Symbols / CDP Stock $32.11 +0.60% COPT Defense Properties

Real Estate • REIT - Office • United States • NYQ
CDP (Stock) Chart
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Stock Fundamentals
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Index EQUITY
Sector Real Estate
Industry REIT - Office
CEO Mr. Stephen E. Budorick
Exch · Country NYQ · United States
Market Cap 3.71B
Enterprise Value 6.23B
Income 151.69M
Sales 766.73M
FCF (ttm) 251.04M
Book/sh 13.43
Cash/sh 2.44
Employees 430
Insider 10d —
IPO Dec 31, 1991
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 91.04%
P/E 23.96
Forward P/E 22.61
PEG 1.02
P/S 4.84
P/B 2.39
P/C —
EV/EBITDA 15.70
EV/Sales 8.13
Quick Ratio 0.95
Current Ratio 1.06
Debt/Eq 177.19
LT Debt/Eq —
EPS (ttm) 1.34
EPS next Y 1.42
EPS Growth 6.90%
Revenue Growth 7.60%
EPS Gr Q/Q 6.80%
Rev Gr Q/Q —
Earnings (next) 2026-04-27
Earnings (prior) 2026-02-05
ROA 3.25%
ROE 10.13%
ROIC —
Gross Margin 57.76%
Oper. Margin 29.64%
Profit Margin 19.87%
Shs Outstand 113.38M
Shs Float 112.03M
Insider Own 0.28%
Instit Own 107.16%
Short Float 7.40%
Short Ratio 6.77
Short Interest 6.17M
52W High 32.96
vs 52W High -2.58%
52W Low 25.21
vs 52W Low 27.37%
Beta 0.88
Impl. Vol. 3.13%
Rel Volume 0.49
Avg Volume 1.14M
Volume 564.73K
Target (mean) $35.38
Tgt Median $35.50
Tgt Low $33.00
Tgt High $38.00
# Analysts 8
Recom Buy
Prev Close $31.92
Price $32.11
Change 0.60%
About

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 December 31, 2025, the Company's Defense/IT Portfolio of 201 properties, including 24 owned through unconsolidated joint ventures, encompassed 23.2 million square feet and was 96.5% leased. COPT Defense Properties was incorporated in 1988 in Maryland.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$35.38
Mean price target
2. Current target
$32.11
Latest analyst target
3. DCF / Fair value
$39.86
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$32.11
Low
$33.00
High
$38.00
Mean
$35.38

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-03-03 main Truist Securities Hold → Hold $33
2026-02-10 main Citigroup Neutral → Neutral $34
2026-02-09 main Cantor Fitzgerald Overweight → Overweight $37
2026-01-27 main Jefferies Buy → Buy $34
2025-12-15 main Evercore ISI Group Outperform → Outperform $34
2025-12-15 main Truist Securities Hold → Hold $31
2025-11-25 main Wells Fargo Overweight → Overweight $33
2025-10-13 main Jefferies Buy → Buy $33
2025-10-01 init Cantor Fitzgerald — → Overweight $35
2025-09-29 main Evercore ISI Group Outperform → Outperform $35
2025-09-17 main JP Morgan Neutral → Neutral $33
2025-09-15 main Evercore ISI Group Outperform → Outperform $36
2025-05-19 main Wells Fargo Overweight → Overweight $30
2025-03-17 init Jefferies — → Buy $31
2025-01-02 main Jefferies Buy → Buy $35
2024-12-04 main Truist Securities Hold → Hold $33
2024-11-27 main BTIG Buy → Buy $38
2024-10-30 main Evercore ISI Group Outperform → Outperform $36
2024-09-11 main Wells Fargo Overweight → Overweight $32
2024-09-04 main JP Morgan Neutral → Neutral $31
News
RSS: Latest CDP news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-03-03 DENTON ROBERT L Director — 2,000 $32.16 $64,320
2026-02-27 MIFSUD ANTHONY Chief Financial Officer — 8,149 $0.00 $0
2026-02-27 MYERS MATTHEW T Officer — 2,390 $0.00 $0
2026-02-27 SNIDER BRITT A. Chief Operating Officer — 11,203 $0.00 $0
2026-02-23 HAWKINS PHILIP L Director — 5,536 $32.71 $181,100
2026-02-10 DENTON ROBERT L Director — 2,000 $32.34 $64,680
2025-12-23 DENTON ROBERT L Director — 500 $28.14 $14,070
2025-12-03 DENTON ROBERT L Director — 1,500 $29.87 $44,805
2025-11-03 DENTON ROBERT L Director — 2,500 $28.35 $70,875
2025-09-25 DENTON ROBERT L Director — 1,000 $29.27 $29,270
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
763.92
+1.41%
753.27
+9.97%
684.98
-7.31%
739.03
Operating Revenue
763.92
+1.41%
753.27
+9.97%
684.98
-7.31%
739.03
Cost Of Revenue
485.71
-1.46%
492.91
+8.63%
453.75
-12.51%
518.62
Reconciled Cost Of Revenue
485.71
-1.46%
492.91
+8.63%
453.75
-12.51%
518.62
Gross Profit
278.21
+6.85%
260.36
+12.60%
231.23
+4.91%
220.41
Operating Expense
47.84
+1.71%
47.04
+9.98%
42.77
+9.69%
38.99
Selling General And Administration
47.84
+1.71%
47.04
+9.98%
42.77
+9.69%
38.99
General And Administrative Expense
47.84
+1.71%
47.04
+9.98%
42.77
+9.69%
38.99
Other Gand A
47.84
+1.71%
47.04
+9.98%
42.77
+9.69%
38.99
Total Expenses
533.55
-1.18%
539.94
+8.75%
496.52
-10.96%
557.61
Operating Income
230.37
+7.99%
213.32
+13.19%
188.46
+3.88%
181.42
Total Operating Income As Reported
—
—
—
—
EBITDA
409.42
+6.62%
384.02
+158.11%
148.78
-58.03%
354.46
Normalized EBITDA
406.14
+5.76%
384.02
+9.04%
352.18
+4.87%
335.82
Reconciled Depreciation
163.70
+4.93%
156.01
+3.05%
151.40
+5.43%
143.59
EBIT
245.72
+7.77%
228.00
+8812.38%
-2.62
-101.24%
210.87
Total Unusual Items
3.28
0.00
+100.00%
-203.41
-1191.17%
18.64
Total Unusual Items Excluding Goodwill
3.28
0.00
+100.00%
-203.41
-1191.17%
18.64
Special Income Charges
-0.07
0.00
+100.00%
-252.80
-41410.18%
-0.61
Other Special Charges
0.07
—
—
0.61
Impairment Of Capital Assets
0.00
0.00
-100.00%
252.80
0.00
Write Off
—
—
—
—
Net Income
152.31
+9.64%
138.93
+289.10%
-73.47
-142.46%
173.03
Pretax Income
160.48
+11.27%
144.23
+295.54%
-73.76
-149.27%
149.70
Net Non Operating Interest Income Expense
-75.98
-9.34%
-69.49
-18.67%
-58.55
-12.38%
-52.10
Interest Expense Non Operating
85.24
+1.75%
83.77
+17.75%
71.14
+16.29%
61.17
Net Interest Income
-75.98
-9.34%
-69.49
-18.67%
-58.55
-12.38%
-52.10
Interest Expense
85.24
+1.75%
83.77
+17.75%
71.14
+16.29%
61.17
Interest Income Non Operating
12.17
-28.35%
16.99
+34.99%
12.59
+38.78%
9.07
Interest Income
12.17
-28.35%
16.99
+34.99%
12.59
+38.78%
9.07
Other Income Expense
6.09
+1434.01%
0.40
+100.19%
-203.67
-1099.15%
20.38
Gain On Sale Of Security
3.35
—
49.39
+156.58%
19.25
Gain On Sale Of Business
—
—
—
0.00
Tax Provision
0.95
+228.82%
0.29
-51.02%
0.59
+31.54%
0.45
Tax Rate For Calcs
0.00
+195.49%
0.00
-99.05%
0.00
+6932.82%
0.00
Tax Effect Of Unusual Items
0.02
0.00
+100.00%
-42.72
-76838.69%
0.06
Net Income Including Noncontrolling Interests
159.53
+10.83%
143.94
+293.61%
-74.35
-141.58%
178.82
Net Income From Continuing Operation Net Minority Interest
152.31
+9.64%
138.93
+289.10%
-73.47
-151.21%
143.46
Net Income From Continuing And Discontinued Operation
152.31
+9.64%
138.93
+289.10%
-73.47
-142.46%
173.03
Net Income Continuous Operations
159.53
+10.83%
143.94
+293.61%
-74.35
-149.81%
149.25
Net Income Discontinuous Operations
—
0.00
0.00
-100.00%
29.57
Minority Interests
-7.22
-44.01%
-5.01
-670.96%
0.88
+115.16%
-5.79
Normalized Income
149.05
+7.29%
138.93
+59.28%
87.22
-30.15%
124.87
Net Income Common Stockholders
152.31
+9.64%
138.93
+289.10%
-73.47
-142.46%
173.03
Diluted EPS
1.34
+8.94%
1.23
+283.58%
-0.67
-143.79%
1.53
Basic EPS
1.35
+9.12%
1.24
+288.90%
-0.65
-142.42%
1.54
Basic Average Shares
112.52
+0.20%
112.30
+0.11%
112.18
+0.09%
112.07
Diluted Average Shares
113.30
+0.36%
112.90
+0.64%
112.18
-0.39%
112.62
Diluted NI Availto Com Stockholders
152.31
+9.64%
138.93
+289.10%
-73.47
-142.46%
173.03
Earnings From Equity Interest
2.81
+606.80%
0.40
+252.11%
-0.26
-114.97%
1.74
Earnings From Equity Interest Net Of Tax
—
—
-0.26
-114.97%
1.74
Provision For Doubtful Accounts
—
—
—
0.27
Total Other Finance Cost
2.91
+7.46%
2.71
+4.96%
2.58
+12.32%
2.30
Line Item Trend 2023-12-31
Total Assets
4,246.97
Current Assets
529.55
Cash Cash Equivalents And Short Term Investments
167.82
Cash And Cash Equivalents
167.82
Receivables
279.69
Accounts Receivable
198.18
Gross Accounts Receivable
198.85
Allowance For Doubtful Accounts Receivable
-0.67
Receivables Adjustments Allowances
-2.38
Other Receivables
—
Loans Receivable
6.87
Prepaid Assets
—
Restricted Cash
—
Assets Held For Sale Current
0.00
Other Current Assets
82.04
Total Non Current Assets
3,717.41
Net PPE
41.30
Gross PPE
41.30
Properties
0.00
Machinery Furniture Equipment
—
Leases
41.30
Goodwill And Other Intangible Assets
—
Other Intangible Assets
—
Investments And Advances
41.05
Long Term Equity Investment
41.05
Other Investments
—
Non Current Deferred Assets
70.06
Non Current Deferred Taxes Assets
—
Other Non Current Assets
61.33
Total Liabilities Net Minority Interest
2,699.63
Current Liabilities
305.42
Payables And Accrued Expenses
165.96
Payables
165.96
Accounts Payable
133.31
Dividends Payable
32.64
Current Debt And Capital Lease Obligation
75.00
Current Debt
75.00
Current Deferred Liabilities
64.46
Current Deferred Revenue
64.46
Total Non Current Liabilities Net Minority Interest
2,394.21
Long Term Debt And Capital Lease Obligation
2,375.22
Long Term Debt
2,341.29
Long Term Capital Lease Obligation
33.93
Defined Pension Benefit
—
Other Non Current Liabilities
19.00
Stockholders Equity
1,483.91
Common Stock Equity
1,483.91
Capital Stock
1.13
Common Stock
1.13
Share Issued
112.56
Ordinary Shares Number
112.56
Treasury Shares Number
0.00
Additional Paid In Capital
2,489.99
Retained Earnings
-1,009.32
Gains Losses Not Affecting Retained Earnings
2.12
Minority Interest
63.42
Other Equity Adjustments
2.12
Total Equity Gross Minority Interest
1,547.34
Total Capitalization
3,825.20
Working Capital
224.13
Invested Capital
3,900.20
Total Debt
2,450.22
Net Debt
2,248.47
Capital Lease Obligations
33.93
Net Tangible Assets
1,483.91
Tangible Book Value
1,483.91
Derivative Product Liabilities
—
Financial Assets
—
Investment Properties
3,503.68
Investments In Other Ventures Under Equity Method
—
Investmentsin Joint Venturesat Cost
41.05
Line Of Credit
75.00
Notes Receivable
77.02
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
309.93
-6.35%
330.95
+19.79%
276.27
+3.93%
265.82
Cash Flow From Continuing Operating Activities
309.93
-6.35%
330.95
+19.79%
276.27
+3.93%
265.82
Net Income From Continuing Operations
159.53
+10.83%
143.94
+293.61%
-74.35
-141.58%
178.82
Depreciation Amortization Depletion
163.70
+4.93%
156.01
+3.05%
151.40
+5.43%
143.59
Depreciation And Amortization
163.70
+4.93%
156.01
+3.05%
151.40
+5.43%
143.59
Other Non Cash Items
4.75
-73.16%
17.68
+472.45%
-4.75
-22.69%
-3.87
Stock Based Compensation
11.69
+11.97%
10.44
+22.23%
8.54
-2.79%
8.79
Asset Impairment Charge
0.00
0.00
-100.00%
252.80
0.00
Operating Gains Losses
-3.28
—
-49.39
-3.30%
-47.81
Gain Loss On Investment Securities
-3.35
—
-49.39
-3.30%
-47.81
Change In Working Capital
-26.45
-1020.14%
2.88
+136.05%
-7.98
+41.76%
-13.70
Change In Receivables
-15.94
-345.24%
6.50
+215.66%
-5.62
-130.62%
-2.44
Changes In Account Receivables
-15.94
-345.24%
6.50
+215.66%
-5.62
-130.62%
-2.44
Change In Prepaid Assets
—
—
-4.85
-327.75%
2.13
Change In Payables And Accrued Expense
0.56
+113.61%
-4.09
-40.90%
-2.90
+73.98%
-11.14
Change In Payable
0.56
+113.61%
-4.09
-40.90%
-2.90
+73.98%
-11.14
Change In Account Payable
0.56
+113.61%
-4.09
-40.90%
-2.90
+73.98%
-11.14
Change In Other Working Capital
-11.07
-2491.79%
0.46
-14.58%
0.54
+567.24%
-0.12
Investing Cash Flow
-289.74
+0.44%
-291.01
-71.56%
-169.62
-103.25%
-83.46
Cash Flow From Continuing Investing Activities
-289.74
+0.44%
-291.01
-71.56%
-169.62
-103.25%
-83.46
Capital Expenditure
-21.07
+32.78%
-31.34
-52.89%
-20.50
+43.65%
-36.38
Capital Expenditure Reported
-21.07
+32.78%
-31.34
-52.89%
-20.50
+43.65%
-36.38
Net Investment Purchase And Sale
—
—
—
-0.62
Net Business Purchase And Sale
—
—
—
0.00
Gain Loss On Sale Of Business
—
—
—
0.00
Net Other Investing Changes
-26.26
-132.73%
-11.28
-45.21%
-7.77
+72.27%
-28.02
Financing Cash Flow
216.54
+227.63%
-169.67
-466.75%
46.26
+125.26%
-183.18
Cash Flow From Continuing Financing Activities
216.54
+227.63%
-169.67
-466.75%
46.26
+125.26%
-183.18
Net Issuance Payments Of Debt
371.74
+1339.83%
-29.98
-116.53%
181.42
+518.67%
-43.33
Issuance Of Debt
924.46
+1116.39%
76.00
-87.89%
627.38
-35.79%
977.00
Repayment Of Debt
-552.72
-421.51%
-105.98
+76.23%
-445.95
+56.29%
-1,020.33
Long Term Debt Issuance
924.46
+1116.39%
76.00
-87.89%
627.38
-35.79%
977.00
Long Term Debt Payments
-552.72
-421.51%
-105.98
+76.23%
-445.95
+56.29%
-1,020.33
Net Long Term Debt Issuance
371.74
+1339.83%
-29.98
-116.53%
181.42
+518.67%
-43.33
Short Term Debt Issuance
—
—
291.00
-65.85%
852.00
Short Term Debt Payments
—
—
-427.00
+40.45%
-717.00
Net Short Term Debt Issuance
—
—
-136.00
-200.74%
135.00
Net Common Stock Issuance
—
—
—
—
Common Stock Dividend Paid
-136.60
-3.61%
-131.84
-3.67%
-127.18
-2.86%
-123.64
Cash Dividends Paid
-136.60
-3.61%
-131.84
-3.67%
-127.18
-2.86%
-123.64
Repurchase Of Capital Stock
—
—
—
0.00
Net Other Financing Charges
-18.60
-136.93%
-7.85
+1.63%
-7.98
+50.74%
-16.20
Changes In Cash
236.73
+282.49%
-129.73
-184.84%
152.91
+19048.57%
-0.81
Beginning Cash Position
39.70
-76.57%
169.42
+926.25%
16.51
-4.66%
17.32
End Cash Position
276.43
+596.35%
39.70
-76.57%
169.42
+926.25%
16.51
Free Cash Flow
288.87
-3.59%
299.61
+17.14%
255.77
+11.47%
229.45
Common Stock Issuance
—
—
—
—
Dividends Received CFI
21.81
+1720.28%
1.20
+10.11%
1.09
-95.91%
26.63
Issuance Of Capital Stock
—
—
—
—
Net Investment Properties Purchase And Sale
-264.22
-5.87%
-249.58
-75.22%
-142.44
-211.81%
-45.68
Net Preferred Stock Issuance
—
—
—
0.00
Preferred Stock Payments
—
—
—
0.00
Purchase Of Investment Properties
-269.22
-7.87%
-249.58
+24.81%
-331.95
-1.59%
-326.75
Sale Of Business
—
—
—
0.00
Sale Of Investment Properties
5.00
0.00
-100.00%
189.51
-32.58%
281.07
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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