SIMON PROPERTY GROUP, INC. vs WELLTOWER INC., two REIT stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Simon Property and Welltower are two of the sector's giants at $74B and $165B, but the market prices them very differently: Simon at 15.8 times earnings as a mature, cash-returning mall landlord, Welltower at 113 as a demographic growth story, both P/Es distorted by depreciation. Simon pays the far bigger dividend, 3.77% against 1.24%, and yields more free cash, 4.38% against 1.79%. Simon runs heavy 4.65-turn leverage against Welltower's conservative 0.40. Simon trades at 12 times book on irreplaceable malls, Welltower at 3.69. The contrast is harvest against growth: Simon returns heavy cash from premium retail the market no longer expects to expand, Welltower reinvests behind senior-housing demand it expects to keep rising, and the buyer picks yield-now or occupancy-later.
Comparison updated 2026-07-11.
| Metric | SPG | WELL |
|---|---|---|
| Price | $226.89 | $227.28 |
| Market cap | $73.7B | $165.1B |
| Sector | REIT | REIT |
| Stage | Mature | Growth |
| P/E | 15.8 | 113.1 |
| P/B | 12.14 | 3.69 |
| P/S | 11.09 | 14.03 |
| EV/EBITDA | 21.3 | 80.3 |
| Revenue growth | +10.9% | +37.5% |
| Operating margin | 43.4% | — |
| Net margin | 82.0% | 12.4% |
| Return on equity | 89.8% | 3.3% |
| Return on assets | 13.8% | 2.2% |
| Return on invested capital | 7.4% | — |
| FCF yield | 4.4% | 1.8% |
| Dividend yield | 3.8% | 1.2% |
| Debt / equity | 4.65 | 0.40 |
| Altman Z (solvency) | 1.39 | 4.86 |
| Piotroski F (quality) | 8 / 9 | 7 / 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.