EQIX vs. SPG: Equinix vs. Simon Property Stock Comparison
How do Equinix (EQIX) and Simon Property (SPG) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.
Company Profile
Equinix (EQIX) and Simon Property (SPG) both fall under the Equity Real Estate Investment Trusts (REITs) industry group, but EQIX is classified in Specialized REITs while SPG is classified in Retail REITs.
Both Equinix (EQIX) and Simon Property (SPG) are REITs — read their payout ratios and P/E alongside FFO (funds from operations) rather than at face value.
| Profile Item | EQIX | SPG |
|---|---|---|
| Name | Equinix, Inc. | Simon Property Group, Inc. |
| Country/Region | United States | United States |
| GICS Sector | Real Estate | Real Estate |
| GICS Industry Group | Equity Real Estate Investment Trusts (REITs) | Equity Real Estate Investment Trusts (REITs) |
| GICS Industry | Specialized REITs | Retail REITs |
| GICS Sub-Industry | Data Center REITs | Retail REITs |
| Market Capitalization | 98.51 billion USD | 85.50 billion USD |
| Currency | USD | USD |
| Exchange | Nasdaq | NYSE |
| Listing Date | August 11, 2000 | December 14, 1993 |
| Security Type | REIT | REIT |
Price Performance
Cumulative Growth
Trailing Returns
Calendar-Year Returns
Performance Metrics
| Metric | EQIX | SPG |
|---|---|---|
| Total Return (1Y) | 29.80% | 41.36% |
| Total Return (3Y, Annualized) | 10.85% | 30.09% |
| Total Return (5Y, Annualized) | 6.11% | 18.13% |
Risk Profile
Drawdown History
Return Distribution
Risk Metrics
| Metric | EQIX | SPG |
|---|---|---|
| Volatility (1Y, Annualized) | 22.76% | 19.07% |
| Beta (5Y) | 0.99 | 1.31 |
| Max Drawdown (5Y) | -41.77% | -45.84% |
| Avg. Volume (3M) | 587.96K | 1.84M |
Risk-Adjusted Performance
Risk-Return Positioning
Risk-Adjusted Metrics
| Metric | EQIX | SPG |
|---|---|---|
| Sharpe Ratio (1Y) | 1.14 | 1.96 |
| Sortino Ratio (1Y) | 1.92 | 3.15 |
Profitability
ROE (TTM)
Both companies show strong equity returns, but Simon Property (SPG) at 113.59% is the standout with ROE above its industry range; Equinix (EQIX) at 10.06% also sits in the top quartile.
EQIX
Equity Real Estate Investment Trusts (REITs) industry group
10.06%
- Max
- 21.85%
- EQIX
- 10.06%
- Q3
- 9.86%
- Median
- 5.86%
- Q1
- 1.38%
- Min
- -9.66%
SPG
Equity Real Estate Investment Trusts (REITs) industry group
113.59%
- SPG
- 113.59%
- Max
- 21.85%
- Q3
- 9.86%
- Median
- 5.86%
- Q1
- 1.38%
- Min
- -9.66%
Net Margin (TTM)
Neither Equinix (EQIX) in Equity Real Estate Investment Trusts (REITs) nor Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs) is well served by net margin: heavy depreciation makes net income a poor profitability proxy in their businesses, where FFO-based measures are the standard read.
Operating Margin (TTM)
Neither side reports a meaningful operating margin: for Equinix (EQIX) in Equity Real Estate Investment Trusts (REITs) and Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs), funding costs are part of the core business, so net margin and ROE are the cleaner profitability reads.
Profitability Metrics
| Metric | EQIX | SPG |
|---|---|---|
| ROE (TTM) | 10.06% | 113.59% |
| ROA (TTM) | 3.50% | 5.56% |
| Net Margin (TTM) | -- | -- |
| Operating Margin (TTM) | -- | -- |
| Gross Margin (TTM) | -- | -- |
Growth
Revenue Growth
Revenue Growth Metrics
| Metric | EQIX | SPG |
|---|---|---|
| Revenue Growth (YoY) | 5.36% | 6.72% |
| Revenue Growth (3Y CAGR) | 8.27% | 6.35% |
EPS Growth
EPS Growth Metrics
| Metric | EQIX | SPG |
|---|---|---|
| EPS Growth (YoY) | -- | -- |
| EPS Growth (3Y CAGR) | -- | -- |
Financial Strength
Current Ratio (MRQ)
Equinix (EQIX) at 1.18 keeps current ratio within its industry’s typical mid-range, while Simon Property (SPG) at 0.20 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for SPG.
EQIX
Equity Real Estate Investment Trusts (REITs) industry group
1.18
- Max
- 4.00
- Q3
- 1.93
- EQIX
- 1.18
- Median
- 0.98
- Q1
- 0.46
- Min
- 0.08
SPG
Equity Real Estate Investment Trusts (REITs) industry group
0.20
- Max
- 4.00
- Q3
- 1.93
- Median
- 0.98
- Q1
- 0.46
- SPG
- 0.20
- Min
- 0.08
Debt / Equity (MRQ)
Both balance sheets lean debt-heavy versus peers, but SPG is more stretched: Equinix (EQIX) at 1.63 sits in the higher-leverage quartile and Simon Property (SPG) at 4.57 is above its industry benchmark range.
EQIX
Equity Real Estate Investment Trusts (REITs) industry group
1.63
- Max
- 2.53
- EQIX
- 1.63
- Q3
- 1.51
- Median
- 1.04
- Q1
- 0.77
- Min
- 0.19
SPG
Equity Real Estate Investment Trusts (REITs) industry group
4.57
- SPG
- 4.57
- Max
- 2.53
- Q3
- 1.51
- Median
- 1.04
- Q1
- 0.77
- Min
- 0.19
Financial Strength Metrics
| Metric | EQIX | SPG |
|---|---|---|
| Current Ratio (MRQ) | 1.18 | 0.20 |
| Debt / Equity (MRQ) | 1.63 | 4.57 |
| Net Debt / EBITDA | 5.13 | 5.79 |
Dividends
Dividend Yield (TTM)
Simon Property (SPG) at 3.83% pays a yield in its industry’s typical range, while Equinix (EQIX) at 1.92% falls in the bottom quartile of its peers.
EQIX
Equity Real Estate Investment Trusts (REITs) industry group
1.92%
- Max
- 8.88%
- Q3
- 5.56%
- Median
- 4.01%
- Q1
- 3.15%
- EQIX
- 1.92%
- Min
- 0.00%
SPG
Equity Real Estate Investment Trusts (REITs) industry group
3.83%
- Max
- 8.88%
- Q3
- 5.56%
- Median
- 4.01%
- SPG
- 3.83%
- Q1
- 3.15%
- Min
- 0.00%
Dividend Payout Ratio (TTM)
An earnings-based payout ratio fits neither Equinix (EQIX) in Equity Real Estate Investment Trusts (REITs) nor Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs): their distributions are mandated and conventionally measured against FFO, so the accounting-earnings ratio overstates both.
Dividend Metrics
| Metric | EQIX | SPG |
|---|---|---|
| Dividend Yield (TTM) | 1.92% | 3.83% |
| Dividend Payout Ratio (TTM) | -- | -- |
Valuation
P/E Ratio (TTM)
P/E ratio is not a meaningful valuation yardstick for either Equinix (EQIX) in Equity Real Estate Investment Trusts (REITs) or Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs): depreciation suppresses reported earnings in their businesses, and price-to-FFO is the conventional yardstick instead.
P/S Ratio (TTM)
Both Equinix (EQIX) at 10.34 and Simon Property (SPG) at 12.86 command a richer price per dollar of sales than most peers, sitting in the upper P/S ratio quartile of their industries.
EQIX
Equity Real Estate Investment Trusts (REITs) industry group
10.34
- Max
- 15.51
- EQIX
- 10.34
- Q3
- 8.88
- Median
- 6.59
- Q1
- 3.75
- Min
- 0.82
SPG
Equity Real Estate Investment Trusts (REITs) industry group
12.86
- Max
- 15.51
- SPG
- 12.86
- Q3
- 8.88
- Median
- 6.59
- Q1
- 3.75
- Min
- 0.82
P/B Ratio (MRQ)
Measured against book value, both Equinix (EQIX) at 6.89 and Simon Property (SPG) at 15.14 look expensive — each P/B ratio sits above its industry’s benchmark range.
EQIX
Equity Real Estate Investment Trusts (REITs) industry group
6.89
- EQIX
- 6.89
- Max
- 4.82
- Q3
- 2.67
- Median
- 1.78
- Q1
- 1.20
- Min
- 0.35
SPG
Equity Real Estate Investment Trusts (REITs) industry group
15.14
- SPG
- 15.14
- Max
- 4.82
- Q3
- 2.67
- Median
- 1.78
- Q1
- 1.20
- Min
- 0.35
Valuation Metrics
| Metric | EQIX | SPG |
|---|---|---|
| P/E Ratio (TTM) | -- | -- |
| P/S Ratio (TTM) | 10.34 | 12.86 |
| P/B Ratio (MRQ) | 6.89 | 15.14 |
| Free Cash Flow Yield (TTM) | -- | -- |