CDP · Copt Defense Properties - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $200.64M | - | $188.79M | $189.91M | $187.86M | - | $189.22M | $187.34M | $193.27M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $12.65M | - | $12.03M | $11.91M | $12.16M | - | $11.42M | $12.03M | $11.75M | - |
| Total Operating Expenses | $142.32M | - | $130.97M | $130.27M | $133.26M | - | $134.73M | $133.22M | $142.85M | - |
| D&A | $43.10M | - | $40.63M | $39.57M | $39.90M | - | $38.31M | $38.16M | $38.96M | - |
| Operating Income | $38.86M | - | $42.54M | $39.93M | $35.96M | - | $37.44M | $36.40M | $33.77M | - |
| Interest Expense | $24.00M | - | $20.89M | $20.94M | $20.77M | - | $20.38M | $16.52M | $20.77M | - |
| Income Tax | $124.0K | - | $612.0K | $117.0K | $103.0K | - | $130.0K | $14.0K | $168.0K | - |
| Net Income | $38.37M | - | $41.57M | $38.19M | $34.57M | - | ($217.18M) | $30.17M | $32.46M | - |
| EPS - Basic | $0.34 | - | $0.37 | $0.34 | $0.31 | - | $0.32 | $0.31 | $0.29 | - |
| EPS - Diluted | $0.34 | - | $0.37 | $0.34 | $0.31 | - | $0.32 | $0.31 | $0.29 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $28.58M | $274.99M | $23.69M | $21.29M | $24.29M | $38.28M | $34.48M | $100.44M | $123.14M | $167.82M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $4.46B | $4.70B | $4.35B | $4.29B | $4.25B | $4.25B | $4.23B | $4.22B | $4.23B | $4.25B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | $2.55B | $2.77B | $2.44B | $2.44B | $2.41B | $2.39B | $2.39B | $2.39B | $2.42B | $2.42B |
| Total Liabilities | $2.87B | $3.11B | $2.77B | $2.72B | $2.69B | $2.69B | $2.68B | $2.67B | $2.68B | $2.70B |
| Stockholders' Equity | $1.51B | $1.51B | $1.51B | $1.50B | $1.49B | $1.49B | $1.49B | $1.49B | $1.48B | $1.48B |
| Retained Earnings | - | - | - | - | - | - | - | - | - | - |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $96.41M | - | - | - | $72.08M | - | - | - | $70.99M | - |
| Investing Cash Flow | ($82.30M) | - | - | - | ($69.55M) | - | - | - | ($78.91M) | - |
| Financing Cash Flow | ($260.17M) | - | - | - | ($16.18M) | - | - | - | ($36.42M) | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 19.4% | - | 22.5% | 21.0% | 19.1% | - | 19.8% | 19.4% | 17.5% | - |
| EBITDA margin | 40.8% | - | 44.1% | 41.9% | 40.4% | - | 40.0% | 39.8% | 37.6% | - |
| Net margin | 19.1% | - | 22.0% | 20.1% | 18.4% | - | -114.8% | 16.1% | 16.8% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 6.3% | - | 6.4% | 6.3% | 6.5% | - | 6.0% | 6.4% | 6.1% | - |
| Effective tax rate | 0.3% | - | 1.5% | 0.3% | 0.3% | - | - | 0.0% | 0.5% | - |
| Return on assets | 0.9% | - | 1.0% | 0.9% | 0.8% | - | -5.1% | 0.7% | 0.8% | - |
| Return on equity | 2.5% | - | 2.8% | 2.5% | 2.3% | - | -14.6% | 2.0% | 2.2% | - |
| Return on invested capital | 1.0% | - | 1.1% | 1.0% | 0.9% | - | 0.8% | 0.9% | 0.9% | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | 1.68 | 1.83 | 1.62 | 1.63 | 1.62 | 1.60 | 1.61 | 1.61 | 1.63 | 1.63 |
| Debt / Assets | 0.57 | 0.59 | 0.56 | 0.57 | 0.57 | 0.56 | 0.56 | 0.57 | 0.57 | 0.57 |
| Debt / EBITDA | 31.08 | - | 29.38 | 30.67 | 31.80 | - | 31.56 | 32.06 | 33.23 | - |
| Interest coverage | 1.6x | - | 2.0x | 1.9x | 1.7x | - | 1.8x | 2.2x | 1.6x | - |
| Equity multiplier | 2.94 | 3.10 | 2.89 | 2.86 | 2.85 | 2.85 | 2.84 | 2.84 | 2.86 | 2.86 |
| Liabilities / Assets | 0.64 | 0.66 | 0.64 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.64 |
| Efficiency | ||||||||||
| Asset turnover | 0.04 | - | 0.04 | 0.04 | 0.04 | - | 0.04 | 0.04 | 0.05 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 90.0x | - | 78.5x | 81.1x | 88.0x | - | 94.8x | 80.7x | 83.3x | - |
| P / B | 2.3x | - | 2.2x | 2.1x | 2.1x | - | 2.3x | 1.9x | 1.8x | - |
| P / S | 17.4x | - | 17.4x | 16.4x | 16.4x | - | 18.1x | 15.1x | 14.1x | - |
| EV / EBITDA | 73.4x | - | 68.6x | 69.7x | 72.1x | - | 76.4x | 68.6x | 69.0x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 6.8% | - | -0.2% | 1.4% | -2.8% | - | 12.3% | 10.7% | 15.4% | - |
| Revenue CAGR (3y) | 6.2% | - | 1.1% | 0.7% | -1.3% | - | 2.7% | 4.4% | 6.1% | - |
| Revenue CAGR (5y) | 4.4% | - | 4.1% | 5.6% | 5.2% | - | 3.5% | 1.4% | 5.3% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 8.1% | - | 13.6% | 9.7% | 6.5% | - | - | 14.7% | -58.1% | - |
| Net income growth (YoY) | 11.0% | - | - | 26.6% | 6.5% | - | 1.8% | -4.6% | -59.6% | - |
| EPS growth (YoY) | 9.7% | - | 15.6% | 9.7% | 6.9% | - | - | 14.8% | -58.6% | - |
| EPS CAGR (3y) | -21.4% | - | 11.1% | 5.4% | -15.8% | - | 10.1% | -6.6% | - | - |
| EPS CAGR (5y) | - | - | - | 10.1% | 8.1% | - | 11.0% | -20.1% | 8.8% | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 1.6% | 1.5% | 1.2% | 0.7% | 0.6% | 0.6% | 0.2% | -14.1% | -14.1% | -11.8% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$404.85M totalDefense ITPortfolio$329.92M · 81.5%
All Other Segments$74.93M · 18.5%
Peer comparison
Same SIC group: Real Estate Investment Trusts
Comparing COPT DEFENSE PROPERTIES against the 5 most active filers in the same SIC group.
Dividends
$1.23/share trailing 12 months · +3.8% YoY
| Ex-date | Per share |
|---|---|
| Mar 31, 2026 | $0.3200 |
| Dec 31, 2025 | $0.3050 |
| Sep 30, 2025 | $0.3050 |
| Jun 30, 2025 | $0.3050 |
| Mar 31, 2025 | $0.3050 |
| Dec 31, 2024 | $0.2950 |
| Sep 30, 2024 | $0.2950 |
| Jun 28, 2024 | $0.2950 |
| Mar 27, 2024 | $0.2950 |
| Dec 28, 2023 | $0.2850 |
| Sep 28, 2023 | $0.2850 |
| Jun 29, 2023 | $0.2850 |
| Mar 30, 2023 | $0.2850 |
| Dec 29, 2022 | $0.2750 |
| Sep 29, 2022 | $0.2750 |
| Jun 29, 2022 | $0.2750 |
| Mar 30, 2022 | $0.2750 |
| Dec 31, 2021 | $0.2750 |
| Sep 29, 2021 | $0.2750 |
| Jun 29, 2021 | $0.2750 |
| Mar 30, 2021 | $0.2750 |
| Dec 30, 2020 | $0.2750 |
| Sep 29, 2020 | $0.2750 |
| Jun 29, 2020 | $0.2750 |