COPT Defense Properties (CDP) is overvalued and Highwoods Properties Inc (HIW) is overvalued.
Both trade above our estimate of their intrinsic value. CDP is the closer of the two: -188%, against -190% for HIW.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.2% (average of 3 methods) values the shares at $11.92; the price of $34.34 is 188% above that value, and 79% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
Discounting its cash flows at 7.6% (average of 2 methods) values the shares at $10.61; the price of $30.75 is 190% above that value, and 80% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | CDP | HIW |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $34.34 | $30.75 |
| Intrinsic value | $11.92 | $10.61 |
| Margin of safety | -188% | -190% |
| Leak Score | 14/100 (3/12) | 0/100 (2/12) |
| Market cap | $7.8B | $3.4B |
| Revenue growth, 5 years | 5.6% | 2.0% |
| Operating margin | 30.3% | 25.6% |
| Net margin | 20.9% | 19.8% |
| Return on equity | 10.8% | 7.1% |
| Debt to equity | 1.75 | 1.48 |
| P/E | 23.9x | 20.6x |
| Forward P/E | 23.3x | 44.9x |
| P/B | 2.5x | 1.4x |
| Dividend yield | 3.7% | 6.5% |