Tanger (SKT) AI Stock Analysis

• Market Cap: $3.86B
• Dividend Yield: 3.38%
• Average Volume (3M): 794.14K
• Price to Earnings (P/E): 35.7
• Beta (1Y): 0.56
• Revenue Growth: 9.59%
• EPS Growth: 8.34%
• Country: US
• Employees: 372
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Retail
• EPS (TTM): 0.28
• Shares Outstanding: 115,110,000
• 10 Day Avg. Volume: 938,563
• 30 Day Avg. Volume: 794,143
• PEG Ratio: -7.09
• Price to Book (P/B): 5.70
• Price to Sales (P/S): 7.07
• P/FCF Ratio: 14.70
• Enterprise Value/Market Cap: 1.44
• Enterprise Value/Revenue: 9.89
• Enterprise Value/Gross Profit: 14.23
• Enterprise Value/Ebitda: 17.26
• 1Y Price Target: $36.78
• Price Target Upside: 12.75% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: $38.00 ▲(16.49% Upside)

The score is driven primarily by solid underlying financial performance (strong margins and cash conversion) and constructive technical trend. Positive earnings-call updates and recent financing actions that improve liquidity support the outlook, while a relatively high P/E and elevated leverage keep the overall score in the low-70 range.

Positive Factors

High occupancy and robust leasing

Sustained 97.4% occupancy and record 2.9M sqft leasing show durable tenant demand, reducing vacancy risk and stabilizing base rent cash flows. Persistent leasing momentum and positive rent spreads support longer-term same-center NOI and predictable rental income over the next several quarters.

Strong margins and cash generation

High gross and net margins combined with operating cash flow to net income of 2.66x and FCF to net income of 1.20x indicate efficient cost structure and robust cash conversion. This cash generation underpins dividend capacity, capital spending and debt servicing over the medium term.

Refinancing extends maturities, boosts liquidity

The $550M term loan package, with draws and delayed draws to 2030/2033, plus plans to repay credit lines and near-term notes, materially reduces near-term refinancing risk and improves liquidity. Extended maturities and lower pricing materially enhance capital flexibility for growth or deleveraging.

Negative Factors

High balance-sheet leverage

A 3.75 debt-to-equity ratio signals significant leverage that elevates refinancing, interest and credit risks if macro or retail conditions weaken. Even with strong returns, high leverage constrains financial flexibility and increases sensitivity to rent or occupancy shocks over the next several quarters.

Declining free cash flow growth

A double-digit decline in free cash flow growth reduces the company’s internal capacity to repay debt, fund acquisitions or increase distributions. Despite solid operating cash, the negative FCF trend is a structural headwind that can limit strategic options over the 2–6 month horizon without offsetting actions.

Tenant-specific retail risk (Oshkosh)

Concentrated exposure to underperforming retailers like Oshkosh creates re-tenanting, sales-based rent and collection risks. If retail tenant performance deteriorates, it can depress tenant sales metrics, percentage rents and require leasing concessions, pressuring NOI and cash flow durability.

Tanger Business Overview & Revenue Model

Company Description

Tanger Inc. (NYSE: SKT) is a leading owner and operator of outlet and open-air retail shopping destinations, with over 43 years of expertise in the retail and outlet shopping industries. Tanger's portfolio of 38 outlet centers, one adjacent managed center and one open-air lifestyle center comprises over 15 million square feet well positioned across tourist destinations and vibrant markets in 20 U.S. states and Canada. A publicly traded REIT since 1993, Tanger continues to innovate the retail experience for its shoppers with over 3,000 stores operated by more than 700 different brand name companies.

How the Company Makes Money

Tanger generates revenue primarily through leasing space to retailers in its outlet centers. The company earns rental income from long-term leases, which typically include a base rent along with percentage rent based on the sales performance of tenants. Additionally, Tanger benefits from management fees related to its outlet centers and may engage in co-marketing initiatives with tenants that can further enhance its revenue streams. Significant partnerships with well-known retail brands and strategic site locations contribute to its earnings, as these factors attract a steady flow of shoppers and enhance tenant sales, ultimately benefiting Tanger's rental income.

Tanger Financial Statement Overview

Summary

Tanger demonstrates a solid financial performance with strong profitability and cash flow metrics. The company shows consistent revenue growth and effective cost management, contributing to healthy profit margins. However, the high leverage indicated by the debt-to-equity ratio poses potential risks, requiring careful management. Despite the decline in free cash flow growth, the company maintains strong cash flow relative to earnings, supporting its financial stability.

Income Statement

Tanger's income statement shows a solid performance with a consistent revenue growth rate of 2.22% TTM, indicating a stable upward trajectory. The gross profit margin of 69.49% and net profit margin of 19.18% TTM are strong, reflecting effective cost management and profitability. However, the EBIT margin of 21.92% TTM suggests room for improvement in operational efficiency. Overall, the income statement reflects a healthy financial position with potential for further growth.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio of 3.75 TTM, indicating significant leverage, which could pose risks if not managed carefully. The return on equity of 16.25% TTM is commendable, showing effective use of equity to generate profits. However, the equity ratio of 27.77% TTM suggests a lower proportion of equity financing, which may affect financial stability. Overall, the balance sheet reflects a leveraged position with strong returns but potential risks due to high debt levels.

Cash Flow

Tanger's cash flow statement shows a decline in free cash flow growth by 13.56% TTM, indicating potential challenges in cash generation. However, the operating cash flow to net income ratio of 2.66 TTM and free cash flow to net income ratio of 1.20 TTM demonstrate strong cash flow relative to earnings, highlighting efficient cash management. Despite the decline in free cash flow growth, the company maintains robust cash flow metrics, supporting its financial health.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	562.00M	526.06M	464.41M	442.61M	426.52M	389.99M
Gross Profit	390.53M	367.33M	318.86M	298.68M	285.79M	252.86M
EBITDA	322.12M	302.09M	260.70M	244.70M	172.43M	142.27M
Net Income	107.80M	98.59M	99.15M	82.06M	9.12M	-36.28M
Balance Sheet
Total Assets	2.64B	2.38B	2.32B	2.22B	2.16B	2.19B
Cash, Cash Equivalents and Short-Term Investments	13.03M	46.99M	21.96M	264.57M	161.25M	84.83M
Total Debt	1.70B	1.51B	1.53B	1.52B	1.49B	1.66B
Total Liabilities	1.90B	1.70B	1.73B	1.70B	1.66B	1.83B
Stockholders Equity	703.65M	652.37M	566.78M	491.64M	477.93M	341.39M
Cash Flow
Free Cash Flow	248.25M	156.40M	229.61M	166.60M	171.80M	136.74M
Operating Cash Flow	291.98M	264.44M	229.61M	213.96M	217.72M	164.75M
Investing Cash Flow	-334.86M	-181.69M	-409.56M	-98.82M	-22.74M	-18.77M
Financing Cash Flow	82.08M	-48.41M	-19.28M	-64.16M	-118.38M	-77.59M

Tanger Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 32.62
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SKT, the sentiment is Neutral. The current price of 32.62 is below the 20-day moving average (MA) of 33.97, below the 50-day MA of 33.58, and above the 200-day MA of 31.92, indicating a neutral trend. The MACD of 0.12 indicates Positive momentum. The RSI at 48.21 is Neutral, neither overbought nor oversold. The STOCH value of 46.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SKT.

Tanger Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PECO	75 Outperform	$4.85B	57.41	3.62%	3.52%	10.58%	37.97%
FCPT	71 Outperform	$2.60B	22.59	7.56%	6.10%	8.28%	1.49%
AKR	71 Outperform	$2.80B	167.28	0.74%	3.83%	8.85%	27.38%
SKT	70 Outperform	$3.86B	35.71	16.81%	3.38%	9.59%	8.34%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
KRG	61 Neutral	$5.06B	208.01	4.71%	4.55%	3.67%	―
MAC	55 Neutral	$4.88B	-79.29	-18.43%	3.61%	8.06%	74.26%

Tanger Corporate Events

Tanger Issues Exchangeable Notes to Refinance Debt Obligations

On January 12, 2026, Tanger Properties Limited Partnership, the operating partnership of Tanger Inc., privately issued $250 million of 2.375% exchangeable senior notes due 2031 to qualified institutional buyers, guaranteed on a senior unsecured basis by the REIT. The deal generated net proceeds of about $243 million, of which roughly $9 million was used to fund capped call transactions designed to limit share dilution upon exchange of the notes, and about $20 million was used to repurchase approximately 0.6 million common shares at $33.92 per share, with the balance earmarked alongside term-loan proceeds to refinance unsecured credit lines and fully repay $350 million of 3.125% senior notes maturing on September 1, 2026, as well as for general corporate purposes including further debt reduction. The notes, which carry an initial exchange rate equivalent to an exchange price of about $41.55 per share and include customary anti-dilution, redemption and fundamental change protections, form part of a broader liability management strategy that extends Tanger’s debt maturity profile, preserves REIT status through conditional redemption rights, and provides flexibility to manage leverage while mitigating potential equity dilution via the capped call structure and a registration rights framework for future resales of any exchange shares.

The most recent analyst rating on (SKT) stock is a Hold with a $36.00 price target. To see the full list of analyst forecasts on Tanger stock, see the SKT Stock Forecast page.

Tanger Announces Upsized Exchangeable Senior Notes Offering

On January 6, 2026, Tanger Properties Limited Partnership, the operating partnership of Tanger Inc., launched a private Rule 144A offering of exchangeable senior notes initially sized at $200 million and, following strong demand, priced on January 8, 2026, at an upsized $220 million of 2.375% exchangeable senior notes due 2031, guaranteed on a senior unsecured basis by Tanger Inc., with closing expected on January 12, 2026. The company plans to use approximately $8 million of the net proceeds to fund capped call transactions intended to limit potential dilution from future note exchanges, allocate about $20 million to repurchase roughly 0.6 million common shares, and deploy the remainder, together with term loan proceeds, to repay its unsecured lines of credit, retire $350 million of 3.125% senior notes maturing September 1, 2026, and for general corporate purposes, steps that are set to refinance near-term debt, support balance sheet management, and may influence the trading dynamics of its common shares and notes through share repurchases and related hedging activity.

The most recent analyst rating on (SKT) stock is a Hold with a $36.00 price target. To see the full list of analyst forecasts on Tanger stock, see the SKT Stock Forecast page.

Tanger boosts liquidity with new unsecured term loans

On January 6, 2026, Tanger’s operating partnership closed on $550 million of unsecured term loan facilities, increasing total term loan capacity by $225 million to enhance liquidity, extend debt maturities and expand its lending group. The package includes an amended $350 million term loan maturing in December 2030 and a new $200 million term loan maturing in January 2033, both featuring delayed draw components totaling $150 million, alongside amendments to its revolving credit facility and liquidity line that remove a SOFR credit adjustment spread and align terms across its financing arrangements. Tanger drew $400 million at closing and plans to use $75 million of incremental proceeds to pay down borrowings under its unsecured credit lines and for working capital, with management highlighting that the new structure lowers pricing, improves financial flexibility, and further strengthens the company’s balance sheet for long-term growth.

The most recent analyst rating on (SKT) stock is a Hold with a $35.00 price target. To see the full list of analyst forecasts on Tanger stock, see the SKT Stock Forecast page.

Tanger Reports Strong Q3 2025 Financial Results

On November 4, 2025, Tanger reported its financial results for the third quarter of 2025, showing strong performance with net income and funds from operations both increasing compared to the previous year. The company achieved record leasing volume and high sales productivity, driven by robust tenant demand and strategic acquisitions, such as the addition of Tanger Kansas City at Legends. The company’s occupancy rate was 97.4% as of September 30, 2025, and average tenant sales per square foot increased, reflecting successful portfolio management. Tanger raised its full-year guidance, indicating confidence in continued growth and value creation for stakeholders.

The most recent analyst rating on (SKT) stock is a Hold with a $35.00 price target. To see the full list of analyst forecasts on Tanger stock, see the SKT Stock Forecast page.