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STOCK COMPARISON

Realty Income vs Simon Property Group: Fair Value & Quality

Both stocks run through our valuation models. Here is how Realty Income (O) and Simon Property Group (SPG) compare, as of Oct 5, 2026.

As of Oct 5, 2026, Fair Value Calculator sees Realty Income as the more attractively valued of the two: Realty Income trades at $54.13 versus a fair value of $87.76 (+62.1%), while Simon Property Group trades at $201 versus $114 (−43.2%).
Realty Income
O · USD · Real Estate
+62.1%
upside to fair value
undervalued
Price$54.13
Fair Value$87.76
Quality48/100
Simon Property Group
SPG · USD · Real Estate
−43.2%
upside to fair value
overvalued
Price$201
Fair Value$114
Quality58/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Realty IncomeSimon Property Group
Valuation
39.8×P/E (TTM)14.4×
34.9×Forward P/E (FY2027)29.6×
47.1×Median P/E at FY-end (ex one-offs where documented)22.6×
8.34×P/S (TTM)11.20×
1.28×P/B14.92×
14.4×EV/EBITDA20.6×
2.85×PEG8.74×
+62.1%Fair value upside−43.2%
6.0%Dividend yield4.4%
$3.24Dividend per share$8.80
Profitability
47.0%Operating margin46.0%
0.59×EBIT margin trend (5Y)1.17×
3.2%Return on equity120.5%
2.4%Return on assets5.6%
Growth
9.6%Revenue growth (YoY)19.5%
19.8%Avg. growth/yr (3Y)6.3%
28.4%Avg. growth/yr (5Y)6.7%
+4.9%Value creation/yr+10.2%
Balance & size
1.4×Interest coverage (EBIT/interest)3.3×
0.68×Debt / equity5.46×
$51BMarket cap$78B
healthyGrowth qualityhealthy
Realty Income, median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings, FY2021, FY2024, FY2025 ex one-offs: 47.1. Simon Property Group, median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 22.6.
Forward P/E: price divided by the analyst consensus for the first fiscal year that has not started yet. The current year carries special items from quarters already reported.

Realty Income leads: 10 to 5 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Realty Incomeof which business quality 49 · market factors 45 Simon Property Groupof which business quality 55 · market factors 52
ProfitabilityMargins and returns on capital today
28
59
Quality GrowthAre margins and returns improving?
34
70
CashflowEarnings quality: real cash, not paper profit
100
77
Fin. StrengthBalance sheet, leverage, solvency risk
39
9
InvestmentDisciplined investing over empire-building
58
35
Low VolatilityCalm price path (market factor)
90
64
MomentumPrice trend over the last 3–12 months (market factor)
32
46
52W MomentumDistance to the 52-week high (market factor)
16
50
Net IssuanceShare count: buybacks or dilution?
24
86

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyRealty IncomePrice $54.13Simon Property GroupPrice $201
DCF Models+58.3%above the price$85.69−29.3%below the price$142
Dividend Discount0%close to the price$54.31−28.0%below the price$145
Multiples−64.9%below the price$19.02−36.4%below the price$128
Asset-Based−48.4%below the price$27.93−94.6%below the price$10.79
Growth DCF+134.7%above the price$127−48.9%below the price$103
Economic Profit−45.4%below the price$29.55−69.4%below the price$61.59
Minimum−64.9%below the price$19.02−94.6%below the price$10.79
Maximum+134.7%above the price$127−28.0%below the price$145
Median−22.5%below the price$41.93−42.6%below the price$115
Geometric mean−15.3%below the price$45.84−62.6%below the price$75.09

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Realty Income: 9 of 14 models see the stock below the current price.

Simon Property Group: 16 of 16 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Realty Income
Price $54.13
Fair Value $87.76
Bear $33.75Bull $159
Simon Property Group
Price $201
Fair Value $114
Bear $54.78Bull $181

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Realty Income · Real Estate

Quality score48 · below median
Fair value upside+62.1% · above median

Simon Property Group · Real Estate

Quality score58 · above median
Fair value upside−43.2% · bottom 25%

Bottom line

As of Oct 5, 2026, Fair Value Calculator sees Realty Income as the more attractively valued of the two: Realty Income trades at $54.13 versus a fair value of $87.76 (+62.1%), while Simon Property Group trades at $201 versus $114 (−43.2%).

Simon Property Group has the higher quality score (58/100).

Open Realty Income live analysis →

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.