CDP
COPT Defense Properties
CDP's fundamentals are mixed, but it looks expensive: trading right at its usual 22x earnings, but 31x next year's expected earnings.
CDP Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
CDP's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for real estate companies like CDP.
CDP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 16x | $22.87 | -30% |
| Fair | 22x | $33.02 | +1% |
| Current | 22x | $32.70 | — |
| Expensive | 31x | $46.05 | +41% |
| Forward | 31x | $32.70 | — |
Historical ranges are pointers, not guarantees.
CDP's PE is in its fair range at 22x. Analysts expect earnings to fall, which would put today's price at 31x next year's earnings, in its expensive range.
CDP Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong decline | |
| Stable | |
| -- | |
| Limited | |
| -- |
Analysts expect CDP's earnings to decline, with its revenue and profitability holding steady.
CDP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.06 | -28% |
| Q3 2026 | $1.47 | +11% |
| Q2 2026 | $1.43 | +12% |
| Q1 2026 | $1.37 | +9.6% |
| Q4 2025 | $1.34 | +8.9% |
| Q3 2025 | $1.33 | +9% |
| Q2 2025 | $1.28 | +$2.32 |
| Q1 2025 | $1.25 | +$2.33 |
| Q4 2024 | $1.23 | +$1.90 |
CDP's earnings per share have climbed steadily: $1.47 over the past year, up 11% from the year before, and higher year over year for nine quarters in a row.
CDP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $208.8M | +11% |
| Q2 2026 | $197.4M | +3.9% |
| Q1 2026 | $200.6M | +6.8% |
| Q4 2025 | $197.4M | +7.6% |
| Q3 2025 | $188.8M | -0.2% |
| Q2 2025 | $189.9M | +1.4% |
| Q1 2025 | $187.9M | -2.8% |
| Q4 2024 | $183.4M | +2.1% |
CDP's revenue has grown year over year for four quarters in a row: $209M last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | -0.3 points |
| Q2 2026 | 32% | +0.6 points |
| Q1 2026 | 29% | 0 points |
| Q4 2025 | 30% | -0.1 points |
| Q3 2025 | 31% | +1.8 points |
| Q2 2025 | 31% | +2.5 points |
| Q1 2025 | 29% | +3 points |
| Q4 2024 | 30% | +1.8 points |
CDP's operating margin was 30% last quarter, about level with the same quarter a year ago.
CDP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $82.5M | +31% |
| Q2 2026 | $89M | +5.3% |
| Q1 2026 | $90.2M | +38% |
| Q4 2025 | $76.3M | -17% |
| Q3 2025 | $62.9M | +3.1% |
| Q2 2025 | $84.5M | -4.3% |
| Q1 2025 | $65.1M | +12% |
| Q4 2024 | $92.3M | +55% |
CDP's free cash flow was $338M over the past year, up 11% from the year before. Free cash flow isn't a meaningful measure for real estate companies like CDP.
CDP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.9% | +1M shares |
| 1 year | +2.4% | +2.7M shares |
| 3 years | +3.3% | +3.7M shares |
| 5 years | +3% | +3.4M shares |
| Available history | +3.8% | +4.3M shares |
CDP has 116M diluted shares, up 2.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2021 | $64,000 |
| Q2 2021 | $68,000 |
| Q1 2021 | $2.3M |
| Q3 2020 | $57,000 |
| Q2 2020 | $80,000 |
| Q1 2020 | $1.5M |
| Q4 2019 | $91,000 |
CDP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.2x | High |
| Q2 2026 | 6.3x | High |
| Q1 2026 | 6.3x | High |
| Q4 2025 | 6.3x | High |
| Q3 2025 | 6.3x | High |
| Q2 2025 | 6.4x | High |
| Q1 2025 | 6.4x | High |
| Q4 2024 | 6.4x | High |
CDP's net debt is about 6.2 years of its operating earnings (EBITDA), about the same as a year ago. Net leverage isn't a meaningful measure for real estate companies like CDP.
CDP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.4 | Neutral |
| Stochastic | 17.1 | Oversold |
CDP's weekly RSI is 41 (neutral) and its Stochastic is 17 (oversold).
CDP PE vs Real Estate Sector
| Metric | CDP | Sector median | Relative |
|---|---|---|---|
| PE | 22x | 24x | 7% below |
| PE % | 47 | 23 | 24 pts above |
CDP is trading at 22x earnings, in line with the Real Estate sector's median of 24x.
CDP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $33.4 | 2% below |
| 20 week MA | $35.4 | 7.6% below |
| 50 week MA | $33.0 | 0.9% below |
| 100 week MA | $30.7 | 6.6% above |
| 200 week MA | $28.2 | 16% above |
CDP has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 16% above its 200-week average.
CDP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.4 | $26.0 | -12% |
| 2021 | $26.0 | $27.8 | +6.8% |
| 2022 | $27.8 | $26.0 | -6.5% |
| 2023 | $26.0 | $25.6 | -1.3% |
| 2024 | $25.6 | $31.0 | +21% |
| 2025 | $31.0 | $28.2 | -9.2% |
| 2026 YTD | $28.2 | $32.7 | +16% |
CDP has finished lower in four of the last six years. It's up 16% so far in 2026.