CDP vs KRC: COPT Defense Properties and Kilroy Realty compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Kilroy Realty is the larger company, worth $3.9B, close to COPT Defense Properties's $3.9B.
- Kilroy Realty grew revenue faster over the last year (+2.7% vs -45.7%).
- On earnings, Kilroy Realty is the cheaper stock (18.2x vs 24.4x).
- COPT Defense Properties's price assumes faster free cash flow growth: about -0% a year, against -6% for Kilroy Realty (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CDP | KRC |
|---|---|---|
| Market cap | $3.9B | $3.9B |
| Share price | $33.48 | $34.25 |
| Revenue (last fiscal year) | $42M | $19M |
| Free cash flow (last fiscal year) | $289M | $450M |
| Revenue growth, last year | -45.7% | +2.7% |
| Revenue growth per year, last 5 fiscal years | -21.0% | +33.3% |
| Operating margin | -1599.1% | — |
| Net margin | 534.3% | 1134.4% |
| Return on equity | 11.2% | 4.1% |
| P/E (trailing) | 24.4x | 18.2x |
| Price / free cash flow | 15.3x | — |
| EV / EBITDA | 14.7x | 11.5x |
| FCF growth the price implies | -0.27% | -6.1% |
| Dividend yield | 3.7% | 6.4% |
| Debt / equity | 1.90x | 1.00x |
| Fundamental grade | C | D |
| Superinvestors holding it | 1 | 3 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
COPT Defense Properties
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $108M | $219M | -359.6% |
| 2022 | $155M | $229M | -260.6% |
| 2023 | $60M | $256M | -1145.1% |
| 2024 | $76M | $300M | -614.7% |
| 2025 | $42M | $289M | -1168.1% |
Kilroy Realty
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6M | $396M | — |
| 2022 | $11M | $499M | — |
| 2023 | $12M | $505M | — |
| 2024 | $18M | $441M | — |
| 2025 | $19M | $450M | — |
Where the revenue comes from
COPT Defense Properties · by segments, 2025
Defense/IT Portfolio$647M90%
Other$75M10%
Kilroy Realty · by products, 2019
Rental$826M99%
Other property income$11M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CDP in InvestinglyQuestions
Which is bigger, COPT Defense Properties or Kilroy Realty?
Kilroy Realty (KRC), at $3.9B against $3.9B.
Is CDP or KRC cheaper?
By trailing P/E, Kilroy Realty (18.2x) is cheaper than COPT Defense Properties (24.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, CDP or KRC?
Kilroy Realty: revenue grew +2.7% over the last year, against -45.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.