Kimco Realty vs Simon Property Group
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KIRA’s take AI analyst
I put Kimco Realty and Simon Property Group side by side, using each one’s latest annual report. Here is what stands out:
- 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 15.0x for Simon Property Group.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Kimco Realty
KIM
2/8
5-year growthNet debt / EBITDA
Simon Property Group
SPG
6/8
Revenue growthOperating marginNet marginReturn on capitalReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | KIM FY25 | SPG FY25 |
|---|---|---|
| Size | ||
| Market cap | $15.9B | $68.9B |
| 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 | 15.0x |
| Piotroski F-score | — | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.