Is COPT Defense Properties overvalued or undervalued?

As of 29 August 2025, COPT Defense Properties has moved from an attractive to a fair valuation grade. The company appears to be overvalued based on its current metrics. Key ratios include a P/E ratio of 45, a Price to Book Value of 4.25, and an EV to EBITDA of 16.98, all of which are relatively high compared to its peers. For instance, Cousins Properties, Inc. has a P/E of 82.34, while Sabra Health Care REIT, Inc. stands out with a very attractive EV to EBITDA of 9.70.
In terms of recent performance, COPT Defense Properties has shown mixed results against the S&P 500, with a 1-month return of 12.07% compared to the S&P's 2.33%, but a disappointing YTD return of -0.10% against the S&P's 12.22%. This suggests that while the stock may have performed well recently, its longer-term returns have lagged significantly behind the benchmark.