COPT Defense Properties vs Cousins Properties
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The short version
- Cousins Properties is the larger business, with $994M of revenue in fiscal 2025 against $764M for COPT Defense Properties.
- Cousins Properties grew revenue faster (16.0%, against 1.4%).
- COPT Defense Properties turned more of its sales into free cash flow (37.8% FCF margin, against 13.6%).
- Cousins Properties earned a higher return on the capital invested in it (6.7%, against 6.1%).
| Latest fiscal year | CDP · FY25 | CUZ · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.9B | $4.8B |
| Revenue | $764M | $994M |
| Free cash flow | $289M | $135M |
| Net income | $160M | $40.5M |
| Growth | ||
| Revenue growth | 1.4% | 16.0% |
| 5-year growth | 5.6% | 6.1% |
| Share count change | 0.4% | 9.6% |
| Profitability | ||
| Gross margin | — | 68.4% |
| Operating margin | — | 67.8% |
| Net margin | 20.9% | 4.1% |
| FCF margin | 37.8% | 13.6% |
| Return on capital | 6.1% | 6.7% |
| Return on equity | 10.6% | 0.9% |
| Balance sheet | ||
| Net debt | $2.5B | $3.3B |
| Net debt / EBITDA | 6.1x | 3.1x |
| Dividends and buybacks | $137M | $216M |
| Valuation & quality | ||
| P/E | 23.6x | — |
| Piotroski F-score | — | — |
Revenue
FY16
CDP $574M
CUZ $259M
FY17
CDP $613M
CUZ $466M
FY18
CDP $578M
CUZ $475M
FY19
CDP $612M
CUZ $658M
FY20
CDP $582M
CUZ $740M
FY21
CDP $664M
CUZ $755M
FY22
CDP $739M
CUZ $762M
FY23
CDP $685M
CUZ $803M
FY24
CDP $753M
CUZ $857M
FY25
CDP $764M
CUZ $994M
CDP
CUZ
Operating margin
FY16
CDP 9.1%
CUZ 100.4%
FY17
CDP 22.2%
CUZ 67.2%
FY18
CDP —
CUZ 68.6%
FY19
CDP —
CUZ 65.7%
FY20
CDP —
CUZ 65.7%
FY21
CDP —
CUZ 65.4%
FY22
CDP —
CUZ 65.9%
FY23
CDP —
CUZ 66.2%
FY24
CDP —
CUZ 66.6%
FY25
CDP —
CUZ 67.8%
CDP
CUZ
Free cash flow
FY16
CDP $208M
CUZ —
FY17
CDP $207M
CUZ —
FY18
CDP $156M
CUZ —
FY19
CDP $204M
CUZ —
FY20
CDP $206M
CUZ —
FY21
CDP $219M
CUZ —
FY22
CDP $229M
CUZ $22.9M
FY23
CDP $256M
CUZ $88.8M
FY24
CDP $300M
CUZ $148M
FY25
CDP $289M
CUZ $135M
CDP
CUZ
Return on capital
FY16
CDP 1.5%
CUZ 6.6%
FY17
CDP 4.1%
CUZ 6.5%
FY18
CDP 4.5%
CUZ 6.7%
FY19
CDP 7.6%
CUZ 6.5%
FY20
CDP 4.6%
CUZ 5.8%
FY21
CDP 3.7%
CUZ 5.8%
FY22
CDP 5.3%
CUZ 5.7%
FY23
CDP −0.1%
CUZ 6.0%
FY24
CDP 5.9%
CUZ 6.0%
FY25
CDP 6.1%
CUZ 6.7%
CDP
CUZ
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.