What is COPT Defense Properties's earnings per share (EPS)?

COPT Defense Properties (CDP) reported diluted earnings per share of $1.34 for fiscal year 2025. This represents a 8.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

COPT Defense Properties (CDP) Financials

CDP

Trailing 12 months to June 30, 2026

Revenue $784.2M +4.5% YoY

Net Income $163.5M +13.8% YoY

EPS (Diluted) $1.44 +12.5% YoY

Free Cash Flow $318.4M +5.1% YoY

Market Cap $3.9B as of Oct 22, 2026

Price / Sales 5.0x on $784.2M revenue, trailing 12 months to June 30, 2026

Price / Earnings 24.0x on $163.5M net income, trailing 12 months to June 30, 2026

Price / Book 2.6x on $1.5B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 22, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 3, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 3, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CDP SEC filings page.

COPT Defense Properties (CDP) reported $784.2M in revenue over the twelve months to Jun 30, 2026, up 4.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CDP FY2025 2026-10-03

COPT Defense Properties converts property earnings into cash, but recent growth has come with a more leveraged balance sheet.

In FY2025, operating cash flow reached $310M versus net income of $160M, so reported earnings converted into considerably more cash than accounting profit alone suggests. That gap is close to reported depreciation and amortization of $164M, indicating that noncash property charges materially shape the difference between earnings and cash generation.

Investing cash outflow was $290M in FY2025, nearly matching operating cash flow of $310M, so most internally generated cash was absorbed by investing activity. Financing cash flow was positive at $217M even as dividends paid reached $137M, indicating distributions and investing were not funded solely from operations.

Debt-to-equity rose from 1.6x in FY2024 to 1.8x in FY2025, showing greater balance-sheet leverage. Total liabilities reached $3.1B in FY2025 while revenue increased only 1.4% from FY2024, meaning the capital structure expanded faster than reported top-line activity.

Financial Health Signals

Financial Health Score (4 of 6 dimensions) 74/100

Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 4 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of COPT Defense Properties's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin

FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. COPT Defense Properties scores 55/100 on it among other REITs.

FFO Growth

FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. COPT Defense Properties scores 99/100 on it among other REITs.

Leverage

n/a

Not available for COPT Defense Properties, so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.

Interest Cov.

n/a

Not available for COPT Defense Properties, so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.

AFFO Margin

AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. COPT Defense Properties scores 66/100 on it among other REITs.

Dividend Cov.

Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. COPT Defense Properties scores 77/100 on it among other REITs.

Piotroski F-Score Partial

3/7

COPT Defense Properties passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), the one computable operating efficiency signal (asset turnover improving) does not pass.

Earnings Quality Cash-Backed

2.04x

For every $1 of reported earnings, COPT Defense Properties generates $2.04 in operating cash flow ($309.9M OCF vs $151.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$197.4M

YoY+3.9%

QoQ-1.6%

5Y CAGR+4.7%

10Y CAGR+3.1%

COPT Defense Properties generated $197.4M in revenue in Q2 2026. This represents an increase of 3.9% from the same quarter a year earlier. Against the prior quarter it is down 1.6%.

Net Income

$46.2M

YoY+21.0%

QoQ+20.5%

COPT Defense Properties reported $46.2M in net income in Q2 2026. This represents an increase of 21.0% from the same quarter a year earlier. Against the prior quarter it is up 20.5%.

EPS (Diluted)

$0.40

YoY+17.6%

QoQ+17.6%

5Y CAGR+1.0%

COPT Defense Properties earned $0.40 per diluted share (EPS) in Q2 2026. This represents an increase of 17.6% from the same quarter a year earlier. Against the prior quarter it is up 17.6%.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$89.0M

YoY+5.3%

QoQ-1.3%

5Y CAGR-0.4%

10Y CAGR+2.4%

COPT Defense Properties generated $89.0M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 5.3% from the same quarter a year earlier. Against the prior quarter it is down 1.3%.

Cash & Debt

$24.2M

YoY+13.5%

QoQ-15.5%

5Y CAGR+7.1%

10Y CAGR+6.1%

COPT Defense Properties held $24.2M in cash against $2.6B in long-term debt as of Q2 2026.

Dividends Per Share

$0.32

YoY+4.9%

QoQ0.0%

5Y CAGR+3.1%

COPT Defense Properties paid $0.32 per share in dividends in Q2 2026. This represents an increase of 4.9% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

113M

YoY+0.4%

QoQ0.0%

5Y CAGR+0.2%

COPT Defense Properties had 113M shares outstanding in Q2 2026. This represents an increase of 0.4% from the same quarter a year earlier. It is unchanged from the prior quarter.

Margins & Returns

Net Margin

23.4%

YoY+3.3pp

QoQ+4.3pp

COPT Defense Properties's net profit margin was 23.4% in Q2 2026, showing the share of revenue converted to profit. This is up 3.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.3 percentage points.

Return on Equity

3.0%

YoY+0.5pp

QoQ+0.5pp

COPT Defense Properties's quarterly ROE was 3.0% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 0.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.5 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures

$2.1M

YoY-38.7%

QoQ-67.0%

5Y CAGR-20.4%

10Y CAGR-10.9%

COPT Defense Properties invested $2.1M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 38.7% from the same quarter a year earlier. Against the prior quarter it is down 67.0%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

CDP Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CDP quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$784.2M	$763.9M+1.4%	$753.3M+10.0%	$685.0M-7.3%	$739.0M+11.2%	$664.4M+14.1%	$582.4M-4.8%	$611.8M+5.8%	$578.1M-5.7%	$612.8M+6.7%	$574.3M-8.2%	$625.5M+6.6%	$586.5M+12.1%	$523.4M+3.0%	$508.1M-0.9%	$512.8M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	$104.1M+53.9%	$67.6M-38.5%	$110.0M+88.5%	$58.3M-41.5%	$99.6M+119.0%	$45.5M	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	$560.4M+8.9%	$514.7M+2.6%	$501.9M-3.4%	$519.8M+1.3%	$513.2M-3.0%	$528.8M	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$49.7M	$47.8M+1.7%	$47.0M+10.0%	$42.8M+9.7%	$39.0M-4.4%	$40.8M+23.6%	$33.0M-6.8%	$35.4M+22.5%	$28.9M-6.3%	$30.8M-15.6%	$36.6M+16.6%	$31.4M-1.4%	$31.8M+3.0%	$30.9M-3.2%	$31.9M+5.2%	$30.3M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$135.8M+159.2%	$52.4M-56.4%	$120.1M-8.8%	$131.6M-7.3%	$141.9M+59.3%	$89.1M+148.9%	$35.8M
EBITDA	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$272.3M+45.4%	$187.3M-28.6%	$262.3M-2.9%	$270.1M+3.2%	$261.7M+22.6%	$213.5M+23.8%	$172.4M
Interest Expense	$93.7M	$86.7M+5.5%	$82.2M+15.5%	$71.1M+16.3%	$61.2M-6.5%	$65.4M-3.7%	$67.9M-4.4%	$71.1M-5.7%	$75.4M-2.1%	$77.0M-7.4%	$83.2M-6.6%	$89.1M-3.6%	$92.4M+12.7%	$82.0M-5.1%	$86.4M-12.0%	$98.2M
Income Tax	$885K	$947K+228.8%	$288K-51.0%	$588K+31.5%	$447K+208.3%	$145K-58.9%	$353Kn/m	-$217Kn/m	-$363K-133.1%	$1.1M+350.0%	$244K+22.6%	$199K-35.8%	$310K-84.3%	$2.0M+419.2%	$381Kn/m	-$6.7M
Net Income	$163.5M	$151.7M+9.6%	$138.4Mn/m	-$74.7M	N/A	N/A	$97.4M-49.2%	$191.7M+165.1%	$72.3M+5.2%	$68.7M+138.0%	$28.9M-83.8%	$178.3M+342.9%	$40.3M-57.0%	$93.7M+346.7%	$21.0Mn/m	-$119.4M
EPS (Basic)	N/A	$1.35+9.8%	$1.23n/m	-$0.67-143.5%	$1.54+126.5%	$0.68-21.8%	$0.87-49.4%	$1.72+149.3%	$0.69+23.2%	$0.56	$0.15	$1.74	$0.25-69.9%	$0.83n/m	-$0.03n/m	-$1.97
EPS (Diluted)	$1.44	$1.34+8.9%	$1.23n/m	-$0.67-143.8%	$1.53+125.0%	$0.68-21.8%	$0.87-49.1%	$1.71+147.8%	$0.69+23.2%	$0.56	$0.15	$1.74	$0.25-69.9%	$0.83n/m	-$0.03n/m	-$1.97
Diluted Shares (Avg)	N/A	113M+0.4%	113M+0.6%	112M-0.4%	113M+0.2%	112M+0.3%	112M+0.4%	112M+7.2%	104M+5.0%	99M	95M	98M	88M+3.6%	85M+16.0%	73M+5.9%	69M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$197.4M+3.9%	$200.6M+6.8%	$197.4M+7.6%	$188.8M-0.2%	$189.9M+1.4%	$187.9M-2.8%	$183.4M+2.1%	$189.2M+12.3%
SG&A Expenses	$13.3M+11.4%	$12.6M+4.1%	$11.7M-0.8%	$12.0M+5.4%	$11.9M-1.0%	$12.2M+3.5%	$11.8M+4.4%	$11.4M+7.9%
Interest Expense	$24.4M+16.7%	$24.0M+17.0%	$24.3M+19.3%	$20.9M+2.5%	$20.9M+1.6%	$20.5M-1.3%	$20.4M0.0%	$20.4M+14.5%
Income Tax	$34K-70.9%	$124K+20.4%	$115Kn/m	$612K+370.8%	$117K+735.7%	$103K-38.7%	-$24K-119.8%	$130K-14.5%
Net Income	$46.2M+21.0%	$38.4M+11.0%	$37.4M+6.7%	$41.6M+15.6%	$38.2M+9.1%	$34.6M+6.5%	$35.0M+3.4%	$36.0Mn/m
EPS (Basic)	$0.41+20.6%	$0.34+9.7%	$0.33+6.5%	$0.37+15.6%	$0.34+9.7%	$0.31+6.9%	$0.31+6.9%	$0.32n/m
EPS (Diluted)	$0.40+17.6%	$0.34+9.7%	$0.33+6.5%	$0.37+15.6%	$0.34+9.7%	$0.31+6.9%	$0.31+6.9%	$0.32n/m
Diluted Shares (Avg)	115M+1.5%	114M+1.1%	N/A	113M+0.2%	113M+0.4%	113M+0.3%	N/A	113M+0.7%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.

CDP Balance Sheet

CDP quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$4.7B+10.5%	$4.3B+0.2%	$4.2B-0.2%	$4.3B-0.1%	$4.3B+4.5%	$4.1B+5.8%	$3.9B+5.4%	$3.7B+1.7%	$3.6B-4.9%	$3.8B-3.3%	$3.9B+6.7%	$3.7B+0.9%	$3.6B-0.7%	$3.7B-5.4%	$3.9B
Cash & Equivalents	$275.0M+618.3%	$38.3M-77.2%	$167.8M+1260.3%	$12.3M-7.0%	$13.3M-27.8%	$18.4M+24.7%	$14.7M+82.7%	$8.1M-34.2%	$12.3M-94.2%	$209.9M+248.0%	$60.3M+892.4%	$6.1M-88.8%	$54.4M+413.2%	$10.6M+90.6%	$5.6M
Accounts Receivable	$58.2M+37.8%	$42.2M-13.7%	$48.9M+13.0%	$43.3M+6.3%	$40.8M-2.1%	$41.6M+17.5%	$35.4M+34.9%	$26.3M-17.4%	$31.8M-7.7%	$34.4M+18.1%	$29.2M-5.0%	$30.7M+13.7%	$27.0M+60.3%	$16.8M-35.3%	$26.0M
Total Liabilities	$3.1B+15.6%	$2.7B-0.2%	$2.7B+7.6%	$2.5B-2.7%	$2.6B+9.4%	$2.4B+12.0%	$2.1B+5.1%	$2.0B-4.8%	$2.1B-2.7%	$2.2B-4.9%	$2.3B+7.0%	$2.1B+0.5%	$2.1B-4.2%	$2.2B-16.7%	$2.6B
Long-Term Debt	$2.8B+15.7%	$2.4B-1.0%	$2.4B+8.3%	$2.2B-1.8%	$2.3B+8.9%	$2.1B+14.0%	$1.8B+0.4%	$1.8B-0.2%	$1.8B-4.0%	$1.9B-8.4%	$2.1B+8.6%	$1.9B-0.7%	$1.9B-4.5%	$2.0B-16.8%	$2.4B
Total Equity	$1.5B+1.5%	$1.5B+0.6%	$1.5B-11.8%	$1.7B+3.6%	$1.6B-2.3%	$1.7B-1.1%	$1.7B+5.9%	$1.6B+13.1%	$1.4B-7.9%	$1.5B-1.4%	$1.5B+6.4%	$1.5B+1.8%	$1.4B+4.4%	$1.4B+20.6%	$1.1B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$4.5B+5.3%	$4.5B+4.9%	$4.7B+10.5%	$4.4B+2.8%	$4.3B+1.6%	$4.3B+0.4%	$4.3B+0.2%	$4.2B-0.1%
Cash & Equivalents	$24.2M+13.5%	$28.6M+17.7%	$275.0M+618.3%	$23.7M-31.3%	$21.3M-78.8%	$24.3M-80.3%	$38.3M-77.2%	$34.5M-83.1%
Accounts Receivable	$53.6M+22.1%	$51.9M+13.0%	$58.2M+37.8%	$38.9M-7.8%	$43.9M-6.6%	$45.9M-8.3%	$42.2M-13.7%	$42.2M+5.0%
Total Liabilities	$2.9B+7.0%	$2.9B+6.6%	$3.1B+15.6%	$2.8B+3.5%	$2.7B+1.9%	$2.7B+0.2%	$2.7B-0.2%	$2.7B-0.5%
Long-Term Debt	$2.6B+6.3%	$2.5B+5.6%	$2.8B+15.7%	$2.4B+2.2%	$2.4B+2.0%	$2.4B-0.2%	$2.4B-1.0%	$2.4B-1.0%
Total Equity	$1.5B+2.0%	$1.5B+1.6%	$1.5B+1.5%	$1.5B+1.2%	$1.5B+0.7%	$1.5B+0.6%	$1.5B+0.6%	$1.5B+0.2%

Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Long-Term Investments, Goodwill, Current Liabilities, Non-Current Liabilities, Retained Earnings.

CDP Cash Flow Statement

CDP quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$337.4M	$309.9M-6.4%	$331.0M+19.8%	$276.3M+3.9%	$265.8M+6.7%	$249.1M+4.5%	$238.4M+4.3%	$228.6M+26.6%	$180.5M-21.6%	$230.1M-1.8%	$234.3M+14.8%	$204.0M+5.2%	$193.9M+22.0%	$159.0M-17.1%	$191.8M+26.1%	$152.1M
Depreciation & Amortization	N/A	$163.7M+4.9%	$156.0M+3.1%	$151.4M+5.4%	$143.6M-4.7%	$150.6M+7.6%	$140.0M+0.8%	$138.9M-0.1%	$139.1M+1.9%	$136.5M+1.2%	$134.9M-5.2%	$142.2M+2.7%	$138.5M+15.6%	$119.8M-3.7%	$124.4M-8.9%	$136.6M
Stock-Based Compensation	N/A	$11.7M+12.0%	$10.4M+22.2%	$8.5M-2.8%	$8.8M+10.2%	$8.0M+22.7%	$6.5M-3.1%	$6.7M+5.3%	$6.4M+13.6%	$5.6M-17.9%	$6.8M+4.1%	$6.6M+6.7%	$6.2M-5.6%	$6.5M-34.6%	$10.0M-16.3%	$11.9M
Capital Expenditures	$19.1M	$21.1M-32.8%	$31.3M+52.9%	$20.5M-43.6%	$36.4M+21.2%	$30.0M-8.3%	$32.8M+32.8%	$24.7M+1.8%	$24.2M+5.9%	$22.9M-13.1%	$26.3M+13.8%	$23.1M-19.4%	$28.7M+20.0%	$23.9M+19.3%	$20.1M+18.7%	$16.9M
Free Cash Flow	$318.4M	$288.9M-3.6%	$299.6M+17.1%	$255.8M+11.5%	$229.4M+4.7%	$219.1M+6.5%	$205.7M+0.9%	$203.9M+30.5%	$156.3M-24.6%	$207.2M-0.3%	$207.9M+15.0%	$180.9M+9.5%	$165.2M+22.3%	$135.0M-21.4%	$171.8M+27.0%	$135.2M
Investing Cash Flow	-$326.7M	-$289.7Mn/m	-$291.0Mn/m	-$169.6Mn/m	-$83.5Mn/m	-$203.0Mn/m	-$325.8Mn/m	-$138.0Mn/m	-$232.9Mn/m	-$89.4M-225.6%	$71.2Mn/m	-$307.5Mn/m	-$209.7Mn/m	-$119.8M-971.6%	$13.7Mn/m	-$260.4M
Financing Cash Flow	-$10.0M	$216.5Mn/m	-$169.7M-466.7%	$46.3Mn/m	-$183.2Mn/m	-$50.9M-155.8%	$91.3Mn/m	-$84.4M-270.2%	$49.6Mn/m	-$338.5Mn/m	-$155.1M-198.3%	$157.8Mn/m	-$32.5M-807.9%	$4.6Mn/m	-$200.5M-293.4%	$103.7M
Dividends Paid	$139.7M	$136.6M+3.6%	$131.8M+3.7%	$127.2M+2.9%	$123.6M+0.1%	$123.5M+0.1%	$123.4M+0.6%	$122.7M+7.3%	$114.3M+4.7%	$109.2M+4.8%	$104.1M+0.5%	$103.6M+7.6%	$96.3M+3.1%	$93.5M+4.8%	$89.2M-22.2%	$114.6M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$2.1M+21.3%	$1.7M-13.7%	$2.0M-20.0%	$2.5M+0.2%	$2.5M+58.4%	$1.6M-22.4%	$2.0M-40.8%	$3.4M-15.3%	$4.0M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$91.1M+3.6%	$96.4M+33.8%	$81.3M-19.5%	$68.6M+5.5%	$87.9M-6.3%	$72.1M+1.5%	$101.1M+51.7%	$65.1M-5.3%
Depreciation & Amortization	$42.3M+6.9%	$43.1M+8.0%	$42.7M+8.3%	$40.6M+6.1%	$39.6M+3.7%	$39.9M+2.4%	$39.4M+5.5%	$38.3M+1.8%
Stock-Based Compensation	N/A	$3.2M+11.6%	N/A	N/A	N/A	$2.9M+7.9%	N/A	N/A
Capital Expenditures	$2.1M-38.7%	$6.2M-10.1%	$5.1M-42.4%	$5.7M+42.2%	$3.4M-38.5%	$6.9M-47.0%	$8.8M+22.0%	$4.0M-23.9%
Free Cash Flow	$89.0M+5.3%	$90.2M+38.4%	$76.3M-17.4%	$62.9M+3.1%	$84.5M-4.3%	$65.1M+12.5%	$92.3M+55.3%	$61.0M-3.8%
Investing Cash Flow	-$103.2Mn/m	-$82.3Mn/m	-$106.6Mn/m	-$34.5Mn/m	-$79.0Mn/m	-$69.5Mn/m	-$61.9Mn/m	-$96.9Mn/m
Financing Cash Flow	$5.9Mn/m	-$260.2Mn/m	$276.9Mn/m	-$32.7Mn/m	-$11.5Mn/m	-$16.2Mn/m	-$35.2Mn/m	-$35.1M-117.1%
Dividends Paid	$36.3M+5.4%	$34.6M+3.8%	$34.4M+3.6%	$34.4M+3.6%	$34.4M+3.6%	$33.3M+3.7%	$33.3M+3.7%	$33.3M+3.7%

Not reported in any period shown, so not listed: Share Buybacks.

CDP Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CDP quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	N/A	N/A	N/A	N/A	84.3%-4.0pp	88.4%+6.4pp	82.0%-7.9pp	89.9%+6.2pp	83.7%-8.3pp	92.1%	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	22.2%+13.0pp	9.1%-10.1pp	19.2%-3.2pp	22.4%-4.7pp	27.1%+9.6pp	17.5%+10.6pp	7.0%
Net Margin	19.9%+1.5pp	18.4%+29.3pp	-10.9%	N/A	N/A	16.7%-14.6pp	31.3%+18.8pp	12.5%+1.3pp	11.2%+6.2pp	5.0%-23.5pp	28.5%+21.7pp	6.9%-11.0pp	17.9%+13.8pp	4.1%+27.4pp	-23.3%
Return on Equity	10.0%+0.7pp	9.3%+14.3pp	-5.0%	N/A	N/A	5.9%-5.6pp	11.4%+6.9pp	4.6%-0.3pp	4.9%+3.0pp	1.9%-9.6pp	11.5%+8.8pp	2.8%-3.8pp	6.6%+5.0pp	1.5%+12.1pp	-10.5%
Return on Assets	3.2%0.0pp	3.3%+5.0pp	-1.8%	N/A	N/A	2.4%-2.6pp	5.0%+3.0pp	2.0%+0.1pp	1.9%+1.1pp	0.8%-3.8pp	4.6%+3.5pp	1.1%-1.5pp	2.6%+2.0pp	0.6%+3.7pp	-3.1%
Debt-to-Equity	1.83+0.2x	1.600.0x	1.63+0.3x	1.33-0.1x	1.40+0.1x	1.26+0.2x	1.09-0.1x	1.15-0.2x	1.30+0.1x	1.25-0.1x	1.350.0x	1.320.0x	1.35-0.1x	1.48-0.7x	2.14
Liabilities-to-Equity	2.06+0.3x	1.800.0x	1.82+0.3x	1.49-0.1x	1.59+0.2x	1.42+0.2x	1.250.0x	1.26-0.2x	1.50+0.1x	1.42-0.1x	1.470.0x	1.460.0x	1.48-0.1x	1.62-0.7x	2.34
Asset Turnover	0.160.0x	0.180.0x	0.160.0x	0.170.0x	0.160.0x	0.140.0x	0.160.0x	0.160.0x	0.170.0x	0.150.0x	0.160.0x	0.160.0x	0.140.0x	0.140.0x	0.13
FCF Margin	37.8%-2.0pp	39.8%+2.4pp	37.3%+6.3pp	31.1%-1.9pp	33.0%-2.3pp	35.3%+2.0pp	33.3%+6.3pp	27.0%-6.8pp	33.8%-2.4pp	36.2%+7.3pp	28.9%+0.8pp	28.2%+2.4pp	25.8%-8.0pp	33.8%+7.4pp	26.4%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Net Margin	23.4%+3.3pp	19.1%+0.7pp	18.9%-0.2pp	22.0%+3.0pp	20.1%+1.4pp	18.4%+1.6pp	19.1%+0.2pp	19.0%
Return on Equity	3.0%+0.5pp	2.5%+0.2pp	2.5%+0.1pp	2.8%+0.3pp	2.5%+0.2pp	2.3%+0.1pp	2.3%+0.1pp	2.4%+17.0pp
Return on Assets	1.0%+0.1pp	0.9%+0.1pp	0.8%0.0pp	1.0%+0.1pp	0.9%+0.1pp	0.8%0.0pp	0.8%0.0pp	0.9%+6.0pp
Debt-to-Equity	1.70+0.1x	1.68+0.1x	1.83+0.2x	1.620.0x	1.630.0x	1.620.0x	1.600.0x	1.610.0x
Liabilities-to-Equity	1.90+0.1x	1.89+0.1x	2.06+0.3x	1.840.0x	1.810.0x	1.800.0x	1.800.0x	1.800.0x
Asset Turnover	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x
FCF Margin	45.1%+0.6pp	44.9%+10.3pp	38.6%-11.7pp	33.3%+1.1pp	44.5%-2.7pp	34.7%+4.7pp	50.3%+17.2pp	32.3%-5.4pp

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
COPT Defense Properties CDP	FY2025	$763.9M	$151.7M	19.9%	$3.9B	74/100
Douglas Emmett, Inc. DEI	FY2025	$1.0B	$16.3M	1.6%	$2.0B	61/100
SL Green Realty Corp. SLG	FY2025	$1.0B	-$96.9M	-9.7%	$3.8B	41/100
Highwoods Properties Inc. HIW	FY2025	$806.1M	$157.3M	19.5%	$3.4B	71/100
Cousins Properties Inc. CUZ	FY2025	$993.8M	$40.5M	4.1%	$4.7B	70/100
Kilroy Realty Corp. KRC	FY2025	$1.1B	$276.1M	24.8%	$4.2B	76/100

Where COPT Defense Properties Ranks

Frequently Asked Questions

What is COPT Defense Properties's annual revenue?

COPT Defense Properties (CDP) reported $763.9M in total revenue for fiscal year 2025. This represents a 1.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is COPT Defense Properties's revenue growing?

COPT Defense Properties (CDP) revenue grew by 1.4% year-over-year, from $753.3M to $763.9M in fiscal year 2025.

Is COPT Defense Properties profitable?

Yes, COPT Defense Properties (CDP) reported a net income of $163.5M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $151.7M, with a net profit margin of 19.9%.

How much debt does COPT Defense Properties have?

As of fiscal year 2025, COPT Defense Properties (CDP) had $275.0M in cash and equivalents against $2.8B in long-term debt.

What is COPT Defense Properties's net profit margin?

COPT Defense Properties (CDP) had a net profit margin of 19.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does COPT Defense Properties pay dividends?

Yes, COPT Defense Properties (CDP) paid $1.22 per share in dividends during fiscal year 2025.

What is COPT Defense Properties's return on equity (ROE)?

COPT Defense Properties (CDP) has a return on equity of 10.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is COPT Defense Properties's free cash flow?

COPT Defense Properties (CDP) generated $288.9M in free cash flow during fiscal year 2025. This represents a -3.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is COPT Defense Properties's operating cash flow?

COPT Defense Properties (CDP) generated $309.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are COPT Defense Properties's total assets?

COPT Defense Properties (CDP) had $4.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are COPT Defense Properties's capital expenditures?

COPT Defense Properties (CDP) invested $21.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does COPT Defense Properties have outstanding?

COPT Defense Properties (CDP) had 113M shares outstanding as of fiscal year 2025.

What is COPT Defense Properties's debt-to-equity ratio?

COPT Defense Properties (CDP) had a debt-to-equity ratio of 1.83 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.

What is COPT Defense Properties's liabilities-to-equity ratio?

COPT Defense Properties (CDP) had a liabilities-to-equity ratio of 2.06 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.

What is COPT Defense Properties's return on assets (ROA)?

COPT Defense Properties (CDP) had a return on assets of 3.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is COPT Defense Properties's P/E ratio?

COPT Defense Properties (CDP) trades at 24.0x earnings, its market capitalization divided by $163.5M net income, trailing 12 months to June 30, 2026. The market capitalization is $3.9B as of Oct 22, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is COPT Defense Properties's price-to-sales ratio?

COPT Defense Properties (CDP) trades at 5.0x sales, its market capitalization divided by $784.2M revenue, trailing 12 months to June 30, 2026. The market capitalization is $3.9B as of Oct 22, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is COPT Defense Properties's Piotroski F-Score?

COPT Defense Properties (CDP) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are COPT Defense Properties's earnings high quality?

COPT Defense Properties (CDP) has an earnings quality ratio of 2.04x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is COPT Defense Properties?

COPT Defense Properties (CDP) scores 74 out of 100 on our Financial Health Score, indicating strong standing within its REITs peer group. The score is the average of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For COPT Defense Properties it averages the 4 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.