COPT Defense Properties (CDP) Key Metrics
CDP valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.86B
- Enterprise value
- $6.44B
- P/E (TTM)
- 23.1 10-yr median 30.0
- Forward P/E
- 38.2
- PEG ratio
- 1.02
- Price / sales
- 4.9 10-yr median 4.7
- Price / book
- 2.5 10-yr median 1.9
- EV / EBITDA
- 15.0 10-yr median 15.5
- Dividend yield
- 3.76% $1.28 a year
- Beta
- 0.79
CDP key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCDP valuation Price multiples at each fiscal year-end price.
CDP returns How much profit the business earns on the capital it uses.
CDP per-share figures Results divided by the shares outstanding at year-end.
CDP financial health Debt, liquidity and how easily interest is covered.
CDP efficiency & capital use Working capital cycle and where the cash goes.
CDP valuation history
CDP returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CDP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CDP cash returned to shareholders
CDP price vs earnings per share
CDP key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $3.15B | $3.49B | $2.88B | $2.92B | $3.14B | $2.92B | $3.28B | $2.19B | $2.90B | $2.95B |
| Enterprise value | $5.69B | $5.90B | $5.16B | $5.35B | $5.48B | $5.13B | $5.14B | $4.01B | $4.74B | $4.64B |
| P/E ratio | 20.7 | 25.2 | — | 16.9 | 41.1 | 30.0 | 17.1 | 30.3 | 42.2 | 98.2 |
| Price / sales | 4.1 | 4.6 | 4.2 | 4.0 | 4.7 | 5.0 | 5.4 | 3.8 | 4.7 | 5.1 |
| Price / book | 2.1 | 2.3 | 1.9 | 1.7 | 1.9 | 1.7 | 2.0 | 1.4 | 2.1 | 1.9 |
| Price / free cash flow | 12.4 | 11.7 | 11.2 | 12.7 | 14.3 | 14.2 | 16.1 | 19.5 | 18.2 | 18.2 |
| Price / operating cash flow | 9.4 | 10.6 | 10.4 | 11.0 | 12.6 | 12.3 | 14.3 | 12.1 | 12.6 | 12.7 |
| EV / sales | 7.4 | 7.8 | 7.5 | 7.2 | 8.2 | 8.8 | 8.4 | 6.9 | 7.7 | 8.1 |
| EV / EBITDA | 13.8 | 15.4 | 33.8 | 15.1 | 18.6 | 16.9 | 12.7 | 13.7 | 16.4 | 15.7 |
| EV / free cash flow | 22.4 | 19.7 | 20.2 | 23.3 | 25.0 | 24.9 | 25.2 | 35.7 | 29.7 | 28.7 |
| Earnings yield | 4.8% | 4.0% | −2.6% | 5.9% | 2.4% | 3.3% | 5.8% | 3.3% | 2.4% | 1.0% |
| Free cash flow yield | 8.1% | 8.6% | 8.9% | 7.9% | 7.0% | 7.0% | 6.2% | 5.1% | 5.5% | 5.5% |
| Dividend yield | 4.3% | 3.8% | 4.4% | 4.2% | 3.9% | 4.2% | 3.7% | 5.2% | 4.1% | 4.0% |
| Shareholder yield (dividends + buybacks) | 4.3% | 3.8% | 4.4% | 4.2% | 3.9% | 4.5% | 3.7% | 5.3% | 4.1% | 4.1% |
| Share price at fiscal year-end | $27.80 | $30.95 | $25.63 | $25.94 | $27.97 | $26.08 | $29.38 | $21.03 | $29.20 | $31.22 |
| Per share | ||||||||||
| Revenue per share | $6.74 | $6.67 | $6.11 | $6.56 | $5.91 | $5.21 | $5.48 | $5.55 | $6.16 | $6.08 |
| Earnings per share | $1.34 | $1.23 | −$0.65 | $1.54 | $0.68 | $0.87 | $1.72 | $0.69 | $0.69 | $0.32 |
| Operating cash flow per share | $2.96 | $2.93 | $2.46 | $2.36 | $2.22 | $2.13 | $2.05 | $1.73 | $2.31 | $2.46 |
| Free cash flow per share | $2.24 | $2.65 | $2.28 | $2.04 | $1.95 | $1.84 | $1.83 | $1.08 | $1.60 | $1.71 |
| Cash per share | $2.43 | $0.34 | $1.50 | $0.11 | $0.12 | $0.16 | $0.13 | $0.08 | $0.12 | $2.22 |
| Book value per share | $13.37 | $13.22 | $13.23 | $15.52 | $14.98 | $15.34 | $15.04 | $15.23 | $14.10 | $16.12 |
| Tangible book value per share | $13.19 | $13.13 | $13.17 | $15.42 | $14.83 | $15.15 | $14.78 | $15.21 | $14.08 | $16.08 |
| Dividends per share | $1.21 | $1.17 | $1.13 | $1.10 | $1.10 | $1.10 | $1.10 | $1.10 | $1.19 | $1.25 |
| Capex per share | $0.72 | $0.28 | $0.18 | $0.32 | $0.27 | $0.29 | $0.22 | $0.67 | $0.71 | $0.75 |
| Debt per share | $24.83 | $21.62 | $21.84 | $21.69 | $20.89 | $19.86 | $16.80 | $17.52 | $18.55 | $20.15 |
| Shares outstanding | 113.3M | 112.9M | 112.2M | 112.6M | 112.4M | 112.1M | 111.6M | 104.1M | 99.4M | 94.5M |
| Change in shares outstanding | +0.4% | +0.6% | −0.4% | +0.2% | +0.3% | +0.4% | +7.2% | +4.7% | +5.2% | −3.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 10.1% | 9.3% | −4.5% | 10.1% | 4.5% | 5.7% | 11.7% | 4.8% | 4.7% | 2.0% |
| Return on invested capital (ROIC) | 5.8% | 5.6% | 3.7% | 4.4% | 4.2% | 7.7% | 4.4% | 2.2% | 4.1% | 1.5% |
| Return on assets (ROA) | 3.4% | 3.3% | −1.7% | 4.1% | 1.8% | 2.5% | 5.1% | 2.0% | 1.9% | 0.8% |
| Return on tangible assets | 3.3% | 3.3% | −1.7% | 4.1% | 1.8% | 2.4% | 5.0% | 2.0% | 1.9% | 0.8% |
| Free cash flow margin | 33.2% | 39.8% | 37.3% | 31.0% | 33.0% | 35.2% | 33.3% | 19.4% | 26.0% | 28.2% |
| Income quality (OCF / net income) | 2.20 | 2.38 | — | 1.54 | 3.26 | 2.45 | 1.19 | 2.50 | 3.35 | 7.75 |
| Financial health | ||||||||||
| Total debt | $2.81B | $2.44B | $2.45B | $2.44B | $2.35B | $2.23B | $1.87B | $1.82B | $1.84B | $1.90B |
| Cash & short-term investments | $275.0M | $38.3M | $167.8M | $12.3M | $13.3M | $18.4M | $14.8M | $8.1M | $12.3M | $209.9M |
| Net debt | $2.54B | $2.40B | $2.28B | $2.43B | $2.34B | $2.21B | $1.86B | $1.82B | $1.83B | $1.69B |
| Debt / equity | 1.86 | 1.63 | 1.65 | 1.40 | 1.39 | 1.29 | 1.12 | 1.15 | 1.32 | 1.25 |
| Debt / assets | 0.60 | 0.57 | 0.58 | 0.57 | 0.55 | 0.55 | 0.49 | 0.50 | 0.51 | 0.50 |
| Net debt / EBITDA | 6.18 | 6.26 | 14.95 | 6.86 | 7.93 | 7.27 | 4.59 | 6.20 | 6.33 | 5.73 |
| Current ratio | 1.64 | 1.26 | 1.73 | 2.23 | 2.19 | 1.50 | 0.70 | 0.64 | 0.95 | 2.97 |
| Quick ratio | 1.64 | 1.26 | 1.74 | 1.53 | 1.45 | 1.50 | 0.70 | 0.65 | 0.96 | 2.98 |
| Interest coverage | 2.6 | 2.5 | 2.6 | 3.0 | 2.6 | 4.3 | 2.1 | 1.9 | 1.7 | 0.7 |
| Working capital | $266.1M | $80.0M | $224.1M | $282.9M | $309.5M | $108.0M | −$118.6M | −$135.6M | −$15.7M | $360.4M |
| Invested capital | $4.05B | $3.90B | $3.77B | $4.18B | $4.02B | $3.93B | $3.54B | $3.40B | $3.23B | $3.22B |
| Tangible asset value | $1.57B | $1.55B | $1.54B | $1.74B | $1.67B | $1.70B | $1.72B | $1.65B | $1.49B | $1.61B |
| Net current asset value | −$2.43B | −$2.30B | −$2.17B | −$2.00B | −$2.01B | −$2.03B | −$1.83B | −$1.76B | −$1.82B | −$1.62B |
| Graham number | $20.11 | $19.14 | — | $23.16 | $15.15 | $17.32 | $24.11 | $15.42 | $14.81 | $10.74 |
| Graham net-net per share | −$23.03 | −$21.70 | −$20.71 | −$19.77 | −$20.41 | −$19.51 | −$17.60 | −$17.94 | −$19.72 | −$19.27 |
| Capital allocation | ||||||||||
| Dividends paid | $136.6M | $131.8M | $127.2M | $123.6M | $123.5M | $123.4M | $122.7M | $114.3M | $118.5M | $118.3M |
| Share buybacks (net) | — | — | — | $0 | $0 | $8.8M | $0 | $1.7M | $2.0M | $2.5M |
| Dividend payout ratio | 89.7% | 94.9% | — | 71.5% | 161.4% | 126.7% | 64.0% | 158.1% | 172.3% | 393.8% |
| Dividends + buybacks / free cash flow | 53.8% | 44.0% | 49.7% | 53.9% | 56.4% | 64.3% | 60.2% | 103.4% | 75.6% | 74.6% |
| Capex / revenue | 10.6% | 4.2% | 3.0% | 4.9% | 4.5% | 5.6% | 4.0% | 12.2% | 11.6% | 12.3% |
| Capex / operating cash flow | 24.3% | 9.5% | 7.4% | 13.7% | 12.1% | 13.7% | 10.8% | 38.9% | 30.8% | 30.4% |
| Capex / depreciation | 0.50 | 0.20 | 0.14 | 0.25 | 0.20 | 0.23 | 0.18 | 0.51 | 0.52 | 0.53 |
| Stock-based compensation / revenue | −0.3% | 1.4% | 1.2% | 1.2% | 1.2% | 1.1% | 1.1% | 1.1% | 0.9% | 1.2% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 4.3% | 6.2% | 6.2% | 5.3% | 6.1% | 5.6% | 6.5% | 6.0% | 6.0% | 6.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 138.4 | 134.0 | 142.0 | 119.8 | 119.5 | 116.2 | 101.8 | 110.1 | 105.1 | 103.5 |
| Days of inventory on hand | — | — | 63.8 | 124.6 | 154.6 | — | -2.4 | -4.0 | -1.4 | -0.1 |
| Days payables outstanding | 77.2 | 96.0 | 117.2 | 121.1 | 131.9 | 205.8 | 104.9 | 93.0 | 93.5 | 97.8 |
| Cash conversion cycle (days) | 61.2 | 38.0 | 88.6 | 123.2 | 142.2 | -89.6 | -5.5 | 13.1 | 10.2 | 5.7 |
| Receivables turnover | 2.64 | 2.72 | 2.57 | 3.05 | 3.05 | 3.14 | 3.58 | 3.32 | 3.47 | 3.53 |
| Payables turnover | 4.73 | 3.80 | 3.12 | 3.01 | 2.77 | 1.77 | 3.48 | 3.93 | 3.90 | 3.73 |
| Inventory turnover | — | — | — | 2.93 | 2.36 | — | — | — | — | — |
| Asset turnover | 0.17 | 0.18 | 0.16 | 0.17 | 0.16 | 0.15 | 0.16 | 0.16 | 0.17 | 0.15 |
| Average receivables | $289.7M | $276.5M | $266.4M | $242.5M | $217.6M | $186.1M | $170.7M | $174.3M | $176.5M | $163.0M |
| Average payables | $136.6M | $129.7M | $145.7M | $172.1M | $164.5M | $145.7M | $120.8M | $100.5M | $108.4M | $100.2M |
| Average inventory | — | — | $79.4M | $177.0M | $192.7M | — | −$2.8M | −$4.3M | −$1.6M | −$105,500 |
| Intangibles / total assets | 0.4% | 0.3% | 0.2% | 0.3% | 0.4% | 0.5% | 0.8% | 0.1% | 0.1% | 0.1% |
Computed from CDP's annual financial statements (latest annual report filed February 20, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CDP valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), COPT Defense Properties traded at 20.7 times earnings, against a 10-year median of 30.0. Based on the latest twelve months, the trailing P/E is 23.1 and the forward P/E is 38.2. COPT Defense Properties earned a return on equity of 10.1% and a return on invested capital of 5.8% in fiscal 2025. It ended the year with $2.8 billion of debt and $275.0 million in cash and short-term investments, net debt of $2.5 billion. It returned $136.6 million to shareholders: $136.6 million in dividends and $0 in share buybacks, 54% of free cash flow. The share count rose 19.9% from 94.5M to 113.3M over 9 years.
See the CDP income statement, the CDP chart for price history, or the CDP stock overview for the latest quote and news.
CDP key metrics FAQ
What is COPT Defense Properties's P/E ratio?
COPT Defense Properties's trailing P/E ratio is 23.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 38.2. At the end of fiscal 2025 it was 20.7, compared with a 10-year median of 30.0.
What is COPT Defense Properties's EV/EBITDA?
COPT Defense Properties's enterprise value was 13.8 times EBITDA at the end of fiscal 2025 (enterprise value $5.7 billion, EBITDA $410.8 million); the current EV/EBITDA is 15.0.
What is COPT Defense Properties's return on equity?
COPT Defense Properties's return on equity (ROE) was 10.1% in fiscal 2025: net income of $152.3 million on average shareholders' equity of $1.5 billion.
What is COPT Defense Properties's ROIC?
COPT Defense Properties's return on invested capital was 5.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does COPT Defense Properties have?
COPT Defense Properties had total debt of $2.8 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.86 and $2.5 billion of net debt (6.18 times EBITDA).
What is COPT Defense Properties's dividend yield?
COPT Defense Properties's forward dividend yield is 3.76%. COPT Defense Properties paid $136.6 million in dividends in fiscal 2025 ($1.21 per share), a payout ratio of 89.7%.
What is COPT Defense Properties's free cash flow yield?
COPT Defense Properties generated $253.7 million of free cash flow in fiscal 2025, a free cash flow yield of 8.1% on its market value at year-end ($3.1 billion).
What is COPT Defense Properties's current ratio?
COPT Defense Properties's current ratio was 1.64 at the end of fiscal 2025: current assets were 1.64 times current liabilities.