REALTY INCOME CORP vs SIMON PROPERTY GROUP, INC., two REIT stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Both are retail landlords, but Realty Income owns thousands of freestanding single-tenant properties while Simon owns Class-A malls, and their balance sheets diverge sharply: Simon runs 4.65 turns of debt against Realty Income's near-zero. Simon looks cheapest in the sector at 15.8 times earnings, Realty Income at 51.7, though both P/Es understate through REIT depreciation. Realty Income pays the bigger dividend, 5.10% against 3.77%, and yields more free cash, 6.92% against 4.38%. Simon trades at 12 times book on its irreplaceable mall locations, Realty Income at 1.43 on its dispersed portfolio. The two split retail real estate by structure: Realty Income spreads risk across many small tenants on long net leases and pays a monthly check, Simon concentrates it in premium malls with heavy leverage and the sector's lowest multiple.
Comparison updated 2026-07-11.
| Metric | O | SPG |
|---|---|---|
| Price | $63.09 | $226.89 |
| Market cap | $59.0B | $73.7B |
| Sector | REIT | REIT |
| Stage | Mature | Mature |
| P/E | 51.7 | 15.8 |
| P/B | 1.43 | 12.14 |
| P/S | 9.96 | 11.09 |
| EV/EBITDA | 23.2 | 21.3 |
| Revenue growth | +9.8% | +10.9% |
| Operating margin | — | 43.4% |
| Net margin | 19.1% | 82.0% |
| Return on equity | 2.7% | 89.8% |
| Return on assets | 1.5% | 13.8% |
| Return on invested capital | — | 7.4% |
| FCF yield | 6.9% | 4.4% |
| Dividend yield | 5.1% | 3.8% |
| Debt / equity | 0.01 | 4.65 |
| Altman Z (solvency) | 1.14 | 1.39 |
| Piotroski F (quality) | 8 / 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.