Stock fact sheet · data as of
COPT Defense Properties (CDP): fair value, margin of safety and Wheel Score
Real Estate · REIT - Office · United States · Defensive
Is CDP undervalued?
At 33.21 (close of 16 Oct 2026), CDP trades 38% over the GLS average fair value of 24.08, with 3 of 9 models above the price. The stock earns none of the Wheel Score's Value points at this price. That is a statement about price against trailing fundamentals, not about the company's prospects - the Wall Street View and the Growth tab on the Quote page carry the forward numbers.
There is a wide gap between GLS Growth (0.9409) and 10 Cap (57.13). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files CDP under Defensive: a low beta, a dividend and positive earnings.
Nine valuation models for CDP
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 47.14 | +42% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 21.05 | -37% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 14.98 | -55% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 1.48 | -96% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 0.9409 | -97% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 57.13 | +72% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 39.24 | +18% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 18.61 | -44% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 16.16 | -51% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -21.43 | -165% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 40.33 | +21% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
COPT Defense Properties scores 6 of 9 on the Piotroski F-score: a middling result that passes the Sunday Scan's "6 or more" rule. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. A GLS Moat score of 3.2/10 is a weak reading: the ten-year history the score grades (revenue, EPS, book value, margins, cash flow, share count, ROIC) has not been steady, so the Moat part of the Wheel Score contributes little.
Returns on capital are thin or negative - ROIC 3.5%, ROE 10.1%, ROA 3.2% - with debt at 1.86 times equity and a free-cash-flow yield of 7.0%.
The dividend yield is 3.81% at a payout ratio of 106%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Construction Contract Revenue 100% (quarter Q2 FY2026).
Institutional ownership scores 10/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 3.5% |
|---|---|---|---|
| GLS Moat | 3.2 / 10 | ROE | 10.1% |
| Debt / equity | 1.86 | ROA | 3.2% |
| Free-cash-flow yield | 7.0% | Payout ratio | 106% |
| Institutions | 10 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 53: Fair
A Wheel Score of 53 puts COPT Defense Properties in the Fair band - below the 70 the Sunday Scan requires. Value 0/25, Health 13/20, Moat 5/15, Premium 20/20 and Stability 15/20; the weakest part is Value (0/25).
Implied volatility is 35% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 209 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 645k shares a day on a market cap of $3.8B, with a beta of 0.79 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 15 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 0 / 25 | -38% margin of safety | |
| Health | 13 / 20 | Piotroski 6/9 | |
| Moat | 5 / 15 | moat 3.2/10 | |
| Premium | 20 / 20 | implied volatility 35% | |
| Stability | 15 / 20 | 645k shares/day, $3.8B cap, beta 0.79 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
COPT Defense Properties reports earnings on 29 Oct 2026 (after the close) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in REIT - Office
The 12 companies below are the closest to COPT Defense Properties by market cap within the REIT - Office industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| KRC Kilroy Realty Corporation | 34.63 | 40.02 | +13% | 74Good | $4.0B |
| SLG SL Green Realty Corp. | 46.04 | 34.84 | -32% | 45Weak | $3.3B |
| HIW Highwoods Properties, Inc. | 29.21 | 37.68 | +22% | 72Good | $3.2B |
| CUZ Cousins Properties Incorporated | 27.61 | 9.76 | -183% | 60Fair | $4.5B |
| VNORP Vornado Realty Trust | 50.11 | 30.11 | -66% | 29No options | $5.3B |
| VNO Vornado Realty Trust | 32.34 | 24.37 | -33% | 58Fair | $6.0B |
| ARE Alexandria Real Estate Equities, Inc. | 42.34 | 117.80 | +64% | 45Weak | $7.4B |
| DEI Douglas Emmett, Inc. | 9.60 | 61.13 | +84% | 45Weak | $1.6B |
| BXP BXP, Inc. | 59.69 | 41.26 | -45% | 58Fair | $9.5B |
| PDM Piedmont Office Realty Trust, Inc. | 8.79 | 6.56 | -34% | 42Weak | $1.1B |
| DEA Easterly Government Properties, Inc. | 21.99 | 37.35 | +41% | 74Good | $1.0B |
| PSTL Postal Realty Trust, Inc. | 22.03 | 29.08 | +24% | 80Prime | $877M |
Screen the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the same eight-rule screen, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about CDP
Is CDP undervalued right now?
No: at 33.21 the stock trades 38% above the GLS average fair value of 24.08 (data as of 16 Oct 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of CDP and what does it mean?
CDP scores 53 out of 100 (Fair). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for CDP?
24.08 per share as of 16 Oct 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does COPT Defense Properties report earnings next?
The next earnings report is due on 29 Oct 2026 (after the close), 13 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does CDP have listed options, and how liquid are they?
Yes. The nightly snapshot found 90 listed contracts with 209 open interest across all expiries and implied volatility of 35% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.