Kimco Realty vs Simon Property Group
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The short version
- Simon Property Group is the larger business, with $6.4B of revenue in fiscal 2025 against $2.1B for Kimco Realty, about 3.0 times as much.
- Simon Property Group grew revenue faster (6.7%, against 5.1%).
- Simon Property Group kept more of each dollar of sales as operating profit (49.9% operating margin, against 36.0%).
- Simon Property Group earned a higher return on the capital invested in it (10.5%, against 4.3%).
- Investors pay more for each dollar of Kimco Realty’s earnings: a P/E of 27.5x against 14.9x for Simon Property Group.
| Latest fiscal year | KIM · FY25 | SPG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $15.9B | $68.6B |
| Revenue | $2.1B | $6.4B |
| Free cash flow | — | $3.2B |
| Net income | $585M | $5.4B |
| Growth | ||
| Revenue growth | 5.1% | 6.7% |
| 5-year growth | 15.1% | 6.7% |
| Share count change | 0.5% | 0.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 36.0% | 49.9% |
| Net margin | 27.3% | 84.3% |
| FCF margin | — | 50.3% |
| Return on capital | 4.3% | 10.5% |
| Return on equity | 5.6% | 131.6% |
| Balance sheet | ||
| Net debt | $7.5B | $27.6B |
| Net debt / EBITDA | 5.4x | 6.0x |
| Dividends and buybacks | $832M | $227M |
| Valuation & quality | ||
| P/E | 27.5x | 14.9x |
| Piotroski F-score | — | — |
Revenue
FY16
KIM $1.2B
SPG $5.4B
FY17
KIM $1.2B
SPG $5.5B
FY18
KIM $1.2B
SPG $5.6B
FY19
KIM $1.2B
SPG $5.8B
FY20
KIM $1.1B
SPG $4.6B
FY21
KIM $1.4B
SPG $5.1B
FY22
KIM $1.7B
SPG $5.3B
FY23
KIM $1.8B
SPG $5.7B
FY24
KIM $2.0B
SPG $6.0B
FY25
KIM $2.1B
SPG $6.4B
KIM
SPG
Operating margin
FY16
KIM 33.6%
SPG 50.1%
FY17
KIM 35.9%
SPG 50.7%
FY18
KIM 50.0%
SPG 51.8%
FY19
KIM 41.2%
SPG 50.6%
FY20
KIM 31.4%
SPG 42.8%
FY21
KIM 31.1%
SPG 47.2%
FY22
KIM 32.7%
SPG 48.8%
FY23
KIM 35.8%
SPG 49.6%
FY24
KIM 30.9%
SPG 51.9%
FY25
KIM 36.0%
SPG 49.9%
KIM
SPG
Free cash flow
FY16
KIM —
SPG $2.6B
FY17
KIM —
SPG $2.9B
FY18
KIM —
SPG $3.0B
FY19
KIM —
SPG $2.9B
FY20
KIM —
SPG $1.8B
FY21
KIM —
SPG $3.1B
FY22
KIM —
SPG $3.1B
FY23
KIM —
SPG $3.1B
FY24
KIM —
SPG $3.1B
FY25
KIM —
SPG $3.2B
KIM
SPG
Return on capital
FY16
KIM 2.2%
SPG 7.9%
FY17
KIM 4.5%
SPG 8.1%
FY18
KIM 5.9%
SPG 8.6%
FY19
KIM 5.0%
SPG 8.7%
FY20
KIM 3.3%
SPG 5.6%
FY21
KIM 3.1%
SPG 6.6%
FY22
KIM 1.7%
SPG 7.2%
FY23
KIM 3.6%
SPG 9.9%
FY24
KIM 3.4%
SPG 11.5%
FY25
KIM 4.3%
SPG 10.5%
KIM
SPG
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.