Question 1

What is Tanger's P/FCF ratio?

Accepted Answer

Tanger (SKT) P/FCF ratio is 21.2× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Tanger?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Tanger specifically, the relevant sector benchmark is the current sector median of 15.9×.

Question 5

Is Tanger's P/FCF ratio high or low?

Accepted Answer

Tanger's P/FCF ratio of 21.2× is above its own 5-year average of 13.2× and above the sector median of 15.9×. That places the current reading at the 95th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Tanger's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Tanger (SKT) P/FCF ratio has ranged from a low of 2.1× in 2020 to a high of 389.0× in 2006. The 5-year average is 13.2× and the 5-year median is 12.8×.

Question 7

What was Tanger's P/FCF ratio in 2025?

Accepted Answer

Tanger (SKT) P/FCF ratio at the end of 2025 was 15.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Tanger's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$3.77B	$247M	15.2×	-3.2×	Dec 31, 2025
2024	$3.79B	$206M	18.4×	+2.6×	Dec 31, 2024
2023	$2.93B	$185M	15.8×	+5.5×	Dec 31, 2023
2022	$1.86B	$180M	10.4×	-0.1×	Dec 31, 2022
2021	$1.99B	$191M	10.4×	+4.8×	Dec 31, 2021
2020	$923M	$163M	5.7×	-0.4×	Dec 31, 2020
2019	$1.34B	$219M	6.1×	-1.2×	Dec 31, 2019
2018	$1.88B	$257M	7.3×	-2.8×	Dec 31, 2018
2017	$2.48B	$244M	10.2×	-4.5×	Dec 31, 2017
2016	$3.41B	$233M	14.6×	+0.5×	Dec 31, 2016
2015	$3.1B	$220M	14.1×	-4.4×	Dec 31, 2015
2014	$3.47B	$188M	18.5×	+1.8×	Dec 31, 2014
2013	$2.99B	$180M	16.6×	-2.5×	Dec 31, 2013
2012	$3.18B	$166M	19.2×	—	Dec 31, 2012
2011	$2.52B	-$191M	—	—	Dec 31, 2011
2010	$2.05B	$119M	17.3×	-1.1×	Dec 31, 2010
2009	$1.48B	$80.7M	18.4×	—	Dec 31, 2009
2008	$1.17B	-$34.9M	—	—	Dec 31, 2008
2007	$1.16B	$10.5M	111.2×	-81.9×	Dec 31, 2007
2006	$1.2B	$6.2M	193.1×	+169.3×	Dec 31, 2006
2005	$871M	$36.6M	23.8×	+13.5×	Dec 31, 2005
2004	$692M	$67M	10.3×	—	Dec 31, 2004
2003	$515M	-$291M	—	—	Dec 31, 2003
2002	$285M	-$5.81M	—	—	Dec 31, 2002


Digital Realty Trust (DLR)	53.9×
CBRE Group (CBRE)	44.5×
Regency Centers (REG)	24.4×
Mid-America Apartment Communities (MAA)	23.3×
American Tower (AMT)	21.3×
Simon Property Group (SPG)	18.5×
Kimco Realty (KIM)	17.9×
SBA Communications (SBAC)	17.9×
BXP (BXP)	17.7×
STAG Industrial (STAG)	16.0×
Extra Space Storage (EXR)	15.8×
Public Storage (PSA)	15.5×
AvalonBay Communities (AVB)	15.2×
Host Hotels & Resorts (HST)	14.4×
Camden Property Trust (CPT)	14.3×
Realty Income (O)	13.6×
Invitation Homes (INVH)	13.3×
Medical Properties Trust (MPT)	12.8×
UDR (UDR)	12.4×
NNN REIT (NNN)	12.2×
VICI Properties (VICI)	11.4×
Healthpeak Properties (DOC)	9.7×
Arbor Realty Trust (ABR)	7.6×
Alexandria Real Estate Equities (ARE)	6.2×
Opendoor Technologies (OPEN)	4.2×

P/FCF Ratio for Tanger (SKT) 2004-2026

P/FCF Ratio daily chart for Tanger (SKT)

Historical P/FCF Ratio for Tanger (SKT) from 2002 to 2025

About P/FCF Ratio at Tanger (SKT)

Tanger P/FCF Ratio by Year

Tanger P/FCF Ratio 2025: 15.2×

Tanger P/FCF Ratio 2024: 18.4×

Tanger P/FCF Ratio 2023: 15.8×

Tanger P/FCF Ratio 2022: 10.4×

Tanger P/FCF Ratio 2021: 10.4×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Tanger (SKT) Key Financials