Latest Ratios: P/E Ratio 27.3x · EV/EBITDA 17.1x · ROE 9.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.2B | $3.1B | $3.5B | $2.9B | $2.9B | $3.1B | $2.9B | $3.3B | $2.2B | $2.9B | $3.0B |
| Enterprise Value | $6.7B | $5.7B | $5.9B | $5.2B | $5.2B | $5.4B | $5.0B | $5.1B | $2.2B | $3.0B | $2.9B |
| P/E Ratio → | 27.34 | 20.75 | 25.16 | — | 16.95 | 41.13 | 29.98 | 17.18 | 30.48 | 42.32 | — |
| P/S Ratio | 5.44 | 4.12 | 4.64 | 4.20 | 3.95 | 4.73 | 5.00 | 5.36 | 3.79 | 4.74 | 5.13 |
| P/B Ratio | 2.61 | 1.98 | 2.24 | 1.86 | 1.67 | 1.87 | 1.70 | 1.88 | 1.32 | 1.95 | 1.82 |
| P/FCF | 16.38 | 12.42 | 11.66 | 11.24 | 12.73 | 14.35 | 14.21 | 16.08 | 19.52 | 18.23 | 18.21 |
| P/OCF | 12.40 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 17.06 | 14.50 | 15.97 | 15.28 | 15.91 | 17.01 | 11.70 | 17.70 | 7.80 | 10.93 | 15.28 |
| EV / EBIT | 29.05 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 3.3% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 4.8% | 4.0% | — | 5.9% | 2.4% | 3.3% | 5.8% | 3.3% | 2.4% | — |
| FCF Yield | 6.1% | 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 | 3.3% | 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 |
Geopolitical and Budgetary Concentration
Based on reported figures, the company's P/FFO of approximately 14.0x suggests a valuation that reflects its specialized defense-contractor niche, which appears to command a premium over traditional office REITs currently struggling with significant work-from-home headwinds and elevated vacancy rates across the broader commercial real estate sector.
The current valuation multiple appears to be supported by the stability of long-term government-backed leases, which differentiates the firm from peers facing cyclical office demand. Investors should monitor whether this premium persists as the company continues to pivot toward data center shell joint ventures, which may alter the market's perception of its core business risk profile.
According to quarterly financial data, the NOI margin exhibited significant variance, ranging from 14.1% to 59.4%, which suggests that property-level profitability is heavily influenced by the timing of development completions and the specific accounting treatment of non-recurring operating expenses within the firm's specialized defense-focused portfolio.
The wide fluctuation in margins warrants further investigation into whether these shifts are driven by temporary construction-related costs or structural changes in the portfolio mix. While the 30.16% operating margin indicates contained corporate overhead, the underlying property profitability appears less predictable than the firm's stable revenue stream would otherwise imply.
As reported in recent financial statements, the FFO payout ratio has consistently remained between 41% and 46% over the last two years, indicating that the company maintains a substantial cash buffer to support its dividend distributions while simultaneously funding its capital-intensive SCIF-compliant development pipeline.
This payout level suggests a disciplined approach to capital allocation that prioritizes reinvestment in high-barrier defense infrastructure. The ability to maintain such a conservative ratio while growing FFO per share implies that the dividend is well-covered by recurring cash flows, providing a degree of safety that is rare in the current office REIT environment.
Based on the company's reported figures, the debt-to-equity ratio has remained relatively contained, fluctuating between 1.56 and 1.77 over the last ten quarters, which appears to provide a meaningful buffer against the interest rate volatility currently impacting the broader commercial real estate sector's refinancing capabilities.
While these leverage metrics appear healthy, the reliance on unconsolidated joint ventures for data center shells may obscure the true extent of the firm's total debt exposure. Investors should monitor whether these off-balance-sheet structures introduce hidden financing risks that are not fully captured by the consolidated debt-to-equity ratio.
The most commonly misapplied metric for this REIT is the standard P/E ratio, which is fundamentally distorted by the heavy non-cash depreciation charges inherent in real estate accounting, thereby obscuring the company's true cash-generating capacity and its ability to sustain operations through internal property-level cash flows.
Analysts should instead prioritize FFO and AFFO, as these metrics adjust for non-cash items and provide a more accurate reflection of the firm's recurring earnings power. Relying on P/E in this context may lead to an incorrect assessment of valuation, as it fails to account for the unique capital-intensive nature of maintaining secure defense facilities.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CDP stock.
COPT Defense Properties's current P/E ratio is 27.3x. The historical average is 40.1x. This places it at the 44th percentile of its historical range.
COPT Defense Properties's current EV/EBITDA is 17.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.5x.
COPT Defense Properties's return on equity (ROE) is 9.7%. The historical average is 4.7%.
Based on historical data, COPT Defense Properties is trading at a P/E of 27.3x. This is at the 44th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
COPT Defense Properties's current dividend yield is 3.29% with a payout ratio of 89.7%.
COPT Defense Properties has 15.4% gross margin and 30.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
COPT Defense Properties's Debt/EBITDA ratio is 7.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.