SIMON PROPERTY GROUP, INC. vs Ventas, Inc., two REIT stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Simon Property's malls and Ventas's healthcare properties sit at opposite ends of the REIT multiple range, Simon at the sector's cheapest 15.8 times earnings, Ventas at a distorted 161.9. The gap is mostly REIT depreciation flattering Simon and gutting Ventas's net income; the honest comparison runs through cash and yield. Simon pays 3.77% and yields 4.38% free cash, Ventas 2.16% and 3.97%. Simon carries heavy mall leverage at 4.65 turns; Ventas's shown load is lighter. Simon trades at 12 times book on premium malls, Ventas at 3.29. The two offer different bargains: Simon is a high-yield, high-leverage retail landlord the market treats as ex-growth, Ventas a low-yield healthcare landlord priced entirely on the demographic occupancy story ahead.
Comparison updated 2026-07-11.
| Metric | SPG | VTR |
|---|---|---|
| Price | $226.89 | $89.03 |
| Market cap | $73.7B | $43.3B |
| Sector | REIT | REIT |
| Stage | Mature | Growth |
| P/E | 15.8 | 161.9 |
| P/B | 12.14 | 3.29 |
| P/S | 11.09 | 7.07 |
| EV/EBITDA | 21.3 | 30.0 |
| Revenue growth | +10.9% | +20.6% |
| Operating margin | 43.4% | — |
| Net margin | 82.0% | 4.4% |
| Return on equity | 89.8% | 2.1% |
| Return on assets | 13.8% | 1.0% |
| Return on invested capital | 7.4% | — |
| FCF yield | 4.4% | 4.0% |
| Dividend yield | 3.8% | 2.2% |
| Debt / equity | 4.65 | 0.00 |
| Altman Z (solvency) | 1.39 | 1.67 |
| 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.