AMERICAN TOWER CORP /MA/ vs SIMON PROPERTY GROUP, INC., two REIT stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The balance sheets sit worlds apart: Simon Property carries 4.65 turns of debt financing its mall empire, American Tower a conservative 0.6 turns on its towers. Simon's reported 89.8% return on equity and 82% net margin are heavily flattered by gains and its thin, leveraged equity base, not repeatable operating economics; AMT's tower cash flows are steadier and contracted. Both pay near-3.8% dividends. Simon trades at a low 15.8 GAAP multiple (mall earnings currently strong), AMT at 28.3. The pair prices a mall REIT against a tower REIT; Simon's leveraged retail portfolio throws off strong current cash but carries real balance-sheet risk, AMT's tower leases are lower-yielding but far more defensive, and the leverage line is the sharpest distinction between them.
Comparison updated 2026-07-11.
| Metric | AMT | SPG |
|---|---|---|
| Price | $175.33 | $226.89 |
| Market cap | $81.8B | $73.7B |
| Sector | REIT | REIT |
| Stage | Mature | Mature |
| P/E | 28.3 | 15.8 |
| P/B | 8.06 | 12.14 |
| P/S | 7.57 | 11.09 |
| EV/EBITDA | 17.9 | 21.3 |
| Revenue growth | +6.3% | +10.9% |
| Operating margin | 45.3% | 43.4% |
| Net margin | 27.8% | 82.0% |
| Return on equity | 29.6% | 89.8% |
| Return on assets | 4.8% | 13.8% |
| Return on invested capital | 25.6% | 7.4% |
| FCF yield | 4.6% | 4.4% |
| Dividend yield | 3.9% | 3.8% |
| Debt / equity | 0.60 | 4.65 |
| Current ratio | 0.30 | — |
| Altman Z (solvency) | 0.92 | 1.39 |
| Piotroski F (quality) | 7 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.