SPG vs WELL
Simon Property Group Inc. and Welltower Inc., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | SPG | WELL |
|---|---|---|
| Revenue | $6.4B | $10.8B |
| Net income | $5.4B | $961.8M |
| Gross margin | 98.1% | 40.1% |
| Net margin | 84.3% | 8.9% |
| Return on equity | · | 2.6% |
| Diluted EPS | $14.17 | $1.39 |
| Dividend / share | $8.55 | $2.82 |
| Payout ratio | · | 195.2% |
| Free cash flow | $3.2B | · |
| Equity | $5.2B | $42.1B |
| Net debt / equity | 5.30× | 0.34× |
| Current ratio | · | · |
| Revenue CAGR 5y | 6.7% | 18.7% |
| Profit CAGR 5y | 33.2% | −1.5% |
WELL bills 1.7× the revenue of SPG, and SPG keeps more of each dollar of revenue as profit (84.3% against 8.9%).
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 | SPG | WELL |
|---|---|---|
| FY2025 | $6.4B | $10.8B |
| FY2024 | $6.0B | $8.0B |
| FY2023 | $5.7B | $6.6B |
| FY2022 | $5.3B | $5.9B |
| FY2021 | $5.1B | $4.7B |
| FY2020 | $4.6B | $4.6B |
| FY2019 | $5.8B | $5.1B |
| FY2018 | $5.6B | $4.7B |
| FY2017 | $5.5B | $4.3B |
| FY2016 | $5.4B | $4.3B |
Bottom line
| Fiscal year | SPG | WELL |
|---|---|---|
| FY2025 | $5.4B | $961.8M |
| FY2024 | $2.7B | $972.9M |
| FY2023 | $2.6B | $358.1M |
| FY2022 | $2.5B | $160.6M |
| FY2021 | $2.6B | $374.5M |
| FY2020 | $1.3B | $1.0B |
| FY2019 | $2.4B | $1.3B |
| FY2018 | $2.8B | $829.8M |
| FY2017 | $2.2B | $540.6M |
| FY2016 | $2.1B | $1.1B |
18 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −$4,473,529,000 | WELL |
| FY2024 | −$2,027,320,000 | WELL |
| FY2023 | −$979,159,000 | WELL |
| FY2022 | −$569,168,000 | WELL |
| FY2021 | +$374,674,000 | SPG |
| FY2020 | +$1,536,000 | SPG |
| FY2019 | +$633,883,000 | SPG |
| FY2018 | +$944,789,000 | SPG |
| FY2017 | +$1,210,695,000 | SPG |
| FY2016 | +$1,154,069,000 | SPG |
| FY2015 | +$1,406,277,000 | SPG |
| FY2014 | +$1,527,272,000 | SPG |
| FY2013 | +$1,663,241,000 | SPG |
| FY2012 | +$2,451,113,000 | SPG |
| FY2011 | +$2,993,250,000 | SPG |
| FY2010 | +$3,379,059,000 | SPG |
| FY2009 | +$3,251,928,000 | SPG |
| FY2008 | +$3,278,630,000 | SPG |
The higher-revenue side has changed between SPG and WELL over this period. The gap has widened 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 | +75.4 pp | SPG |
| FY2024 | +33.6 pp | SPG |
| FY2023 | +40.9 pp | SPG |
| FY2022 | +43.6 pp | SPG |
| FY2021 | +42.3 pp | SPG |
| FY2020 | +5.2 pp | SPG |
| FY2019 | +16.1 pp | SPG |
| FY2018 | +32.3 pp | SPG |
| FY2017 | +28.1 pp | SPG |
| FY2016 | +14.0 pp | SPG |
| FY2015 | +17.6 pp | SPG |
| FY2014 | +18.6 pp | SPG |
| FY2013 | +29.3 pp | SPG |
| FY2012 | +24.1 pp | SPG |
| FY2011 | +12.7 pp | SPG |
| FY2010 | −3.2 pp | WELL |
| FY2009 | −26.6 pp | WELL |
| FY2008 | −40.3 pp | WELL |
The higher net margin has changed hands between SPG and WELL over this period.
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 WELL's over the 18 comparable fiscal years — 15.8 percentage points of standard deviation against 12.5.
18 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between SPG and WELL over these 18 fiscal years — SPG led in 15 and WELL in 3.
18 of 19 comparable fiscal years — a year missing data on either side is not counted.