O vs SPG: Realty Income 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 1.5 times Realty Income.
- Simon Property grew revenue faster over the last year (+19.5% vs +9.7%).
- Simon Property keeps more of each dollar of revenue as operating profit (47.4% vs 20.1%).
- On earnings, Simon Property is the cheaper stock (14.1x vs 44.8x).
- Simon Property's price assumes faster free cash flow growth: about 7% a year, against -0% for Realty Income (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | O | SPG |
|---|---|---|
| Market cap | $51.0B | $75.9B |
| Share price | $54.18 | $199.42 |
| Revenue (last fiscal year) | $5.7B | $6.4B |
| Free cash flow (last fiscal year) | $3.9B | $3.2B |
| Revenue growth, last year | +9.7% | +19.5% |
| Revenue growth per year, last 5 fiscal years | +28.9% | +5.6% |
| Operating margin | 20.1% | 47.4% |
| Net margin | 20.9% | 66.5% |
| Return on equity | 3.2% | 104.1% |
| P/E (trailing) | 44.8x | 14.1x |
| Price / free cash flow | 12.8x | 21.3x |
| EV / EBITDA | 20.4x | 11.3x |
| FCF growth the price implies | -0.46% | 7.2% |
| Dividend yield | 5.9% | 4.3% |
| Debt / equity | 0.87x | 7.64x |
| Fundamental grade | C | C |
| Superinvestors holding it | 3 | 6 |
| Insider purchases, last 12 months | 6 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Realty Income
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.1B | $1.3B | 20.3% |
| 2022 | $3.3B | $2.5B | 24.0% |
| 2023 | $4.1B | $2.9B | 21.8% |
| 2024 | $5.3B | $3.5B | 14.8% |
| 2025 | $5.7B | $3.9B | 16.8% |
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% |
Where the revenue comes from
Realty Income · by products, 2018
Rental$1.3B96%
Tenant reimbursements$47M4%
Other$6M0%
Simon Property
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open O in InvestinglyQuestions
Which is bigger, Realty Income or Simon Property?
Simon Property (SPG), at $75.9B against $51.0B.
Is O or SPG cheaper?
By trailing P/E, Simon Property (14.1x) is cheaper than Realty Income (44.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, O or SPG?
Simon Property: revenue grew +19.5% over the last year, against +9.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.