COPT Defense Properties (CDP) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Office
EV/EBITDA
↓
15.67
-0% vs avg
5yr avg: 15.73
30Y Low6.1·High32.1
P/FCF
↓
14.22
+14% vs avg
5yr avg: 12.48
30Y Low1.3·High19.5
P/B Ratio
↑
2.27
+18% vs avg
5yr avg: 1.92
30Y Low0.1·High2.8
ROE
↑
9.7%
↓+68% vs avg
5yr avg: 5.7%
30Y Low-9%·High11%
Debt/EBITDA
↓
7.17
+2% vs avg
5yr avg: 7.04
30Y Low4.0·High28.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CDP Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
COPT Defense Properties trades at 23.7x earnings, 9% below its 5-year average of 26.0x, sitting at the 32nd percentile of its historical range. This is roughly in line with the Real Estate sector median P/E of 24.2x. On a free-cash-flow basis, the stock trades at 14.2x P/FCF, 14% above the 5-year average of 12.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.6B | $3.1B | $3.5B | $2.9B | $2.9B | $3.1B | $2.9B | $3.3B | $2.2B | $2.9B | $3.0B |
| Enterprise Value | $6.1B | $5.7B | $5.9B | $5.2B | $5.2B | $5.4B | $5.0B | $5.1B | $2.2B | $3.0B | $2.9B |
| P/E Ratio → | 23.74 | 20.75 | 25.16 | — | 16.95 | 41.13 | 29.98 | 17.18 | 30.48 | 42.32 | — |
| P/S Ratio | 4.72 | 4.12 | 4.64 | 4.20 | 3.95 | 4.73 | 5.00 | 5.36 | 3.79 | 4.74 | 5.13 |
| P/B Ratio | 2.27 | 1.98 | 2.24 | 1.86 | 1.67 | 1.87 | 1.70 | 1.88 | 1.32 | 1.95 | 1.82 |
| P/FCF | 14.22 | 12.42 | 11.66 | 11.24 | 12.73 | 14.35 | 14.21 | 16.08 | 19.52 | 18.23 | 18.21 |
| P/OCF | 10.77 | 9.40 | 10.56 | 10.41 | 10.99 | 12.62 | 12.26 | 14.35 | 12.00 | 12.62 | 12.67 |
P/E links to full P/E history page with 30-year chart
CDP EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
COPT Defense Properties's enterprise value stands at 15.7x EBITDA, roughly in line with its 5-year average of 15.7x. The Real Estate sector median is 16.8x, placing the stock at a 7% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.45 | 7.83 | 7.53 | 7.00 | 8.18 | 8.61 | 8.40 | 3.83 | 4.83 | 4.98 |
| EV / EBITDA | 15.67 | 14.50 | 15.97 | 15.28 | 15.91 | 17.01 | 11.70 | 17.70 | 7.80 | 10.93 | 15.28 |
| EV / EBIT | 26.67 | 23.01 | 27.59 | 4019.89 | 24.52 | 37.79 | 30.78 | 19.31 | 14.40 | 19.34 | 17.77 |
| EV / FCF | — | 22.42 | 19.68 | 20.16 | 22.53 | 24.79 | 24.47 | 25.21 | 19.72 | 18.58 | 17.66 |
CDP Profitability
Margins and return-on-capital ratios measuring operating efficiency
COPT Defense Properties earns an operating margin of 30.2%, above the Real Estate sector average of 25.0%. Operating margins have expanded from 27.5% to 30.2% over the past 3 years, signaling improving operational efficiency. ROE of 9.7% is modest. ROIC of 4.3% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 15.4% | 15.4% | 34.6% | 33.8% | 29.8% | 31.5% | 55.8% | 31.3% | 31.7% | 31.0% | 34.9% |
| Operating Margin | 30.2% | 30.2% | 28.3% | 27.5% | 24.5% | 25.4% | 49.6% | 24.8% | 25.0% | 21.9% | 9.1% |
| Net Profit Margin | 19.9% | 19.9% | 18.4% | -10.7% | 23.4% | 11.5% | 16.7% | 31.3% | 12.5% | 11.2% | 5.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.7% | 9.7% | 8.9% | -4.5% | 10.1% | 4.5% | 5.6% | 11.3% | 4.6% | 4.4% | 1.8% |
| ROA | 3.4% | 3.4% | 3.3% | -1.7% | 4.1% | 1.8% | 2.5% | 5.1% | 2.0% | 1.9% | 0.8% |
| ROIC | 4.3% | 4.3% | 4.1% | 3.6% | 3.4% | 3.2% | 5.8% | 3.2% | 3.2% | 3.0% | 1.1% |
| ROCE | 5.6% | 5.6% | 5.4% | 4.9% | 4.7% | 4.4% | 8.1% | 4.5% | 4.4% | 3.9% | 1.4% |
CDP Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
COPT Defense Properties carries a Debt/EBITDA ratio of 7.2x, which is highly leveraged (8% below the sector average of 7.8x). Net debt stands at $2.5B ($2.8B total debt minus $275M cash). Interest coverage of just 2.8x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.77 | 1.77 | 1.56 | 1.58 | 1.29 | 1.37 | 1.24 | 1.07 | 1.10 | 1.24 | 1.18 |
| Debt / EBITDA | 7.17 | 7.17 | 6.61 | 7.26 | 6.96 | 7.21 | 4.95 | 6.46 | 6.43 | 6.81 | 10.17 |
| Net Debt / Equity | — | 1.60 | 1.54 | 1.48 | 1.29 | 1.36 | 1.23 | 1.06 | 0.01 | 0.04 | -0.05 |
| Net Debt / EBITDA | 6.47 | 6.47 | 6.51 | 6.76 | 6.92 | 7.17 | 4.90 | 6.41 | 0.08 | 0.21 | -0.47 |
| Debt / FCF | — | 10.00 | 8.02 | 8.92 | 9.80 | 10.44 | 10.25 | 9.12 | 0.20 | 0.35 | -0.55 |
| Interest Coverage | 2.80 | 2.80 | 2.55 | 0.02 | 3.45 | 2.20 | 2.41 | 3.75 | 2.04 | 1.99 | 2.05 |
CDP Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.64x means COPT Defense Properties can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.73x to 1.64x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.64 | 1.64 | 1.26 | 1.73 | 1.19 | 1.39 | 1.38 | 0.70 | 0.64 | 0.95 | 2.97 |
| Quick Ratio | 1.64 | 1.64 | 1.26 | 1.74 | 1.19 | 1.39 | 1.38 | 0.70 | 0.64 | 0.95 | 2.97 |
| Cash Ratio | 0.66 | 0.66 | 0.12 | 0.55 | 0.03 | 0.04 | 0.05 | 0.04 | 0.02 | 0.04 | 1.15 |
| Asset Turnover | — | 0.16 | 0.18 | 0.16 | 0.17 | 0.16 | 0.14 | 0.16 | 0.16 | 0.17 | 0.15 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
CDP Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
COPT Defense Properties returns 3.8% to shareholders annually primarily through dividends. The payout ratio of 89.7% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 4.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.8% | 4.3% | 0.0% | 4.4% | 4.2% | 3.9% | 4.2% | 3.7% | 5.2% | 3.8% | 3.5% |
| Payout Ratio | 89.7% | 89.7% | 0.0% | — | 71.5% | 161.4% | 126.7% | 64.0% | 158.1% | 158.8% | 346.5% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.2% | 4.8% | 4.0% | — | 5.9% | 2.4% | 3.3% | 5.8% | 3.3% | 2.4% | — |
| FCF Yield | 7.0% | 8.1% | 8.6% | 8.9% | 7.9% | 7.0% | 7.0% | 6.2% | 5.1% | 5.5% | 5.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% |
| Total Shareholder Yield | 3.8% | 4.3% | 0.0% | 4.4% | 4.2% | 3.9% | 4.2% | 3.7% | 5.2% | 3.8% | 3.6% |
| Shares Outstanding | — | $113M | $113M | $112M | $113M | $112M | $112M | $112M | $104M | $99M | $95M |
Peer Comparison
Compare CDP with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 CDPYou | $4B | 23.7 | 15.7 | 14.2 | 15.4% | 30.2% | 9.7% | 4.3% | 7.2 |
 DEA | $1B | 80.3 | 13.9 | 4.2 | -0.9% | 24.9% | 0.9% | 2.1% | 8.5 |
 GMRE | $94M | 115.3 | 8.3 | — | 78.9% | 23.6% | 1.1% | 2.0% | 7.4 |
 PDM | $1B | -12.7 | 10.9 | — | -20.7% | 14.1% | -5.4% | 1.5% | 7.4 |
 HIW | $3B | 17.6 | 12.7 | 16.9 | 67.6% | 26.0% | 6.6% | 2.7% | 7.2 |
 BXP | $9B | 34.2 | 8.9 | 13.7 | 60.6% | 55.7% | 3.5% | 6.1% | 6.1 |
 VNO | $6B | 7.6 | 17.3 | 4.8 | 100.0% | 15.0% | 13.9% | 1.4% | 10.5 |
 SLG | $3B | -28.5 | 26.3 | — | 34.1% | 15.4% | -2.0% | 1.1% | 19.3 |
 KRC | $4B | 14.9 | 13.3 | — | 67.0% | 28.4% | 4.9% | 2.3% | 7.3 |
 CIO | $282M | -11.1 | 11.7 | 4.8 | 59.4% | 10.9% | -2.3% | 1.0% | 8.3 |
 LMT | $118B | 23.8 | 16.1 | 17.1 | 10.2% | 10.3% | 76.9% | 23.9% | 2.6 |
| Real Estate Median | — | 24.2 | 16.8 | 15.6 | 50.7% | 25.0% | 3.5% | 2.6% | 7.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonCDP — Frequently Asked Questions
Quick answers to the most common questions about buying CDP stock.
What is COPT Defense Properties's P/E ratio?
COPT Defense Properties's current P/E ratio is 23.7x. The historical average is 40.1x. This places it at the 32th percentile of its historical range.
What is COPT Defense Properties's EV/EBITDA?
COPT Defense Properties's current EV/EBITDA is 15.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.5x.
What is COPT Defense Properties's ROE?
COPT Defense Properties's return on equity (ROE) is 9.7%. The historical average is 4.7%.
Is CDP stock overvalued?
Based on historical data, COPT Defense Properties is trading at a P/E of 23.7x. This is at the 32th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is COPT Defense Properties's dividend yield?
COPT Defense Properties's current dividend yield is 3.79% with a payout ratio of 89.7%.
What are COPT Defense Properties's profit margins?
COPT Defense Properties has 15.4% gross margin and 30.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does COPT Defense Properties have?
COPT Defense Properties's Debt/EBITDA ratio is 7.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.