NNN vs SPG: NNN REIT 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 9.7 times NNN REIT.
- Simon Property grew revenue faster over the last year (+19.5% vs +6.5%).
- NNN REIT keeps more of each dollar of revenue as operating profit (63.6% vs 47.4%).
- On earnings, Simon Property is the cheaper stock (14.1x vs 19.4x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NNN | SPG |
|---|---|---|
| Market cap | $7.8B | $75.9B |
| Share price | $40.24 | $199.42 |
| Revenue (last fiscal year) | $926M | $6.4B |
| Free cash flow (last fiscal year) | — | $3.2B |
| Revenue growth, last year | +6.5% | +19.5% |
| Revenue growth per year, last 5 fiscal years | +6.3% | +5.6% |
| Operating margin | 63.6% | 47.4% |
| Net margin | 42.1% | 66.5% |
| Return on equity | 8.7% | 104.1% |
| P/E (trailing) | 19.4x | 14.1x |
| Price / free cash flow | 11.7x | 21.3x |
| EV / EBITDA | 15.3x | 11.3x |
| FCF growth the price implies | — | 7.2% |
| Dividend yield | 5.9% | 4.3% |
| Debt / equity | 1.15x | 7.64x |
| Fundamental grade | C | C |
| Superinvestors holding it | 3 | 6 |
| Insider purchases, last 12 months | 0 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
NNN REIT
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $726M | — | 61.8% |
| 2022 | $773M | — | 62.4% |
| 2023 | $828M | — | 67.0% |
| 2024 | $869M | — | 66.5% |
| 2025 | $926M | — | 63.6% |
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 NNN in InvestinglyQuestions
Which is bigger, NNN REIT or Simon Property?
Simon Property (SPG), at $75.9B against $7.8B.
Is NNN or SPG cheaper?
By trailing P/E, Simon Property (14.1x) is cheaper than NNN REIT (19.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, NNN or SPG?
Simon Property: revenue grew +19.5% over the last year, against +6.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.