Realty Income vs Simon Property Group
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KIRA’s take AI analyst
I put Realty Income 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 $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 41.4x against 15.0x for Simon Property Group.
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
Realty Income
O
3/6
Revenue growth5-year growthFCF margin
Simon Property Group
SPG
3/6
Net marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | O FY25 | SPG FY25 |
|---|---|---|
| Size | ||
| Market cap | $53.4B | $68.9B |
| 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 | 41.4x | 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.