COPT Defense Properties (CDP) is a publicly traded company in the Real Estate — REIT - Office industry listed on NYSE. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
COPT is a Real Estate Investment Trust (REIT) that focuses on the ownership, management, leasing, development, and strategic acquisition of office and data center assets. The majority of its portfolio is dedicated to serving the United States Government and its contractors, particularly those engaged in national security, defense, and information technology (IT) operations, which the company identifies as growing, resilient, and high-priority missions.
Is COPT Defense Properties stock overvalued or undervalued in 2026?
COPT Defense Properties (CDP) trades at 23.6× earnings (P/E). At its 10-year average P/FFO (11.8×) $33 (-4 %).
Kaplio overview: COPT Defense Properties
Market cap $4B · 52 weeks $27 – $38 (13 % below the high) · P/E 23.6× · 2027 expected P/E 23.2× · Dividend 3.7 % · 3 years rising · Next earnings October 29, 2026 · expected EPS $0.35 · Closing price, Oct 29 · accounts published Jul 27.
- Valuation: P/FFO 12.3× (expensive).
- Business: FFO/dividend 2.3× (solid).
- Balance sheet: Net debt/EBITDA 6.2× (watch).
- Earnings: 5 of 8 (no verdict).
What would it be worth at its usual multiples?
At its 10-year average P/FFO (11.8×) $33 (-4 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
What matters in REITs: 3 of 5 pass
- P/FFO 12.3×, fails.
- Net debt / EBITDA 6.2×, borderline.
- Dividend coverage (FFO/div) 2.3×, passes.
- Debt / Assets 59.8 %, passes, near the threshold.
- FFO Payout (proxy) 40.8 %, passes.
- FFO / Share $2.79, info.
Against its peers (reference peers) — COPT Defense Properties: P/B 2.5×; Div. yield 3.7 %; EV/EBITDA 15.2×; $3.9B. Highwoods Properties, Inc. (P/B 1.4×; Div. yield 6.6 %; EV/EBITDA 11.0×; $3.4B), Vornado Realty Trust (P/B 1.1×; Div. yield 2.1 %; EV/EBITDA 15.9×; $6.6B), Rayonier Inc. REIT (P/B 0.6×; Div. yield 12.8 %; EV/EBITDA 26.5×; $5.7B).
Expensive or cheap against its last ten fiscal years?
Precio / FFO (aprox.) at each close: today 12.3× · median 12.1× · minimum 9.3× · maximum 14.3× · cheap below 10.8× · expensive above 12.6×. It has been cheaper than today 60% of the time over its last ten fiscal years.
Dividend
solid · Yield 3.7 % ($1.21 per share in 2025) · Years raising it 3 · 5-year growth +2 % a year · Free cash flow coverage FFO payout 41 % · With $1,000 invested today you'd collect $36.90 a year ($3.07 a month).
Profitability
| Return on Equity | 10.82% |
| Return on Invested Capital | 5.24% |
| Return on Assets | 3.63% |
| Gross Margin | 37.63% |
| Operating Margin | 30.33% |
| Net Margin | 20.92% |
Financial Health
| Debt / Equity | 1.75 |
| Current Ratio | 6.85 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 0.70 |
Price Performance
| 1 month | -2.36% |
| 3 months | -11.83% |
| Year-to-date | +20.40% |
| 1 year | +21.75% |
| 3 years | +45.97% |
| 5 years | +23.41% |
| 10 years | +25.40% |
Dividend History
Paid in the last 12 months: $1.2650 per share in 4 payments.
| Date | Amount |
|---|---|
| 2026-09-30 | $0.3200 |
| 2026-06-30 | $0.3200 |
| 2026-03-31 | $0.3200 |
| 2025-12-31 | $0.3050 |
| 2025-09-30 | $0.3050 |
| 2025-06-30 | $0.3050 |
| 2025-03-31 | $0.3050 |
| 2024-12-31 | $0.2950 |
| 2024-09-30 | $0.2950 |
| 2024-06-28 | $0.2950 |
Amounts adjusted for stock splits.
Related companies: PSA · VNO · OUT · RYN · HIW
Explore sector: Real Estate · REIT - Office
More sections of CDP: Financials · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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