| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | 1 | — | — | 2 | — | — | — | — |
| 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 |
—
—
—
—
|
| 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 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| 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
|
| 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
|
| 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)
|
| 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
|
| 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
|
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.
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