Comprehensive Stock Comparison
Compare Realty Income Corporation (O) vs Simon Property Group, Inc. (SPG) vs Kimco Realty Corporation (KIM) 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 | KIM | 14.2% revenue growth vs SPG's 6.7% |
| Value | SPG | Lower P/E (30.4x vs 30.4x) |
| Quality / Margins | SPG | 72.5% net margin vs O's 18.4% |
| Stability / Safety | O | Beta 0.19 vs SPG's 0.86 |
| Dividends | KIM | 4.3% yield; O, SPG pay no meaningful dividend |
| Momentum (1Y) | O | +23.6% vs KIM's +11.1% |
| 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
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.
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.
Kimco Realty is a real estate investment trust that owns and operates open-air, grocery-anchored shopping centers and mixed-use properties across the United States. It generates revenue primarily through collecting rent from retail tenants—with grocery stores serving as anchor tenants that drive consistent foot traffic—and earns additional income from property management and development services. The company's competitive advantage lies in its strategic focus on grocery-anchored centers in high-density metropolitan markets, which provides recession-resistant cash flow due to the essential nature of grocery retail.
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 — 3.0x KIM's $2.1B. 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 | ORealty Income Cor… | SPGSimon Property Gr… | KIMKimco Realty Corp… |
|---|---|---|---|
| RevenueTrailing 12 months | $5.7B | $6.4B | $2.1B |
| EBITDAEarnings before interest/tax | $4.1B | $4.7B | $1.1B |
| Net IncomeAfter-tax profit | $1.1B | $4.6B | $584M |
| Free Cash FlowCash after capex | $2.8B | $2.3B | $630M |
| Gross MarginGross profit ÷ Revenue | +89.8% | +85.7% | +69.1% |
| Operating MarginEBIT ÷ Revenue | +28.3% | +49.9% | +36.0% |
| Net MarginNet income ÷ Revenue | +18.4% | +72.5% | +27.3% |
| FCF MarginFCF ÷ Revenue | +48.5% | +35.4% | +29.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +11.0% | +13.2% | +3.2% |
| EPS Growth (YoY)Latest quarter vs prior year | +39.1% | +3.6% | -4.3% |
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 | ORealty Income Cor… | SPGSimon Property Gr… | KIMKimco Realty Corp… |
|---|---|---|---|
| Market CapShares × price | $62.6B | $66.3B | $16.0B |
| Enterprise ValueMkt cap + debt − cash | $62.1B | $95.4B | $23.9B |
| Trailing P/EPrice ÷ TTM EPS | 57.27x | 14.42x | 42.82x |
| Forward P/EPrice ÷ next-FY EPS est. | 41.80x | 30.39x | 30.43x |
| PEG RatioP/E ÷ EPS growth rate | 80.25x | 0.46x | — |
| EV / EBITDAEnterprise value multiple | 15.16x | 20.48x | 19.38x |
| Price / SalesMarket cap ÷ Revenue | 10.88x | 10.42x | 7.86x |
| Price / BookPrice ÷ Book value/share | 1.51x | 9.91x | 1.46x |
| Price / FCFMarket cap ÷ FCF | 15.66x | — | 23.49x |
Profitability & Efficiency
SPG delivers a 68.8% return on equity — every $100 of shareholder capital generates $69 in annual profit, vs $3 for O. KIM carries lower financial leverage with a 0.79x debt-to-equity ratio, signaling a more conservative balance sheet compared to SPG's 4.47x.
| Metric | ORealty Income Cor… | SPGSimon Property Gr… | KIMKimco Realty Corp… |
|---|---|---|---|
| ROE (TTM)Return on equity | +2.6% | +68.8% | +5.5% |
| ROA (TTM)Return on assets | +1.5% | +11.4% | +3.0% |
| ROICReturn on invested capital | +2.3% | +7.6% | +2.7% |
| ROCEReturn on capital employed | +2.3% | +9.1% | +3.3% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 | 5 |
| Debt / EquityFinancial leverage | — | 4.47x | 0.79x |
| Net DebtTotal debt minus cash | -$435M | $29.1B | $7.9B |
| Cash & Equiv.Liquid assets | $435M | $823M | $689M |
| Total DebtShort + long-term debt | $0 | $29.9B | $8.6B |
| Interest CoverageEBIT ÷ Interest expense | — | 3.26x | 2.04x |
Total Returns (with DRIP)
A $10,000 investment in SPG five years ago would be worth $21,129 today (with dividends reinvested), compared to $14,035 for O. Over the past 12 months, O leads with a +23.6% total return vs KIM's +11.1%. 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 | ORealty Income Cor… | SPGSimon Property Gr… | KIMKimco Realty Corp… |
|---|---|---|---|
| YTD ReturnYear-to-date | +17.9% | +10.8% | +17.4% |
| 1-Year ReturnPast 12 months | +23.6% | +14.1% | +11.1% |
| 3-Year ReturnCumulative with dividends | +19.9% | +86.7% | +28.8% |
| 5-Year ReturnCumulative with dividends | +40.3% | +111.3% | +51.2% |
| 10-Year ReturnCumulative with dividends | +67.6% | +44.9% | +23.3% |
| CAGR (3Y)Annualised 3-year return | +6.3% | +23.1% | +8.8% |
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 | ORealty Income Cor… | SPGSimon Property Gr… | KIMKimco Realty Corp… |
|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.19x | 0.86x | 0.70x |
| 52-Week HighHighest price in past year | $67.94 | $205.12 | $23.91 |
| 52-Week LowLowest price in past year | $50.71 | $136.34 | $17.93 |
| % of 52W HighCurrent price vs 52-week peak | +98.6% | +99.4% | +98.5% |
| RSI (14)Momentum oscillator 0–100 | 70.7 | 67.1 | 76.3 |
| Avg Volume (50D)Average daily shares traded | 5.4M | 1.3M | 4.4M |
Analyst Outlook
Analyst consensus: O as "Hold", SPG as "Hold", KIM as "Hold". Consensus price targets imply 2.5% upside for KIM (target: $24) vs -5.4% for O (target: $63). KIM is the only dividend payer here at 4.33% yield — a key consideration for income-focused portfolios.
| Metric | ORealty Income Cor… | SPGSimon Property Gr… | KIMKimco Realty Corp… |
|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold | Hold |
| Price TargetConsensus 12-month target | $63.38 | $194.60 | $24.14 |
| # AnalystsCovering analysts | 33 | 37 | 36 |
| Dividend YieldAnnual dividend ÷ price | — | — | +4.3% |
| Dividend StreakConsecutive years of raises | 27 | 2 | 0 |
| Dividend / ShareAnnual DPS | — | — | $1.02 |
| 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 | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Realty Income Corpo… (O) | 100 | 83.35 | -16.6% |
| Simon Property Grou… (SPG) | 100 | 150.31 | +50.3% |
| Kimco Realty Corpor… (KIM) | 100 | 116.89 | +16.9% |
Simon Property Grou… (SPG) returned +111% over 5 years vs Realty Income Corpo… (O)'s +40%. 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 |
|---|---|---|---|
| Realty Income Corpo… (O) | $1.1B | $5.7B | +421.2% |
| Simon Property Grou… (SPG) | $5.4B | $6.4B | +17.1% |
| Kimco Realty Corpor… (KIM) | $1.2B | $2.0B | +74.0% |
Realty Income Corporation's revenue grew from $1.1B (2016) to $5.7B (2025) — a 20.1% 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 |
|---|---|---|---|
| Realty Income Corpo… (O) | 28.6% | 18.4% | -35.6% |
| Simon Property Grou… (SPG) | 33.8% | 72.5% | +114.3% |
| Kimco Realty Corpor… (KIM) | 32.4% | 20.2% | -37.7% |
Realty Income Corporation's net margin went from 29% (2016) to 18% (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 |
|---|---|---|---|
| Realty Income Corpo… (O) | 50.2 | 48.2 | -4.0% |
| Simon Property Grou… (SPG) | 27.5 | 13.1 | -52.4% |
| Kimco Realty Corpor… (KIM) | 20.9 | 42.6 | +103.8% |
Realty Income Corporation has traded in a 45x–82x P/E range over 9 years; current trailing P/E is ~57x. 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 |
|---|---|---|---|
| Realty Income Corpo… (O) | 1.13 | 1.17 | +3.5% |
| Simon Property Grou… (SPG) | 5.87 | 14.14 | +140.9% |
| Kimco Realty Corpor… (KIM) | 0.79 | 0.55 | -30.4% |
Realty Income Corporation's EPS grew from $1.13 (2016) to $1.17 (2025) — a 0% 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
Realty Income Corporation generated $4B FCF in 2025 (+207% vs 2021). Simon Property Group, Inc. generated $0M FCF in 2025 (-100% vs 2021).
O vs SPG vs KIM: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is O or SPG or KIM 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 Realty Income Corporation (O) a "Hold" — 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 — O or SPG or KIM?
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, 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 — O or SPG or KIM?
Over the past 5 years, Simon Property Group, Inc. (SPG) delivered a total return of +111.3%, compared to +40.3% for Realty Income Corporation (O). 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 KIM's +23.3%. 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 — O or SPG or KIM?
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, Kimco Realty Corporation (KIM) carries a lower debt/equity ratio of 79% versus 4% for Simon Property Group, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — O or SPG or KIM?
Simon Property Group, Inc. (SPG) is the more profitable company, earning 72.5% net margin versus 18.4% for Realty Income 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 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 O or SPG or KIM 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 41.8x for Realty Income Corporation — 11.4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for KIM: 2.5% to $24.14.
07Which pays a better dividend — O or SPG or KIM?
In this comparison, KIM (4.3% yield) pays a dividend. O, SPG do not pay a meaningful dividend and should not be held primarily for income.
08Is O or SPG or KIM better for a retirement portfolio?
For long-horizon retirement investors, Kimco Realty Corporation (KIM) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.70), 4.3% yield). Both have compounded well over 10 years (KIM: +23.3%, 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 O and SPG and KIM?
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: O is a mid-cap quality compounder stock; SPG is a mid-cap deep-value stock; KIM is a mid-cap income-oriented stock. KIM pays a dividend while O, SPG 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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