COPT Defense Properties (CDP) vs Highwoods Properties, Inc. (HIW)

COPT Defense Properties and Highwoods Properties, Inc. are both Reit Office companies. COPT Defense Properties is the larger, with a market value of $7.3B against $3.5B — 2.1× the size. Highwoods Properties, Inc. trades at the lower P/E: 18.4× against 22.1×. COPT Defense Properties grew revenue faster over the last twelve months: 7.22% against 5.40%. Highwoods Properties, Inc. has the higher net margin (21.7% vs 21.2%) and the lower return on invested capital (2.37% vs 3.66%). Both pay a dividend; Highwoods Properties, Inc. yields more (6.36% vs 3.86%). Across the 23 metrics below, COPT Defense Properties leads on 12 and Highwoods Properties, Inc. on 11.

Valuation

Metric CDP HIW Reit Office median
P/E 22.14 18.41 28.35
P/S 4.60 4.07 2.77
P/B 2.32 1.37 0.82
Price to free cash flow 19.43 62.41 13.95
EV/EBITDA 14.79 12.37 12.41
EV/Sales 7.78 7.84 6.90
Earnings yield 4.52% 5.43% (2.06%)
Free cash flow yield 5.15% 1.60% 6.73%

Profitability

Metric CDP HIW Reit Office median
Gross margin 57.64% 67.18% 60.87%
Operating margin 30.23% 25.77% 17.78%
Net margin 21.17% 21.74% (2.87%)
Free cash flow margin 23.68% 6.53% 14.89%
Return on equity 10.80% 7.56% (1.07%)
Return on assets 3.81% 2.94% (0.34%)
Return on invested capital 3.66% 2.37% 1.33%

Growth

Metric CDP HIW Reit Office median
Revenue growth (TTM) 7.22% 5.40% 2.67%
EPS growth (last fiscal year) 8.94% 54.26% 8.85%
Revenue growth, 5-year CAGR 5.58% 1.81% 3.91%
Net income growth, 5-year CAGR 9.36% (14.54%) 0.00%

Health

Metric CDP HIW Reit Office median
Debt to equity 1.62 1.37 1.24
Current ratio 1.98 2.08 1.98
Net debt to EBITDA 6.21 6.97 6.86

Dividend

Metric CDP HIW Reit Office median
Dividend yield 3.86% 6.36% 4.16%
Payout ratio 0.85 1.17 3.34

Size

Metric CDP HIW Reit Office median
Market cap 7.31b 3.50b 1.22b

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