Simon Property Group, Inc. (SPG) vs VICI Properties Inc. (VICI)
A side-by-side comparison of Simon Property Group, Inc. and VICI Properties Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 10, 2026. Differences are shown without an overall score or investment verdict.
Total return — SPG vs VICI
growth of $100 · dividends reinvested · last 9ySPG vs VICI: by the numbers
- •SPG is the larger company ($66.42B vs $27.34B market cap).
- •VICI converts more revenue to profit (67.50% vs 66.39% net margin).
- •VICI grew revenue faster over the past five years (22.87% vs 8.17% CAGR).
- •VICI pays the higher dividend yield (7.13% vs 4.35%).
Metrics side by side
Valuation
| Metric | SPG | VICI |
|---|---|---|
| P/E ratio | 14.49 | 9.62 |
| Forward P/E | 30.81 | 8.92 |
| P/S ratio | 9.57 | 6.67 |
| P/B ratio | 14.98 | 0.94 |
| EV / EBITDA | 18.94 | 12.33 |
| FCF yield | 4.89% | 9.64% |
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.
For REITs like VICI Properties 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 | SPG | VICI |
|---|---|---|
| Gross margin | 84.58% | 99.33% |
| Operating margin | 47.40% | 88.77% |
| Net margin | 66.39% | 67.50% |
| ROE | 103.91% | 9.48% |
| ROIC | 8.68% | 7.64% |
Dividends
| Metric | SPG | VICI |
|---|---|---|
| Dividend yield | 4.35% | 7.13% |
| Payout ratio | 62.94% | 69.77% |
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.
VICI Properties 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 | SPG | VICI |
|---|---|---|
| Revenue CAGR (5Y) | 8.17% | 22.87% |
| EPS CAGR (5Y) | 31.55% | 8.20% |
| FCF CAGR (5Y) | 1.52% | 22.01% |
| Total return CAGR (5Y) | 15.37% | 2.05% |
Frequently asked
- Which has grown faster, SPG or VICI?
- Over the past five years, VICI grew revenue faster — SPG at a 8.17% CAGR versus VICI at 22.87%.
- Does SPG or VICI pay a bigger dividend?
- SPG yields 4.35% and VICI yields 7.13% based on trailing dividends and the latest price.
- Is SPG or VICI more profitable?
- VICI runs the higher net margin — SPG at 66.39% versus VICI at 67.50%.
- How have SPG and VICI total returns compared?
- Over the past 5 years, SPG delivered 15.37% and VICI delivered 2.05% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Simon Property & VICI Properties 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 10, 2026.