COPT Defense Properties (CDP) vs SL Green Realty Corporation (SLG)

COPT Defense Properties and SL Green Realty Corporation are both Reit Office companies. COPT Defense Properties is the larger, with a market value of $7.6B against $3.9B — 2.0× the size. SL Green Realty Corporation has negative trailing earnings, so its P/E is not meaningful; COPT Defense Properties trades at 23.5×. SL Green Realty Corporation grew revenue faster over the last twelve months: 8.46% against 4.50%. COPT Defense Properties has the higher net margin (20.9% vs −18.4%) and the higher return on invested capital (3.58% vs 0.34%). Both pay a dividend; SL Green Realty Corporation yields more (6.74% vs 5.00%). Across the 21 metrics below, COPT Defense Properties leads on 14 and SL Green Realty Corporation on 7.

Valuation

Metric CDP SLG Reit Office median
P/E 23.53 n/m 38.94
P/S 4.88 3.47 2.92
P/B 2.42 0.86 0.78
Price to free cash flow 23.89 n/m 14.22
EV/EBITDA 15.40 23.66 12.77
EV/Sales 8.15 7.36 7.03
Earnings yield 4.25% (5.33%) (3.43%)
Free cash flow yield 4.19% (10.90%) 5.85%

Profitability

Metric CDP SLG Reit Office median
Gross margin 58.05% 46.91% 60.53%
Operating margin 30.31% 4.47% 16.84%
Net margin 20.94% (18.35%) (8.23%)
Free cash flow margin 20.41% (37.83%) 16.39%
Return on equity 10.50% (4.67%) (2.66%)
Return on assets 3.73% (1.65%) (0.95%)
Return on invested capital 3.58% 0.34% 1.32%

Growth

Metric CDP SLG Reit Office median
Revenue growth (TTM) 4.50% 8.46% 1.08%
EPS growth (last fiscal year) 8.94% (2,112.50%) —
Revenue growth, 5-year CAGR 5.58% (0.96%) 4.37%
Net income growth, 5-year CAGR 9.36% 0.00% 0.00%

Health

Metric CDP SLG Reit Office median
Debt to equity 1.64 1.00 1.20
Current ratio 2.89 3.10 2.43
Net debt to EBITDA 6.21 9.87 6.91

Dividend

Metric CDP SLG Reit Office median
Dividend yield 5.00% 6.74% 6.16%
Payout ratio 0.67 0.87 1.38

Size

Metric CDP SLG Reit Office median
Market cap 7.64b 3.89b 1.39b

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