Camden Property Trust (CPT)
Real Estate · $13.6B market cap · SEC CIK 0000906345
ahead of 42% of the S&P 500 · #15 of 30 in Real Estate
Next reports on Feb 3, 2027, after the close, with analysts expecting $0.25 in earnings per share.
52-week range $95.30 to $119.81. 17% below its 52-week high and 5% above its low.
The case for CPT
- 21% of revenue drops through to net profit.
- Earnings per share up 112.3%.
- Pays a 4.5% dividend while you wait.
- Gross margin of 61% absorbs cost shocks.
- Moves less than the market (beta 0.76).
The case against
- Expensive for its growth: 41.7× earnings, where 8%+ a year of growth would justify about 20×.
- Operating profit covers its interest bill only 1.1 times.
- Near the bottom of its 52-week range, 17% below the high. Falling prices usually have a reason; find it first.
- Priced at 8.7× sales with revenue growing only 0.5%.
- Revenue was flat on the year (+0.5%).
- Return on equity of only 8%.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Real Estate companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings and cash, against the growth you get | 53 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 71 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 56 |
| Momentumhow the price has behaved lately | 31 |
| Stabilityhow violently it moves, what it owes and what it pays you | 52 |
- Capital spending is missing from its filings, so free cash flow cannot be worked out. Operating cash flow stands in for the cash test, against a stricter bar.
- Each factor except momentum is half fixed thresholds, half rank among the 30 Real Estate companies.
The financials
Revenue growth
Is the business growing? No, flat
| Last 12 months | +0.5% |
|---|---|
| Over 5 years | +8.6% a year |
| FY2025 revenue | $13.0M (+82%) |
Free cash flow
Is it generating real cash? Can't tell: no capital spending in its filings
| FY2025 operating cash flow | $827M |
|---|---|
| Of profit, before capital spending | 215% |
Its filings do not give capital spending, so free cash flow cannot be worked out. Operating cash flow, which is before that spending, is shown instead, and the score judges it against a stricter bar.
Profit margins
Is profitability improving? No, slipping
| Gross margin | 61% |
|---|---|
| Operating margin | 4% |
| Net margin, FY24 → FY25 → now | 2288.0% → 2964.9% → 20.8% |
Debt vs. cash
Is the balance sheet healthy? Mostly, with some debt to carry
| Cash | $25.2M |
|---|---|
| Long-term debt | $3.9B |
| Net debt | $3.9B |
| Years to repay | 4.7 yrs |
Valuation
Is the stock price reasonable? Mixed: dear on earnings, fair on cash flow
| P/E | 41.7× |
|---|---|
| Fair P/E for its growth | 20× |
| Price / operating cash flow | 16.4× |
| Forward P/E | 93.8× |
| EV / EBITDA | 27.2× |
At 41.7× earnings it trades well above the 20× that 8%+ a year of growth would justify. At 16.4× operating cash flow it trades below that same mark; for a REIT that counts for more than earnings, since depreciation makes its P/E look worse than the business is.
The financials, five years deep
Pulled from Camden Property Trust's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue growth | |||||
| Revenue | $13.0M | $7.1M | $3.5M | $5.2M | $10.5M |
| Change on the year | +82% | +107% | −33% | −51% | — |
| Profit margins | |||||
| Net margin | 2964.9% | 2288.0% | 11686.7% | 12598.6% | 2885.6% |
| Debt vs. cash | |||||
| Cash | $25.2M | $21.0M | $260M | $10.7M | $613M |
| Long-term debt | $3.9B | $3.5B | $3.7B | $3.7B | $3.2B |
| Net cash (debt) | −$3.9B | −$3.5B | −$3.5B | −$3.7B | −$2.6B |
What Camden Property Trust says it does
Formed on May 25, 1993, Camden Property Trust, a Texas real estate investment trust ("REIT"), and all consolidated subsidiaries are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. Unless the context requires otherwise, "we," "our," "us," and the "Company" refer to Camden Property Trust and its consolidated subsidiaries. Our multifamily apartment communities are referred to as "communities," "multifamily communities," "properties," or "multifamily properties" in the following discussion. Our website is located at www.camdenliving.com and we make available free of charge through our website our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments to such reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the…
Risk factors CPT lists in its 10-K
- Volatility in capital and credit markets, cost increases, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us
- Short-term leases could expose us to the effects of declining market rents
- We could be negatively impacted by the risks associated with land holdings and related activities
- Development, repositions, redevelopment and construction risks could impact our profitability
- Our acquisition strategy may not produce the cash flows expected
- Changes in rent control or rent stabilization laws and regulations could adversely affect our operations and property values
- Failure to qualify as a REIT could have adverse consequences
- Tax laws may continue to change at any time and any such legislative or other actions could have a negative effect on us
- A cybersecurity incident and other technology disruptions could negatively impact our business
- We have significant debt, which could have adverse consequences
- Insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders
- Issuances of additional debt may adversely impact our financial condition
- We may be unable to renew, repay, or refinance our outstanding debt
- Failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity, and access to capital markets
- Share ownership limits and our ability to issue additional equity securities may prevent takeovers beneficial to shareholders
- The form, timing, and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations
- Litigation risks could affect our business
- Damage from catastrophic weather and other natural events could result in losses
- Competition could adversely affect our ability to acquire properties
- We could be adversely impacted due to our share price fluctuations
- Rising interest rates could increase our borrowing costs, lower the value of our real estate, and decrease our share price, leading investors to seek higher yields through other investments