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Simon Property vs Welltower: revenue, profit, margins and growth compared

Simon Property brought in $6.4B of revenue in fiscal 2025, Welltower $10.8B in fiscal 2025. Revenue changed by +6.7% at Simon Property and +35.6% at Welltower on the year before, so Welltower grew faster. Simon Property kept 72.7% of its revenue as net profit, Welltower 8.6%. Free cash flow was $3.2B at Simon Property and $1.8B at Welltower.

Side by side, latest fiscal year

SPGWELL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$6.4B$10.8B
Revenue growth+6.7%+35.6%
Net income$4.6B$936.8M
Net margin72.7%8.6%
Free cash flow$3.2B$1.8B
Free cash flow margin50.3%16.9%
Earnings per share (diluted)$14.17$1.39
Cash$823.1M$5B
Debt$28.4B$19.2B
Price to earnings14.4166.4
Market value$66.3B$166.8B
Dividend yield4.17%1.22%
Rank by revenue in sector#6 of 162 · Real estate#1 of 162 · Real estate

Over the years

Revenue
SPG FY2018: $5.6BSPG FY2019: $5.8BSPG FY2020: $4.6BSPG FY2021: $5.1BSPG FY2022: $5.3BSPG FY2023: $5.7BSPG FY2024: $6BSPG FY2025: $6.4BWELL FY2018: $4.7BWELL FY2019: $5.1BWELL FY2020: $4.6BWELL FY2021: $4.7BWELL FY2022: $5.9BWELL FY2023: $6.6BWELL FY2024: $8BWELL FY2025: $10.8BFY18FY19FY20FY21FY22FY23FY24FY25
SPG $6.4BWELL $10.8B
Net income
SPG FY2018: $2.4BSPG FY2019: $2.1BSPG FY2020: $1.1BSPG FY2021: $2.2BSPG FY2022: $2.1BSPG FY2023: $2.3BSPG FY2024: $2.4BSPG FY2025: $4.6BWELL FY2018: $758.3MWELL FY2019: $1.2BWELL FY2020: $978.8MWELL FY2021: $336.1MWELL FY2022: $141.2MWELL FY2023: $340.1MWELL FY2024: $951.7MWELL FY2025: $936.8MFY18FY19FY20FY21FY22FY23FY24FY25
SPG $4.6BWELL $936.8M
Net margin
SPG FY2018: 43.2%SPG FY2019: 36.5%SPG FY2020: 24.1%SPG FY2021: 43.9%SPG FY2022: 40.4%SPG FY2023: 40.3%SPG FY2024: 39.7%SPG FY2025: 72.7%WELL FY2018: 16.1%WELL FY2019: 24.1%WELL FY2020: 21.3%WELL FY2021: 7.1%WELL FY2022: 2.4%WELL FY2023: 5.1%WELL FY2024: 11.9%WELL FY2025: 8.6%FY18FY19FY20FY21FY22FY23FY24FY25
SPG 72.7%WELL 8.6%
Revenue growth
SPG FY2019: +1.9%SPG FY2020: -19.9%SPG FY2021: +11.1%SPG FY2022: +3.4%SPG FY2023: +6.9%SPG FY2024: +5.4%SPG FY2025: +6.7%WELL FY2019: +9.0%WELL FY2020: -10.1%WELL FY2021: +3.0%WELL FY2022: +23.6%WELL FY2023: +13.3%WELL FY2024: +20.4%WELL FY2025: +35.6%FY19FY20FY21FY22FY23FY24FY25
SPG +6.7%WELL +35.6%
Free cash flow
SPG FY2018: $3BSPG FY2019: $2.9BSPG FY2020: $1.8BSPG FY2021: $3.1BSPG FY2022: $3.1BSPG FY2023: $3.1BSPG FY2024: $3.1BSPG FY2025: $3.2BWELL FY2018: $1.3BWELL FY2019: $1.2BWELL FY2020: $1.1BWELL FY2021: $992.7MWELL FY2022: $852.7MWELL FY2023: $1.1BWELL FY2024: $1.4BWELL FY2025: $1.8BFY18FY19FY20FY21FY22FY23FY24FY25
SPG $3.2BWELL $1.8B

Fiscal years as each company reports them; the two may end in different months.

Questions about Simon Property and Welltower

Which is bigger by revenue, Simon Property or Welltower?

Welltower is bigger by revenue: $10.8B in fiscal 2025, against $6.4B for Simon Property in fiscal 2025.

Which keeps more of its revenue as profit, Simon Property or Welltower?

Simon Property had a net margin of 72.7% in fiscal 2025; Welltower had 8.6% in fiscal 2025.

Which grew revenue faster, Simon Property or Welltower?

In their latest fiscal years revenue changed by +6.7% at Simon Property and +35.6% at Welltower.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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