CDP Stock Analysis: COPT Defense Properties | NYSE
REIT - Office | NYSE, USA | Market Cap: 4.218m USD | 12M Return: 39.6% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 39.4M
EPS Trend: -27.6%
Qual. Beats: 0
Rev. Trend: 92.3%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 10.5 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: 156.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA 0.14 > 1.0 |
| NWC/Revenue: -10.94% < 20% (prev 9.22%; Δ -20.16% < -1%) |
| CFO/TA 0.08 > 3% & CFO 359.3m > Net Income 156.1m |
| Net Debt (2.61b) to EBITDA (420.4m): 6.20 < 3 |
| Current Ratio: 0.80 > 1.5 & < 3 |
| Outstanding Shares: last quarter (113.6m) vs 12m ago 0.49% < -2% |
| Gross Margin: 31.91% > 18% (prev 35.43%; Δ -3.52% > 0.5%) |
| Asset Turnover: 17.84% > 50% (prev 17.60%; Δ 0.24% > 0%) |
| Interest Coverage Ratio: 2.83 > 6 (EBIT TTM 255.2m / Interest Expense TTM 90.2m) |
| A: -0.02 (Total Current Assets 333.1m - Total Current Liabilities 418.0m) / Total Assets 4.46b |
| B: -0.22 (Retained Earnings -986.7m / Total Assets 4.46b) |
| C: 0.06 (EBIT TTM 255.2m / Avg Total Assets 4.35b) |
| D: 0.53 (Book Value of Equity 1.51b / Total Liabilities 2.87b) |
| Altman-Z'' = 0.10 = B |
| DSRI: 1.01 (Receivables 304.5m/290.3m, Revenue 776.7m/747.9m) |
| GMI: 1.11 (GM 35.43% / 31.91%) |
| AQI: 1.02 (AQ_t 0.91 / AQ_t-1 0.90) |
| SGI: 1.04 (Revenue 776.7m / 747.9m) |
| TATA: -0.05 (NI 156.1m - CFO 359.3m) / TA 4.46b) |
| Beneish M = -2.88 (Cap -4..+1) = A |
As of July 18, 2026, the stock is trading at USD 37.59 with a total of 685,672 shares traded. Over the past week, the price has changed by +2.93%, over one month by +14.05%, over three months by +16.72% and over the past year by +39.60%.
Current recommended Stop Loss: 36.60 (which is 2.6% or 1.4 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 | 36.3 | -3.6% |
P/E Trailing = 26.6569
P/E Forward = 38.1679
P/S = 5.3888
P/B = 2.7259
P/EG = 1.0246
Revenue TTM = 776.7m USD
EBIT TTM = 255.2m USD
EBITDA TTM = 420.4m USD
Long Term Debt = 2.22b USD (from longTermDebt, last quarter)
Short Term Debt = 52.3m USD (from shortTermDebt, last quarter)
Debt = 2.63b USD (from shortLongTermDebtTotal, last quarter) + Leases 43.8m
Net Debt = 2.61b USD (calculated: Debt 2.63b - CCE 28.6m)
Enterprise Value = 6.82b USD (4.22b + Debt 2.63b - CCE 28.6m)
Interest Coverage Ratio = 2.83 (Ebit TTM 255.2m / Interest Expense TTM 90.2m)
EV/FCF = 25.37x (Enterprise Value 6.82b / FCF TTM 268.9m)
FCF Yield = 3.94% (FCF TTM 268.9m / Enterprise Value 6.82b)
FCF Margin = 34.62% (FCF TTM 268.9m / Revenue TTM 776.7m)
Net Margin = 20.10% (Net Income TTM 156.1m / Revenue TTM 776.7m)
Gross Margin = 31.91% ((Revenue TTM 776.7m - Cost of Revenue TTM 528.9m) / Revenue TTM)
Gross Margin QoQ = 59.41% (prev 14.12%)
Tobins Q-Ratio = 1.53 (Enterprise Value 6.82b / Total Assets 4.46b)
Interest Expense / Debt = 3.42% (Interest Expense 90.2m / Debt 2.63b)
Taxrate = 0.58% (968k / 167.4m)
NOPAT = 253.7m (EBIT 255.2m * (1 - 0.58%))
Current Ratio = 0.62 (Total Current Assets 333.1m / Total Current Liabilities 535.0m)
Debt / Equity = 1.74 (Debt 2.63b / totalStockholderEquity, last quarter 1.51b)
Debt / EBITDA = 6.20 (Net Debt 2.61b / EBITDA 420.4m)
Debt / FCF = 9.69 (Net Debt 2.61b / FCF TTM 268.9m)
Total Stockholder Equity = 1.51b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.59% (Net Income 156.1m / Total Assets 4.46b)
RoE = 10.35% (Net Income TTM 156.1m / Total Stockholder Equity 1.51b)
RoCE = 6.85% (EBIT 255.2m / Capital Employed (Equity 1.51b + L.T.Debt 2.22b))
RoIC = 5.73% (NOPAT 253.7m / Invested Capital 4.43b)
WACC = 5.10% (E(4.22b)/V(6.85b) * Re(6.16%) + D(2.63b)/V(6.85b) * Rd(3.42%) * (1-Tc(0.01)))
Discount Rate = 6.16% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 78.18 | Cagr: 0.37%
[DCF] Terminal Value 76.37% ; FCFF base≈261.5m ; Y1≈278.7m ; Y5≈332.7m
[DCF] Fair Price = 22.11 (EV 5.11b - Net Debt 2.61b = Equity 2.51b / Shares 113.4m; r=8.35% [WACC [floored]]; 5y FCF grow 7.43% → 2.50% )
EPS Correlation: -27.60 | EPS CAGR: -5.62% | SUE: 0.08 | # QB: 0
Revenue Correlation: 92.32 | Revenue CAGR: 4.66% | SUE: 0.20 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.32 | Chg30d=+0.00% | Revisions=+0% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.33 | Chg30d=+0.00% | Revisions=-25% | Analysts=1
EPS current Year (2026-12-31): EPS=1.33 | Chg30d=+0.00% | Revisions=-25% | GrowthEPS=-0.4% | GrowthRev=+3.9%
EPS next Year (2027-12-31): EPS=1.40 | Chg30d=+0.00% | Revisions=-25% | GrowthEPS=+6.8% | GrowthRev=+3.4%
[Analyst] Revisions Ratio: -50% (up=0, down=3)