CDP Stock Analysis: COPT Defense Properties | NYSE
REIT - Office | NYSE, USA | Market Cap: 4.089m USD | 12M Return: 20.4% | US22002T1088 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 24.9M
EPS Trend: -20.7%
Qual. Beats: 0
Rev. Trend: 92.9%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.6 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) that owns, operates, and develops properties located near key U.S. Government defense installations. As an S&P MidCap 400 company in the Office REITs sub-industry, 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 high-security facilities. As of March 31, 2026, the companys Defense/IT Portfolio comprised 201 properties (including 24 held through unconsolidated joint ventures) totaling 23.2 million square feet, with a 96.4% leased rate. The company was incorporated in 1988 and is headquartered in Columbia, Maryland. As a REIT, COPT is generally required to distribute a substantial portion of its taxable income to shareholders in the form of dividends, and its specialized focus on government-adjacent real estate typically results in longer lease durations and a more stable cash flow profile compared to the broader office REIT sector.
- Defense budget growth supports tenant demand and rental escalations
- Same-property NOI growth driven by 96% portfolio occupancy
- Interest rate movements pressure FFO multiples and capital costs
| Net Income: 164.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA -1.36 > 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 (426.1m): 6.32 < 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 September 05, 2026, the stock is trading at USD 35.16 with a total of 537,101 shares traded. Over the past week, the price has changed by -3.91%, over one month by -7.01%, over three months by +10.53% and over the past year by +20.40%.
Current recommended Stop Loss: 34.00 (which is 3.3% or 1.5 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 | 40.6 | 15.6% |
P/E Trailing = 24.6853
P/E Forward = 38.1679
P/S = 5.2126
P/B = 2.636
P/EG = 1.0246
Revenue TTM = 784.2m USD
EBIT TTM = 258.2m USD
EBITDA TTM = 426.1m 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 = 6.78b USD (4.09b + Debt 2.72b - CCE 24.2m)
Interest Coverage Ratio = 2.76 (Ebit TTM 258.2m / Interest Expense TTM 93.7m)
EV/FCF = 29.74x (Enterprise Value 6.78b / FCF TTM 228.1m)
FCF Yield = 3.36% (FCF TTM 228.1m / Enterprise Value 6.78b)
FCF Margin = 29.08% (FCF TTM 228.1m / 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 = 1.50 (Enterprise Value 6.78b / 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 = 6.32 (Net Debt 2.69b / EBITDA 426.1m)
Debt / FCF = 11.81 (Net Debt 2.69b / FCF TTM 228.1m)
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 = 4.83% (E(4.09b)/V(6.81b) * Re(5.76%) + D(2.72b)/V(6.81b) * Rd(3.45%) * (1-Tc(0.01)))
Discount Rate = 5.76% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 74.82 | Cagr: 0.33%
[DCF] Terminal Value 73.10% ; FCFF base≈246.8m ; Y1≈216.4m ; Y5≈174.8m
[DCF] Fair Price = 1.00 (EV 2.81b - Net Debt 2.69b = Equity 113.6m / Shares 113.4m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
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=-25% | GrowthEPS=+7.9% | GrowthRev=+3.2%
EPS next Year (2027-12-31): EPS=1.46 | Chg30d=+4.29% | Revisions=-25% | GrowthEPS=+6.8% | GrowthRev=+3.2%
[Analyst] Revisions Ratio: -50% (up=0, down=3)