Saturday 31 October 2026 Export CDP’s income statement to Excel — free account

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.

33.35 0.90 −2.63%

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Market cap: $7.7B
P/E: 23.2×
Fwd P/E: 23.5×
Dividend yield: 3.79%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis

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 7,740.00

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 23.16

Fwd P/E 23.50

P/S ratio 4.80

P/B ratio 2.38

Past 5Y EPS Growth 9.02%

This Y EPS Growth 7.87%

Next Y EPS Growth 2.15%

Next Y revenue growth 2.82%

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 44.78%

10-year low 10-year high

P/S against its own 10 years 61.11%

10-year low 10-year high

P/B against its own 10 years 94.75%

10-year low 10-year high

EV/Sales against its own 10 years 63.50%

10-year low 10-year high

EV/FCF against its own 10 years 68.23%

10-year low 10-year high

Dividends

Payout Ratio 0.88

Annual Dividend Rate 1.27

Annual Dividend Yield 3.79%

	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%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.68 Actual 0.71

0.68 0.69 0.70 0.70 0.71

Q3 FY25 Beat +0.01

Q4 FY25 Beat +0.02

Q1 FY26 Beat +0.01

Q2 FY26 Beat +0.03

Q3 FY26 — Oct 29

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q3 FY25	0.68	0.69	Beat by 0.01
Q4 FY25	0.68	0.70	Beat by 0.02
Q1 FY26	0.68	0.69	Beat by 0.01
Q2 FY26	0.68	0.71	Beat by 0.03
Q3 FY26	0.69	—	Reports 29 October 2026

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	19.52	28.88	20.04	20.49	15.23	24.64	22.22	21.59	22.20	23.92		+2.3%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	31.51	36.03	31.01	30.28	30.57	30.51	29.64	28.69	34.22	31.24		(0.1%)	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	376	375	378	394	406	405	395	410	427	430		+1.5%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	1.53	1.63	1.53	1.55	1.43	1.64	1.87	1.67	1.76	1.78		+1.7%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	574	613	578	612	582	664	739	685	753	764		+3.2%	786	811	857	+3.9%
	Gross margin, %	57.69	52.58	55.14	51.72	55.63	52.23	48.93	55.50	54.96	57.60		(0.1) pt	Powerpack COPT Defense Properties’s next three years, line by line Analysts expect revenue to grow 3.9% a year to 2028 — faster than the 3.2% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	33	75	76	194	99	77	150	(74)	144	160		+19.1%
	EBT margin, %	5.79	12.16	13.07	31.63	17.02	11.63	20.26	(10.77)	19.15	21.01		+15.2 pt
	Net income	34	75	79	200	103	82	179	(74)	144	160		+18.8%
	Depreciation	141	141	142	143	144	156	148	157	163	171		+2.2%
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		+1.2%
	Earnings	(0.03)	0.57	0.70	1.71	0.87	0.68	1.53	(0.67)	1.24	1.34		n/m
	Cash flow	2.48	2.33	1.74	2.06	2.13	2.23	2.37	2.46	2.95	2.75		+1.2%
	Capex	1.53	(0.20)	(1.54)	(2.57)	(2.34)	(1.11)	(0.02)	(0.67)	(1.46)	(1.52)		n/m
	Free cash flow	4.01	2.13	0.20	(0.52)	(0.20)	1.11	2.35	1.79	1.49	1.23		(12.3%)
	Book value	16.87	14.84	15.65	15.46	15.15	14.80	15.36	13.58	13.68	13.88		(2.1%)
	Shares, m	95	99	104	111	112	112	112	112	112	113		+2.0%
Valuation, ×
Valuation, ×	P/E	0.00	51.12	30.04	17.18	29.98	41.13	16.79	0.00	25.16	20.59		23.2
	P/S	5.13	4.71	3.78	5.34	5.01	4.71	3.92	4.24	4.61	4.09		4.6
	P/B	2.07	1.96	1.34	1.90	1.72	1.89	1.68	1.91	2.26	2.00		1.9
	EV/Sales	8.06	7.70	6.92	8.31	8.56	8.11	6.92	7.52	7.74	7.36		7.7
	EV/FCF	12.23	22.41	195.33	(88.01)	(218.48)	43.35	19.40	25.65	34.84	40.50		8.7
Cash, $m
Cash, $m	Operating cash flow	234	230	180	229	238	249	266	276	331	310		+3.2%
	Capex	144	(20)	(160)	(286)	(261)	(125)	(2)	(75)	(164)	(171)		n/m
	Free cash flow	379	210	20	(58)	(23)	124	264	201	167	139		(10.6%)
Balance, $m
Balance, $m	Working capital	286	80	88	63	78	59	107	314	186	434		+4.7%
	Total debt	1,904	1,844	1,824	1,831	2,087	2,272	2,232	2,416	2,392	2,768		+4.2%
	Net debt	1,686	1,832	1,816	1,816	2,069	2,259	2,219	2,248	2,353	2,493		+4.4%
	Shareholders’ equity	1,595	1,468	1,627	1,719	1,694	1,657	1,721	1,524	1,537	1,562		(0.2%)
Returns, %
Returns, %	ROA	0.38	1.51	1.99	5.10	2.46	1.84	4.06	(1.73)	3.27	3.40		+3.0 pt
	ROIC	1.00	2.57	2.62	2.68	2.63	2.69	2.88	(1.07)	3.43	3.55		+2.5 pt
	ROE	1.03	3.85	4.67	11.46	5.71	4.57	10.24	(4.53)	9.08	9.83		+8.8 pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

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.	$11.2B	33.7×	29.4×	+3.14% (above 0%: growing)	−23.21% (below 0%: shrinking)	+38.70% (above 0%: growing)	61.43%	28.91%	Compare
CDP COPT Defense Properties	$7.7B	23.2×	23.5×	+3.94% (above 0%: growing)	+17.65% (above 0%: growing)	+76.90% (above 0%: growing)	60.18%	32.03%
VNO Vornado Realty Trust	$7.2B	1,723×	— (loss-making)	+4.71% (above 0%: growing)	−97.93% (below 0%: shrinking)	−90.54% (below 0%: shrinking)	51.58%	5.54%	Compare
ARE Alexandria Real Estate Equities, Inc.	$7.1B	— (loss-making)	— (loss-making)	−13.03% (below 0%: shrinking)	n/m	−158.14% (below 0%: shrinking)	68.72%	17.23%	Compare
CUZ Cousins Properties Incorporated	$4.8B	737×	134×	+11.83% (above 0%: growing)	+77.78% (above 0%: growing)	+811.42% (above 0%: growing)	68.47%	24.85%	Compare
KRC Kilroy Realty Corporation	$4.3B	25.3×	139×	−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	$3.9B	— (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.	$3.4B	20.4×	17.8×	+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	$4.5B	33.7×	81.7×	+3.93%	−23.21%	+39.88%	64.24%	21.81%

All 19 Reit Office stocks →

Pay and ownership Proxy statement filed 30 March 2026

Chief executive’s pay

Year	Total pay	Actually paid	$100 invested
2025	7.58m	8.38m	132.29
2024	7.58m	13.06m	141.01
2023	6.17m	7.18m	111.85
2022	5.55m	8.52m	108.00
2021	5.50m	7.17m	111.63

Ownership

Directors and executive officers, together 1.66%

BlackRock, Inc. 14.68%

Vanguard Portfolio Management 10.17%

AllianceBernstein L.P. 7.46%

State Street Corporation 6.08%

Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement