A Business at a Glance
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COPT Defense Properties (“COPT Defense”) and subsidiaries (collectively, the “Company”, “we” or “us”) is a fully-integrated and self-managed real estate investment trust (“REIT”) focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S. Government (“USG”) defense installations and missions (which we refer to herein as our Defense/IT Portfolio). Our tenants include the USG and its defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. Our property portfolio is predominantly comprised of office properties and single-tenant data center shells. As of December 31, 2025, our Defense/IT Portfolio included: •201 operating properties totaling 23.2 million square feet. We owned 24 of these properties totaling 4.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 764M | 764M | 753M | 685M | 739M | 664M |
| Net Income | 152M | 152M | 138M | -75M | 172M | 76M |
| EPS | $1.34 | $1.34 | $1.23 | $-0.67 | $1.53 | $0.68 |
| Free Cash Flow | 289M | 289M | 300M | 256M | 229M | 219M |
| ROIC | 5.9% | 6.1% | 5.8% | -0.1% | 6.0% | 3.7% |
| Gross Margin | 47.8% | 47.8% | 45.5% | 7.2% | 38.1% | 41.4% |
| Debt/Equity | 1.83 | 1.83 | 1.60 | 1.63 | 1.33 | 1.40 |
| Dividends/Share | $1.21 | $1.22 | $1.18 | $1.14 | $1.10 | $1.10 |
| Operating Income | 239M | 239M | 221M | -2.9M | 234M | 142M |
| Operating Margin | 31.3% | 31.3% | 29.3% | -0.4% | 31.7% | 21.3% |
| ROE | 10.0% | 10.1% | 9.3% | -4.7% | 10.4% | 4.6% |
| Shares Outstanding | 113M | 113M | 113M | 111M | 113M | 112M |
COPT DEFENSE PROPERTIES passes 2 of 9 quality checks, indicating weak fundamentals.
COPT DEFENSE PROPERTIES trades at 24.0x trailing earnings, compared to its 15-year median P/E of 23.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 12.6x vs a median of 10.9x. The company's 5-year average ROIC is 4.3% with a gross margin of 36.0%. Total shareholder yield (dividends) is 3.8%. At current prices, the estimated annualized return to fair value is +7.2%.
COPT DEFENSE PROPERTIES (CDP) has a current P/E ratio of 24.0, compared to its historical median P/E of 23.2. The stock is currently considered Fair based on its historical valuation range.
COPT DEFENSE PROPERTIES (CDP) has a 5-year average return on invested capital (ROIC) of 4.3%. This is below average and may indicate limited pricing power.
COPT DEFENSE PROPERTIES (CDP) has a market capitalization of $3.6B. It is classified as a mid-cap stock.
Yes, COPT DEFENSE PROPERTIES (CDP) pays a dividend with a trailing twelve-month yield of 3.76%. The company also returns capital through share buybacks, with a buyback yield of 0.04%.
Based on historical P/E analysis, COPT DEFENSE PROPERTIES (CDP) appears fair. The current P/E of 24.0 is 3% above its historical median of 23.2. The estimated fair value CAGR (P/E method) is 2.7%.
COPT DEFENSE PROPERTIES (CDP) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
COPT DEFENSE PROPERTIES (CDP) reported annual revenue of $764 million in its most recent fiscal year, based on SEC EDGAR filings.
COPT DEFENSE PROPERTIES (CDP) has a net profit margin of 19.9%. This is a healthy margin.
COPT DEFENSE PROPERTIES (CDP) generated $289 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
COPT DEFENSE PROPERTIES (CDP) has a debt-to-equity ratio of 1.83. This indicates higher leverage, which may increase financial risk.
COPT DEFENSE PROPERTIES (CDP) reported earnings per share (EPS) of $1.34 in its most recent fiscal year.
COPT DEFENSE PROPERTIES (CDP) has a return on equity (ROE) of 10.1%. This indicates moderate shareholder returns.
COPT DEFENSE PROPERTIES (CDP) has a 5-year average gross margin of 36.0%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for COPT DEFENSE PROPERTIES (CDP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
COPT DEFENSE PROPERTIES (CDP) has a book value per share of $13.38, based on its most recent annual SEC filing.