Tanger (SKT) Financials

$35.39 -0.66 (-1.83%)

Closing price 05/13/2026 03:59 PM Eastern

Extended Trading

$35.43 +0.04 (+0.12%)

As of 04:06 AM Eastern

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

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	28	127	22	25	25	129	19	30	32	153	28
Consolidated Net Income / (Loss)	29	129	23	26	26	130	20	31	33	154	29
Net Income / (Loss) Continuing Operations	29	225	23	26	26	252	20	31	33	722	29
Total Pre-Tax Income	26	118	21	23	24	116	18	28	29	137	26
Total Operating Income	36	166	35	38	39	189	33	45	46	786	43
Total Gross Profit	117	592	123	129	133	667	135	141	145	1,301	150
Total Revenue	117	592	123	129	133	667	135	141	145	1,301	150
Operating Revenue	117	592	123	129	133	667	135	141	145	1,301	150
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	81	426	89	91	94	478	102	96	100	515	107
Selling, General & Admin Expense	56	285	55	56	58	304	61	59	62	328	67
Depreciation Expense	25	141	34	34	35	174	37	37	37	191	40
Total Other Income / (Expense), net	-9.79	-47	-14	-15	-16	-74	-16	-16	-17	-82	-17
Interest Expense	12	-36	14	16	15	-46	16	16	16	83	19
Other Income / (Expense), net	1.90	12	0.59	0.22	-0.05	2.21	0.22	-0.03	-0.12	1.26	1.91
Other Gains / (Losses), net	2.39	10	2.52	2.98	2.31	15	2.40	3.03	4.22	18	3.44
Net Income / (Loss) Attributable to Noncontrolling Interest	1.25	1.06	0.89	1.08	1.07	1.12	0.80	1.24	1.32	1.36	1.16
Basic Earnings per Share	$0.26	$1.17	$0.20	$0.23	$0.23	$1.12	$0.17	$0.27	$0.28	$1.30	$0.25
Weighted Average Basic Shares Outstanding	105.35M	108.92M	109.35M	109.35M	110.69M	112.78M	113.17M	113.17M	115.11M	114.51M	114.88M
Diluted Earnings per Share	$0.26	$1.13	$0.20	$0.22	$0.22	$1.12	$0.17	$0.26	$0.28	$1.27	$0.24
Weighted Average Diluted Shares Outstanding	105.35M	108.92M	109.35M	109.35M	110.69M	112.78M	113.17M	113.17M	115.11M	114.51M	114.88M
Weighted Average Basic & Diluted Shares Outstanding	105.35M	108.92M	109.35M	109.35M	110.69M	112.78M	113.17M	113.17M	115.11M	114.51M	114.88M
Cash Dividends to Common per Share	$0.25	-	$0.26	$0.28	$0.28	-	$0.28	$0.29	$0.29	-	$0.29

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	-25	-463	-4.64	0.92	1.99	-43	-37	-0.42	40	-59	190
Net Cash From Operating Activities	53	307	31	73	65	352	41	82	74	393	36
Net Cash From Continuing Operating Activities	53	307	31	73	65	352	41	82	74	393	36
Net Income / (Loss) Continuing Operations	29	129	23	26	26	130	20	31	33	154	29
Consolidated Net Income / (Loss)	29	129	23	26	26	130	20	31	33	154	29
Depreciation Expense	25	141	34	34	35	174	37	37	37	191	40
Amortization Expense	1.30	5.45	1.10	1.18	1.27	5.99	1.15	1.27	1.16	4.27	1.03
Non-Cash Adjustments To Reconcile Net Income	3.84	20	3.10	3.22	2.16	13	8.84	2.10	-1.49	17	1.55
Changes in Operating Assets and Liabilities, net	-6.19	11	-30	8.29	0.43	29	-26	11	4.18	26	-36
Net Cash From Investing Activities	-52	-732	-26	-21	-20	-289	-176	-9.83	-36	-305	-41
Net Cash From Continuing Investing Activities	-52	-732	-26	-21	-20	-289	-176	-9.83	-36	-305	-41
Purchase of Property, Plant & Equipment	-4.99	-534	-2.38	-3.36	-1.03	-161	-166	-4.14	-18	-190	-1.53
Purchase of Investments	-	-17	0.00	-	-	-20	0.00	-	-	-	-20
Sale of Property, Plant & Equipment	-0.40	9.60	1.88	0.67	2.80	6.76	1.04	2.00	1.54	-	0.63
Sale and/or Maturity of Investments	9.92	65	2.45	6.15	3.43	14	1.30	0.97	1.63	2.56	2.11
Other Investing Activities, net	-49	-258	-28	-25	-25	-128	-13	-8.66	-22	-100	-22
Net Cash From Financing Activities	-26	50	-9.34	-51	-43	6.81	98	-73	2.03	-78	195
Net Cash From Continuing Financing Activities	-25	-39	-9.34	-51	-43	-106	98	-73	2.03	-147	195
Repayment of Debt	-1.29	-146	-85	-114	-79	-295	-21	-92	-97	-363	-164
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-20
Payment of Dividends	-27	-138	-31	-31	-31	-157	-34	-35	-35	-173	-36
Issuance of Debt	-	166	117	102	43	262	160	55	65	398	445
Issuance of Common Equity	2.47	86	0.08	-	24	91	0.00	-	69	0.43	0.00
Other Financing Activities, net	0.14	-7.15	-10	-7.07	0.21	-6.49	-7.51	-0.83	0.03	-9.26	-29
Effect of Exchange Rate Changes	0.04	0.09	-0.09	0.30	-0.14	-0.32	-0.19	0.13	0.24	0.48	-0.07

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

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	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
Total Assets	2,158	2,185	2,196	2,205	2,301	2,294	2,275	2,478	2,452	2,636	2,834
Total Current Assets	181	236	228	202	7.74	2.21	11	27	9.74	50	227
Cash & Equivalents	181	203	213	188	-	-	11	10	9.74	13	207
Short-Term Investments	-	33	15	13	7.74	2.21	0.00	0.00	0.00	-	20
Plant, Property, & Equipment, net	1,631	1,586	1,657	1,684	1,940	1,927	1,923	2,091	2,077	2,196	2,185
Plant, Property & Equipment, gross	2,843	2,834	2,929	2,979	3,287	3,303	3,324	3,514	3,531	3,679	3,732
Accumulated Depreciation	1,212	1,248	1,272	1,295	1,347	1,376	1,401	1,423	1,454	1,483	1,547
Total Noncurrent Assets	346	364	311	320	345	355	341	360	365	390	422
Long-Term Investments	75	73	74	72	72	72	70	64	67	66	65
Intangible Assets	64	-	56	54	86	82	78	105	100	116	105
Other Noncurrent Operating Assets	129	291	181	193	110	124	117	115	123	126	252
Total Liabilities & Shareholders' Equity	2,158	2,185	2,196	2,205	2,301	2,294	2,275	2,478	2,452	2,636	2,834
Total Liabilities	1,642	1,679	1,688	1,693	1,721	1,716	1,683	1,818	1,791	1,904	2,136
Total Current Liabilities	76	79	92	99	78	86	87	75	87	99	78
Accounts Payable	76	79	92	99	78	86	87	75	87	99	78
Total Noncurrent Liabilities	1,566	1,600	1,596	1,594	1,644	1,630	1,596	1,743	1,704	1,805	2,058
Long-Term Debt	1,395	1,428	1,427	1,427	1,472	1,460	1,424	1,563	1,526	1,613	1,866
Other Noncurrent Operating Liabilities	170	172	169	167	172	170	172	180	178	192	192
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	516	506	508	512	580	578	593	660	661	732	698
Total Preferred & Common Equity	493	485	486	491	556	554	568	634	635	704	670
Total Common Equity	493	485	486	491	556	554	568	634	635	704	670
Common Stock	986	985	988	994	1,074	1,077	1,104	1,188	1,191	1,262	1,232
Accumulated Other Comprehensive Income / (Loss)	-11	-14	-13	-17	-21	-21	-27	-29	-28	-29	-26
Other Equity Adjustments	-481	-487	-488	-486	-497	-503	-508	-525	-528	-529	-536
Noncontrolling Interest	22	22	22	22	24	24	24	26	26	29	27

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%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	114,507,737.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	114,507,737.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.25
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.29%	5.87%	13.24%	16.55%	13.34%	12.66%	9.72%	9.10%	9.18%	10.99%	11.12%
EBITDA Growth	8.12%	8.22%	12.62%	19.26%	16.83%	14.34%	1.65%	11.59%	10.65%	12.13%	20.75%
EBIT Growth	12.45%	15.56%	-0.35%	8.66%	2.45%	7.40%	-5.04%	15.67%	16.50%	13.05%	35.30%
NOPAT Growth	11.43%	18.41%	6.43%	15.60%	7.96%	14.13%	-4.05%	16.40%	16.65%	13.23%	30.43%
Net Income Growth	18.62%	22.56%	-6.25%	2.43%	-10.21%	1.28%	-14.19%	20.90%	28.61%	18.38%	47.09%
EPS Growth	18.18%	20.21%	-9.09%	-4.35%	-15.38%	-0.89%	-15.00%	18.18%	27.27%	13.39%	41.18%
Operating Cash Flow Growth	58.01%	0.00%	21.53%	-0.77%	22.52%	14.73%	33.32%	12.68%	14.00%	11.59%	-12.30%
Free Cash Flow Firm Growth	-79.28%	133.86%	-281.79%	-329.35%	-967.70%	-98.61%	55.63%	60.53%	-7.18%	-50.02%	28.71%
Invested Capital Growth	0.58%	-16.03%	20.84%	19.72%	16.24%	4.52%	8.56%	8.01%	15.16%	12.04%	6.54%
Revenue Q/Q Growth	6.06%	404.39%	-79.16%	4.53%	3.14%	401.35%	-79.70%	3.94%	3.21%	795.89%	-88.44%
EBITDA Q/Q Growth	4.51%	400.75%	-78.41%	5.55%	2.38%	390.10%	-80.81%	15.87%	1.52%	1,072.50%	-91.20%
EBIT Q/Q Growth	7.36%	366.62%	-80.27%	9.95%	1.22%	389.18%	-82.56%	33.93%	1.95%	1,628.21%	-94.27%
NOPAT Q/Q Growth	9.15%	356.77%	-79.15%	11.18%	1.93%	382.88%	-82.47%	34.88%	2.15%	1,621.06%	-94.50%
Net Income Q/Q Growth	14.14%	345.78%	-81.90%	11.19%	0.06%	402.77%	-84.66%	56.66%	6.44%	362.77%	-80.94%
EPS Q/Q Growth	13.04%	334.62%	-82.30%	10.00%	0.00%	409.09%	-84.82%	52.94%	7.69%	353.57%	-81.10%
Operating Cash Flow Q/Q Growth	-27.47%	477.15%	-89.88%	134.16%	-10.45%	440.46%	-88.24%	97.91%	-9.40%	429.03%	-90.75%
Free Cash Flow Firm Q/Q Growth	-78.44%	3,320.80%	-110.55%	6.77%	18.45%	105.48%	-1,163.85%	17.06%	-121.49%	223.34%	-131.47%
Invested Capital Q/Q Growth	2.02%	134.64%	1.40%	-0.48%	-0.95%	110.98%	-47.80%	-0.98%	5.61%	100.55%	-49.20%
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	55.26%	54.86%	56.82%	57.38%	56.96%	55.68%	52.64%	58.69%	57.73%	75.55%	57.53%
Operating Margin	30.91%	28.00%	28.01%	29.79%	29.45%	28.36%	24.49%	31.79%	31.46%	60.44%	28.75%
EBIT Margin	32.53%	30.10%	28.49%	29.96%	29.41%	28.69%	24.65%	31.77%	31.38%	60.53%	30.02%
Profit (Net Income) Margin	24.61%	21.75%	18.89%	20.10%	19.50%	19.55%	14.77%	22.27%	22.97%	11.86%	19.56%
Tax Burden Percent	109.02%	108.84%	112.10%	112.97%	109.79%	112.78%	113.63%	110.72%	114.49%	112.80%	113.25%
Interest Burden Percent	69.38%	66.40%	59.16%	59.37%	60.39%	60.42%	52.74%	63.31%	63.92%	17.37%	57.53%
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)	16.68%	6.07%	14.72%	15.98%	15.98%	7.47%	12.73%	16.82%	16.44%	24.60%	22.69%
ROIC Less NNEP Spread (ROIC-NNEP)	16.04%	5.00%	13.82%	14.98%	14.92%	5.31%	11.81%	15.88%	15.57%	2.16%	21.78%
Return on Net Nonoperating Assets (RNNOA)	35.76%	20.22%	31.86%	34.51%	33.70%	11.39%	27.20%	36.22%	33.38%	4.30%	48.84%
Return on Equity (ROE)	52.45%	26.29%	46.58%	50.49%	49.68%	18.86%	39.93%	53.04%	49.81%	28.90%	71.53%
Cash Return on Invested Capital (CROIC)	13.99%	23.68%	-3.84%	-2.62%	0.41%	3.12%	6.44%	7.36%	0.92%	10.15%	35.45%
Operating Return on Assets (OROA)	13.36%	8.14%	11.98%	12.84%	12.83%	6.42%	10.98%	14.40%	13.90%	20.70%	19.63%
Return on Assets (ROA)	10.11%	5.88%	7.94%	8.61%	8.50%	4.37%	6.58%	10.10%	10.18%	4.06%	12.79%
Return on Common Equity (ROCE)	50.20%	16.78%	44.62%	48.36%	47.61%	9.43%	38.31%	50.90%	47.83%	14.45%	68.72%
Return on Equity Simple (ROE_SIMPLE)	37.51%	0.00%	37.10%	37.35%	35.88%	0.00%	31.90%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	36	166	35	38	39	189	33	45	46	786	43
NOPAT Margin	30.91%	28.00%	28.01%	29.79%	29.45%	28.36%	24.49%	31.79%	31.46%	60.44%	28.75%
Net Nonoperating Expense Percent (NNEP)	0.65%	1.08%	0.90%	1.00%	1.06%	2.16%	0.92%	0.95%	0.87%	22.44%	0.91%
Return On Investment Capital (ROIC_SIMPLE)	-	4.08%	-	-	-	4.50%	1.49%	2.04%	1.95%	16.86%	1.69%
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	47.46%	48.16%	44.54%	43.71%	43.96%	45.55%	44.93%	42.19%	42.99%	25.20%	44.42%
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	69.09%	72.00%	71.99%	70.21%	70.55%	71.64%	75.51%	68.21%	68.54%	39.56%	71.25%
Earnings before Interest and Taxes (EBIT)	38	178	35	39	39	191	33	45	46	787	45
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	65	325	70	74	76	371	71	83	84	983	87
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.61	4.71	0.00	5.30	6.33	5.51	5.96	5.40	5.39	5.18	5.75
Price to Tangible Book Value (P/TBV)	5.19	6.82	0.00	6.22	7.33	7.35	7.14	6.41	6.46	7.41	6.83
Price to Revenue (P/Rev)	2.53	3.00	0.00	3.05	3.68	3.56	3.55	3.19	3.49	2.21	2.22
Price to Earnings (P/E)	12.61	13.75	0.00	14.52	18.04	18.60	19.05	16.85	18.02	16.25	15.85
Dividend Yield	4.32%	3.66%	3.49%	3.87%	3.25%	3.21%	3.29%	3.69%	3.38%	3.48%	3.47%
Earnings Yield	7.93%	7.27%	0.00%	6.89%	5.54%	5.38%	5.25%	5.94%	5.55%	6.15%	6.31%
Enterprise Value to Invested Capital (EV/IC)	2.07	1.41	0.00	2.22	2.57	1.59	2.48	2.32	2.39	1.54	2.40
Enterprise Value to Revenue (EV/Rev)	3.84	5.95	0.00	4.52	5.08	6.17	4.97	4.56	4.89	4.00	3.14
Enterprise Value to EBITDA (EV/EBITDA)	7.08	10.76	0.00	8.14	9.12	10.98	8.93	8.16	8.74	5.64	4.42
Enterprise Value to EBIT (EV/EBIT)	13.07	19.25	0.00	14.98	17.06	21.33	17.49	15.89	16.89	7.55	5.91
Enterprise Value to NOPAT (EV/NOPAT)	14.22	20.65	0.00	15.81	17.88	21.54	17.64	16.02	17.02	7.56	5.93
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	12.04	0.00	9.37	10.43	12.45	9.95	9.07	9.67	11.65	9.32
Enterprise Value to Free Cash Flow (EV/FCFF)	14.80	5.45	0.00	0.00	666.36	52.00	40.14	32.79	277.79	16.03	6.99
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.78	2.43	2.54	2.53	2.40	2.09	2.37	2.31	2.20	2.17	2.67
Long-Term Debt to Equity	2.78	2.43	2.54	2.53	2.40	2.09	2.37	2.31	2.20	2.17	2.67
Financial Leverage	2.23	4.05	2.30	2.30	2.26	2.14	2.30	2.28	2.14	1.99	2.24
Leverage Ratio	4.24	4.05	4.13	4.14	4.05	3.70	3.85	3.83	3.71	3.56	3.91
Compound Leverage Factor	2.94	2.69	2.44	2.46	2.45	2.24	2.03	2.43	2.37	0.62	2.25
Debt to Total Capital	73.58%	70.88%	71.74%	71.65%	70.62%	67.69%	70.31%	69.76%	68.78%	68.48%	72.78%
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	73.58%	70.88%	71.74%	71.65%	70.62%	67.69%	70.31%	69.76%	68.78%	68.48%	72.78%
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	1.12%	0.60%	1.17%	1.17%	1.21%	0.65%	1.17%	1.20%	1.22%	0.61%	1.07%
Common Equity to Total Capital	25.30%	14.56%	27.09%	27.18%	28.17%	16.16%	28.51%	29.04%	30.00%	15.76%	26.16%
Debt to EBITDA	2.94	5.60	2.82	2.74	2.62	4.82	2.64	2.54	2.65	2.62	1.51
Net Debt to EBITDA	2.37	5.29	2.67	2.60	2.47	4.59	2.51	2.41	2.46	2.50	1.27
Long-Term Debt to EBITDA	2.94	5.60	2.82	2.74	2.62	4.82	2.64	2.54	2.65	2.62	1.51
Debt to NOPAT	5.90	10.75	5.46	5.31	5.13	9.45	5.21	4.98	5.16	3.51	2.03
Net Debt to NOPAT	4.77	10.15	5.16	5.04	4.83	9.02	4.96	4.73	4.79	3.35	1.71
Long-Term Debt to NOPAT	5.90	10.75	5.46	5.31	5.13	9.45	5.21	4.98	5.16	3.51	2.03
Altman Z-Score	1.32	0.75	0.00	1.46	1.73	0.96	1.70	1.61	1.64	1.35	1.81
Noncontrolling Interest Sharing Ratio	4.28%	36.17%	4.21%	4.21%	4.17%	50.00%	4.04%	4.04%	3.99%	50.00%	3.93%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.04	0.08	0.10	0.03	0.13	0.00	0.36	0.11	0.51	0.07	2.90
Quick Ratio	2.04	0.08	0.10	0.03	0.13	0.00	0.14	0.11	0.13	0.07	2.90
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	27	912	-304	-284	-231	13	-135	-112	-248	306	-96
Operating Cash Flow to CapEx	987.63%	58.57%	6,278.99%	2,709.61%	0.00%	228.81%	25.19%	3,835.69%	459.75%	206.51%	4,033.41%
Free Cash Flow to Firm to Interest Expense	2.28	0.00	-21.19	-18.06	-14.92	0.00	-8.55	-6.82	-15.08	3.68	-5.02
Operating Cash Flow to Interest Expense	4.55	0.00	2.17	4.64	4.21	0.00	2.63	5.00	4.52	4.73	1.90
Operating Cash Flow Less CapEx to Interest Expense	4.09	0.00	2.13	4.46	4.32	0.00	-7.80	4.87	3.54	2.44	1.85
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.41	0.27	0.42	0.43	0.44	0.22	0.45	0.45	0.44	0.34	0.65
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	0.54	0.22	0.54	0.54	0.54	0.27	0.53	0.54	0.53	0.41	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	1,665	3,908	1,964	1,954	1,936	4,084	2,132	2,111	2,229	4,471	2,271
Invested Capital Turnover	0.54	0.22	0.53	0.54	0.54	0.26	0.52	0.53	0.52	0.41	0.79
Increase / (Decrease) in Invested Capital	9.63	-746	339	322	270	176	168	157	294	481	139
Enterprise Value (EV)	3,439	5,529	0.00	4,346	4,966	6,490	5,290	4,904	5,321	6,881	5,459
Market Capitalization	2,264	2,788	0.00	2,937	3,599	3,747	3,775	3,428	3,795	3,807	3,858
Book Value per Share	$4.67	$5.43	$5.08	$5.06	$5.20	$6.14	$5.62	$5.61	$6.22	$6.39	$5.86
Tangible Book Value per Share	$4.15	$3.75	$4.29	$4.32	$4.49	$4.60	$4.69	$4.73	$5.19	$4.46	$4.93
Total Capital	1,939	4,061	2,051	2,038	2,017	4,207	2,223	2,187	2,345	4,664	2,563
Total Debt	1,427	2,878	1,472	1,460	1,424	2,848	1,563	1,526	1,613	3,194	1,866
Total Long-Term Debt	1,427	2,878	1,472	1,460	1,424	2,848	1,563	1,526	1,613	3,194	1,866
Net Debt	1,153	2,716	1,392	1,386	1,343	2,716	1,488	1,450	1,497	3,046	1,573
Capital Expenditures (CapEx)	5.39	524	0.50	2.69	-1.77	154	164	2.14	16	190	0.90
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-99	-236	-78	-86	-87	-215	-58	-87	-99	-266	-78
Debt-free Net Working Capital (DFNWC)	103	-218	-70	-84	-76	-215	-48	-77	-48	-247	149
Net Working Capital (NWC)	103	-218	-70	-84	-76	-215	-48	-77	-48	-247	149
Net Nonoperating Expense (NNE)	7.40	37	11	13	13	59	13	13	12	632	14
Net Nonoperating Obligations (NNO)	1,153	2,725	1,384	1,377	1,343	2,725	1,472	1,450	1,497	3,001	1,573
Total Depreciation and Amortization (D&A)	27	147	35	35	37	180	38	38	38	195	41
Debt-free, Cash-free Net Working Capital to Revenue	-11.05%	-25.45%	-8.26%	-8.94%	-8.88%	-20.41%	-5.49%	-8.04%	-9.06%	-15.42%	-4.52%
Debt-free Net Working Capital to Revenue	11.45%	-23.47%	-7.44%	-8.71%	-7.75%	-20.41%	-4.54%	-7.14%	-4.44%	-14.37%	8.57%
Net Working Capital to Revenue	11.45%	-23.47%	-7.44%	-8.71%	-7.75%	-20.41%	-4.54%	-7.14%	-4.44%	-14.37%	8.57%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.26	$1.17	$0.20	$0.23	$0.23	$1.12	$0.17	$0.27	$0.28	$1.30	$0.25
Adjusted Weighted Average Basic Shares Outstanding	105.35M	108.92M	109.35M	109.35M	110.69M	112.78M	113.17M	113.17M	115.11M	114.51M	114.88M
Adjusted Diluted Earnings per Share	$0.26	$1.13	$0.20	$0.22	$0.22	$1.12	$0.17	$0.26	$0.28	$1.27	$0.24
Adjusted Weighted Average Diluted Shares Outstanding	105.35M	108.92M	109.35M	109.35M	110.69M	112.78M	113.17M	113.17M	115.11M	114.51M	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	105.35M	108.92M	109.35M	109.35M	110.69M	112.78M	113.17M	113.17M	115.11M	114.51M	114.88M
Normalized Net Operating Profit after Tax (NOPAT)	25	116	24	27	27	132	26	31	32	550	30
Normalized NOPAT Margin	21.64%	19.60%	19.61%	20.86%	20.61%	19.85%	19.34%	22.25%	22.02%	42.31%	20.12%
Pre Tax Income Margin	22.57%	19.98%	16.85%	17.79%	17.76%	17.34%	13.00%	20.11%	20.06%	10.52%	17.27%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.27	0.00	2.45	2.46	2.52	0.00	2.12	2.73	2.77	9.48	2.35
NOPAT to Interest Expense	3.10	0.00	2.41	2.45	2.53	0.00	2.10	2.73	2.78	9.46	2.26
EBIT Less CapEx to Interest Expense	2.81	0.00	2.41	2.29	2.64	0.00	-8.31	2.60	1.79	7.19	2.31
NOPAT Less CapEx to Interest Expense	2.64	0.00	2.37	2.28	2.64	0.00	-8.33	2.60	1.80	7.17	2.21
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	104.56%	107.71%	109.56%	113.37%	121.98%	125.32%	123.51%	120.74%	115.15%	111.96%
Augmented Payout Ratio	0.00%	104.56%	107.71%	109.56%	113.37%	121.98%	125.32%	123.51%	120.74%	115.15%	111.96%

Financials Breakdown Chart

Key Financial Trends

Tanger (NYSE: SKT) shows a mix of improving profitability in 2025 against a backdrop of tighter liquidity and higher leverage. Key profitability metrics trended strongly higher in late 2025, while the balance sheet and cash flows indicate ongoing cash management and financing needs. The notable revenue spike in Q4 2025 appears unusual relative to prior quarters, suggesting a non-recurring factor or one-time consolidation. Here are the main trend points to consider for retail investors.

Net income to common shareholders rose to $152.96M in Q4 2025, with Basic EPS of $1.30 and Diluted EPS of $1.27. This marks a significant improvement vs. Q4 2024.
Total Operating Income for Q4 2025 jumped to $786.21M, up from $189.11M in Q4 2024. Indicates a strong upturn in operating profitability for the quarter.
EPS strengthened in Q4 2025 (Basic $1.30, Diluted $1.27), signaling improved profitability per share.
Net cash from operating activities in Q4 2025 was $393.05M, higher than the prior year’s figure. Reflects stronger cash generation from core operations.

Q4 2025 revenue spiked to $1.301B, a substantial jump from recent quarters (e.g., ~$145–$170M). This likely reflects a non-recurring factor or consolidation, so it may not indicate sustainable run-rate growth.
Debt activities in Q4 2025 include a debt issuance of $398M, contributing to higher leverage but funding financing needs.
Total Common Equity was about $703.6M by late 2025 (up from about $633.9M in 2024), suggesting a modest rise in equity base.

Liquidity remains tight. In Q3 2025, Cash & Equivalents were $13.0M and Total Current Assets were $50.2M against Total Current Liabilities of $98.5M, yielding a current ratio well below 1. This highlights funding liquidity risk on a short-term basis.
Balance-sheet leverage is high. Total Liabilities around $1.903B vs. Total Equity around $0.733B (Q3 2025) indicates a heavy debt burden relative to equity.
Interest expense rose in Q4 2025 to $83.11M, up from ~$34.43M in Q4 2024, increasing debt servicing costs.

05/14/26 04:08 AM ETAI Generated. May Contain Errors.

Tanger Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Tanger's financial year ends in December. Their financial 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. View Tanger's forecast to see where analysts expect Tanger to go next.

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 5.5% increase since 2016.

In the past 9 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 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Tanger (SKT) Financials

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Tanger (SKT) Financials

Annual Income Statements for Tanger

Quarterly Income Statements for Tanger

Annual Cash Flow Statements for Tanger

Quarterly Cash Flow Statements for Tanger

Annual Balance Sheets for Tanger

Quarterly Balance Sheets for Tanger

Annual Metrics And Ratios for Tanger

Quarterly Metrics And Ratios for Tanger

Financials Breakdown Chart

Key Financial Trends

Tanger Financials - Frequently Asked Questions

When does Tanger's fiscal year end?

How has Tanger's net income changed over the last 9 years?

What is Tanger's operating income?

How has Tanger's revenue changed over the last 9 years?

How much debt does Tanger have?

How much cash does Tanger have?

How has Tanger's book value per share changed over the last 10 years?

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