COPT Defense Properties (CDP) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

COPT Defense Properties

NYSE•Real Estate•REIT - Office

$34.32-0.28(-0.01%)Pre-market

Market Cap

$3.88B

P/E

22.6x

P/S

4.9x

P/B

2.5x

COPT Defense Properties, an S&P MidCap 400 Company, is a self-managed REIT focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S. Government defense installations and missions (referred to as its Defense/IT Portfolio). The Company's tenants include the USG and their defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. As of June 30, 2026, the Company's Defense/IT Portfolio of 202 properties, including 24 owned through unconsolidated joint ventures, encompassed 23.3 million square feet and was 96.4% leased. COPT Defense Properties was incorporated in 1988 and is based in Columbia, United States.

How this company scores

GoodMetricSide Score: 74/100

Strongest: Profitability (23/25); weakest: Balance Sheet & Red Flags (12/25).

Profitability23/25

Growth16/25

Balance Sheet & Red Flags12/25

Cash & Earnings Quality23/25

Strengths

Strong marginsCash-backed earningsConsistent free cash flowProfit converts from growth

No red flags in the last 8 quarters.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 22.6x5y range 13.1x – 38.9x

Currently near its 16-quarter median.

P/S · 4.9x5y range 3.5x – 4.9x

Currently near its 20-quarter median.

P/B · 2.5x5y range 1.5x – 2.5x

Price & Volume

Market Cap $3.88B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $784.18M
Q. Revenue: $197.39M
TTM EBITDA: $631.15M
TTM Op. Income: $463.28M
Q. Op. Income: $120.83M
TTM Net Income: $171.84M
Q. Net Income: $48.56M
EPS: $0.41
Shares Out.: $112.87M

$784.18M in TTM revenue grew 4.5% YoY, reaching $197.39M last quarter. TTM EBITDA of $631.15M and TTM operating income of $463.28M show growth is flowing through to the bottom line. TTM net income of $171.84M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 3 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 82.6%
Op. Margin: 61.2%
Net Margin: 24.6%

Op. margin of 61.2% is up 1.7% YoY — cost efficiency is improving. Net margin at 24.6% Over the past year, operating margin is up 3% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 22.6x
P/S Ratio: 4.9x
P/B Ratio: 2.5x

At 22.6x P/E, the stock trades within typical market levels. P/S of 4.9x and P/B of 2.5x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $4.52B
Cash: $24.16M
Long-Term Debt: $2.59B
Book Value: $1.53B
D/E Ratio: 1.7
Debt/EBITDA: 15.9

With $4.52B in assets and $2.59B in long-term debt, D/E is 1.7and book value is $1.53B — moderate leverage. Over the past year, debt/equity is up 4% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $91.06M
TTM Free Cash Flow: $318.37M
FCF Margin: 40.6%
FCF / Net Income: 1.9

TTM FCF of $318.37M on $91.06M in operating cash flow. The FCF / Net Income ratio of 1.9x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.