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COPT Defense Properties

COPT Defense Properties' revenue for fiscal 2025 (year ended December 2025) was $763.9 million, up 1.41% from fiscal 2024. In the quarter to June 2026, revenue grew 3.94%, EPS grew 17.7%, free cash flow grew 76.9% and total debt rose 6.31%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.

33.48 0.01 +0.03%

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Market cap: $7.6B
P/E: 23.3×
Fwd P/E: 24.5×
Dividend yield: 3.78%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 1.33

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	1	—	—	2	—	—	—	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 7,570.00

Revenue 784.18

Net Income 171.84

Free Cash Flow 160.07

Net Debt 2,568.28

Current Ratio 2.89

Debt/Equity 1.64

P/E ratio 23.25

Fwd P/E 24.50

P/S ratio 4.82

P/B ratio 2.39

Past 5Y EPS Growth 9.02%

This Y EPS Growth 7.87%

Next Y EPS Growth 2.15%

Next Y revenue growth 2.63%

Next 5Y EPS Growth 6.16%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 45.18%

10-year low 10-year high

P/S against its own 10 years 61.96%

10-year low 10-year high

P/B against its own 10 years 95.53%

10-year low 10-year high

EV/Sales against its own 10 years 64.14%

10-year low 10-year high

EV/FCF against its own 10 years 68.60%

10-year low 10-year high

Dividends

Payout Ratio 0.88

Annual Dividend Rate 1.27

Annual Dividend Yield 3.78%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.28	0.32 0.32 0.32
2025	1.22	0.31 0.31 0.31 0.31
2024	1.18	0.30 0.30 0.30 0.30
2023	1.14	0.29 0.29 0.29 0.29
2022	1.10	0.28 0.28 0.28 0.28
2021	1.10	0.28 0.28 0.28 0.28
2020	1.10	0.28 0.28 0.28 0.28
2019	1.10	0.28 0.28 0.28 0.28
2018	1.10	0.28 0.28 0.28 0.28
2017	1.10	0.28 0.28 0.28 0.28
2016	1.10	0.28 0.28 0.28 0.28

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	168	38	275	24
Receivables	280	273	306	310
Inventory	—	—	—	—
Other	—	—	—	—
	448	312	581	334

	2023	2024	2025	Q'26
Payables	133	126	147	116
ST’ Debt	—	—	—	—
Other	—	—	—	—
	133	126	147	116

Compound Annual Growth %

	10y	5y	3y
Sales	2.02%	5.58%	1.11%
Cash Flow	4.27%	5.39%	5.25%
Earnings	(0.74%)	9.36%	(4.16%)
Book Value	(0.34%)	(1.60%)	(3.18%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	201	197	—	—	—
’25	188	190	189	197	764
’24	193	187	189	183	753
’23	168	169	169	180	685
’22	195	186	183	175	739
’21	154	157	167	186	664
’20	146	145	155	137	582

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	96	91	—	—	—
’25	72	88	69	81	310
’24	71	94	65	101	331
’23	59	82	69	67	276
’22	53	86	48	79	266
’21	41	97	62	49	249
’20	62	74	23	79	238

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	36	53	—	—	—
’25	37	30	31	41	139
’24	31	67	3	67	167
’23	177	8	3	13	201
’22	182	35	(32)	79	264
’21	(17)	158	(4)	(13)	124
’20	(31)	(18)	(77)	103	(23)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.34	0.40	—	—	—
’25	0.31	0.34	0.37	0.33	1.34
’24	0.29	0.31	0.32	0.31	1.23
’23	0.70	0.27	(1.94)	0.30	(0.67)
’22	0.52	0.29	0.27	0.45	1.53
’21	(0.06)	0.38	0.24	0.12	0.68
’20	0.21	0.21	(0.29)	0.73	0.87

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	19.52	28.88	20.04	20.49	15.23	24.64	22.22	21.59	22.20	23.92	Analyst estimates 2026–2028 Powerpack
	High	31.51	36.03	31.01	30.28	30.57	30.51	29.64	28.69	34.22	31.24
People
People	Employees	376	375	378	394	406	405	395	410	427	430
	Revenue/emp, $m	1.53	1.63	1.53	1.55	1.43	1.64	1.87	1.67	1.76	1.78
Income, $m
Income, $m	Revenue	574	613	578	612	582	664	739	685	753	764
	Gross margin, %	57.69	52.58	55.14	51.72	55.63	52.23	48.93	55.50	54.96	57.60
	EBT	33	75	76	194	99	77	150	(74)	144	160
	EBT margin, %	5.79	12.16	13.07	31.63	17.02	11.63	20.26	(10.77)	19.15	21.01
	Net income	34	75	79	200	103	82	179	(74)	144	160
	Depreciation	141	141	142	143	144	156	148	157	163	171
Per share, $
Per share, $	Revenue	6.08	6.19	5.56	5.50	5.21	5.93	6.59	6.11	6.71	6.79
	Earnings	(0.03)	0.57	0.70	1.71	0.87	0.68	1.53	(0.67)	1.24	1.34
	Cash flow	2.48	2.33	1.74	2.06	2.13	2.23	2.37	2.46	2.95	2.75
	Capex	1.53	(0.20)	(1.54)	(2.57)	(2.34)	(1.11)	(0.02)	(0.67)	(1.46)	(1.52)
	Free cash flow	4.01	2.13	0.20	(0.52)	(0.20)	1.11	2.35	1.79	1.49	1.23
	Book value	16.87	14.84	15.65	15.46	15.15	14.80	15.36	13.58	13.68	13.88
	Shares, m	95	99	104	111	112	112	112	112	112	113
Valuation, ×
Valuation, ×	P/E	0.00	51.12	30.04	17.18	29.98	41.13	16.79	0.00	25.16	20.59
	P/S	5.13	4.71	3.78	5.34	5.01	4.71	3.92	4.24	4.61	4.09
	P/B	2.07	1.96	1.34	1.90	1.72	1.89	1.68	1.91	2.26	2.00
	EV/Sales	8.06	7.70	6.92	8.31	8.56	8.11	6.92	7.52	7.74	7.36
	EV/FCF	12.23	22.41	195.33	(88.01)	(218.48)	43.35	19.40	25.65	34.84	40.50
Cash, $m
Cash, $m	Operating cash flow	234	230	180	229	238	249	266	276	331	310
	Capex	144	(20)	(160)	(286)	(261)	(125)	(2)	(75)	(164)	(171)
	Free cash flow	379	210	20	(58)	(23)	124	264	201	167	139
Balance, $m
Balance, $m	Working capital	286	80	88	63	78	59	107	314	186	434
	Total debt	1,904	1,844	1,824	1,831	2,087	2,272	2,232	2,416	2,392	2,768
	Net debt	1,686	1,832	1,816	1,816	2,069	2,259	2,219	2,248	2,353	2,493
	Shareholders’ equity	1,595	1,468	1,627	1,719	1,694	1,657	1,721	1,524	1,537	1,562
Returns, %
Returns, %	ROA	0.38	1.51	1.99	5.10	2.46	1.84	4.06	(1.73)	3.27	3.40
	ROIC	1.00	2.57	2.62	2.68	2.63	2.69	2.88	(1.07)	3.43	3.55
	ROE	1.03	3.85	4.67	11.46	5.71	4.57	10.24	(4.53)	9.08	9.83

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
BXP BXP, Inc.	$10.4B	31.7×	32.8×	+3.14% (above 0%: growing)	−23.21% (below 0%: shrinking)	+38.70% (above 0%: growing)	61.43%	28.91%	Compare
ARE Alexandria Real Estate Equities, Inc.	$8.0B	— (loss-making)	— (loss-making)	−13.03% (below 0%: shrinking)	n/m	−158.14% (below 0%: shrinking)	68.72%	17.23%	Compare
CDP COPT Defense Properties	$7.6B	23.3×	24.5×	+3.94% (above 0%: growing)	+17.65% (above 0%: growing)	+76.90% (above 0%: growing)	60.18%	32.03%
VNO Vornado Realty Trust	$6.9B	1,681×	— (loss-making)	+4.71% (above 0%: growing)	−97.93% (below 0%: shrinking)	−90.54% (below 0%: shrinking)	51.58%	5.54%	Compare
CUZ Cousins Properties Incorporated	$4.6B	691×	145×	+11.83% (above 0%: growing)	+77.78% (above 0%: growing)	+811.42% (above 0%: growing)	68.47%	24.85%	Compare
KRC Kilroy Realty Corporation	$4.0B	24.0×	155×	−6.04% (below 0%: shrinking)	−70.69% (below 0%: shrinking)	−83.18% (below 0%: shrinking)	65.29%	23.99%	Compare
SLG SL Green Realty Corporation	$3.7B	— (loss-making)	— (loss-making)	+9.13% (above 0%: growing)	n/m	+7,443.12% (above 0%: growing)	48.82%	7.84%	Compare
HIW Highwoods Properties, Inc.	$3.2B	19.0×	31.1×	+7.87% (above 0%: growing)	+400.00% (above 0%: growing)	+364.51% (above 0%: growing)	67.58%	26.47%	Compare
DEI Douglas Emmett, Inc.	$1.7B	— (loss-making)	— (loss-making)	+1.63% (above 0%: growing)	n/m	+41.06% (above 0%: growing)	63.19%	19.62%	Compare
Median of peers	$4.3B	31.7×	88.9×	+3.93%	−23.21%	+39.88%	64.24%	21.81%

All 18 Reit Office stocks →

COPT Defense Properties (CDP) key facts

Strength: COPT Defense Properties' revenue for fiscal 2025 (year ended December 2025) was $763.9 million, up 1.41% from fiscal 2024.
COPT Defense Properties (CDP) is a Reit Office company in the Real Estate sector, listed on the New York Stock Exchange.
As of October 9, 2026, CDP traded at $33.48, a market capitalization of $7.6 billion.
COPT Defense Properties pays an annual dividend of $1.27 per share, a yield of 3.78%, with a payout ratio of 87.9%.
Return on equity was 9.83% and debt-to-equity 1.64.
Its Piotroski F-score is 6 out of 9 for fiscal 2025.