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Tanger (SKT) Financials

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$38.04 -0.41 (-1.07%)
As of 08/26/2026 03:58 PM Eastern
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Annual Income Statements for Tanger

Annual Income Statements for Tanger

This table shows Tanger's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 211 398 140 180 -36 19 168 203 201 234
Consolidated Net Income / (Loss)		 222 409 144 185 -38 19 172 208 206 239
Net Income / (Loss) Continuing Operations		 222 409 144 185 -38 19 266 654 711 807
Total Pre-Tax Income 		211 387 140 170 -39 1.31 154 191 183 212
Total Operating Income		 144 303 321 212 21 206 230 714 807 910
Total Gross Profit		 439 932 976 957 390 853 885 1,375 1,557 1,722
Total Revenue		 439 932 976 957 390 853 885 1,375 1,557 1,722
Operating Revenue		 439 932 976 957 390 853 885 1,375 1,557 1,722
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 295 629 655 745 369 647 655 661 751 812
Selling, General & Admin Expense		 191 397 398 423 185 413 431 443 473 510
Depreciation Expense		 104 231 255 247 117 220 224 218 277 302
Total Other Income / (Expense), net		 66 84 -182 -42 -60 -205 -76 -76 -118 -130
Interest Expense		 54 121 201 123 63 201 0.44 96 121 132
Other Income / (Expense), net		 120 206 19 81 3.25 -3.19 18 19 2.97 1.34
Other Gains / (Losses), net		 11 22 3.87 16 1.13 18 17 16 23 27
Net Income / (Loss) Attributable to Noncontrolling Interest		 11 11 3.87 4.87 -1.74 0.44 3.77 4.73 4.17 4.73
Basic Earnings per Share		 $2.20 $4.04 $1.42 $1.86 ($0.40) $0.16 $1.56 $1.88 $1.78 $2.02
Weighted Average Basic Shares Outstanding		 95.88M 96.26M 94.54M 92.89M 93.57M 104.08M 104.50M 108.92M 112.78M 114.51M
Diluted Earnings per Share		 $2.20 $4.02 $1.42 $1.86 ($0.40) $0.16 $1.54 $1.84 $1.76 $1.98
Weighted Average Diluted Shares Outstanding		 95.88M 96.26M 94.54M 92.89M 93.57M 104.08M 104.50M 108.92M 112.78M 114.51M
Weighted Average Basic & Diluted Shares Outstanding		 95.88M 96.26M 94.54M 92.89M 93.57M 104.08M 104.50M 108.92M 112.78M 114.51M

Quarterly Income Statements for Tanger

This table shows Tanger's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 127 22 25 25 129 19 30 32 153 28 33
Consolidated Net Income / (Loss)		 129 23 26 26 130 20 31 33 154 29 35
Net Income / (Loss) Continuing Operations		 225 23 26 26 252 20 31 33 722 29 35
Total Pre-Tax Income 		118 21 23 24 116 18 28 29 137 26 31
Total Operating Income		 166 35 38 39 189 33 45 46 786 43 48
Total Gross Profit		 592 123 129 133 667 135 141 145 1,301 150 156
Total Revenue		 592 123 129 133 667 135 141 145 1,301 150 156
Operating Revenue		 592 123 129 133 667 135 141 145 1,301 150 156
Total Cost of Revenue		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Operating Expenses		 426 89 91 94 478 102 96 100 515 107 108
Selling, General & Admin Expense		 285 55 56 58 304 61 59 62 328 67 66
Depreciation Expense		 141 34 34 35 174 37 37 37 191 40 42
Total Other Income / (Expense), net		 -47 -14 -15 -16 -74 -16 -16 -17 -82 -17 -18
Interest Expense		 -36 14 16 15 -46 16 16 16 83 19 19
Other Income / (Expense), net		 12 0.59 0.22 -0.05 2.21 0.22 -0.03 -0.12 1.26 1.91 1.72
Other Gains / (Losses), net		 10 2.52 2.98 2.31 15 2.40 3.03 4.22 18 3.44 3.85
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.06 0.89 1.08 1.07 1.12 0.80 1.24 1.32 1.36 1.16 1.36
Basic Earnings per Share		 $1.17 $0.20 $0.23 $0.23 $1.12 $0.17 $0.27 $0.28 $1.30 $0.25 $0.29
Weighted Average Basic Shares Outstanding		 108.92M 109.35M 109.35M 110.69M 112.78M 113.17M 113.17M 115.11M 114.51M 114.88M 114.88M
Diluted Earnings per Share		 $1.13 $0.20 $0.22 $0.22 $1.12 $0.17 $0.26 $0.28 $1.27 $0.24 $0.29
Weighted Average Diluted Shares Outstanding		 108.92M 109.35M 109.35M 110.69M 112.78M 113.17M 113.17M 115.11M 114.51M 114.88M 114.88M
Weighted Average Basic & Diluted Shares Outstanding		 108.92M 109.35M 109.35M 110.69M 112.78M 113.17M 113.17M 115.11M 114.51M 114.88M 114.88M

Annual Cash Flow Statements for Tanger

This table details how cash moves in and out of Tanger's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 4.68 -131 -6.12 7.59 68 -34 102 -487 -45 -55
Net Cash From Operating Activities		 221 239 253 220 165 435 428 459 521 591
Net Cash From Continuing Operating Activities		 221 239 253 220 165 435 428 459 521 591
Net Income / (Loss) Continuing Operations		 222 204 72 93 -38 19 172 208 206 239
Consolidated Net Income / (Loss)		 222 204 72 93 -38 19 172 208 206 239
Depreciation Expense		 104 115 128 123 117 220 224 218 277 302
Amortization Expense		 2.99 7.83 6.55 4.88 6.79 9.51 10 8.93 9.54 7.43
Non-Cash Adjustments To Reconcile Net Income		 -109 -91 45 7.97 83 147 19 31 19 27
Changes in Operating Assets and Liabilities, net		 0.63 2.52 1.59 -8.45 -4.32 40 3.49 -6.30 9.91 15
Net Cash From Investing Activities		 -222 -167 -118 99 -19 -45 -198 -819 -356 -527
Net Cash From Continuing Investing Activities		 -222 -167 -118 99 -27 -45 -198 -819 -356 -527
Purchase of Property, Plant & Equipment		 - - - - - -6.35 -15 -541 -167 -378
Purchase of Investments		 -45 -33 -5.89 -2.32 -11 -14 -120 -25 -20 -13
Sale and/or Maturity of Investments		 27 60 25 18 9.07 39 53 116 26 6.45
Other Investing Activities, net		 -203 -149 -137 84 -26 -84 -135 -370 -194 -143
Net Cash From Financing Activities		 6.85 -203 -142 -312 -78 -237 -128 -39 -97 -51
Net Cash From Continuing Financing Activities		 6.85 -203 -142 -312 -78 -424 -128 -127 -210 -120
Repayment of Debt		 -510 -1,339 -949 -431 -647 -1,241 -15 -150 -574 -574
Payment of Dividends		 -110 -149 -137 -140 -70 -152 -176 -217 -251 -275
Issuance of Debt		 628 1,283 985 283 642 788 73 166 524 678
Issuance of Common Equity		 - - - 0.00 - 187 0.00 89 115 69
Other Financing Activities, net		 -0.24 1.14 8.34 -3.87 -2.07 -6.06 -9.97 -14 -24 -18
Effect of Exchange Rate Changes		 -1.10 0.32 -0.06 -0.02 -0.22 -0.35 -0.22 -0.23 -0.24 0.65

Quarterly Cash Flow Statements for Tanger

This table details how cash moves in and out of Tanger's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -463 -4.64 0.92 1.99 -43 -37 -0.42 40 -59 190 -35
Net Cash From Operating Activities		 307 31 73 65 352 41 82 74 393 36 93
Net Cash From Continuing Operating Activities		 307 31 73 65 352 41 82 74 393 36 93
Net Income / (Loss) Continuing Operations		 129 23 26 26 130 20 31 33 154 29 35
Consolidated Net Income / (Loss)		 129 23 26 26 130 20 31 33 154 29 35
Depreciation Expense		 141 34 34 35 174 37 37 37 191 40 42
Amortization Expense		 5.45 1.10 1.18 1.27 5.99 1.15 1.27 1.16 4.27 1.03 1.10
Non-Cash Adjustments To Reconcile Net Income		 20 3.10 3.22 2.16 13 8.84 2.10 -1.49 17 1.55 -1.71
Changes in Operating Assets and Liabilities, net		 11 -30 8.29 0.43 29 -26 11 4.18 26 -36 17
Net Cash From Investing Activities		 -732 -26 -21 -20 -289 -176 -9.83 -36 -305 -41 -86
Net Cash From Continuing Investing Activities		 -732 -26 -21 -20 -289 -176 -9.83 -36 -305 -41 -86
Purchase of Property, Plant & Equipment		 -534 -2.38 -3.36 -1.03 -161 -166 -4.14 -18 -190 -1.53 -63
Sale of Property, Plant & Equipment		 9.60 1.88 0.67 2.80 6.76 1.04 2.00 1.54 - 0.63 2.18
Sale and/or Maturity of Investments		 65 2.45 6.15 3.43 14 1.30 0.97 1.63 2.56 2.11 0.77
Other Investing Activities, net		 -258 -28 -25 -25 -128 -13 -8.66 -22 -100 -22 -26
Net Cash From Financing Activities		 50 -9.34 -51 -43 6.81 98 -73 2.03 -78 195 -43
Net Cash From Continuing Financing Activities		 -39 -9.34 -51 -43 -106 98 -73 2.03 -147 195 -43
Repayment of Debt		 -146 -85 -114 -79 -295 -21 -92 -97 -363 -164 -5.32
Payment of Dividends		 -138 -31 -31 -31 -157 -34 -35 -35 -173 -36 -37
Other Financing Activities, net		 -7.15 -10 -7.07 0.21 -6.49 -7.51 -0.83 0.03 -9.26 -29 -0.32
Effect of Exchange Rate Changes		 0.09 -0.09 0.30 -0.14 -0.32 -0.19 0.13 0.24 0.48 -0.07 -0.02

Annual Balance Sheets for Tanger

This table presents Tanger's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2014 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 2,098 2,526 2,540 2,385 2,285 2,190 2,157 2,218 4,648 4,762 2,656
Total Current Assets		 17 12 6.10 9.08 17 85 161 105 18 47 54
Cash & Equivalents		 17 12 6.10 9.08 17 85 161 - - 47 18
Restricted Cash		 0.00 - - - - - - - - - 35
Short-Term Investments		 - - - - - - - 105 18 0.00 0.00
Plant, Property, & Equipment, net		 1,601 2,151 2,187 2,065 1,887 1,738 1,655 4,514 3,906 3,960 2,207
Plant, Property & Equipment, gross		 2,264 2,966 3,088 3,046 2,897 2,793 2,801 5,739 6,542 6,816 3,721
Accumulated Depreciation		 662 815 902 981 1,010 1,055 1,145 1,225 2,637 2,856 1,514
Total Noncurrent Assets		 433 363 348 311 382 366 421 401 646 632 395
Long-Term Investments		 208 128 119 96 95 95 83 74 144 131 65
Noncurrent Note & Lease Receivables		 153 - - 0.00 87 81 160 59 - - 83
Intangible Assets		 0.00 152 132 117 97 85 74 - 183 170 111
Other Noncurrent Operating Assets		 72 83 96 98 104 105 105 268 320 330 136
Total Liabilities & Shareholders' Equity		 2,098 2,526 2,540 2,385 2,285 2,190 2,157 2,218 4,648 4,762 2,656
Total Liabilities		 1,574 1,821 1,928 1,879 1,829 1,831 1,658 1,704 3,465 3,402 1,921
Total Current Liabilities		 181 78 90 83 80 88 93 105 236 215 133
Accounts Payable		 70 78 90 83 80 88 93 105 236 215 133
Total Noncurrent Liabilities		 1,393 1,743 1,837 1,797 1,750 1,742 1,565 1,296 3,143 3,103 1,788
Long-Term Debt		 1,332 1,688 1,764 1,713 1,570 1,568 1,397 1,038 2,878 2,848 1,597
Other Noncurrent Operating Liabilities		 61 55 74 84 89 84 79 83 264 255 191
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 524 705 612 506 456 359 500 514 1,183 1,359 735
Total Preferred & Common Equity		 497 670 582 480 433 341 478 492 567 652 706
Total Common Equity		 497 670 582 480 433 341 478 492 591 680 706
Common Stock		 793 821 786 780 776 788 979 988 1,810 2,018 1,264
Accumulated Other Comprehensive Income / (Loss)		 -14 -28 -19 -27 -25 -27 -18 -11 -48 -57 -28
Other Equity Adjustments		 -282 -123 -185 -272 -317 -420 -483 -486 -490 -512 -529
Noncontrolling Interest		 27 35 31 25 23 17 22 22 25 27 29

Quarterly Balance Sheets for Tanger

This table presents Tanger's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 2,185 2,196 2,205 2,301 2,294 2,275 2,478 2,452 2,636 2,834 2,860
Total Current Assets		 236 228 202 7.74 2.21 11 27 9.74 50 227 228
Cash & Equivalents		 203 213 188 - - 11 10 9.74 13 207 177
Restricted Cash		 - - - - - - - - 37 - 31
Short-Term Investments		 33 15 13 7.74 2.21 0.00 0.00 0.00 - 20 20
Plant, Property, & Equipment, net		 1,586 1,657 1,684 1,940 1,927 1,923 2,091 2,077 2,196 2,185 2,235
Plant, Property & Equipment, gross		 2,834 2,929 2,979 3,287 3,303 3,324 3,514 3,531 3,679 3,732 3,816
Accumulated Depreciation		 1,248 1,272 1,295 1,347 1,376 1,401 1,423 1,454 1,483 1,547 1,582
Total Noncurrent Assets		 364 311 320 345 355 341 360 365 390 422 397
Long-Term Investments		 73 74 72 72 72 70 64 67 66 65 64
Noncurrent Note & Lease Receivables		 - - - 77 77 76 76 75 82 - 83
Intangible Assets		 - 56 54 86 82 78 105 100 116 105 114
Other Noncurrent Operating Assets		 291 181 193 110 124 117 115 123 126 252 137
Total Liabilities & Shareholders' Equity		 2,185 2,196 2,205 2,301 2,294 2,275 2,478 2,452 2,636 2,834 2,860
Total Liabilities		 1,679 1,688 1,693 1,721 1,716 1,683 1,818 1,791 1,904 2,136 2,158
Total Current Liabilities		 79 92 99 78 86 87 75 87 99 78 108
Accounts Payable		 79 92 99 78 86 87 75 87 99 78 108
Total Noncurrent Liabilities		 1,600 1,596 1,594 1,644 1,630 1,596 1,743 1,704 1,805 2,058 2,051
Long-Term Debt		 1,428 1,427 1,427 1,472 1,460 1,424 1,563 1,526 1,613 1,866 1,861
Other Noncurrent Operating Liabilities		 172 169 167 172 170 172 180 178 192 192 190
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 506 508 512 580 578 593 660 661 732 698 701
Total Preferred & Common Equity		 485 486 491 556 554 568 634 635 704 670 674
Total Common Equity		 485 486 491 556 554 568 634 635 704 670 674
Common Stock		 985 988 994 1,074 1,077 1,104 1,188 1,191 1,262 1,232 1,236
Accumulated Other Comprehensive Income / (Loss)		 -14 -13 -17 -21 -21 -27 -29 -28 -29 -26 -23
Other Equity Adjustments		 -487 -488 -486 -497 -503 -508 -525 -528 -529 -536 -539
Noncontrolling Interest		 22 22 22 24 24 24 26 26 29 27 27

Annual Metrics And Ratios for Tanger

This table displays calculated financial ratios and metrics derived from Tanger's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 112.05% 4.81% 1.32% 0.00% -59.24% 118.74% 3.77% 4.92% 13.28% 10.58%
EBITDA Growth		 52.14% 69.84% -24.76% -24.92% 18.12% -64.89% 192.22% 11.68% 6.44% 15.04% 11.32%
EBIT Growth		 88.96% 91.89% -32.95% -35.76% 33.89% -91.81% 744.73% 22.73% 15.39% 5.95% 12.56%
NOPAT Growth		 9.55% 109.44% 6.24% -32.43% -2.48% -93.14% 1,317.63% 11.91% 16.14% 12.54% 12.80%
Net Income Growth		 0.00% 83.94% -64.82% -36.61% 0.00% -120.50% 150.29% 798.00% 21.03% -1.08% 16.29%
EPS Growth		 0.00% 82.73% -64.68% -36.62% 0.00% -121.51% 140.00% 862.50% 19.48% -4.35% 12.50%
Operating Cash Flow Growth		 0.00% 8.41% 5.78% 2.04% 0.00% -25.27% 164.29% -1.72% 7.29% 13.54% 13.34%
Free Cash Flow Firm Growth		 1,473.53% -203.38% 116.61% 9.32% -9.81% -42.77% 21.31% -1,272.92% 138.96% -87.68% -40.69%
Invested Capital Growth		 -100.00% 0.00% -0.11% -6.09% -5.09% -8.39% -0.86% 155.45% -16.03% 4.52% 12.04%
Revenue Q/Q Growth		 0.00% 2.59% 0.40% 0.14% -1.38% -51.17% 0.00% 2.37% 3.66% 7.67% 58.28%
EBITDA Q/Q Growth		 0.00% 51.58% -13.77% -40.95% 4.02% 0.07% 0.00% 47.02% 5.79% 8.55% 100.43%
EBIT Q/Q Growth		 0.00% 34.62% 6.79% -52.37% -22.27% 5.22% 0.00% 13.37% 9.11% 4.53% 189.28%
NOPAT Q/Q Growth		 0.00% 0.00% 6.24% -52.19% -28.39% 28.30% 0.00% 6.73% 10.65% 8.43% 190.97%
Net Income Q/Q Growth		 0.00% -30.18% 12.20% -21.97% -26.25% 62.49% 0.00% 91.00% 12.87% 0.81% 11.14%
EPS Q/Q Growth		 0.00% -30.21% 14.52% -22.41% -26.77% 62.96% 0.00% 90.12% 11.52% -0.57% 8.20%
Operating Cash Flow Q/Q Growth		 0.00% 404.71% -40.39% 3.35% 284.34% 7.37% 0.00% 117.76% 0.00% 9.50% 7.42%
Free Cash Flow Firm Q/Q Growth		 203.72% -373.83% -87.21% -35.15% -17.98% 2.64% 53.81% -933.77% 336.34% 1,574.78% 2,140.97%
Invested Capital Q/Q Growth		 -100.00% 1.00% 0.00% -2.00% -2.76% -3.08% 3.99% 181.05% 134.64% 110.98% 100.55%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 84.62% 67.78% 48.65% 36.05% 44.04% 37.93% 50.67% 54.54% 55.32% 56.19% 70.87%
Operating Margin		 32.88% 32.47% 32.92% 21.95% 22.14% 5.32% 24.14% 26.04% 28.82% 28.63% 52.83%
EBIT Margin		 60.28% 54.55% 34.90% 22.13% 30.64% 6.15% 23.77% 28.11% 30.91% 28.91% 52.90%
Profit (Net Income) Margin		 50.57% 43.86% 14.72% 9.21% 19.39% -9.75% 2.24% 19.39% 22.37% 19.53% 13.88%
Tax Burden Percent		 105.45% 105.62% 102.77% 102.07% 109.23% 97.12% 1,461.47% 111.13% 108.62% 112.34% 112.82%
Interest Burden Percent		 79.54% 76.13% 41.05% 40.78% 57.92% -163.06% 0.65% 62.07% 66.62% 60.14% 23.25%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 16.58% 26.86% 14.28% 9.95% 10.28% 0.76% 11.26% 7.12% 6.25% 7.54% 21.51%
ROIC Less NNEP Spread (ROIC-NNEP)		 29.34% 40.57% 3.12% 2.19% 8.62% -2.71% -2.09% 4.97% 4.51% 4.03% -2.32%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 89.00% 7.54% 6.35% 28.29% -10.08% -6.80% 26.75% 18.24% 8.63% -4.61%
Return on Equity (ROE)		 0.00% 115.86% 21.82% 16.30% 38.57% -9.33% 4.45% 33.87% 24.49% 16.17% 16.89%
Cash Return on Invested Capital (CROIC)		 216.58% -173.14% 14.39% 16.23% 15.51% 9.51% 12.12% -80.35% 23.68% 3.12% 10.15%
Operating Return on Assets (OROA)		 0.00% 40.24% 13.45% 8.89% 12.55% 1.07% 9.33% 11.38% 8.37% 6.47% 18.09%
Return on Assets (ROA)		 0.00% 32.35% 5.67% 3.70% 7.94% -1.70% 0.88% 7.85% 6.05% 4.37% 4.75%
Return on Common Equity (ROCE)		 0.00% 110.07% 20.73% 15.49% 36.64% -8.87% 4.25% 32.39% 15.63% 8.09% 8.45%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 60.97% 24.72% 18.98% 42.81% -11.13% 4.00% 34.92% 36.66% 31.50% 0.00%
Net Operating Profit after Tax (NOPAT)		 144 303 321 217 212 15 206 230 268 301 910
NOPAT Margin		 32.88% 32.47% 32.92% 21.95% 22.14% 3.73% 24.14% 26.04% 28.82% 28.63% 52.83%
Net Nonoperating Expense Percent (NNEP)		 -12.76% -13.71% 11.16% 7.77% 1.67% 3.47% 13.34% 2.15% 1.75% 3.51% 23.82%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 13.35% 6.59% 7.16% 19.51%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 43.47% 42.66% 40.81% 41.36% 44.22% 47.40% 48.43% 48.68% 47.73% 45.00% 29.64%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 67.12% 67.53% 67.08% 78.05% 77.86% 94.68% 75.86% 73.96% 71.18% 71.37% 47.17%
Earnings before Interest and Taxes (EBIT)		 265 508 341 219 293 24 203 249 287 304 911
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 372 631 475 357 421 148 432 483 514 591 1,220
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 3.36 2.97 2.97 2.49 2.31 3.70 3.47 4.71 5.51 5.18
Price to Tangible Book Value (P/TBV)		 0.00 4.34 3.85 3.93 3.20 3.08 4.38 3.47 6.82 7.35 7.41
Price to Revenue (P/Rev)		 4.51 2.42 1.77 1.44 1.13 2.02 2.07 1.93 3.00 3.56 2.21
Price to Earnings (P/E)		 9.39 5.66 12.39 15.91 5.98 0.00 94.73 10.17 13.75 18.60 16.25
Dividend Yield		 6.31% 6.27% 7.42% 9.17% 12.19% 16.85% 4.20% 4.91% 3.66% 3.21% 3.48%
Earnings Yield		 10.65% 17.66% 8.07% 6.28% 16.73% 0.00% 1.06% 9.84% 7.27% 5.38% 6.15%
Enterprise Value to Invested Capital (EV/IC)		 0.00 1.70 1.51 1.45 1.32 1.24 1.67 0.59 1.41 1.59 1.54
Enterprise Value to Revenue (EV/Rev)		 4.51 4.12 3.48 3.09 2.77 5.86 3.56 3.12 5.95 6.17 4.00
Enterprise Value to EBITDA (EV/EBITDA)		 5.33 6.07 7.15 8.58 6.29 15.45 7.02 5.72 10.76 10.98 5.64
Enterprise Value to EBIT (EV/EBIT)		 7.49 7.55 9.97 13.98 9.04 95.20 14.96 11.11 19.25 21.33 7.55
Enterprise Value to NOPAT (EV/NOPAT)		 13.73 12.68 10.57 14.09 12.52 157.30 14.73 11.99 20.65 21.54 7.56
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.98 16.02 13.42 11.84 12.03 13.87 6.97 6.46 12.04 12.45 11.65
Enterprise Value to Free Cash Flow (EV/FCFF)		 1.05 0.00 10.49 8.64 8.30 12.50 13.68 0.00 5.45 52.00 16.03
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 2.39 2.88 3.39 3.64 4.62 2.97 2.36 2.43 2.09 2.17
Long-Term Debt to Equity		 0.00 2.39 2.88 3.39 3.64 4.62 2.97 2.36 2.43 2.09 2.17
Financial Leverage		 0.00 2.19 2.42 2.90 3.28 3.72 3.26 5.39 4.05 2.14 1.99
Leverage Ratio		 0.00 3.58 3.84 4.41 4.86 5.49 5.06 4.32 4.05 3.70 3.56
Compound Leverage Factor		 0.00 2.73 1.58 1.80 2.81 -8.95 0.03 2.68 2.70 2.23 0.83
Debt to Total Capital		 0.00% 70.52% 74.23% 77.21% 78.46% 82.21% 74.83% 70.24% 70.88% 67.69% 68.48%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 70.52% 74.23% 77.21% 78.46% 82.21% 74.83% 70.24% 70.88% 67.69% 68.48%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 1.47% 1.29% 1.14% 1.08% 0.87% 1.10% 1.29% 0.60% 0.65% 0.61%
Common Equity to Total Capital		 0.00% 28.00% 24.48% 21.64% 20.46% 16.93% 24.07% 28.47% 14.56% 16.16% 15.76%
Debt to EBITDA		 0.00 2.67 3.71 4.80 3.94 11.21 3.44 2.51 5.60 4.82 2.62
Net Debt to EBITDA		 0.00 2.45 3.45 4.51 3.68 10.00 2.87 2.14 5.29 4.59 2.50
Long-Term Debt to EBITDA		 0.00 2.67 3.71 4.80 3.94 11.21 3.44 2.51 5.60 4.82 2.62
Debt to NOPAT		 0.00 5.58 5.49 7.89 7.84 114.13 7.22 5.26 10.75 9.45 3.51
Net Debt to NOPAT		 0.00 5.11 5.10 7.40 7.32 101.78 6.03 4.49 10.15 9.02 3.35
Long-Term Debt to NOPAT		 0.00 5.58 5.49 7.89 7.84 114.13 7.22 5.26 10.75 9.45 3.51
Altman Z-Score		 0.00 1.74 1.33 1.14 1.16 0.47 1.38 1.37 0.83 1.04 1.43
Noncontrolling Interest Sharing Ratio		 0.00% 4.99% 5.00% 5.02% 5.02% 4.96% 4.58% 4.36% 36.17% 50.00% 50.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.00 0.16 0.07 0.11 0.21 0.96 1.73 1.00 0.08 0.00 0.07
Quick Ratio		 0.00 0.16 0.07 0.11 0.21 0.96 1.73 1.00 0.08 0.00 0.07
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,887 -1,950 324 354 319 183 222 -2,601 1,014 125 429
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 86.97% 335.53% 156.42%
Free Cash Flow to Firm to Interest Expense		 34.82 -16.07 1.61 2.73 2.59 2.90 1.10 -5,858.71 0.00 0.00 3.26
Operating Cash Flow to Interest Expense		 4.07 1.97 1.26 1.99 1.79 2.61 2.16 963.76 0.00 0.00 4.49
Operating Cash Flow Less CapEx to Interest Expense		 4.07 1.97 1.26 1.99 1.79 2.61 2.23 973.07 0.00 0.00 1.62
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.74 0.39 0.40 0.41 0.17 0.39 0.40 0.27 0.22 0.34
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.45 0.47 0.48 0.22 0.50 0.29 0.22 0.27 0.41
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.00 2,253 2,250 2,113 2,006 1,837 1,822 4,653 3,908 4,084 4,471
Invested Capital Turnover		 0.50 0.83 0.43 0.45 0.46 0.20 0.47 0.27 0.22 0.26 0.41
Increase / (Decrease) in Invested Capital		 -1,742 2,253 -2.57 -137 -108 -168 -16 2,832 -746 176 481
Enterprise Value (EV)		 1,983 3,835 3,399 3,060 2,651 2,285 3,033 2,764 5,529 6,490 6,881
Market Capitalization		 1,983 2,252 1,730 1,426 1,078 789 1,769 1,707 2,788 3,747 3,807
Book Value per Share		 $0.00 $6.98 $6.15 $5.11 $4.66 $3.65 $4.59 $4.71 $5.43 $6.14 $6.39
Tangible Book Value per Share		 $0.00 $5.40 $4.75 $3.87 $3.62 $2.74 $3.88 $4.71 $3.75 $4.60 $4.46
Total Capital		 0.00 2,393 2,376 2,218 2,117 2,017 1,986 1,727 4,061 4,207 4,664
Total Debt		 0.00 1,688 1,764 1,713 1,661 1,658 1,486 1,213 2,878 2,848 3,194
Total Long-Term Debt		 0.00 1,688 1,764 1,713 1,661 1,658 1,486 1,213 2,878 2,848 3,194
Net Debt		 0.00 1,548 1,638 1,608 1,550 1,479 1,242 1,034 2,716 2,716 3,046
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 -14 -4.13 528 155 378
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -78 -90 -83 -80 -88 -93 -105 -236 -215 -266
Debt-free Net Working Capital (DFNWC)		 0.00 -66 -84 -74 -63 -3.42 68 0.16 -218 -215 -247
Net Working Capital (NWC)		 0.00 -66 -84 -74 -63 -3.42 68 0.16 -218 -215 -247
Net Nonoperating Expense (NNE)		 -78 -106 178 126 26 53 187 59 60 96 671
Net Nonoperating Obligations (NNO)		 0.00 1,548 1,638 1,608 1,550 1,479 1,322 4,139 2,725 2,725 3,001
Total Depreciation and Amortization (D&A)		 107 123 134 138 128 124 230 234 227 287 309
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -8.39% -9.26% -8.36% -8.32% -22.63% -10.90% -11.83% -25.45% -20.41% -15.42%
Debt-free Net Working Capital to Revenue		 0.00% -7.08% -8.63% -7.44% -6.57% -0.88% 8.00% 0.02% -23.47% -20.41% -14.37%
Net Working Capital to Revenue		 0.00% -7.08% -8.63% -7.44% -6.57% -0.88% 8.00% 0.02% -23.47% -20.41% -14.37%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $2.02 $0.71 $0.45 $0.93 ($0.80) $0.00 $1.56 $1.88 $1.78 $2.02
Adjusted Weighted Average Basic Shares Outstanding		 0.00 96.26M 94.54M 93.94M 92.89M 93.57M 0.00 104.50M 108.92M 112.78M 114.51M
Adjusted Diluted Earnings per Share		 $0.00 $2.01 $0.71 $0.45 $0.93 ($0.80) $0.00 $1.54 $1.84 $1.76 $1.98
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 96.26M 94.54M 93.94M 92.89M 93.57M 0.00 104.50M 108.92M 112.78M 114.51M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 96.26M 94.54M 93.94M 92.89M 93.57M 0.00 104.50M 108.92M 112.78M 114.51M
Normalized Net Operating Profit after Tax (NOPAT)		 101 212 225 222 201 62 154 161 187 211 637
Normalized NOPAT Margin		 23.02% 22.81% 23.04% 22.41% 21.00% 15.79% 18.05% 18.23% 20.17% 20.04% 36.98%
Pre Tax Income Margin		 47.95% 41.53% 14.32% 9.02% 17.75% -10.04% 0.15% 17.45% 20.59% 17.39% 12.30%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 4.89 4.19 1.70 1.69 2.38 0.38 1.01 560.48 0.00 0.00 6.92
NOPAT to Interest Expense		 2.67 2.49 1.60 1.68 1.72 0.23 1.02 519.10 0.00 0.00 6.91
EBIT Less CapEx to Interest Expense		 4.89 4.19 1.70 1.69 2.38 0.38 1.07 569.79 0.00 0.00 4.05
NOPAT Less CapEx to Interest Expense		 2.67 2.49 1.60 1.68 1.72 0.23 1.09 528.41 0.00 0.00 4.04
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 49.71% 36.34% 95.28% 151.66% 75.32% -184.31% 793.59% 102.57% 104.56% 121.98% 115.15%
Augmented Payout Ratio		 49.71% 36.34% 129.62% 173.60% 86.10% -184.31% 793.59% 102.57% 104.56% 121.98% 115.15%

Quarterly Metrics And Ratios for Tanger

This table displays calculated financial ratios and metrics derived from Tanger's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 114,507,737.00 114,875,851.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 114,507,737.00 114,875,851.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.25 0.29
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 5.87% 13.24% 16.55% 13.34% 12.66% 9.72% 9.10% 9.18% 10.99% 11.12% 11.15%
EBITDA Growth		 8.22% 12.62% 19.26% 16.83% 14.34% 1.65% 11.59% 10.65% 12.13% 20.75% 13.13%
EBIT Growth		 15.56% -0.35% 8.66% 2.45% 7.40% -5.04% 15.67% 16.50% 13.05% 35.30% 12.27%
NOPAT Growth		 18.41% 6.43% 15.60% 7.96% 14.13% -4.05% 16.40% 16.65% 13.23% 30.43% 8.35%
Net Income Growth		 22.56% -6.25% 2.43% -10.21% 1.28% -14.19% 20.90% 28.61% 18.38% 47.09% 10.43%
EPS Growth		 20.21% -9.09% -4.35% -15.38% -0.89% -15.00% 18.18% 27.27% 13.39% 41.18% 11.54%
Operating Cash Flow Growth		 0.00% 21.53% -0.77% 22.52% 14.73% 33.32% 12.68% 14.00% 11.59% -12.30% 13.96%
Free Cash Flow Firm Growth		 133.86% -281.79% -329.35% -967.70% -98.61% 55.63% 60.53% -7.18% -50.02% 28.71% 0.29%
Invested Capital Growth		 -16.03% 20.84% 19.72% 16.24% 4.52% 8.56% 8.01% 15.16% 12.04% 6.54% 7.58%
Revenue Q/Q Growth		 404.39% -79.16% 4.53% 3.14% 401.35% -79.70% 3.94% 3.21% 795.89% -88.44% 3.97%
EBITDA Q/Q Growth		 400.75% -78.41% 5.55% 2.38% 390.10% -80.81% 15.87% 1.52% 1,072.50% -91.20% 7.77%
EBIT Q/Q Growth		 366.62% -80.27% 9.95% 1.22% 389.18% -82.56% 33.93% 1.95% 1,628.21% -94.27% 11.13%
NOPAT Q/Q Growth		 356.77% -79.15% 11.18% 1.93% 382.88% -82.47% 34.88% 2.15% 1,621.06% -94.50% 12.05%
Net Income Q/Q Growth		 345.78% -81.90% 11.19% 0.06% 402.77% -84.66% 56.66% 6.44% 362.77% -80.94% 17.62%
EPS Q/Q Growth		 334.62% -82.30% 10.00% 0.00% 409.09% -84.82% 52.94% 7.69% 353.57% -81.10% 20.83%
Operating Cash Flow Q/Q Growth		 477.15% -89.88% 134.16% -10.45% 440.46% -88.24% 97.91% -9.40% 429.03% -90.75% 157.16%
Free Cash Flow Firm Q/Q Growth		 3,320.80% -110.55% 6.77% 18.45% 105.48% -1,163.85% 17.06% -121.49% 223.34% -131.47% -15.99%
Invested Capital Q/Q Growth		 134.64% 1.40% -0.48% -0.95% 110.98% -47.80% -0.98% 5.61% 100.55% -49.20% -0.02%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 54.86% 56.82% 57.38% 56.96% 55.68% 52.64% 58.69% 57.73% 75.55% 57.53% 59.63%
Operating Margin		 28.00% 28.01% 29.79% 29.45% 28.36% 24.49% 31.79% 31.46% 60.44% 28.75% 30.98%
EBIT Margin		 30.10% 28.49% 29.96% 29.41% 28.69% 24.65% 31.77% 31.38% 60.53% 30.02% 32.08%
Profit (Net Income) Margin		 21.75% 18.89% 20.10% 19.50% 19.55% 14.77% 22.27% 22.97% 11.86% 19.56% 22.12%
Tax Burden Percent		 108.84% 112.10% 112.97% 109.79% 112.78% 113.63% 110.72% 114.49% 112.80% 113.25% 112.52%
Interest Burden Percent		 66.40% 59.16% 59.37% 60.39% 60.42% 52.74% 63.31% 63.92% 17.37% 57.53% 61.28%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 6.07% 14.72% 15.98% 15.98% 7.47% 12.73% 16.82% 16.44% 24.60% 22.69% 24.79%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.00% 13.82% 14.98% 14.92% 5.31% 11.81% 15.88% 15.57% 2.16% 21.78% 23.87%
Return on Net Nonoperating Assets (RNNOA)		 20.22% 31.86% 34.51% 33.70% 11.39% 27.20% 36.22% 33.38% 4.30% 48.84% 52.88%
Return on Equity (ROE)		 26.29% 46.58% 50.49% 49.68% 18.86% 39.93% 53.04% 49.81% 28.90% 71.53% 77.67%
Cash Return on Invested Capital (CROIC)		 23.68% -3.84% -2.62% 0.41% 3.12% 6.44% 7.36% 0.92% 10.15% 35.45% 34.85%
Operating Return on Assets (OROA)		 8.14% 11.98% 12.84% 12.83% 6.42% 10.98% 14.40% 13.90% 20.70% 19.63% 21.18%
Return on Assets (ROA)		 5.88% 7.94% 8.61% 8.50% 4.37% 6.58% 10.10% 10.18% 4.06% 12.79% 14.60%
Return on Common Equity (ROCE)		 16.78% 44.62% 48.36% 47.61% 9.43% 38.31% 50.90% 47.83% 14.45% 68.72% 74.62%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 37.10% 37.35% 35.88% 0.00% 31.90% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 166 35 38 39 189 33 45 46 786 43 48
NOPAT Margin		 28.00% 28.01% 29.79% 29.45% 28.36% 24.49% 31.79% 31.46% 60.44% 28.75% 30.98%
Net Nonoperating Expense Percent (NNEP)		 1.08% 0.90% 1.00% 1.06% 2.16% 0.92% 0.95% 0.87% 22.44% 0.91% 0.92%
Return On Investment Capital (ROIC_SIMPLE)		 4.08% - - - 4.50% 1.49% 2.04% 1.95% 16.86% 1.69% 1.89%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 48.16% 44.54% 43.71% 43.96% 45.55% 44.93% 42.19% 42.99% 25.20% 44.42% 42.18%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 72.00% 71.99% 70.21% 70.55% 71.64% 75.51% 68.21% 68.54% 39.56% 71.25% 69.02%
Earnings before Interest and Taxes (EBIT)		 178 35 39 39 191 33 45 46 787 45 50
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 325 70 74 76 371 71 83 84 983 87 93
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.71 0.00 5.30 6.33 5.51 5.96 5.40 5.39 5.18 5.75 6.68
Price to Tangible Book Value (P/TBV)		 6.82 0.00 6.22 7.33 7.35 7.14 6.41 6.46 7.41 6.83 8.03
Price to Revenue (P/Rev)		 3.00 0.00 3.05 3.68 3.56 3.55 3.19 3.49 2.21 2.22 2.57
Price to Earnings (P/E)		 13.75 0.00 14.52 18.04 18.60 19.05 16.85 18.02 16.25 15.85 18.25
Dividend Yield		 3.66% 3.49% 3.87% 3.25% 3.21% 3.29% 3.69% 3.38% 3.48% 3.47% 3.04%
Earnings Yield		 7.27% 0.00% 6.89% 5.54% 5.38% 5.25% 5.94% 5.55% 6.15% 6.31% 5.48%
Enterprise Value to Invested Capital (EV/IC)		 1.41 0.00 2.22 2.57 1.59 2.48 2.32 2.39 1.54 2.40 2.68
Enterprise Value to Revenue (EV/Rev)		 5.95 0.00 4.52 5.08 6.17 4.97 4.56 4.89 4.00 3.14 3.48
Enterprise Value to EBITDA (EV/EBITDA)		 10.76 0.00 8.14 9.12 10.98 8.93 8.16 8.74 5.64 4.42 4.89
Enterprise Value to EBIT (EV/EBIT)		 19.25 0.00 14.98 17.06 21.33 17.49 15.89 16.89 7.55 5.91 6.57
Enterprise Value to NOPAT (EV/NOPAT)		 20.65 0.00 15.81 17.88 21.54 17.64 16.02 17.02 7.56 5.93 6.60
Enterprise Value to Operating Cash Flow (EV/OCF)		 12.04 0.00 9.37 10.43 12.45 9.95 9.07 9.67 11.65 9.32 10.21
Enterprise Value to Free Cash Flow (EV/FCFF)		 5.45 0.00 0.00 666.36 52.00 40.14 32.79 277.79 16.03 6.99 7.98
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.43 2.54 2.53 2.40 2.09 2.37 2.31 2.20 2.17 2.67 2.65
Long-Term Debt to Equity		 2.43 2.54 2.53 2.40 2.09 2.37 2.31 2.20 2.17 2.67 2.65
Financial Leverage		 4.05 2.30 2.30 2.26 2.14 2.30 2.28 2.14 1.99 2.24 2.22
Leverage Ratio		 4.05 4.13 4.14 4.05 3.70 3.85 3.83 3.71 3.56 3.91 3.90
Compound Leverage Factor		 2.69 2.44 2.46 2.45 2.24 2.03 2.43 2.37 0.62 2.25 2.39
Debt to Total Capital		 70.88% 71.74% 71.65% 70.62% 67.69% 70.31% 69.76% 68.78% 68.48% 72.78% 72.63%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 70.88% 71.74% 71.65% 70.62% 67.69% 70.31% 69.76% 68.78% 68.48% 72.78% 72.63%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.60% 1.17% 1.17% 1.21% 0.65% 1.17% 1.20% 1.22% 0.61% 1.07% 1.07%
Common Equity to Total Capital		 14.56% 27.09% 27.18% 28.17% 16.16% 28.51% 29.04% 30.00% 15.76% 26.16% 26.30%
Debt to EBITDA		 5.60 2.82 2.74 2.62 4.82 2.64 2.54 2.65 2.62 1.51 1.49
Net Debt to EBITDA		 5.29 2.67 2.60 2.47 4.59 2.51 2.41 2.46 2.50 1.27 1.26
Long-Term Debt to EBITDA		 5.60 2.82 2.74 2.62 4.82 2.64 2.54 2.65 2.62 1.51 1.49
Debt to NOPAT		 10.75 5.46 5.31 5.13 9.45 5.21 4.98 5.16 3.51 2.03 2.01
Net Debt to NOPAT		 10.15 5.16 5.04 4.83 9.02 4.96 4.73 4.79 3.35 1.71 1.70
Long-Term Debt to NOPAT		 10.75 5.46 5.31 5.13 9.45 5.21 4.98 5.16 3.51 2.03 2.01
Altman Z-Score		 0.75 0.00 1.46 1.73 0.96 1.70 1.61 1.64 1.35 1.81 1.97
Noncontrolling Interest Sharing Ratio		 36.17% 4.21% 4.21% 4.17% 50.00% 4.04% 4.04% 3.99% 50.00% 3.93% 3.93%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.08 0.10 0.03 0.13 0.00 0.36 0.11 0.51 0.07 2.90 2.12
Quick Ratio		 0.08 0.10 0.03 0.13 0.00 0.14 0.11 0.13 0.07 2.90 1.83
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 912 -304 -284 -231 13 -135 -112 -248 306 -96 -112
Operating Cash Flow to CapEx		 58.57% 6,278.99% 2,709.61% 0.00% 228.81% 25.19% 3,835.69% 459.75% 206.51% 4,033.41% 154.77%
Free Cash Flow to Firm to Interest Expense		 0.00 -21.19 -18.06 -14.92 0.00 -8.55 -6.82 -15.08 3.68 -5.02 -5.74
Operating Cash Flow to Interest Expense		 0.00 2.17 4.64 4.21 0.00 2.63 5.00 4.52 4.73 1.90 4.81
Operating Cash Flow Less CapEx to Interest Expense		 0.00 2.13 4.46 4.32 0.00 -7.80 4.87 3.54 2.44 1.85 1.70
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.27 0.42 0.43 0.44 0.22 0.45 0.45 0.44 0.34 0.65 0.66
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.22 0.54 0.54 0.54 0.27 0.53 0.54 0.53 0.41 0.81 0.81
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,908 1,964 1,954 1,936 4,084 2,132 2,111 2,229 4,471 2,271 2,271
Invested Capital Turnover		 0.22 0.53 0.54 0.54 0.26 0.52 0.53 0.52 0.41 0.79 0.80
Increase / (Decrease) in Invested Capital		 -746 339 322 270 176 168 157 294 481 139 160
Enterprise Value (EV)		 5,529 0.00 4,346 4,966 6,490 5,290 4,904 5,321 6,881 5,459 6,097
Market Capitalization		 2,788 0.00 2,937 3,599 3,747 3,775 3,428 3,795 3,807 3,858 4,500
Book Value per Share		 $5.43 $5.08 $5.06 $5.20 $6.14 $5.62 $5.61 $6.22 $6.39 $5.86 $5.87
Tangible Book Value per Share		 $3.75 $4.29 $4.32 $4.49 $4.60 $4.69 $4.73 $5.19 $4.46 $4.93 $4.88
Total Capital		 4,061 2,051 2,038 2,017 4,207 2,223 2,187 2,345 4,664 2,563 2,562
Total Debt		 2,878 1,472 1,460 1,424 2,848 1,563 1,526 1,613 3,194 1,866 1,861
Total Long-Term Debt		 2,878 1,472 1,460 1,424 2,848 1,563 1,526 1,613 3,194 1,866 1,861
Net Debt		 2,716 1,392 1,386 1,343 2,716 1,488 1,450 1,497 3,046 1,573 1,569
Capital Expenditures (CapEx)		 524 0.50 2.69 -1.77 154 164 2.14 16 190 0.90 60
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -236 -78 -86 -87 -215 -58 -87 -99 -266 -78 -108
Debt-free Net Working Capital (DFNWC)		 -218 -70 -84 -76 -215 -48 -77 -48 -247 149 120
Net Working Capital (NWC)		 -218 -70 -84 -76 -215 -48 -77 -48 -247 149 120
Net Nonoperating Expense (NNE)		 37 11 13 13 59 13 13 12 632 14 14
Net Nonoperating Obligations (NNO)		 2,725 1,384 1,377 1,343 2,725 1,472 1,450 1,497 3,001 1,573 1,569
Total Depreciation and Amortization (D&A)		 147 35 35 37 180 38 38 38 195 41 43
Debt-free, Cash-free Net Working Capital to Revenue		 -25.45% -8.26% -8.94% -8.88% -20.41% -5.49% -8.04% -9.06% -15.42% -4.52% -6.14%
Debt-free Net Working Capital to Revenue		 -23.47% -7.44% -8.71% -7.75% -20.41% -4.54% -7.14% -4.44% -14.37% 8.57% 6.86%
Net Working Capital to Revenue		 -23.47% -7.44% -8.71% -7.75% -20.41% -4.54% -7.14% -4.44% -14.37% 8.57% 6.86%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.17 $0.20 $0.23 $0.23 $1.12 $0.17 $0.27 $0.28 $1.30 $0.25 $0.29
Adjusted Weighted Average Basic Shares Outstanding		 108.92M 109.35M 109.35M 110.69M 112.78M 113.17M 113.17M 115.11M 114.51M 114.88M 114.88M
Adjusted Diluted Earnings per Share		 $1.13 $0.20 $0.22 $0.22 $1.12 $0.17 $0.26 $0.28 $1.27 $0.24 $0.29
Adjusted Weighted Average Diluted Shares Outstanding		 108.92M 109.35M 109.35M 110.69M 112.78M 113.17M 113.17M 115.11M 114.51M 114.88M 114.88M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 108.92M 109.35M 109.35M 110.69M 112.78M 113.17M 113.17M 115.11M 114.51M 114.88M 114.88M
Normalized Net Operating Profit after Tax (NOPAT)		 116 24 27 27 132 26 31 32 550 30 34
Normalized NOPAT Margin		 19.60% 19.61% 20.86% 20.61% 19.85% 19.34% 22.25% 22.02% 42.31% 20.12% 21.69%
Pre Tax Income Margin		 19.98% 16.85% 17.79% 17.76% 17.34% 13.00% 20.11% 20.06% 10.52% 17.27% 19.66%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 2.45 2.46 2.52 0.00 2.12 2.73 2.77 9.48 2.35 2.58
NOPAT to Interest Expense		 0.00 2.41 2.45 2.53 0.00 2.10 2.73 2.78 9.46 2.26 2.49
EBIT Less CapEx to Interest Expense		 0.00 2.41 2.29 2.64 0.00 -8.31 2.60 1.79 7.19 2.31 -0.53
NOPAT Less CapEx to Interest Expense		 0.00 2.37 2.28 2.64 0.00 -8.33 2.60 1.80 7.17 2.21 -0.61
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 104.56% 107.71% 109.56% 113.37% 121.98% 125.32% 123.51% 120.74% 115.15% 111.96% 111.67%
Augmented Payout Ratio		 104.56% 107.71% 109.56% 113.37% 121.98% 125.32% 123.51% 120.74% 115.15% 111.96% 111.67%

Financials Breakdown Chart

Key Financial Trends

Tanger (NYSE: SKT) showed improved operating momentum in Q1 2026, but the quarter also highlighted a highly leveraged balance sheet and a dividend that still appears to exceed quarterly earnings. Over the last several years, the company has generally delivered solid rental/revenue growth and meaningful operating cash flow, but that progress has been paired with persistent debt, significant depreciation expense, and recurring financing activity.

  • Revenue continued to grow year over year in Q1 2026. Total revenue rose to $150.4 million from $135.4 million in Q1 2025, showing continued top-line expansion.
  • Operating income improved versus the prior-year quarter. Q1 2026 operating income was $43.2 million, up from $33.2 million in Q1 2025.
  • Cash generation remained healthy. Tanger produced $36.3 million of operating cash flow in Q1 2026, which supports day-to-day operations and capital needs.
  • The company entered Q1 2026 with a much stronger cash position. Cash and equivalents plus short-term investments totaled about $227.4 million, up sharply from year-end 2025 levels.
  • Common equity improved from a year ago. Total common equity increased to $670.5 million from $633.9 million in Q1 2025.
  • Depreciation remains a large non-cash charge. Depreciation was $40.4 million in Q1 2026, which is common for a real estate owner but still weighs on reported earnings.
  • Quarterly earnings were positive but modest. Diluted EPS was $0.24 in Q1 2026, versus $0.17 in Q1 2025, showing improvement but not a dramatic jump.
  • The company continued to actively manage its capital structure. Q1 2026 included both debt repayment and fresh borrowing, indicating ongoing balance sheet refinancing rather than a clean deleveraging path.
  • Debt remains heavy. Long-term debt stood at $1.87 billion at the end of Q1 2026, far above total cash and short-term investments.
  • The dividend still looks elevated relative to quarterly earnings. Tanger paid $0.2925 per share in Q1 2026, which is above the quarter’s diluted EPS of $0.24.

Longer-term trend: Compared with 2023, Tanger’s operating results have been much stronger. Quarterly revenue has moved from roughly $108.9 million in Q1 2023 to $150.4 million in Q1 2026, while operating income has also improved. However, the balance sheet still carries substantial leverage, and the company has relied on debt issuance, debt repayment, and equity-related activity to support operations and shareholder returns. That combination suggests a business with improving fundamentals, but still some financial constraints.

Bottom line: SKT appears to be executing better operationally than it was a few years ago, and cash flow is still a clear strength. The main investor watch items are leverage, interest expense, and whether earnings growth can eventually cover the dividend more comfortably.

08/27/26 01:50 AM ETAI Generated. May Contain Errors.

Tanger Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Tanger's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Tanger's net income appears to be on a downward trend, with a most recent value of $239.00 million in 2025, rising from $222.17 million in 2015. The previous period was $205.52 million in 2024. Check out Tanger's forecast to explore projected trends and price targets.

Tanger's total operating income in 2025 was $909.77 million, based on the following breakdown:
  • Total Gross Profit: $1.72 billion
  • Total Operating Expenses: $812.40 million

Over the last 9 years, Tanger's total revenue changed from $439.37 million in 2015 to $1.72 billion in 2025, a change of 292.0%.

Tanger's total liabilities were at $1.92 billion at the end of 2025, a 43.5% decrease from 2024, and a 22.1% increase since 2014.

In the past 10 years, Tanger's cash and equivalents has ranged from $0.00 in 2022 to $161.26 million in 2021, and is currently $18.13 million as of their latest financial filing in 2025.

Over the last 10 years, Tanger's book value per share changed from 0.00 in 2015 to 6.39 in 2025, a change of 638.6%.


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Financial statements for NYSE:SKT last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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