Comprehensive Stock Comparison
Compare NNN REIT, Inc. (NNN) 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 NNN's 6.6% |
| Value | NNN | Lower P/E (22.2x vs 30.4x) |
| Quality / Margins | SPG | 72.5% net margin vs NNN's 42.1% |
| Stability / Safety | NNN | Beta 0.25 vs SPG's 0.86 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | SPG | +14.1% vs NNN's +12.4% |
| Efficiency (ROA) | SPG | 11.4% ROA vs NNN's 4.2%, ROIC 7.6% vs 6.7% |
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
NNN REIT is a real estate investment trust that owns and operates a diversified portfolio of single-tenant retail properties across the United States. It generates revenue primarily through long-term net leases — collecting predictable rental income from tenants who cover most property expenses — with convenience stores, restaurants, and automotive service centers representing its largest tenant categories. The company's competitive advantage lies in its disciplined property selection, long-term lease structures averaging over 10 years, and diversified tenant base that provides stable cash flow through economic cycles.
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
NNN leads in 2 of 6 categories (Valuation Metrics, Analyst Outlook). SPG leads in 2 (Profitability & Efficiency, Total Returns). 2 tied.
Financial Metrics (TTM)
SPG is the larger business by revenue, generating $6.4B annually — 6.9x NNN's $926M. SPG is the more profitable business, keeping 72.5% of every revenue dollar as net income compared to NNN's 42.1%. On growth, SPG holds the edge at +13.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | NNNNNN REIT, Inc. | SPGSimon Property Gr… |
|---|---|---|
| RevenueTrailing 12 months | $926M | $6.4B |
| EBITDAEarnings before interest/tax | $856M | $4.7B |
| Net IncomeAfter-tax profit | $390M | $4.6B |
| Free Cash FlowCash after capex | $541M | $2.3B |
| Gross MarginGross profit ÷ Revenue | +96.0% | +85.7% |
| Operating MarginEBIT ÷ Revenue | +63.6% | +49.9% |
| Net MarginNet income ÷ Revenue | +42.1% | +72.5% |
| FCF MarginFCF ÷ Revenue | +58.4% | +35.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +9.1% | +13.2% |
| EPS Growth (YoY)Latest quarter vs prior year | -1.9% | +3.6% |
Valuation Metrics
At 14.4x trailing earnings, SPG trades at a 34% valuation discount to NNN's 21.9x P/E. Adjusting for growth (PEG ratio), SPG offers better value at 0.46x vs NNN's 1.96x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | NNNNNN REIT, Inc. | SPGSimon Property Gr… |
|---|---|---|
| Market CapShares × price | $8.6B | $66.3B |
| Enterprise ValueMkt cap + debt − cash | $8.6B | $95.4B |
| Trailing P/EPrice ÷ TTM EPS | 21.89x | 14.42x |
| Forward P/EPrice ÷ next-FY EPS est. | 22.16x | 30.39x |
| PEG RatioP/E ÷ EPS growth rate | 1.96x | 0.46x |
| EV / EBITDAEnterprise value multiple | 10.03x | 20.48x |
| Price / SalesMarket cap ÷ Revenue | 9.29x | 10.42x |
| Price / BookPrice ÷ Book value/share | 1.93x | 9.91x |
| Price / FCFMarket cap ÷ FCF | 12.90x | — |
Profitability & Efficiency
SPG delivers a 68.8% return on equity — every $100 of shareholder capital generates $69 in annual profit, vs $9 for NNN. On the Piotroski fundamental quality scale (0–9), SPG scores 5/9 vs NNN's 4/9, reflecting solid financial health.
| Metric | NNNNNN REIT, Inc. | SPGSimon Property Gr… |
|---|---|---|
| ROE (TTM)Return on equity | +8.8% | +68.8% |
| ROA (TTM)Return on assets | +4.2% | +11.4% |
| ROICReturn on invested capital | +6.7% | +7.6% |
| ROCEReturn on capital employed | +6.5% | +9.1% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 5 |
| Debt / EquityFinancial leverage | — | 4.47x |
| Net DebtTotal debt minus cash | -$5M | $29.1B |
| Cash & Equiv.Liquid assets | $5M | $823M |
| Total DebtShort + long-term debt | $0 | $29.9B |
| Interest CoverageEBIT ÷ Interest expense | 2.89x | 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 $12,983 for NNN. Over the past 12 months, SPG leads with a +14.1% total return vs NNN's +12.4%. The 3-year compound annual growth rate (CAGR) favors SPG at 23.1% vs NNN's 4.9% — a key indicator of consistent wealth creation.
| Metric | NNNNNN REIT, Inc. | SPGSimon Property Gr… |
|---|---|---|
| YTD ReturnYear-to-date | +16.2% | +10.8% |
| 1-Year ReturnPast 12 months | +12.4% | +14.1% |
| 3-Year ReturnCumulative with dividends | +15.3% | +86.7% |
| 5-Year ReturnCumulative with dividends | +29.8% | +111.3% |
| 10-Year ReturnCumulative with dividends | +50.8% | +44.9% |
| CAGR (3Y)Annualised 3-year return | +4.9% | +23.1% |
Risk & Volatility
NNN is the less volatile stock with a 0.25 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 | NNNNNN REIT, Inc. | SPGSimon Property Gr… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.25x | 0.86x |
| 52-Week HighHighest price in past year | $45.83 | $205.12 |
| 52-Week LowLowest price in past year | $35.80 | $136.34 |
| % of 52W HighCurrent price vs 52-week peak | +98.9% | +99.4% |
| RSI (14)Momentum oscillator 0–100 | 69.0 | 67.1 |
| Avg Volume (50D)Average daily shares traded | 1.3M | 1.3M |
Analyst Outlook
Wall Street rates NNN as "Hold" and SPG as "Hold". Consensus price targets imply -0.9% upside for NNN (target: $45) vs -4.5% for SPG (target: $195).
| Metric | NNNNNN REIT, Inc. | SPGSimon Property Gr… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $44.93 | $194.60 |
| # AnalystsCovering analysts | 29 | 37 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 8 | 2 |
| Dividend / ShareAnnual DPS | — | — |
| 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 |
|---|---|---|---|
| NNN REIT, Inc. (NNN) | 100 | 79.1 | -20.9% |
| Simon Property Grou… (SPG) | 100 | 150.31 | +50.3% |
Simon Property Grou… (SPG) returned +111% over 5 years vs NNN REIT, Inc. (NNN)'s +30%. 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 |
|---|---|---|---|
| NNN REIT, Inc. (NNN) | $534M | $926M | +73.6% |
| Simon Property Grou… (SPG) | $5.4B | $6.4B | +17.1% |
NNN REIT, Inc.'s revenue grew from $534M (2016) to $926M (2025) — a 6.3% 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 |
|---|---|---|---|
| NNN REIT, Inc. (NNN) | 44.9% | 42.1% | -6.2% |
| Simon Property Grou… (SPG) | 33.8% | 72.5% | +114.3% |
NNN REIT, Inc.'s net margin went from 45% (2016) to 42% (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 |
|---|---|---|---|
| NNN REIT, Inc. (NNN) | 29.7 | 19.1 | -35.7% |
| Simon Property Grou… (SPG) | 27.5 | 13.1 | -52.4% |
NNN REIT, Inc. has traded in a 19x–34x P/E range over 9 years; current trailing P/E is ~22x. 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 |
|---|---|---|---|
| NNN REIT, Inc. (NNN) | 1.38 | 2.07 | +50.0% |
| Simon Property Grou… (SPG) | 5.87 | 14.14 | +140.9% |
NNN REIT, Inc.'s EPS grew from $1.38 (2016) to $2.07 (2025) — a 5% 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
NNN REIT, Inc. generated $667M FCF in 2025 (+17% vs 2021). Simon Property Group, Inc. generated $0M FCF in 2025 (-100% vs 2021).
NNN vs SPG: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is NNN 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 NNN REIT, Inc. (NNN) a "Hold" — based on 29 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 — NNN or SPG?
On trailing P/E, Simon Property Group, Inc. (SPG) is the cheapest at 14.4x versus NNN REIT, Inc. at 21.9x. On forward P/E, NNN REIT, Inc. is actually cheaper at 22.2x — 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 NNN REIT, Inc.'s 1.99x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — NNN or SPG?
Over the past 5 years, Simon Property Group, Inc. (SPG) delivered a total return of +111.3%, compared to +29.8% for NNN REIT, Inc. (NNN). 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: NNN returned +50.8% 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 — NNN or SPG?
By beta (market sensitivity over 5 years), NNN REIT, Inc. (NNN) is the lower-risk stock at 0.25β versus Simon Property Group, Inc.'s 0.86β — meaning SPG is approximately 243% more volatile than NNN relative to the S&P 500.
05Which has better profit margins — NNN or SPG?
Simon Property Group, Inc. (SPG) is the more profitable company, earning 72.5% net margin versus 42.1% for NNN REIT, Inc. — meaning it keeps 72.5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NNN leads at 63.6% versus 49.9% for SPG. At the gross margin level — before operating expenses — NNN leads at 96.0%, 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 NNN 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 NNN REIT, Inc.'s 1.99x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, NNN REIT, Inc. (NNN) trades at 22.2x forward P/E versus 30.4x for Simon Property Group, Inc. — 8.2x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for NNN: -0.9% to $44.93.
07Which pays a better dividend — NNN 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 NNN or SPG better for a retirement portfolio?
For long-horizon retirement investors, NNN REIT, Inc. (NNN) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.25)). Both have compounded well over 10 years (NNN: +50.8%, 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 NNN 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: NNN 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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