COPT Defense Properties (CDP) Financials

$26.98 0.00 (-0.01%)

Closing price 05/23/2025 03:59 PM Eastern

Extended Trading

$26.96 -0.01 (-0.04%)

As of 05/23/2025 04:04 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	139	-73	173	77	97	192	68	56	60	178
Consolidated Net Income / (Loss)	144	-74	179	82	103	200	79	75	96	189
Net Income / (Loss) Continuing Operations	144	-74	149	78	101	195	79	75	1,216	121
Total Pre-Tax Income	144	-73	148	77	99	194	76	75	67	121
Total Operating Income	213	-15	201	169	158	251	140	136	1,313	120
Total Gross Profit	487	685	512	664	582	606	372	322	2,258	523
Total Revenue	753	685	739	664	582	606	573	613	2,357	625
Operating Revenue	753	685	739	664	582	612	573	613	2,357	625
Total Cost of Revenue	266	0.00	227	0.00	0.00	0.00	201	291	99	103
Operating Cost of Revenue	266	-	227	-	-	-	201	291	99	103
Total Operating Expenses	274	700	311	496	424	355	233	186	945	403
Selling, General & Admin Expense	47	43	39	41	33	35	29	31	73	31
Depreciation Expense	154	149	141	138	127	125	137	134	265	140
Other Operating Expenses / (Income)	73	305	150	317	258	300	58	-	395	194
Impairment Charge	0.00	253	0.00	0.00	1.53	0.33	2.37	15	203	23
Other Special Charges / (Income)	0.00	-49	-19	-	-	-105	-	-	-	-
Total Other Income / (Expense), net	-69	-59	-53	-91	-59	-63	-64	-61	-97	0.72
Interest Expense	82	71	62	166	75	71	76	77	169	3.80
Other Income / (Expense), net	13	13	9.07	75	-13	7.89	12	16	71	4.52
Income Tax Expense	0.29	0.59	0.45	0.15	0.35	-0.22	-0.36	1.10	0.49	0.20
Other Gains / (Losses), net	0.40	-0.26	1.74	1.09	1.83	1.63	2.70	1.49	0.75	-68
Net Income / (Loss) Discontinued Operations	0.00	0.00	30	3.36	2.28	4.65	-	-	-	0.16
Net Income / (Loss) Attributable to Noncontrolling Interest	5.01	-	5.79	5.04	5.50	-	9.62	5.54	7.43	13
Basic Earnings per Share	$1.23	($0.67)	$1.54	$0.68	$1.72	$1.72	$0.69	$0.56	$0.30	$1.74
Weighted Average Basic Shares Outstanding	112.70M	112.55M	112.42M	112.32M	112.18M	112.08M	110.26M	101.28M	98.67M	94.53M
Diluted Earnings per Share	$1.23	($0.67)	$1.53	$0.68	$1.72	$1.71	$0.69	$0.56	$0.30	$1.74
Weighted Average Diluted Shares Outstanding	112.70M	112.55M	112.42M	112.32M	112.18M	112.08M	110.26M	101.28M	98.67M	94.53M
Weighted Average Basic & Diluted Shares Outstanding	112.70M	112.55M	112.42M	112.32M	112.18M	112.08M	110.26M	101.28M	98.67M	94.53M
Cash Dividends to Common per Share	$1.18	$1.14	$1.10	$1.10	$1.10	$1.10	$1.10	$1.10	$1.10	$1.10

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	35	35	36	35	33	34	-216	30	79	50	31
Consolidated Net Income / (Loss)	36	36	37	36	34	35	-221	32	80	52	32
Net Income / (Loss) Continuing Operations	36	36	37	36	34	35	-221	32	80	52	32
Total Pre-Tax Income	36	36	37	36	34	35	-221	32	81	52	32
Total Operating Income	55	54	54	54	50	48	-204	46	94	65	47
Total Gross Profit	116	-83	189	187	193	178	170	169	167	-52	183
Total Revenue	188	183	189	187	193	178	170	169	167	175	183
Operating Revenue	188	183	189	187	193	180	169	169	168	175	183
Total Cost of Revenue	72	266	0.00	0.00	0.00	-	0.00	0.00	0.00	227	0.00
Operating Cost of Revenue	72	-	-	-	-	-	-	-	-	-	-
Total Operating Expenses	61	-137	135	133	143	130	374	123	73	-117	136
Selling, General & Admin Expense	12	12	11	12	12	11	11	10	10	12	9.45
Depreciation Expense	39	39	38	38	38	37	38	38	37	37	35
Other Operating Expenses / (Income)	9.71	-188	85	83	93	82	73	75	75	-146	91
Other Special Charges / (Income)	-0.30	-	0.00	-	-	-	0.00	-	-49	-	-
Total Other Income / (Expense), net	-19	-18	-17	-18	-17	-15	-15	-14	-14	-12	-15
Interest Expense	21	20	20	21	21	20	18	17	16	17	15
Other Income / (Expense), net	1.57	2.33	3.32	2.88	4.12	5.65	2.53	2.16	2.26	4.66	0.61
Income Tax Expense	0.10	-0.02	0.13	0.01	0.17	0.12	0.15	0.19	0.13	0.22	0.07
Other Gains / (Losses), net	0.37	0.22	0.09	0.03	0.07	-0.24	-0.07	0.11	-0.06	0.23	0.31
Net Income / (Loss) Attributable to Noncontrolling Interest	1.49	1.35	1.31	1.29	1.06	-	-	1.36	-	1.61	1.40
Basic Earnings per Share	$0.31	$0.31	$0.32	$0.31	$0.29	$0.30	($1.94)	$0.27	$0.70	($0.40)	$0.56
Weighted Average Basic Shares Outstanding	112.88M	112.70M	112.69M	112.65M	112.63M	112.55M	112.55M	112.53M	112.51M	112.42M	112.42M
Diluted Earnings per Share	$0.31	$0.31	$0.32	$0.31	$0.29	$0.30	($1.94)	$0.27	$0.70	($0.38)	$0.54
Weighted Average Diluted Shares Outstanding	112.88M	112.70M	112.69M	112.65M	112.63M	112.55M	112.55M	112.53M	112.51M	112.42M	112.42M
Weighted Average Basic & Diluted Shares Outstanding	112.88M	112.70M	112.69M	112.65M	112.63M	112.55M	112.55M	112.53M	112.51M	112.42M	112.42M
Cash Dividends to Common per Share	$0.31	-	$0.30	$0.30	$0.30	-	$0.29	$0.29	$0.29	-	$0.28

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-30	-166	20	135	-44	28	201	0.38	-8.97	69	24
Net Cash From Operating Activities	56	101	65	94	71	63	80	83	49	147	82
Net Cash From Continuing Operating Activities	56	-69	152	251	71	131	80	83	49	147	82
Net Income / (Loss) Continuing Operations	36	36	37	36	34	35	-221	32	80	52	32
Consolidated Net Income / (Loss)	36	36	37	36	34	35	-221	32	80	52	32
Depreciation Expense	40	39	39	39	39	37	38	38	38	-	-
Amortization Expense	1.72	1.71	1.70	1.70	1.70	1.69	1.39	1.25	1.25	-	-
Non-Cash Adjustments To Reconcile Net Income	-1.76	-209	61	166	3.86	-2.18	264	-4.93	-55	13	-19
Changes in Operating Assets and Liabilities, net	-20	63	12	8.74	-7.18	59	-2.28	17	-15	82	69
Net Cash From Investing Activities	-70	-62	-97	-53	-79	-68	-85	-102	85	-1.02	-117
Net Cash From Continuing Investing Activities	-70	-62	-97	-53	-79	-68	-85	-102	85	-1.02	-117
Purchase of Property, Plant & Equipment	-56	-8.77	-4.02	-5.47	-13	261	-84	-98	-99	-312	-13
Purchase of Investments	-4.36	-	-	-	-	-	-1.58	-4.47	-4.66	220	-87
Other Investing Activities, net	-8.87	-58	-76	-48	-51	-351	0.52	0.38	-0.13	-2.29	-18
Net Cash From Financing Activities	-16	-35	-35	-63	-36	-35	206	19	-144	-78	60
Net Cash From Continuing Financing Activities	-16	-35	-35	-64	-36	-35	206	19	-144	-78	60
Repayment of Debt	-70	-76	-1.86	-31	-3.55	-0.00	-193	-51	-208	-569	-31
Payment of Dividends	-33	-36	-33	-33	-32	-35	-32	-32	-31	-34	-31
Issuance of Debt	87	76	-	-	0.00	-	430	102	95	526	122

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

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	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	4,250	4,234	4,219	4,233	4,239	4,246	4,178	4,269
Total Current Assets	212	255	311	348	418	225	230	249
Cash & Equivalents	24	34	100	123	204	14	15	13
Note & Lease Receivable	78	84	84	83	88	87	85	103
Accounts Receivable	46	42	47	50	40	47	46	40
Prepaid Expenses	63	95	79	92	87	77	83	94
Plant, Property, & Equipment, net	3,643	3,605	3,536	3,518	3,468	3,672	3,614	3,691
Plant, Property & Equipment, gross	3,643	3,605	3,536	3,518	3,468	3,672	3,614	3,691
Total Noncurrent Assets	331	311	309	306	292	289	284	280
Long-Term Investments	39	40	40	41	41	42	42	39
Noncurrent Note & Lease Receivables	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00
Other Noncurrent Operating Assets	292	272	269	265	251	247	242	230
Total Liabilities & Shareholders' Equity	4,250	4,234	4,219	4,233	4,239	4,246	4,178	4,269
Total Liabilities	2,688	2,679	2,666	2,684	2,692	2,447	2,384	2,543
Total Current Liabilities	175	201	190	183	200	168	196	188
Accounts Payable	98	134	122	112	136	136	129	157
Customer Deposits	42	33	33	38	32	-	35	-
Dividends Payable	35	34	34	34	33	33	33	31
Total Noncurrent Liabilities	2,514	2,478	2,476	2,500	2,491	2,279	2,188	2,355
Long-Term Debt	2,413	2,391	2,390	2,417	2,416	2,176	2,123	2,270
Noncurrent Deferred Revenue	39	38	37	34	25	9.20	9.02	9.38
Other Noncurrent Operating Liabilities	62	50	49	50	51	94	56	76
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	24	22	23	23	22	22	25	25
Total Equity & Noncontrolling Interests	1,538	1,533	1,531	1,526	1,526	1,777	1,769	1,701
Total Preferred & Common Equity	1,491	1,489	1,487	1,482	1,486	1,731	1,726	1,661
Total Common Equity	1,491	1,489	1,487	1,482	1,486	1,731	1,726	1,661
Common Stock	2,494	2,494	2,491	2,489	2,491	2,488	2,486	2,486
Accumulated Other Comprehensive Income / (Loss)	0.40	0.06	3.61	3.85	6.09	5.22	1.35	2.63
Other Equity Adjustments	-1,003	-1,005	-1,008	-1,010	-1,011	-763	-761	-827
Noncontrolling Interest	47	43	44	44	40	46	43	39

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

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

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.80%	2.88%	11.38%	10.73%	15.61%	1.74%	-6.91%	-8.94%	-14.48%	-7.22%	10.22%
EBITDA Growth	3.03%	4.90%	160.68%	11.11%	-29.77%	-12.16%	-296.78%	5.79%	66.62%	-2.74%	0.77%
EBIT Growth	3.53%	4.59%	128.64%	18.18%	-43.60%	-21.74%	-527.69%	0.31%	113.56%	-7.23%	8.98%
NOPAT Growth	9.12%	12.42%	137.96%	18.12%	-46.80%	-24.77%	-407.76%	-1.51%	120.11%	997.15%	12.23%
Net Income Growth	7.59%	4.73%	116.91%	15.06%	-58.12%	-33.15%	-784.51%	-5.81%	32.18%	248.06%	12.23%
EPS Growth	6.90%	3.33%	116.49%	14.81%	-58.57%	178.95%	-459.26%	-53.45%	-11.39%	-416.67%	125.00%
Operating Cash Flow Growth	-20.97%	59.33%	-19.00%	12.86%	43.75%	-56.91%	-2.17%	-60.17%	-6.31%	-24.24%	32.64%
Free Cash Flow Firm Growth	-144.54%	-172.64%	-204.61%	796.61%	20.04%	859.75%	297.76%	-300.80%	85.70%	86.64%	-207.22%
Invested Capital Growth	2.84%	3.18%	4.14%	-3.06%	-1.77%	-1.06%	-6.04%	1.85%	-0.10%	2.06%	2.45%
Revenue Q/Q Growth	2.41%	-3.06%	1.00%	-3.06%	8.39%	4.95%	0.41%	1.21%	-4.61%	-3.97%	-1.78%
EBITDA Q/Q Growth	0.35%	-0.71%	1.03%	2.36%	2.17%	157.43%	-284.99%	-35.30%	27.79%	28.66%	-0.55%
EBIT Q/Q Growth	-0.27%	-2.08%	1.41%	4.54%	0.75%	126.82%	-518.45%	-50.12%	39.81%	46.55%	-1.85%
NOPAT Q/Q Growth	0.77%	0.03%	0.37%	7.86%	3.81%	133.77%	-412.34%	-51.42%	109.26%	38.17%	-0.05%
Net Income Q/Q Growth	-0.66%	-2.49%	2.72%	8.13%	-3.30%	115.74%	-799.09%	-60.64%	54.35%	61.18%	-3.81%
EPS Q/Q Growth	0.00%	-3.13%	3.23%	6.90%	-3.33%	115.46%	-818.52%	-61.43%	284.21%	-170.37%	-6.90%
Operating Cash Flow Q/Q Growth	-44.49%	55.38%	-30.67%	32.18%	3.95%	-21.01%	-3.40%	68.35%	-66.80%	79.36%	-60.67%
Free Cash Flow Firm Q/Q Growth	18.12%	34.74%	-156.75%	46.86%	33.56%	-6.03%	477.92%	-125.31%	419.21%	75.54%	-483.74%
Invested Capital Q/Q Growth	0.98%	0.05%	1.85%	-0.06%	1.31%	0.98%	-5.19%	1.28%	2.04%	-4.10%	2.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	61.65%	-45.01%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	-29.78%	100.00%
EBITDA Margin	52.21%	53.28%	52.02%	52.01%	49.26%	52.26%	-95.50%	51.83%	81.08%	60.53%	45.18%
Operating Margin	29.22%	29.59%	28.80%	28.89%	26.09%	27.19%	-120.31%	27.24%	56.50%	36.81%	25.53%
EBIT Margin	30.06%	30.87%	30.56%	30.43%	28.22%	30.36%	-118.82%	28.51%	57.85%	39.47%	25.86%
Profit (Net Income) Margin	19.29%	19.88%	19.76%	19.43%	17.42%	19.53%	-130.21%	18.70%	48.09%	29.72%	17.71%
Tax Burden Percent	100.75%	100.67%	99.88%	100.03%	99.71%	98.97%	100.10%	99.75%	99.77%	100.01%	100.75%
Interest Burden Percent	63.69%	63.98%	64.76%	63.84%	61.92%	64.99%	109.48%	65.76%	83.33%	75.30%	67.96%
Effective Tax Rate	0.29%	-0.07%	0.35%	0.04%	0.50%	0.34%	0.00%	0.60%	0.16%	0.43%	0.21%
Return on Invested Capital (ROIC)	5.69%	5.89%	5.70%	5.49%	4.84%	4.95%	-15.07%	4.87%	10.43%	7.27%	4.94%
ROIC Less NNEP Spread (ROIC-NNEP)	4.88%	5.09%	4.94%	4.67%	4.07%	4.31%	-18.67%	4.20%	9.76%	6.66%	4.29%
Return on Net Nonoperating Assets (RNNOA)	7.13%	7.31%	7.05%	6.01%	5.20%	5.49%	-24.77%	5.00%	11.61%	7.81%	5.43%
Return on Equity (ROE)	12.82%	13.21%	12.75%	11.50%	10.05%	10.44%	-39.84%	9.87%	22.04%	15.08%	10.37%
Cash Return on Invested Capital (CROIC)	2.88%	2.49%	1.44%	2.17%	0.69%	0.78%	5.88%	4.17%	6.15%	3.33%	1.23%
Operating Return on Assets (OROA)	5.30%	5.47%	5.40%	5.24%	4.77%	4.89%	-19.03%	4.69%	9.89%	6.85%	4.62%
Return on Assets (ROA)	3.40%	3.52%	3.49%	3.35%	2.94%	3.14%	-20.86%	3.08%	8.23%	5.16%	3.17%
Return on Common Equity (ROCE)	12.25%	12.65%	12.23%	11.04%	9.64%	10.03%	-38.30%	9.49%	21.36%	14.52%	10.06%
Return on Equity Simple (ROE_SIMPLE)	9.83%	0.00%	9.55%	-7.82%	-8.17%	0.00%	-3.84%	11.35%	11.49%	0.00%	8.53%
Net Operating Profit after Tax (NOPAT)	55	54	54	54	50	48	-143	46	94	64	46
NOPAT Margin	29.14%	29.61%	28.70%	28.88%	25.96%	27.10%	-84.22%	27.07%	56.41%	36.65%	25.47%
Net Nonoperating Expense Percent (NNEP)	0.81%	0.80%	0.76%	0.82%	0.77%	0.64%	3.60%	0.68%	0.67%	0.60%	0.65%
Return On Investment Capital (ROIC_SIMPLE)	1.39%	1.38%	-	-	-	1.23%	-	-	-	1.62%	-
Cost of Revenue to Revenue	38.35%	145.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	129.78%	0.00%
SG&A Expenses to Revenue	6.47%	6.46%	6.03%	6.42%	6.08%	6.36%	6.23%	6.12%	6.27%	6.81%	5.18%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	32.43%	-74.61%	71.20%	71.11%	73.91%	72.81%	220.31%	72.76%	43.50%	-66.59%	74.47%
Earnings before Interest and Taxes (EBIT)	56	57	58	57	55	54	-202	48	97	69	47
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	98	98	98	97	95	93	-162	88	136	106	82
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.06	2.34	2.29	1.90	1.81	1.86	1.72	1.47	1.45	1.58	1.45
Price to Tangible Book Value (P/TBV)	2.06	2.34	2.29	1.90	1.81	1.86	1.72	1.47	1.45	1.58	1.46
Price to Revenue (P/Rev)	4.11	4.63	4.57	3.87	3.78	4.03	3.76	3.67	3.53	3.60	3.19
Price to Earnings (P/E)	21.79	25.11	24.86	0.00	0.00	0.00	0.00	13.38	13.04	15.38	17.64
Dividend Yield	4.36%	3.81%	3.86%	4.63%	4.82%	4.65%	4.96%	4.95%	4.97%	4.65%	5.15%
Earnings Yield	4.59%	3.98%	4.02%	0.00%	0.00%	0.00%	0.00%	7.48%	7.67%	6.50%	5.67%
Enterprise Value to Invested Capital (EV/IC)	1.42	1.53	1.51	1.36	1.33	1.35	1.30	1.22	1.21	1.31	1.19
Enterprise Value to Revenue (EV/Rev)	7.35	7.79	7.75	7.05	7.05	7.35	7.03	6.82	6.53	6.66	6.23
Enterprise Value to EBITDA (EV/EBITDA)	14.03	15.10	15.09	41.56	43.99	32.63	29.71	11.61	11.46	14.03	13.24
Enterprise Value to EBIT (EV/EBIT)	24.10	25.97	25.95	0.00	0.00	0.00	391.37	18.12	17.78	23.48	21.78
Enterprise Value to NOPAT (EV/NOPAT)	25.26	27.57	28.03	0.00	0.00	0.00	0.00	20.44	19.99	24.62	33.08
Enterprise Value to Operating Cash Flow (EV/OCF)	17.38	17.73	19.45	16.38	16.54	18.21	13.26	13.03	9.50	10.03	8.71
Enterprise Value to Free Cash Flow (EV/FCFF)	49.86	62.19	106.94	61.68	190.65	171.85	21.40	29.42	19.65	39.65	98.35
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.54	1.53	1.54	1.54	1.56	1.56	1.56	1.21	1.18	1.28	1.32
Long-Term Debt to Equity	1.54	1.53	1.54	1.54	1.56	1.56	1.56	1.21	1.18	1.28	1.32
Financial Leverage	1.46	1.44	1.43	1.29	1.28	1.27	1.33	1.19	1.19	1.17	1.27
Leverage Ratio	2.73	2.74	2.73	2.53	2.52	2.58	2.60	2.39	2.37	2.48	2.46
Compound Leverage Factor	1.74	1.75	1.77	1.61	1.56	1.68	2.85	1.57	1.97	1.87	1.67
Debt to Total Capital	60.70%	60.52%	60.59%	60.61%	60.94%	60.96%	60.95%	54.75%	54.20%	56.08%	56.80%
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%	0.00%
Long-Term Debt to Total Capital	60.70%	60.52%	60.59%	60.61%	60.94%	60.96%	60.95%	54.75%	54.20%	56.08%	56.80%
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%	0.00%
Noncontrolling Interests to Total Capital	1.79%	1.71%	1.67%	1.69%	1.68%	1.60%	1.56%	1.72%	1.74%	1.66%	1.62%
Common Equity to Total Capital	37.51%	37.78%	37.74%	37.70%	37.38%	37.44%	37.49%	43.54%	44.07%	42.26%	41.58%
Debt to EBITDA	6.16	6.15	6.22	19.34	21.23	15.67	14.97	5.33	5.24	6.36	6.41
Net Debt to EBITDA	6.00	5.95	6.03	18.20	19.79	14.32	13.45	5.20	5.10	6.26	6.27
Long-Term Debt to EBITDA	6.16	6.15	6.22	19.34	21.23	15.67	14.97	5.33	5.24	6.36	6.41
Debt to NOPAT	11.09	11.23	11.56	-66.48	-58.12	-224.57	-185.53	9.39	9.14	11.16	16.02
Net Debt to NOPAT	10.80	10.87	11.20	-62.57	-54.19	-205.16	-166.66	9.15	8.89	10.99	15.66
Long-Term Debt to NOPAT	11.09	11.23	11.56	-66.48	-58.12	-224.57	-185.53	9.39	9.14	11.16	16.02
Altman Z-Score	0.92	1.01	1.00	0.89	0.86	0.87	0.64	0.84	0.89	0.87	0.80
Noncontrolling Interest Sharing Ratio	4.42%	4.21%	4.11%	4.02%	4.03%	3.93%	3.86%	3.80%	3.08%	3.71%	3.02%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.21	1.17	1.27	1.64	1.90	1.89	2.09	1.34	1.18	1.08	1.32
Quick Ratio	0.85	0.76	0.80	1.22	1.39	1.48	1.66	0.88	0.75	0.64	0.82
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-53	-64	-98	173	118	88	94	-25	98	-12	-48
Operating Cash Flow to CapEx	99.64%	1,152.54%	1,619.42%	1,715.13%	542.57%	0.00%	95.20%	85.25%	0.00%	58.52%	636.31%
Free Cash Flow to Firm to Interest Expense	-2.56	-3.15	-4.83	8.41	5.68	4.34	5.28	-1.51	5.98	-0.68	-3.14
Operating Cash Flow to Interest Expense	2.74	4.96	3.19	4.55	3.42	3.11	4.51	5.03	3.00	8.62	5.43
Operating Cash Flow Less CapEx to Interest Expense	-0.01	4.53	3.00	4.29	2.79	15.91	-0.23	-0.87	8.48	-6.11	4.58
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.18	0.18	0.18	0.17	0.17	0.16	0.16	0.16	0.17	0.17	0.18
Accounts Receivable Turnover	15.58	16.52	18.15	15.45	14.77	14.84	17.05	17.59	8.30	17.58	20.67
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.21	0.21	0.21	0.20	0.20	0.19	0.19	0.19	0.00	0.21	0.00
Accounts Payable Turnover	2.58	2.05	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.32	0.00
Days Sales Outstanding (DSO)	23.43	22.09	20.11	23.62	24.71	24.60	21.40	20.75	43.95	20.76	17.66
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	141.28	177.93	0.00	0.00	0.00	0.00	0.00	0.00	0.00	276.20	0.00
Cash Conversion Cycle (CCC)	-117.85	-155.84	20.11	23.62	24.71	24.60	21.40	20.75	43.95	-255.44	17.66
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,882	3,845	3,843	3,773	3,775	3,726	3,690	3,892	3,843	3,766	3,927
Invested Capital Turnover	0.20	0.20	0.20	0.19	0.19	0.18	0.18	0.18	0.18	0.20	0.19
Increase / (Decrease) in Invested Capital	107	119	153	-119	-68	-40	-237	71	-4.01	76	94
Enterprise Value (EV)	5,494	5,869	5,799	5,135	5,007	5,032	4,794	4,736	4,644	4,925	4,686
Market Capitalization	3,073	3,488	3,417	2,819	2,688	2,761	2,563	2,547	2,510	2,661	2,403
Book Value per Share	$13.23	$13.25	$13.22	$13.20	$13.16	$13.18	$13.21	$15.38	$15.35	$14.96	$14.78
Tangible Book Value per Share	$13.23	$13.25	$13.22	$13.20	$13.16	$13.18	$13.21	$15.38	$15.35	$14.96	$14.67
Total Capital	3,975	3,952	3,946	3,943	3,966	3,964	3,963	3,975	3,917	3,980	3,996
Total Debt	2,413	2,392	2,391	2,390	2,417	2,416	2,416	2,176	2,123	2,232	2,270
Total Long-Term Debt	2,413	2,392	2,391	2,390	2,417	2,416	2,416	2,176	2,123	2,232	2,270
Net Debt	2,349	2,314	2,317	2,249	2,253	2,207	2,170	2,120	2,066	2,198	2,219
Capital Expenditures (CapEx)	56	8.77	4.02	5.47	13	-261	84	98	-90	252	13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	13	-4.96	20	21	42	11	14	43	19	5.12	48
Debt-free Net Working Capital (DFNWC)	37	33	54	121	165	179	218	57	34	17	60
Net Working Capital (NWC)	37	33	54	121	165	179	218	57	34	17	60
Net Nonoperating Expense (NNE)	19	18	17	18	16	14	78	14	14	12	14
Net Nonoperating Obligations (NNO)	2,320	2,284	2,288	2,219	2,226	2,179	2,142	2,093	2,048	2,018	2,201
Total Depreciation and Amortization (D&A)	42	41	41	40	41	39	40	39	39	37	35
Debt-free, Cash-free Net Working Capital to Revenue	1.69%	-0.66%	2.62%	2.83%	5.86%	1.63%	2.05%	6.15%	2.68%	0.69%	6.34%
Debt-free Net Working Capital to Revenue	4.94%	4.42%	7.23%	16.61%	23.19%	26.14%	32.02%	8.21%	4.82%	2.36%	8.02%
Net Working Capital to Revenue	4.94%	4.42%	7.23%	16.61%	23.19%	26.14%	32.02%	8.21%	4.82%	2.36%	8.02%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.31	$0.31	$0.32	$0.31	$0.29	$0.30	($1.94)	$0.54	$1.40	($0.40)	$0.28
Adjusted Weighted Average Basic Shares Outstanding	112.88M	112.70M	112.69M	112.65M	112.63M	112.55M	112.55M	112.53M	112.51M	112.42M	112.42M
Adjusted Diluted Earnings per Share	$0.31	$0.31	$0.32	$0.31	$0.29	$0.30	($1.94)	$0.54	$1.40	($0.38)	$0.27
Adjusted Weighted Average Diluted Shares Outstanding	112.88M	112.70M	112.69M	112.65M	112.63M	112.55M	112.55M	112.53M	112.51M	112.42M	112.42M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	112.88M	112.70M	112.69M	112.65M	112.63M	112.55M	112.55M	112.53M	112.51M	112.42M	112.42M
Normalized Net Operating Profit after Tax (NOPAT)	54	38	54	54	50	48	34	46	45	64	46
Normalized NOPAT Margin	28.98%	20.72%	28.70%	28.88%	25.96%	27.10%	19.95%	27.07%	26.92%	36.65%	25.47%
Pre Tax Income Margin	19.14%	19.75%	19.79%	19.43%	17.47%	19.73%	-130.08%	18.75%	48.21%	29.72%	17.58%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.75	2.78	2.84	2.77	2.63	2.66	-11.34	2.92	5.88	4.05	3.12
NOPAT to Interest Expense	2.67	2.66	2.67	2.62	2.42	2.37	-8.04	2.77	5.74	3.76	3.07
EBIT Less CapEx to Interest Expense	0.01	2.35	2.64	2.50	2.00	15.46	-16.08	-2.98	11.35	-10.68	2.27
NOPAT Less CapEx to Interest Expense	-0.08	2.23	2.47	2.36	1.79	15.17	-12.78	-3.13	11.21	-10.97	2.22
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	92.34%	93.17%	93.71%	-113.65%	-108.22%	-174.67%	-226.71%	65.28%	64.05%	71.04%	88.85%
Augmented Payout Ratio	92.34%	93.17%	93.71%	-113.65%	-108.22%	-174.67%	-226.71%	65.28%	64.05%	71.04%	88.85%

Frequently Asked Questions About COPT Defense Properties' Financials

When does COPT Defense Properties's financial year end?

According to the most recent income statement we have on file, COPT Defense Properties' fiscal year ends in December. Their fiscal 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. See where experts think COPT Defense Properties is headed by visiting COPT Defense Properties' forecast page.

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 5/25/2025 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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