Digital 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 $6.1B for Digital Realty.
- Digital Realty grew revenue faster (10.0%, against 6.7%).
- Simon Property Group kept more of each dollar of sales as operating profit (49.9% operating margin, against 10.8%).
- Simon Property Group turned more of its sales into free cash flow (50.3% FCF margin, against −12.6%).
- Investors pay more for each dollar of Digital Realty’s earnings: a P/E of 45.6x against 14.9x for Simon Property Group.
| Latest fiscal year | DLR · FY25 | SPG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $60.9B | $68.6B |
| Revenue | $6.1B | $6.4B |
| Free cash flow | −$769M | $3.2B |
| Net income | $1.3B | $5.4B |
| Growth | ||
| Revenue growth | 10.0% | 6.7% |
| 5-year growth | 9.4% | 6.7% |
| Share count change | 4.9% | 0.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 10.8% | 49.9% |
| Net margin | 21.4% | 84.3% |
| FCF margin | −12.6% | 50.3% |
| Return on capital | — | 10.5% |
| Return on equity | 5.9% | 131.6% |
| Balance sheet | ||
| Net debt | — | $27.6B |
| Net debt / EBITDA | — | 6.0x |
| Dividends and buybacks | $1.7B | $227M |
| Valuation & quality | ||
| P/E | 45.6x | 14.9x |
| Piotroski F-score | — | — |
FY16
DLR $2.1B
SPG $5.4B
FY17
DLR $2.5B
SPG $5.5B
FY18
DLR $3.0B
SPG $5.6B
FY19
DLR $3.2B
SPG $5.8B
FY20
DLR $3.9B
SPG $4.6B
FY21
DLR $4.4B
SPG $5.1B
FY22
DLR $4.7B
SPG $5.3B
FY23
DLR $5.5B
SPG $5.7B
FY24
DLR $5.6B
SPG $6.0B
FY25
DLR $6.1B
SPG $6.4B
DLR
SPG
FY16
DLR 23.2%
SPG 50.1%
FY17
DLR 18.4%
SPG 50.7%
FY18
DLR 18.1%
SPG 51.8%
FY19
DLR 18.5%
SPG 50.6%
FY20
DLR 14.3%
SPG 42.8%
FY21
DLR 15.7%
SPG 47.2%
FY22
DLR 12.6%
SPG 48.8%
FY23
DLR 9.6%
SPG 49.6%
FY24
DLR 8.5%
SPG 51.9%
FY25
DLR 10.8%
SPG 49.9%
DLR
SPG
FY16
DLR $153M
SPG $2.6B
FY17
DLR −$127M
SPG $2.9B
FY18
DLR $60.2M
SPG $3.0B
FY19
DLR $76.9M
SPG $2.9B
FY20
DLR −$358M
SPG $1.8B
FY21
DLR −$819M
SPG $3.1B
FY22
DLR −$984M
SPG $3.1B
FY23
DLR −$1.9B
SPG $3.1B
FY24
DLR −$570M
SPG $3.1B
FY25
DLR −$769M
SPG $3.2B
DLR
SPG
FY16
DLR —
SPG 7.9%
FY17
DLR —
SPG 8.1%
FY18
DLR —
SPG 8.6%
FY19
DLR —
SPG 8.7%
FY20
DLR —
SPG 5.6%
FY21
DLR —
SPG 6.6%
FY22
DLR —
SPG 7.2%
FY23
DLR —
SPG 9.9%
FY24
DLR —
SPG 11.5%
FY25
DLR —
SPG 10.5%
DLR
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.