COPT DEFENSE PROPERTIES financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data COPT DEFENSE PROPERTIES files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	574	613	578	612	582	664	739	685	753	764
Cost of revenue	45.5	99.6	58.3	110	67.6	104
Gross profit	529	513	520	502	515	560
Selling, general and administrative	36.6	30.8	28.9	35.4	33	40.8	39	42.8	47	47.8
Operating income	52.4	136
Interest expense	83.2	77	75.4	71.1	67.9	65.4	61.2	71.1	82.2	86.7
Other non-operating income						9.01	9.07	12.6	12.7	10.7
Pre-tax income	33.3	74.5	75.6	194	99.1	77.3	148	-73.5	144	158
Income tax	0.24	1.1	-0.36	-0.22	0.35	0.15	0.45	0.59	0.29	0.95
Income from continuing operations	11.4	70.1		195	101	78.2	149
Net income	28.9	68.7	72.3	192	97.4	81.6	179	-74.7	138	152
EBITDA	187	272
EPS, basic	0.15	0.56	0.69	1.72	0.87	0.68	1.54	-0.67	1.23	1.35
EPS, diluted	0.15	0.56	0.69	1.71	0.87	0.68	1.53	-0.67	1.23	1.34
Shares, basic (weighted)	94.5	99	104	111	112	112	112	112	112	113
Shares, diluted (weighted)	94.6	99.2	104	112	112	112	113	112	113	113
Dividend per share	1.10	1.10	1.10	1.10	1.10	1.10	1.10	1.14	1.18	1.22

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	210	12.3	8.07	14.7	18.4	13.3	12.3	168	38.3	275
Property, plant and equipment	5.2	5.26			10.4	9.6	8.29
Lease right-of-use assets				27.9	40.6	38.4	37	41.3	55.8	50.4
Intangible assets	78.4	59.1	43.5	27.4	19.2	14.6	9.96	6.85	10.7	19.8
Total assets	3,781	3,595	3,656	3,854	4,077	4,262	4,257	4,247	4,254	4,702
Total liabilities	2,163	2,104	2,003	2,106	2,358	2,578	2,510	2,700	2,694	3,114
Total debt	1,904	1,828	1,824	1,831	2,087	2,272	2,232	2,416	2,392	2,768
Paid-in capital	2,117	2,201	2,431	2,482	2,479	2,482	2,486	2,490	2,494	2,503
Other comprehensive income	-1.73	2.17	-0.24	-25.4	-9.16	-3.06	2.07	2.12	0.99	-0.06
Shareholders' equity	1,523	1,402	1,585	1,679	1,661	1,623	1,682	1,484	1,493	1,515
Minority interests	72.3	66.2	41.6	40.3	32.7	34.3	39.7	39.8	43.5	47.4
Total equity	1,613	1,468	1,627	1,719	1,694	1,657	1,721	1,524	1,537	1,562
Total liabilities and equity	3,781	3,595	3,656	3,854	4,077	4,262	4,257	4,247	4,254	4,702
Shares outstanding	98.5	101	110	112	112	112	112	113	113	113

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	33.8	74.9	78.6	200	103	81.6	179	-74.3	144	160
Depreciation and amortization	135	137	139	139	140	151	144	151	156	164
Stock-based compensation	6.84	5.62	6.38	6.71	6.5	7.98	8.79	8.54	10.4	11.7
Change in receivables	-5.26	2.78	5.67	-7.14	-6.38	-0.66	-2.44	-5.62	6.5	-15.9
Cash from operations	234	230	180	229	238	249	266	276	331	310
Capital expenditures	-26.3	-22.9	-24.2	-24.7	-32.8	-30	-36.4	-20.5	-31.3	-21.1
Cash from investing	71.2	-89.4	-233	-138	-326	-203	-83.5	-170	-291	-290
Debt issued	0	0	0	0	395	1,383	0	336	0	395
Debt repaid			0	0	-300	-900	0	0
Stock issued	109	69.5	202	46.4	0	0
Share buybacks	-2.47	-1.97	-1.7	-2.06
Dividends paid	-104	-109	-114	-123	-123	-124	-124	-127	-132	-137
Cash from financing	-155	-339	49.6	-84.4	91.3	-50.9	-183	46.3	-170	217
Net change in cash	150	-198	-2.88	6.18	3.9	-4.72	-0.81	153	-130	237
Free cash flow	208	207	156	204	206	219	229	256	300	289
Interest paid	78	73.1	72.5	67.5	61.5	65.2	56.1	59.8	75.5	75.4
Income taxes paid	0.01	0.03	0.02	0	0	0.06	0	0.04	0.05	0.04

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $33.88 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	21.5%	Pre-tax income / revenue.
Net margin	20.9%	Net income / revenue.
FCF margin	40.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	43.0%	Cash from operations / revenue.
Effective tax rate	0.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.6%	Net income / average total assets.
SG&A / revenue	6.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	21.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	9.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-5.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	9.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	8.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-4.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	9.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-6.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	5.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-3.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	8.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	7.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	3.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	2.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	1.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-3.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-1.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	1.70x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	57.4%	Total debt / total assets.
Liabilities / assets	64.4%	Total liabilities / total assets.
Net debt	$2.57B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$1.53B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.17x	Revenue / average total assets.
FCF conversion	194.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	5.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.42	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$6.83	Revenue / diluted weighted shares.
FCF per share	$2.77	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.94	Cash from operations / diluted weighted shares.
Book value per share	$13.48	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.48	Tangible book value / shares outstanding.
Cash per share	$0.21	(Cash + short-term investments) / shares outstanding.
Payout ratio	85.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	43.9%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.84B	Share price x shares outstanding.
Enterprise value	$6.41B	Market cap + total debt - cash - short-term investments.
P/E	23.5x	Market cap / net income. Only when net income is positive.
P/S	4.90x	Market cap / revenue.
P/B	2.51x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.51x	Market cap / tangible book value, when positive.
P/FCF	12.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.4x	Market cap / cash from operations, when positive.
EV/Sales	8.17x	Enterprise value / revenue.
EV/FCF	20.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.3%	Free cash flow / market cap.
Earnings yield	4.3%	Net income / market cap (the inverse of P/E).
Dividend yield	3.6%	Dividends paid over the period / market cap.
Shareholder yield	3.6%	(Dividends paid + share buybacks) / market cap.

What was COPT DEFENSE PROPERTIES's revenue in fiscal 2025?

COPT DEFENSE PROPERTIES reported revenue of $763.9M for fiscal 2025, 1.4% higher than the year before.

Was COPT DEFENSE PROPERTIES profitable in fiscal 2025?

Yes. Net income was $151.7M, a net margin of 19.9%.

How much free cash flow did COPT DEFENSE PROPERTIES generate in fiscal 2025?

Cash from operations of $309.9M minus capital expenditures of $21.1M left free cash flow of $288.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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