	-0.9%	0.6%	-2.9%
2/17/2022	-2.9%	0.1%	-2.6%
11/1/2021	15.3%	15.7%	9.9%
8/3/2021	-3.5%	3.7%	-0.9%
5/5/2021	-0.8%	-8.1%	9.9%
2/17/2021	0.9%	14.5%	20.1%
11/5/2020	9.9%	27.0%	62.6%
8/5/2020	-7.2%	1.2%	-12.1%
5/11/2020	-7.0%	1.3%	32.1%
1/27/2020	-4.5%	-3.6%	-18.9%
SUMMARY STATS
# Positive	13	17	12
# Negative	10	6	11
Median Positive	4.2%	3.7%	9.9%
Median Negative	-3.4%	-4.9%	-3.9%
Max Positive	15.3%	27.0%	62.6%
Max Negative	-7.2%	-8.1%	-18.9%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11062025	10-Q 9/30/2025
6302025	8062025	10-Q 6/30/2025
3312025	5022025	10-Q 3/31/2025
12312024	2212025	10-K 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8052024	10-Q 6/30/2024
3312024	5012024	10-Q 3/31/2024
12312023	2212024	10-K 12/31/2023
9302023	11072023	10-Q 9/30/2023
6302023	8042023	10-Q 6/30/2023
3312023	4282023	10-Q 3/31/2023
12312022	2272023	10-K 12/31/2022
9302022	11042022	10-Q 9/30/2022
6302022	8082022	10-Q 6/30/2022
3312022	5092022	10-Q 3/31/2022
12312021	2222022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Swanson Gallardo Leslie	EVP, Chief Operating Officer	9082025	Sell	34.74	17,500	607,950	3,219,182	Form
1	REDDIN THOMAS		5132025	Sell	32.25	7,000	225,750	1,277,164	Form
2	Yalof Stephen	President & CEO	5052025	Buy	29.87	3,348	100,000	24,840,216	Form
3	Swanson Gallardo Leslie	EVP, Chief Operating Officer	3122025	Sell	32.38	12,500	404,750	3,664,056	Form
4	SKERRITT SUSAN E		3042025	Sell	34.79	9,844	342,473	1,533,926	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Tanger (SKT)

Market Price (11/9/2025): $34.44 | Market Cap: $3.9 BilSector: Real Estate | Industry: Retail REITs

Tanger (SKT)

Market Price (11/8/2025): $34.44Market Cap: $3.9 BilSector: Real EstateIndustry: Retail REITs

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Market Price (11/9/2025): $34.44 | Market Cap: $3.9 Bil
Sector: Real Estate | Industry: Retail REITs

Market Price (11/8/2025): $34.44
Market Cap: $3.9 Bil
Sector: Real Estate
Industry: Retail REITs