COPT Defense Properties (CDP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.32	$0.4	+25.0%	—	$197.4M	—
Q1 26	$0.32	$0.34	+6.3%	—	$200.6M	—
Q4 25	$0.33	$0.33	0.0%	—	$197.4M	—
Q3 25	$0.35	$0.35	0.0%	—	—	—
Q2 25	$0.34	$0.34	0.0%	—	$189.9M	—
Q1 25	$0.33	$0.31	-6.1%	—	$187.9M	—
Q4 24	$0.34	$0.32	-5.9%	—	$183.4M	—
Q3 24	$0.32	$0.33	+3.1%	—	$189.2M	—
Q2 24	$0.3	$1.03	+243.3%	—	$187.3M	—
Q1 24	$0.28	$0.3	+7.1%	—	$193.3M	—
Q4 23	$0.29	$0.3	+3.4%	—	$179.7M	—
Q3 23	$0.27	$0.33	+22.2%	—	$168.6M	—
Q2 23	$0.25	$0.28	+12.0%	—	$169.2M	—
Q1 23	$0.4	$0.7	+75.0%	—	$167.5M	—
Q4 22	$0.3	$0.28	-6.7%	—	$175.2M	—
Q3 22	$0.25	$0.29	+16.0%	—	$182.5M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.35	—	—	$763.9M	—
FY24	—	$1.24	—	—	$753.3M	—
FY23	—	-$0.65	—	—	$685M	—
FY22	—	$1.54	—	—	$739M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$574.3M	$612.8M	$578.1M	$611.8M	$582.4M	$664.4M	$739M	$685M	$753.3M	$763.9M
YoY change	-8.18%	+6.7%	-5.66%	+5.83%	-4.82%	+14.1%	+11.2%	-7.31%	+9.97%	+1.41%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	574.3M	612.8M	578.1M	611.8M	582.4M	664.4M	739M	685M	753.3M	763.9M
Cost of revenue	375.7M	424.8M	396.5M	420.4M	384.9M	455M	518.6M	453.8M	492.9M	485.7M
Gross profit	198.6M	188M	181.6M	191.4M	197.4M	209.5M	220.4M	231.2M	260.4M	278.2M
Gross margin	34.6%	30.7%	31.4%	31.3%	33.9%	31.5%	29.8%	33.8%	34.6%	36.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	44.8M	37M	34.7M	39.6M	37.5M	40.8M	39M	42.8M	47M	47.8M
Operating expenses	53M	43.3M	40.6M	43.9M	37.5M	40.8M	39M	42.8M	47M	47.8M
Operating income	153.8M	151M	146.9M	151.8M	160.9M	168.7M	181.4M	188.5M	213.3M	230.4M
Operating margin	26.8%	24.6%	25.4%	24.8%	27.6%	25.4%	24.5%	27.5%	28.3%	30.2%
Non-operating income, net	-101.7M	-4.3M	2.4M	106.5M	-582K	-33.9M	20.4M	-203.7M	397K	6.1M
Pretax income	-25.7M	76M	78.3M	195.1M	101M	78.4M	149.7M	-73.8M	144.2M	160.5M
Income tax	244K	1.1M	-363K	-217K	353K	145K	447K	588K	288K	947K
Net income	33.8M	74.9M	78.6M	200M	102.9M	81.6M	178.8M	-74.3M	143.9M	159.5M
Net margin	5.88%	12.2%	13.6%	32.7%	17.7%	12.3%	24.2%	-10.9%	19.1%	20.9%
EBITDA	290.3M	295.3M	293M	300.2M	311.3M	329.4M	335.8M	353.5M	384M	406.1M
EPS	-0.03	0.58	0.7	1.72	0.87	0.68	1.54	-0.65	1.24	1.35
Diluted EPS	-0.03	0.57	0.69	1.71	0.87	0.68	1.53	-0.67	1.23	1.34

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	168.6M	179.7M	193.3M	187.3M	189.2M	183.4M	187.9M	189.9M	—	197.4M	200.6M	197.4M
Cost of revenue	110.9M	118.5M	131.1M	121.2M	123.3M	117.3M	121.1M	118.4M	—	127.3M	129.7M	120.9M
Gross profit	57.7M	61.3M	62.2M	66.2M	65.9M	66.1M	66.8M	71.6M	—	70M	71M	76.5M
Gross margin	34.2%	34.1%	32.2%	35.3%	34.8%	36.1%	35.5%	37.7%	—	35.5%	35.4%	38.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	10.6M	11.3M	11.7M	12M	11.4M	11.8M	12.2M	11.9M	—	11.7M	12.6M	13.3M
Operating expenses	10.6M	11.3M	11.7M	12M	11.4M	11.8M	12.2M	11.9M	—	11.7M	12.6M	13.3M
Operating income	47.1M	49.9M	50.4M	54.1M	54.5M	54.3M	54.6M	59.6M	—	58.3M	58.3M	63.2M
Operating margin	27.9%	27.8%	26.1%	28.9%	28.8%	29.6%	29.1%	31.4%	—	29.5%	29.1%	32%
Non-operating income, net	-252.9M	-240K	69K	26K	85K	217K	671K	355K	—	231K	2M	6.8M
Pretax income	-221.1M	34.9M	33.8M	36.4M	37.5M	36.4M	36.3M	40.3M	—	39.5M	40.3M	48.6M
Income tax	152K	121K	168K	14K	130K	-24K	103K	117K	—	115K	124K	34K
Net income	-221.2M	34.8M	33.7M	36.4M	37.4M	36.5M	36.2M	40.2M	—	39.4M	40.1M	48.6M
Net margin	-131.2%	19.4%	17.4%	19.4%	19.8%	19.9%	19.3%	21.1%	—	20%	20%	24.6%
EBITDA	87.8M	94M	93.6M	95.8M	96.8M	97.9M	96.4M	101.3M	—	105.1M	106.8M	109.3M
EPS	-1.93	0.3	0.29	0.31	0.32	0.31	0.31	0.34	0.37	0.33	0.34	0.41
Diluted EPS	-1.94	0.3	0.29	0.31	0.32	0.31	0.31	0.34	—	0.33	0.34	0.4

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3B	2.9B	2.2B	3.3B	2.9B	3.1B	2.9B	2.9B	3.5B	3.1B	3.9B
Enterprise value	4.6B	4.7B	4B	5.1B	5B	5.4B	5.2B	5.2B	5.9B	5.7B	6.5B
Shares outstanding	94.5M	99M	103.9M	111.2M	111.8M	111.8M	112.1M	112.2M	112.3M	112.5M	112.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	87.4	38.6	27.8	16.3	28.3	38.3	16.3	—	24.1	19.6	23.5
P/S	5.14	4.72	3.78	5.34	5.01	4.71	3.93	4.2	4.61	4.09	4.98
P/B	1.82	1.94	1.32	1.87	1.7	1.86	1.66	1.86	2.23	1.97	2.5
EV/EBITDA	16	16	13.7	17	16.1	16.4	15.4	14.6	15.3	14	15.8
EV/Sales	8.09	7.71	6.92	8.34	8.61	8.15	6.98	7.53	7.8	7.42	8.27
Earnings yield	1.14%	2.59%	3.6%	6.12%	3.53%	2.61%	6.15%	—	4.14%	5.1%	4.25%
FCF yield	7.05%	7.17%	7.15%	6.24%	7.05%	7.01%	7.89%	8.9%	8.62%	9.24%	6.58%
PEG	—	—	—	—	—	—	—	—	—	—	1.14

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	34.6%	30.7%	31.4%	31.3%	33.9%	31.5%	29.8%	33.8%	34.6%	36.4%	38.8%
Operating margin	26.8%	24.6%	25.4%	24.8%	27.6%	25.4%	24.5%	27.5%	28.3%	30.2%	32.2%
Net margin	5.88%	12.2%	13.6%	32.7%	17.7%	12.3%	24.2%	-10.9%	19.1%	20.9%	20.8%
ROE	2.09%	5.02%	4.76%	11.4%	5.98%	4.84%	10.2%	-4.8%	9.22%	10%	10.8%
ROA	0.89%	2.08%	2.15%	5.19%	2.52%	1.91%	4.2%	-1.75%	3.38%	3.39%	3.43%
ROIC	4.64%	4.48%	4.23%	4.24%	4.2%	4.24%	4.53%	4.92%	5.37%	5.55%	5.55%
Return on tangible assets	0.93%	2.16%	2.2%	5.26%	2.55%	1.93%	4.22%	-1.75%	3.38%	3.39%	3.39%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.82	0.86	0.56	0.59	1.23	1.39	1.19	1.73	1.26	1.64	2.59
Quick ratio	2.82	0.86	0.56	0.59	1.23	1.39	1.19	1.73	1.26	1.64	0.65
Debt / equity	1.18	1.24	1.1	1.06	1.23	1.37	1.29	1.58	1.56	1.77	1.64
Debt / assets	0.5	0.51	0.5	0.48	0.52	0.54	0.53	0.58	0.57	0.6	0.58
Net debt / EBITDA	5.84	6.2	6.2	6.11	6.74	6.95	6.69	6.46	6.26	6.25	6.43
Interest coverage	0.67	1.99	2.04	3.75	2.49	2.2	3.45	-0.02	2.72	2.88	2.88
Effective tax rate	0%	1.44%	0%	0%	0.35%	0.19%	0.3%	0%	0.2%	0.59%	0.59%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.08	6.19	5.56	5.5	5.21	5.94	6.59	6.11	6.71	6.79	6.99
EPS (basic)	-0.03	0.58	0.7	1.72	0.87	0.68	1.54	-0.65	1.24	1.35	1.35
EPS (diluted)	-0.03	0.57	0.69	1.71	0.87	0.68	1.53	-0.67	1.23	1.34	1.44
Book value per share	17.1	15.1	15.9	15.7	15.4	15.1	15.6	13.8	13.9	14.1	13.5
FCF per share	2.2	2.09	1.5	1.83	1.84	1.96	2.05	2.28	2.67	2.57	2.27
Cash per share	2.22	0.12	0.08	0.13	0.16	0.12	0.11	1.5	0.34	2.44	0.21
Capex per share	—	—	—	—	—	—	—	—	—	0.19	0.19

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	2.76%	2.76%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	6.8%	6.8%
Payout ratio	350.5%	158.1%	145.3%	61.3%	119.9%	151.4%	69.1%	-171.1%	91.6%	85.6%	86.8%
Dividend yield	4.01%	4.1%	5.23%	3.75%	4.23%	3.95%	4.25%	4.42%	3.79%	4.37%	3.79%

Yield

3.79%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.32

ex-dividend Jun 30, 2026

Payout ratio

87%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$0.32
Mar 31, 2026	$0.32
Dec 31, 2025	$0.305

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$168.6M	$179.7M	$193.3M	$187.3M	$189.2M	$183.4M	$187.9M	$189.9M	—	$197.4M	$200.6M	$197.4M
YoY change	-7.64%	+2.56%	+15.4%	+10.7%	+12.3%	+2.06%	-2.8%	+1.37%	—	+7.59%	+6.8%	+3.94%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	209.9M	12.3M	8.1M	14.7M	18.4M	13.3M	12.3M	167.8M	38.3M	275M
Receivables	124.7M	118.5M	115.6M	123.2M	133.5M	149.7M	168.5M	198.2M	203.7M	236.1M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	514.1M	257.7M	210.2M	233.7M	445.8M	465.9M	523.3M	529.6M	393.3M	684.2M
Property, plant & equipment	5.2M	5.3M	8.6M	76.1M	91.4M	50.2M	45.3M	41.3M	55.8M	50.4M
Goodwill & intangibles	156.7M	118.2M	86.9M	54.8M	38.5M	29.1M	19.9M	—	—	—
Total assets	3.8B	3.6B	3.7B	3.9B	4.1B	4.3B	4.3B	4.2B	4.3B	4.7B
Accounts payable	108.7M	108.1M	92.9M	148.7M	142.7M	186.2M	158M	133.3M	126M	147.2M
Short-term debt	—	126M	213M	177M	143M	76M	211M	75M	75M	150M
Total current liabilities	182.5M	300.4M	375.9M	398M	361.2M	335.1M	441.4M	305.4M	313.3M	418M
Long-term debt	1.9B	1.7B	1.6B	1.7B	2B	2.2B	2B	2.4B	2.4B	2.7B
Total liabilities	2.2B	2.1B	2B	2.1B	2.4B	2.6B	2.5B	2.7B	2.7B	3.1B
Shareholders' equity	1.6B	1.5B	1.7B	1.7B	1.7B	1.7B	1.7B	1.5B	1.6B	1.6B
Total debt	1.9B	1.8B	1.8B	1.8B	2.1B	2.3B	2.3B	2.5B	2.4B	2.8B
Net debt	1.7B	1.8B	1.8B	1.8B	2.1B	2.3B	2.2B	2.3B	2.4B	2.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	14.3M	204.2M	—	—	—	—	—	—	—	275M	28.6M	24.2M
Receivables	183.7M	182.3M	—	—	—	—	—	—	—	236.1M	234.6M	237M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	361.8M	560.5M	—	—	—	—	—	—	—	684.2M	422.9M	422M
Property, plant & equipment	41.7M	40.5M	—	—	—	—	—	—	—	50.4M	48.9M	47.4M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	4.2B	4.2B	—	—	—	—	—	—	—	4.7B	4.5B	4.5B
Accounts payable	135.8M	135.6M	—	—	—	—	—	—	—	147.2M	117M	115.7M
Short-term debt	171M	75M	—	—	—	—	—	—	—	150M	328M	408M
Total current liabilities	380.6M	299.9M	—	—	—	—	—	—	—	418M	570.2M	648.9M
Long-term debt	2B	2.4B	—	—	—	—	—	—	—	2.7B	2.3B	2.2B
Total liabilities	2.4B	2.7B	—	—	—	—	—	—	—	3.1B	2.9B	2.9B
Shareholders' equity	1.8B	1.5B	—	—	—	—	—	—	—	1.6B	1.6B	1.6B
Total debt	2.2B	2.4B	—	—	—	—	—	—	—	2.8B	2.6B	2.6B
Net debt	2.2B	2.2B	—	—	—	—	—	—	—	2.5B	2.6B	2.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	33.8M	74.9M	78.6M	200M	102.9M	81.6M	178.8M	-74.3M	143.9M	159.5M
Depreciation & amortization	134.9M	136.5M	139.1M	138.9M	140M	150.6M	143.6M	151.4M	156M	163.7M
Stock-based compensation	6.8M	5.6M	6.4M	6.7M	6.5M	8M	8.8M	8.5M	10.4M	11.7M
Change in working capital	30.6M	3.2M	-38.7M	16.8M	-18K	20.2M	-13.7M	-8M	2.9M	-26.5M
Operating cash flow	209.2M	217.7M	181.2M	355.9M	243.6M	241.5M	313.6M	72.9M	331M	309.9M
Capital expenditure	—	—	—	—	—	—	—	—	—	-21.1M
Investing cash flow	-12.6M	-15.3M	-15.5M	-27.2M	46.4M	-28M	-28M	-7.8M	-11.3M	-47.3M
Dividends paid	-118.3M	-118.5M	-114.3M	-122.7M	-123.4M	-123.5M	-123.6M	-127.2M	-131.8M	-136.6M
Share repurchases	0	-199.1M	0	0	-8.8M	0	0	—	—	—
Financing cash flow	-152.6M	-336.6M	49.6M	-529.4M	-606.7M	-714.9M	-48.2M	-89.7M	-169.7M	216.5M
Net change in cash	43.9M	-134.2M	215.2M	-200.6M	-316.7M	-501.4M	237.4M	-24.6M	150M	479.2M
Free cash flow	207.9M	207.2M	156.3M	203.9M	205.7M	219.1M	229.4M	255.8M	299.6M	288.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-221.2M	34.8M	33.7M	36.4M	37.4M	36.5M	36.2M	—	—	39.4M	40.1M	48.6M
Depreciation & amortization	38.2M	37.4M	39M	38.7M	38.9M	39.4M	39.9M	—	—	42.7M	43.1M	42.8M
Stock-based compensation	2.3M	2.3M	2.6M	2.6M	2.6M	2.6M	2.9M	—	—	3M	3.2M	3.4M
Change in working capital	-4.4M	-2.8M	-6.3M	9.1M	-17.4M	-7.8M	-4M	—	6M	-21.1M	13.7M	1.1M
Operating cash flow	-174.6M	68.3M	71M	88.5M	59.4M	86.8M	72.4M	87.9M	6M	81.3M	96.4M	91.1M
Capital expenditure	—	—	-15.2M	—	—	—	—	—	—	-5.1M	-6.2M	-2.1M
Investing cash flow	-1.1M	2.2M	-17.9M	1.6M	-128K	-3.1M	-27.7M	—	2.2M	-14.9M	-21.5M	-35.2M
Dividends paid	-32.1M	-32.1M	-32.1M	-33.2M	-33.2M	-33.3M	-33.3M	—	—	-34.4M	-34.6M	-36.3M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	109.7M	-34.8M	-36.4M	-63M	-35.1M	-35.2M	-83.2M	—	—	276.9M	-336.2M	217.9M
Net change in cash	-66M	35.7M	16.6M	27.1M	24.2M	48.6M	-38.5M	87.9M	8.2M	343.4M	-261.3M	273.8M
Free cash flow	63.4M	59.4M	42.7M	88.4M	61M	92.3M	65.1M	—	—	76.3M	90.2M	89M

COPT Defense Properties Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement