Camden Property Trust vs Independence Realty Trust
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The short version
- Camden Property Trust is the larger business, with $1.6B of revenue in fiscal 2025 against $658M for Independence Realty Trust, about 2.4 times as much.
- Independence Realty Trust grew revenue faster (2.8%, against 1.9%).
- Camden Property Trust earned a higher return on the capital invested in it (6.3%, against 2.3%).
- Investors pay more for each dollar of Independence Realty Trust’s earnings: a P/E of 83.1x against 33.8x for Camden Property Trust.
| Latest fiscal year | CPT · FY25 | IRT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.4B | $3.5B |
| Revenue | $1.6B | $658M |
| Free cash flow | $386M | — |
| Net income | $385M | $56.6M |
| Growth | ||
| Revenue growth | 1.9% | 2.8% |
| 5-year growth | 8.6% | 25.4% |
| Share count change | −0.1% | 4.1% |
| Profitability | ||
| Gross margin | 64.0% | — |
| Operating margin | — | — |
| Net margin | 24.4% | 8.6% |
| FCF margin | 24.5% | — |
| Return on capital | 6.3% | 2.3% |
| Return on equity | 8.5% | 1.6% |
| Balance sheet | ||
| Net debt | $3.9B | $2.3B |
| Net debt / EBITDA | 3.4x | 6.0x |
| Dividends and buybacks | $732M | $184M |
| Valuation & quality | ||
| P/E | 33.8x | 83.1x |
| Piotroski F-score | — | — |
Revenue
FY16
CPT $876M
IRT $153M
FY17
CPT $901M
IRT $161M
FY18
CPT $955M
IRT $191M
FY19
CPT $1.0B
IRT $203M
FY20
CPT $1.0B
IRT $212M
FY21
CPT $1.1B
IRT $250M
FY22
CPT $1.4B
IRT $629M
FY23
CPT $1.5B
IRT $661M
FY24
CPT $1.5B
IRT $640M
FY25
CPT $1.6B
IRT $658M
CPT
IRT
Operating margin
FY16
CPT —
IRT 25.9%
FY17
CPT —
IRT 28.2%
FY18
CPT —
IRT 27.1%
FY19
CPT —
IRT —
FY20
CPT —
IRT —
FY21
CPT —
IRT —
FY22
CPT —
IRT —
FY23
CPT —
IRT —
FY24
CPT —
IRT —
FY25
CPT —
IRT —
CPT
IRT
Free cash flow
FY16
CPT $100M
IRT −$18.2M
FY17
CPT $136M
IRT $40.0M
FY18
CPT $145M
IRT $67.9M
FY19
CPT $148M
IRT $74.8M
FY20
CPT $92.1M
IRT $74.9M
FY21
CPT $149M
IRT $52.1M
FY22
CPT $295M
IRT —
FY23
CPT $384M
IRT —
FY24
CPT $381M
IRT —
FY25
CPT $386M
IRT —
CPT
IRT
Return on capital
FY16
CPT —
IRT 2.4%
FY17
CPT —
IRT 3.4%
FY18
CPT —
IRT 3.4%
FY19
CPT —
IRT 5.3%
FY20
CPT —
IRT 3.2%
FY21
CPT —
IRT 2.0%
FY22
CPT —
IRT 3.2%
FY23
CPT 6.2%
IRT 0.9%
FY24
CPT 3.5%
IRT 1.9%
FY25
CPT 6.3%
IRT 2.3%
CPT
IRT
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.