A Business at a Glance
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CAMDEN PROPERTY TRUST
CPT
$12.3B
Mkt Cap
$113.73
+0.79%
CAMDEN PROPERTY TRUST (CPT) has a current P/E ratio of 32.1, compared to its historical median P/E of 35.8. The stock is currently considered Fair based on its historical valuation range.
CAMDEN PROPERTY TRUST (CPT) has a 5-year average return on invested capital (ROIC) of 6.0%. This is below average and may indicate limited pricing power.
CAMDEN PROPERTY TRUST (CPT) has a market capitalization of $11.6B. It is classified as a large-cap stock.
Yes, CAMDEN PROPERTY TRUST (CPT) pays a dividend with a trailing twelve-month yield of 3.99%. The company also returns capital through share buybacks, with a buyback yield of 4.60%.
Based on historical P/E analysis, CAMDEN PROPERTY TRUST (CPT) appears fair. The current P/E of 32.1 is 10% below its historical median of 35.8. The estimated fair value CAGR (P/E method) is 7.5%.
CAMDEN PROPERTY TRUST (CPT) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
CAMDEN PROPERTY TRUST (CPT) reported annual revenue of $1.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
Camden Property Trust is a Texas-based REIT that owns, manages, develops, and redevelops multifamily apartment communities across the United States, with 175 properties comprising 59,921 apartment homes as of December 31, 2025. The company operates through a property management model focused on maximizing earnings through operational excellence, resident satisfaction, and disciplined capital allocation, with lease terms averaging approximately fourteen months and a strategy of maintaining strong occupancy at optimal levels while increasing rents as market conditions allow. Camden's competitive positioning relies on sophisticated property management capabilities, a geographically diverse portfolio concentrated in high-growth Sun Belt markets with favorable economic fundamentals, and a conservative financial structure that enables selective acquisitions, developments, and dispositions to enhance long-term earnings growth. The company's unit economics are characterized by recurring rental income from residents, with additional revenue from utility rebilling and fee income, while operating expenses include property taxes (approximately one-third of total operating costs), maintenance, utilities, and insurance. Camden's distribution model centers on direct property management with on-site personnel trained to deliver high-quality services, supported by corporate overhead and a staff of approximately 1,640 employees as of December 31, 2025, and the company competes with other multifamily properties, condominiums, single-family homes, and short-term rental providers in its markets.
【Supply absorption driving recovery】 Management expects operating conditions to improve over the course of 2026, with modest acceleration in the second half as new supply deliveries decline significantly from peak 2024 levels and existing inventory is absorbed. The company anticipates a "hockey stick" ramp in the latter part of 2026 as supply pressures moderate, followed by steady but strong growth in 2027 comparable to post-financial crisis recovery patterns. Camden is pursuing approximately $1 billion in acquisitions from planned California portfolio sales proceeds, with three additional development land sites planned for 2026 to create shareholder value, while maintaining disciplined capital allocation and a strong balance sheet with leverage metrics within long-term targeted ranges. Management remains focused on maximizing pricing power and occupancy as market conditions normalize, with particular optimism regarding Sun Belt markets where demand fundamentals remain strong despite near-term supply headwinds.
| Metric | Target | Period |
|---|---|---|
| Core FFO per share | $6.60–$6.90 | FY2026 |
| Same-store revenue growth | 75 basis points | FY2026 |
| Same-store expense growth | 3% | FY2026 |
| Same-store NOI growth | -50 basis points | FY2026 |
Core FFO per share (FY2026): “We expect our 2026 Core FFO per share to be in the range of $6.60-$6.90, with a midpoint of $6.75”
Same-store revenue growth (FY2026): “The midpoint of our 2026 same property revenue guidance range is 75 basis points.”
Same-store expense growth (FY2026): “we are expecting same-store net operating income of negative 50 basis points, with revenue growth of 75 basis points in line with 2025, and expense growth of 3% versus 1.7% in 2025”
Same-store NOI growth (FY2026): “At the midpoint, we are expecting same-store net operating income of negative 50 basis points”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 13M | 1.6B | 1.5B | 1.5B | 1.4B | 1.1B |
| Net Income | 387M | 384M | 163M | 403M | 653M | 303M |
| EPS | $3.68 | $3.54 | $1.50 | $3.70 | $6.04 | $2.96 |
| Free Cash Flow | 1.0B | 824M | 771M | 789M | 740M | 573M |
| ROIC | 0.0% | 6.1% | 3.5% | 5.9% | 8.8% | 5.4% |
| Gross Margin | - | 25.2% | 26.1% | 27.1% | 24.4% | 26.7% |
| Debt/Equity | 1.20 | 1.03 | 0.75 | 0.75 | 0.96 | 0.97 |
| Dividends/Share | $4.54 | $4.20 | $4.12 | $4.00 | $3.76 | $3.32 |
| Operating Income | 0 | 526M | 296M | 540M | 769M | 403M |
| Operating Margin | 0.0% | 33.4% | 19.2% | 35.0% | 54.1% | 35.2% |
| ROE | 9.6% | 8.5% | 3.4% | 8.1% | 14.2% | 7.9% |
| Shares Outstanding | 102M | 108M | 109M | 109M | 108M | 102M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 790M | 836M | 876M | 901M | 955M | 1.0B | 1.0B | 1.1B | 1.4B | 1.5B | 1.5B | 1.6B | 13M |
| Gross Margin | 35.7% | 35.1% | 35.9% | 34.2% | 32.5% | 31.7% | 27.0% | 26.7% | 24.4% | 27.1% | 26.1% | 25.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 51M | 46M | 47M | 51M | 51M | 53M | 54M | 59M | 60M | 63M | 72M | 79M | 75M |
| EBIT | 386M | 346M | 908M | 284M | 241M | 301M | 217M | 403M | 769M | 540M | 296M | 526M | 0 |
| Op. Margin | 48.9% | 41.5% | N/A | 31.5% | 25.2% | 29.3% | 20.8% | 35.2% | 54.1% | 35.0% | 19.2% | 33.4% | 0.0% |
| Net Income | 289M | 247M | 814M | 196M | 155M | 219M | 124M | 303M | 653M | 403M | 163M | 384M | 387M |
| Net Margin | 36.6% | 29.6% | 92.8% | 21.7% | 16.2% | 21.3% | 11.8% | 26.5% | 45.9% | 26.1% | 10.6% | 24.4% | 3067.9% |
| Non-Recurring | 160M | 104M | 295M | 43M | 0 | 50M | 382K | 174M | 36M | 225M | 85M | 274M | 274M |
| Returns on Capital | |||||||||||||
| ROIC | 7.2% | 6.3% | 16.9% | 5.4% | 4.4% | 5.1% | 3.2% | 5.4% | 8.8% | 5.9% | 3.5% | 6.1% | 0.0% |
| ROE | 10.5% | 8.8% | 27.9% | 6.1% | 4.6% | 6.3% | 3.5% | 7.9% | 14.2% | 8.1% | 3.4% | 8.5% | 9.6% |
| ROA | 5.0% | 4.1% | 13.5% | 3.2% | 2.5% | 3.4% | 1.8% | 4.0% | 7.5% | 4.3% | 1.8% | 4.3% | 4.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 419M | 423M | 443M | 435M | 504M | 556M | 519M | 577M | 745M | 795M | 775M | 827M | 827M |
| Free Cash Flow | 414M | 419M | 440M | 430M | 489M | 538M | 512M | 573M | 740M | 789M | 771M | 824M | 1.0B |
| Owner Earnings | 181M | 165M | 173M | 153M | 186M | 204M | 138M | 141M | 155M | 206M | 178M | 199M | 198M |
| CapEx | 4.7M | 4.1M | 2.6M | 5.1M | 15M | 17M | 7.5M | 4.0M | 4.4M | 5.6M | 3.8M | 2.4M | 194M |
| Maint. CapEx | 222M | 241M | 250M | 264M | 301M | 336M | 367M | 421M | 577M | 575M | 582M | 611M | 612M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 222M | 241M | 250M | 264M | 301M | 336M | 367M | 421M | 577M | 575M | 582M | 611M | 612M |
| CapEx/OCF | 1.1% | 1.0% | 0.6% | 1.2% | 2.9% | 4.9% | 5.7% | 4.2% | 2.7% | 3.0% | 3.1% | 3.8% | 23.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 237M | 253M | 663M | 281M | 298M | 317M | 333M | 343M | 397M | 435M | 451M | 461M | 462M |
| Dividend Yield | 6.0% | 5.6% | 13.0% | 4.7% | 4.6% | 3.9% | 4.3% | 2.9% | 3.0% | 4.2% | 4.0% | 3.9% | 4.0% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50M | 271M | 533M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.4% | 2.3% | 4.6% |
| Stock-Based Comp | 16M | 18M | 20M | 18M | 17M | 15M | 14M | 15M | 13M | 15M | 15M | 17M | 17M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 12M | 0 | 0 | 0 | 1.7M | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 2.6B | 2.7B | 2.1B | 1.9B | 2.3B | 2.5B | 3.6B | 3.4B | 4.8B | 3.5B | 3.5B | 4.5B | 4.8B |
| Cash & Equiv. | 154M | 11M | 237M | 368M | 34M | 23M | 420M | 613M | 11M | 260M | 21M | 25M | 41M |
| Long-Term Debt | 2.7B | 2.7B | 2.5B | 2.2B | 2.3B | 2.5B | 3.2B | 3.2B | 3.7B | 3.7B | 3.5B | 3.9B | 4.3B |
| Debt/Equity | 0.97 | 0.97 | 0.82 | 0.68 | 0.70 | 0.70 | 1.18 | 0.97 | 0.96 | 0.75 | 0.75 | 1.03 | 1.20 |
| Interest Coverage | 4.1 | 3.6 | 9.8 | 3.3 | 2.9 | 3.7 | 2.4 | 4.1 | 6.8 | 4.0 | 2.3 | 3.8 | 3.8 |
| Equity | 2.8B | 2.8B | 3.0B | 3.4B | 3.3B | 3.6B | 3.4B | 4.2B | 5.0B | 5.0B | 4.7B | 4.4B | 4.0B |
| Total Assets | 6.0B | 6.0B | 6.0B | 6.2B | 6.2B | 6.7B | 7.2B | 8.0B | 9.3B | 9.4B | 8.9B | 9.0B | 9.1B |
| Total Liabilities | 3.1B | 3.1B | 2.9B | 2.6B | 2.8B | 3.0B | 3.7B | 3.7B | 4.3B | 4.3B | 4.1B | 4.6B | 5.0B |
| Intangibles | 500K | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | 157M | N/A | N/A | N/A | 147M | 172M | N/A | 192M | N/A | 223M | 215M | 248M | 270M |
| Per Share Data | |||||||||||||
| EPS | 3.27 | 2.76 | 9.05 | 2.13 | 1.63 | 2.22 | 1.24 | 2.96 | 6.04 | 3.70 | 1.50 | 3.54 | 3.68 |
| Owner EPS | 2.04 | 1.84 | 1.92 | 1.67 | 1.96 | 2.07 | 1.39 | 1.38 | 1.43 | 1.89 | 1.64 | 1.83 | 1.94 |
| Book Value | 31.81 | 31.44 | 33.54 | 37.05 | 34.82 | 36.77 | 34.55 | 40.96 | 46.15 | 45.77 | 43.02 | 40.25 | 39.54 |
| Cash Flow/Share | 4.73 | 4.72 | 4.93 | 4.73 | 5.30 | 5.63 | 5.21 | 5.63 | 6.89 | 7.30 | 7.13 | 7.63 | 9.80 |
| Dividends/Share | 2.64 | 2.80 | 7.25 | 3.00 | 3.08 | 3.20 | 3.32 | 3.32 | 3.76 | 4.00 | 4.12 | 4.20 | 4.54 |
| Shares Out. | 88.5M | 89.6M | 89.9M | 91.9M | 95.1M | 98.7M | 99.7M | 102.5M | 108.1M | 108.8M | 108.7M | 108.4M | 101.9M |
| Valuation | |||||||||||||
| P/E Ratio | 15.1 | 18.9 | 6.7 | 32.9 | 42.4 | 38.6 | 67.6 | 51.7 | 16.2 | 25.2 | 74.0 | 30.9 | 30.9 |
| P/FCF | 10.5 | 11.1 | 12.5 | 15.0 | 13.4 | 15.7 | 16.3 | 27.4 | 14.3 | 12.8 | 15.6 | 14.4 | 11.4 |
| EV/EBIT | 18.0 | 21.3 | 8.4 | 29.5 | 36.8 | 36.4 | 49.2 | 43.8 | 17.8 | 24.1 | 51.3 | 29.2 | N/A |
| Price/Book | 1.5 | 1.7 | 1.8 | 1.9 | 2.0 | 2.3 | 2.4 | 3.7 | 2.1 | 2.0 | 2.6 | 2.7 | 2.9 |
| Price/Sales | 5.0 | 5.4 | 5.8 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 918.1 |
| FCF Yield | 9.5% | 9.0% | 8.0% | 6.7% | 7.5% | 6.3% | 6.1% | 3.6% | 7.0% | 7.8% | 6.4% | 6.9% | 8.8% |
| Market Cap | 4.4B | 4.7B | 5.5B | 6.4B | 6.6B | 8.5B | 8.4B | 15.7B | 10.6B | 10.2B | 12.1B | 11.9B | 11.6B |
| Avg. Price | 44.59 | 50.35 | 56.92 | 65.18 | 68.85 | 83.47 | 78.38 | 114.84 | 123.19 | 95.16 | 103.35 | 108.96 | 113.73 |
| Year-End Price | 49.30 | 52.06 | 61.02 | 70.07 | 69.04 | 85.73 | 83.82 | 153.17 | 97.92 | 93.17 | 110.95 | 109.26 | 113.73 |
CAMDEN PROPERTY TRUST passes 3 of 9 quality checks, indicating weak fundamentals.
CAMDEN PROPERTY TRUST trades at 32.1x trailing earnings, compared to its 15-year median P/E of 35.8x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 14.8x vs a median of 14.7x. The company's 5-year average ROIC is 6.0% with a gross margin of 25.9%. Total shareholder yield (dividends + buybacks) is 8.6%. At current prices, the estimated annualized return to fair value is +7.0%.
CAMDEN PROPERTY TRUST (CPT) has a net profit margin of 24.4%. This is a strong margin indicating high profitability.
CAMDEN PROPERTY TRUST (CPT) generated $824 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CAMDEN PROPERTY TRUST (CPT) has a debt-to-equity ratio of 1.03. This indicates moderate leverage.
CAMDEN PROPERTY TRUST (CPT) reported earnings per share (EPS) of $3.54 in its most recent fiscal year.
CAMDEN PROPERTY TRUST (CPT) has a return on equity (ROE) of 8.5%. This indicates moderate shareholder returns.
CAMDEN PROPERTY TRUST (CPT) has a 5-year average gross margin of 25.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for CAMDEN PROPERTY TRUST (CPT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CAMDEN PROPERTY TRUST (CPT) has a book value per share of $40.25, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects operating conditions to improve over the course of 2026, with modest acceleration in the second half as new supply deliveries decline significantly from peak 2024 levels and existing inventory is absorbed. The company anticipates a "hockey stick" ramp in the latter part of 2026 as supply pressures moderate, followed by steady but strong growth in 2027 comparable to post-financial crisis recovery patterns. Camden is pursuing approximately $1 billion in acquisitions from planned California portfolio sales proceeds, with three additional development land sites planned for 2026 to create shareholder value, while maintaining disciplined capital allocation and a strong balance sheet with leverage metrics within long-term targeted ranges. Management remains focused on maximizing pricing power and occupancy as market conditions normalize, with particular optimism regarding Sun Belt markets where demand fundamentals remain strong despite near-term supply headwinds.
Based on recent SEC filings and earnings calls, CAMDEN PROPERTY TRUST (CPT) has provided the following forward guidance: Core FFO per share: $6.60–$6.90 (FY2026); Same-store revenue growth: 75 basis points (FY2026); Same-store expense growth: 3% (FY2026); Same-store NOI growth: -50 basis points (FY2026).