Regency Centers 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 $1.6B for Regency Centers, about 4.1 times as much.
- Regency Centers kept more of each dollar of sales as operating profit (72.3% operating margin, against 49.9%).
- Simon Property Group turned more of its sales into free cash flow (50.3% FCF margin, against 25.3%).
- Simon Property Group earned a higher return on the capital invested in it (10.5%, against 7.7%).
- Investors pay more for each dollar of Regency Centers’s earnings: a P/E of 25.4x against 14.9x for Simon Property Group.
| Latest fiscal year | REG · FY25 | SPG · FY25 |
|---|---|---|
| Size | ||
| Market cap | — | $68.6B |
| Revenue | $1.6B | $6.4B |
| Free cash flow | $393M | $3.2B |
| Net income | $528M | $5.4B |
| Growth | ||
| Revenue growth | 6.9% | 6.7% |
| 5-year growth | 8.9% | 6.7% |
| Share count change | — | 0.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 72.3% | 49.9% |
| Net margin | 34.0% | 84.3% |
| FCF margin | 25.3% | 50.3% |
| Return on capital | 7.7% | 10.5% |
| Return on equity | 7.7% | 131.6% |
| Balance sheet | ||
| Net debt | $4.6B | $27.6B |
| Net debt / EBITDA | 3.0x | 6.0x |
| Dividends and buybacks | $512M | $227M |
| Valuation & quality | ||
| P/E | 25.4x | 14.9x |
| Piotroski F-score | — | — |
Revenue
FY16
REG —
SPG $5.4B
FY17
REG $984M
SPG $5.5B
FY18
REG $1.1B
SPG $5.6B
FY19
REG $1.1B
SPG $5.8B
FY20
REG $1.0B
SPG $4.6B
FY21
REG $1.2B
SPG $5.1B
FY22
REG $1.2B
SPG $5.3B
FY23
REG $1.3B
SPG $5.7B
FY24
REG $1.5B
SPG $6.0B
FY25
REG $1.6B
SPG $6.4B
REG
SPG
Operating margin
FY16
REG —
SPG 50.1%
FY17
REG —
SPG 50.7%
FY18
REG —
SPG 51.8%
FY19
REG —
SPG 50.6%
FY20
REG —
SPG 42.8%
FY21
REG —
SPG 47.2%
FY22
REG 73.3%
SPG 48.8%
FY23
REG 71.9%
SPG 49.6%
FY24
REG 72.0%
SPG 51.9%
FY25
REG 72.3%
SPG 49.9%
REG
SPG
Free cash flow
FY16
REG —
SPG $2.6B
FY17
REG $123M
SPG $2.9B
FY18
REG $384M
SPG $3.0B
FY19
REG $421M
SPG $2.9B
FY20
REG $318M
SPG $1.8B
FY21
REG $482M
SPG $3.1B
FY22
REG $460M
SPG $3.1B
FY23
REG $487M
SPG $3.1B
FY24
REG $447M
SPG $3.1B
FY25
REG $393M
SPG $3.2B
REG
SPG
Return on capital
FY16
REG —
SPG 7.9%
FY17
REG —
SPG 8.1%
FY18
REG —
SPG 8.6%
FY19
REG 3.3%
SPG 8.7%
FY20
REG 1.6%
SPG 5.6%
FY21
REG 4.8%
SPG 6.6%
FY22
REG 9.2%
SPG 7.2%
FY23
REG 9.0%
SPG 9.9%
FY24
REG 9.2%
SPG 11.5%
FY25
REG 7.7%
SPG 10.5%
REG
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.