# Camden Property Trust (CPT) — Stock CV

Camden Property Trust is a $11.3B real estate company. Revenue grew 56.8% over the last year, and it keeps 2486¢ of every dollar of sales as profit. It trades at 40.5× earnings — around the middle of its own history.

> Camden Property Trust is a real estate investment trust engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities.

## Identity

- **Ticker**: CPT
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: HOUSTON, TX
- **Employees**: 1 640
- **Website**: https://www.camdenliving.com
- **Market cap**: $11.3B
- **Last price**: $97.58
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $13.1M
- **Net income**: $326M
- **Free cash flow**: $806M
- **P/E**: 40.5
- **Revenue growth (YoY)**: 56.8%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 57 |
| Growth | 49 |
| Profitability | 47 |
| Health | 6 |
| Quality | 53 |
| Moat | 50 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [x] Revenue growing — +56.8% YoY
- [x] Profitable — $326M TTM
- [ ] Profit growing — -16.2% YoY
- [x] Generates cash — $806M TTM
- [ ] Debt under control — current ratio 0.41
- [x] Established company — $11.3B market cap
- [x] Not printing shares — +9.0% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z -0.1 — distress
- [x] Pays a dividend — yield 3.47%
- [x] Valuation not extreme — P/E 40.5

## Experience (career milestones)

- **2022** — The company acquired the remaining ownership interests in its joint venture with Teacher Retirement System…
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **FY2016** — Best year on record: $820M net income
- **2012** — The company purchased the 80% interest held by a joint venture partner in 12 communities for $99.5 million
- **2011** — The company acquired 8 properties in Texas for $261 million
- **2005** — The company acquired Summit Properties in a $1.1 billion transaction
- **1998** — The company acquired Oasis Residential for $542 million in stock and the assumption of $430 million in debt
- **1997** — The company acquired Paragon Group, which owned 17,000 apartment units, in a $615 million transaction
- **1993** — The company became a public company via an initial public offering

## Strengths

- High gross margin (61.3%)
- Strongly profitable — 2486.2% net margin
- Revenue growing 56.8% year over year
- Strong cash conversion — FCF is 6146.4% of revenue
- Piotroski F-Score 7/9 — fundamentally strong checklist

## Watch-outs

- Altman Z-Score -0.10 — elevated financial-distress risk
- Net debt would take ~6.0 years of free cash flow to repay
- Thin interest coverage (1.1×)

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $10.5M | $304M | $573M |
| FY2022 | $5.19M | $654M | $740M |
| FY2023 | $3.45M | $403M | $789M |
| FY2024 | $7.14M | $163M | $771M |
| FY2025 | $13.0M | $384M | $824M |

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Source: https://stockcv.com/CPT — derived from company filings; may be delayed or incomplete. Information, not investment advice.