Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
The historical rank and industry rank for COPT Defense Properties's Graham Number or its related term are showing as below:
MEX:CDP'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.2 Med: 1.64 Max: 14.15
Current: 1.81
During the past 13 years, the highest Price to Graham Number ratio of COPT Defense Properties was 14.15. The lowest was 1.20. And the median was 1.64.
MEX:CDP's Price-to-Graham-Number is ranked worse than 85.56% of 727
companies
in the REITs industry
Industry Median: 0.74
vs MEX:CDP: 1.81
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
COPT Defense Properties (MEX:CDP) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
COPT Defense Properties's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
531.56
/
365.87
=
1.45
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
COPT Defense Properties Graham Number Related Terms
COPT Defense Properties Graham Number Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
MEX:CDP vs KRC, SLG, CUZ: Graham Number Comparison
For the REIT - Office subindustry, COPT Defense Properties's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
COPT Defense Properties Price-to-Graham-Number vs REITs Industry
For the REITs industry and Real Estate sector, COPT Defense Properties's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where COPT Defense Properties's Price-to-Graham-Number falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
COPT Defense Properties (MEX:CDP) has a Graham Number of MXN365.87 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on COPT Defense Properties and its competitors. This is 22209% above median its historical median of 1.64. Over the past decade, COPT Defense Properties' Graham Number has ranged from 1.20 to 14.15. According to the industry distribution chart, COPT Defense Properties ranks #622 out of 727 companies in the REITs industry, placing it in the top 85.6%.
Is COPT Defense Properties' Graham Number too high?
COPT Defense Properties' current Graham Number of MXN365.87 is 22209% above median its 10-year median of 1.64. Over the past 10 years, this metric has ranged from a low of 1.20 to a high of 14.15. Based on the distribution chart, COPT Defense Properties ranks #622 out of 727 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, COPT Defense Properties has a GF Score™ of 73/100, reflecting its overall financial health beyond just this single metric.
How does COPT Defense Properties' Graham Number compare to KRC and SLG?
According to the REITs industry distribution chart, COPT Defense Properties ranks #622 out of 727 companies for Graham Number. This places COPT Defense Properties in the lower half of its industry. The industry median Graham Number is 0.74. Historically, COPT Defense Properties' own Graham Number has ranged from 1.20 to 14.15 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for a REITs company?
The median Graham Number among REITs companies is 0.74, based on 727 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on COPT Defense Properties and its competitors. For the REITs industry, the median Graham Number is 0.74 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. COPT Defense Properties's current Graham Number is MXN365.87, which is 22209% above median its own 10-year median of 1.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is COPT Defense Properties stock overvalued right now?
COPT Defense Properties (MEX:CDP) has a current Graham Number of MXN365.87. The stock's GF Value™ is MXN418.59, compared to a current price of MXN531.56 — trading 27% above its estimated fair value. The current Graham Number is MXN365.87, which is 22209% above median its 10-year median of 1.64. COPT Defense Properties' overall GF Score™ is 73/100 with 11 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For COPT Defense Properties (MEX:CDP), the current Graham Number is MXN365.87 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is COPT Defense Properties (MEX:CDP) Overvalued in 2026?
Based on GuruFocus' analysis, COPT Defense Properties stock appears to be overvalued.
The current stock price of MXN531.56 is trading 27% above its estimated GF Value™ of MXN418.59.
Key valuation signals for MEX:CDP:
Graham Number: MXN365.87 (22209% above median its 10-year median of 1.64)
GF Value™: MXN418.59 vs. price of MXN531.56 (27% above fair value)
No single metric tells the full story. See the MEX:CDP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
COPT Defense Properties is a fully-integrated and self-managed real estate investment trust (REIT) focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S. Government (USG) defense installations and missions. The company has two reportable segments: Defense/IT Portfolio; and Other. Defense/IT Portfolio includes sub-segments such as: Fort George G. Meade and the Baltimore/Washington Corridor (Fort Meade/BW Corridor); Redstone Arsenal in Huntsville, Alabama; Northern Virginia Defense/IT Locations (NoVA Defense/IT); Lackland Air Force Base in San Antonio, Texas; locations serving the U.S. Navy (Navy Support); and data center shells in Northern Virginia.
73GF Score
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