CDP Real Estate

COPT Defense Properties

$33.03-0.51%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Real Estate
Industry: REIT - Office
Country: United States
Market cap: 3.8B USD
Enterprise value: 6.3B USD
Full-time employees: 430

Overall health

Drawback: more debt relative to equity (1.70× vs a peer median of 0.80×)more debt vs equity (1.70× vs peers 0.80×)
About average: growth, valuation and risk (debt, liquidity and share-price swings)growth, valuation and risk

Ranks #255 of 632 real estate companies (top 41%)

See how it ranks against its peers

Worth knowing

Profit is backed by cash. Free cash flow is 185% of reported profit.
COPT Defense Properties's free cash flow is 185% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

StockQuotient Score

55/ 100

Oct 5 55 → Nov 4 55

Valuation

Is the price right?

59/100

Moderate▲ 2 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 57 → 59

Share price -2.7%+3
Company's reported figures updated-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Helped by:

▲ EBITDA yield
▲ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield4.6%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.16Sector median: 0.0535 · MAD: 0.0484

EBITDA yield6.4%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score 0.52Sector median: 0.0536 · MAD: 0.0204

Free cash flow yield8.5%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.45Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield40.8%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

53/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth13.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.09Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth4.1%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.05Sector median: 0.0378 · MAD: 0.0744

Revenue growth4.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.17Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

66/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROA
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin30.2%

Yahoo Finance fallback · SEC operating income not reported in standard form · fiscal year to Dec 2025Reported value33% base weight · Z-score 0.15Sector median: 0.2683 · MAD: 0.2257

Return on assets3.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.26Sector median: 0.0211 · MAD: 0.0134

Return on invested capital4.8%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score 0.72Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin58.3%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity11.2%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Current ratio
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.79

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.11Sector median: 0.7490 · MAD: 0.3270

Current ratio2.59×

Yahoo Finance fallback · SEC figure unavailable or out of dateReported value33% base weight · Z-score 1.94Sector median: 1.1950 · MAD: 0.7210

Debt / equity1.70×

SEC filings · latest balance sheetReported value33% base weight · Z-score -2.29Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about COPT Defense Properties

Is COPT Defense Properties getting weaker?: Its latest SEC filing (Aug 3, 2026) showed no major changes. Its overall score is unchanged at 55/100 since Oct 28, 2026.
How is COPT Defense Properties valued vs its peers?: Priced about in line with its peers. Valuation scores 59/100 against 762 real estate peers. EBITDA yield 6.4% vs a peer median of 5.4% (stronger than 66% of peers).EBITDA yield 6.4% vs peers 5.4% (stronger than 66% of peers).
Is COPT Defense Properties growing?: At about the same pace as its peers. Growth scores 53/100 against 762 real estate peers.
How profitable is COPT Defense Properties?: More profitable than most of its peers. Profitability scores 66/100 against 762 real estate peers. Return on assets 3.8% vs a peer median of 2.1% (stronger than 81% of peers).Return on assets 3.8% vs peers 2.1% (stronger than 81% of peers).
How risky is COPT Defense Properties?: Moderate risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 2.59× vs a peer median of 1.20× (stronger than 81% of peers).Current ratio 2.59× vs peers 1.20× (stronger than 81% of peers). Debt / equity 1.70× vs a peer median of 0.80× (weaker than 83% of peers).Debt / equity 1.70× vs peers 0.80× (weaker than 83% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 3, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	776.7M USD	784.2M USD	+1.0%
Net income (12 months)	163.4M USD	171.8M USD	+5.1%
Free cash flow (12 months)	313.9M USD	318.4M USD	+1.4%
Debt	2.5B USD	2.6B USD	+1.8%
Cash	28.6M USD	24.2M USD	−15.5%
Shares outstanding	113.4M	113.4M	+0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Real Estate · 124 companies

Valuations in Real Estate are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +4% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +112% vs the whole market, against a usual +154%.

2016Shaded: most expensive fifth of its range2026

Shown for Real Estate: too few REIT - Office companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	84.3%	—	—	—	—	—
Operating margin	10.3%	18.8%	-12.6%	17.4%	19.2%	▲ 1.8 pts
Net margin	12.3%	24.2%	-10.9%	19.1%	20.9%	▲ 1.8 pts
Return on assets (ROA)	1.9%	4.2%	-1.8%	3.4%	3.4%	▲ 0.0 pts
Return on equity (ROE)	5.0%	10.6%	-5.0%	9.6%	10.5%	▲ 0.9 pts
Free cash flow margin	33.0%	31.0%	37.3%	39.8%	37.8%	▼ 2.0 pts
Debt to equity	1.40×	1.33×	1.63×	1.60×	1.83×	▲ 14%
Interest coverage	1.04×	2.27×	-1.21×	1.60×	1.70×	▲ 6.2%

CDP price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Drawback: more debt relative to equity (1.70× vs a peer median of 0.80×)more debt vs equity (1.70× vs peers 0.80×)

About average: growth, valuation and risk (debt, liquidity and share-price swings)growth, valuation and risk

Ranks #255 of 632 real estate companies (top 41%)

See how it ranks against its peers

Questions investors ask about COPT Defense Properties

Is COPT Defense Properties getting weaker?

Its latest SEC filing (Aug 3, 2026) showed no major changes. Its overall score is unchanged at 55/100 since Oct 28, 2026.

How is COPT Defense Properties valued vs its peers?

Priced about in line with its peers. Valuation scores 59/100 against 762 real estate peers. EBITDA yield 6.4% vs a peer median of 5.4% (stronger than 66% of peers).EBITDA yield 6.4% vs peers 5.4% (stronger than 66% of peers).

Is COPT Defense Properties growing?

At about the same pace as its peers. Growth scores 53/100 against 762 real estate peers.

How profitable is COPT Defense Properties?

More profitable than most of its peers. Profitability scores 66/100 against 762 real estate peers. Return on assets 3.8% vs a peer median of 2.1% (stronger than 81% of peers).Return on assets 3.8% vs peers 2.1% (stronger than 81% of peers).

How risky is COPT Defense Properties?

Moderate risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 2.59× vs a peer median of 1.20× (stronger than 81% of peers).Current ratio 2.59× vs peers 1.20× (stronger than 81% of peers). Debt / equity 1.70× vs a peer median of 0.80× (weaker than 83% of peers).Debt / equity 1.70× vs peers 0.80× (weaker than 83% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

776.7M USD

784.2M USD

+1.0%

Net income (12 months)

163.4M USD

171.8M USD

+5.1%

Free cash flow (12 months)

313.9M USD

318.4M USD

+1.4%

Debt

2.5B USD

2.6B USD

+1.8%

Cash

28.6M USD

24.2M USD

−15.5%

Shares outstanding

113.4M

113.4M

+0.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

84.3%

—

Operating margin

10.3%

18.8%

-12.6%

17.4%

19.2%

▲ 1.8 pts

Net margin

12.3%

24.2%

-10.9%

19.1%

20.9%

▲ 1.8 pts

Return on assets (ROA)

1.9%

4.2%

-1.8%

3.4%

▲ 0.0 pts

Return on equity (ROE)

5.0%

10.6%

-5.0%

9.6%

10.5%

▲ 0.9 pts

Free cash flow margin

33.0%

31.0%

37.3%

39.8%

37.8%

▼ 2.0 pts

Debt to equity

1.40×

1.33×

1.63×

1.60×

1.83×

▲ 14%

Interest coverage

1.04×

2.27×

-1.21×

1.60×

1.70×

▲ 6.2%