Comprehensive Stock Comparison
Compare Phillips Edison & Company, Inc. (PECO) 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 SPG's 6.7% |
| Value | SPG | Lower P/E (30.4x vs 56.4x) |
| Quality / Margins | SPG | 72.5% net margin vs PECO's 9.9% |
| Stability / Safety | O | Beta 0.19 vs SPG's 0.86 |
| Dividends | PECO | 2.5% yield; SPG, O pay no meaningful dividend |
| Momentum (1Y) | O | +23.6% vs PECO's +9.0% |
| 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
Phillips Edison & Company is a real estate investment trust that owns and operates grocery-anchored neighborhood shopping centers across the United States. It makes money primarily through collecting rent from retail tenants — with grocery stores serving as anchor tenants that drive consistent foot traffic — and through property management fees. The company's competitive advantage lies in its specialized focus on necessity-based retail properties in strong markets and its vertically-integrated operating platform that allows for efficient portfolio management.
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 3 of 6 categories (Financial Metrics, Valuation Metrics). O leads in 1 (Analyst Outlook). 2 tied.
Financial Metrics (TTM)
SPG is the larger business by revenue, generating $6.4B annually — 7.7x PECO's $824M. SPG is the more profitable business, keeping 72.5% of every revenue dollar as net income compared to PECO's 9.9%. On growth, PECO holds the edge at +77.9% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | PECOPhillips Edison &… | SPGSimon Property Gr… | ORealty Income Cor… |
|---|---|---|---|
| RevenueTrailing 12 months | $824M | $6.4B | $5.7B |
| EBITDAEarnings before interest/tax | $643M | $4.7B | $4.1B |
| Net IncomeAfter-tax profit | $82M | $4.6B | $1.1B |
| Free Cash FlowCash after capex | $201M | $2.3B | $2.8B |
| Gross MarginGross profit ÷ Revenue | +75.1% | +85.7% | +89.8% |
| Operating MarginEBIT ÷ Revenue | +47.6% | +49.9% | +28.3% |
| Net MarginNet income ÷ Revenue | +9.9% | +72.5% | +18.4% |
| FCF MarginFCF ÷ Revenue | +24.4% | +35.4% | +48.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | +77.9% | +13.2% | +11.0% |
| EPS Growth (YoY)Latest quarter vs prior year | +135.6% | +3.6% | +39.1% |
Valuation Metrics
At 14.4x trailing earnings, SPG trades at a 81% valuation discount to PECO's 77.0x 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 | PECOPhillips Edison &… | SPGSimon Property Gr… | ORealty Income Cor… |
|---|---|---|---|
| Market CapShares × price | $4.9B | $66.3B | $62.6B |
| Enterprise ValueMkt cap + debt − cash | $7.0B | $95.4B | $62.1B |
| Trailing P/EPrice ÷ TTM EPS | 77.02x | 14.42x | 57.27x |
| Forward P/EPrice ÷ next-FY EPS est. | 56.44x | 30.39x | 41.80x |
| PEG RatioP/E ÷ EPS growth rate | — | 0.46x | 80.25x |
| EV / EBITDAEnterprise value multiple | 10.61x | 20.48x | 15.16x |
| Price / SalesMarket cap ÷ Revenue | 7.47x | 10.42x | 10.88x |
| Price / BookPrice ÷ Book value/share | 2.04x | 9.91x | 1.51x |
| Price / FCFMarket cap ÷ FCF | 20.61x | — | 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. PECO carries lower financial leverage with a 0.80x debt-to-equity ratio, signaling a more conservative balance sheet compared to SPG's 4.47x. On the Piotroski fundamental quality scale (0–9), PECO scores 7/9 vs O's 5/9, reflecting strong financial health.
| Metric | PECOPhillips Edison &… | SPGSimon Property Gr… | ORealty Income Cor… |
|---|---|---|---|
| ROE (TTM)Return on equity | +3.2% | +68.8% | +2.6% |
| ROA (TTM)Return on assets | +1.6% | +11.4% | +1.5% |
| ROICReturn on invested capital | +6.7% | +7.6% | +2.3% |
| ROCEReturn on capital employed | +9.1% | +9.1% | +2.3% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 5 | 5 |
| Debt / EquityFinancial leverage | 0.80x | 4.47x | — |
| Net DebtTotal debt minus cash | $2.1B | $29.1B | -$435M |
| Cash & Equiv.Liquid assets | $5M | $823M | $435M |
| Total DebtShort + long-term debt | $2.1B | $29.9B | $0 |
| Interest CoverageEBIT ÷ Interest expense | 4.45x | 3.26x | — |
Total Returns (with DRIP)
A $10,000 investment in PECO five years ago would be worth $77,580 today (with dividends reinvested), compared to $14,035 for O. Over the past 12 months, O leads with a +23.6% total return vs PECO's +9.0%. 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 | PECOPhillips Edison &… | SPGSimon Property Gr… | ORealty Income Cor… |
|---|---|---|---|
| YTD ReturnYear-to-date | +12.0% | +10.8% | +17.9% |
| 1-Year ReturnPast 12 months | +9.0% | +14.1% | +23.6% |
| 3-Year ReturnCumulative with dividends | +25.8% | +86.7% | +19.9% |
| 5-Year ReturnCumulative with dividends | +675.8% | +111.3% | +40.3% |
| 10-Year ReturnCumulative with dividends | +675.8% | +44.9% | +67.6% |
| CAGR (3Y)Annualised 3-year return | +8.0% | +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.
| Metric | PECOPhillips Edison &… | SPGSimon Property Gr… | ORealty Income Cor… |
|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.40x | 0.86x | 0.19x |
| 52-Week HighHighest price in past year | $40.06 | $205.12 | $67.94 |
| 52-Week LowLowest price in past year | $32.40 | $136.34 | $50.71 |
| % of 52W HighCurrent price vs 52-week peak | +98.1% | +99.4% | +98.6% |
| RSI (14)Momentum oscillator 0–100 | 73.7 | 67.1 | 70.7 |
| Avg Volume (50D)Average daily shares traded | 771K | 1.3M | 5.4M |
Analyst Outlook
Analyst consensus: PECO as "Hold", SPG as "Hold", O as "Hold". Consensus price targets imply 0.3% upside for PECO (target: $39) vs -5.4% for O (target: $63). PECO is the only dividend payer here at 2.49% yield — a key consideration for income-focused portfolios.
| Metric | PECOPhillips Edison &… | SPGSimon Property Gr… | ORealty Income Cor… |
|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold | Hold |
| Price TargetConsensus 12-month target | $39.40 | $194.60 | $63.38 |
| # AnalystsCovering analysts | 13 | 37 | 33 |
| Dividend YieldAnnual dividend ÷ price | +2.5% | — | — |
| Dividend StreakConsecutive years of raises | 0 | 2 | 27 |
| Dividend / ShareAnnual DPS | $0.98 | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Feb 21 | Feb 26 | Change |
|---|---|---|---|
| Phillips Edison & C… (PECO) | 100 | 630.43 | +530.4% |
| Simon Property Grou… (SPG) | 100 | 167.85 | +67.9% |
| Realty Income Corpo… (O) | 100 | 103.29 | +3.3% |
Phillips Edison & C… (PECO) returned +676% over 5 years vs Realty Income Corpo… (O)'s +40%. A $10,000 investment in PECO 5 years ago would be worth $77,580 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Phillips Edison & C… (PECO) | $258M | $661M | +156.6% |
| Simon Property Grou… (SPG) | $5.4B | $6.4B | +17.1% |
| Realty Income Corpo… (O) | $1.1B | $5.7B | +421.2% |
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 |
|---|---|---|---|
| Phillips Edison & C… (PECO) | 3.5% | 9.5% | +173.5% |
| 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 |
|---|---|---|---|
| Phillips Edison & C… (PECO) | 254.2 | 73.5 | -71.1% |
| Simon Property Grou… (SPG) | 27.5 | 13.1 | -52.4% |
| Realty Income Corpo… (O) | 50.2 | 48.2 | -4.0% |
Phillips Edison & Company, Inc. has traded in a 74x–254x P/E range over 4 years; current trailing P/E is ~77x. 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 |
|---|---|---|---|
| Phillips Edison & C… (PECO) | 0.15 | 0.51 | +240.0% |
| Simon Property Grou… (SPG) | 5.87 | 14.14 | +140.9% |
| Realty Income Corpo… (O) | 1.13 | 1.17 | +3.5% |
Simon Property Group, Inc.'s EPS grew from $5.87 (2016) to $14.14 (2025) — a 10% CAGR.
Chart 6Free Cash Flow — 5 Years
Phillips Edison & Company, Inc. generated $240M FCF in 2024 (+28% vs 2021). Simon Property Group, Inc. generated $0M FCF in 2025 (-100% vs 2021).
PECO vs SPG vs O: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is PECO 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 Phillips Edison & Company, Inc. (PECO) a "Hold" — based on 13 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 — PECO or SPG or O?
On trailing P/E, Simon Property Group, Inc. (SPG) is the cheapest at 14.4x versus Phillips Edison & Company, Inc. at 77.0x. 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 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 — PECO or SPG or O?
Over the past 5 years, Phillips Edison & Company, Inc. (PECO) delivered a total return of +675.8%, compared to +40.3% for Realty Income Corporation (O). A $10,000 investment in PECO five years ago would be worth approximately $78K today (assuming dividends reinvested). Over 10 years, the gap is even starker: PECO returned +675.8% 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 — PECO 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, Phillips Edison & Company, Inc. (PECO) carries a lower debt/equity ratio of 80% versus 4% for Simon Property Group, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — PECO or SPG or O?
Simon Property Group, Inc. (SPG) is the more profitable company, earning 72.5% net margin versus 9.5% for Phillips Edison & Company, Inc. — meaning it keeps 72.5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: PECO leads at 64.3% versus 28.3% for O. 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 PECO 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, Simon Property Group, Inc. (SPG) trades at 30.4x forward P/E versus 56.4x for Phillips Edison & Company, Inc. — 26.0x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for PECO: 0.3% to $39.40.
07Which pays a better dividend — PECO or SPG or O?
In this comparison, PECO (2.5% yield) pays a dividend. SPG, O do not pay a meaningful dividend and should not be held primarily for income.
08Is PECO or SPG or O better for a retirement portfolio?
For long-horizon retirement investors, Phillips Edison & Company, Inc. (PECO) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.40), 2.5% yield, +675.8% 10Y return). Both have compounded well over 10 years (PECO: +675.8%, 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 PECO 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: PECO is a small-cap quality compounder stock; SPG is a mid-cap deep-value stock; O is a mid-cap quality compounder stock. PECO 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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