COPT Defense Properties (CDP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+53.3%

$51.24

vs $33.42 price

Levered DCF

$39.63

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.82

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	20.59×	25.16×	-39.43×	16.84×	41.13×	29.98×	17.08×	30.48×
P/B	2.06×	2.33×	1.94×	1.73×	1.93×	1.76×	1.95×	1.38×
P/S	4.09×	4.61×	4.2×	3.93×	4.71×	4.99×	5.34×	3.79×
EV / EBITDA	13.79×	15.31×	33.78×	14.54×	18.41×	16.56×	12.66×	13.68×
Gross margin	15.4%	34.6%	33.8%	29.8%	31.5%	55.8%	31.3%	31.7%
Operating margin	30.2%	28.3%	27.5%	24.5%	25.4%	49.6%	24.8%	25.0%
Net margin	19.9%	18.4%	-10.7%	23.4%	11.5%	16.7%	31.3%	12.5%
Current ratio	1.64×	1.26×	1.73×	1.19×	1.39×	1.38×	0.7×	0.64×
Debt / equity	1.86×	1.63×	1.65×	1.34×	1.42×	1.28×	1.12×	1.15×
Interest coverage	2.61×	2.55×	2.6×	2.97×	2.58×	4.27×	2.13×	1.92×
Dividend yield	4.4%	3.8%	4.4%	4.3%	3.9%	4.2%	3.8%	5.2%
Payout ratio	89.7%	94.9%	-173.1%	71.5%	161.4%	126.7%	64.0%	158.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.1%	9.3%	-5.0%	10.3%	4.7%	5.9%	11.4%	4.6%
Return on invested capital	5.2%	5.3%	4.7%	4.5%	4.2%	7.5%	4.2%	-3.7%
Return on assets	3.2%	3.3%	-1.7%	4.1%	1.8%	2.4%	5.0%	2.0%
Free cash flow yield	8.1%	8.6%	8.9%	7.9%	7.0%	7.1%	6.2%	5.1%
Earnings yield	4.9%	4.0%	-2.6%	6.0%	2.4%	3.3%	5.9%	3.3%
Enterprise value	$5.7B	$5.9B	$5.2B	$5.2B	$5.4B	$5B	$5.1B	$4B
Net debt / EBITDA	6.18×	6.26×	14.95×	6.34×	7.77×	6.95×	4.59×	6.2×
Cash conversion cycle (days)	63	39	40	14	-22	-85	-28	23