Prologis, Inc. (PLD) vs Simon Property Group, Inc. (SPG)
A side-by-side comparison of Prologis, Inc. and Simon Property Group, Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 13, 2026. Differences are shown without an overall score or investment verdict.
Total return — PLD vs SPG
growth of $100 · dividends reinvested · last 10yPLD vs SPG: by the numbers
- •PLD is the larger company ($126.11B vs $66.47B market cap).
- •SPG converts more revenue to profit (66.39% vs 45.79% net margin).
- •PLD grew revenue faster over the past five years (15.39% vs 8.17% CAGR).
- •SPG pays the higher dividend yield (4.35% vs 3.06%).
Metrics side by side
Valuation
| Metric | PLD | SPG |
|---|---|---|
| P/E ratio | 30.10 | 14.50 |
| Forward P/E | 37.10 | 30.83 |
| P/S ratio | 13.72 | 9.58 |
| P/B ratio | 2.35 | 14.99 |
| EV / EBITDA | 25.65 | 18.95 |
| FCF yield | 3.92% | 4.89% |
For REITs like Prologis, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like Simon Property Group, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | PLD | SPG |
|---|---|---|
| Gross margin | 59.60% | 84.58% |
| Operating margin | 38.43% | 47.40% |
| Net margin | 45.79% | 66.39% |
| ROE | 7.83% | 103.91% |
| ROIC | 3.37% | 8.68% |
Dividends
| Metric | PLD | SPG |
|---|---|---|
| Dividend yield | 3.06% | 4.35% |
| Payout ratio | 92.65% | 62.94% |
Prologis, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Simon Property Group, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | PLD | SPG |
|---|---|---|
| Revenue CAGR (5Y) | 15.39% | 8.17% |
| EPS CAGR (5Y) | 12.63% | 31.55% |
| FCF CAGR (5Y) | 12.28% | 1.52% |
| Total return CAGR (5Y) | 3.26% | 15.88% |
Frequently asked
- Which has grown faster, PLD or SPG?
- Over the past five years, PLD grew revenue faster — PLD at a 15.39% CAGR versus SPG at 8.17%.
- Does PLD or SPG pay a bigger dividend?
- PLD yields 3.06% and SPG yields 4.35% based on trailing dividends and the latest price.
- Is PLD or SPG more profitable?
- SPG runs the higher net margin — PLD at 45.79% versus SPG at 66.39%.
- How have PLD and SPG total returns compared?
- Over the past 10 years, PLD delivered 13.34% and SPG delivered 5.07% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Prologis & Simon Property appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 13, 2026.