Tanger
SKT on NYSE. Tanger rents space in outlet centers to retailers. Market value $4.0bn.
Figures from the annual report for the year ended 31 December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$34.94 a share, 12% above its 1-year low
Over the past year the price has ranged from $31.13 to $42.53.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.10bn | 0.11bn | 0.11bn | 0.12bn | 0.11bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Not enough data
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 10% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $156 million last quarter, up 11% on a year ago.
- Profit: $33 million, up 10% on a year ago.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $1.7 billion more than cash, up from $1.5 billion a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | $133m |
| December 2024 | Not reported |
| March 2025 | $135m |
| June 2025 | $141m |
| September 2025 | $145m |
| December 2025 | Not reported |
| March 2026 | $150m |
| June 2026 | $156m |
| Quarter to | Amount |
|---|---|
| September 2024 | $25m |
| December 2024 | Not reported |
| March 2025 | $19m |
| June 2025 | $30m |
| September 2025 | $32m |
| December 2025 | Not reported |
| March 2026 | $28m |
| June 2026 | $33m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 357 funds in all.
- Land & BuildingsJonathan Litt
- Value
- $31m
- Share of fund
- 5.4%
- First Manhattan Co.First Manhattan partners
- Value
- $1m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Land & BuildingsJonathan Litt | $31m | 5.4% | |
| First Eagle Investment ManagementMatthew McLennan | $21m | <0.1% | Added |
| First Manhattan Co.First Manhattan partners | $1m | <0.1% |
Largest holders overall
- BlackRock$877mAdded
- FMR$649mAdded
- Vanguard Portfolio Management$465m
- State Street$257m
- Vanguard Capital Management$197mCut
- Geode Capital Management$124mAdded
- Charles Schwab Investment Management$89mAdded
- Northern Trust$83mAdded
- Invesco$77mCut
- Dimensional Fund Advisors LP$67m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor17.4%Since 31 March 2025
- FMR LLCPassive investorat least 14.4%+1.2 pts(filed with 1 related holder)Since 30 June 2026
- Vanguard Portfolio ManagementPassive investor10.4%Since 30 January 2026
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 17.4% | 31 March 2025 | |
FMR LLC Passive investor | at least 14.4%+1.2 pts (filed with 1 related holder) | 30 June 2026 | |
Vanguard Portfolio Management Passive investor | 10.4% | 30 January 2026 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $1m.
- RYAN BERMAN BRIDGETDirectorSold
- Date
- 15 May 2026
- Shares
- 14,698
- Price
- $35.24
- Value
- $517,958
- SKERRITT SUSAN EDirectorSold
- Date
- 6 March 2026
- Shares
- 5,060
- Price
- $36.22
- Value
- $183,273
- REDDIN THOMASDirectorSold
- Date
- 27 February 2026
- Shares
- 10,000
- Price
- $37.50
- Value
- $375,000
- Guerrieri Thomas Joseph JRSVP, CAOSold
- Date
- 27 February 2026
- Shares
- 10,432
- Price
- $37.61
- Value
- $392,348
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 May 2026 | RYAN BERMAN BRIDGET Director | Sold | 14,698 | $35.24 | $517,958 |
| 6 March 2026 | SKERRITT SUSAN E Director | Sold | 5,060 | $36.22 | $183,273 |
| 27 February 2026 | REDDIN THOMAS Director | Sold | 10,000 | $37.50 | $375,000 |
| 27 February 2026 | Guerrieri Thomas Joseph JR SVP, CAO | Sold | 10,432 | $37.61 | $392,348 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.