COPT Defense Properties vs Kilroy Realty
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The short version
- Kilroy Realty is the larger business, with $1.1B of revenue in fiscal 2025 against $764M for COPT Defense Properties.
- COPT Defense Properties grew revenue faster (1.4%, against −2.0%).
- Kilroy Realty turned more of its sales into free cash flow (40.5% FCF margin, against 37.8%).
- Investors pay more for each dollar of COPT Defense Properties’s earnings: a P/E of 23.6x against 20.4x for Kilroy Realty.
| Latest fiscal year | CDP · FY25 | KRC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.9B | $4.4B |
| Revenue | $764M | $1.1B |
| Free cash flow | $289M | $450M |
| Net income | $160M | $303M |
| Growth | ||
| Revenue growth | 1.4% | −2.0% |
| 5-year growth | 5.6% | 4.4% |
| Share count change | 0.4% | 0.6% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 20.9% | 27.2% |
| FCF margin | 37.8% | 40.5% |
| Return on capital | 6.1% | — |
| Return on equity | 10.6% | 5.6% |
| Balance sheet | ||
| Net debt | $2.5B | — |
| Net debt / EBITDA | 6.1x | — |
| Dividends and buybacks | $137M | $258M |
| Valuation & quality | ||
| P/E | 23.6x | 20.4x |
| Piotroski F-score | — | — |
Revenue
FY16
CDP $574M
KRC $643M
FY17
CDP $613M
KRC $719M
FY18
CDP $578M
KRC $747M
FY19
CDP $612M
KRC $838M
FY20
CDP $582M
KRC $898M
FY21
CDP $664M
KRC $955M
FY22
CDP $739M
KRC $1.1B
FY23
CDP $685M
KRC $1.1B
FY24
CDP $753M
KRC $1.1B
FY25
CDP $764M
KRC $1.1B
CDP
KRC
Operating margin
FY16
CDP 9.1%
KRC —
FY17
CDP 22.2%
KRC —
FY18
CDP —
KRC —
FY19
CDP —
KRC —
FY20
CDP —
KRC —
FY21
CDP —
KRC —
FY22
CDP —
KRC —
FY23
CDP —
KRC —
FY24
CDP —
KRC —
FY25
CDP —
KRC —
CDP
KRC
Free cash flow
FY16
CDP $208M
KRC $233M
FY17
CDP $207M
KRC $259M
FY18
CDP $156M
KRC $244M
FY19
CDP $204M
KRC $239M
FY20
CDP $206M
KRC $326M
FY21
CDP $219M
KRC $396M
FY22
CDP $229M
KRC $499M
FY23
CDP $256M
KRC $505M
FY24
CDP $300M
KRC $441M
FY25
CDP $289M
KRC $450M
CDP
KRC
Return on capital
FY16
CDP 1.5%
KRC —
FY17
CDP 4.1%
KRC —
FY18
CDP 4.5%
KRC —
FY19
CDP 7.6%
KRC —
FY20
CDP 4.6%
KRC —
FY21
CDP 3.7%
KRC —
FY22
CDP 5.3%
KRC —
FY23
CDP −0.1%
KRC —
FY24
CDP 5.9%
KRC —
FY25
CDP 6.1%
KRC —
CDP
KRC
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.