Comprehensive Stock Comparison
Compare Agree Realty Corporation (ADC) vs Simon Property Group, Inc. (SPG) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | ADC | 16.4% revenue growth vs SPG's 6.7% |
| Value | SPG | Lower P/E (30.4x vs 41.3x), PEG 0.96 vs 120.54 |
| Quality / Margins | SPG | 72.5% net margin vs ADC's 27.6% |
| Stability / Safety | ADC | Beta 0.06 vs SPG's 0.86, lower leverage |
| Dividends | ADC | 0.1% yield; SPG pays no meaningful dividend |
| Momentum (1Y) | SPG | +14.1% vs ADC's +13.6% |
| Efficiency (ROA) | SPG | 11.4% ROA vs ADC's 2.0%, ROIC 7.6% vs 2.9% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Agree Realty Corporation is a retail-focused real estate investment trust that acquires and develops single-tenant properties leased to national retail tenants. It generates revenue primarily through long-term net leases — where tenants pay most property expenses — with its portfolio heavily weighted toward investment-grade tenants like Walmart, Dollar General, and Tractor Supply. The company's competitive advantage lies in its disciplined acquisition strategy focused on recession-resistant retail sectors and its relationships with creditworthy tenants that provide stable, predictable cash flows.
Simon Property Group is a real estate investment trust that owns and operates premier shopping malls, outlets, and mixed-use destinations across North America, Europe, and Asia. It generates revenue primarily through tenant leases—collecting base rents, percentage rents based on tenant sales, and common area maintenance charges—with retail properties contributing over 90% of its income. The company's moat lies in its portfolio of high-quality, dominant regional malls in prime locations that attract premium tenants and shoppers, creating a network effect that's difficult to replicate.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
SPG leads in 2 of 6 categories — strongest in Total Returns and Analyst Outlook. 4 categories are tied.
Financial Metrics (TTM)
SPG is the larger business by revenue, generating $6.4B annually — 9.2x ADC's $689M. SPG is the more profitable business, keeping 72.5% of every revenue dollar as net income compared to ADC's 27.6%. On growth, ADC holds the edge at +18.7% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | ADCAgree Realty Corp… | SPGSimon Property Gr… |
|---|---|---|
| RevenueTrailing 12 months | $689M | $6.4B |
| EBITDAEarnings before interest/tax | $581M | $4.7B |
| Net IncomeAfter-tax profit | $190M | $4.6B |
| Free Cash FlowCash after capex | $484M | $2.3B |
| Gross MarginGross profit ÷ Revenue | +89.0% | +85.7% |
| Operating MarginEBIT ÷ Revenue | +46.9% | +49.9% |
| Net MarginNet income ÷ Revenue | +27.6% | +72.5% |
| FCF MarginFCF ÷ Revenue | +70.3% | +35.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +18.7% | +13.2% |
| EPS Growth (YoY)Latest quarter vs prior year | +7.1% | +3.6% |
Valuation Metrics
At 14.4x trailing earnings, SPG trades at a 68% valuation discount to ADC's 45.5x P/E. Adjusting for growth (PEG ratio), SPG offers better value at 0.46x vs ADC's 120.54x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | ADCAgree Realty Corp… | SPGSimon Property Gr… |
|---|---|---|
| Market CapShares × price | $236M | $66.3B |
| Enterprise ValueMkt cap + debt − cash | $3.2B | $95.4B |
| Trailing P/EPrice ÷ TTM EPS | 45.47x | 14.42x |
| Forward P/EPrice ÷ next-FY EPS est. | 41.29x | 30.39x |
| PEG RatioP/E ÷ EPS growth rate | 120.54x | 0.46x |
| EV / EBITDAEnterprise value multiple | 5.46x | 20.48x |
| Price / SalesMarket cap ÷ Revenue | 0.33x | 10.42x |
| Price / BookPrice ÷ Book value/share | 1.43x | 9.91x |
| Price / FCFMarket cap ÷ FCF | 0.47x | — |
Profitability & Efficiency
SPG delivers a 68.8% return on equity — every $100 of shareholder capital generates $69 in annual profit, vs $3 for ADC. ADC carries lower financial leverage with a 0.47x debt-to-equity ratio, signaling a more conservative balance sheet compared to SPG's 4.47x. On the Piotroski fundamental quality scale (0–9), ADC scores 6/9 vs SPG's 5/9, reflecting solid financial health.
| Metric | ADCAgree Realty Corp… | SPGSimon Property Gr… |
|---|---|---|
| ROE (TTM)Return on equity | +3.2% | +68.8% |
| ROA (TTM)Return on assets | +2.0% | +11.4% |
| ROICReturn on invested capital | +2.9% | +7.6% |
| ROCEReturn on capital employed | +4.5% | +9.1% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 5 |
| Debt / EquityFinancial leverage | 0.47x | 4.47x |
| Net DebtTotal debt minus cash | $2.9B | $29.1B |
| Cash & Equiv.Liquid assets | $16M | $823M |
| Total DebtShort + long-term debt | $2.9B | $29.9B |
| Interest CoverageEBIT ÷ Interest expense | — | 3.26x |
Total Returns (with DRIP)
A $10,000 investment in SPG five years ago would be worth $21,129 today (with dividends reinvested), compared to $14,667 for ADC. Over the past 12 months, SPG leads with a +14.1% total return vs ADC's +13.6%. The 3-year compound annual growth rate (CAGR) favors SPG at 23.1% vs ADC's 8.1% — a key indicator of consistent wealth creation.
| Metric | ADCAgree Realty Corp… | SPGSimon Property Gr… |
|---|---|---|
| YTD ReturnYear-to-date | +12.3% | +10.8% |
| 1-Year ReturnPast 12 months | +13.6% | +14.1% |
| 3-Year ReturnCumulative with dividends | +26.5% | +86.7% |
| 5-Year ReturnCumulative with dividends | +46.7% | +111.3% |
| 10-Year ReturnCumulative with dividends | +186.6% | +44.9% |
| CAGR (3Y)Annualised 3-year return | +8.1% | +23.1% |
Risk & Volatility
ADC is the less volatile stock with a 0.06 beta — it tends to amplify market swings less than SPG's 0.86 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | ADCAgree Realty Corp… | SPGSimon Property Gr… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.06x | 0.86x |
| 52-Week HighHighest price in past year | $81.17 | $205.12 |
| 52-Week LowLowest price in past year | $68.98 | $136.34 |
| % of 52W HighCurrent price vs 52-week peak | +99.1% | +99.4% |
| RSI (14)Momentum oscillator 0–100 | 70.6 | 67.1 |
| Avg Volume (50D)Average daily shares traded | 1.1M | 1.3M |
Analyst Outlook
Wall Street rates ADC as "Buy" and SPG as "Hold". Consensus price targets imply 0.7% upside for ADC (target: $81) vs -4.5% for SPG (target: $195).
| Metric | ADCAgree Realty Corp… | SPGSimon Property Gr… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $81.06 | $194.60 |
| # AnalystsCovering analysts | 32 | 37 |
| Dividend YieldAnnual dividend ÷ price | +0.1% | — |
| Dividend StreakConsecutive years of raises | 0 | 2 |
| Dividend / ShareAnnual DPS | $0.07 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +1.6% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Agree Realty Corpor… (ADC) | 100 | 95.54 | -4.5% |
| Simon Property Grou… (SPG) | 100 | 150.31 | +50.3% |
Simon Property Grou… (SPG) returned +111% over 5 years vs Agree Realty Corpor… (ADC)'s +47%. A $10,000 investment in SPG 5 years ago would be worth $21,129 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Agree Realty Corpor… (ADC) | $92M | $718M | +684.9% |
| Simon Property Grou… (SPG) | $5.4B | $6.4B | +17.1% |
Agree Realty Corporation's revenue grew from $92M (2016) to $718M (2025) — a 25.7% CAGR. Simon Property Group, Inc.'s revenue grew from $5.4B (2016) to $6.4B (2025) — a 1.8% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Agree Realty Corpor… (ADC) | 49.3% | 27.4% | -44.4% |
| Simon Property Grou… (SPG) | 33.8% | 72.5% | +114.3% |
Agree Realty Corporation's net margin went from 49% (2016) to 27% (2025). Simon Property Group, Inc.'s net margin went from 34% (2016) to 73% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Agree Realty Corpor… (ADC) | 24.7 | 40.7 | +64.8% |
| Simon Property Grou… (SPG) | 27.5 | 13.1 | -52.4% |
Agree Realty Corporation has traded in a 25x–41x P/E range over 9 years; current trailing P/E is ~45x. Simon Property Group, Inc. has traded in a 13x–28x P/E range over 9 years; current trailing P/E is ~14x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Agree Realty Corpor… (ADC) | 1.97 | 1.77 | -10.2% |
| Simon Property Grou… (SPG) | 5.87 | 14.14 | +140.9% |
Agree Realty Corporation's EPS grew from $1.97 (2016) to $1.77 (2025) — a -1% CAGR. Simon Property Group, Inc.'s EPS grew from $5.87 (2016) to $14.14 (2025) — a 10% CAGR.
Chart 6Free Cash Flow — 5 Years
Agree Realty Corporation generated $504M FCF in 2025 (+105% vs 2021). Simon Property Group, Inc. generated $0M FCF in 2025 (-100% vs 2021).
ADC vs SPG: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is ADC or SPG a better buy right now?
Simon Property Group, Inc. (SPG) offers the better valuation at 14.4x trailing P/E (30.4x forward), making it the more compelling value choice. Analysts rate Agree Realty Corporation (ADC) a "Buy" — based on 32 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — ADC or SPG?
On trailing P/E, Simon Property Group, Inc. (SPG) is the cheapest at 14.4x versus Agree Realty Corporation at 45.5x. On forward P/E, Simon Property Group, Inc. is actually cheaper at 30.4x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Simon Property Group, Inc. wins at 0.96x versus Agree Realty Corporation's 120.54x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — ADC or SPG?
Over the past 5 years, Simon Property Group, Inc. (SPG) delivered a total return of +111.3%, compared to +46.7% for Agree Realty Corporation (ADC). A $10,000 investment in SPG five years ago would be worth approximately $21K today (assuming dividends reinvested). Over 10 years, the gap is even starker: ADC returned +186.6% versus SPG's +44.9%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — ADC or SPG?
By beta (market sensitivity over 5 years), Agree Realty Corporation (ADC) is the lower-risk stock at 0.06β versus Simon Property Group, Inc.'s 0.86β — meaning SPG is approximately 1259% more volatile than ADC relative to the S&P 500. On balance sheet safety, Agree Realty Corporation (ADC) carries a lower debt/equity ratio of 47% versus 4% for Simon Property Group, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — ADC or SPG?
Simon Property Group, Inc. (SPG) is the more profitable company, earning 72.5% net margin versus 27.4% for Agree Realty Corporation — meaning it keeps 72.5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: SPG leads at 49.9% versus 47.4% for ADC. At the gross margin level — before operating expenses — ADC leads at 92.7%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is ADC or SPG more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Simon Property Group, Inc. (SPG) is the more undervalued stock at a PEG of 0.96x versus Agree Realty Corporation's 120.54x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Simon Property Group, Inc. (SPG) trades at 30.4x forward P/E versus 41.3x for Agree Realty Corporation — 10.9x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for ADC: 0.7% to $81.06.
07Which pays a better dividend — ADC or SPG?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
08Is ADC or SPG better for a retirement portfolio?
For long-horizon retirement investors, Agree Realty Corporation (ADC) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.06), +186.6% 10Y return). Both have compounded well over 10 years (ADC: +186.6%, SPG: +44.9%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between ADC and SPG?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: ADC is a small-cap quality compounder stock; SPG is a mid-cap deep-value stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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