# Camden Property Trust (CPT.US)

Canonical: https://gigainvestors.com/s/CPT

Analysis as of: 2026-10-16T07:27:42.292Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $98.19 per share; close as of 2026-10-15.

Estimated value: low $60.45 per share, central $68.77 per share, high $79.84 per share. Buy at or below the central value $68.77 per share. Valuation as of 2026-10-16T07:27:42.292Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.13×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.26×

- FY2018: 0.25×

- FY2019: 0.24×

- FY2020: 0.20×

- FY2021: 0.20×

- FY2022: 0.18×

- FY2023: 0.21×

- FY2024: 0.19×

- FY2025: 0.18×

- LTM to Mar 2026: 0.18×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.7%

- ROIC, second-lowest year: 3.1%

- Typical minus recent gross margin: -0.2 pp

- Typical gross margin (annual median): 61.2%

- Recent gross margin (lower of latest and 3-year median): 61.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 35.3%

- ROIC including acquisitions, ten-year median: 4.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.6%

- FY2017: 4.3%

- FY2018: 3.9%

- FY2019: 4.1%

- FY2020: 3.4%

- FY2021: 3.1%

- FY2022: 3.0%

- FY2023: 3.8%

- FY2024: 3.6%

- FY2025: 3.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.34×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.6B

- Net income, five-year total: $1.9B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.5 pp

- Working capital / revenue, final three-year average: -14.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.20×

- FY2023: 1.41×

- FY2024: 2.15×

- FY2025: 1.44×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.3% vs 3.6%

- Per-share earnings: 2.79 to 3.55 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.9%

- Ordinary dilution, 5-year annual growth: 1.7%

- Market cap gain: $4.1B

- Cumulative retained earnings: -$680M

- Diluted shares, 10-year annual growth: 1.9%

- Diluted shares, 5-year annual growth: 1.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.1%

- Per-share value change: $0.76

- Per-share value, starting three-year median: $2.79

- Per-share value, ending three-year median: $3.55

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 1.0%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: $0

- Cumulative net income, 10 years: $3.4B

- ROIC, first three-year median: 4.3%

- ROIC, last three-year median: 3.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $9.12

- FY2017: $2.12

- FY2018: $1.64

- FY2019: $2.21

- FY2020: $1.25

- FY2021: $2.96

- FY2022: $6.03

- FY2023: $3.69

- FY2024: $1.50

- FY2025: $3.55

### accounting: pass

- Sloan accruals: -4.9%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.15×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 6.3%

- FY2017: -3.9%

- FY2018: -5.6%

- FY2019: -5.0%

- FY2020: -5.5%

- FY2021: -3.4%

- FY2022: -1.0%

- FY2023: -4.2%

- FY2024: -6.9%

- FY2025: -4.9%

## Holders

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 45% since Dec 2021 · sales +0%

Story as of 2026-10-16T09:58:33.851Z; price observation 2026-10-15.

Price needs cash profits to grow 5.4% a year for ten years

- 2025-08-01: Camden Property Trust signals 4%–5% rent growth in 2026–2027 as Sunbelt supply declines ([seekingalpha.com](https://seekingalpha.com/news/4476881-camden-property-trust-signals-4-percent-5-percent-rent-growth-in-2026-2027-as-sunbelt-supply?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-11-07: Camden's Q3 FFO Beat, Revenues Up Y/Y, '25 View Raised ([finance.yahoo.com](https://finance.yahoo.com/news/camdens-q3-ffo-beat-revenues-124300567.html))

- 2026-02-08: Camden Property Trust (CPT) Valuation After Earnings Beat Sunbelt Shift And $600 Million Buyback ([finance.yahoo.com](https://finance.yahoo.com/news/camden-property-trust-cpt-valuation-190434256.html))

### Sales · FY2025–2026

sales +0%; source https://www.sec.gov/Archives/edgar/data/906345/000162828026007697/cpt-20251231.htm; observed 2026-02-12.

- FY2017: $901M 

- FY2018: $955M 

- FY2019: $1.0B 

- FY2020: $1.0B 

- FY2021: $1.1B 

- FY2022: $1.4B 

- FY2023: $1.5B 

- FY2024: $1.5B 

- FY2025: $1.6B 

- FY2026: $1.6B 

### Gross margin · FY2025

gross margin 61.4%; source https://www.sec.gov/Archives/edgar/data/906345/000162828026007697/cpt-20251231.htm; observed 2026-02-12.

- FY2016: 61.2% 

- FY2017: 60.2% 

- FY2018: 60.9% 

- FY2019: 61.4% 

- FY2020: 59.5% 

- FY2021: 60.8% 

- FY2022: 62.8% 

- FY2023: 62.1% 

- FY2024: 61.2% 

- FY2025: 61.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 1.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/906345/000162828026007697/cpt-20251231.htm (filed 2026-02-12); FY2025: revenue 1573544000; grossProfit 966308000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 61.2% to 62.1% during 2023–25; it earns 3.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: grossProfit / revenue = 62.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: grossProfit / revenue = 61.2%.

- Source: https://www.sec.gov/Archives/edgar/data/906345/000162828026007697/cpt-20251231.htm (filed 2026-02-12); FY2025: grossProfit / revenue = 61.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on capital observations [[2016,0.04586615737369798],[2017,0.04333414364310979],[2018,0.03876818023103896],[2019,0.04061450022206007],[2020,0.033525720537787344],[2021,0.031483960157030484],[2022,0.030050965688262772],[2023,0.03804447737235429],[2024,0.035905115644812656],[2025,0.03471613468904264]]; median 0.03697479650858347. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 63% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/906345/000162828026007697/cpt-20251231.htm (filed 2026-02-12); Gross margin observations: [[2021,0.6083588014883021],[2022,0.6280472547646961],[2023,0.6210552733512448]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 270.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2016: growth capex 0; upkeep 342952000; owner earnings 727017000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2017: growth capex 35112000; upkeep 263974000; owner earnings 196422000. Growth capex / owner earnings = 0.1787579802669762.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2018: growth capex 58284000; upkeep 300946000; owner earnings 156128000. Growth capex / owner earnings = 0.37330907972945276.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2019: growth capex 71284000; upkeep 336274000; owner earnings 219623000. Growth capex / owner earnings = 0.3245743842857988.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2020: growth capex 57338907.9035123; upkeep 369908092.0964877; owner earnings 121164907.9035123. Growth capex / owner earnings = 0.47323031804863175.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2021: growth capex 8022000; upkeep 420692000; owner earnings 303907000. Growth capex / owner earnings = 0.0263962330581395.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2022: growth capex 0; upkeep 449431000; owner earnings 781202000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: growth capex 0; upkeep 410934000; owner earnings 567188000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: growth capex 0; upkeep 393735000; owner earnings 351572000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/906345/000162828026007697/cpt-20251231.htm (filed 2026-02-12); FY2025: growth capex 0; upkeep 440402000; owner earnings 555085000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,663363000],[2017,280761000],[2018,298005000],[2019,317253000],[2020,333360000],[2021,343039000],[2022,396822000],[2023,434875000],[2024,450965000],[2025,460950000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/906345/000162828026007697/cpt-20251231.htm (filed 2026-02-12); FY2025: cash repurchases 270654000 USD.

### Are managers owners

Insiders own 1.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CPT.US SharesStats.PercentInsiders = 1.465 percentage points; cache date 2026-10-16.

### What could break it

"Short-term leases could expose us to the effects of declining market rents." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/906345/000162828026007697/cpt-20251231.htm (filed 2026-02-12); Short-term leases could expose us to the effects of declining market rents.

### What the price says

The price assumes cash profits grow 5.4% yearly over ten years; actual growth was 6.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Ten-year compound average after fade. Initial solved rate 0.06390685202096524. Price 98.19; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.7859537378478043 → FY2025 5.119104708855156. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $81.44 per share

- 2016-11: $78.71 per share

- 2016-12: $84.07 per share

- 2017-01: $83.57 per share

- 2017-02: $84.65 per share

- 2017-03: $80.46 per share

- 2017-04: $82.33 per share

- 2017-05: $83.31 per share

- 2017-06: $85.51 per share

- 2017-07: $89.70 per share

- 2017-08: $89.48 per share

- 2017-09: $91.45 per share

- 2017-10: $91.24 per share

- 2017-11: $91.28 per share

- 2017-12: $92.06 per share

- 2018-01: $86.56 per share

- 2018-02: $79.71 per share

- 2018-03: $84.18 per share

- 2018-04: $85.40 per share

- 2018-05: $88.00 per share

- 2018-06: $91.13 per share

- 2018-07: $92.59 per share

- 2018-08: $95.06 per share

- 2018-09: $93.57 per share

- 2018-10: $90.27 per share

- 2018-11: $95.16 per share

- 2018-12: $88.05 per share

- 2019-01: $96.95 per share

- 2019-02: $98.09 per share

- 2019-03: $101.50 per share

- 2019-04: $100.65 per share

- 2019-05: $103.36 per share

- 2019-06: $104.39 per share

- 2019-07: $103.71 per share

- 2019-08: $108.25 per share

- 2019-09: $111.01 per share

- 2019-10: $114.37 per share

- 2019-11: $111.55 per share

- 2019-12: $106.10 per share

- 2020-01: $112.43 per share

- 2020-02: $105.98 per share

- 2020-03: $79.24 per share

- 2020-04: $88.07 per share

- 2020-05: $91.57 per share

- 2020-06: $91.22 per share

- 2020-07: $90.81 per share

- 2020-08: $90.94 per share

- 2020-09: $88.98 per share

- 2020-10: $92.24 per share

- 2020-11: $98.83 per share

- 2020-12: $99.92 per share

- 2021-01: $102.15 per share

- 2021-02: $104.15 per share

- 2021-03: $109.91 per share

- 2021-04: $120.48 per share

- 2021-05: $125.38 per share

- 2021-06: $132.67 per share

- 2021-07: $149.39 per share

- 2021-08: $150.04 per share

- 2021-09: $147.47 per share

- 2021-10: $163.10 per share

- 2021-11: $165.21 per share

- 2021-12: $178.68 per share

- 2022-01: $160.09 per share

- 2022-02: $165.11 per share

- 2022-03: $166.20 per share

- 2022-04: $156.89 per share

- 2022-05: $143.49 per share

- 2022-06: $134.48 per share

- 2022-07: $141.10 per share

- 2022-08: $128.51 per share

- 2022-09: $119.45 per share

- 2022-10: $115.55 per share

- 2022-11: $120.33 per share

- 2022-12: $111.88 per share

- 2023-01: $123.21 per share

- 2023-02: $114.76 per share

- 2023-03: $104.84 per share

- 2023-04: $110.05 per share

- 2023-05: $104.47 per share

- 2023-06: $108.87 per share

- 2023-07: $109.09 per share

- 2023-08: $107.62 per share

- 2023-09: $94.58 per share

- 2023-10: $84.88 per share

- 2023-11: $90.26 per share

- 2023-12: $99.29 per share

- 2024-01: $93.84 per share

- 2024-02: $94.48 per share

- 2024-03: $98.40 per share

- 2024-04: $99.68 per share

- 2024-05: $102.65 per share

- 2024-06: $109.11 per share

- 2024-07: $110.75 per share

- 2024-08: $125.20 per share

- 2024-09: $123.53 per share

- 2024-10: $115.79 per share

- 2024-11: $125.80 per share

- 2024-12: $116.04 per share

- 2025-01: $113.71 per share

- 2025-02: $124.06 per share

- 2025-03: $122.30 per share

- 2025-04: $113.80 per share

- 2025-05: $117.49 per share

- 2025-06: $112.69 per share

- 2025-07: $109.20 per share

- 2025-08: $111.98 per share

- 2025-09: $106.78 per share

- 2025-10: $99.48 per share

- 2025-11: $106.34 per share

- 2025-12: $110.08 per share

- 2026-01: $109.05 per share

- 2026-02: $108.34 per share

- 2026-03: $97.66 per share

- 2026-04: $105.02 per share

- 2026-05: $106.56 per share

- 2026-06: $114.49 per share

- 2026-07: $110.81 per share

- 2026-08: $105.80 per share

- 2026-09: $96.73 per share

- 2026-10: $98.19 per share

## Annual estimated value (USD per share)

- FY2016: low $44.93 per share, central $50.63 per share, high $58.22 per share

- FY2017: low $33.78 per share, central $38.24 per share, high $43.82 per share

- FY2018: low $24.01 per share, central $27.30 per share, high $31.68 per share

- FY2019: low $24.69 per share, central $28.09 per share, high $32.61 per share

- FY2020: low $28.52 per share, central $31.90 per share, high $36.40 per share

- FY2021: low $34.03 per share, central $40.97 per share, high $46.85 per share

- FY2022: low $33.14 per share, central $40.94 per share, high $47.76 per share

- FY2023: low $46.72 per share, central $57.68 per share, high $66.96 per share

- FY2024: low $41.32 per share, central $47.01 per share, high $54.60 per share

- FY2025: low $55.95 per share, central $63.67 per share, high $73.94 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:33:22.580Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/906345/000162828026007697/cpt-20251231.htm); period 2025-12-31, filed 2026-02-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.