COPT Defense Properties (CDP) Financials

$31.79 +0.08 (+0.24%)

Closing price 05/18/2026 03:59 PM Eastern

Extended Trading

$31.50 -0.29 (-0.90%)

As of 07:27 AM 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	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

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

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

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

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

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

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%

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

Note: The data you provided appears to be for COPT Defense Properties (CDP), not Corporate Office Properties Trust (OFC). The following takeaways summarize the trends shown in the last four years of CDP’s quarterly statements you shared. If you want OFC-specific analysis, please provide OFC’s quarterly data.

The highlights below are ordered with the most potentially helpful points first (positive), then neutral observations, and finally the negative points. I’ve limited the list to 10 items.

Q4 2025 operating revenue rose to 197.36 million, up from 178.30 million in Q4 2024, signaling a solid top‑line improvement.
Q4 2025 net income attributable to common shareholders was 37.50 million, indicating continued earnings momentum on a quarterly basis. Basic earnings per share were 0.33 and diluted 0.32 for Q4 2025.
Net cash from continuing operating activities in Q4 2025 was 122.65 million, higher than prior quarters and suggesting improving cash generation from core operations.
Financing activity provided meaningful liquidity in Q4 2025, with net cash from continuing financing activities of 276.95 million and a total net change in cash of 292.97 million, reflecting debt issuance and related financing activity supporting liquidity and distributions.
Cash dividends per share were maintained at 0.305, aligning with earnings per share and supporting a steady income stream for shareholders.
Earnings per share metrics remained in a stable range, with basic EPS around 0.33 and diluted EPS around 0.32 for Q4 2025, consistent with quarterly profitability levels.
The balance sheet shows a large asset base (Total Assets around 4.25–4.35 billion across recent quarters) and a substantial equity position (Total Common Equity around 1.5 billion), indicating a solid capital base to support operations and growth.
Debt financing activity was a notable feature in recent quarters, with sizable debt issuance in late 2025 (e.g., 611.456 million in debt issuance), indicating ongoing access to borrowing to fund activities and capital needs.
Investing cash flows remained a headwind, with net cash from investing activities in Q4 2025 at -106.63 million (and prior quarters showing sizeable outflows), reflecting ongoing capital expenditures and portfolio investments.
Interest expense remains a meaningful cash outflow relative to pretax income, highlighting ongoing debt servicing costs that compress pretax income margins.

05/19/26 07:28 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' fiscal year ends in December. Their fiscal 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. See where experts think COPT Defense Properties is headed by visiting COPT Defense Properties' forecast page.

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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COPT Defense Properties (CDP) Financials

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COPT Defense Properties (CDP) Financials

Annual Income Statements for COPT Defense Properties

Quarterly Income Statements for COPT Defense Properties

Annual Cash Flow Statements for COPT Defense Properties

Quarterly Cash Flow Statements for COPT Defense Properties

Annual Balance Sheets for COPT Defense Properties

Quarterly Balance Sheets for COPT Defense Properties

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Quarterly Metrics And Ratios for COPT Defense Properties

Financials Breakdown Chart

Key Financial Trends

COPT Defense Properties Financials - Frequently Asked Questions

When does COPT Defense Properties' financial year end?

How has COPT Defense Properties' net income changed over the last 10 years?

What is COPT Defense Properties' operating income?

How has COPT Defense Properties' revenue changed over the last 10 years?

How much debt does COPT Defense Properties have?

How much cash does COPT Defense Properties have?

How has COPT Defense Properties' book value per share changed over the last 10 years?

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