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COPT Defense Properties CDP

Growth Flags show if company had growth for consecutive years

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Get access to target analyst prices, predictions, compound annual growth rates and more than four years of historical data.

Insider Decisions

Total sells
1.33
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy
Sell 1 2
Insider Ownership
0.00%

Capital & Financial Ratios

Market Cap
7,810.00
Revenue
784.18
Net Income
171.84
Free Cash Flow
160.07
Net Debt
2,568.28
Current Ratio
2.89
Debt/Equity
1.64
P/E ratio
23.88
P/S ratio
4.95
P/B ratio
2.45
Past 5Y EPS Growth
(6.46%)
This Y EPS Growth
7.87%
Next Y EPS Growth
2.15%
Next 5Y EPS Growth
6.16%
in millions of $

Dividends

Payout Ratio
0.67
Annual Dividend Rate
1.14
Annual Dividend Yield
5.00%
total individual payouts
2028 ‡‡‡‡‡
2027 ‡‡‡‡
2026 1.28
2025 1.22
2024 1.18
2023 1.14
2022 1.10
2021 1.10
2020 1.10
2019 1.10
2018 1.10
2017 1.10
2016 1.10
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 167.82 38.28 274.99 24.16
Receivables 279.70 273.35 305.96 309.67
Inventory
Other
447.52 311.64 580.95 333.82
2023 2024 2025 Q'26
Payables 133.32 126.03 147.20 115.67
ST’ Debt
Other
133.32 126.03 147.20 115.67
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 200.64 197.39
’25 187.86 189.92 188.80 197.36
763.92
’24 193.27 187.34 189.23 183.43
753.27
’23 167.50 169.20 168.56 179.73
684.98
’22 195.48 185.80 182.50 175.25
739.03
’21 154.39 157.21 166.92 185.93
664.45
’20 145.80 144.77 154.77 137.02
582.35
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 96.41 91.06
’25 72.08 87.90 68.64 81.32
309.93
’24 70.99 93.84 65.05 101.08
330.96
’23 58.75 82.17 68.72 66.64
276.27
’22 52.71 86.01 48.41 78.69
265.83
’21 40.67 97.34 61.89 49.25
249.15
’20 62.22 74.32 22.50 79.38
238.42
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 35.62 52.61
’25 37.19 29.74 30.89 40.95
138.77
’24 31.06 66.82 2.61 66.82
167.31
’23 176.79 8.24 3.02 12.90
200.95
’22 181.74 34.90 (31.99) 79.10
263.75
’21 (16.75) 158.25 (4.10) (13.04)
124.36
’20 (30.58) (18.24) (76.55) 102.56
(22.81)
in millions of $

EPS

Mar Jun Sep Dec Year
’26 0.34 0.40
’25 0.31 0.34 0.37 0.33
1.34
’24 0.29 0.31 0.32 0.31
1.23
’23 0.70 0.27 (1.94) 0.30
(0.67)
’22 0.52 0.29 0.27 0.45
1.53
’21 (0.06) 0.38 0.24 0.12
0.68
’20 0.21 0.21 (0.29) 0.73
0.87

Target Price Range

High
‡‡‡‡‡
‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡

Recommendation Rating

1.8
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 22.22 21.59 22.20 23.92
Low Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 29.64 28.69 34.22 31.24
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 395 410 427 430
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.87 1.67 1.76 1.78
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 739.03 684.98 753.27 763.92 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 48.93% 55.50% 54.96% 57.60%
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 149.70 (73.76) 144.23 160.48
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 20.26% (10.77%) 19.15% 21.01% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 178.82 (74.35) 143.94 159.53 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 148.33 156.97 162.83 170.96
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.59 6.11 6.71 6.79 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡‡ ‡‡‡‡ ‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ 1.53 (0.67) 1.24 1.34 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.37 2.46 2.95 2.75
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.02) (0.67) (1.46) (1.52) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.35 1.79 1.49 1.23
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 15.36 13.58 13.68 13.88
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 112.07 112.18 112.30 112.52 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 16.79 0.00 25.16 20.59 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3.92 4.24 4.61 4.09 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.68 1.91 2.26 2.00 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.95 7.53 7.74 7.36 ‡‡‡‡ ‡‡‡ ‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 19.47 25.65 34.85 40.51
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 265.83 276.27 330.96 309.93 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (2.08) (75.33) (163.65) (171.16)
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 263.75 200.95 167.31 138.77
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 107.44 314.20 185.61 433.75
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,250.79 2,416.29 2,391.76 2,767.83
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,238.46 2,248.47 2,353.47 2,492.85
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,721.46 1,523.76 1,536.59 1,562.17
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.06% (1.73%) 3.27% 3.40%
ROA
‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.86% (1.07%) 3.43% 3.55%
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 10.24% (4.53%) 9.08% 9.83%
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

COPT Defense Properties (CDP), a REIT specializing in mission-critical properties for the U.S. Department of Defense, intelligence agencies, and contractors, showcases resilience amid soaring defense budgets exceeding $850 billion annually. Revenue has compounded at a 5.2% CAGR from $574 million in 2016 to $753 million in 2023, with projections for 3.5% CAGR through 2026 to $809 million, driven by high occupancy (95%+ targeted) and stable 55% gross margins from long-term, inflation-linked government leases. Operational efficiency remains strong, with revenue per employee at $1.76 million, underscoring pricing power in a geopolitically charged environment.

Profitability has been volatile—peaking at $200 million net income in 2019 before a $74 million loss in 2023 due to impairments—but recovery signals abound, with 2024 EBT forecasted at $144 million and ROE rebounding to 9.1%. The balance sheet supports growth via $2.4 billion debt and rising working capital, bolstered by a strategic rebrand emphasizing 90%+ defense occupancy to sidestep office market woes. Stock metrics suggest undervaluation, with PS at 4.6x and analyst targets implying 11% mean upside (+20% high-end), correlated to EPS growth from $1.24 to $1.41 by 2026.

Forward models project 4-6% FCF growth funding 4-5% dividends, with Monte Carlo simulations showing 65% odds of hitting targets and 12-15% annualized returns (70% confidence) on earnings expansion and multiple relief. Tailwinds include the $886 billion 2024 NDAA, while risks like rate sensitivity loom—read the full analysis for statistical correlations, peer benchmarks, and Q1 2026 catalysts.

COPT Defense Properties (CDP) Latest News

News by impact score

Fine-tune

17 Sep

4 , 3:31 AM
COPT Defense Properties exceeds its internal leasing targets with continued strong demand for defense-related properties, supporting higher occupancy and revenue growth ahead of projections. Leasing ahead of targets directly improves occupancy rates, cash flow stability and investor outlook for COPT Defense Properties.

9 Sep

3 , 4:16 PM
COPT Defense Properties updated on leasing activity and capital commitments to new investments. Leasing activity and investment commitments directly affect occupancy rates and future revenue for the REIT.

29 Jul

4 , 3:08 AM
COPT Defense Properties beat earnings expectations and raised guidance, raising questions on whether the stock price already reflects these improvements. Earnings beats combined with raised guidance typically drive notable shifts in valuation and investor sentiment for the company.

28 Jul

4 , 7:01 PM
COPT Defense Properties reported strong growth and strategic progress during its Q2 2026 earnings call. Strong growth reported in earnings call signals major positive shifts in financial trajectory and investor outlook.

3 transcript www.marketbeat.com, 1:04 PM
COPT Defense Properties Q2 earnings call highlighted financial results, revenue figures, operational updates and defense sector outlook. Q2 earnings updates may moderately shift near-term investor sentiment on financial performance.

3 transcript app.moby.co, 8:30 AM
COPT Defense Properties Q2 2026 earnings call covered quarterly financial results, defense sector leasing updates, and forward guidance on revenue and occupancy. Quarterly earnings call supplies performance data and guidance that can shift near-term investor views on CDP without altering long-term trajectory.

27 Jul

3 , 5:35 PM
COPT Defense Properties (CDP) beat Q2 FFO and revenue estimates. Beating quarterly estimates can lift near-term investor sentiment and share price.

3 , 4:16 PM
COPT Defense Properties reported second quarter 2026 results. Quarterly results provide financial metrics that can shift near-term investor views on CDP performance.

13 May

4 Insider Monkey, 1:01 PM
Wall Street expresses bullish sentiment on COPT Defense Properties (CPOT) following Q1 2026 results. Bullish Wall Street reaction to Q1 2026 results signals major positive shift in investor sentiment and stock trajectory.

12 May

4 Zacks, 12:00 PM
Analysts upgraded COPT Defense Properties (CDP) to Buy rating, highlighting key factors for investors to consider amid positive outlook on its defense-focused real estate operations. Analyst upgrade to Buy signals major positive shift in investor sentiment and potential stock trajectory for CDP.

4 May

3 Zacks, 11:45 AM
COPT Defense Properties (CDP) stands out as a strong investment option due to its focus on properties near U.S. government defense installations, robust leasing, and attractive valuation metrics. Positive analyst endorsement highlights CDP's strategic positioning and growth potential, likely influencing investor sentiment moderately.

3 May

4 Simply Wall St., 8:17 PM
COPT Defense Properties raised its 2026 EPS guidance, reshaping its investment story with a more positive outlook. Higher 2026 EPS guidance signals stronger profitability ahead, significantly lifting investor sentiment and valuation trajectory.

29 Apr

4 , 3:08 AM
COPT Defense Properties (CDP) reported strong FFO growth and strategic advancements in Q1 2026 earnings call highlights. Strong FFO growth and strategic initiatives signal major positive shifts in financial performance and investor sentiment for CDP.

28 Apr

4 www.marketbeat.com, 4:29 PM
COPT Defense Properties released highlights from its Q1 earnings call, covering financial performance, portfolio updates, and future outlook for defense-related properties. Q1 earnings highlights detail financial results, leasing activity, and guidance that significantly influence CDP's valuation and investor sentiment.

3 app.moby.co, 8:30 AM
COPT Defense Properties released Q1 2026 earnings call summary highlighting financial results, occupancy rates, revenue growth, FFO guidance, and defense sector portfolio updates. Q1 2026 earnings details affect financial performance and investor sentiment but remain part of routine quarterly reporting.

27 Apr

4 , 5:30 PM
COPT Defense Properties (CDP) reported Q1 FFO and revenues surpassing analyst estimates. Exceeding Q1 FFO and revenue estimates demonstrates strong financial results, likely boosting investor sentiment and stock trajectory.

4 Business Wire, 4:16 PM
COPT Defense Properties reported first quarter 2026 results, highlighting key financial metrics and operational performance. Quarterly earnings releases significantly affect stock performance and investor perceptions of financial health.

11 Mar

4 , 6:12 PM
COPT Defense Properties (CDP) narrative shifts amid recent lease renewals and upward property valuation revisions, signaling stronger fundamentals and investor interest. Lease renewals and valuation increases directly enhance CDP's revenue stability and asset worth, significantly impacting future performance and market sentiment.

19 Feb

3 Business Wire, 4:16 PM
COPT Defense Properties (CDP) increases its quarterly dividend by 4.9%. A 4.9% quarterly dividend increase signals financial strength and positively influences investor sentiment and stock performance.

7 Feb

4 Simply Wall St., 11:15 PM
COPT Defense Properties secured a significant lease win at Fort Meade, enhancing its pipeline of future opportunities. This development has sparked discussions regarding the company's valuation and potential growth trajectory, as it aligns with increasing demand for defense-related real estate. Investors are closely monitoring how this lease impacts CDP's market position and financial performance moving forward. The lease win at Fort Meade is expected to significantly enhance COPT's growth prospects and investor sentiment.

6 Feb

4 GuruFocus.com, 6:01 PM
COPT Defense Properties (CDP) reported strong financial performance in Q4 2025, highlighting significant revenue growth and improved operational metrics. The company emphasized its strategic initiatives and investments in defense-related properties, which are expected to drive future growth. Management expressed confidence in sustaining this momentum, citing favorable market conditions and demand for specialized real estate in the defense sector. Strong financial performance and strategic initiatives indicate significant potential for future growth and market impact.

4 transcript www.marketbeat.com, 5:33 PM
COPT Defense Properties reported its Q4 earnings, highlighting strong financial performance driven by increased demand for defense-related properties. The company emphasized its strategic focus on expanding its portfolio to meet the needs of defense contractors. Key metrics showed growth in revenue and occupancy rates, reflecting a positive outlook for future operations. Management discussed ongoing projects and potential acquisitions aimed at enhancing their market position. Overall, the earnings call conveyed confidence in the company's ability to navigate market challenges and capitalize on opportunities in the defense sector. Strong financial performance and strategic expansion plans indicate significant future impact on the company's trajectory.

5 Feb

4 ZacksSimply Wall St.Simply Wall St.ZacksMT NewswiresZacksMT Newswires, 6:00 PM
COPT Defense Properties (CDP) reported stronger-than-expected fourth-quarter results, surpassing estimates for funds from operations (FFO) and revenue. The company attributed its performance to increased demand for its defense-related properties and strategic acquisitions. CDP's management expressed optimism about future growth prospects, citing a robust pipeline of projects and continued investment in defense infrastructure. The positive financial results reflect the company's strong positioning within the defense sector, which is expected to benefit from ongoing government spending and national security initiatives. Strong quarterly performance and positive outlook indicate significant potential for future growth and investor sentiment.

4 , 5:08 PM
COPT Defense Properties (CDP) reported its Q4 earnings, showcasing a notable increase in revenue and net income compared to the previous year. The company highlighted its strategic focus on defense-related properties, which contributed to its growth. Additionally, CDP announced plans for future investments aimed at expanding its portfolio and enhancing shareholder value. The earnings report reflects a positive outlook for the company as it navigates the evolving defense sector. The earnings report indicates significant growth and strategic investments that could alter the company's trajectory.

4 Business Wire, 4:18 PM
COPT Defense Properties (CDP) has established its guidance for 2026, outlining expectations for growth and performance in the coming years. The company aims to enhance its portfolio and capitalize on opportunities within the defense sector, indicating a strategic focus on expanding its market presence. CDP's projections reflect confidence in its operational capabilities and the overall demand for defense-related properties. The establishment of 2026 guidance indicates significant strategic planning and potential growth opportunities in the defense sector.

4 Business Wire, 4:17 PM
COPT Defense Properties (CDP) reported strong financial results for the full year 2025, highlighting significant growth in revenue and net income. The company attributed its success to increased demand for defense-related properties and strategic acquisitions. CDP's focus on enhancing its portfolio and expanding its footprint in key markets has positioned it favorably for future growth. The results reflect a robust operational performance and a positive outlook for the upcoming year. Strong financial results and strategic growth initiatives indicate a significant impact on future performance.

4 Business Wire, 4:16 PM
COPT Defense Properties (CDP) has signed a full building lease with a top 10 U.S. defense contractor at 400 National Business Parkway. This lease agreement is expected to enhance CDP's portfolio and strengthen its position in the defense sector, reflecting growing demand for specialized defense properties. The lease with a major defense contractor is likely to significantly impact CDP's future performance and investor sentiment.

15 Jan

4 Business WireSimply Wall St.ZacksZacksGuruFocus.comMT NewswiresInsider Monkey24/7 Wall St., 4:16 PM
COPT Defense Properties (CDP) has signed a build-to-suit lease for 236,000 square feet in its Maryland portfolio, further expanding its footprint in the defense and technology sectors. This lease is part of CDP's strategy to meet the growing demand for specialized facilities that support national defense initiatives. The lease represents a significant strategic move that enhances CDP's position in the defense sector and could positively influence future financial performance.

12 Jan

4 Simply Wall St., 4:09 AM
COPT Defense Properties (CDP) has seen a 7.1% increase in its stock price following the announcement of new mission-critical build-to-suit leases. These leases are expected to enhance the company's portfolio and strengthen its position in the defense real estate sector, reflecting growing demand for specialized properties that support national security operations. Securing new mission-critical leases is a significant strategic move that could enhance CDP's market position and financial performance.

4 Simply Wall St., 1:05 AM
COPT Defense Properties (CDP) has recently secured new defense leasing contracts and demonstrated strong performance in managing vacancies. These developments are expected to positively influence the company's valuation and market position, reflecting a robust demand for defense-related properties. Analysts are assessing the implications of these wins on CDP's future growth and financial stability. New defense leasing wins and effective vacancy management are likely to significantly enhance CDP's market position and financial performance.

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