Macerich Company (The) (MAC) vs Simon Property Group, Inc. (SPG)

Macerich Company (The) and Simon Property Group, Inc. are both Reit Retail companies. Simon Property Group, Inc. is the larger, with a market value of $71.7B against $6.7B — 10.7× the size. Macerich Company (The) has negative trailing earnings, so its P/E is not meaningful; Simon Property Group, Inc. trades at 14.4×. Simon Property Group, Inc. grew revenue faster over the last twelve months: 15.0% against 1.34%. Simon Property Group, Inc. has the higher net margin (66.5% vs −16.9%) and the higher return on invested capital (6.18% vs 1.38%). Both pay a dividend; Simon Property Group, Inc. yields more (5.40% vs 4.07%). Across the 21 metrics below, Simon Property Group, Inc. leads on 17 and Macerich Company (The) on 4.

Valuation

Metric MAC SPG Reit Retail median
P/E n/m 14.44 24.82
P/S 6.16 9.56 6.69
P/B 2.13 11.99 1.75
Price to free cash flow n/m 20.63 13.29
EV/EBITDA 19.02 18.26 15.42
EV/Sales 10.67 13.55 10.60
Earnings yield (2.87%) 6.92% 3.91%
Free cash flow yield (1.63%) 4.85% 2.98%

Profitability

Metric MAC SPG Reit Retail median
Gross margin 53.96% 81.43% 71.78%
Operating margin 16.30% 47.40% 34.62%
Net margin (16.85%) 66.52% 27.14%
Free cash flow margin (10.04%) 46.36% 18.82%
Return on equity (6.09%) 110.70% 7.05%
Return on assets (1.97%) 12.65% 3.40%
Return on invested capital 1.38% 6.18% 3.18%

Growth

Metric MAC SPG Reit Retail median
Revenue growth (TTM) 1.34% 15.02% 8.49%
EPS growth (last fiscal year) 11.36% 95.18% —
Revenue growth, 5-year CAGR 5.22% 6.67% 8.62%
Net income growth, 5-year CAGR 0.00% 33.05% 1.85%

Health

Metric MAC SPG Reit Retail median
Debt to equity 1.67 5.15 0.94
Current ratio 0.88 1.05 1.62
Net debt to EBITDA 8.03 5.84 5.40

Dividend

Metric MAC SPG Reit Retail median
Dividend yield 4.07% 5.40% 4.57%
Payout ratio 2.50 1.09 1.21

Size

Metric MAC SPG Reit Retail median
Market cap 6.68b 71.72b 3.65b

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