EQUINIX INC vs SIMON PROPERTY GROUP, INC., two REIT stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Simon Property's malls throw off cash the market treats as mature; Equinix's data centers consume it chasing a growth curve, and their multiples show the split, Simon at 15.8 times earnings, Equinix at 75.5. Both P/Es are depreciation-distorted REIT figures, but the direction is clear: Simon is priced as a cash cow, Equinix as a capacity story. Simon yields 3.77% and converts 4.38% to free cash; Equinix yields 1.72% and runs free cash slightly negative under its build-out. Simon carries heavy mall-REIT leverage at 4.65 turns, Equinix a lighter 1.38. The two split retail cash from digital capacity: Simon returns money now from premium malls, Equinix reinvests it into the interconnection backbone, and the fivefold multiple gap is the market's bet on which demand curve keeps climbing.
Comparison updated 2026-07-11.
| Metric | EQIX | SPG |
|---|---|---|
| Price | $1091.09 | $226.89 |
| Market cap | $107.7B | $73.7B |
| Sector | REIT | REIT |
| Stage | Mature | Mature |
| P/E | 75.5 | 15.8 |
| P/B | 7.53 | 12.14 |
| P/S | 11.42 | 11.09 |
| EV/EBITDA | 30.9 | 21.3 |
| Revenue growth | +6.7% | +10.9% |
| Operating margin | 23.6% | 43.4% |
| Net margin | 15.1% | 82.0% |
| Return on equity | 9.9% | 89.8% |
| Return on assets | 3.5% | 13.8% |
| Return on invested capital | 5.1% | 7.4% |
| FCF yield | -0.9% | 4.4% |
| Dividend yield | 1.7% | 3.8% |
| Debt / equity | 1.38 | 4.65 |
| Current ratio | 1.18 | — |
| Altman Z (solvency) | 2.96 | 1.39 |
| Piotroski F (quality) | 5 / 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.