Camden Property Trust
Exchange: NYSESector: Real EstateIndustry: REIT - Residential
Camden Property Trust is a real estate investment trust. The Company is engaged in ownership, management, development, acquisition, and construction of multi-family apartment communities. As each of its communities has similar economic characteristics, residents, amenities and services, its operations have been aggregated into one segment. In April 2011, it sold one of its land parcels to one of the Funds. In June 2011, it sold another land parcel to the Fund. In August 2011, it acquired 30.1 acres of land located in Atlanta, Georgia. In December 2011, it acquired 2.2 acres of land in Glendale, California. During the year ended December 31, 2011, it sold two properties consisting of 788 units located in Dallas, Texas. During 2011, the Funds acquired 18 multifamily properties totaling 6,076 units located in the Houston, Dallas, Austin, San Antonio, Tampa and Atlanta. In January 2012, one of the Funds acquired one multifamily property consisted of 350 units located in Raleigh.
Did you know?
Pays a 4.30% dividend yield.
Current Price
$100.76
+2.53%GoodMoat Value
$88.53
12.1% overvaluedProfile
Valuation (TTM)
Market Cap$10.72B
P/E27.88
EV$14.31B
P/B2.46
Shares Out106.40M
P/Sales6.68
Revenue$1.61B
EV/EBITDA12.82
Camden Property Trust (CPT) Stock Analysis
GoodMoat Analysis
Camden Property Trust is a high-quality residential REIT with a moderate competitive moat, but it currently trades at a premium to its estimated fair value. The stock's valuation appears full, requiring a high degree of confidence in future execution. This profile suggests a cautious approach for a value investor seeking a margin of safety.
Read full analysis
Camden Property Trust (CPT) is a residential Real Estate Investment Trust (REIT) that owns, develops, and manages a portfolio of apartment communities, primarily in high-growth Sun Belt markets. Applying the GoodMoat framework, the company demonstrates a moderate competitive moat, likely scoring in the 5-6 range. Its advantages stem from strategic **Niche Dominance** in its target markets, **Scale Privilege** in local operations, and potentially high **Switching Costs** for residents, though it lacks the wide moat characteristics of network effects or proprietary technology. Financially, it shows strong operational health with a high operating margin of 34.3% and a solid balance sheet (Debt/Equity of 0.89). However, growth is modest with revenue up only 2.2% YoY, and its Return on Equity of 8.8% is below the high-return threshold sought in the framework.
Proceeding to the Decision Framework, CPT passes the initial Moat & Quality Gate with an adequate moat and strong profitability metrics. The critical issue is valuation. The stock trades at $97.34, which is approximately 10% above the GoodMoat Target of $88.53. This places it in the 'Marginal' to 'Unfavourable' band for Margin of Safety (less than 10%), failing the Valuation & Risk Gate for a favourable rating. With a P/E of nearly 27x and a Free Cash Flow Yield of 3.2%, the price reflects high expectations for a business with single-digit revenue growth. For a value investor, this combination of a moderate-moat business at a premium price suggests the stock is **unfavourable** for new capital without a more attractive entry point. Further investigation would focus on rent growth sustainability and cap rate sensitivity.
Analysis based on data as of 2024-05-15.
Market Cap$10.72B
Current Price$100.76
P/E Ratio27.88
Forward P/E—
PEG Ratio0.10
EPS$3.54
Book Value$41.00
P/B Ratio2.46
CPT Financial Charts
FCF vs CAPEX
FCFCAPEX
Cash vs Debt
Net Debt: 3.9B
Revenue
1.1B
FY19
1.1B
FY20
1.2B
FY21
1.4B
FY22
1.6B
FY23
1.6B
FY24
1.6B
FY25
Net Income
220M
FY19
124M
FY20
304M
FY21
654M
FY22
403M
FY23
163M
FY24
384M
FY25
CPT 52-Week Range
$95.60
$116.18
50-Day MA: $103.97200-Day MA: $104.74
Did you know?
Profit margin of 23.9% — that's well above average.
Camden Property Trust (CPT) Financial Summary
Camden Property Trust (CPT) is a Real Estate company in the REIT - Residential industry, listed on NYSE. The stock currently trades at $100.76 with a market capitalization of $10.72B.
Key valuation metrics include a P/E ratio of 27.88, price-to-book ratio of 2.46, and EPS of $3.54. The company reports a profit margin of 23.9% and return on equity of 8.8%.
CPT Key Financial Metrics
| Metric | Value |
|---|---|
| Market Cap | $10.72B |
| P/E Ratio | 27.88 |
| EPS | $3.54 |
| P/B Ratio | 2.46 |
| P/S Ratio | 6.68 |
| EV/EBITDA | 12.82 |
| Dividend Yield | 4.30% |
| Profit Margin | 23.9% |
| Return on Equity | 8.8% |
| Debt/Equity | 0.89 |
CPT Revenue & Earnings History
| Year | Revenue | Net Income |
|---|---|---|
| FY19 | $1.06B | $219.62M |
| FY20 | $1.07B | $123.91M |
| FY21 | $1.17B | $303.91M |
| FY22 | $1.41B | $653.61M |
| FY23 | $1.56B | $403.31M |
| FY24 | $1.57B | $163.29M |
| FY25 | $1.61B | $384.46M |
Camden Property Trust (CPT) Valuation
Based on GoodMoat's DCF model, Camden Property Trust has a fair value estimate of $88.53. At the current price of $100.76, the stock appears 13.8% overvalued relative to our intrinsic value estimate.
CPT Quality Indicators
Camden Property Trust maintains a profit margin of 23.9% and an operating margin of 34.3%. Return on equity stands at 8.8%. Debt-to-equity ratio is 0.89.
About Camden Property Trust
Camden Property Trust is a real estate investment trust. The Company is engaged in ownership, management, development, acquisition, and construction of multi-family apartment communities. As each of its communities has similar economic characteristics, residents, amenities and services, its operations have been aggregated into one segment. In April 2011, it sold one of its land parcels to one of the Funds. In June 2011, it sold another land parcel to the Fund. In August 2011, it acquired 30.1 acres of land located in Atlanta, Georgia. In December 2011, it acquired 2.2 acres of land in Glendale, California. During the year ended December 31, 2011, it sold two properties consisting of 788 units located in Dallas, Texas. During 2011, the Funds acquired 18 multifamily properties totaling 6,076 units located in the Houston, Dallas, Austin, San Antonio, Tampa and Atlanta. In January 2012, one of the Funds acquired one multifamily property consisted of 350 units located in Raleigh.
CPT Free Cash Flow
Camden Property Trust generated $332.90M in trailing twelve-month free cash flow, representing an FCF yield of 3.11%. This moderate FCF yield indicates reasonable cash generation.
CPT Shares Outstanding
Camden Property Trust has 0.11 billion shares outstanding at a share price of $100.76, giving it a market capitalization of $10.72B.
CPT Recent Insider Trades
Recent insider transactions at Camden Property Trust include:
| Insider | Type | Shares | Value |
|---|---|---|---|
| Gallagher Michael P (Chief Accounting Officer) | SELL | 169 | $18324.67 |
| Baker Laurie (EVP - Chief Operating Officer) | SELL | 2,163 | $234464.87 |
| Benito Javier (Director) | SELL | 101 | $11078.89 |