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Copt Defense Properties (CDP) stock

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NYSE: CDP NYSE Office REITs Next results ~February 4, 2027

B Fundamentals grade

Copt Defense Properties is a US-listed company in the office REITs industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$45

Valuation models combined (2)

Base case. Range ~$25–$55. Weighted average of 2 models (funds-from-operations model, dividend discount (growing dividend)), the funds-from-operations model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Copt Defense Properties valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 3 sales by directors and officers, last 12 monthsInsider trades
  • Funds149 adding, 139 cuttingOf 48 active managers that changed their stake, 20 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Copt Defense Properties files

Where Copt Defense Properties stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $784m, up 4.5% on a year earlier, faster than the 3.9% growth a quarter earlier. That growth ranks 4 of 16 among the office reits companies we cover.

Source: 10-Q filed August 3, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 4, 2027 (estimated)

Copt Defense Properties's trailing-twelve-month revenue grew 4.5% year on year, with a free-cash-flow margin of 40.6%. Where it stands out: net margin of 20.9% ranks 2 of 18 office reits companies we cover. Where it lags: long-term debt as % of assets of 57.4% ranks 9 of 11 office reits companies we cover.

Current signal Free-cash-flow margin near historical high: TTM FCF margin of 40.6% is in the 97th percentile of its own history.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 40.6% of revenue turned into free cash flow.

Things to watch

  • High debt. Long-term debt exceeds cash by $2.6bn, more than 1.5 times annual revenue.
  • Gross margin slipping. Gross margin is down 9.0 points on a year ago.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 57.4% ranks 9 of 11 office reits companies we cover (median 40.3%).
  • Below peers: change in share count. Change in share count of 0.9% ranks 14 of 18 office reits companies we cover (median 0.3%).
  • Heavily shorted. 12.2% of the shares available to trade are sold short (10.4 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 3, 2026
Earnings per share
$0.41 against an average estimate of $0.35: beat by 16.4%
Revenue
$197m, up 3.9% on a year earlier
Share reaction
-0.4% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
FFO per share, as adjusted for comparability $2.8 (2026); same Property cash NOI growth growth 4.25% (2026)
Next report
October 29, 2026; average EPS estimate $0.35

Copt Defense Properties' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.4%
  • 1 week-2.6%
  • 1 month-1.1%
  • This year+22.9%
  • 1 year+22.6%
  • 5 years+45.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$784M
Net margin
20.9%
EPS (TTM, diluted)
$1.43

Growth

Revenue growth
+4.5%
Change in growth rate
+0.6 pts
Share count change
+0.9%

Earnings

Last results
October 29, 2026
Next results (est.)
February 4, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Copt Defense Properties valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Copt Defense Properties as an equity reit, with every model that fits that kind of business. Cost of equity 7.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.6 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. ~$55 ~$46–$67 Primary model, counts double
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. ~$1.0 ~$25–$51 Left out: out of range vs price (0.03x)
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. ~$25 ~$21–$31 Included
Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$45 ~$25–$55 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Copt Defense Properties with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

67 /100

Moderate moat

How hard Copt Defense Properties's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 2 / 20

    Net income has been a median 3.0% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 85.6%, moving by 3.7 percentage points (standard deviation) across 5 years.

  • Durability 11 / 20

    Operating margin has been a median 21.8%; its worst year was 6.1%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 35.5% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 1.7% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.45 +8% $786m +3%
Next $1.46 — $811m +3%

Next year's EPS estimate has moved +4.3% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +6.3% on 90 days ago. In the last 30 days, 3 analysts raised Copt Defense Properties's forecast and 0 cut it.

Consensus EPS forecast Copt Defense Properties, last 90 days
$1.35 $1.40 $1.45 $1.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.36 Current fiscal year, 60 days ago: $1.45 Current fiscal year, 30 days ago: $1.45 Current fiscal year, 7 days ago: $1.45 Current fiscal year, Now: $1.45 $1.45 Next fiscal year, 90 days ago: $1.40 Next fiscal year, 60 days ago: $1.40 Next fiscal year, 30 days ago: $1.40 Next fiscal year, 7 days ago: $1.40 Next fiscal year, Now: $1.46 $1.46

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.36$1.40
60 days ago $1.45$1.40
30 days ago $1.45$1.40
7 days ago $1.45$1.40
Now $1.45$1.46

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.35 $0.41 +16.4%
Jun 2026 $0.32 $0.40 +25.4%
Mar 2026 $0.32 $0.34 +6.5%
Dec 2025 $0.33 $0.33 −0.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • FFO per share, as adjusted for comparability 2026 about $2.80 Non-GAAP Raised
    “Increased Midpoint of Guidance for 2026 FFO per Share, As Adjusted for Comparability, by 2-cents to $2.80” source
  • Same Property cash NOI growth 2026 about 4.25% growth Raised
    “Increased Midpoint of 2026 Guidance by 25 basis points to 4.25%” source
  • Vacancy leasing annual target (square feet) 2026 about 625,000 Raised
    “Increased Annual Target to 625,000 SF from 475,000 SF” source
  • Tenant retention guidance 2026 about 80% Lowered
    “Decreased Midpoint of 2026 Guidance by 2.5% to 80% due to Strategic Space Recaptures” source
  • Capital commitment to new investments 2026 about $375m Raised
    “Increased 2026 Guidance Target by $40 million to $375 million” source
  • Capital invested in development and acquisitions 2026 about $240m Raised
    “We increased the midpoint of 2026 guidance for Same Property cash NOI growth by 25 basis points to 4.25%, capital commitment to new investments by $40 million to $375 million, and capital invested in development and acquisitions by $15 million to $240 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

8 analysts, Oct 2026
Buy563%
Hold338%
Sell00%

Monthly trend

  1. Oct 2026538
  2. Sep 2026538
  3. Aug 2026538
  4. Jul 2026538

Counts of recommendations published by analysts covering Copt Defense Properties, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
12.2%
of tradable shares
Days to cover
10.36
at average volume
Short interest, 1 month
+36%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.2%
of shares
Employees
430
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +22.6%

$27.08 on October 31, 2025 to $33.20

ThenNowEffect
Revenue (last 12 months) $750m $784m +4.5%
Net margin 19.2% 20.9% +8.9%
P/E multiple 21.3x 23.2x +8.7%
Share count 113m 114m −0.8%

Biggest factor: net margin.

Last 3 years +57.8%

$21.04 on November 3, 2023 to $33.20

ThenNowEffect
Revenue (last 12 months) $694m $784m +12.9%
Net margin 27.8% 20.9% −25.0%
P/E multiple 12.3x 23.2x +88.6%
Share count 113m 114m −1.2%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CDP+12%−3%+4%+26%−6%+23%
Industry peers (median)+20%−39%+2%+10%−19%+3%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CDP58%50%42%75%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CDP−15%−22%−23%−13%−19%−14%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 49% from June 26, 2017 to March 20, 2020. Getting back needed a 95% gain, reached on March 29, 2022, 739 days after the low.

Price behaviour

52-week range
$26.72 – $37.99
From 52-week high
−12.6%
vs 50-day average
−3.0%
vs 200-day average
+0.3%
Volatility (1 year)
18%
Beta vs S&P 500
0.15

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±2.0%
After a week
5 up, 6 down
typical move ±3.1%
After a month
9 up, 2 down
typical move ±4.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −0.4% −2.1% — —
July 27, 2026 +0.6% +0.3% −1.3% −1.3%
April 27, 2026 −0.1% −0.3% −4.6% +0.7%
February 5, 2026 +4.3% +0.6% +2.1% +4.2%
October 30, 2025 +2.5% −0.8% +5.1% +10.9%
July 28, 2025 −1.5% −0.3% −0.6% +1.9%
April 28, 2025 −3.0% +0.7% −0.5% +3.9%
February 6, 2025 +1.1% −0.6% −4.6% −7.1%
October 28, 2024 +0.7% +0.5% +0.6% +1.3%
July 29, 2024 +2.9% −0.4% −0.2% +3.5%
April 25, 2024 +3.0% +0.6% +6.8% +4.8%
February 8, 2024 +4.3% +0.6% +7.3% +7.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Copt Defense Properties in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Copt Defense Properties
$650M $700M $750M $800M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $680.5M Revenue (TTM), FY23 Q4: $685M Revenue (TTM), FY24 Q1: $710.7M Revenue (TTM), FY24 Q2: $728.9M Revenue (TTM), FY24 Q3: $749.6M Revenue (TTM), FY24 Q4: $753.3M Revenue (TTM), FY25 Q1: $747.9M Revenue (TTM), FY25 Q2: $750.4M Revenue (TTM), FY25 Q3: $750M Revenue (TTM), FY25 Q4: $763.9M Revenue (TTM), FY26 Q1: $776.7M Revenue (TTM), FY26 Q2: $784.2M $784.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $680.5M
FY23 Q4 $685M
FY24 Q1 $710.7M
FY24 Q2 $728.9M
FY24 Q3 $749.6M
FY24 Q4 $753.3M
FY25 Q1 $747.9M
FY25 Q2 $750.4M
FY25 Q3 $750M
FY25 Q4 $763.9M
FY26 Q1 $776.7M
FY26 Q2 $784.2M
Revenue growth, TTM YoY Copt Defense Properties
-10% -5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -9.2% Revenue growth, TTM YoY, FY23 Q4: -7.3% Revenue growth, TTM YoY, FY24 Q1: -0.0% Revenue growth, TTM YoY, FY24 Q2: 5.0% Revenue growth, TTM YoY, FY24 Q3: 10.1% Revenue growth, TTM YoY, FY24 Q4: 10.0% Revenue growth, TTM YoY, FY25 Q1: 5.2% Revenue growth, TTM YoY, FY25 Q2: 3.0% Revenue growth, TTM YoY, FY25 Q3: 0.1% Revenue growth, TTM YoY, FY25 Q4: 1.4% Revenue growth, TTM YoY, FY26 Q1: 3.9% Revenue growth, TTM YoY, FY26 Q2: 4.5% 4.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -9.2%
FY23 Q4 -7.3%
FY24 Q1 -0.0%
FY24 Q2 5.0%
FY24 Q3 10.1%
FY24 Q4 10.0%
FY25 Q1 5.2%
FY25 Q2 3.0%
FY25 Q3 0.1%
FY25 Q4 1.4%
FY26 Q1 3.9%
FY26 Q2 4.5%
Operating margin (TTM) Copt Defense Properties
0% 10% 20% 30% FY15 Q4 FY16 Q3 FY17 Q2 FY18 Q3 Operating margin (TTM), FY15 Q4: 19.2% Operating margin (TTM), FY16 Q1: 19.7% Operating margin (TTM), FY16 Q2: 9.5% Operating margin (TTM), FY16 Q3: 6.1% Operating margin (TTM), FY16 Q4: 9.1% Operating margin (TTM), FY17 Q1: 10.1% Operating margin (TTM), FY17 Q2: 21.0% Operating margin (TTM), FY17 Q3: 25.1% Operating margin (TTM), FY17 Q4: 22.2% Operating margin (TTM), FY18 Q1: 21.7% Operating margin (TTM), FY18 Q2: 22.1% Operating margin (TTM), FY18 Q3: 22.6% 22.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY15 Q4 19.2%
FY16 Q1 19.7%
FY16 Q2 9.5%
FY16 Q3 6.1%
FY16 Q4 9.1%
FY17 Q1 10.1%
FY17 Q2 21.0%
FY17 Q3 25.1%
FY17 Q4 22.2%
FY18 Q1 21.7%
FY18 Q2 22.1%
FY18 Q3 22.6%
FCF margin (TTM) Copt Defense Properties
34% 36% 38% 40% 42% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 39.3% FCF margin (TTM), FY23 Q4: 37.3% FCF margin (TTM), FY24 Q1: 36.6% FCF margin (TTM), FY24 Q2: 36.9% FCF margin (TTM), FY24 Q3: 35.6% FCF margin (TTM), FY24 Q4: 39.8% FCF margin (TTM), FY25 Q1: 41.0% FCF margin (TTM), FY25 Q2: 40.4% FCF margin (TTM), FY25 Q3: 40.7% FCF margin (TTM), FY25 Q4: 37.8% FCF margin (TTM), FY26 Q1: 40.4% FCF margin (TTM), FY26 Q2: 40.6% 40.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 39.3%
FY23 Q4 37.3%
FY24 Q1 36.6%
FY24 Q2 36.9%
FY24 Q3 35.6%
FY24 Q4 39.8%
FY25 Q1 41.0%
FY25 Q2 40.4%
FY25 Q3 40.7%
FY25 Q4 37.8%
FY26 Q1 40.4%
FY26 Q2 40.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 738 492 493 508 523 586 625 574 613 578 612 582 664 739 685 753 764 784
Gross profit — — — — — — — 529 513 520 502 515 560 — — — — —
EBITDA — 208 167 213 262 270 262 187 272 — — — — — — — — —
Operating income 130 111 30 89 142 132 120 52 136 — — — — — — — — —
Net income 56 43 −119 21 94 40 178 29 69 72 192 97 82 179 −75 138 152 164
Diluted EPS $0.70 $0.43 −$1.97 −$0.03 $0.83 $0.25 $1.74 $0.15 $0.56 $0.69 $1.71 $0.87 $0.68 $1.53 −$0.67 $1.23 $1.34 $1.43
Growth (year on year)
Revenue +26.1% −33.3% +0.1% +3.1% +3.0% +12.1% +6.6% −8.2% +6.7% −5.7% +5.8% −4.8% +14.1% +11.2% −7.3% +10.0% +1.4% +4.5%
EBITDA — — −19.9% +27.9% +22.6% +3.2% −2.9% −28.6% +45.4% — — — — — — — — —
Operating income −2.0% −15.2% −72.6% +194.0% +59.3% −7.3% −8.8% −56.4% +159.2% — — — — — — — — —
Net income +4.4% −24.1% −379.3% — +346.7% −57.0% +342.9% −83.8% +138.0% +5.2% +165.1% −49.2% −16.2% +119.2% −141.8% — +9.6% +13.8%
Diluted EPS −7.9% −38.6% −558.1% — — −69.9% +596.0% −91.4% +273.3% +23.2% +147.8% −49.1% −21.8% +125.0% −143.8% — +8.9% +12.8%
Margins
Gross margin — — — — — — — 92.1% 83.7% 89.9% 82.0% 88.4% 84.3% — — — — —
EBITDA margin — 42.3% 33.9% 42.0% 50.0% 46.1% 41.9% 32.6% 44.4% — — — — — — — — —
Operating margin 17.7% 22.5% 6.1% 17.5% 27.1% 22.4% 19.2% 9.1% 22.2% — — — — — — — — —
Net margin 7.6% 8.7% −24.2% 4.1% 17.9% 6.9% 28.5% 5.0% 11.2% 12.5% 31.3% 16.7% 12.3% 24.2% −10.9% 18.4% 19.9% 20.9%
Free-cash-flow margin 24.3% 29.7% 27.4% 33.8% 25.8% 28.2% 28.9% 36.2% 33.8% 27.0% 33.3% 35.3% 33.0% 31.0% 37.3% 39.8% 37.8% 40.6%
Cash flow
Cash from operations 195 156 152 192 159 194 204 234 230 180 229 238 249 266 276 331 310 337
Capital spending 16 10 17 20 24 29 23 26 23 24 25 33 30 36 21 31 21 19
Free cash flow 179 146 135 172 135 165 181 208 207 156 204 206 219 229 256 300 289 318
Stock-based pay 11 12 12 10 7 6 7 7 6 6 7 7 8 9 9 10 12 12
Free cash flow after stock pay 169 134 123 162 129 159 174 201 202 150 197 199 211 221 247 289 277 306
Balance sheet
Cash 8 10 6 11 54 6 60 210 12 8 15 18 13 12 168 38 275 24
Total debt 2,054 2,324 2,438 2,028 1,936 1,930 2,097 1,920 1,842 1,839 1,843 2,101 2,298 2,255 2,445 2,415 2,791 2,613
Net debt (negative = net cash) 2,046 2,314 2,433 2,017 1,881 1,924 2,037 1,710 1,830 1,830 1,828 2,083 2,285 2,243 2,277 2,377 2,516 2,589
Diluted shares 56m 60m 69m 73m 85m 88m 98m 95m 99m 104m 112m 112m 112m 113m 112m 113m 113m 114m
Returned to shareholders
Dividends — 94 115 89 93 96 104 104 109 114 123 123 124 124 127 132 137 140
Buybacks 2 4 4 3 2 2 2 2 2 2 2 — — — — — — —
Total returned 2 98 119 93 95 98 106 107 111 116 125 123 124 124 127 132 137 140

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

Dividends (TTM)
$140M
Diluted share count
+0.9%
year over year
Total shareholder yield
3.7%
dividends 3.7% + buybacks 0.0% of market value
Dividend payout ratio
85%
of net income paid out
Sales & admin spending
6.3%
of revenue

Competitors: side by side with peers

Closest by revenue in office reits
Last 12 months unless stated CDP ESBA ESRT HIW DEI SLG Median
Revenue, last 12 months $784m $784m $784m $852m $1.0bn $1.0bn $784m
Revenue growth, last 12 months 4.5% 2.0% 2.0% 5.4% 0.8% 8.5% 2.0%
Revenue growth, 3-year average 4.1% 2.9% 2.9% 0.5% −0.2% 0.5% 0.5%
Revenue growth, latest quarter 3.9% 3.0% 3.0% 8.1% 1.6% 9.1% 3.0%
Gross margin 77.5% — — — 63.2% — 60.0%
Operating margin 22.6% −4.4% −4.4% 67.2% 19.2% 66.6% 22.3%
Operating margin, 3-year average 17.9% 11.8% 11.8% 67.2% 25.5% — 17.1%
Net margin 20.9% 0.6% 0.4% 21.7% −2.3% −16.9% −0.9%
Cash from operations / revenue 43.0% 29.0% 29.0% 44.5% 38.3% 8.9% 32.8%
Free-cash-flow margin 40.6% 13.2% 13.2% 8.0% 17.8% −17.1% 7.8%
Free-cash-flow margin, 3-year average 39.3% 9.9% 9.9% 9.5% 20.9% −10.0% 9.7%
Stock pay / revenue 1.6% 3.9% 3.9% 1.1% 2.1% 2.1% 1.7%
Change in share count 0.9% −0.0% −0.0% 2.1% 0.0% 6.6% 0.2%

Median of all 18 companies we cover in office reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

18 office reits companies
Measure Company Peer median Rank
Revenue growth Growth 4.5% 2.0% 5 of 18
Change in growth rate Growth +0.6pp +0.1pp 4 of 18
Net margin Profitability 20.9% 0.4% 2 of 18
Stock pay as % of revenue Cash generation 1.6% 1.7% 6 of 14
Long-term debt as % of assets Balance sheet 57.4% 40.3% 9 of 11
Change in share count Balance sheet 0.9% 0.3% 14 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Defense IT Portfolio $647M ▲ 6.0%
All Other Segments $74.9M ▲ 11.2%

These categories overlap or exclude eliminations, so shares aren't shown.

From Copt Defense Properties's 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.6B
Institutions reporting
326
Shares held vs prior quarter
▲ 0.4%
Positions opened / closed
36 / 30

Top buyers and sellers, Q2 2026: 149 institutions bought and 139 sold ; the biggest buyer was Jpmorgan Chase & Co (+1.2M shares) and the biggest seller Deutsche Bank Ag\ (−1.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $725M 19.9M 15.7% ▼ 6.5%
Vanguard Portfolio Management LLC $439M 12.1M 9.5% ▲ 1.8%
Alliancebernstein L.P. $272M 8.9M 5.9% ▲ 0.5%
State Street Corp $252M 6.9M 5.5% ▲ 0.5%
Jpmorgan Chase & Co $223M 6.1M 4.8% ▲ 25.2%
Vanguard Capital Management LLC $185M 5.1M 4.0% ▲ 0.8%
Earnest Partners LLC $161M 4.4M 3.5% ▼ 2.3%
Geode Capital Management, LLC $126M 3.5M 2.7% ▲ 6.1%
Channing Capital Management, LLC $105M 2.9M 2.3% ▼ 3.0%
Westwood Holdings Group Inc $103M 2.8M 2.2% ▼ 12.5%
Charles Schwab Investment Management Inc $86.2M 2.4M 1.9% ▲ 5.4%
Bank Of America Corp $84.1M 2.3M 1.8% ▼ 0.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Copt Defense Properties's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.3M 3 trades by 3 insiders · 0% under pre-set plans
Net ▼ $1.3M net selling
Insider Date Trade Shares Price Value
Pickett C Taylor Director May 29, 2026 Sell 31,798 $32.25 $1M
Denton Robert L Director May 26, 2026 Sell 3,922 $32.38 $126,994
Hawkins Philip L Director February 23, 2026 Sell 5,536 $32.71 $181,083

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

No trades in Copt Defense Properties disclosed in the last 12 months; 2 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded July 16, 2025, filed August 13, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded June 11, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 27, 2026
  • April 27, 2026
  • February 5, 2026
  • October 30, 2025
  • July 28, 2025

Recent SEC filings

Data status

When each part of this page on Copt Defense Properties was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Copt Defense Properties in brief

What does Copt Defense Properties do?
Copt Defense Properties is a US-listed company in the office REITs industry. Its financial year ends in December.
What is Copt Defense Properties's stock ticker?
Copt Defense Properties trades under the ticker CDP on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Copt Defense Properties's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Copt Defense Properties reported revenue of $784M, 4.5% higher than a year earlier, according to its SEC filings.
What is Copt Defense Properties's free cash flow?
Copt Defense Properties's free-cash-flow margin is 40.6% of revenue over the trailing twelve months.
Who are Copt Defense Properties's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Alliancebernstein L.P. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Copt Defense Properties's market cap?
On November 2, 2026, Copt Defense Properties's market capitalisation was about $3.8B, with a price-to-earnings ratio of 23.2 and net debt of $2.6B. Market figures come from third-party market data and may be delayed.
Does Copt Defense Properties pay a dividend?
Yes: Copt Defense Properties paid $140M in dividends over the trailing twelve months, a dividend yield of 3.71% and a payout ratio of 85.4%.
Who are Copt Defense Properties's competitors?
In our Office REITs peer group, the companies closest to Copt Defense Properties are Empire State Realty OP, L.p., Empire State Realty Trust, Inc., Highwoods Properties, Inc., Douglas Emmett Inc and SL Green Realty Corp. The side-by-side comparison below sets their revenue, margins and growth against Copt Defense Properties's.
Are insiders buying or selling Copt Defense Properties stock?
Over the last 12 months, Copt Defense Properties's directors and officers reported 0 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is Copt Defense Properties's next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Copt Defense Properties announces its own schedule.