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REITs · Real Estate · Fiscal year ends Dec 31
Copt Defense Properties reported revenue of $42M in the fiscal year ended Dec 2025, down 44.3% from the year before. Operating income was −$491M, an operating margin of −1168.1%, and net income was $160M. Operating cash flow of $310M less capital expenditure of $21M left free cash flow of $289M. Net debt was $2.5B.
Ranks among the 75 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 108 | 155 | 60.2 | 75.6 | 42.1 |
| Cost of revenue | 104 | – | – | – | – |
| Gross profit | 3.8 | – | – | – | – |
| Selling, general & admin | 40.8 | 39.0 | 42.8 | 47.0 | 47.8 |
| Operating incomederived: revenue − total costs | −388 | −403 | −689 | −464 | −491 |
| Interest expense | 65.4 | 61.2 | 71.1 | 82.2 | 86.7 |
| Pre-tax income | 77.3 | 148 | −73.5 | 144 | 158 |
| Income tax | 0.1 | 0.4 | 0.6 | 0.3 | 0.9 |
| Net income | 81.6 | 179 | −74.3 | 144 | 160 |
| Diluted EPS | 0.68 | 1.53 | −0.67 | 1.23 | 1.34 |
| Diluted shares | 112 | 113 | 112 | 113 | 113 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 13.3 | 12.3 | 168 | 38.3 | 275 |
| Net PP&E | 9.6 | 8.3 | – | – | – |
| Total assets | 4,262 | 4,257 | 4,247 | 4,254 | 4,702 |
| Deferred revenue | 9.3 | 11.0 | 29.0 | 39.8 | 47.7 |
| Long-term debt | 2,272 | 2,232 | 2,416 | 2,392 | 2,768 |
| Total liabilities | 2,578 | 2,510 | 2,700 | 2,694 | 3,114 |
| Shareholders' equity | 1,623 | 1,682 | 1,484 | 1,493 | 1,515 |
| Backlog (remaining obligations) | 148 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 249 | 266 | 276 | 331 | 310 |
| Capital expenditure | 30.0 | 36.4 | 20.5 | 31.3 | 21.1 |
| Free cash flow | 219 | 229 | 256 | 300 | 289 |
| Depreciation & amortisation | 151 | 144 | 151 | 156 | 164 |
| Stock-based compensation | 8.0 | 8.8 | 8.5 | 10.4 | 11.7 |
| Dividends paid | 124 | 124 | 127 | 132 | 137 |
| Dividend per share | 1.10 | 1.10 | 1.14 | 1.18 | 1.22 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 43.3% | −61.1% | 25.5% | −44.3% |
| EPS growth (YoY) | – | 125.0% | −143.8% | – | 8.9% |
| Gross margin | 3.5% | – | – | – | – |
| Operating margin | −359.6% | −260.6% | −1145.1% | −614.7% | −1168.1% |
| Net margin | 75.6% | 115.6% | −123.5% | 190.5% | 379.2% |
| Return on equityBlank when equity is negative | 5.0% | 10.6% | −5.0% | 9.6% | 10.5% |
| Free cash flow margin | 203.1% | 148.4% | 425.0% | 396.6% | 686.6% |
| Cash conversion (CFO ÷ net income) | 3.05x | 1.49x | −3.72x | 2.30x | 1.94x |
| Interest cover | −5.93x | −6.59x | −9.69x | −5.65x | −5.67x |
| Debt ÷ equity | 1.40x | 1.33x | 1.63x | 1.60x | 1.83x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,259 | 2,219 | 2,248 | 2,353 | 2,493 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.