CDP Stock Analysis: COPT Defense Properties | NYSE
REIT - Office | NYSE, USA | Market Cap: 3.856m USD | 12M Return: 22.3% | US22002T1088 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 29.5M
EPS Trend: -20.7%
Qual. Beats: 0
Rev. Trend: 92.9%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
COPT Defense Properties (NYSE: CDP) is a self-managed real estate investment trust (REIT) and member of the S&P MidCap 400 that specializes in owning, operating, and developing properties clustered around major U.S. Government defense installations and missions. Its tenant base consists primarily of the U.S. Government and its defense contractors engaged in priority national security activities, whose operations typically demand mission-critical and enhanced-security facilities. As of June 30, 2026, the companys Defense/IT Portfolio comprised 202 properties (including 24 held through unconsolidated joint ventures), totaling 23.3 million square feet with a 96.4% leased rate. The company was incorporated in 1988, is headquartered in Columbia, Maryland, and has traded publicly since 1991.
As an Office REIT within the Real Estate sector, COPT operates a niche-focused business model that differentiates it from typical commercial office landlords by concentrating on a single, creditworthy tenant category-the U.S. Government and its contractors-which generally provides longer lease terms and stable occupancy compared with the broader office market. Like all REITs, the company is structured to benefit from tax-advantaged pass-through income treatment in exchange for distributing the majority of taxable earnings to shareholders.
- Defense/IT Portfolio occupancy holds above 96% leased
- Federal defense spending growth boosts leasing demand
- Development pipeline expansion near USG installations accelerates
| Net Income: 164.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA -2.30 > 1.0 |
| NWC/Revenue: 36.36% < 20% (prev 4.49%; Δ 31.87% < -1%) |
| CFO/TA 0.10 > 3% & CFO 458.9m > Net Income 164.1m |
| Net Debt (2.69b) to EBITDA (427.0m): 6.31 < 3 |
| Current Ratio: 6.85 > 1.5 & < 3 |
| Outstanding Shares: last quarter (113.6m) vs 12m ago 0.37% < -2% |
| Gross Margin: 37.63% > 18% (prev 36.03%; Δ 1.60% > 0.5%) |
| Asset Turnover: 17.82% > 50% (prev 17.50%; Δ 0.31% > 0%) |
| Interest Coverage Ratio: 2.76 > 6 (EBIT TTM 258.2m / Interest Expense TTM 93.7m) |
| A: 0.06 (Total Current Assets 333.8m - Total Current Liabilities 48.7m) / Total Assets 4.52b |
| B: -0.22 (Retained Earnings -976.6m / Total Assets 4.52b) |
| C: 0.06 (EBIT TTM 258.2m / Avg Total Assets 4.40b) |
| D: 0.53 (Book Value of Equity 1.53b / Total Liabilities 2.91b) |
| Altman-Z'' = 0.65 = B |
| DSRI: 1.01 (Receivables 309.7m/294.4m, Revenue 784.2m/750.4m) |
| GMI: 0.96 (GM 36.03% / 37.63%) |
| AQI: 1.02 (AQ_t 0.92 / AQ_t-1 0.90) |
| SGI: 1.04 (Revenue 784.2m / 750.4m) |
| TATA: -0.07 (NI 164.1m - CFO 458.9m) / TA 4.52b) |
| Beneish M = -3.02 (Cap -4..+1) = AA |
As of October 21, 2026, the stock is trading at USD 33.31 with a total of 830,716 shares traded. Over the past week, the price has changed by -0.72%, over one month by -2.76%, over three months by -10.00% and over the past year by +22.30%.
Current recommended Stop Loss: 32.30 (which is 3% or 1.6 ATR below the current price).
COPT Defense Properties has received a consensus analysts rating of 4.25. Therefore, it is recommended to buy CDP.
- StrongBuy: 5
- Buy: 0
- Hold: 3
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 39.8 | 19.3% |
P/E Trailing = 23.1181
P/E Forward = 38.1679
P/S = 4.8936
P/B = 2.5484
P/EG = 1.0246
Revenue TTM = 784.2m USD
EBIT TTM = 258.2m USD
EBITDA TTM = 427.0m USD
Long Term Debt = 2.18b USD (from longTermDebt, last quarter)
Short Term Debt = 48.7m USD (from shortTermDebt, last quarter)
Debt = 2.72b USD (from shortLongTermDebtTotal, last quarter) + Leases 42.5m
Net Debt = 2.69b USD (calculated: Debt 2.72b - CCE 24.2m)
Enterprise Value = 6.55b USD (3.86b + Debt 2.72b - CCE 24.2m)
Interest Coverage Ratio = 2.76 (Ebit TTM 258.2m / Interest Expense TTM 93.7m)
EV/FCF = 35.25x (Enterprise Value 6.55b / FCF TTM 185.8m)
FCF Yield = 2.84% (FCF TTM 185.8m / Enterprise Value 6.55b)
FCF Margin = 23.69% (FCF TTM 185.8m / Revenue TTM 784.2m)
Net Margin = 20.92% (Net Income TTM 164.1m / Revenue TTM 784.2m)
Gross Margin = 37.63% ((Revenue TTM 784.2m - Cost of Revenue TTM 489.1m) / Revenue TTM)
Gross Margin QoQ = 60.18% (prev 59.41%)
Tobins Q-Ratio = 1.45 (Enterprise Value 6.55b / Total Assets 4.52b)
Interest Expense / Debt = 3.45% (Interest Expense 93.7m / Debt 2.72b)
Taxrate = 0.50% (885k / 175.6m)
NOPAT = 256.9m (EBIT 258.2m * (1 - 0.50%))
Current Ratio = 2.03 (Total Current Assets 333.8m / Total Current Liabilities 164.4m)
Debt / Equity = 1.78 (Debt 2.72b / totalStockholderEquity, last quarter 1.53b)
Debt / EBITDA = 6.31 (Net Debt 2.69b / EBITDA 427.0m)
Debt / FCF = 14.49 (Net Debt 2.69b / FCF TTM 185.8m)
Total Stockholder Equity = 1.52b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.73% (Net Income 164.1m / Total Assets 4.52b)
RoE = 10.82% (Net Income TTM 164.1m / Total Stockholder Equity 1.52b)
RoCE = 6.98% (EBIT 258.2m / Capital Employed (Equity 1.52b + L.T.Debt 2.18b))
RoIC = 5.72% (NOPAT 256.9m / Invested Capital 4.49b)
WACC = 4.59% (E(3.86b)/V(6.57b) * Re(5.40%) + D(2.72b)/V(6.57b) * Rd(3.45%) * (1-Tc(0.01)))
Discount Rate = 5.40% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 74.82 | Cagr: 0.33%
[DCF] Terminal Value 73.10% ; FCFF base≈221.4m ; Y1≈194.1m ; Y5≈156.9m
[DCF] Fair Price = N/A (negative equity: EV 2.52b - Net Debt 2.69b = -174.9m; debt exceeds intrinsic value)
EPS Correlation: -20.72 | EPS CAGR: -4.29% | SUE: 0.12 | # QB: 0
Revenue Correlation: 92.90 | Revenue CAGR: 4.78% | SUE: 0.23 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.35 | Chg30d=+6.06% | Revisions=-25% | Analysts=1
EPS current Year (2026-12-31): EPS=1.45 | Chg30d=+8.32% | Revisions=+50% | GrowthEPS=+7.9% | GrowthRev=+2.9%
EPS next Year (2027-12-31): EPS=1.46 | Chg30d=+4.29% | Revisions=-25% | GrowthEPS=+6.8% | GrowthRev=+3.2%
[Analyst] Revisions Ratio: +12% (up=3, down=2)