Recent News
On November 4, 2025 Tanger reported third-quarter 2025 results, raised full‑year guidance, and highlighted record leasing volume and all‑time high sales productivity across the portfolio. The release noted the September 2025 acquisition of Legends Outlets (Kansas City) for $130.0 million. On October 14, 2025 the Board declared a quarterly cash dividend of $0.2925 per share payable November 14, 2025 to shareholders of record October 31, 2025.
Technical Analysis
ADX / DI+/DI-: ADX at 18.42 indicates no established trend; DI+ sits at 25.19 while DI- measures 16.89 and DI+ shows an increasing trend, which biases near‑term price direction upward but leaves trend strength unconfirmed.
MACD: MACD at 0.20 with the signal line at 0.06 and an increasing MACD trend reflects bullish momentum and a recent MACD cross above the signal line, supporting momentum-driven upside versus recent levels.
MRO: MRO registers -2.58 with an increasing MRO trend; the negative value suggests price sits below the model target and implies potential for upward adjustment toward that target if momentum persists.
RSI and Momentum Measures: RSI at 53.87 and rising stays in a neutral-to-positive range, consistent with gradual bulls’ control rather than overbought extremes. Price trades above the 50‑day average ($33.16) and the 200‑day average ($31.75), and the 12‑day EMA (price12dayEMA) shows an increasing trend, reinforcing short‑term bullish bias.
Price Bands & Structure: Close at $34.26 sits near the upper Bollinger band (1× std dev upper $34.17), implying constrained upside without a fresh momentum expansion. Ichimoku components cluster near $33.2, offering nearby dynamic support; the super trend lower at $33.01 provides a short‑term technical floor.
Fundamental Analysis
Profitability: EBIT equals $49,787,000, producing an EBIT margin of 34.29%, a QoQ increase of 1.07% and a YoY rise of 10.09%. Operating margin stands at 31.46% with modest YoY improvement of 1.01%—both support operational resiliency and tie to the raised guidance.
Revenue & Growth: Revenue totaled $145,208,000 with YoY revenue growth of 2.26% and a QoQ decline of 18.54%, reflecting quarter-to-quarter seasonality in the retail cycle while maintaining positive year-over-year momentum.
Cash Flow & Liquidity: Operating cash flow and free cash flow each measure $74,296,000; free cash flow yield runs 1.97% and free cash to net income equals 2.32x, indicating cash generation outpaced reported net income over the period. Cash and short‑term investments total $13,029,000 while the cash ratio stands at 8.22%.
Leverage & Coverage: Total debt equals $1,703,083,000 with debt to assets at 64.61% and debt to equity at 242.04%. Interest coverage sits at 3.03x and improved slightly QoQ, offering limited but positive cushion on interest service given current rates.
Returns & Efficiency: Return on assets measures 1.26% and return on equity 4.55%; asset turnover at 0.057 indicates low turnover typical for the REIT model, while modest improvements in ROA QoQ (+3.11%) reflect operational leverage from higher tenant sales.
Dividends & Payout: Quarterly dividend equals $0.2925 (annualized dividend rate $0.28788 listed), dividend yield near 0.88% and a dividend payout ratio at 103.47% with dividend coverage at 96.64%, indicating dividends slightly exceed reported earnings on a trailing basis and rely on cash flow support.
Earnings Signal: Reported EPS $0.28 exceeded estimate $0.26, producing an EPS surprise of 7.69% and showing modest upside versus analyst expectations.
Valuation Summary: WMDST values the stock as over‑valued. Supporting indicators include a price‑to‑book ratio of 5.37, a trailing P/E of 117.26 and a forward P/E of 148.61, collectively reflecting elevated market multiples versus the company’s cash‑flow and return profile.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-04 |
| NEXT REPORT DATE: | 2026-02-03 |
| CASH FLOW | Begin Period Cash Flow | $ 9.7 M |
| Operating Cash Flow | $ 74.3 M | |
| Capital Expenditures | — | |
| Change In Working Capital | $ 4.2 M | |
| Dividends Paid | $ -33.14 M | |
| Cash Flow Delta | $ 40.5 M | |
| End Period Cash Flow | $ 50.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 145.2 M | |
| Forward Revenue | $ 35.8 M | |
| COSTS | ||
| Cost Of Revenue | $ 43.8 M | |
| Depreciation | $ 37.1 M | |
| Depreciation and Amortization | $ 37.1 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 99.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 101.4 M | |
| EBITDA | $ 86.9 M | |
| EBIT | $ 49.8 M | |
| Operating Income | $ 45.7 M | |
| Interest Income | — | |
| Interest Expense | $ 16.4 M | |
| Net Interest Income | $ -16.44 M | |
| Income Before Tax | $ 33.3 M | |
| Tax Provision | — | |
| Tax Rate | 21.0 % | |
| Net Income | $ 32.0 M | |
| Net Income From Continuing Operations | $ 33.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.26 | |
| EPS Actual | $ 0.28 | |
| EPS Difference | $ 0.02 | |
| EPS Surprise | 7.692 % | |
| Forward EPS | $ 0.27 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.6 B | |
| Intangible Assets | $ 116.0 M | |
| Net Tangible Assets | $ 587.6 M | |
| Total Current Assets | $ 50.2 M | |
| Cash and Short-Term Investments | $ 13.0 M | |
| Cash | $ 13.0 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 126.3 M | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | $ 60.0 M | |
| Total Current Liabilities | $ 158.5 M | |
| Net Debt | $ 1.6 B | |
| Total Debt | $ 1.7 B | |
| Total Liabilities | $ 1.9 B | |
| EQUITY | ||
| Total Equity | $ 703.6 M | |
| Retained Earnings | $ -529.00 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 6.11 | |
| Shares Outstanding | 115.115 M | |
| Revenue Per-Share | $ 1.26 | |
| VALUATION | Market Capitalization | $ 3.8 B |
| Enterprise Value | $ 5.5 B | |
| Enterprise Multiple | 62.948 | |
| Enterprise Multiple QoQ | 2.173 % | |
| Enterprise Multiple YoY | 5.358 % | |
| Enterprise Multiple IPRWA | high: 86.593 median: 64.274 mean: 63.039 SKT: 62.948 low: 17.067 |
|
| EV/R | 37.667 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.746 | |
| Asset To Liability | 1.385 | |
| Debt To Capital | 0.708 | |
| Debt To Assets | 0.646 | |
| Debt To Assets QoQ | -1.572 % | |
| Debt To Assets YoY | 30.52 % | |
| Debt To Assets IPRWA | high: 0.849 SKT: 0.646 mean: 0.544 median: 0.423 low: 0.28 |
|
| Debt To Equity | 2.42 | |
| Debt To Equity QoQ | -4.495 % | |
| Debt To Equity YoY | 22.122 % | |
| Debt To Equity IPRWA | SKT: 2.42 high: 2.05 mean: 0.917 median: 0.796 low: 0.423 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 5.371 | |
| Price To Book QoQ | -5.125 % | |
| Price To Book YoY | -12.114 % | |
| Price To Book IPRWA | SKT: 5.371 high: 2.781 mean: 1.574 median: 1.399 low: -0.783 |
|
| Price To Earnings (P/E) | 117.257 | |
| Price To Earnings QoQ | -1.674 % | |
| Price To Earnings YoY | -18.145 % | |
| Price To Earnings IPRWA | high: 442.792 mean: 140.031 median: 123.225 SKT: 117.257 low: -157.754 |
|
| PE/G Ratio | 15.244 | |
| Price To Sales (P/S) | 26.028 | |
| Price To Sales QoQ | 1.836 % | |
| Price To Sales YoY | -0.33 % | |
| Price To Sales IPRWA | high: 57.811 median: 35.851 mean: 33.391 SKT: 26.028 low: 1.412 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 148.613 | |
| Forward PE/G | 19.321 | |
| Forward P/S | 131.662 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.344 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.057 | |
| Asset Turnover Ratio QoQ | 0.0 % | |
| Asset Turnover Ratio YoY | -1.958 % | |
| Asset Turnover Ratio IPRWA | SKT: 0.057 high: 0.052 mean: 0.032 median: 0.03 low: 0.002 |
|
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 194.591 SKT: 0 median: -116.899 mean: -218.244 low: -564.909 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -1.341 | |
| CapEx To Revenue | 0.0 | |
| CapEx To Depreciation | 0.0 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.3 B | |
| Net Invested Capital | $ 2.3 B | |
| Invested Capital | $ 2.3 B | |
| Net Tangible Assets | $ 587.6 M | |
| Net Working Capital | $ -108.30 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.082 | |
| Current Ratio | 0.317 | |
| Current Ratio QoQ | 480.612 % | |
| Current Ratio YoY | 148.697 % | |
| Current Ratio IPRWA | high: 12.395 mean: 1.464 median: 1.245 SKT: 0.317 low: 0.22 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 19.6 | |
| Cost Of Debt | 0.784 % | |
| Interest Coverage Ratio | 3.029 | |
| Interest Coverage Ratio QoQ | 4.058 % | |
| Interest Coverage Ratio YoY | 13.275 % | |
| Interest Coverage Ratio IPRWA | high: 3.957 SKT: 3.029 mean: 2.745 median: 2.491 low: -1.016 |
|
| Operating Cash Flow Ratio | 0.436 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 0.966 | |
| Dividend Payout Ratio | 1.035 | |
| Dividend Rate | $ 0.29 | |
| Dividend Yield | 0.009 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 7.491 % | |
| Revenue Growth | 3.208 % | |
| Revenue Growth QoQ | -18.537 % | |
| Revenue Growth YoY | 2.263 % | |
| Revenue Growth IPRWA | high: 7.327 % mean: 3.728 % median: 3.625 % SKT: 3.208 % low: -8.735 % |
|
| Earnings Growth | 7.692 % | |
| Earnings Growth QoQ | -74.36 % | |
| Earnings Growth YoY | -276.909 % | |
| Earnings Growth IPRWA | high: 66.667 % mean: 22.741 % median: 17.647 % SKT: 7.692 % low: -90.0 % |
|
| MARGINS | ||
| Gross Margin | 69.83 % | |
| Gross Margin QoQ | -2.067 % | |
| Gross Margin YoY | 0.13 % | |
| Gross Margin IPRWA | high: 96.513 % mean: 82.167 % median: 81.842 % SKT: 69.83 % low: 56.345 % |
|
| EBIT Margin | 34.287 % | |
| EBIT Margin QoQ | 1.07 % | |
| EBIT Margin YoY | 10.088 % | |
| EBIT Margin IPRWA | high: 85.11 % mean: 47.143 % median: 45.275 % SKT: 34.287 % low: 8.221 % |
|
| Return On Sales (ROS) | 31.46 % | |
| Return On Sales QoQ | -1.026 % | |
| Return On Sales YoY | 1.011 % | |
| Return On Sales IPRWA | high: 63.068 % mean: 42.521 % median: 41.971 % SKT: 31.46 % low: 17.716 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 74.3 M | |
| Free Cash Flow Yield | 1.966 % | |
| Free Cash Flow Yield QoQ | -13.81 % | |
| Free Cash Flow Yield YoY | 4.797 % | |
| Free Cash Flow Yield IPRWA | high: 5.237 % SKT: 1.966 % mean: 1.753 % median: 1.745 % low: -0.783 % |
|
| Free Cash Growth | -9.403 % | |
| Free Cash Growth QoQ | -109.604 % | |
| Free Cash Growth YoY | -10.036 % | |
| Free Cash Growth IPRWA | high: 82.768 % mean: -7.061 % SKT: -9.403 % median: -11.081 % low: -66.598 % |
|
| Free Cash To Net Income | 2.32 | |
| Cash Flow Margin | 47.608 % | |
| Cash Flow To Earnings | 2.158 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.259 % | |
| Return On Assets QoQ | 3.112 % | |
| Return On Assets YoY | 15.717 % | |
| Return On Assets IPRWA | high: 2.829 % SKT: 1.259 % mean: 0.918 % median: 0.694 % low: -1.019 % |
|
| Return On Capital Employed (ROCE) | 2.01 % | |
| Return On Equity (ROE) | 0.046 | |
| Return On Equity QoQ | -3.905 % | |
| Return On Equity YoY | 4.07 % | |
| Return On Equity IPRWA | high: 0.08 SKT: 0.046 mean: 0.011 median: 0.008 low: -0.037 |
|
| DuPont ROE | 4.785 % | |
| Return On Invested Capital (ROIC) | 1.698 % | |
| Return On Invested Capital QoQ | -2.693 % | |
| Return On Invested Capital YoY | -42.127 % | |
| Return On Invested Capital IPRWA | high: 2.512 % SKT: 1.698 % mean: 0.943 % median: 0.867 % low: -0.92 % |
|