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COPT Defense Properties

CDP NYSE Office REITs Financials FY2016–FY2025

COPT Defense Properties' revenue rose 1.4% to $764 million in fiscal 2025. Its net margin was 20.9%, up from 19.1% a year earlier. Free cash flow was $289 million, down 3.6%. It paid out $137 million in dividends and buybacks, 47% of free cash flow. The diluted share count rose 0.4%.

Last close · Oct 23, 2026

$33.93

0.3%
Value it Compare
Revenue Total sales reported in the income statement.
$764M
1.4% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$160M
10.8%
Free cash flow Cash from operations minus capital spending.
$289M
3.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.1%
0.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$3.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
23.6x
On $1.44 EPS (TTM)

What COPT Defense Properties does

No business description yet.

Legal name
COPT DEFENSE PROPERTIES
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000860546-26-000011
0000860546

Revenue and margins

COPT Defense Properties had $764M of revenue in fiscal 2025, up 1.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 27.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $289M in fiscal 2025, 37.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

COPT Defense Properties returned $137M to shareholders in fiscal 2025, 47% of free cash flow. The diluted share count rose 0.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value COPT Defense Properties yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.5B and divides by 113.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 23.6x · peers — · sector 28.2x.

Balance sheet

Cash, debt and the ratios that show how comfortably COPT Defense Properties can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $13.3M$12.3M$168M$38.3M$275M
Debt incl. finance leases $2.3B$2.2B$2.4B$2.4B$2.8B
Net debt / EBITDA 7.7x6.3x15.1x6.2x6.1x
Debt / equity 1.4x1.3x1.6x1.6x1.8x
Interest coverage 2.2x3.4x−0.0x2.8x2.8x
Total assets $4.3B$4.3B$4.2B$4.3B$4.7B
Total liabilities $2.6B$2.5B$2.7B$2.7B$3.1B
Shareholders' equity $1.6B$1.7B$1.5B$1.5B$1.5B
Net debt (− = net cash) $2.3B$2.2B$2.2B$2.4B$2.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$1.3M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
May 29, 2026 Pickett C TaylorDirector Sold 31,798 $32.25 $1.0M Form 4
May 26, 2026 Robert L DentonDirector Sold 3,922 $32.38 $0.1M Form 4
Feb 23, 2026 Philip L HawkinsDirector Sold 5,536 $32.71 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose — — —
Share count didn't rise ✓ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio −8.3%−4.4%−3.4%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
COPT Defense Properties CDP $3.9B 1.4% — 37.8% 6.1% 23.6x —
Cousins Properties CUZ $4.8B 16.0% 67.8% 13.6% 6.7% — — Compare →
Kilroy Realty KRC $4.4B −2.0% — 40.5% — 20.4x — Compare →
Vornado Realty Trust VNO $6.8B 1.3% — 53.1% 17.4% — — Compare →
Alexandria Real Estate Equities ARE $7.3B −2.9% — −15.1% — — — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $574M $613M $578M $612M $582M $664M $739M $685M $753M $764M
Gross profit $529M $513M $520M $502M $515M $560M — — — —
Operating income $52.4M $136M — — — — — — — —
Interest expense $83.2M $77.0M $75.4M $71.1M $67.9M $65.4M $61.2M $71.1M $82.2M $86.7M
Pretax income $33.3M $74.5M $75.6M $194M $99.1M $77.3M $148M −$73.5M $144M $158M
Income tax $0.2M $1.1M −$0.4M −$0.2M $0.4M $0.1M $0.4M $0.6M $0.3M $0.9M
Net income $28.9M $68.7M $72.3M $192M $97.4M $81.6M $179M −$74.3M $144M $160M
Diluted EPS $0.15 $0.56 $0.69 $1.71 $0.87 $0.68 $1.53 −$0.67 $1.23 $1.34
Diluted shares 0.09B 0.10B 0.10B 0.11B 0.11B 0.11B 0.11B 0.11B 0.11B 0.11B
Cash flow
Cash from operations $234M $230M $181M $229M $238M $249M $266M $276M $331M $310M
Capital expenditure $26.3M $22.9M $24.2M $24.7M $32.8M $30.0M $36.4M $20.5M $31.3M $21.1M
Free cash flow $208M $207M $156M $204M $206M $219M $229M $256M $300M $289M
Depreciation and amortization $135M $137M $139M $139M $140M $151M $144M $151M $156M $164M
Stock-based compensation $6.8M $5.6M $6.4M $6.7M $6.5M $8.0M $8.8M $8.5M $10.4M $11.7M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $2.5M $2.0M $1.7M $2.1M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $104M $109M $114M $123M $123M $124M $124M $127M $132M $137M
Dividends and buybacks $107M $111M $116M $125M $123M $124M $124M $127M $132M $137M
Balance sheet
Cash and short-term investments $210M $12.3M $8.1M $14.7M $18.4M $13.3M $12.3M $168M $38.3M $275M
Total debt $1.9B $1.8B $1.8B $1.8B $2.1B $2.3B $2.2B $2.4B $2.4B $2.8B
Finance lease liabilities $0.0M $0.0M $0.0M $0.7M $0.0M $0.0M $0.0M $0.4M $0.4M $0.4M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $5.2M $5.3M — — $10.4M $9.6M $8.3M — — —
Total assets $3.8B $3.6B $3.7B $3.9B $4.1B $4.3B $4.3B $4.2B $4.3B $4.7B
Total liabilities $2.2B $2.1B $2.0B $2.1B $2.4B $2.6B $2.5B $2.7B $2.7B $3.1B
Shareholders' equity $1.5B $1.4B $1.6B $1.7B $1.7B $1.6B $1.7B $1.5B $1.5B $1.5B
Margins
Gross margin 92.1% 83.7% 89.9% 82.0% 88.4% 84.3% — — — —
Operating margin 9.1% 22.2% — — — — — — — —
EBITDA margin 32.6% 44.4% 50.2% 65.9% 52.7% 44.1% 47.7% 21.8% 50.7% 53.4%
Net margin 5.0% 11.2% 12.5% 31.3% 16.7% 12.3% 24.2% −10.9% 19.1% 20.9%
FCF margin 36.2% 33.8% 27.0% 33.3% 35.3% 33.0% 31.1% 37.3% 39.8% 37.8%
Returns
Return on capital 1.5% 4.1% 4.5% 7.6% 4.6% 3.7% 5.3% −0.1% 5.9% 6.1%
Return on equity 1.9% 4.7% 4.8% 11.7% 5.8% 5.0% 10.8% −4.7% 9.7% 10.6%
Return on assets 0.8% 1.9% 2.0% 5.1% 2.5% 2.0% 4.2% −1.8% 3.4% 3.6%
Growth
Revenue growth −8.2% 6.7% −5.7% 5.8% −4.8% 14.1% 11.2% −7.3% 10.0% 1.4%
Net income growth −83.8% 138.0% 5.2% 165.1% −49.2% −16.2% 119.2% −141.6% — 10.8%
EPS growth −91.4% 273.3% 23.2% 147.8% −49.1% −21.8% 125.0% −143.8% — 8.9%
FCF growth 15.0% −0.3% −24.6% 30.5% 0.9% 6.5% 4.7% 11.5% 17.1% −3.6%
Share count change −3.2% 4.8% 5.0% 7.2% 0.4% 0.3% 0.2% −0.4% 0.6% 0.4%
Financial health
Net debt / EBITDA 9.1x 6.7x 6.3x 4.5x 6.7x 7.7x 6.3x 15.1x 6.2x 6.1x
Debt / equity 1.3x 1.3x 1.2x 1.1x 1.3x 1.4x 1.3x 1.6x 1.6x 1.8x
Interest coverage 0.6x 1.8x 2.0x 3.7x 2.5x 2.2x 3.4x −0.0x 2.8x 2.8x
Capital allocation
Capex / revenue 4.6% 3.7% 4.2% 4.0% 5.6% 4.5% 4.9% 3.0% 4.2% 2.8%
Stock comp / revenue 1.2% 0.9% 1.1% 1.1% 1.1% 1.2% 1.2% 1.3% 1.4% 1.5%
Payouts / FCF 51.3% 53.6% 74.2% 61.2% 60.0% 56.4% 53.9% 49.7% 44.0% 47.3%
Quality scores
Accruals ratio −5.3% −4.4% −3.0% −1.0% −3.6% −4.0% −2.0% −8.3% −4.4% −3.4%

Source: SEC EDGAR XBRL filings (CIK 0000860546). Data updated October 17, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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