Copt Defense PropertiesCopt Defense Properties
Copt Defense Properties

Copt Defense Properties

CDP
Real Estate·Office REITs

COPT Defense Properties is a real estate investment trust. It acquires, develops, manages, sells, and leases out office properties and data centers. It operates through the Defense/Information Technology Portfolio and Other segments. The Defense/Information Technology Portfolio segment includes the following: Fort Meade/BW Corridor, NoVA Defense/IT, Lackland Air Force Base (in San Antonio, Texas), and locations serving the U.S. Navy (“Navy Support”). The Other segment focuses as a separate reportable segment referred to as Wholesale Data Center. The company was founded on January 22, 1988 and is headquartered in Columbia, MD.

Maryland; U.S.A
Market cap
No dataNo data
Revenue
$763.9M+1.4% YoY
Net income
$159.5M+10.8% YoY
Free cash flow
$79.8M−23.0% YoY

Market

Listed stock
CDPPriceNYSE
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Financial performance

Revenue
$763.9M+1.4% YoY
Operating income
$273.7M−4.5% YoY
Net income
$159.5M+10.8% YoY
Free cash flow
$79.8M−23.0% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $664.4M, 2022 $739M, 2023 $685M, 2024 $753.3M, 2025 $763.9M. Operating income: 2021 $452.3M, 2022 $581.3M, 2023 $289.9M, 2024 $286.6M, 2025 $273.7M. Net income: 2021 $13.7M, 2022 $178.8M, 2023 $-74.3M, 2024 $143.9M, 2025 $159.5M. Free cash flow: 2021 $-48.8M, 2022 $-53.7M, 2023 $-9.1M, 2024 $103.7M, 2025 $79.8M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
1.4%−855 bps YoY
Gross margin
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Operating margin
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FCF margin
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Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $452.3M, 2022-12-31 $581.3M, 2023-12-31 $289.9M, 2024-12-31 $286.6M, 2025-12-31 $273.7M. Net income: 2021-12-31 $13.7M, 2022-12-31 $178.8M, 2023-12-31 $-74.3M, 2024-12-31 $143.9M, 2025-12-31 $159.5M. Free cash flow: 2021-12-31 $-48.8M, 2022-12-31 $-53.7M, 2023-12-31 $-9.1M, 2024-12-31 $103.7M, 2025-12-31 $79.8M

Growth heatmap

2022202320242025CAGR
Revenue
+11.2%
-7.3%
+10.0%
+1.4%
+3.5%
Gross profit
+31.9%
-7.3%
-28.9%
-1.5%
-3.8%
Operating income
+28.5%
-50.1%
-1.1%
-4.5%
-11.8%
Free cash flow
-10.1%
+83.1%
+1244.8%
-23.0%
No data

Earnings quality

Operating cash flow
$309.9M−6.4% YoY
Net income
$159.5M+10.8% YoY
Free cash flow
$79.8M−23.0% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 194%, 2024-12-31 230%, 2023-12-31 -372%, 2022-12-31 149%, 2021-12-31 1818%. Free cash flow: 2025-12-31 50%, 2024-12-31 72%, 2023-12-31 12%, 2022-12-31 -30%, 2021-12-31 -356%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
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Diluted shares
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
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Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
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Return on capital

No data

Valuation

Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
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Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
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