EQIX vs SPG
Equinix Inc. and Simon Property Group Inc., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | EQIX | SPG |
|---|---|---|
| Revenue | $9.2B | $6.4B |
| Net income | $1.4B | $5.4B |
| Gross margin | 51.1% | 98.1% |
| Net margin | 14.6% | 84.3% |
| Return on equity | 9.8% | · |
| Diluted EPS | $13.76 | $14.17 |
| Dividend / share | $18.76 | $8.55 |
| Payout ratio | 137.5% | · |
| Free cash flow | $-400.0M | $3.2B |
| Equity | $14.2B | $5.2B |
| Net debt / equity | −0.03× | 5.30× |
| Current ratio | 1.32× | · |
| Revenue CAGR 5y | 9.0% | 6.7% |
| Profit CAGR 5y | 29.6% | 33.2% |
EQIX bills 1.4× the revenue of SPG, and SPG keeps more of each dollar of revenue as profit (84.3% against 14.6%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | EQIX | SPG |
|---|---|---|
| FY2025 | $9.2B | $6.4B |
| FY2024 | $8.7B | $6.0B |
| FY2023 | $8.2B | $5.7B |
| FY2022 | $7.3B | $5.3B |
| FY2021 | $6.6B | $5.1B |
| FY2020 | $6.0B | $4.6B |
| FY2019 | $5.6B | $5.8B |
| FY2018 | $5.1B | $5.6B |
| FY2017 | $4.4B | $5.5B |
| FY2016 | $3.6B | $5.4B |
Bottom line
| Fiscal year | EQIX | SPG |
|---|---|---|
| FY2025 | $1.4B | $5.4B |
| FY2024 | $815.0M | $2.7B |
| FY2023 | $969.0M | $2.6B |
| FY2022 | $705.0M | $2.5B |
| FY2021 | $500.2M | $2.6B |
| FY2020 | $369.8M | $1.3B |
| FY2019 | $507.4M | $2.4B |
| FY2018 | $365.4M | $2.8B |
| FY2017 | $233.0M | $2.2B |
| FY2016 | $126.8M | $2.1B |
18 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$2,852,495,000 | EQIX |
| FY2024 | +$2,784,202,000 | EQIX |
| FY2023 | +$2,529,164,000 | EQIX |
| FY2022 | +$1,971,553,000 | EQIX |
| FY2021 | +$1,518,748,000 | EQIX |
| FY2020 | +$1,391,042,000 | EQIX |
| FY2019 | −$193,049,000 | SPG |
| FY2018 | −$573,634,000 | SPG |
| FY2017 | −$1,158,908,000 | SPG |
| FY2016 | −$1,823,240,000 | SPG |
| FY2015 | −$2,540,236,000 | SPG |
| FY2014 | −$2,427,042,000 | SPG |
| FY2013 | −$2,391,083,000 | SPG |
| FY2012 | −$2,368,781,000 | SPG |
| FY2011 | −$2,740,807,000 | SPG |
| FY2010 | −$2,761,416,000 | SPG |
| FY2009 | −$2,892,707,000 | SPG |
| FY2008 | −$3,078,475,000 | SPG |
The higher-revenue side has changed between EQIX and SPG over this period. The gap has narrowed since the earliest year compared.
18 of 19 comparable fiscal years — a year missing data on either side is not counted.
18 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −69.7 pp | SPG |
| FY2024 | −36.5 pp | SPG |
| FY2023 | −34.4 pp | SPG |
| FY2022 | −36.6 pp | SPG |
| FY2021 | −42.7 pp | SPG |
| FY2020 | −21.6 pp | SPG |
| FY2019 | −33.0 pp | SPG |
| FY2018 | −42.8 pp | SPG |
| FY2017 | −35.3 pp | SPG |
| FY2016 | −35.8 pp | SPG |
| FY2015 | −33.7 pp | SPG |
| FY2014 | −44.6 pp | SPG |
| FY2013 | −29.7 pp | SPG |
| FY2012 | −32.8 pp | SPG |
| FY2011 | −23.0 pp | SPG |
| FY2010 | −16.0 pp | SPG |
| FY2009 | −2.4 pp | SPG |
| FY2008 | −0.5 pp | SPG |
SPG has kept the higher net margin in every one of these 18 fiscal years.
18 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
SPG's net margin has been more volatile than EQIX's over the 18 comparable fiscal years — 15.8 percentage points of standard deviation against 5.4.
18 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
SPG led in net margin in every one of the 18 comparable fiscal years — a structural lead, not a recent swing.
18 of 19 comparable fiscal years — a year missing data on either side is not counted.