ADC vs SPG: Agree Realty and Simon Property compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Simon Property is the larger company, worth $75.9B, about 9.6 times Agree Realty.
- Simon Property grew revenue faster over the last year (+19.5% vs +16.9%).
- Agree Realty keeps more of each dollar of revenue as operating profit (47.9% vs 47.4%).
- On earnings, Simon Property is the cheaper stock (14.1x vs 35.3x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ADC | SPG |
|---|---|---|
| Market cap | $7.9B | $75.9B |
| Share price | $65.95 | $199.42 |
| Revenue (last fiscal year) | $718M | $6.4B |
| Free cash flow (last fiscal year) | — | $3.2B |
| Revenue growth, last year | +16.9% | +19.5% |
| Revenue growth per year, last 5 fiscal years | +20.6% | +5.6% |
| Operating margin | 47.9% | 47.4% |
| Net margin | 28.9% | 66.5% |
| Return on equity | 3.5% | 104.1% |
| P/E (trailing) | 35.3x | 14.1x |
| Price / free cash flow | 15.6x | 21.3x |
| EV / EBITDA | 20.1x | 11.3x |
| FCF growth the price implies | — | 7.2% |
| Dividend yield | 4.7% | 4.3% |
| Debt / equity | 0.62x | 7.64x |
| Fundamental grade | C | C |
| Superinvestors holding it | 2 | 6 |
| Insider purchases, last 12 months | 8 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Agree Realty
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $339M | -$1.1B | 56.1% |
| 2022 | $430M | -$1.2B | 50.8% |
| 2023 | $537M | -$808M | 47.3% |
| 2024 | $617M | -$443M | 49.0% |
| 2025 | $718M | — | 47.4% |
Simon Property
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.1B | $3.1B | 47.2% |
| 2022 | $5.3B | $3.1B | 48.8% |
| 2023 | $5.7B | $3.1B | 49.6% |
| 2024 | $6.0B | $3.1B | 51.9% |
| 2025 | $6.4B | $3.2B | 49.9% |
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ADC in InvestinglyQuestions
Which is bigger, Agree Realty or Simon Property?
Simon Property (SPG), at $75.9B against $7.9B.
Is ADC or SPG cheaper?
By trailing P/E, Simon Property (14.1x) is cheaper than Agree Realty (35.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, ADC or SPG?
Simon Property: revenue grew +19.5% over the last year, against +16.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.