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Copt Defense Properties (CDP) Financials

CDP
Trailing 12 months to June 30, 2026
Revenue $784.2M +4.5% YoY
Net Income $171.8M +14.4% YoY
EPS (Diluted) $1.44 +12.5% YoY
Operating Cash Flow $337.4M +3.5% YoY
Market Cap $4.0B as of Sep 5, 2026
Price / Sales 5.1x on $784.2M revenue, trailing 12 months to June 30, 2026
Price / Earnings 23.2x on $171.8M 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 Sep 5, 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 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

Cash-generative property operations are paired with rising leverage, making financing structure more consequential than modest revenue growth.

Cash conversion is steadier than reported earnings: operating cash flow remained positive at $276M in FY2023 despite a -$74M net loss. By FY2025, operating cash flow was nearly twice net income, yet investing outflows absorbed almost all of it, showing that accounting earnings and asset reinvestment tell different stories.

2025 earnings improved through margin expansion: net profit margin rose from 19.1% in FY2024 to 20.9% in FY2025. The modest 1.4% revenue increase alongside 10.8% net-income growth means profit growth was not primarily a volume story, although the available data cannot distinguish mix, pricing, or cost effects.

Leverage is rising as the asset base expands: debt-to-equity climbed from 1.6x to 1.8x in FY2025, signaling greater reliance on creditors relative to book equity. That coincided with total assets rising from $4.3B to $4.7B, so balance-sheet growth outpaced the increase in book equity.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

FFO Margin FFOGrowth Leverage Interest Cov. AFFOMargin DividendCov. 50 / 100
Financial Health Score 50/100
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
58

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 58/100 on it among other REITs.

FFO Growth
99

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
0

Not available for Copt Defense Properties, and counted as zero in the overall score.

Interest Cov.
0

Not available for Copt Defense Properties, and counted as zero in the overall score.

AFFO Margin
62

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 62/100 on it among other REITs.

Dividend Cov.
82

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 82/100 on it among other REITs.

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
$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
$48.6M
YoY+20.9%
QoQ+21.0%
5Y CAGR+2.7%

Copt Defense Properties reported $48.6M in net income in Q2 2026. This represents an increase of 20.9% from the same quarter a year earlier. Against the prior quarter it is up 21.0%.

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

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%
10Y CAGR+1.5%

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%
10Y CAGR+1.8%

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.

Free Cash Flow

Not reported for Q2 2026.

Margins & Returns

Net Margin
24.6%
YoY+3.5pp
QoQ+4.6pp
5Y CAGR-2.4pp
10Y CAGR+57.1pp

Copt Defense Properties's net profit margin was 24.6% in Q2 2026, showing the share of revenue converted to profit. This is up 3.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.6 percentage points.

Return on Equity
3.2%
YoY+0.5pp
QoQ+0.5pp
5Y CAGR+0.6pp
10Y CAGR+6.5pp

Copt Defense Properties's ROE was 3.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. 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

None of these metrics is 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
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-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%$115K+579.2%$612K+370.8%$117K+735.7%$103K-38.7%-$24K-119.8%$130K-14.5%
Net Income$48.6M+20.9%$40.1M+10.8%$39.4M+8.0%$43.7M+17.0%$40.2M+10.3%$36.2M+7.6%$36.5M+4.7%$37.4M+116.9%
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%$0.32+116.5%
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%$0.32+116.5%
Diluted Shares (Avg)115M+1.5%114M+1.1%N/A113M+0.2%113M+0.4%113M+0.3%N/A113M+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

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 balance sheet
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-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%
Short-Term Investments$0$0$0$0$0$0$0$0
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%
Long-Term Investments$0$0$0$0$0$0$0$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, Inventory, Goodwill, Current Liabilities, Non-Current Liabilities, Retained Earnings.

CDP Cash Flow 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 cash flow statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-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 CompensationN/A$3.2M+11.6%N/AN/AN/A$2.9M+7.9%N/AN/A
Investing Cash Flow-$103.2M-30.6%-$82.3M-18.3%-$106.6M-72.3%-$34.5M+64.3%-$79.0M-48.2%-$69.5M+11.9%-$61.9M+8.7%-$96.9M-13.4%
Financing Cash Flow$5.9M+151.3%-$260.2M-1507.9%$276.9M+887.6%-$32.7M+6.9%-$11.5M+81.7%-$16.2M+55.6%-$35.2M-1.1%-$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: Capital Expenditures, Free Cash Flow, 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
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Net Margin24.6%+3.5pp20.0%+0.7pp20.0%+0.1pp23.2%+3.4pp21.1%+1.7pp19.3%+1.9pp19.9%+0.5pp19.8%
Return on Equity3.2%+0.5pp2.6%+0.2pp2.6%+0.2pp2.9%+0.4pp2.7%+0.2pp2.4%+0.2pp2.4%+0.1pp2.5%+17.4pp
Return on Assets1.1%+0.1pp0.9%0.0pp0.8%0.0pp1.0%+0.1pp0.9%+0.1pp0.9%+0.1pp0.9%0.0pp0.9%+6.1pp
Debt-to-Equity1.70+0.1x1.68+0.1x1.83+0.2x1.620.0x1.630.0x1.620.0x1.600.0x1.610.0x
Asset Turnover0.040.0x0.040.0x0.040.0x0.040.0x0.040.0x0.040.0x0.040.0x0.040.0x

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

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 $159.5M 20.9% $4.0B 50/100
Douglas Emmett Inc DEI FY2025 $1.0B $16.3M 1.6% $1.9B 44/100
Sl Green Rlty SLG FY2025 $1.0B -$96.9M -9.7% $3.9B 27/100
Highwoods Pptys Inc HIW FY2025 $806.1M $162.7M 20.2% $3.4B 60/100
Cousins Pptys Inc CUZ FY2025 $993.8M $40.5M 4.1% $4.8B 71/100
Kilroy Rlty Corp KRC FY2025 $1.1B $303 0.0% $4.3B 34/100

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%.

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.

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

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.

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

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.

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

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

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

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.

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.

Copt Defense Properties (CDP) trades at 23.2x earnings, its market capitalization divided by net income of $171.8M net income, trailing 12 months to June 30, 2026. The market capitalization is $4.0B as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Copt Defense Properties (CDP) trades at 5.1x sales, its market capitalization divided by revenue of $784.2M revenue, trailing 12 months to June 30, 2026. The market capitalization is $4.0B as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

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.

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.

Copt Defense Properties (CDP) scores 50 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.

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