MeritValue

CAMDEN PROPERTY TRUST

CPTdata completeness 88%18 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'pretaxIncome'

The thesis, from the filings

CAMDEN PROPERTY TRUST earns about 8% on equity, but has diluted owners by 5% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $36.74 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$10.5M1$5.19M2$3.45M3$7.14M3$13M3
Net income$303.9M4$653.6M5$403.3M6$163.3M6$384.5M6
Operating cash flow$577.5M7$744.7M8$795M9$774.9M9$826.6M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$3.17B10$3.68B11$3.72B12$3.49B13$3.9B14
Cash & equivalents$613.4M15$10.7M16$259.7M17$21M17$25.2M17
Diluted shares102.8M108.4M109.4M108.5M108.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$402.32
your share of equity
Profit it earned you last year
$35.46
Free cash flow it threw off
—
Debt you’d be carrying
$359.74

10 shares is a claim on $402.32 of net worth that earned you $35.46 last year, against $359.74 of debt.

iii. Is this a good business?
Moat signal · return on equity
8% avg · 5y
FY21 7%FY22 13%FY23 8%FY24 3%FY25 9%

It earned an average 8% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+5% shares · 5y

Share count is up 5% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 23% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$36.74
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$384.5M
  • growthAssumed0.0%
Graham Number
$56.61
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000906345-24-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000906345-25-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-007697 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000906345-24-000007 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000906345-25-000008 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-007697 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000906345-24-000007 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000906345-25-000008 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-007697 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000906345-22-000009 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0000906345-23-000008 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0000906345-24-000007 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0000906345-25-000008 (LongTermDebt)
  14. 10-K · period ending 2025-12-31 · accession 0001628280-26-007697 (LongTermDebt)
  15. 10-K · period ending 2021-12-31 · accession 0000906345-24-000007 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0000906345-25-000008 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001628280-26-007697 (CashAndCashEquivalentsAtCarryingValue)