COPT Defense Properties
CDP · Office REITs
$33.93
0.3%Vornado Realty Trust
VNO · Office REITs
$34.80
1.3%The short version
- Vornado Realty Trust is the larger business, with $1.8B of revenue in fiscal 2025 against $764M for COPT Defense Properties, about 2.4 times as much.
- Vornado Realty Trust turned more of its sales into free cash flow (53.1% FCF margin, against 37.8% FCF margin).
- Vornado Realty Trust earned a higher return on the capital invested in it (17.4%, against 6.1%).
| Latest fiscal year | CDP · FY25 | VNO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.9B | $6.8B |
| Revenue | $764M | $1.8B |
| Free cash flow | $289M | $962M |
| Net income | $160M | $905M |
| Growth | ||
| Revenue growth | 1.4% | 1.3% |
| 5-year growth | 5.6% | 3.5% |
| Share count change | 0.4% | 2.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 20.9% | 50.0% |
| FCF margin | 37.8% | 53.1% |
| Return on capital | 6.1% | 17.4% |
| Return on equity | 10.6% | 16.2% |
| Balance sheet | ||
| Net debt | $2.5B | $1.4B |
| Net debt / EBITDA | 6.1x | 0.8x |
| Dividends and buybacks | $137M | $192M |
| Valuation & quality | ||
| P/E | 23.6x | — |
| Piotroski F-score | — | — |
FY16
CDP $574M
VNO $2.0B
FY17
CDP $613M
VNO $2.1B
FY18
CDP $578M
VNO $2.2B
FY19
CDP $612M
VNO $1.9B
FY20
CDP $582M
VNO $1.5B
FY21
CDP $664M
VNO $1.6B
FY22
CDP $739M
VNO $1.8B
FY23
CDP $685M
VNO $1.8B
FY24
CDP $753M
VNO $1.8B
FY25
CDP $764M
VNO $1.8B
CDP
VNO
FY16
CDP 9.1%
VNO 28.9%
FY17
CDP 22.2%
VNO 29.2%
FY18
CDP —
VNO 26.9%
FY19
CDP —
VNO —
FY20
CDP —
VNO —
FY21
CDP —
VNO —
FY22
CDP —
VNO —
FY23
CDP —
VNO —
FY24
CDP —
VNO —
FY25
CDP —
VNO —
CDP
VNO
FY16
CDP $208M
VNO $608M
FY17
CDP $207M
VNO $589M
FY18
CDP $156M
VNO $568M
FY19
CDP $204M
VNO $593M
FY20
CDP $206M
VNO $423M
FY21
CDP $219M
VNO $759M
FY22
CDP $229M
VNO $796M
FY23
CDP $256M
VNO $615M
FY24
CDP $300M
VNO $538M
FY25
CDP $289M
VNO $962M
CDP
VNO
FY16
CDP 1.5%
VNO 7.8%
FY17
CDP 4.1%
VNO 8.6%
FY18
CDP 4.5%
VNO 9.7%
FY19
CDP 7.6%
VNO 52.5%
FY20
CDP 4.6%
VNO −2.1%
FY21
CDP 3.7%
VNO 5.9%
FY22
CDP 5.3%
VNO −0.9%
FY23
CDP −0.1%
VNO 3.0%
FY24
CDP 5.9%
VNO 3.0%
FY25
CDP 6.1%
VNO 17.4%
CDP
VNO
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.