# COPT Defense Properties (CDP)

> Source: Nexqual · https://nexqual.com/CDP · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, COPT Defense Properties (CDP), nexqual.com/CDP" · informational, not investment advice.

**Price:** USD 34.25 (+2.33% on the day) · last close of Oct 29, 2026; US market after hours, not a live price. Prev close 33.47 · day 33.59–34.25 · 52w 27.06–38.9 · market cap $3.97B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $784M, net income $172M (21.9% margin), free cash flow $318M (SEC filings).
- Valuation: P/E 23.1x (avg 22.0x at the last 2 fiscal year-ends), net debt $2.57B.
- 1 of 80 tracked superinvestors hold CDP (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $1.2M; 2 not under a Rule 10b5-1 plan ($1.2M); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.38 on a 1–5 scale) (8 analysts), mean target USD 39.75 (range 38–44).
- Total return with dividends: 1Y +30.4% vs S&P 500 +14.4%; 5Y +56.7% vs S&P 500 +79.1%.
- Next earnings: 2026-10-29, EPS estimate USD 0.35, revenue estimate $196M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $664M | $739M | $685M | $753M | $764M | $784M |
| Gross profit | $560M | — | — | — | — | — |
| Net income | $81.6M | $179M | -$74.3M | $144M | $160M | $172M |
| EPS (diluted) | $0.68 | $1.53 | -$0.67 | $1.23 | $1.34 | — |
| Free cash flow | $219M | $229M | $256M | $300M | $289M | $318M |
| Gross margin | 84.3% | — | — | — | — | — |
| Net margin | 12.3% | 24.2% | -10.9% | 19.1% | 20.9% | 21.9% |
| Revenue growth | +14.1% | +11.2% | -7.3% | +10.0% | +1.4% | — |
| Cash + short-term investments | $13.3M | $12.3M | $168M | $38.3M | $275M | — |
| Total debt | $2.27B | $2.23B | $2.42B | $2.39B | $2.77B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 23.1x · P/S 5.1x · EV/Sales 8.3x · P/FCF 12.5x · P/B 2.6x · FCF yield 8.02% · Earnings yield 4.33% · Dividend yield (paid, TTM) 3.52% · Net debt $2.57B · EV $6.54B
P/E at fiscal year-ends: Dec 2025 19.7x, Dec 2024 24.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CDP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Christopher Davis | Davis Advisors | 0.05% | $10.7M | Reduced -2.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-29 | Pickett C Taylor | Director | 31,798 | $1.0M | 44.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-26 | Denton Robert L | Director | 3,922 | $127K | 50.8% | No | Routine (sold in May each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.38 on a 1–5 scale), 8 analysts; mean target USD 39.75 (low 38, high 44).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-21 | Evercore ISI Group | Target lowered | Outperform | $43 → $41 |
| 2026-09-01 | Wells Fargo | Target raised | Overweight | $36 → $41 |
| 2026-08-24 | Truist Securities | Target raised | Hold | $34 → $38 |
| 2026-07-30 | Citigroup | Target raised | Neutral | $34 → $40 |
| 2026-07-28 | Evercore ISI Group | Target raised | Outperform | $42 → $43 |
| 2026-07-27 | Evercore ISI Group | Target raised | Outperform | $41 → $42 |
| 2026-07-06 | Evercore ISI Group | Target raised | Outperform | $39 → $41 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +30.4% | +56.7% |
| S&P 500 (SPY) | +14.4% | +79.1% |
| Per year | +30.5% | +9.4% |
| Volatility (annualized) | 18.3% | 22.5% |
| Max drawdown | -13.8% (Jul 2026→Oct 2026) | -21.4% (Jan 2023→Mar 2023) |

## More
Full page: https://nexqual.com/CDP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CDP's own 10-K filed 2026-02-20 (https://www.sec.gov/Archives/edgar/data/860546/000086054626000011/cdp-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | LW Redstone Company | "•$17.3 million for land in a business park in Huntsville, Alabama under 26 leases through our LW Redstone Company, LLC joint venture, with remaining terms ranging from 37 to 49 years and options to renew for an additiona…" |
| Partner | M Square Associates | "•$8.7 million for land in a research park in College Park, Maryland under five leases through our M Square Associates, LLC joint venture, all of the rent on which was previously paid." |
| Partner | Third Amended and Restated | "During the three months ended December 31, 2025, we issued 262,165 common shares in exchange for 262,165 CDPLP common units in accordance with CDPLP's Third Amended and Restated Limited Partnership Agreement, as amended." |
| Partner | Redshift JV | "On January 10, 2023, we sold a 90% interest in three data center shell properties in Northern Virginia based on an aggregate property value of $211.3 million and retained a 10% interest in the properties through Redshift…" |
| Partner | Stevens Investors | "•for Stevens Investors, LLC, net cash flows of this entity are distributed to the partners as follows: (1) member loans and accrued interest; (2) pro rata return of the partners' capital; (3) pro rata return of the partn…" |
| Partner | RE COPT DC JV III | "Investments with deficit balances are attributable to JV distributions of nonrecourse debt refinancing proceeds in excess of our equity in B RE COPT DC JV III LLC and B RE COPT DC JV II LLC; we are obligated to fund our …" |
| Partner | RE COPT DC JV II | "Investments with deficit balances are attributable to JV distributions of nonrecourse debt refinancing proceeds in excess of our equity in B RE COPT DC JV III LLC and B RE COPT DC JV II LLC; we are obligated to fund our …" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.35 | $0.33 | +6.1% | $195.8M | 1 |
| Next quarter (ends 2026-12-31) | $0.35 | $0.35 | +0.0% | $198.0M | 1 |
| Current fiscal year (ends 2026-12-31) | $1.45 | $1.36 | +6.3% | $785.5M | 3 |
| Next fiscal year (ends 2027-12-31) | $1.46 | $1.40 | +4.3% | $811.0M | 1 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.40 | $0.32 | Beat +25.0% | — |
| — | Quarter ended Mar 31, 2026 | $0.34 | $0.32 | Beat +6.3% | — |
| — | Quarter ended Dec 31, 2025 | $0.33 | $0.33 | In line | — |
| — | Quarter ended Sep 30, 2025 | $0.35 | $0.35 | In line | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-29 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/860546/000086054626000044/0000860546-26-000044-index.htm |
| 2026-08-03 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/860546/000086054626000040/0000860546-26-000040-index.htm |
| 2026-07-27 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/860546/000086054626000034/0000860546-26-000034-index.htm |
| 2026-07-16 | Schedule 13G | JPMORGAN CHASE & CO: 5.3% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/860546/000001961726000263/0000019617-26-000263-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.