Copt Defense Properties (CDP) intrinsic value & 10-year financials
Copt Defense Properties (CDP) has a Graham intrinsic value of $35.91 per share. At $33.29 on Oct 17, 2026, the stock trades 7% below that value. Over the last 10 fiscal years revenue shrank 1.5% a year to $42.1M, with an average return on invested capital of 2.9%.
- Graham intrinsic value
- $35.91
- Share price (Oct 17, 2026)
- $33.29
- Price vs Graham value
- 7% below
- Market cap
- $3.8B
- Revenue (FY2025)
- $42.1M
- Revenue growth (10-yr CAGR)
- -1.5%
- ROIC (10-yr avg)
- 2.9%
- Free cash flow (FY2025)
- —
CDP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $42.1M | $159.5M | $1.34 | — | — | 4.1% |
| FY2024 | $75.5M | $143.9M | $1.23 | — | — | 3.8% |
| FY2023 | $60.2M | -$74.3M | -$0.67 | — | — | -1.9% |
| FY2022 | $154.6M | $178.8M | $1.53 | — | — | 4.6% |
| FY2021 | $107.9M | $81.6M | $0.68 | — | — | 2.1% |
| FY2020 | $70.6M | $97.4M | $0.87 | — | — | 2.7% |
| FY2019 | $113.8M | $191.7M | $1.71 | — | — | 5.6% |
| FY2018 | $60.9M | $72.3M | $0.69 | — | — | 2.2% |
| FY2017 | $102.8M | $70.1M | $0.57 | — | 132.1% | 4.2% |
| FY2016 | $48.4M | $11.4M | -$0.03 | — | 108.4% | 1.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
COPT DEFENSE PROPERTIES is facing top-line stagnation, with revenue contracting over the decade.
COPT DEFENSE PROPERTIES has historically struggled to out-earn its cost of capital, averaging just 2.9% ROIC.
COPT DEFENSE PROPERTIES has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, COPT DEFENSE PROPERTIES is modeled at 11.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $35.91 per share.