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COPT Defense Properties (CDP) Financials

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$32.97 +0.32 (+0.98%)
As of 11:51 AM Eastern
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Annual Income Statements for COPT Defense Properties

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 2025
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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 178 60 56 68 192 97 77 173 -73 139 152
Consolidated Net Income / (Loss)		 189 96 75 79 200 103 82 179 -74 144 160
Net Income / (Loss) Continuing Operations		 121 1,216 75 79 195 101 78 149 -74 144 160
Total Pre-Tax Income 		121 67 75 76 194 99 77 148 -73 144 158
Total Operating Income		 120 1,313 136 140 251 158 169 201 -15 213 234
Total Gross Profit		 523 2,258 322 372 606 582 664 512 685 487 480
Total Revenue		 625 2,357 613 573 606 582 664 739 685 753 764
Operating Revenue		 625 2,357 613 573 612 582 664 739 685 753 764
Total Cost of Revenue		 103 99 291 201 0.00 0.00 0.00 227 0.00 266 284
Operating Cost of Revenue		 103 99 291 201 - - - 227 - 266 284
Total Operating Expenses		 403 945 186 233 355 424 496 311 700 274 246
Selling, General & Admin Expense		 31 73 31 29 35 33 41 39 43 47 48
Depreciation Expense		 140 265 134 137 125 127 138 141 149 154 162
Other Operating Expenses / (Income)		 194 395 - 58 300 258 317 150 305 73 40
Impairment Charge		 23 203 15 2.37 0.33 1.53 0.00 0.00 253 0.00 0.00
Other Special Charges / (Income)		 - - - - -105 - - -19 -49 0.00 -3.35
Total Other Income / (Expense), net		 0.72 -97 -61 -64 -63 -59 -91 -53 -59 -69 -76
Interest Expense		 3.80 169 77 76 71 75 166 62 71 82 87
Other Income / (Expense), net		 4.52 71 16 12 7.89 -13 75 9.07 13 13 11
Income Tax Expense		 0.20 0.49 1.10 -0.36 -0.22 0.35 0.15 0.45 0.59 0.29 0.95
Other Gains / (Losses), net		 -68 0.75 1.49 2.70 1.63 1.83 1.09 1.74 -0.26 0.40 2.81
Net Income / (Loss) Attributable to Noncontrolling Interest		 13 7.43 5.54 9.62 - 5.50 5.04 5.79 - 5.01 7.22
Basic Earnings per Share		 $1.74 $0.30 $0.56 $0.69 $1.72 $1.72 $0.68 $1.54 ($0.67) $1.23 $1.35
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 113.21M
Diluted Earnings per Share		 $1.74 $0.30 $0.56 $0.69 $1.71 $1.72 $0.68 $1.53 ($0.67) $1.23 $1.34
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 113.21M
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 113.21M
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 $1.22

Quarterly Income Statements for COPT Defense Properties

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -216 34 33 35 36 35 35 38 42 38 39
Consolidated Net Income / (Loss)		 -221 35 34 36 37 36 36 40 44 39 40
Net Income / (Loss) Continuing Operations		 -221 35 34 36 37 36 36 40 44 39 40
Total Pre-Tax Income 		-221 35 34 36 37 36 36 40 43 39 39
Total Operating Income		 -204 48 50 54 54 54 55 60 61 58 59
Total Gross Profit		 170 178 127 124 120 -83 116 123 118 123 119
Total Revenue		 170 178 193 187 189 183 188 190 189 197 201
Operating Revenue		 169 180 193 187 189 183 188 190 189 197 201
Total Cost of Revenue		 0.00 - 67 63 69 266 72 67 70 75 81
Operating Cost of Revenue		 - - 67 63 69 - 72 67 70 75 81
Total Operating Expenses		 374 130 76 70 66 -137 61 63 58 64 60
Selling, General & Admin Expense		 11 11 12 12 11 12 12 12 12 12 13
Depreciation Expense		 38 37 38 38 38 39 39 40 41 42 43
Other Operating Expenses / (Income)		 73 82 26 20 16 -188 9.71 12 7.95 10 5.55
Other Special Charges / (Income)		 0.00 - 0.00 0.00 0.00 - -0.30 0.00 -3.02 -0.03 -0.58
Total Other Income / (Expense), net		 -15 -15 -17 -18 -17 -18 -19 -20 -18 -19 -20
Interest Expense		 18 20 21 21 20 20 21 21 21 24 24
Other Income / (Expense), net		 2.53 5.65 4.12 2.88 3.32 2.33 1.57 1.22 2.59 5.30 3.96
Income Tax Expense		 0.15 0.12 0.17 0.01 0.13 -0.02 0.10 0.12 0.61 0.12 0.12
Other Gains / (Losses), net		 -0.07 -0.24 0.07 0.03 0.09 0.22 0.37 0.36 1.82 0.27 1.41
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - 1.06 1.29 1.31 1.35 1.49 1.82 2.02 1.90 1.58
Basic Earnings per Share		 ($1.94) $0.30 $0.29 $0.31 $0.32 $0.31 $0.31 $0.34 $0.37 $0.33 $0.34
Weighted Average Basic Shares Outstanding		 112.55M 112.55M 112.63M 112.65M 112.69M 112.70M 112.88M 112.93M 113.21M 113.21M 113.38M
Diluted Earnings per Share		 ($1.94) $0.30 $0.29 $0.31 $0.32 $0.31 $0.31 $0.34 $0.37 $0.32 $0.34
Weighted Average Diluted Shares Outstanding		 112.55M 112.55M 112.63M 112.65M 112.69M 112.70M 112.88M 112.93M 113.21M 113.21M 113.38M
Weighted Average Basic & Diluted Shares Outstanding		 112.55M 112.55M 112.63M 112.65M 112.69M 112.70M 112.88M 112.93M 113.21M 113.21M 113.38M
Cash Dividends to Common per Share		 $0.29 - $0.30 $0.30 $0.30 - $0.31 $0.31 $0.31 - $0.32

Annual Cash Flow Statements for COPT Defense Properties

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 2025
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 12/31/2025
Net Change in Cash & Equivalents		 54 204 -43 -2.88 6.18 3.90 140 224 220 -55 285
Net Cash From Operating Activities		 204 234 385 180 229 238 394 491 276 331 310
Net Cash From Continuing Operating Activities		 409 243 385 180 -100 -83 394 491 344 405 358
Net Income / (Loss) Continuing Operations		 189 34 75 79 200 103 82 179 -74 144 160
Consolidated Net Income / (Loss)		 189 34 75 79 200 103 82 179 -74 144 160
Depreciation Expense		 142 135 - 139 139 140 - - 151 156 164
Amortization Expense		 5.59 5.89 - 3.39 3.64 4.27 - - 5.57 6.82 7.26
Non-Cash Adjustments To Reconcile Net Income		 68 171 -34 -0.95 -437 -324 -70 -19 202 22 -5.18
Changes in Operating Assets and Liabilities, net		 4.39 67 344 -40 -5.92 -5.62 382 331 59 77 33
Net Cash From Investing Activities		 -308 71 -89 -233 -138 -326 -203 -83 -170 -291 -290
Net Cash From Continuing Investing Activities		 -308 116 -89 -233 -138 -326 -203 -83 -170 -291 -290
Purchase of Property, Plant & Equipment		 -23 - -56 -59 -25 -33 -52 -363 -21 -31 -21
Acquisitions		 -203 - - - - - - - 0.00 -32 -33
Sale of Property, Plant & Equipment		 194 289 181 0.00 108 83 143 281 190 0.00 5.00
Sale and/or Maturity of Investments		 - 43 1.87 6.40 0.00 72 1.29 33 12 4.76 25
Other Investing Activities, net		 -275 164 -0.70 -9.07 -221 -395 -6.04 -20 -351 -232 -266
Net Cash From Financing Activities		 158 -155 -339 50 -84 91 -51 -183 46 -170 217
Net Cash From Continuing Financing Activities		 158 -155 -339 50 -84 91 -51 -183 46 -170 217
Repayment of Debt		 -731 -868 -425 -412 -453 -1,028 -1,909 -1,033 -451 -112 -569
Payment of Dividends		 -126 -138 -134 -119 -130 -138 -126 -127 -130 -134 -139
Issuance of Debt		 988 751 352 394 453 1,266 1,984 977 627 76 924
Cash Interest Paid		 - 78 - - 67 61 - - 60 76 75
Cash Income Taxes Paid		 - 0.01 0.03 - 0.00 0.00 - - 0.04 0.05 0.04

Quarterly Cash Flow Statements for COPT Defense Properties

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 201 28 29 135 20 -166 -30 -6.33 28 293 -246
Net Cash From Operating Activities		 80 63 71 94 65 101 56 84 95 75 96
Net Cash From Continuing Operating Activities		 80 131 144 251 152 -69 56 84 95 123 87
Net Income / (Loss) Continuing Operations		 -221 35 34 36 37 36 36 40 44 39 40
Consolidated Net Income / (Loss)		 -221 35 34 36 37 36 36 40 44 39 40
Depreciation Expense		 38 37 39 39 39 39 40 40 41 43 43
Amortization Expense		 1.39 1.69 1.70 1.70 1.70 1.71 1.72 1.72 1.73 2.10 2.05
Non-Cash Adjustments To Reconcile Net Income		 264 -2.18 74 166 61 -209 -1.76 -2.11 -1.65 0.34 -1.76
Changes in Operating Assets and Liabilities, net		 -2.28 59 -3.63 8.74 12 63 -20 4.42 10 38 3.07
Net Cash From Investing Activities		 -85 -68 -79 -53 -97 -62 -70 -79 -35 -107 -82
Net Cash From Continuing Investing Activities		 -85 -68 -79 -53 -97 -62 -70 -79 -35 -107 -82
Purchase of Property, Plant & Equipment		 -84 261 -13 -5.47 -4.02 -8.77 -56 -74 -58 168 -6.24
Other Investing Activities, net		 0.52 -351 -51 -48 -76 -58 -8.87 -0.63 5.27 -262 -76
Net Cash From Financing Activities		 206 -35 -36 -63 -35 -35 -16 -12 -33 277 -260
Net Cash From Continuing Financing Activities		 206 -35 -36 -64 -35 -35 -16 -12 -33 277 -260
Repayment of Debt		 -193 -0.00 -4.32 -31 -1.86 -76 -70 -81 -120 -298 -479
Payment of Dividends		 -32 -35 -32 -33 -33 -36 -33 -34 -34 -37 -35
Issuance of Debt		 430 - 0.00 - - 76 87 104 122 611 254
Cash Interest Paid		 - - - - - - - - - - 19

Annual Balance Sheets for COPT Defense Properties

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 2014 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2014 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 3,664 3,595 3,656 3,854 4,077 4,262 4,257 4,247 4,254 4,702
Total Current Assets		 98 115 183 220 233 218 237 380 232 506
Cash & Equivalents		 6.08 12 8.07 15 18 13 12 168 38 275
Note & Lease Receivable		 - - 57 74 69 82 85 82 70 70
Accounts Receivable		 31 32 26 35 42 41 43 49 42 58
Prepaid Expenses		 61 71 91 96 105 81 97 82 82 103
Plant, Property, & Equipment, net		 0.00 0.00 3,251 3,341 3,362 3,533 3,556 3,504 3,631 3,783
Plant, Property & Equipment, gross		 - - 3,251 3,341 3,362 3,533 3,556 3,504 3,631 3,783
Total Noncurrent Assets		 3,566 3,480 223 294 481 460 414 302 328 340
Long-Term Investments		 9.07 42 40 52 29 40 21 41 39 36
Noncurrent Note & Lease Receivables		 52 57 - - 0.00 0.00 0.00 0.00 0.00 0.00
Other Noncurrent Operating Assets		 3,447 3,279 140 214 231 213 232 261 288 303
Total Liabilities & Shareholders' Equity		 3,664 3,595 3,656 3,854 4,077 4,262 4,257 4,247 4,254 4,702
Total Liabilities		 2,125 2,104 2,003 2,106 2,358 2,578 2,510 2,700 2,694 3,114
Total Current Liabilities		 153 137 159 214 183 250 219 201 199 220
Accounts Payable		 123 108 93 149 143 186 158 133 126 147
Customer Deposits		 - - 30 34 - 32 30 35 39 38
Dividends Payable		 30 29 31 31 31 31 31 33 34 35
Total Noncurrent Liabilities		 1,981 1,967 1,843 1,892 2,174 2,329 2,290 2,498 2,495 2,894
Long-Term Debt		 1,923 1,828 1,824 1,831 2,087 2,272 2,232 2,416 2,392 2,768
Noncurrent Deferred Revenue		 13 12 9.13 7.36 11 9.34 11 29 40 48
Other Noncurrent Operating Liabilities		 45 67 10 54 77 47 47 53 64 78
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 18 23 26 29 25 27 26 24 24 26
Total Equity & Noncontrolling Interests		 1,521 1,468 1,627 1,719 1,694 1,657 1,721 1,524 1,537 1,562
Total Preferred & Common Equity		 1,451 1,402 1,585 1,679 1,661 1,623 1,682 1,484 1,493 1,515
Total Common Equity		 1,503 1,402 1,585 1,679 1,661 1,623 1,682 1,484 1,493 1,515
Common Stock		 2,022 2,202 2,432 2,483 2,480 2,483 2,487 2,491 2,495 2,504
Accumulated Other Comprehensive Income / (Loss)		 -1.30 2.17 -0.24 -25 -9.16 -3.06 2.07 2.12 0.99 -0.06
Other Equity Adjustments		 -518 -802 -847 -778 -810 -857 -808 -1,009 -1,003 -989
Noncontrolling Interest		 69 66 42 40 33 34 40 40 44 47

Quarterly Balance Sheets for COPT Defense Properties

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 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 4,269 4,178 4,246 4,239 4,233 4,219 4,234 4,250 4,287 4,351 4,459
Total Current Assets		 249 230 225 418 348 311 255 212 201 223 240
Cash & Equivalents		 13 15 14 204 123 100 34 24 21 24 29
Note & Lease Receivable		 103 85 87 88 83 84 84 78 79 80 70
Accounts Receivable		 40 46 47 40 50 47 42 46 44 39 52
Prepaid Expenses		 94 83 77 87 92 79 95 63 57 81 90
Plant, Property, & Equipment, net		 3,691 3,614 3,672 3,468 3,518 3,536 3,605 3,643 3,683 3,726 3,803
Plant, Property & Equipment, gross		 3,691 3,614 3,672 3,468 3,518 3,536 3,605 3,643 3,683 3,726 3,803
Total Noncurrent Assets		 280 284 289 292 306 309 311 331 336 334 344
Long-Term Investments		 39 42 42 41 41 40 40 39 39 36 36
Noncurrent Note & Lease Receivables		 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Noncurrent Operating Assets		 230 242 247 251 265 269 272 292 298 298 308
Total Liabilities & Shareholders' Equity		 4,269 4,178 4,246 4,239 4,233 4,219 4,234 4,250 4,287 4,351 4,459
Total Liabilities		 2,543 2,384 2,447 2,692 2,684 2,666 2,679 2,688 2,718 2,772 2,867
Total Current Liabilities		 188 196 168 200 183 190 201 175 180 208 194
Accounts Payable		 157 129 136 136 112 122 134 98 107 135 117
Customer Deposits		 - 35 - 32 38 33 33 42 38 37 40
Dividends Payable		 31 33 33 33 34 34 34 35 35 35 37
Total Noncurrent Liabilities		 2,355 2,188 2,279 2,491 2,500 2,476 2,478 2,514 2,538 2,565 2,673
Long-Term Debt		 2,270 2,123 2,176 2,416 2,417 2,390 2,391 2,413 2,439 2,444 2,547
Noncurrent Deferred Revenue		 9.38 9.02 9.20 25 34 37 38 39 39 44 48
Other Noncurrent Operating Liabilities		 76 56 94 51 50 49 50 62 60 77 78
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 25 25 22 22 23 23 22 24 23 24 25
Total Equity & Noncontrolling Interests		 1,701 1,769 1,777 1,526 1,526 1,531 1,533 1,538 1,546 1,555 1,567
Total Preferred & Common Equity		 1,661 1,726 1,731 1,486 1,482 1,487 1,489 1,491 1,498 1,507 1,515
Total Common Equity		 1,661 1,726 1,731 1,486 1,482 1,487 1,489 1,491 1,498 1,507 1,515
Common Stock		 2,486 2,486 2,488 2,491 2,489 2,491 2,494 2,494 2,497 2,499 2,501
Accumulated Other Comprehensive Income / (Loss)		 2.63 1.35 5.22 6.09 3.85 3.61 0.06 0.40 0.34 0.08 0.03
Other Equity Adjustments		 -827 -761 -763 -1,011 -1,010 -1,008 -1,005 -1,003 -999 -992 -987
Noncontrolling Interest		 39 43 46 40 44 44 43 47 48 48 52

Annual Metrics And Ratios for COPT Defense Properties

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 2025
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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 6.65% 276.84% -74.00% -6.47% 5.80% -3.97% 14.10% 11.23% -7.37% 10.04% 1.41%
EBITDA Growth		 -2.92% 459.58% -81.22% 2.59% 36.79% -27.99% 31.66% -7.84% -56.07% 152.18% 6.83%
EBIT Growth		 -8.73% 1,010.43% -89.01% -0.54% 71.38% -44.07% 67.84% -13.79% -101.33% 8,217.24% 8.15%
NOPAT Growth		 -8.08% 987.21% -89.73% 4.81% 79.34% -37.24% 6.66% 18.81% -105.38% 2,078.64% 9.12%
Net Income Growth		 317.82% -48.95% -22.28% 4.94% 154.32% -48.56% -20.70% 119.20% -141.58% 293.61% 10.83%
EPS Growth		 596.00% -82.76% 86.67% 23.21% 147.83% 0.58% -60.47% 125.00% -143.79% 283.58% 8.94%
Operating Cash Flow Growth		 5.22% 14.83% 64.33% -53.12% 26.64% 4.32% 65.36% 24.48% -43.71% 19.79% -6.35%
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% -25.97%
Invested Capital Growth		 207.30% -9.02% -65.70% 4.65% 2.27% 1.49% 2.58% 2.06% -1.06% 3.18% 4.23%
Revenue Q/Q Growth		 -0.58% 309.44% -74.17% -5.13% -1.71% 11.98% 0.54% -1.81% 0.45% 0.69% 1.86%
EBITDA Q/Q Growth		 -4.16% 726.89% -82.35% 2.79% 3.16% 3.35% -0.04% -0.84% -4.45% 1.19% 2.64%
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% 2.96%
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% 1.68%
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% 1.87%
EPS Q/Q Growth		 51.30% -11.76% -45.63% 9.52% 15.54% 237.25% -68.37% -24.63% 50.37% 0.82% 0.75%
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% -7.89%
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% -50.54%
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% 1.97%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 83.58% 95.79% 52.58% 64.93% 100.00% 100.00% 100.00% 69.23% 100.00% 64.69% 62.83%
EBITDA Margin		 43.56% 64.68% 46.71% 51.24% 66.24% 49.67% 57.32% 47.49% 22.52% 51.62% 54.37%
Operating Margin		 19.20% 55.71% 22.17% 24.36% 41.44% 27.21% 25.39% 27.15% -2.25% 28.32% 30.59%
EBIT Margin		 19.92% 58.71% 24.81% 26.38% 42.74% 24.89% 36.62% 28.38% -0.41% 30.00% 31.99%
Profit (Net Income) Margin		 30.20% 4.09% 12.23% 13.72% 32.98% 17.67% 12.28% 24.20% -10.86% 19.11% 20.88%
Tax Burden Percent		 156.34% 144.96% 100.53% 104.05% 103.36% 103.78% 105.57% 120.86% 101.16% 100.08% 101.18%
Interest Burden Percent		 96.95% 4.81% 49.03% 49.98% 74.66% 68.39% 31.76% 70.54% 2,640.01% 63.65% 64.51%
Effective Tax Rate		 0.16% 0.73% 1.47% -0.48% -0.11% 0.36% 0.19% 0.30% 0.00% 0.20% 0.60%
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% 5.92%
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% 2.82%
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% 4.22%
Return on Equity (ROE)		 7.85% 2.96% 3.17% 5.00% 11.76% 5.93% 4.79% 10.42% -4.51% 9.26% 10.13%
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% 1.78%
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% 5.46%
Return on Assets (ROA)		 3.29% 1.25% 1.34% 2.17% 5.33% 2.59% 1.96% 4.20% -1.75% 3.39% 3.56%
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% 9.68%
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% 0.00%
Net Operating Profit after Tax (NOPAT)		 120 1,304 134 140 252 158 168 200 -11 213 232
NOPAT Margin		 19.17% 55.30% 21.84% 24.47% 41.48% 27.11% 25.34% 27.07% -1.57% 28.26% 30.41%
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% 3.09%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 5.06% -0.27% 5.42% 5.37%
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% 37.17%
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% 6.26%
R&D to Revenue		 2.16% 0.35% 1.01% 1.02% 0.00% 0.77% 0.00% 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% 32.24%
Earnings before Interest and Taxes (EBIT)		 125 1,384 152 151 259 145 243 210 -2.78 226 244
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 272 1,524 286 294 402 289 381 351 154 389 415
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 2.08
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 2.08
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 4.12
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 20.66
Dividend Yield		 7.19% 4.84% 5.00% 6.65% 4.57% 4.92% 4.41% 4.65% 4.65% 3.81% 4.39%
Earnings Yield		 12.33% 2.77% 2.54% 3.76% 7.11% 3.88% 2.73% 6.50% 0.00% 3.98% 4.84%
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 1.42
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 7.43
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 13.67
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 23.23
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 24.44
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 18.32
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 81.24
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 1.74
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 1.74
Financial Leverage		 1.92 2.12 1.74 1.16 1.06 1.06 1.14 1.17 1.27 1.44 1.49
Leverage Ratio		 2.39 2.36 2.36 2.31 2.21 2.29 2.45 2.48 2.58 2.74 2.84
Compound Leverage Factor		 2.31 0.11 1.16 1.15 1.65 1.56 0.78 1.75 68.14 1.74 1.84
Debt to Total Capital		 55.95% 54.07% 55.29% 52.53% 51.15% 54.94% 57.44% 56.08% 60.96% 60.52% 63.55%
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% 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% 63.55%
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% 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% 1.67%
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% 34.78%
Debt to EBITDA		 15.25 2.50 6.44 6.23 4.56 7.25 5.97 6.36 15.67 6.15 6.66
Net Debt to EBITDA		 14.78 2.18 6.25 6.07 4.39 7.08 5.83 6.26 14.32 5.95 5.91
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 6.66
Debt to NOPAT		 34.66 2.92 13.78 13.04 7.28 13.28 13.49 11.16 -224.57 11.23 11.91
Net Debt to NOPAT		 33.57 2.55 13.38 12.70 7.01 12.98 13.18 10.99 -205.16 10.87 10.57
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 11.91
Altman Z-Score		 0.32 1.22 0.93 0.84 1.15 0.91 0.99 0.98 0.82 1.14 1.01
Noncontrolling Interest Sharing Ratio		 68.76% 100.00% 70.34% 5.00% 4.05% 3.69% 3.51% 3.71% 3.93% 4.21% 4.46%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.00 0.00 0.84 1.15 1.03 1.27 0.87 1.08 1.89 1.17 2.30
Quick Ratio		 0.00 0.00 0.32 0.57 0.58 0.70 0.55 0.64 1.48 0.76 1.83
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -7,040 2,261 6,478 -14 173 105 75 124 29 94 70
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% 1,928.76%
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 0.81
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 3.57
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 3.39
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.11 0.31 0.11 0.16 0.16 0.15 0.16 0.17 0.16 0.18 0.17
Accounts Receivable Turnover		 9.14 20.73 8.01 19.74 19.65 15.11 16.13 17.58 14.84 16.52 15.21
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		 0.00 0.00 0.00 0.00 0.18 0.17 0.19 0.21 0.19 0.21 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 2.08
Days Sales Outstanding (DSO)		 39.95 17.60 45.55 18.49 18.57 24.16 22.63 20.76 24.60 22.09 23.99
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)		 544.76 737.45 204.43 182.46 0.00 0.00 0.00 276.20 0.00 177.93 175.62
Cash Conversion Cycle (CCC)		 -504.81 -719.85 -158.88 -163.97 18.57 24.16 22.63 -255.44 24.60 -155.84 -151.64
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 4,007
Invested Capital Turnover		 0.09 0.23 0.09 0.17 0.17 0.16 0.18 0.20 0.18 0.20 0.19
Increase / (Decrease) in Invested Capital		 7,160 -957 -6,344 154 79 53 93 76 -40 119 162
Enterprise Value (EV)		 5,612 5,662 4,071 3,651 4,529 4,614 5,082 4,925 5,032 5,869 5,677
Market Capitalization		 1,446 2,155 2,192 1,802 2,695 2,507 2,801 2,661 2,761 3,488 3,147
Book Value per Share		 $0.00 $0.00 $14.08 $14.56 $14.98 $14.81 $14.45 $14.96 $13.18 $13.25 $13.38
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 $13.38
Total Capital		 7,427 7,043 3,336 3,483 3,580 3,816 3,956 3,980 3,964 3,952 4,356
Total Debt		 4,156 3,808 1,844 1,829 1,831 2,096 2,272 2,232 2,416 2,392 2,768
Total Long-Term Debt		 4,156 3,808 1,844 1,824 1,831 2,087 2,272 2,232 2,416 2,392 2,768
Net Debt		 4,025 3,326 1,790 1,781 1,764 2,049 2,219 2,198 2,207 2,314 2,456
Capital Expenditures (CapEx)		 -171 -289 -125 59 -83 -50 -92 82 -169 31 16
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -121 -420 -34 21 -8.59 41 -45 5.12 11 -4.96 11
Debt-free Net Working Capital (DFNWC)		 0.00 0.00 -22 29 6.15 59 -32 17 179 33 286
Net Working Capital (NWC)		 0.00 0.00 -22 23 6.15 50 -32 17 179 33 286
Net Nonoperating Expense (NNE)		 -69 1,207 59 62 52 55 87 21 64 69 73
Net Nonoperating Obligations (NNO)		 7,342 6,421 1,820 1,812 1,796 1,878 2,006 2,018 2,179 2,284 2,419
Total Depreciation and Amortization (D&A)		 148 141 134 142 143 144 138 141 157 163 171
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% 1.43%
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% 37.43%
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% 37.43%
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 $1.35
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 113.21M
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 $1.34
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 113.21M
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		 94.53M 98.67M 101.28M 110.26M 112.08M 112.18M 112.32M 112.42M 112.55M 112.70M 113.21M
Normalized Net Operating Profit after Tax (NOPAT)		 143 1,505 149 99 102 159 168 181 132 213 229
Normalized NOPAT Margin		 22.89% 63.84% 24.27% 17.34% 16.90% 27.37% 25.34% 24.47% 19.23% 28.26% 29.97%
Pre Tax Income Margin		 19.32% 2.82% 12.16% 13.19% 31.91% 17.02% 11.63% 20.02% -10.74% 19.09% 20.64%
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 2.82
NOPAT to Interest Expense		 31.56 7.73 1.73 1.85 3.54 2.10 1.01 3.24 -0.15 2.59 2.68
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 2.63
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 2.49
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% 87.18%
Augmented Payout Ratio		 67.80% 145.85% 181.09% 151.80% 65.10% 142.43% 154.21% 71.04% -174.67% 93.17% 87.18%

Quarterly Metrics And Ratios for COPT Defense Properties

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 113,207,660.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 113,207,660.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.34
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -6.91% 1.74% 15.61% 10.73% 11.38% 2.88% -2.80% 1.37% -0.23% 7.59% 6.80%
EBITDA Growth		 -296.78% -12.16% -29.77% 11.11% 160.68% 4.90% 3.03% 5.32% 7.90% 10.94% 10.11%
EBIT Growth		 -527.69% -21.74% -43.60% 18.18% 128.64% 4.59% 3.53% 6.76% 9.72% 12.40% 11.32%
NOPAT Growth		 -407.76% -24.77% -46.80% 18.12% 137.96% 12.42% 9.12% 9.91% 10.43% 7.07% 7.26%
Net Income Growth		 -784.51% -33.15% -58.12% 15.06% 116.91% 4.73% 7.59% 10.32% 16.97% 8.03% 10.80%
EPS Growth		 -459.26% 178.95% -58.57% 14.81% 116.49% 3.33% 6.90% 9.68% 15.63% 3.23% 9.68%
Operating Cash Flow Growth		 -2.17% -56.91% 43.75% 12.86% -19.00% 59.33% -20.97% -10.24% 46.15% -26.27% 71.85%
Free Cash Flow Firm Growth		 297.76% 859.75% 20.04% 796.61% -204.61% -172.64% -144.54% -148.61% 72.33% -62.45% -87.70%
Invested Capital Growth		 -6.04% -1.06% -1.77% -3.06% 4.14% 3.18% 2.84% 3.81% 2.27% 4.23% 4.05%
Revenue Q/Q Growth		 0.41% 4.95% 8.39% -3.06% 1.00% -3.06% 2.41% 1.10% -0.59% 4.54% 1.66%
EBITDA Q/Q Growth		 -284.99% 157.43% 2.17% 2.36% 1.03% -0.71% 0.35% 4.63% 3.51% 2.08% -0.40%
EBIT Q/Q Growth		 -518.45% 126.82% 0.75% 4.54% 1.41% -2.08% -0.27% 7.80% 4.22% 0.32% -1.23%
NOPAT Q/Q Growth		 -412.34% 133.77% 3.81% 7.86% 0.37% 0.03% 0.77% 8.64% 0.84% -3.01% 0.94%
Net Income Q/Q Growth		 -799.09% 115.74% -3.30% 8.13% 2.72% -2.49% -0.66% 10.87% 8.91% -9.94% 1.89%
EPS Q/Q Growth		 -818.52% 115.46% -3.33% 6.90% 3.23% -3.13% 0.00% 9.68% 8.82% -13.51% 6.25%
Operating Cash Flow Q/Q Growth		 -3.40% -21.01% 3.95% 32.18% -30.67% 55.38% -44.49% 50.13% 12.88% -21.62% 29.37%
Free Cash Flow Firm Q/Q Growth		 477.92% -6.03% 33.56% 46.86% -156.75% 34.74% 18.12% -60.29% 67.69% -283.06% 5.40%
Invested Capital Q/Q Growth		 -5.19% 0.98% 1.31% -0.06% 1.85% 0.05% 0.98% 0.88% 0.34% 1.97% 0.81%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% -45.01% 61.65% 64.77% 62.73% 62.19% 59.41%
EBITDA Margin		 -95.50% 52.26% 49.26% 52.01% 52.02% 53.28% 52.21% 54.04% 56.26% 54.94% 53.83%
Operating Margin		 -120.31% 27.19% 26.09% 28.89% 28.80% 29.59% 29.22% 31.41% 32.23% 29.56% 29.36%
EBIT Margin		 -118.82% 30.36% 28.22% 30.43% 30.56% 30.87% 30.06% 32.05% 33.60% 32.24% 31.33%
Profit (Net Income) Margin		 -130.21% 19.53% 17.42% 19.43% 19.76% 19.88% 19.29% 21.15% 23.17% 19.96% 20.01%
Tax Burden Percent		 100.10% 98.97% 99.71% 100.03% 99.88% 100.67% 100.75% 100.60% 102.83% 100.38% 103.30%
Interest Burden Percent		 109.48% 64.99% 61.92% 63.84% 64.76% 63.98% 63.69% 65.60% 67.06% 61.67% 61.82%
Effective Tax Rate		 0.00% 0.34% 0.50% 0.04% 0.35% -0.07% 0.29% 0.29% 1.44% 0.29% 0.32%
Return on Invested Capital (ROIC)		 -15.07% 4.95% 4.84% 5.49% 5.70% 5.89% 5.69% 6.11% 6.13% 5.73% 5.74%
ROIC Less NNEP Spread (ROIC-NNEP)		 -18.67% 4.31% 4.07% 4.67% 4.94% 5.09% 4.88% 5.27% 5.43% 4.94% 4.96%
Return on Net Nonoperating Assets (RNNOA)		 -24.77% 5.49% 5.20% 6.01% 7.05% 7.31% 7.13% 7.70% 8.04% 7.38% 7.50%
Return on Equity (ROE)		 -39.84% 10.44% 10.05% 11.50% 12.75% 13.21% 12.82% 13.82% 14.17% 13.11% 13.24%
Cash Return on Invested Capital (CROIC)		 5.88% 0.78% 0.69% 2.17% 1.44% 2.49% 2.88% 2.06% 3.64% 1.78% 1.99%
Operating Return on Assets (OROA)		 -19.03% 4.89% 4.77% 5.24% 5.40% 5.47% 5.30% 5.65% 5.87% 5.50% 5.59%
Return on Assets (ROA)		 -20.86% 3.14% 2.94% 3.35% 3.49% 3.52% 3.40% 3.73% 4.05% 3.41% 3.57%
Return on Common Equity (ROCE)		 -38.30% 10.03% 9.64% 11.04% 12.23% 12.65% 12.25% 13.20% 13.54% 12.53% 12.62%
Return on Equity Simple (ROE_SIMPLE)		 -3.84% 0.00% -8.17% -7.82% 9.55% 0.00% 9.83% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -143 48 50 54 54 54 55 59 60 58 59
NOPAT Margin		 -84.22% 27.10% 25.96% 28.88% 28.70% 29.61% 29.14% 31.31% 31.76% 29.47% 29.26%
Net Nonoperating Expense Percent (NNEP)		 3.60% 0.64% 0.77% 0.82% 0.76% 0.80% 0.81% 0.85% 0.70% 0.80% 0.78%
Return On Investment Capital (ROIC_SIMPLE)		 - 1.23% - - - 1.38% 1.39% 1.49% 1.50% 1.34% 1.43%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 145.01% 38.35% 35.23% 37.27% 37.81% 40.59%
SG&A Expenses to Revenue		 6.23% 6.36% 6.08% 6.42% 6.03% 6.46% 6.47% 6.27% 6.37% 5.95% 6.30%
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		 220.31% 72.81% 73.91% 71.11% 71.20% -74.61% 32.43% 33.36% 30.51% 32.63% 30.06%
Earnings before Interest and Taxes (EBIT)		 -202 54 55 57 58 57 56 61 63 64 63
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -162 93 95 97 98 98 98 103 106 108 108
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.72 1.86 1.81 1.90 2.29 2.34 2.06 2.08 2.18 2.08 2.29
Price to Tangible Book Value (P/TBV)		 1.72 1.86 1.81 1.90 2.29 2.34 2.06 2.08 2.18 2.08 2.29
Price to Revenue (P/Rev)		 3.76 4.03 3.78 3.87 4.57 4.63 4.11 4.15 4.38 4.12 4.46
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 24.86 25.11 21.79 21.58 21.89 20.66 22.19
Dividend Yield		 4.96% 4.65% 4.82% 4.63% 3.86% 3.81% 4.36% 4.35% 4.16% 4.39% 4.04%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 4.02% 3.98% 4.59% 4.63% 4.57% 4.84% 4.51%
Enterprise Value to Invested Capital (EV/IC)		 1.30 1.35 1.33 1.36 1.51 1.53 1.42 1.42 1.46 1.42 1.49
Enterprise Value to Revenue (EV/Rev)		 7.03 7.35 7.05 7.05 7.75 7.79 7.35 7.41 7.65 7.43 7.76
Enterprise Value to EBITDA (EV/EBITDA)		 29.71 32.63 43.99 41.56 15.09 15.10 14.03 14.02 14.18 13.67 14.16
Enterprise Value to EBIT (EV/EBIT)		 391.37 0.00 0.00 0.00 25.95 25.97 24.10 24.00 24.17 23.23 24.02
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 28.03 27.57 25.26 24.97 25.11 24.44 25.49
Enterprise Value to Operating Cash Flow (EV/OCF)		 13.26 18.21 16.54 16.38 19.45 17.73 17.38 18.15 17.05 18.32 17.20
Enterprise Value to Free Cash Flow (EV/FCFF)		 21.40 171.85 190.65 61.68 106.94 62.19 49.86 70.32 40.61 81.24 76.32
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.56 1.56 1.56 1.54 1.54 1.53 1.54 1.55 1.55 1.74 1.60
Long-Term Debt to Equity		 1.56 1.56 1.56 1.54 1.54 1.53 1.54 1.55 1.55 1.74 1.60
Financial Leverage		 1.33 1.27 1.28 1.29 1.43 1.44 1.46 1.46 1.48 1.49 1.51
Leverage Ratio		 2.60 2.58 2.52 2.53 2.73 2.74 2.73 2.72 2.74 2.84 2.76
Compound Leverage Factor		 2.85 1.68 1.56 1.61 1.77 1.75 1.74 1.79 1.84 1.75 1.71
Debt to Total Capital		 60.95% 60.96% 60.94% 60.61% 60.59% 60.52% 60.70% 60.85% 60.74% 63.55% 61.54%
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		 60.95% 60.96% 60.94% 60.61% 60.59% 60.52% 60.70% 60.85% 60.74% 63.55% 61.54%
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		 1.56% 1.60% 1.68% 1.69% 1.67% 1.71% 1.79% 1.78% 1.80% 1.67% 1.86%
Common Equity to Total Capital		 37.49% 37.44% 37.38% 37.70% 37.74% 37.78% 37.51% 37.37% 37.46% 34.78% 36.60%
Debt to EBITDA		 14.97 15.67 21.23 19.34 6.22 6.15 6.16 6.14 6.04 6.66 5.99
Net Debt to EBITDA		 13.45 14.32 19.79 18.20 6.03 5.95 6.00 5.99 5.89 5.91 5.84
Long-Term Debt to EBITDA		 14.97 15.67 21.23 19.34 6.22 6.15 6.16 6.14 6.04 6.66 5.99
Debt to NOPAT		 -185.53 -224.57 -58.12 -66.48 11.56 11.23 11.09 10.94 10.70 11.91 10.78
Net Debt to NOPAT		 -166.66 -205.16 -54.19 -62.57 11.20 10.87 10.80 10.68 10.43 10.57 10.51
Long-Term Debt to NOPAT		 -185.53 -224.57 -58.12 -66.48 11.56 11.23 11.09 10.94 10.70 11.91 10.78
Altman Z-Score		 0.64 0.87 0.86 0.89 1.00 1.01 0.92 0.92 0.94 0.89 0.96
Noncontrolling Interest Sharing Ratio		 3.86% 3.93% 4.03% 4.02% 4.11% 4.21% 4.42% 4.42% 4.40% 4.46% 4.69%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.09 1.89 1.90 1.64 1.27 1.17 1.21 1.12 1.08 2.30 1.24
Quick Ratio		 1.66 1.48 1.39 1.22 0.80 0.76 0.85 0.80 0.69 1.83 0.77
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 94 88 118 173 -98 -64 -53 -84 -27 -104 -99
Operating Cash Flow to CapEx		 95.20% 0.00% 542.57% 1,715.13% 1,619.42% 1,152.54% 99.64% 114.05% 162.78% 0.00% 1,545.34%
Free Cash Flow to Firm to Interest Expense		 5.28 4.34 5.68 8.41 -4.83 -3.15 -2.56 -4.02 -1.30 -4.28 -4.11
Operating Cash Flow to Interest Expense		 4.51 3.11 3.42 4.55 3.19 4.96 2.74 4.02 4.55 3.06 4.02
Operating Cash Flow Less CapEx to Interest Expense		 -0.23 15.91 2.79 4.29 3.00 4.53 -0.01 0.50 1.76 9.92 3.76
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.16 0.16 0.17 0.17 0.18 0.18 0.18 0.18 0.17 0.17 0.18
Accounts Receivable Turnover		 17.05 14.84 14.77 15.45 18.15 16.52 15.58 16.52 18.48 15.21 15.88
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		 0.19 0.19 0.20 0.20 0.21 0.21 0.21 0.21 0.20 0.21 0.21
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 2.05 2.58 2.40 2.05 2.08 2.73
Days Sales Outstanding (DSO)		 21.40 24.60 24.71 23.62 20.11 22.09 23.43 22.09 19.75 23.99 22.99
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)		 0.00 0.00 0.00 0.00 0.00 177.93 141.28 152.05 177.99 175.62 133.77
Cash Conversion Cycle (CCC)		 21.40 24.60 24.71 23.62 20.11 -155.84 -117.85 -129.96 -158.24 -151.64 -110.78
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,690 3,726 3,775 3,773 3,843 3,845 3,882 3,916 3,930 4,007 4,040
Invested Capital Turnover		 0.18 0.18 0.19 0.19 0.20 0.20 0.20 0.20 0.19 0.19 0.20
Increase / (Decrease) in Invested Capital		 -237 -40 -68 -119 153 119 107 144 87 162 157
Enterprise Value (EV)		 4,794 5,032 5,007 5,135 5,799 5,869 5,494 5,563 5,737 5,677 6,024
Market Capitalization		 2,563 2,761 2,688 2,819 3,417 3,488 3,073 3,113 3,282 3,147 3,464
Book Value per Share		 $13.21 $13.18 $13.16 $13.20 $13.22 $13.25 $13.23 $13.27 $13.34 $13.38 $13.38
Tangible Book Value per Share		 $13.21 $13.18 $13.16 $13.20 $13.22 $13.25 $13.23 $13.27 $13.34 $13.38 $13.38
Total Capital		 3,963 3,964 3,966 3,943 3,946 3,952 3,975 4,008 4,023 4,356 4,139
Total Debt		 2,416 2,416 2,417 2,390 2,391 2,392 2,413 2,439 2,444 2,768 2,547
Total Long-Term Debt		 2,416 2,416 2,417 2,390 2,391 2,392 2,413 2,439 2,444 2,768 2,547
Net Debt		 2,170 2,207 2,253 2,249 2,317 2,314 2,349 2,379 2,384 2,456 2,483
Capital Expenditures (CapEx)		 84 -261 13 5.47 4.02 8.77 56 74 58 -168 6.24
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 14 11 42 21 20 -4.96 13 0.44 -8.08 11 17
Debt-free Net Working Capital (DFNWC)		 218 179 165 121 54 33 37 22 16 286 46
Net Working Capital (NWC)		 218 179 165 121 54 33 37 22 16 286 46
Net Nonoperating Expense (NNE)		 78 14 16 18 17 18 19 19 16 19 19
Net Nonoperating Obligations (NNO)		 2,142 2,179 2,226 2,219 2,288 2,284 2,320 2,347 2,350 2,419 2,448
Total Depreciation and Amortization (D&A)		 40 39 41 40 41 41 42 42 43 45 45
Debt-free, Cash-free Net Working Capital to Revenue		 2.05% 1.63% 5.86% 2.83% 2.62% -0.66% 1.69% 0.06% -1.08% 1.43% 2.24%
Debt-free Net Working Capital to Revenue		 32.02% 26.14% 23.19% 16.61% 7.23% 4.42% 4.94% 2.90% 2.08% 37.43% 5.92%
Net Working Capital to Revenue		 32.02% 26.14% 23.19% 16.61% 7.23% 4.42% 4.94% 2.90% 2.08% 37.43% 5.92%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($1.94) $0.30 $0.29 $0.31 $0.32 $0.31 $0.31 $0.34 $0.37 $0.33 $0.34
Adjusted Weighted Average Basic Shares Outstanding		 112.55M 112.55M 112.63M 112.65M 112.69M 112.70M 112.88M 112.93M 113.21M 113.21M 113.38M
Adjusted Diluted Earnings per Share		 ($1.94) $0.30 $0.29 $0.31 $0.32 $0.31 $0.31 $0.34 $0.37 $0.32 $0.34
Adjusted Weighted Average Diluted Shares Outstanding		 112.55M 112.55M 112.63M 112.65M 112.69M 112.70M 112.88M 112.93M 113.21M 113.21M 113.38M
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		 112.55M 112.55M 112.63M 112.65M 112.69M 112.70M 112.88M 112.93M 113.21M 113.21M 113.38M
Normalized Net Operating Profit after Tax (NOPAT)		 34 48 50 54 54 38 54 59 57 58 58
Normalized NOPAT Margin		 19.95% 27.10% 25.96% 28.88% 28.70% 20.72% 28.98% 31.31% 30.19% 29.46% 28.97%
Pre Tax Income Margin		 -130.08% 19.73% 17.47% 19.43% 19.79% 19.75% 19.14% 21.02% 22.53% 19.89% 19.37%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -11.34 2.66 2.63 2.77 2.84 2.78 2.75 2.91 3.04 2.61 2.62
NOPAT to Interest Expense		 -8.04 2.37 2.42 2.62 2.67 2.66 2.67 2.84 2.87 2.38 2.45
EBIT Less CapEx to Interest Expense		 -16.08 15.46 2.00 2.50 2.64 2.35 0.01 -0.62 0.24 9.48 2.36
NOPAT Less CapEx to Interest Expense		 -12.78 15.17 1.79 2.36 2.47 2.23 -0.08 -0.69 0.07 9.25 2.19
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -226.71% -174.67% -108.22% -113.65% 93.71% 93.17% 92.34% 90.84% 87.92% 87.18% 85.87%
Augmented Payout Ratio		 -226.71% -174.67% -108.22% -113.65% 93.71% 93.17% 92.34% 90.84% 87.92% 87.18% 85.87%

Financials Breakdown Chart

Key Financial Trends

COPT Defense Properties (NYSE: CDP) is showing steady top-line growth and solid operating profitability, but the balance sheet remains highly leveraged and cash flow can be lumpy because of heavy property activity and debt management.

Looking across the last four years of quarterly statements, CDP’s business has generally produced stable recurring revenue growth, with revenue in Q1 2026 at $200.6 million versus $193.3 million in Q1 2024 and $167.2 million in Q1 2023. Gross profit and operating income have also stayed strong, which suggests the company’s defense-oriented real estate portfolio continues to generate dependable demand.

That said, CDP is still a capital-intensive REIT. It carries a large debt load, and interest expense remains meaningful. The company also regularly uses financing activity to manage its balance sheet, which is normal for a property owner but still important for investors to watch.

  • Revenue has trended higher over the period. Q1 2026 revenue of $200.6 million was above Q1 2025 and Q1 2024, showing continued growth in the core rental/operating base.
  • Operating income remains strong and relatively consistent. Q1 2026 operating income of $58.9 million was close to prior quarters, highlighting durable property-level profitability.
  • Net income improved year over year. Q1 2026 common shareholder earnings were $38.6 million, up from $34.7 million in Q1 2025.
  • Funds from operations-style cash generation appears solid. Operating cash flow was $96.4 million in Q1 2026, reflecting a business that still converts earnings into cash.
  • Leverage has edged down from late 2024 levels. Long-term debt was $2.55 billion in Q1 2026, below the $2.68 billion total liabilities level and down modestly from several earlier periods.
  • Shares outstanding have stayed fairly stable. Basic shares moved only slightly over the last year, which helps limit dilution pressure.
  • The dividend appears manageable, but coverage should be monitored. Q1 2026 dividends were $0.32 per share versus EPS of $0.34, leaving only a thin margin on a GAAP basis.
  • Cash balance is not especially large. Cash and equivalents were $28.6 million at the end of Q1 2026, small relative to assets and debt.
  • Capital spending remains part of the story. The company continues to invest in property, with Q1 2026 capex of about $6.2 million, plus other investing outflows.
  • Debt remains the biggest risk. Long-term debt of $2.55 billion is substantial, and interest expense was $24.0 million in Q1 2026.
  • Equity is thin relative to assets. Total equity and noncontrolling interests were $1.57 billion against $4.46 billion in assets, reflecting a levered REIT structure.
  • Cash flow can be volatile quarter to quarter. Q1 2026 showed a large net cash outflow of $246.1 million, driven by financing and investing activity, even though operations were strong.
  • Balance sheet growth has been financed with debt. The company has repeatedly issued and repaid debt to fund its portfolio, which increases refinancing sensitivity if rates stay elevated.

Bottom line: CDP looks like a stable, income-producing REIT with improving revenue and dependable operating performance, but investors should balance that against its leveraged balance sheet and interest-rate exposure. For dividend-focused investors, the company appears to be holding up well operationally; for risk-conscious investors, debt and financing needs are the key watch items.

06/08/26 10:16 AM ETAI Generated. May Contain Errors.

COPT Defense Properties Financials - Frequently Asked Questions

According to the most recent income statement we have on file, COPT Defense Properties' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

COPT Defense Properties' net income appears to be on a downward trend, with a most recent value of $159.53 million in 2025, falling from $188.88 million in 2015. The previous period was $143.94 million in 2024. View COPT Defense Properties' forecast to see where analysts expect COPT Defense Properties to go next.

COPT Defense Properties' total operating income in 2025 was $233.72 million, based on the following breakdown:
  • Total Gross Profit: $480.00 million
  • Total Operating Expenses: $246.28 million

Over the last 10 years, COPT Defense Properties' total revenue changed from $625.47 million in 2015 to $763.92 million in 2025, a change of 22.1%.

COPT Defense Properties' total liabilities were at $3.11 billion at the end of 2025, a 15.6% increase from 2024, and a 46.6% increase since 2014.

In the past 9 years, COPT Defense Properties' cash and equivalents has ranged from $6.08 million in 2014 to $274.99 million in 2025, and is currently $274.99 million as of their latest financial filing in 2025.

Over the last 10 years, COPT Defense Properties' book value per share changed from 0.00 in 2015 to 13.38 in 2025, a change of 1,338.0%.


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Financial statements for NYSE:CDP last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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