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COPT DEFENSE PROPERTIES

CDP Clue Score42
United States Fiscal year ends December CIK 0000860546
$33.48 +0.03% Close, 9 Oct 2026
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Price $33.48 +19.74% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue48.4Operating income52.4Net income28.9EPS, diluted0.15Fiscal year 2017Revenue102.8 +112.6%Operating income135.8Net income68.7 +138.0%EPS, diluted0.56 +273.3%Fiscal year 2018Revenue60.9 −40.8%Net income72.3 +5.2%EPS, diluted0.69 +23.2%Fiscal year 2019Revenue113.8 +86.9%Net income191.7 +165.1%EPS, diluted1.71 +147.8%Fiscal year 2020Revenue70.6 −37.9%Net income97.4 −49.2%EPS, diluted0.87 −49.1%Fiscal year 2021Revenue107.9 +52.7%Net income81.6 −16.2%EPS, diluted0.68 −21.8%Fiscal year 2022Revenue154.6 +43.3%Net income178.8 +119.2%EPS, diluted1.53 +125.0%Fiscal year 2023Revenue60.2 −61.1%Net income−74.3 −141.6%EPS, diluted−0.67 −143.8%Fiscal year 2024Revenue75.6 +25.5%Net income143.9EPS, diluted1.23Fiscal year 2025Revenue42.1 −44.3%Net income159.5 +10.8%EPS, diluted1.34 +8.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 48.4 102.8 60.9 113.8 70.6 107.9 154.6 60.2 75.6 42.1
Growth +112.6% −40.8% +86.9% −37.9% +52.7% +43.3% −61.1% +25.5% −44.3%
Operating income 52.4 135.8 n/a n/a n/a n/a n/a n/a n/a n/a
Net income 28.9 68.7 72.3 191.7 97.4 81.6 178.8 −74.3 143.9 159.5
Growth +138.0% +5.2% +165.1% −49.2% −16.2% +119.2% −141.6% +10.8%
EPS, diluted 0.15 0.56 0.69 1.71 0.87 0.68 1.53 −0.67 1.23 1.34
Growth +273.3% +23.2% +147.8% −49.1% −21.8% +125.0% −143.8% +8.9%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin108.4%Net margin59.7%Fiscal year 2017Operating margin132.1%Net margin66.8%Fiscal year 2018Net margin118.8%Fiscal year 2019Net margin168.5%Fiscal year 2020Net margin137.8%Fiscal year 2021Net margin75.6%Fiscal year 2022Net margin115.6%Fiscal year 2023Net margin−123.5%Fiscal year 2024Net margin190.5%Fiscal year 2025Net margin379.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 108.4% 132.1% n/a n/a n/a n/a n/a n/a n/a n/a
Net margin 59.7% 66.8% 118.8% 168.5% 137.8% 75.6% 115.6% −123.5% 190.5% 379.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flow
Fiscal year 2016Operating cash flow234.3Buybacks−2.5Dividends paid−104.1Fiscal year 2017Operating cash flow230.1Buybacks−2.0Dividends paid−109.2Fiscal year 2018Operating cash flow180.5Buybacks−1.7Dividends paid−114.3Fiscal year 2019Operating cash flow228.6Buybacks−2.1Dividends paid−122.7Fiscal year 2020Operating cash flow238.4Dividends paid−123.4Fiscal year 2021Operating cash flow249.1Dividends paid−123.5Fiscal year 2022Operating cash flow265.8Dividends paid−123.6Fiscal year 2023Operating cash flow276.3Dividends paid−127.2Fiscal year 2024Operating cash flow331.0Dividends paid−131.8Fiscal year 2025Operating cash flow309.9Dividends paid−136.6
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 234.3 230.1 180.5 228.6 238.4 249.1 265.8 276.3 331.0 309.9
Buybacks −2.5 −2.0 −1.7 −2.1 n/a n/a n/a n/a n/a n/a
Dividends paid −104.1 −109.2 −114.3 −122.7 −123.4 −123.5 −123.6 −127.2 −131.8 −136.6

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash209.9Total debt1,904.0Net cash (debt)−1,694.1Shareholders’ equity1,523.1Debt to equity1.25Fiscal year 2017Cash12.3Total debt1,828.3Net cash (debt)−1,816.1Shareholders’ equity1,402.1Debt to equity1.30Fiscal year 2018Cash8.1Total debt1,823.9Net cash (debt)−1,815.8Shareholders’ equity1,585.4Debt to equity1.15Fiscal year 2019Cash14.7Total debt1,831.1Net cash (debt)−1,816.4Shareholders’ equity1,679.0Debt to equity1.09Fiscal year 2020Cash18.4Total debt2,086.9Net cash (debt)−2,068.5Shareholders’ equity1,661.0Debt to equity1.26Fiscal year 2021Cash13.3Total debt2,272.3Net cash (debt)−2,259.0Shareholders’ equity1,622.7Debt to equity1.40Fiscal year 2022Cash12.3Total debt2,231.8Net cash (debt)−2,219.5Shareholders’ equity1,681.8Debt to equity1.33Fiscal year 2023Cash167.8Total debt2,416.3Net cash (debt)−2,248.5Shareholders’ equity1,483.9Debt to equity1.63Fiscal year 2024Cash38.3Total debt2,391.8Net cash (debt)−2,353.5Shareholders’ equity1,493.1Debt to equity1.60Fiscal year 2025Cash275.0Total debt2,767.8Net cash (debt)−2,492.8Shareholders’ equity1,514.8Debt to equity1.83
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 209.9 12.3 8.1 14.7 18.4 13.3 12.3 167.8 38.3 275.0
Total debt 1,904.0 1,828.3 1,823.9 1,831.1 2,086.9 2,272.3 2,231.8 2,416.3 2,391.8 2,767.8
Net cash (debt) −1,694.1 −1,816.1 −1,815.8 −1,816.4 −2,068.5 −2,259.0 −2,219.5 −2,248.5 −2,353.5 −2,492.8
Shareholders’ equity 1,523.1 1,402.1 1,585.4 1,679.0 1,661.0 1,622.7 1,681.8 1,483.9 1,493.1 1,514.8
Debt to equity 1.25 1.30 1.15 1.09 1.26 1.40 1.33 1.63 1.60 1.83

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
209.9 12.3 8.1 14.7 18.4 13.3 12.3 167.8 38.3 275.0
5.2 5.3 n/a n/a 10.4 9.6 8.3 n/a n/a n/a
3,780.9 3,595.2 3,656.0 3,854.5 4,077.0 4,262.5 4,257.3 4,247.0 4,254.2 4,701.8
Growth −4.9% +1.7% +5.4% +5.8% +4.5% −0.1% −0.2% +0.2% +10.5%
Liabilities
1,904.0 1,828.3 1,823.9 1,831.1 2,086.9 2,272.3 2,231.8 2,416.3 2,391.8 2,767.8
calc 1,904.0 1,828.3 1,823.9 1,831.1 2,086.9 2,272.3 2,231.8 2,416.3 2,391.8 2,767.8
2,163.2 2,103.8 2,002.7 2,105.8 2,357.9 2,578.5 2,509.5 2,699.6 2,693.6 3,114.1
Equity
1,523.1 1,402.1 1,585.4 1,679.0 1,661.0 1,622.7 1,681.8 1,483.9 1,493.1 1,514.8
Growth −7.9% +13.1% +5.9% −1.1% −2.3% +3.6% −11.8% +0.6% +1.5%
Per share and net cash
calc −1,694.1 −1,816.1 −1,815.8 −1,816.4 −2,068.5 −2,259.0 −2,219.5 −2,248.5 −2,353.5 −2,492.8
98.5 101.3 110.2 112.1 112.2 112.3 112.4 112.6 112.7 113.2
calc 15.46 13.84 14.38 14.98 14.81 14.45 14.96 13.18 13.25 13.38

Lines marked calc are worked out here from filed figures; point at one for how.