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COPT Defense Properties

CDP Real Estate Reit Office

COPT Defense Properties' revenue for fiscal 2025 (year ended December 2025) was $763.9 million, up 1.41% from fiscal 2024.

Revenue
+10.6%
EPS
+10.8%
Free cash flow
+76.9%
Total debt
+5.57%

Quarter to September 2026, against a year earlier

32.77 0.42 +1.30%
Market cap
$7.3B
P/E
22.1×
Fwd P/E
21.9×
Dividend yield
3.86%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

COPT Defense Properties (CDP) valuation and DCF model

What the price implies · reverse DCF

At $32.77 the price implies FFO a share growing −1.8% a year for ten years.

FFO a share grew −0.6% a year over the last ten years, 11.5% over the last five. The price asks for 1.2 points a year less than its ten-year rate. The industry’s median company is priced for 3.3%.

In December 2017 the price assumed 1.4% a year; COPT Defense Properties went on to grow FFO a share 3.1% a year to FY2025.

FFO a share is worked out from COPT Defense Properties’s 10-Ks and 10-Qs: net income, plus the depreciation of its property and impairments, less gains on property sales.

Price implies
−1.8%
Last 5 years, reported
11.5%
Last 10 years, reported
−0.6%
Industry median implies
3.3%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
−1.8% a year for ten years
$32.77
today’s price
Its base case
−0.6% a year for five years, then −0.3%
$36.06
10.0% above today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record COPT Defense Properties’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing −1.8% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against COPT Defense Properties’s own cost of capital: risk-free 4.3% + beta 0.80 × equity premium 4.5% = 7.9% cost of equity; weighted, 7.9%.

Use 7.9%
Base case value per share $36.06 ten years discounted, and what follows
Current price $32.77 market price per share
Above today’s price 10.0% upside at the base case’s assumptions

How we got there$17.88 10 years of FFO+$18.18 terminal value=$36.06 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Office).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 22.14× 25.16× 28.24× 22% below 28.35× 22% below
P/FCF 19.43× 17.64× 26.84× 28% below 13.95× 39% above
P/B 2.32× 2.03× 1.90× 22% above 0.82× 182% above
EV/EBITDA 14.79× 23.09× 19.68× 25% below 12.41× 19% above
EV/Sales 7.78× 7.46× 7.69× 1% above 6.90× 13% above
P/FFO 11.48× 10.90× 12.87× 11% below — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
12.48×40.92×69.36×97.81×10Y avg 26.84×201620172018202120222023202420252026

CDP trades at 19.43× P/FCF, against a 10-year average of 26.84× (range 7.77×–106.70×). That is cheaper than 50% of the last 8 year-end readings; re-rating to the average implies $45.27 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.