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 Financials

CDP

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Copt Defense Properties (CDP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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 2026-05-06

This asset-heavy model turns depreciation-heavy earnings into steadier cash while debt-funded expansion keeps leverage elevated.

The swing from a -$74.3M loss in FY2023 to $159.5M of profit in FY2025 overstates how much the underlying engine changed. Operating cash flow stayed above $275M in both years, and recurring depreciation and amortization above $150M helps explain why cash generation looked steadier than reported earnings.

In FY2025, operating cash flow of $309.9M still covered dividends paid of $136.6M, so borrowing does not look like it was needed just to fund the payout. The bigger change was balance-sheet expansion: cash climbed to $275.0M while long-term debt reached $2.77B, indicating liquidity improved mainly through financing activity.

Leverage rose from 1.3x in FY2022 to 1.8x in FY2025. But return on assets in FY2025 was 3.4%, still below FY2022's 4.2%, which means the company added balance-sheet weight faster than it improved earning power on those assets during the recovery.

Financial Health Signals

Financial Health Score 48/100

Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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 Growth

AFFO Margin

Dividend Cov.

Piotroski F-Score Partial

4/7

Copt Defense Properties passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.94x

For every $1 of reported earnings, Copt Defense Properties generates $1.94 in operating cash flow ($309.9M OCF vs $159.5M 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

$763.9M

YoY+1.4%

5Y CAGR+5.6%

10Y CAGR+2.0%

Copt Defense Properties generated $763.9M in revenue in fiscal year 2025. This represents an increase of 1.4% from the prior year.

EBITDA

N/A

Net Income

$159.5M

YoY+10.8%

5Y CAGR+10.4%

10Y CAGR-1.1%

Copt Defense Properties reported $159.5M in net income in fiscal year 2025. This represents an increase of 10.8% from the prior year.

EPS (Diluted)

$1.34

YoY+8.9%

5Y CAGR+9.0%

10Y CAGR-2.6%

Copt Defense Properties earned $1.34 per diluted share (EPS) in fiscal year 2025. This represents an increase of 8.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$275.0M

YoY+618.3%

5Y CAGR+71.8%

10Y CAGR+16.4%

Copt Defense Properties held $275.0M in cash against $2.8B in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.22

YoY+3.4%

5Y CAGR+2.1%

10Y CAGR+1.0%

Copt Defense Properties paid $1.22 per share in dividends in fiscal year 2025. This represents an increase of 3.4% from the prior year.

Shares Outstanding

113M

YoY+0.5%

5Y CAGR+0.2%

10Y CAGR+1.4%

Copt Defense Properties had 113M shares outstanding in fiscal year 2025. This represents an increase of 0.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

20.9%

YoY+1.8pp

5Y CAGR+4.2pp

10Y CAGR-7.6pp

Copt Defense Properties's net profit margin was 20.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.8 percentage points from the prior year.

Return on Equity

10.5%

YoY+0.9pp

5Y CAGR+4.7pp

10Y CAGR-1.0pp

Copt Defense Properties's ROE was 10.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

CDP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$763.9M+1.4%	$753.3M+10.0%	$685.0M-7.3%	$739.0M+11.2%	$664.4M+14.1%	$582.4M
Cost of Revenue	N/A	N/A	N/A	N/A	$104.1M+53.9%	$67.6M
Gross Profit	N/A	N/A	N/A	N/A	$560.4M+8.9%	$514.7M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$47.8M+1.7%	$47.0M+10.0%	$42.8M+9.7%	$39.0M-4.4%	$40.8M+23.6%	$33.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$86.7M+5.5%	$82.2M+15.5%	$71.1M+16.3%	$61.2M-6.5%	$65.4M-3.7%	$67.9M
Income Tax	$947K+228.8%	$288K-51.0%	$588K+31.5%	$447K+208.3%	$145K-58.9%	$353K
Net Income	$159.5M+10.8%	$143.9M+293.6%	-$74.3M-141.6%	$178.8M+119.2%	$81.6M-16.2%	$97.4M
EPS (Diluted)	$1.34+8.9%	$1.23+283.6%	$-0.67-143.8%	$1.53+125.0%	$0.68-21.8%	$0.87

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$200.6M+1.7%	$197.4M+4.5%	$188.8M-0.6%	$189.9M+1.1%	$187.9M+2.4%	$183.4M-3.1%	$189.2M+1.0%	$187.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$12.6M+7.7%	$11.7M-2.4%	$12.0M+1.0%	$11.9M-2.0%	$12.2M+2.6%	$11.8M+3.7%	$11.4M-5.1%	$12.0M
Operating Income	$51.1M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$24.0M-1.3%	$24.3M+16.4%	$20.9M-0.2%	$20.9M+2.1%	$20.5M+0.6%	$20.4M+0.1%	$20.4M-1.2%	$20.6M
Income Tax	$124K+7.8%	$115K-81.2%	$612K+423.1%	$117K+13.6%	$103K+529.2%	-$24K-118.5%	$130K+828.6%	$14K
Net Income	$40.1M+1.9%	$39.4M-9.9%	$43.7M+8.9%	$40.2M+10.9%	$36.2M-0.7%	$36.5M-2.5%	$37.4M+2.7%	$36.4M
EPS (Diluted)	$0.34	N/A	$0.37+8.8%	$0.34+9.7%	$0.31	N/A	$0.32+3.2%	$0.31

CDP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$4.7B+10.5%	$4.3B+0.2%	$4.2B-0.2%	$4.3B-0.1%	$4.3B+4.5%	$4.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$275.0M+618.3%	$38.3M-77.2%	$167.8M+1260.3%	$12.3M-7.0%	$13.3M-27.8%	$18.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$58.2M+37.8%	$42.2M-13.7%	$48.9M+13.0%	$43.3M+6.3%	$40.8M-2.1%	$41.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.1B+15.6%	$2.7B-0.2%	$2.7B+7.6%	$2.5B-2.7%	$2.6B+9.4%	$2.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
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
Total Equity	$1.5B+1.5%	$1.5B+0.6%	$1.5B-11.8%	$1.7B+3.6%	$1.6B-2.3%	$1.7B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$4.5B-5.2%	$4.7B+8.1%	$4.4B+1.5%	$4.3B+0.9%	$4.3B-0.1%	$4.3B+0.5%	$4.2B+0.4%	$4.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$28.6M-89.6%	$275.0M+1060.9%	$23.7M+11.3%	$21.3M-12.4%	$24.3M-36.5%	$38.3M+11.0%	$34.5M-65.7%	$100.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$51.9M-10.8%	$58.2M+49.5%	$38.9M-11.3%	$43.9M-4.5%	$45.9M+8.7%	$42.2M0.0%	$42.2M-10.1%	$47.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.9B-7.9%	$3.1B+12.3%	$2.8B+2.0%	$2.7B+1.1%	$2.7B-0.2%	$2.7B+0.5%	$2.7B+0.5%	$2.7B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$2.5B-8.0%	$2.8B+13.3%	$2.4B+0.2%	$2.4B+1.1%	$2.4B+0.9%	$2.4B0.0%	$2.4B0.0%	$2.4B
Total Equity	$1.5B0.0%	$1.5B+0.5%	$1.5B+0.6%	$1.5B+0.5%	$1.5B-0.1%	$1.5B+0.3%	$1.5B+0.2%	$1.5B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CDP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$309.9M-6.4%	$331.0M+19.8%	$276.3M+3.9%	$265.8M+6.7%	$249.1M+4.5%	$238.4M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$289.7M+0.4%	-$291.0M-71.6%	-$169.6M-103.2%	-$83.5M+58.9%	-$203.0M+37.7%	-$325.8M
Financing Cash Flow	$216.5M+227.6%	-$169.7M-466.7%	$46.3M+125.3%	-$183.2M-259.9%	-$50.9M-155.8%	$91.3M
Dividends Paid	$136.6M+3.6%	$131.8M+3.7%	$127.2M+2.9%	$123.6M+0.1%	$123.5M+0.1%	$123.4M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$96.4M+18.6%	$81.3M+18.5%	$68.6M-21.9%	$87.9M+21.9%	$72.1M-28.7%	$101.1M+55.4%	$65.1M-30.7%	$93.8M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$82.3M+22.8%	-$106.6M-208.7%	-$34.5M+56.3%	-$79.0M-13.6%	-$69.5M-12.4%	-$61.9M+36.1%	-$96.9M-81.7%	-$53.3M
Financing Cash Flow	-$260.2M-193.9%	$276.9M+947.2%	-$32.7M-183.5%	-$11.5M+28.7%	-$16.2M+54.0%	-$35.2M-0.2%	-$35.1M+44.3%	-$63.0M
Dividends Paid	$34.6M+0.3%	$34.4M0.0%	$34.4M0.0%	$34.4M+3.5%	$33.3M+0.1%	$33.3M0.0%	$33.3M+0.1%	$33.2M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CDP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	84.3%-4.0pp	88.4%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	20.9%+1.8pp	19.1%+30.0pp	-10.8%-35.0pp	24.2%+11.9pp	12.3%-4.4pp	16.7%
Return on Equity	10.5%+0.9pp	9.6%+14.6pp	-5.0%-15.6pp	10.6%+5.6pp	5.0%-0.8pp	5.9%
Return on Assets	3.4%+0.0pp	3.4%+5.1pp	-1.8%-6.0pp	4.2%+2.3pp	1.9%-0.5pp	2.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.83+0.2	1.60-0.0	1.63+0.3	1.33-0.1	1.40+0.1	1.26
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	25.4%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	20.0%+0.1pp	20.0%-3.2pp	23.2%+2.0pp	21.1%+1.9pp	19.3%-0.6pp	19.9%+0.1pp	19.8%+0.3pp	19.4%
Return on Equity	2.6%+0.1pp	2.6%-0.3pp	2.9%+0.2pp	2.7%+0.3pp	2.4%-0.0pp	2.4%-0.1pp	2.5%+0.1pp	2.5%
Return on Assets	0.9%+0.1pp	0.8%-0.2pp	1.0%+0.1pp	0.9%+0.1pp	0.9%0.0pp	0.9%-0.0pp	0.9%+0.0pp	0.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.68-0.1	1.83+0.2	1.620.0	1.63+0.0	1.62+0.0	1.600.0	1.610.0	1.61
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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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 $159.5M in fiscal year 2025, with a net profit margin of 20.9%.

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 20.9% 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 10.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

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.

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, measuring the company's financial leverage by comparing total debt to shareholder equity.

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

Copt Defense Properties (CDP) had a return on assets of 3.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

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

Copt Defense Properties (CDP) has a Piotroski F-Score of 4 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 1.94x, 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 48 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite 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. 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.