Comprehensive Stock Comparison
Compare Simon Property Group, Inc. (SPG) vs Welltower Inc. (WELL) 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 | WELL | 38.0% revenue growth vs SPG's 6.7% |
| Value | SPG | Lower P/E (30.4x vs 73.3x) |
| Quality / Margins | SPG | 72.5% net margin vs WELL's 8.6% |
| Stability / Safety | WELL | Beta 0.29 vs SPG's 0.86, lower leverage |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | WELL | +36.8% vs SPG's +14.1% |
| Efficiency (ROA) | SPG | 11.4% ROA vs WELL's 1.4%, ROIC 7.6% vs 0.9% |
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
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.
Welltower is a healthcare-focused real estate investment trust that owns and invests in seniors housing communities, post-acute care facilities, and outpatient medical properties. It generates revenue primarily through rental income from its healthcare real estate portfolio — with seniors housing contributing roughly 60% of net operating income, outpatient medical properties about 25%, and post-acute care facilities the remainder. The company's competitive advantage lies in its scale and strategic partnerships with leading healthcare operators, creating a diversified portfolio concentrated in high-growth markets across the U.S., Canada, and the U.K.
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 4 of 6 categories (Financial Metrics, Valuation Metrics). WELL leads in 1 (Total Returns). 1 tied.
Financial Metrics (TTM)
WELL is the larger business by revenue, generating $10.8B annually — 1.7x SPG's $6.4B. SPG is the more profitable business, keeping 72.5% of every revenue dollar as net income compared to WELL's 8.6%. On growth, WELL holds the edge at +46.3% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | SPGSimon Property Gr… | WELLWelltower Inc. |
|---|---|---|
| RevenueTrailing 12 months | $6.4B | $10.8B |
| EBITDAEarnings before interest/tax | $4.7B | $2.6B |
| Net IncomeAfter-tax profit | $4.6B | $934M |
| Free Cash FlowCash after capex | $2.3B | $2.1B |
| Gross MarginGross profit ÷ Revenue | +85.7% | +20.9% |
| Operating MarginEBIT ÷ Revenue | +49.9% | +4.9% |
| Net MarginNet income ÷ Revenue | +72.5% | +8.6% |
| FCF MarginFCF ÷ Revenue | +35.4% | +19.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +13.2% | +46.3% |
| EPS Growth (YoY)Latest quarter vs prior year | +3.6% | -26.3% |
Valuation Metrics
At 14.4x trailing earnings, SPG trades at a 90% valuation discount to WELL's 149.0x P/E. On an enterprise value basis, SPG's 20.5x EV/EBITDA is more attractive than WELL's 54.4x.
| Metric | SPGSimon Property Gr… | WELLWelltower Inc. |
|---|---|---|
| Market CapShares × price | $66.3B | $144.3B |
| Enterprise ValueMkt cap + debt − cash | $95.4B | $142.0B |
| Trailing P/EPrice ÷ TTM EPS | 14.42x | 149.01x |
| Forward P/EPrice ÷ next-FY EPS est. | 30.39x | 73.28x |
| PEG RatioP/E ÷ EPS growth rate | 0.46x | — |
| EV / EBITDAEnterprise value multiple | 20.48x | 54.40x |
| Price / SalesMarket cap ÷ Revenue | 10.42x | 13.31x |
| Price / BookPrice ÷ Book value/share | 9.91x | 3.26x |
| Price / FCFMarket cap ÷ FCF | — | 50.06x |
Profitability & Efficiency
SPG delivers a 68.8% return on equity — every $100 of shareholder capital generates $69 in annual profit, vs $2 for WELL. WELL carries lower financial leverage with a 0.07x debt-to-equity ratio, signaling a more conservative balance sheet compared to SPG's 4.47x.
| Metric | SPGSimon Property Gr… | WELLWelltower Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +68.8% | +2.2% |
| ROA (TTM)Return on assets | +11.4% | +1.4% |
| ROICReturn on invested capital | +7.6% | +0.9% |
| ROCEReturn on capital employed | +9.1% | +0.9% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 |
| Debt / EquityFinancial leverage | 4.47x | 0.07x |
| Net DebtTotal debt minus cash | $29.1B | -$2.2B |
| Cash & Equiv.Liquid assets | $823M | $5.0B |
| Total DebtShort + long-term debt | $29.9B | $2.8B |
| Interest CoverageEBIT ÷ Interest expense | 3.26x | 0.81x |
Total Returns (with DRIP)
A $10,000 investment in WELL five years ago would be worth $32,119 today (with dividends reinvested), compared to $21,129 for SPG. Over the past 12 months, WELL leads with a +36.8% total return vs SPG's +14.1%. The 3-year compound annual growth rate (CAGR) favors WELL at 42.6% vs SPG's 23.1% — a key indicator of consistent wealth creation.
| Metric | SPGSimon Property Gr… | WELLWelltower Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +10.8% | +11.2% |
| 1-Year ReturnPast 12 months | +14.1% | +36.8% |
| 3-Year ReturnCumulative with dividends | +86.7% | +190.2% |
| 5-Year ReturnCumulative with dividends | +111.3% | +221.2% |
| 10-Year ReturnCumulative with dividends | +44.9% | +270.5% |
| CAGR (3Y)Annualised 3-year return | +23.1% | +42.6% |
Risk & Volatility
WELL is the less volatile stock with a 0.29 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 WELL's 96.1% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | SPGSimon Property Gr… | WELLWelltower Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.86x | 0.29x |
| 52-Week HighHighest price in past year | $205.12 | $215.56 |
| 52-Week LowLowest price in past year | $136.34 | $130.29 |
| % of 52W HighCurrent price vs 52-week peak | +99.4% | +96.1% |
| RSI (14)Momentum oscillator 0–100 | 67.1 | 69.0 |
| Avg Volume (50D)Average daily shares traded | 1.3M | 2.5M |
Analyst Outlook
Wall Street rates SPG as "Hold" and WELL as "Buy". Consensus price targets imply 6.9% upside for WELL (target: $221) vs -4.5% for SPG (target: $195).
| Metric | SPGSimon Property Gr… | WELLWelltower Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $194.60 | $221.45 |
| # AnalystsCovering analysts | 37 | 34 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 2 | 1 |
| 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 | Feb 20 | Feb 26 | Change |
|---|---|---|---|
| Simon Property Grou… (SPG) | 100 | 155.36 | +55.4% |
| Welltower Inc. (WELL) | 100 | 250.51 | +150.5% |
Welltower Inc. (WELL) returned +221% over 5 years vs Simon Property Grou… (SPG)'s +111%. A $10,000 investment in WELL 5 years ago would be worth $32,119 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Simon Property Grou… (SPG) | $5.4B | $6.4B | +17.1% |
| Welltower Inc. (WELL) | $4.3B | $10.8B | +154.9% |
Simon Property Group, Inc.'s revenue grew from $5.4B (2016) to $6.4B (2025) — a 1.8% CAGR. Welltower Inc.'s revenue grew from $4.3B (2016) to $10.8B (2025) — a 11.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Simon Property Grou… (SPG) | 33.8% | 72.5% | +114.3% |
| Welltower Inc. (WELL) | 25.4% | 8.6% | -65.9% |
Simon Property Group, Inc.'s net margin went from 34% (2016) to 73% (2025). Welltower Inc.'s net margin went from 25% (2016) to 9% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Simon Property Grou… (SPG) | 27.5 | 13.1 | -52.4% |
| Welltower Inc. (WELL) | 50.6 | 133.5 | +163.8% |
Simon Property Group, Inc. has traded in a 13x–28x P/E range over 9 years; current trailing P/E is ~14x. Welltower Inc. has traded in a 27x–219x P/E range over 9 years; current trailing P/E is ~149x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Simon Property Grou… (SPG) | 5.87 | 14.14 | +140.9% |
| Welltower Inc. (WELL) | 2.81 | 1.39 | -50.5% |
Simon Property Group, Inc.'s EPS grew from $5.87 (2016) to $14.14 (2025) — a 10% CAGR. Welltower Inc.'s EPS grew from $2.81 (2016) to $1.39 (2025) — a -8% CAGR.
Chart 6Free Cash Flow — 5 Years
Simon Property Group, Inc. generated $0M FCF in 2025 (-100% vs 2021). Welltower Inc. generated $3B FCF in 2025 (+129% vs 2021).
SPG vs WELL: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is SPG or WELL 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 Welltower Inc. (WELL) a "Buy" — based on 34 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 — SPG or WELL?
On trailing P/E, Simon Property Group, Inc. (SPG) is the cheapest at 14.4x versus Welltower Inc. at 149.0x. On forward P/E, Simon Property Group, Inc. is actually cheaper at 30.4x.
03Which is the better long-term investment — SPG or WELL?
Over the past 5 years, Welltower Inc. (WELL) delivered a total return of +221.2%, compared to +111.3% for Simon Property Group, Inc. (SPG). A $10,000 investment in WELL five years ago would be worth approximately $32K today (assuming dividends reinvested). Over 10 years, the gap is even starker: WELL returned +270.5% 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 — SPG or WELL?
By beta (market sensitivity over 5 years), Welltower Inc. (WELL) is the lower-risk stock at 0.29β versus Simon Property Group, Inc.'s 0.86β — meaning SPG is approximately 197% more volatile than WELL relative to the S&P 500. On balance sheet safety, Welltower Inc. (WELL) carries a lower debt/equity ratio of 7% versus 4% for Simon Property Group, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — SPG or WELL?
Simon Property Group, Inc. (SPG) is the more profitable company, earning 72.5% net margin versus 8.6% for Welltower 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 4.9% for WELL. 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 SPG or WELL more undervalued right now?
On forward earnings alone, Simon Property Group, Inc. (SPG) trades at 30.4x forward P/E versus 73.3x for Welltower Inc. — 42.9x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for WELL: 6.9% to $221.45.
07Which pays a better dividend — SPG or WELL?
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 SPG or WELL better for a retirement portfolio?
For long-horizon retirement investors, Welltower Inc. (WELL) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.29), +270.5% 10Y return). Both have compounded well over 10 years (WELL: +270.5%, 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 SPG and WELL?
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: SPG is a mid-cap deep-value stock; WELL is a mid-cap quality compounder 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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