COPT Defense Properties (CDP) Financials

$26.56 +0.37 (+1.41%)

Closing price 05/2/2025 03:59 PM Eastern

Extended Trading

$26.56 0.00 (0.00%)

As of 05/2/2025 04:05 PM Eastern

Annual Income Statements for COPT Defense Properties

This table shows COPT Defense Properties' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	178	60	56	68	192	97	77	173	-73	139
Consolidated Net Income / (Loss)	189	96	75	79	200	103	82	179	-74	144
Net Income / (Loss) Continuing Operations	121	1,216	75	79	195	101	78	149	-74	144
Total Pre-Tax Income	121	67	75	76	194	99	77	148	-73	144
Total Operating Income	120	1,313	136	140	251	158	169	201	-15	213
Total Gross Profit	523	2,258	322	372	606	582	664	512	685	487
Total Revenue	625	2,357	613	573	606	582	664	739	685	753
Operating Revenue	625	2,357	613	573	612	582	664	739	685	753
Total Cost of Revenue	103	99	291	201	0.00	0.00	0.00	227	0.00	266
Operating Cost of Revenue	103	99	291	201	-	-	-	227	-	266
Total Operating Expenses	403	945	186	233	355	424	496	311	700	274
Selling, General & Admin Expense	31	73	31	29	35	33	41	39	43	47
Depreciation Expense	140	265	134	137	125	127	138	141	149	154
Other Operating Expenses / (Income)	194	395	-	58	300	258	317	150	305	73
Impairment Charge	23	203	15	2.37	0.33	1.53	0.00	0.00	253	0.00
Other Special Charges / (Income)	-	-	-	-	-105	-	-	-19	-49	0.00
Total Other Income / (Expense), net	0.72	-97	-61	-64	-63	-59	-91	-53	-59	-69
Interest Expense	3.80	169	77	76	71	75	166	62	71	82
Other Income / (Expense), net	4.52	71	16	12	7.89	-13	75	9.07	13	13
Income Tax Expense	0.20	0.49	1.10	-0.36	-0.22	0.35	0.15	0.45	0.59	0.29
Other Gains / (Losses), net	-68	0.75	1.49	2.70	1.63	1.83	1.09	1.74	-0.26	0.40
Net Income / (Loss) Discontinued Operations	0.16	-	-	-	4.65	2.28	3.36	30	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	13	7.43	5.54	9.62	-	5.50	5.04	5.79	-	5.01
Basic Earnings per Share	$1.74	$0.30	$0.56	$0.69	$1.72	$1.72	$0.68	$1.54	($0.67)	$1.23
Weighted Average Basic Shares Outstanding	94.53M	98.67M	101.28M	110.26M	112.08M	112.18M	112.32M	112.42M	112.55M	112.70M
Diluted Earnings per Share	$1.74	$0.30	$0.56	$0.69	$1.71	$1.72	$0.68	$1.53	($0.67)	$1.23
Weighted Average Diluted Shares Outstanding	94.53M	98.67M	101.28M	110.26M	112.08M	112.18M	112.32M	112.42M	112.55M	112.70M
Weighted Average Basic & Diluted Shares Outstanding	94.53M	98.67M	101.28M	110.26M	112.08M	112.18M	112.32M	112.42M	112.55M	112.70M
Cash Dividends to Common per Share	$1.10	$1.10	$1.10	$1.10	$1.10	$1.10	$1.10	$1.10	$1.14	$1.18

This table shows COPT Defense Properties' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	31	50	79	30	-216	34	33	35	36	35
Consolidated Net Income / (Loss)	32	52	80	32	-221	35	34	36	37	36
Net Income / (Loss) Continuing Operations	32	52	80	32	-221	35	34	36	37	36
Total Pre-Tax Income	32	52	81	32	-221	35	34	36	37	36
Total Operating Income	47	65	94	46	-204	48	50	54	54	54
Total Gross Profit	183	-52	167	169	170	178	193	187	189	-83
Total Revenue	183	175	167	169	170	178	193	187	189	183
Operating Revenue	183	175	168	169	169	180	193	187	189	183
Total Cost of Revenue	0.00	227	0.00	0.00	0.00	-	0.00	0.00	0.00	266
Total Operating Expenses	136	-117	73	123	374	130	143	133	135	-137
Selling, General & Admin Expense	9.45	12	10	10	11	11	12	12	11	12
Depreciation Expense	35	37	37	38	38	37	38	38	38	39
Other Operating Expenses / (Income)	91	-146	75	75	73	82	93	83	85	-188
Total Other Income / (Expense), net	-15	-12	-14	-14	-15	-15	-17	-18	-17	-18
Interest Expense	15	17	16	17	18	20	21	21	20	20
Other Income / (Expense), net	0.61	4.66	2.26	2.16	2.53	5.65	4.12	2.88	3.32	2.33
Income Tax Expense	0.07	0.22	0.13	0.19	0.15	0.12	0.17	0.01	0.13	-0.02
Other Gains / (Losses), net	0.31	0.23	-0.06	0.11	-0.07	-0.24	0.07	0.03	0.09	0.22
Net Income / (Loss) Attributable to Noncontrolling Interest	1.40	1.61	-	1.36	-	-	1.06	1.29	1.31	1.35
Basic Earnings per Share	$0.56	($0.40)	$0.70	$0.27	($1.94)	$0.30	$0.29	$0.31	$0.32	$0.31
Weighted Average Basic Shares Outstanding	112.42M	112.42M	112.51M	112.53M	112.55M	112.55M	112.63M	112.65M	112.69M	112.70M
Diluted Earnings per Share	$0.54	($0.38)	$0.70	$0.27	($1.94)	$0.30	$0.29	$0.31	$0.32	$0.31
Weighted Average Diluted Shares Outstanding	112.42M	112.42M	112.51M	112.53M	112.55M	112.55M	112.63M	112.65M	112.69M	112.70M
Weighted Average Basic & Diluted Shares Outstanding	112.42M	112.42M	112.51M	112.53M	112.55M	112.55M	112.63M	112.65M	112.69M	112.70M

This table details how cash moves in and out of COPT Defense Properties' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	54	204	-43	-2.88	6.18	3.90	140	224	220	-55
Net Cash From Operating Activities	204	234	385	180	229	238	394	491	276	331
Net Cash From Continuing Operating Activities	409	243	385	180	-100	-83	394	491	344	405
Net Income / (Loss) Continuing Operations	189	34	75	79	200	103	82	179	-74	144
Consolidated Net Income / (Loss)	189	34	75	79	200	103	82	179	-74	144
Depreciation Expense	142	135	-	139	139	140	-	-	151	156
Amortization Expense	5.59	5.89	-	3.39	3.64	4.27	-	-	5.57	6.82
Non-Cash Adjustments To Reconcile Net Income	68	171	-34	-0.95	-437	-324	-70	-19	202	22
Changes in Operating Assets and Liabilities, net	4.39	67	344	-40	-5.92	-5.62	382	331	59	77
Net Cash From Investing Activities	-308	71	-89	-233	-138	-326	-203	-83	-170	-291
Net Cash From Continuing Investing Activities	-308	116	-89	-233	-138	-326	-203	-83	-170	-291
Purchase of Property, Plant & Equipment	-23	-	-56	-59	-25	-33	-52	-363	-21	-31
Acquisitions	-203	-	-	-	-	-	-	-	0.00	-32
Sale of Property, Plant & Equipment	194	289	181	0.00	108	83	143	281	190	0.00
Sale and/or Maturity of Investments	-	43	1.87	6.40	0.00	72	1.29	33	12	4.76
Other Investing Activities, net	-275	164	-0.70	-9.07	-221	-395	-6.04	-20	-351	-232
Net Cash From Financing Activities	158	-155	-339	50	-84	91	-51	-183	46	-170
Net Cash From Continuing Financing Activities	158	-155	-339	50	-84	91	-51	-183	46	-170
Repayment of Debt	-731	-868	-425	-412	-453	-1,028	-1,909	-1,033	-451	-112
Payment of Dividends	-126	-138	-134	-119	-130	-138	-126	-127	-130	-134
Issuance of Debt	988	751	352	394	453	1,266	1,984	977	627	76
Cash Interest Paid	-	78	-	-	67	61	-	-	60	76
Cash Income Taxes Paid	-	0.01	0.03	-	0.00	0.00	-	-	0.04	0.05

This table details how cash moves in and out of COPT Defense Properties' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	24	69	-8.97	0.38	201	28	-44	135	20	-166
Net Cash From Operating Activities	82	147	49	83	80	63	71	94	65	101
Net Cash From Continuing Operating Activities	82	147	49	83	80	131	71	251	152	-69
Net Income / (Loss) Continuing Operations	32	52	80	32	-221	35	34	36	37	36
Consolidated Net Income / (Loss)	32	52	80	32	-221	35	34	36	37	36
Depreciation Expense	-	-	38	38	38	37	39	39	39	39
Amortization Expense	-	-	1.25	1.25	1.39	1.69	1.70	1.70	1.70	1.71
Non-Cash Adjustments To Reconcile Net Income	-19	13	-55	-4.93	264	-2.18	3.86	166	61	-209
Changes in Operating Assets and Liabilities, net	69	82	-15	17	-2.28	59	-7.18	8.74	12	63
Net Cash From Investing Activities	-117	-1.02	85	-102	-85	-68	-79	-53	-97	-62
Net Cash From Continuing Investing Activities	-117	-1.02	85	-102	-85	-68	-79	-53	-97	-62
Purchase of Property, Plant & Equipment	-13	-312	-99	-98	-84	261	-13	-5.47	-4.02	-8.77
Other Investing Activities, net	-18	-2.29	-0.13	0.38	0.52	-351	-51	-48	-76	-58
Net Cash From Financing Activities	60	-78	-144	19	206	-35	-36	-63	-35	-35
Net Cash From Continuing Financing Activities	60	-78	-144	19	206	-35	-36	-64	-35	-35
Repayment of Debt	-31	-569	-208	-51	-193	-0.00	-3.55	-31	-1.86	-76
Payment of Dividends	-31	-34	-31	-32	-32	-35	-32	-33	-33	-36
Issuance of Debt	122	526	95	102	430	-	0.00	-	-	76

This table presents COPT Defense Properties' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	3,595	3,656	3,854	4,077	4,262	4,257	4,247	4,254
Total Current Assets	115	183	220	233	218	237	380	232
Cash & Equivalents	12	8.07	15	18	13	12	168	38
Note & Lease Receivable	-	57	74	69	82	85	82	70
Accounts Receivable	32	26	35	42	41	43	49	42
Prepaid Expenses	71	91	96	105	81	97	82	82
Plant, Property, & Equipment, net	0.00	3,251	3,341	3,362	3,533	3,556	3,504	3,631
Plant, Property & Equipment, gross	-	3,251	3,341	3,362	3,533	3,556	3,504	3,631
Total Noncurrent Assets	3,480	223	294	481	460	414	302	328
Long-Term Investments	42	40	52	29	40	21	41	39
Noncurrent Note & Lease Receivables	57	-	-	0.00	0.00	0.00	0.00	0.00
Other Noncurrent Operating Assets	3,279	140	214	231	213	232	261	288
Total Liabilities & Shareholders' Equity	3,595	3,656	3,854	4,077	4,262	4,257	4,247	4,254
Total Liabilities	2,104	2,003	2,106	2,358	2,578	2,510	2,700	2,694
Total Current Liabilities	137	159	214	183	250	219	201	199
Accounts Payable	108	93	149	143	186	158	133	126
Customer Deposits	-	30	34	-	32	30	35	39
Dividends Payable	29	31	31	31	31	31	33	34
Total Noncurrent Liabilities	1,967	1,843	1,892	2,174	2,329	2,290	2,498	2,495
Long-Term Debt	1,828	1,824	1,831	2,087	2,272	2,232	2,416	2,392
Noncurrent Deferred Revenue	12	9.13	7.36	11	9.34	11	29	40
Other Noncurrent Operating Liabilities	67	10	54	77	47	47	53	64
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	23	26	29	25	27	26	24	24
Total Equity & Noncontrolling Interests	1,468	1,627	1,719	1,694	1,657	1,721	1,524	1,537
Total Preferred & Common Equity	1,402	1,585	1,679	1,661	1,623	1,682	1,484	1,493
Total Common Equity	1,402	1,585	1,679	1,661	1,623	1,682	1,484	1,493
Common Stock	2,202	2,432	2,483	2,480	2,483	2,487	2,491	2,495
Accumulated Other Comprehensive Income / (Loss)	2.17	-0.24	-25	-9.16	-3.06	2.07	2.12	0.99
Other Equity Adjustments	-802	-847	-778	-810	-857	-808	-1,009	-1,003
Noncontrolling Interest	66	42	40	33	34	40	40	44

This table presents COPT Defense Properties' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	4,269	4,178	4,246	4,239	4,233	4,219	4,234
Total Current Assets	249	230	225	418	348	311	255
Cash & Equivalents	13	15	14	204	123	100	34
Note & Lease Receivable	103	85	87	88	83	84	84
Accounts Receivable	40	46	47	40	50	47	42
Prepaid Expenses	94	83	77	87	92	79	95
Plant, Property, & Equipment, net	3,691	3,614	3,672	3,468	3,518	3,536	3,605
Plant, Property & Equipment, gross	3,691	3,614	3,672	3,468	3,518	3,536	3,605
Total Noncurrent Assets	280	284	289	292	306	309	311
Long-Term Investments	39	42	42	41	41	40	40
Noncurrent Note & Lease Receivables	0.00	0.00	0.00	-	0.00	0.00	0.00
Other Noncurrent Operating Assets	230	242	247	251	265	269	272
Total Liabilities & Shareholders' Equity	4,269	4,178	4,246	4,239	4,233	4,219	4,234
Total Liabilities	2,543	2,384	2,447	2,692	2,684	2,666	2,679
Total Current Liabilities	188	196	168	200	183	190	201
Accounts Payable	157	129	136	136	112	122	134
Customer Deposits	-	35	-	32	38	33	33
Dividends Payable	31	33	33	33	34	34	34
Total Noncurrent Liabilities	2,355	2,188	2,279	2,491	2,500	2,476	2,478
Long-Term Debt	2,270	2,123	2,176	2,416	2,417	2,390	2,391
Noncurrent Deferred Revenue	9.38	9.02	9.20	25	34	37	38
Other Noncurrent Operating Liabilities	76	56	94	51	50	49	50
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	25	25	22	22	23	23	22
Total Equity & Noncontrolling Interests	1,701	1,769	1,777	1,526	1,526	1,531	1,533
Total Preferred & Common Equity	1,661	1,726	1,731	1,486	1,482	1,487	1,489
Total Common Equity	1,661	1,726	1,731	1,486	1,482	1,487	1,489
Common Stock	2,486	2,486	2,488	2,491	2,489	2,491	2,494
Accumulated Other Comprehensive Income / (Loss)	2.63	1.35	5.22	6.09	3.85	3.61	0.06
Other Equity Adjustments	-827	-761	-763	-1,011	-1,010	-1,008	-1,005
Noncontrolling Interest	39	43	46	40	44	44	43

This table displays calculated financial ratios and metrics derived from COPT Defense Properties' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.65%	276.84%	-74.00%	-6.47%	5.80%	-3.97%	14.10%	11.23%	-7.37%	10.04%
EBITDA Growth	-2.92%	459.58%	-81.22%	2.59%	36.79%	-27.99%	31.66%	-7.84%	-56.07%	152.18%
EBIT Growth	-8.73%	1,010.43%	-89.01%	-0.54%	71.38%	-44.07%	67.84%	-13.79%	-101.33%	8,217.24%
NOPAT Growth	-8.08%	987.21%	-89.73%	4.81%	79.34%	-37.24%	6.66%	18.81%	-105.38%	2,078.64%
Net Income Growth	317.82%	-48.95%	-22.28%	4.94%	154.32%	-48.56%	-20.70%	119.20%	-141.58%	293.61%
EPS Growth	596.00%	-82.76%	86.67%	23.21%	147.83%	0.58%	-60.47%	125.00%	-143.79%	283.58%
Operating Cash Flow Growth	5.22%	14.83%	64.33%	-53.12%	26.64%	4.32%	65.36%	24.48%	-43.71%	19.79%
Free Cash Flow Firm Growth	-205.05%	132.11%	186.56%	-100.21%	1,360.59%	-39.26%	-28.09%	64.58%	-76.43%	222.36%
Invested Capital Growth	207.30%	-9.02%	-65.70%	4.65%	2.27%	1.49%	2.58%	2.06%	-1.06%	3.18%
Revenue Q/Q Growth	-0.58%	309.44%	-74.17%	-5.13%	-1.71%	11.98%	0.54%	-1.81%	0.45%	0.69%
EBITDA Q/Q Growth	-4.16%	726.89%	-82.35%	2.79%	3.16%	3.35%	-0.04%	-0.84%	-4.45%	1.19%
EBIT Q/Q Growth	-11.97%	3,342.09%	-89.74%	0.23%	6.45%	3.71%	8.13%	-2.51%	-122.73%	1.11%
NOPAT Q/Q Growth	-12.46%	5,217.00%	-90.47%	3.93%	72.36%	-27.24%	-29.07%	41.20%	17.36%	2.90%
Net Income Q/Q Growth	42.88%	86.62%	-56.25%	10.46%	15.22%	60.23%	-45.67%	26.20%	-30.25%	1.16%
EPS Q/Q Growth	51.30%	-11.76%	-45.63%	9.52%	15.54%	237.25%	-68.37%	-24.63%	50.37%	0.82%
Operating Cash Flow Q/Q Growth	3.36%	3.55%	64.72%	-46.48%	5.89%	3.41%	41.17%	-8.76%	-23.59%	11.00%
Free Cash Flow Firm Q/Q Growth	-87.54%	-45.78%	380.02%	73.22%	123.71%	184.28%	-68.60%	160.65%	-86.93%	74.06%
Invested Capital Q/Q Growth	44.78%	203.14%	2.23%	1.17%	1.43%	-6.22%	-3.72%	-4.10%	0.98%	0.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	83.58%	95.79%	52.58%	64.93%	100.00%	100.00%	100.00%	69.23%	100.00%	64.69%
EBITDA Margin	43.56%	64.68%	46.71%	51.24%	66.24%	49.67%	57.32%	47.49%	22.52%	51.62%
Operating Margin	19.20%	55.71%	22.17%	24.36%	41.44%	27.21%	25.39%	27.15%	-2.25%	28.32%
EBIT Margin	19.92%	58.71%	24.81%	26.38%	42.74%	24.89%	36.62%	28.38%	-0.41%	30.00%
Profit (Net Income) Margin	30.20%	4.09%	12.23%	13.72%	32.98%	17.67%	12.28%	24.20%	-10.86%	19.11%
Tax Burden Percent	156.34%	144.96%	100.53%	104.05%	103.36%	103.78%	105.57%	120.86%	101.16%	100.08%
Interest Burden Percent	96.95%	4.81%	49.03%	49.98%	74.66%	68.39%	31.76%	70.54%	2,640.01%	63.65%
Effective Tax Rate	0.16%	0.73%	1.47%	-0.48%	-0.11%	0.36%	0.19%	0.30%	0.00%	0.20%
Return on Invested Capital (ROIC)	1.70%	12.86%	2.06%	4.14%	7.18%	4.42%	4.62%	5.37%	-0.29%	5.62%
ROIC Less NNEP Spread (ROIC-NNEP)	3.20%	-4.68%	0.63%	0.75%	4.32%	1.43%	0.15%	4.31%	-3.32%	2.53%
Return on Net Nonoperating Assets (RNNOA)	6.15%	-9.90%	1.11%	0.86%	4.58%	1.51%	0.17%	5.06%	-4.23%	3.64%
Return on Equity (ROE)	7.85%	2.96%	3.17%	5.00%	11.76%	5.93%	4.79%	10.42%	-4.51%	9.26%
Cash Return on Invested Capital (CROIC)	-100.09%	22.31%	99.91%	-0.40%	4.93%	2.94%	2.07%	3.33%	0.78%	2.49%
Operating Return on Assets (OROA)	2.17%	18.01%	2.73%	4.17%	6.90%	3.66%	5.83%	4.92%	-0.07%	5.32%
Return on Assets (ROA)	3.29%	1.25%	1.34%	2.17%	5.33%	2.59%	1.96%	4.20%	-1.75%	3.39%
Return on Common Equity (ROCE)	2.45%	0.00%	0.94%	4.75%	11.28%	5.71%	4.63%	10.04%	-4.34%	8.87%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	5.34%	4.96%	11.91%	6.19%	5.03%	10.63%	-5.01%	9.64%
Net Operating Profit after Tax (NOPAT)	120	1,304	134	140	252	158	168	200	-11	213
NOPAT Margin	19.17%	55.30%	21.84%	24.47%	41.48%	27.11%	25.34%	27.07%	-1.57%	28.26%
Net Nonoperating Expense Percent (NNEP)	-1.49%	17.54%	1.43%	3.39%	2.86%	2.99%	4.47%	1.06%	3.03%	3.09%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.06%	-0.27%	5.42%
Cost of Revenue to Revenue	16.42%	4.21%	47.42%	35.07%	0.00%	0.00%	0.00%	30.77%	0.00%	35.31%
SG&A Expenses to Revenue	5.01%	3.10%	5.03%	5.04%	5.84%	5.67%	6.14%	5.28%	6.25%	6.24%
R&D to Revenue	2.16%	0.35%	1.01%	1.02%	0.00%	0.77%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	64.38%	40.08%	30.42%	40.57%	58.57%	72.79%	74.61%	42.07%	102.25%	36.37%
Earnings before Interest and Taxes (EBIT)	125	1,384	152	151	259	145	243	210	-2.78	226
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	272	1,524	286	294	402	289	381	351	154	389
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.45	0.68	1.56	1.14	1.61	1.51	1.73	1.58	1.86	2.34
Price to Tangible Book Value (P/TBV)	0.48	0.72	1.63	1.17	1.63	1.53	1.74	1.58	1.86	2.34
Price to Revenue (P/Rev)	2.31	0.91	3.58	3.14	4.44	4.30	4.22	3.60	4.03	4.63
Price to Earnings (P/E)	8.11	36.10	39.37	26.61	14.06	25.74	36.60	15.38	0.00	25.11
Dividend Yield	7.19%	4.84%	5.00%	6.65%	4.57%	4.92%	4.41%	4.65%	4.65%	3.81%
Earnings Yield	12.33%	2.77%	2.54%	3.76%	7.11%	3.88%	2.73%	6.50%	0.00%	3.98%
Enterprise Value to Invested Capital (EV/IC)	0.53	0.59	1.23	1.05	1.28	1.28	1.38	1.31	1.35	1.53
Enterprise Value to Revenue (EV/Rev)	8.97	2.40	6.64	6.37	7.47	7.92	7.65	6.66	7.35	7.79
Enterprise Value to EBITDA (EV/EBITDA)	20.60	3.71	14.22	12.43	11.27	15.95	13.34	14.03	32.63	15.10
Enterprise Value to EBIT (EV/EBIT)	45.04	4.09	26.78	24.14	17.47	31.83	20.89	23.48	0.00	25.97
Enterprise Value to NOPAT (EV/NOPAT)	46.81	4.34	30.42	26.03	18.00	29.22	30.18	24.62	0.00	27.57
Enterprise Value to Operating Cash Flow (EV/OCF)	27.51	24.17	10.58	20.23	19.82	19.35	12.89	10.03	18.21	17.73
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	2.50	0.63	0.00	26.21	43.96	67.34	39.65	171.85	62.19
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.27	1.18	1.24	1.11	1.05	1.22	1.35	1.28	1.56	1.53
Long-Term Debt to Equity	1.27	1.18	1.24	1.10	1.05	1.21	1.35	1.28	1.56	1.53
Financial Leverage	1.92	2.12	1.74	1.16	1.06	1.06	1.14	1.17	1.27	1.44
Leverage Ratio	2.39	2.36	2.36	2.31	2.21	2.29	2.45	2.48	2.58	2.74
Compound Leverage Factor	2.31	0.11	1.16	1.15	1.65	1.56	0.78	1.75	68.14	1.74
Debt to Total Capital	55.95%	54.07%	55.29%	52.53%	51.15%	54.94%	57.44%	56.08%	60.96%	60.52%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.16%	0.00%	0.25%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	55.95%	54.07%	55.29%	52.37%	51.15%	54.69%	57.44%	56.08%	60.96%	60.52%
Preferred Equity to Total Capital	0.00%	0.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.90%	2.18%	2.68%	1.95%	1.95%	1.52%	1.55%	1.66%	1.60%	1.71%
Common Equity to Total Capital	0.00%	0.00%	42.04%	45.52%	46.90%	43.53%	41.02%	42.26%	37.44%	37.78%
Debt to EBITDA	15.25	2.50	6.44	6.23	4.56	7.25	5.97	6.36	15.67	6.15
Net Debt to EBITDA	14.78	2.18	6.25	6.07	4.39	7.08	5.83	6.26	14.32	5.95
Long-Term Debt to EBITDA	15.25	2.50	6.44	6.21	4.56	7.21	5.97	6.36	15.67	6.15
Debt to NOPAT	34.66	2.92	13.78	13.04	7.28	13.28	13.49	11.16	-224.57	11.23
Net Debt to NOPAT	33.57	2.55	13.38	12.70	7.01	12.98	13.18	10.99	-205.16	10.87
Long-Term Debt to NOPAT	34.66	2.92	13.78	13.00	7.28	13.22	13.49	11.16	-224.57	11.23
Altman Z-Score	0.32	1.22	0.93	0.84	1.15	0.91	0.99	0.98	0.82	1.14
Noncontrolling Interest Sharing Ratio	68.76%	100.00%	70.34%	5.00%	4.05%	3.69%	3.51%	3.71%	3.93%	4.21%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.84	1.15	1.03	1.27	0.87	1.08	1.89	1.17
Quick Ratio	0.00	0.00	0.32	0.57	0.58	0.70	0.55	0.64	1.48	0.76
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-7,040	2,261	6,478	-14	173	105	75	124	29	94
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	304.25%	0.00%	0.00%	0.00%	598.08%	0.00%	1,055.95%
Free Cash Flow to Firm to Interest Expense	-1,853.03	13.41	83.59	-0.18	2.43	1.39	0.45	2.01	0.41	1.15
Operating Cash Flow to Interest Expense	53.70	1.39	4.97	2.39	3.22	3.17	2.37	7.94	3.88	4.03
Operating Cash Flow Less CapEx to Interest Expense	98.60	3.11	6.58	1.60	4.39	3.84	2.93	6.62	6.26	3.65
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.31	0.11	0.16	0.16	0.15	0.16	0.17	0.16	0.18
Accounts Receivable Turnover	9.14	20.73	8.01	19.74	19.65	15.11	16.13	17.58	14.84	16.52
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.18	0.17	0.19	0.21	0.19	0.21
Accounts Payable Turnover	0.67	0.49	1.79	2.00	0.00	0.00	0.00	1.32	0.00	2.05
Days Sales Outstanding (DSO)	39.95	17.60	45.55	18.49	18.57	24.16	22.63	20.76	24.60	22.09
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	544.76	737.45	204.43	182.46	0.00	0.00	0.00	276.20	0.00	177.93
Cash Conversion Cycle (CCC)	-504.81	-719.85	-158.88	-163.97	18.57	24.16	22.63	-255.44	24.60	-155.84
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,613	9,656	3,312	3,466	3,544	3,597	3,690	3,766	3,726	3,845
Invested Capital Turnover	0.09	0.23	0.09	0.17	0.17	0.16	0.18	0.20	0.18	0.20
Increase / (Decrease) in Invested Capital	7,160	-957	-6,344	154	79	53	93	76	-40	119
Enterprise Value (EV)	5,612	5,662	4,071	3,651	4,529	4,614	5,082	4,925	5,032	5,869
Market Capitalization	1,446	2,155	2,192	1,802	2,695	2,507	2,801	2,661	2,761	3,488
Book Value per Share	$0.00	$0.00	$14.08	$14.56	$14.98	$14.81	$14.45	$14.96	$13.18	$13.25
Tangible Book Value per Share	$0.00	$0.00	$13.48	$14.17	$14.74	$14.64	$14.32	$14.96	$13.18	$13.25
Total Capital	7,427	7,043	3,336	3,483	3,580	3,816	3,956	3,980	3,964	3,952
Total Debt	4,156	3,808	1,844	1,829	1,831	2,096	2,272	2,232	2,416	2,392
Total Long-Term Debt	4,156	3,808	1,844	1,824	1,831	2,087	2,272	2,232	2,416	2,392
Net Debt	4,025	3,326	1,790	1,781	1,764	2,049	2,219	2,198	2,207	2,314
Capital Expenditures (CapEx)	-171	-289	-125	59	-83	-50	-92	82	-169	31
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-121	-420	-34	21	-8.59	41	-45	5.12	11	-4.96
Debt-free Net Working Capital (DFNWC)	0.00	0.00	-22	29	6.15	59	-32	17	179	33
Net Working Capital (NWC)	0.00	0.00	-22	23	6.15	50	-32	17	179	33
Net Nonoperating Expense (NNE)	-69	1,207	59	62	52	55	87	21	64	69
Net Nonoperating Obligations (NNO)	7,342	6,421	1,820	1,812	1,796	1,878	2,006	2,018	2,179	2,284
Total Depreciation and Amortization (D&A)	148	141	134	142	143	144	138	141	157	163
Debt-free, Cash-free Net Working Capital to Revenue	-19.28%	-17.81%	-5.54%	3.61%	-1.42%	7.04%	-6.82%	0.69%	1.63%	-0.66%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	-3.53%	5.01%	1.01%	10.20%	-4.82%	2.36%	26.14%	4.42%
Net Working Capital to Revenue	0.00%	0.00%	-3.53%	4.06%	1.01%	8.56%	-4.82%	2.36%	26.14%	4.42%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.74	($0.03)	$0.57	$1.38	$1.72	$0.87	$0.68	$2.82	($0.67)	$1.23
Adjusted Weighted Average Basic Shares Outstanding	94.53M	98.67M	101.28M	110.26M	112.08M	112.18M	112.32M	112.42M	112.55M	112.70M
Adjusted Diluted Earnings per Share	$1.74	($0.03)	$0.57	$1.38	$1.71	$0.87	$0.68	$2.80	($0.67)	$1.23
Adjusted Weighted Average Diluted Shares Outstanding	94.53M	98.67M	101.28M	110.26M	112.08M	112.18M	112.32M	112.42M	112.55M	112.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	94.53M	98.67M	101.28M	110.26M	112.08M	112.18M	112.32M	112.42M	112.55M	112.70M
Normalized Net Operating Profit after Tax (NOPAT)	143	1,505	149	99	102	159	168	181	132	213
Normalized NOPAT Margin	22.89%	63.84%	24.27%	17.34%	16.90%	27.37%	25.34%	24.47%	19.23%	28.26%
Pre Tax Income Margin	19.32%	2.82%	12.16%	13.19%	31.91%	17.02%	11.63%	20.02%	-10.74%	19.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	32.80	8.21	1.96	2.00	3.65	1.93	1.47	3.39	-0.04	2.75
NOPAT to Interest Expense	31.56	7.73	1.73	1.85	3.54	2.10	1.01	3.24	-0.15	2.59
EBIT Less CapEx to Interest Expense	77.70	9.93	3.57	1.22	4.82	2.60	2.02	2.07	2.34	2.37
NOPAT Less CapEx to Interest Expense	76.46	9.45	3.33	1.07	4.72	2.77	1.57	1.91	2.22	2.21
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	66.49%	143.29%	178.46%	151.80%	65.10%	133.87%	154.21%	71.04%	-174.67%	93.17%
Augmented Payout Ratio	67.80%	145.85%	181.09%	151.80%	65.10%	142.43%	154.21%	71.04%	-174.67%	93.17%

This table displays calculated financial ratios and metrics derived from COPT Defense Properties' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.22%	-7.22%	-14.48%	-8.94%	-6.91%	1.74%	15.61%	10.73%	11.38%	2.88%
EBITDA Growth	0.77%	-2.74%	66.62%	5.79%	-296.78%	-12.16%	-29.77%	11.11%	160.68%	4.90%
EBIT Growth	8.98%	-7.23%	113.56%	0.31%	-527.69%	-21.74%	-43.60%	18.18%	128.64%	4.59%
NOPAT Growth	12.23%	997.15%	120.11%	-1.51%	-407.76%	-24.77%	-46.80%	18.12%	137.96%	12.42%
Net Income Growth	12.23%	248.06%	32.18%	-5.81%	-784.51%	-33.15%	-58.12%	15.06%	116.91%	4.73%
EPS Growth	125.00%	-416.67%	-11.39%	-53.45%	-459.26%	178.95%	-58.57%	14.81%	116.49%	3.33%
Operating Cash Flow Growth	32.64%	-24.24%	-6.31%	-60.17%	-2.17%	-56.91%	43.75%	12.86%	-19.00%	59.33%
Free Cash Flow Firm Growth	-207.22%	86.64%	85.70%	-300.80%	297.76%	859.75%	20.04%	796.61%	-204.61%	-172.64%
Invested Capital Growth	2.45%	2.06%	-0.10%	1.85%	-6.04%	-1.06%	-1.77%	-3.06%	4.14%	3.18%
Revenue Q/Q Growth	-1.78%	-3.97%	-4.61%	1.21%	0.41%	4.95%	8.39%	-3.06%	1.00%	-3.06%
EBITDA Q/Q Growth	-0.55%	28.66%	27.79%	-35.30%	-284.99%	157.43%	2.17%	2.36%	1.03%	-0.71%
EBIT Q/Q Growth	-1.85%	46.55%	39.81%	-50.12%	-518.45%	126.82%	0.75%	4.54%	1.41%	-2.08%
NOPAT Q/Q Growth	-0.05%	38.17%	109.26%	-51.42%	-412.34%	133.77%	3.81%	7.86%	0.37%	0.03%
Net Income Q/Q Growth	-3.81%	61.18%	54.35%	-60.64%	-799.09%	115.74%	-3.30%	8.13%	2.72%	-2.49%
EPS Q/Q Growth	-6.90%	-170.37%	284.21%	-61.43%	-818.52%	115.46%	-3.33%	6.90%	3.23%	-3.13%
Operating Cash Flow Q/Q Growth	-60.67%	79.36%	-66.80%	68.35%	-3.40%	-21.01%	3.95%	32.18%	-30.67%	55.38%
Free Cash Flow Firm Q/Q Growth	-483.74%	75.54%	419.21%	-125.31%	477.92%	-6.03%	33.56%	46.86%	-156.75%	34.74%
Invested Capital Q/Q Growth	2.77%	-4.10%	2.04%	1.28%	-5.19%	0.98%	1.31%	-0.06%	1.85%	0.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	-29.78%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	-45.01%
EBITDA Margin	45.18%	60.53%	81.08%	51.83%	-95.50%	52.26%	49.26%	52.01%	52.02%	53.28%
Operating Margin	25.53%	36.81%	56.50%	27.24%	-120.31%	27.19%	26.09%	28.89%	28.80%	29.59%
EBIT Margin	25.86%	39.47%	57.85%	28.51%	-118.82%	30.36%	28.22%	30.43%	30.56%	30.87%
Profit (Net Income) Margin	17.71%	29.72%	48.09%	18.70%	-130.21%	19.53%	17.42%	19.43%	19.76%	19.88%
Tax Burden Percent	100.75%	100.01%	99.77%	99.75%	100.10%	98.97%	99.71%	100.03%	99.88%	100.67%
Interest Burden Percent	67.96%	75.30%	83.33%	65.76%	109.48%	64.99%	61.92%	63.84%	64.76%	63.98%
Effective Tax Rate	0.21%	0.43%	0.16%	0.60%	0.00%	0.34%	0.50%	0.04%	0.35%	-0.07%
Return on Invested Capital (ROIC)	4.94%	7.27%	10.43%	4.87%	-15.07%	4.95%	4.84%	5.49%	5.70%	5.89%
ROIC Less NNEP Spread (ROIC-NNEP)	4.29%	6.66%	9.76%	4.20%	-18.67%	4.31%	4.07%	4.67%	4.94%	5.09%
Return on Net Nonoperating Assets (RNNOA)	5.43%	7.81%	11.61%	5.00%	-24.77%	5.49%	5.20%	6.01%	7.05%	7.31%
Return on Equity (ROE)	10.37%	15.08%	22.04%	9.87%	-39.84%	10.44%	10.05%	11.50%	12.75%	13.21%
Cash Return on Invested Capital (CROIC)	1.23%	3.33%	6.15%	4.17%	5.88%	0.78%	0.69%	2.17%	1.44%	2.49%
Operating Return on Assets (OROA)	4.62%	6.85%	9.89%	4.69%	-19.03%	4.89%	4.77%	5.24%	5.40%	5.47%
Return on Assets (ROA)	3.17%	5.16%	8.23%	3.08%	-20.86%	3.14%	2.94%	3.35%	3.49%	3.52%
Return on Common Equity (ROCE)	10.06%	14.52%	21.36%	9.49%	-38.30%	10.03%	9.64%	11.04%	12.23%	12.65%
Return on Equity Simple (ROE_SIMPLE)	8.53%	0.00%	11.49%	11.35%	-3.84%	0.00%	-8.17%	-7.82%	9.55%	0.00%
Net Operating Profit after Tax (NOPAT)	46	64	94	46	-143	48	50	54	54	54
NOPAT Margin	25.47%	36.65%	56.41%	27.07%	-84.22%	27.10%	25.96%	28.88%	28.70%	29.61%
Net Nonoperating Expense Percent (NNEP)	0.65%	0.60%	0.67%	0.68%	3.60%	0.64%	0.77%	0.82%	0.76%	0.80%
Return On Investment Capital (ROIC_SIMPLE)	-	1.62%	-	-	-	1.23%	-	-	-	1.38%
Cost of Revenue to Revenue	0.00%	129.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	145.01%
SG&A Expenses to Revenue	5.18%	6.81%	6.27%	6.12%	6.23%	6.36%	6.08%	6.42%	6.03%	6.46%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	74.47%	-66.59%	43.50%	72.76%	220.31%	72.81%	73.91%	71.11%	71.20%	-74.61%
Earnings before Interest and Taxes (EBIT)	47	69	97	48	-202	54	55	57	58	57
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	82	106	136	88	-162	93	95	97	98	98
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.45	1.58	1.45	1.47	1.72	1.86	1.81	1.90	2.29	2.34
Price to Tangible Book Value (P/TBV)	1.46	1.58	1.45	1.47	1.72	1.86	1.81	1.90	2.29	2.34
Price to Revenue (P/Rev)	3.19	3.60	3.53	3.67	3.76	4.03	3.78	3.87	4.57	4.63
Price to Earnings (P/E)	17.64	15.38	13.04	13.38	0.00	0.00	0.00	0.00	24.86	25.11
Dividend Yield	5.15%	4.65%	4.97%	4.95%	4.96%	4.65%	4.82%	4.63%	3.86%	3.81%
Earnings Yield	5.67%	6.50%	7.67%	7.48%	0.00%	0.00%	0.00%	0.00%	4.02%	3.98%
Enterprise Value to Invested Capital (EV/IC)	1.19	1.31	1.21	1.22	1.30	1.35	1.33	1.36	1.51	1.53
Enterprise Value to Revenue (EV/Rev)	6.23	6.66	6.53	6.82	7.03	7.35	7.05	7.05	7.75	7.79
Enterprise Value to EBITDA (EV/EBITDA)	13.24	14.03	11.46	11.61	29.71	32.63	43.99	41.56	15.09	15.10
Enterprise Value to EBIT (EV/EBIT)	21.78	23.48	17.78	18.12	391.37	0.00	0.00	0.00	25.95	25.97
Enterprise Value to NOPAT (EV/NOPAT)	33.08	24.62	19.99	20.44	0.00	0.00	0.00	0.00	28.03	27.57
Enterprise Value to Operating Cash Flow (EV/OCF)	8.71	10.03	9.50	13.03	13.26	18.21	16.54	16.38	19.45	17.73
Enterprise Value to Free Cash Flow (EV/FCFF)	98.35	39.65	19.65	29.42	21.40	171.85	190.65	61.68	106.94	62.19
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.32	1.28	1.18	1.21	1.56	1.56	1.56	1.54	1.54	1.53
Long-Term Debt to Equity	1.32	1.28	1.18	1.21	1.56	1.56	1.56	1.54	1.54	1.53
Financial Leverage	1.27	1.17	1.19	1.19	1.33	1.27	1.28	1.29	1.43	1.44
Leverage Ratio	2.46	2.48	2.37	2.39	2.60	2.58	2.52	2.53	2.73	2.74
Compound Leverage Factor	1.67	1.87	1.97	1.57	2.85	1.68	1.56	1.61	1.77	1.75
Debt to Total Capital	56.80%	56.08%	54.20%	54.75%	60.95%	60.96%	60.94%	60.61%	60.59%	60.52%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	56.80%	56.08%	54.20%	54.75%	60.95%	60.96%	60.94%	60.61%	60.59%	60.52%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.62%	1.66%	1.74%	1.72%	1.56%	1.60%	1.68%	1.69%	1.67%	1.71%
Common Equity to Total Capital	41.58%	42.26%	44.07%	43.54%	37.49%	37.44%	37.38%	37.70%	37.74%	37.78%
Debt to EBITDA	6.41	6.36	5.24	5.33	14.97	15.67	21.23	19.34	6.22	6.15
Net Debt to EBITDA	6.27	6.26	5.10	5.20	13.45	14.32	19.79	18.20	6.03	5.95
Long-Term Debt to EBITDA	6.41	6.36	5.24	5.33	14.97	15.67	21.23	19.34	6.22	6.15
Debt to NOPAT	16.02	11.16	9.14	9.39	-185.53	-224.57	-58.12	-66.48	11.56	11.23
Net Debt to NOPAT	15.66	10.99	8.89	9.15	-166.66	-205.16	-54.19	-62.57	11.20	10.87
Long-Term Debt to NOPAT	16.02	11.16	9.14	9.39	-185.53	-224.57	-58.12	-66.48	11.56	11.23
Altman Z-Score	0.80	0.87	0.89	0.84	0.64	0.87	0.86	0.89	1.00	1.01
Noncontrolling Interest Sharing Ratio	3.02%	3.71%	3.08%	3.80%	3.86%	3.93%	4.03%	4.02%	4.11%	4.21%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.32	1.08	1.18	1.34	2.09	1.89	1.90	1.64	1.27	1.17
Quick Ratio	0.82	0.64	0.75	0.88	1.66	1.48	1.39	1.22	0.80	0.76
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-48	-12	98	-25	94	88	118	173	-98	-64
Operating Cash Flow to CapEx	636.31%	58.52%	0.00%	85.25%	95.20%	0.00%	542.57%	1,715.13%	1,619.42%	1,152.54%
Free Cash Flow to Firm to Interest Expense	-3.14	-0.68	5.98	-1.51	5.28	4.34	5.68	8.41	-4.83	-3.15
Operating Cash Flow to Interest Expense	5.43	8.62	3.00	5.03	4.51	3.11	3.42	4.55	3.19	4.96
Operating Cash Flow Less CapEx to Interest Expense	4.58	-6.11	8.48	-0.87	-0.23	15.91	2.79	4.29	3.00	4.53
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.18	0.17	0.17	0.16	0.16	0.16	0.17	0.17	0.18	0.18
Accounts Receivable Turnover	20.67	17.58	8.30	17.59	17.05	14.84	14.77	15.45	18.15	16.52
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.21	0.00	0.19	0.19	0.19	0.20	0.20	0.21	0.21
Accounts Payable Turnover	0.00	1.32	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.05
Days Sales Outstanding (DSO)	17.66	20.76	43.95	20.75	21.40	24.60	24.71	23.62	20.11	22.09
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	276.20	0.00	0.00	0.00	0.00	0.00	0.00	0.00	177.93
Cash Conversion Cycle (CCC)	17.66	-255.44	43.95	20.75	21.40	24.60	24.71	23.62	20.11	-155.84
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,927	3,766	3,843	3,892	3,690	3,726	3,775	3,773	3,843	3,845
Invested Capital Turnover	0.19	0.20	0.18	0.18	0.18	0.18	0.19	0.19	0.20	0.20
Increase / (Decrease) in Invested Capital	94	76	-4.01	71	-237	-40	-68	-119	153	119
Enterprise Value (EV)	4,686	4,925	4,644	4,736	4,794	5,032	5,007	5,135	5,799	5,869
Market Capitalization	2,403	2,661	2,510	2,547	2,563	2,761	2,688	2,819	3,417	3,488
Book Value per Share	$14.78	$14.96	$15.35	$15.38	$13.21	$13.18	$13.16	$13.20	$13.22	$13.25
Tangible Book Value per Share	$14.67	$14.96	$15.35	$15.38	$13.21	$13.18	$13.16	$13.20	$13.22	$13.25
Total Capital	3,996	3,980	3,917	3,975	3,963	3,964	3,966	3,943	3,946	3,952
Total Debt	2,270	2,232	2,123	2,176	2,416	2,416	2,417	2,390	2,391	2,392
Total Long-Term Debt	2,270	2,232	2,123	2,176	2,416	2,416	2,417	2,390	2,391	2,392
Net Debt	2,219	2,198	2,066	2,120	2,170	2,207	2,253	2,249	2,317	2,314
Capital Expenditures (CapEx)	13	252	-90	98	84	-261	13	5.47	4.02	8.77
Debt-free, Cash-free Net Working Capital (DFCFNWC)	48	5.12	19	43	14	11	42	21	20	-4.96
Debt-free Net Working Capital (DFNWC)	60	17	34	57	218	179	165	121	54	33
Net Working Capital (NWC)	60	17	34	57	218	179	165	121	54	33
Net Nonoperating Expense (NNE)	14	12	14	14	78	14	16	18	17	18
Net Nonoperating Obligations (NNO)	2,201	2,018	2,048	2,093	2,142	2,179	2,226	2,219	2,288	2,284
Total Depreciation and Amortization (D&A)	35	37	39	39	40	39	41	40	41	41
Debt-free, Cash-free Net Working Capital to Revenue	6.34%	0.69%	2.68%	6.15%	2.05%	1.63%	5.86%	2.83%	2.62%	-0.66%
Debt-free Net Working Capital to Revenue	8.02%	2.36%	4.82%	8.21%	32.02%	26.14%	23.19%	16.61%	7.23%	4.42%
Net Working Capital to Revenue	8.02%	2.36%	4.82%	8.21%	32.02%	26.14%	23.19%	16.61%	7.23%	4.42%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.28	($0.40)	$1.40	$0.54	($1.94)	$0.30	$0.29	$0.31	$0.32	$0.31
Adjusted Weighted Average Basic Shares Outstanding	112.42M	112.42M	112.51M	112.53M	112.55M	112.55M	112.63M	112.65M	112.69M	112.70M
Adjusted Diluted Earnings per Share	$0.27	($0.38)	$1.40	$0.54	($1.94)	$0.30	$0.29	$0.31	$0.32	$0.31
Adjusted Weighted Average Diluted Shares Outstanding	112.42M	112.42M	112.51M	112.53M	112.55M	112.55M	112.63M	112.65M	112.69M	112.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	112.42M	112.42M	112.51M	112.53M	112.55M	112.55M	112.63M	112.65M	112.69M	112.70M
Normalized Net Operating Profit after Tax (NOPAT)	46	64	45	46	34	48	50	54	54	38
Normalized NOPAT Margin	25.47%	36.65%	26.92%	27.07%	19.95%	27.10%	25.96%	28.88%	28.70%	20.72%
Pre Tax Income Margin	17.58%	29.72%	48.21%	18.75%	-130.08%	19.73%	17.47%	19.43%	19.79%	19.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.12	4.05	5.88	2.92	-11.34	2.66	2.63	2.77	2.84	2.78
NOPAT to Interest Expense	3.07	3.76	5.74	2.77	-8.04	2.37	2.42	2.62	2.67	2.66
EBIT Less CapEx to Interest Expense	2.27	-10.68	11.35	-2.98	-16.08	15.46	2.00	2.50	2.64	2.35
NOPAT Less CapEx to Interest Expense	2.22	-10.97	11.21	-3.13	-12.78	15.17	1.79	2.36	2.47	2.23
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	88.85%	71.04%	64.05%	65.28%	-226.71%	-174.67%	-108.22%	-113.65%	93.71%	93.17%
Augmented Payout Ratio	88.85%	71.04%	64.05%	65.28%	-226.71%	-174.67%	-108.22%	-113.65%	93.71%	93.17%

Frequently Asked Questions About COPT Defense Properties' Financials

When does COPT Defense Properties's fiscal year end?

According to the most recent income statement we have on file, COPT Defense Properties' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has COPT Defense Properties' net income changed over the last 9 years?

COPT Defense Properties' net income appears to be on a downward trend, with a most recent value of $143.94 million in 2024, falling from $188.88 million in 2015. The previous period was -$74.35 million in 2023. View COPT Defense Properties' forecast to see where analysts expect COPT Defense Properties to go next.

What is COPT Defense Properties's operating income?

COPT Defense Properties's total operating income in 2024 was $213.32 million, based on the following breakdown:

Total Gross Profit: $487.27 million
Total Operating Expenses: $273.94 million

How has COPT Defense Properties revenue changed over the last 9 years?

Over the last 9 years, COPT Defense Properties' total revenue changed from $625.47 million in 2015 to $753.27 million in 2024, a change of 20.4%.

How much debt does COPT Defense Properties have?

COPT Defense Properties' total liabilities were at $2.69 billion at the end of 2024, a 0.2% decrease from 2023, and a 28.0% increase since 2017.

How much cash does COPT Defense Properties have?

In the past 7 years, COPT Defense Properties' cash and equivalents has ranged from $8.07 million in 2018 to $167.82 million in 2023, and is currently $38.28 million as of their latest financial filing in 2024.

How has COPT Defense Properties' book value per share changed over the last 9 years?

Over the last 9 years, COPT Defense Properties' book value per share changed from 0.00 in 2015 to 13.25 in 2024, a change of 1,324.9%.

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This page (NYSE:CDP) was last updated on 5/4/2025 by MarketBeat.com Staff

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COPT Defense Properties (CDP) Financials

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COPT Defense Properties (CDP) Financials

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