Comprehensive Stock Comparison
Compare Federal Realty Investment Trust (FRT) 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 | SPG | 6.7% revenue growth vs FRT's 6.4% |
| Value | SPG | Lower P/E (30.4x vs 38.0x), PEG 0.96 vs 1.57 |
| Quality / Margins | SPG | 72.5% net margin vs FRT's 27.6% |
| Stability / Safety | FRT | Beta 0.72 vs SPG's 0.86, lower leverage |
| Dividends | FRT | 4.2% yield; 3-year raise streak; SPG pays no meaningful dividend |
| Momentum (1Y) | SPG | +14.1% vs FRT's +7.4% |
| Efficiency (ROA) | SPG | 11.4% ROA vs FRT's 3.9%, ROIC 7.6% vs 7.3% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Federal Realty Investment Trust is a retail-focused real estate investment trust that owns, operates, and redevelops high-quality shopping centers and mixed-use properties in affluent coastal markets. It generates revenue primarily through rental income from retail tenants—with additional income from residential units and parking—while its development expertise creates value through property repositioning. The company's competitive advantage lies in its prime, supply-constrained locations in high-barrier-to-entry markets and its multi-decade track record of creating successful mixed-use destinations.
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
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
SPG leads in 3 of 6 categories (Financial Metrics, Profitability & Efficiency). FRT leads in 1 (Analyst Outlook). 2 tied.
Financial Metrics (TTM)
SPG is the larger business by revenue, generating $6.4B annually — 5.1x FRT's $1.3B. SPG is the more profitable business, keeping 72.5% of every revenue dollar as net income compared to FRT's 27.6%. On growth, SPG holds the edge at +13.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | FRTFederal Realty In… | SPGSimon Property Gr… |
|---|---|---|
| RevenueTrailing 12 months | $1.3B | $6.4B |
| EBITDAEarnings before interest/tax | $888M | $4.7B |
| Net IncomeAfter-tax profit | $347M | $4.6B |
| Free Cash FlowCash after capex | $533M | $2.3B |
| Gross MarginGross profit ÷ Revenue | +67.3% | +85.7% |
| Operating MarginEBIT ÷ Revenue | +42.3% | +49.9% |
| Net MarginNet income ÷ Revenue | +27.6% | +72.5% |
| FCF MarginFCF ÷ Revenue | +42.5% | +35.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +6.3% | +13.2% |
| EPS Growth (YoY)Latest quarter vs prior year | -1.4% | +3.6% |
Valuation Metrics
At 14.4x trailing earnings, SPG trades at a 37% valuation discount to FRT's 22.7x P/E. Adjusting for growth (PEG ratio), SPG offers better value at 0.46x vs FRT's 0.94x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | FRTFederal Realty In… | SPGSimon Property Gr… |
|---|---|---|
| Market CapShares × price | $9.4B | $66.3B |
| Enterprise ValueMkt cap + debt − cash | $10.4B | $95.4B |
| Trailing P/EPrice ÷ TTM EPS | 22.71x | 14.42x |
| Forward P/EPrice ÷ next-FY EPS est. | 38.00x | 30.39x |
| PEG RatioP/E ÷ EPS growth rate | 0.94x | 0.46x |
| EV / EBITDAEnterprise value multiple | 10.74x | 20.48x |
| Price / SalesMarket cap ÷ Revenue | 7.34x | 10.42x |
| Price / BookPrice ÷ Book value/share | 2.72x | 9.91x |
| Price / FCFMarket cap ÷ FCF | 15.08x | — |
Profitability & Efficiency
SPG delivers a 68.8% return on equity — every $100 of shareholder capital generates $69 in annual profit, vs $10 for FRT. FRT carries lower financial leverage with a 0.33x debt-to-equity ratio, signaling a more conservative balance sheet compared to SPG's 4.47x.
| Metric | FRTFederal Realty In… | SPGSimon Property Gr… |
|---|---|---|
| ROE (TTM)Return on equity | +10.0% | +68.8% |
| ROA (TTM)Return on assets | +3.9% | +11.4% |
| ROICReturn on invested capital | +7.3% | +7.6% |
| ROCEReturn on capital employed | +7.4% | +9.1% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 |
| Debt / EquityFinancial leverage | 0.33x | 4.47x |
| Net DebtTotal debt minus cash | $1.0B | $29.1B |
| Cash & Equiv.Liquid assets | $107M | $823M |
| Total DebtShort + long-term debt | $1.1B | $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 $12,549 for FRT. Over the past 12 months, SPG leads with a +14.1% total return vs FRT's +7.4%. The 3-year compound annual growth rate (CAGR) favors SPG at 23.1% vs FRT's 4.5% — a key indicator of consistent wealth creation.
| Metric | FRTFederal Realty In… | SPGSimon Property Gr… |
|---|---|---|
| YTD ReturnYear-to-date | +11.0% | +10.8% |
| 1-Year ReturnPast 12 months | +7.4% | +14.1% |
| 3-Year ReturnCumulative with dividends | +14.2% | +86.7% |
| 5-Year ReturnCumulative with dividends | +25.5% | +111.3% |
| 10-Year ReturnCumulative with dividends | +1.8% | +44.9% |
| CAGR (3Y)Annualised 3-year return | +4.5% | +23.1% |
Risk & Volatility
FRT is the less volatile stock with a 0.72 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 | FRTFederal Realty In… | SPGSimon Property Gr… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.72x | 0.86x |
| 52-Week HighHighest price in past year | $109.90 | $205.12 |
| 52-Week LowLowest price in past year | $80.65 | $136.34 |
| % of 52W HighCurrent price vs 52-week peak | +99.0% | +99.4% |
| RSI (14)Momentum oscillator 0–100 | 65.5 | 67.1 |
| Avg Volume (50D)Average daily shares traded | 629K | 1.3M |
Analyst Outlook
Wall Street rates FRT as "Buy" and SPG as "Hold". Consensus price targets imply 2.3% upside for FRT (target: $111) vs -4.5% for SPG (target: $195). FRT is the only dividend payer here at 4.16% yield — a key consideration for income-focused portfolios.
| Metric | FRTFederal Realty In… | SPGSimon Property Gr… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $111.30 | $194.60 |
| # AnalystsCovering analysts | 33 | 37 |
| Dividend YieldAnnual dividend ÷ price | +4.2% | — |
| Dividend StreakConsecutive years of raises | 3 | 2 |
| Dividend / ShareAnnual DPS | $4.52 | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 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 |
|---|---|---|---|
| Federal Realty Inve… (FRT) | 100 | 83.66 | -16.3% |
| Simon Property Grou… (SPG) | 100 | 150.31 | +50.3% |
Simon Property Grou… (SPG) returned +111% over 5 years vs Federal Realty Inve… (FRT)'s +25%. 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 |
|---|---|---|---|
| Federal Realty Inve… (FRT) | $802M | $1.3B | +59.6% |
| Simon Property Grou… (SPG) | $5.4B | $6.4B | +17.1% |
Federal Realty Investment Trust's revenue grew from $802M (2016) to $1.3B (2025) — a 5.3% 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 |
|---|---|---|---|
| Federal Realty Inve… (FRT) | 31.2% | 32.1% | +3.1% |
| Simon Property Grou… (SPG) | 33.8% | 72.5% | +114.3% |
Federal Realty Investment Trust's net margin went from 31% (2016) to 32% (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 |
|---|---|---|---|
| Federal Realty Inve… (FRT) | 33.5 | 21 | -37.3% |
| Simon Property Grou… (SPG) | 27.5 | 13.1 | -52.4% |
Federal Realty Investment Trust has traded in a 21x–53x P/E range over 9 years; current trailing P/E is ~23x. 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 |
|---|---|---|---|
| Federal Realty Inve… (FRT) | 3.5 | 4.79 | +36.9% |
| Simon Property Grou… (SPG) | 5.87 | 14.14 | +140.9% |
Federal Realty Investment Trust's EPS grew from $3.50 (2016) to $4.79 (2025) — a 4% 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
Federal Realty Investment Trust generated $622M FCF in 2025 (+1918% vs 2021). Simon Property Group, Inc. generated $0M FCF in 2025 (-100% vs 2021).
FRT vs SPG: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is FRT 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 Federal Realty Investment Trust (FRT) a "Buy" — based on 33 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 — FRT or SPG?
On trailing P/E, Simon Property Group, Inc. (SPG) is the cheapest at 14.4x versus Federal Realty Investment Trust at 22.7x. 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 Federal Realty Investment Trust's 1.57x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — FRT or SPG?
Over the past 5 years, Simon Property Group, Inc. (SPG) delivered a total return of +111.3%, compared to +25.5% for Federal Realty Investment Trust (FRT). 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: SPG returned +44.9% versus FRT's +1.8%. 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 — FRT or SPG?
By beta (market sensitivity over 5 years), Federal Realty Investment Trust (FRT) is the lower-risk stock at 0.72β versus Simon Property Group, Inc.'s 0.86β — meaning SPG is approximately 20% more volatile than FRT relative to the S&P 500. On balance sheet safety, Federal Realty Investment Trust (FRT) carries a lower debt/equity ratio of 33% versus 4% for Simon Property Group, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — FRT or SPG?
Simon Property Group, Inc. (SPG) is the more profitable company, earning 72.5% net margin versus 32.1% for Federal Realty Investment Trust — 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 47.1% for FRT. At the gross margin level — before operating expenses — SPG leads at 85.7%, 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 FRT 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 Federal Realty Investment Trust's 1.57x. 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 38.0x for Federal Realty Investment Trust — 7.6x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for FRT: 2.3% to $111.30.
07Which pays a better dividend — FRT or SPG?
In this comparison, FRT (4.2% yield) pays a dividend. SPG does not pay a meaningful dividend and should not be held primarily for income.
08Is FRT or SPG better for a retirement portfolio?
For long-horizon retirement investors, Federal Realty Investment Trust (FRT) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.72), 4.2% yield). Both have compounded well over 10 years (FRT: +1.8%, 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 FRT 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: FRT is a small-cap income-oriented stock; SPG is a mid-cap deep-value stock. FRT pays a dividend while SPG does 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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