CDP vs VNO: COPT Defense Properties and Vornado Realty Trust compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Vornado Realty Trust is the larger company, worth $6.8B, about 1.8 times COPT Defense Properties.
- Vornado Realty Trust grew revenue faster over the last year (+4.7% vs -45.7%).
- Vornado Realty Trust keeps more of each dollar of revenue as operating profit (48.3% vs -1599.1%).
- On earnings, Vornado Realty Trust is the cheaper stock (9.1x vs 24.4x).
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 | VNO |
|---|---|---|
| Market cap | $3.9B | $6.8B |
| Share price | $33.48 | $33.78 |
| Revenue (last fiscal year) | $42M | $1.8B |
| Free cash flow (last fiscal year) | $289M | — |
| Revenue growth, last year | -45.7% | +4.7% |
| Revenue growth per year, last 5 fiscal years | -21.0% | +3.3% |
| Operating margin | -1599.1% | 48.3% |
| Net margin | 534.3% | 3.7% |
| Return on equity | 11.2% | 1.2% |
| P/E (trailing) | 24.4x | 9.14x |
| Price / free cash flow | 15.3x | 5.43x |
| EV / EBITDA | 14.7x | 16.1x |
| FCF growth the price implies | -0.27% | — |
| Dividend yield | 3.7% | 2.1% |
| Debt / equity | 1.90x | 1.54x |
| 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% |
Vornado Realty Trust
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.6B | — | 49.8% |
| 2022 | $1.8B | — | 51.4% |
| 2023 | $1.8B | — | 50.0% |
| 2024 | $1.8B | — | 48.1% |
| 2025 | $1.8B | — | 49.2% |
Where the revenue comes from
COPT Defense Properties · by segments, 2025
Defense/IT Portfolio$647M90%
Other$75M10%
Vornado Realty Trust · by segments, 2025
New York$1.5B82%
Other$334M18%
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 Vornado Realty Trust?
Vornado Realty Trust (VNO), at $6.8B against $3.9B.
Is CDP or VNO cheaper?
By trailing P/E, Vornado Realty Trust (9.14x) is cheaper than COPT Defense Properties (24.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, CDP or VNO?
Vornado Realty Trust: revenue grew +4.7% 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.