COPT Defense Properties (CDP) vs Douglas Emmett, Inc. (DEI)

COPT Defense Properties and Douglas Emmett, Inc. are both Reit Office companies. COPT Defense Properties is the larger, with a market value of $7.6B against $1.7B — 4.6× the size. Douglas Emmett, Inc. has negative trailing earnings, so its P/E is not meaningful; COPT Defense Properties trades at 23.3×. COPT Defense Properties grew revenue faster over the last twelve months: 4.50% against 0.78%. COPT Defense Properties has the higher net margin (20.9% vs −2.28%) and the higher return on invested capital (3.58% vs 1.35%). Both pay a dividend; Douglas Emmett, Inc. yields more (7.80% vs 3.78%). Across the 22 metrics below, COPT Defense Properties leads on 15 and Douglas Emmett, Inc. on 7.

Valuation

Metric CDP DEI Reit Office median
P/E 23.25 n/m 36.91
P/S 4.82 1.62 2.70
P/B 2.39 0.46 0.78
Price to free cash flow 23.61 25.33 13.79
EV/EBITDA 15.29 11.71 12.55
EV/Sales 8.09 6.95 6.97
Earnings yield 4.30% (1.54%) (3.58%)
Free cash flow yield 4.24% 3.95% 5.98%

Profitability

Metric CDP DEI Reit Office median
Gross margin 58.05% 63.18% 60.53%
Operating margin 30.31% 19.00% 16.84%
Net margin 20.94% (2.28%) (8.23%)
Free cash flow margin 20.41% 6.39% 16.39%
Return on equity 10.50% (0.65%) (2.66%)
Return on assets 3.73% (0.24%) (0.95%)
Return on invested capital 3.58% 1.35% 1.32%

Growth

Metric CDP DEI Reit Office median
Revenue growth (TTM) 4.50% 0.78% 1.08%
EPS growth (last fiscal year) 8.94% (30.77%) 8.90%
Revenue growth, 5-year CAGR 5.58% 2.40% 4.37%
Net income growth, 5-year CAGR 9.36% (20.25%) 0.00%

Health

Metric CDP DEI Reit Office median
Debt to equity 1.64 1.63 1.20
Current ratio 2.89 2.60 2.43
Net debt to EBITDA 6.21 8.73 6.91

Dividend

Metric CDP DEI Reit Office median
Dividend yield 3.78% 7.80% 4.82%
Payout ratio 0.88 — 1.67

Size

Metric CDP DEI Reit Office median
Market cap 7.57b 1.66b 1.40b

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