Realty Income 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 $5.7B for Realty Income.
- Realty Income grew revenue faster (9.1%, against 6.7%).
- Realty Income turned more of its sales into free cash flow (67.2% FCF margin, against 50.3%).
- Investors pay more for each dollar of Realty Income’s earnings: a P/E of 41.2x against 14.9x for Simon Property Group.
| Latest fiscal year | O · FY25 | SPG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $53.2B | $68.6B |
| Revenue | $5.7B | $6.4B |
| Free cash flow | $3.9B | $3.2B |
| Net income | $1.1B | $5.4B |
| Growth | ||
| Revenue growth | 9.1% | 6.7% |
| 5-year growth | 28.4% | 6.7% |
| Share count change | 5.2% | 0.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 49.9% |
| Net margin | 18.4% | 84.3% |
| FCF margin | 67.2% | 50.3% |
| Return on capital | — | 10.5% |
| Return on equity | 2.7% | 131.6% |
| Balance sheet | ||
| Net debt | — | $27.6B |
| Net debt / EBITDA | — | 6.0x |
| Dividends and buybacks | $2.9B | $227M |
| Valuation & quality | ||
| P/E | 41.2x | 14.9x |
| Piotroski F-score | — | — |
Revenue
FY16
O $1.1B
SPG $5.4B
FY17
O $1.2B
SPG $5.5B
FY18
O $1.3B
SPG $5.6B
FY19
O $1.5B
SPG $5.8B
FY20
O $1.6B
SPG $4.6B
FY21
O $2.1B
SPG $5.1B
FY22
O $3.3B
SPG $5.3B
FY23
O $4.1B
SPG $5.7B
FY24
O $5.3B
SPG $6.0B
FY25
O $5.7B
SPG $6.4B
O
SPG
Operating margin
FY16
O —
SPG 50.1%
FY17
O —
SPG 50.7%
FY18
O —
SPG 51.8%
FY19
O —
SPG 50.6%
FY20
O —
SPG 42.8%
FY21
O —
SPG 47.2%
FY22
O —
SPG 48.8%
FY23
O —
SPG 49.6%
FY24
O —
SPG 51.9%
FY25
O —
SPG 49.9%
O
SPG
Free cash flow
FY16
O $786M
SPG $2.6B
FY17
O $861M
SPG $2.9B
FY18
O $915M
SPG $3.0B
FY19
O $1.0B
SPG $2.9B
FY20
O $1.1B
SPG $1.8B
FY21
O $1.3B
SPG $3.1B
FY22
O $2.5B
SPG $3.1B
FY23
O $2.9B
SPG $3.1B
FY24
O $3.5B
SPG $3.1B
FY25
O $3.9B
SPG $3.2B
O
SPG
Return on capital
FY16
O —
SPG 7.9%
FY17
O —
SPG 8.1%
FY18
O —
SPG 8.6%
FY19
O —
SPG 8.7%
FY20
O —
SPG 5.6%
FY21
O —
SPG 6.6%
FY22
O —
SPG 7.2%
FY23
O —
SPG 9.9%
FY24
O —
SPG 11.5%
FY25
O —
SPG 10.5%
O
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.