COPT Defense Properties vs Vornado Realty Trust
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KIRA’s take AI analyst
I put COPT Defense Properties and Vornado Realty Trust side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- Vornado Realty Trust earned a higher return on the capital invested in it (17.4%, against 6.1%).
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
COPT Defense Properties
CDP
3/8
Revenue growth5-year growthShare count change
Vornado Realty Trust
VNO
5/8
Net marginFCF marginReturn on capitalReturn on equityNet debt / EBITDA
Side by side
Best in the row
| 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 | — | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.