Comprehensive Stock Comparison
Compare Alexander's, Inc. (ALX) vs Simon Property Group, Inc. (SPG) vs Realty Income Corporation (O) 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 | O | 9.1% revenue growth vs ALX's -100.0% |
| Value | ALX | Lower P/E (19.4x vs 41.8x) |
| Quality / Margins | SPG | 72.5% net margin vs O's 18.4% |
| Stability / Safety | O | Beta 0.19 vs SPG's 0.86 |
| Dividends | ALX | 7.7% yield; SPG, O pay no meaningful dividend |
| Momentum (1Y) | O | +23.6% vs SPG's +14.1% |
| Efficiency (ROA) | SPG | 11.4% ROA vs O's 1.5%, ROIC 7.6% vs 2.3% |
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
Alexander's is a specialized real estate investment trust that owns and operates premier office and retail properties in prime New York City locations. It generates revenue primarily through long-term leases — with office space contributing roughly 70% and retail about 30% of rental income — along with property management fees. Its competitive advantage lies in its irreplaceable portfolio of trophy properties in Manhattan's most desirable locations, particularly its flagship 731 Lexington Avenue building.
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.
Realty Income is a real estate investment trust that owns and leases single-tenant commercial properties to retail and service-oriented businesses. It generates revenue primarily through long-term triple-net leases—where tenants pay rent plus property expenses—with retail clients like convenience stores and drugstores accounting for roughly 80% of its portfolio. The company's moat lies in its massive scale, diversified tenant base, and long-term lease structure that provides predictable monthly cash flow supporting its famous monthly dividend payments.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 3 stocks. BestLagging
Financial Scorecard
SPG leads in 2 of 6 categories (Financial Metrics, Profitability & Efficiency). O leads in 1 (Analyst Outlook). 3 tied.
Financial Metrics (TTM)
SPG and ALX operate at a comparable scale, with $6.4B and $0 in trailing revenue. SPG is the more profitable business, keeping 72.5% of every revenue dollar as net income compared to O's 18.4%. On growth, SPG holds the edge at +13.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | ALXAlexander's, Inc. | SPGSimon Property Gr… | ORealty Income Cor… |
|---|---|---|---|
| RevenueTrailing 12 months | $0 | $6.4B | $5.7B |
| EBITDAEarnings before interest/tax | -$35M | $4.7B | $4.1B |
| Net IncomeAfter-tax profit | $28M | $4.6B | $1.1B |
| Free Cash FlowCash after capex | $73M | $2.3B | $2.8B |
| Gross MarginGross profit ÷ Revenue | — | +85.7% | +89.8% |
| Operating MarginEBIT ÷ Revenue | — | +49.9% | +28.3% |
| Net MarginNet income ÷ Revenue | — | +72.5% | +18.4% |
| FCF MarginFCF ÷ Revenue | — | +35.4% | +48.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | -3.9% | +13.2% | +11.0% |
| EPS Growth (YoY)Latest quarter vs prior year | -68.6% | +3.6% | +39.1% |
Valuation Metrics
At 14.4x trailing earnings, SPG trades at a 75% valuation discount to O's 57.3x P/E. Adjusting for growth (PEG ratio), SPG offers better value at 0.46x vs O's 80.25x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | ALXAlexander's, Inc. | SPGSimon Property Gr… | ORealty Income Cor… |
|---|---|---|---|
| Market CapShares × price | $1.2B | $66.3B | $62.6B |
| Enterprise ValueMkt cap + debt − cash | $1.9B | $95.4B | $62.1B |
| Trailing P/EPrice ÷ TTM EPS | 42.66x | 14.42x | 57.27x |
| Forward P/EPrice ÷ next-FY EPS est. | 19.42x | 30.39x | 41.80x |
| PEG RatioP/E ÷ EPS growth rate | — | 0.46x | 80.25x |
| EV / EBITDAEnterprise value multiple | — | 20.48x | 15.16x |
| Price / SalesMarket cap ÷ Revenue | — | 10.42x | 10.88x |
| Price / BookPrice ÷ Book value/share | 11.04x | 9.91x | 1.51x |
| Price / FCFMarket cap ÷ FCF | 16.32x | — | 15.66x |
Profitability & Efficiency
SPG delivers a 68.8% return on equity — every $100 of shareholder capital generates $69 in annual profit, vs $3 for O. SPG carries lower financial leverage with a 4.47x debt-to-equity ratio, signaling a more conservative balance sheet compared to ALX's 7.98x. On the Piotroski fundamental quality scale (0–9), SPG scores 5/9 vs ALX's 4/9, reflecting solid financial health.
| Metric | ALXAlexander's, Inc. | SPGSimon Property Gr… | ORealty Income Cor… |
|---|---|---|---|
| ROE (TTM)Return on equity | +25.9% | +68.8% | +2.6% |
| ROA (TTM)Return on assets | +2.5% | +11.4% | +1.5% |
| ROICReturn on invested capital | — | +7.6% | +2.3% |
| ROCEReturn on capital employed | — | +9.1% | +2.3% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 5 | 5 |
| Debt / EquityFinancial leverage | 7.98x | 4.47x | — |
| Net DebtTotal debt minus cash | -$128M | $29.1B | -$435M |
| Cash & Equiv.Liquid assets | $128M | $823M | $435M |
| Total DebtShort + long-term debt | $871M | $29.9B | $0 |
| 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 $11,690 for ALX. Over the past 12 months, O leads with a +23.6% total return vs SPG's +14.1%. The 3-year compound annual growth rate (CAGR) favors SPG at 23.1% vs O's 6.3% — a key indicator of consistent wealth creation.
| Metric | ALXAlexander's, Inc. | SPGSimon Property Gr… | ORealty Income Cor… |
|---|---|---|---|
| YTD ReturnYear-to-date | +9.3% | +10.8% | +17.9% |
| 1-Year ReturnPast 12 months | +17.9% | +14.1% | +23.6% |
| 3-Year ReturnCumulative with dividends | +31.8% | +86.7% | +19.9% |
| 5-Year ReturnCumulative with dividends | +16.9% | +111.3% | +40.3% |
| 10-Year ReturnCumulative with dividends | +7.1% | +44.9% | +67.6% |
| CAGR (3Y)Annualised 3-year return | +9.7% | +23.1% | +6.3% |
Risk & Volatility
O is the less volatile stock with a 0.19 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. SPG currently trades 99.4% from its 52-week high vs ALX's 89.9% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | ALXAlexander's, Inc. | SPGSimon Property Gr… | ORealty Income Cor… |
|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.36x | 0.86x | 0.19x |
| 52-Week HighHighest price in past year | $260.84 | $205.12 | $67.94 |
| 52-Week LowLowest price in past year | $189.05 | $136.34 | $50.71 |
| % of 52W HighCurrent price vs 52-week peak | +89.9% | +99.4% | +98.6% |
| RSI (14)Momentum oscillator 0–100 | 55.5 | 67.1 | 70.7 |
| Avg Volume (50D)Average daily shares traded | 80K | 1.3M | 5.4M |
Analyst Outlook
Analyst consensus: ALX as "Buy", SPG as "Hold", O as "Hold". Consensus price targets imply -4.5% upside for SPG (target: $195) vs -46.7% for ALX (target: $125). ALX is the only dividend payer here at 7.67% yield — a key consideration for income-focused portfolios.
| Metric | ALXAlexander's, Inc. | SPGSimon Property Gr… | ORealty Income Cor… |
|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold | Hold |
| Price TargetConsensus 12-month target | $125.00 | $194.60 | $63.38 |
| # AnalystsCovering analysts | 2 | 37 | 33 |
| Dividend YieldAnnual dividend ÷ price | +7.7% | — | — |
| Dividend StreakConsecutive years of raises | 0 | 2 | 27 |
| Dividend / ShareAnnual DPS | $18.00 | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% | 0.0% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Alexander's, Inc. (ALX) | 100 | 79.7 | -20.3% |
| Simon Property Grou… (SPG) | 100 | 150.31 | +50.3% |
| Realty Income Corpo… (O) | 100 | 83.35 | -16.6% |
Simon Property Grou… (SPG) returned +111% over 5 years vs Alexander's, Inc. (ALX)'s +17%. 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 |
|---|---|---|---|
| Alexander's, Inc. (ALX) | $227M | $0.00 | -100.0% |
| Simon Property Grou… (SPG) | $5.4B | $6.4B | +17.1% |
| Realty Income Corpo… (O) | $1.1B | $5.7B | +421.2% |
Alexander's, Inc.'s revenue grew from $227M (2016) to $0M (2025) — a -100.0% 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 |
|---|---|---|---|
| Alexander's, Inc. (ALX) | 38.1% | 19.2% | -49.6% |
| Simon Property Grou… (SPG) | 33.8% | 72.5% | +114.3% |
| Realty Income Corpo… (O) | 28.6% | 18.4% | -35.6% |
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 |
|---|---|---|---|
| Alexander's, Inc. (ALX) | 25.1 | 39.6 | +57.8% |
| Simon Property Grou… (SPG) | 27.5 | 13.1 | -52.4% |
| Realty Income Corpo… (O) | 50.2 | 48.2 | -4.0% |
Alexander's, Inc. has traded in a 10x–80x P/E range over 9 years; current trailing P/E is ~43x. 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 |
|---|---|---|---|
| Alexander's, Inc. (ALX) | 16.91 | 5.5 | -67.5% |
| Simon Property Grou… (SPG) | 5.87 | 14.14 | +140.9% |
| Realty Income Corpo… (O) | 1.13 | 1.17 | +3.5% |
Alexander's, Inc.'s EPS grew from $16.91 (2016) to $5.50 (2025) — a -12% 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
Alexander's, Inc. generated $73M FCF in 2025 (-38% vs 2021). Simon Property Group, Inc. generated $0M FCF in 2025 (-100% vs 2021).
ALX vs SPG vs O: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is ALX or SPG or O 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 Alexander's, Inc. (ALX) a "Buy" — based on 2 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 — ALX or SPG or O?
On trailing P/E, Simon Property Group, Inc. (SPG) is the cheapest at 14.4x versus Realty Income Corporation at 57.3x. On forward P/E, Alexander's, Inc. is actually cheaper at 19.4x — notably different from the trailing picture, reflecting expected earnings growth. 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 Realty Income Corporation's 80.25x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — ALX or SPG or O?
Over the past 5 years, Simon Property Group, Inc. (SPG) delivered a total return of +111.3%, compared to +16.9% for Alexander's, Inc. (ALX). 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: O returned +67.6% versus ALX's +7.1%. 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 — ALX or SPG or O?
By beta (market sensitivity over 5 years), Realty Income Corporation (O) is the lower-risk stock at 0.19β versus Simon Property Group, Inc.'s 0.86β — meaning SPG is approximately 353% more volatile than O relative to the S&P 500. On balance sheet safety, Simon Property Group, Inc. (SPG) carries a lower debt/equity ratio of 4% versus 8% for Alexander's, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — ALX or SPG or O?
Simon Property Group, Inc. (SPG) is the more profitable company, earning 72.5% net margin versus 0.0% for Alexander's, Inc. — 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 0.0% for ALX. At the gross margin level — before operating expenses — O leads at 89.8%, 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 ALX or SPG or O 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 Realty Income Corporation's 80.25x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Alexander's, Inc. (ALX) trades at 19.4x forward P/E versus 41.8x for Realty Income Corporation — 22.4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for SPG: -4.5% to $194.60.
07Which pays a better dividend — ALX or SPG or O?
In this comparison, ALX (7.7% yield) pays a dividend. SPG, O do not pay a meaningful dividend and should not be held primarily for income.
08Is ALX or SPG or O better for a retirement portfolio?
For long-horizon retirement investors, Alexander's, Inc. (ALX) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.36), 7.7% yield). Both have compounded well over 10 years (ALX: +7.1%, 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 ALX and SPG and O?
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: ALX is a small-cap income-oriented stock; SPG is a mid-cap deep-value stock; O is a mid-cap quality compounder stock. ALX pays a dividend while SPG, O do not, making them suitable for different income and tax situations. 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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