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Copt Defense Properties key statistics and ratios

In fiscal 2025, Copt Defense Properties had return on equity of 10.1%, a net margin of 19.9% and debt equal to 184.3% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin———————92.1%83.7%89.9%82.0%88.4%84.3%—————
Operating margin17.7%22.5%6.1%17.5%27.1%22.4%19.2%9.1%22.2%—————————
Net margin7.6%8.7%−24.2%4.1%17.9%6.9%28.5%5.0%11.2%12.5%31.3%16.7%12.3%24.2%−10.9%18.4%19.9%20.9%
Free-cash-flow margin24.3%29.7%27.4%33.8%25.8%28.2%28.9%36.2%33.8%27.0%33.3%35.3%33.0%31.0%37.3%39.8%37.8%40.6%
Return on equity5.5%3.8%−10.1%1.7%6.7%2.8%11.9%1.9%4.7%4.8%11.7%5.8%5.0%10.8%−4.7%9.3%10.1%10.7%
Return on assets1.7%1.2%−3.1%0.6%2.6%1.1%4.7%0.8%1.9%2.0%5.1%2.5%2.0%4.2%−1.8%3.3%3.4%3.5%
Asset turnover0.220.140.130.140.140.160.170.150.170.160.160.150.160.170.160.180.170.17
Debt to equity199.9%189.4%215.3%148.5%135.8%133.0%135.8%126.1%131.4%116.0%109.8%126.5%141.6%134.1%164.8%161.7%184.3%171.0%
Effective tax rate0.4%0.4%—4.3%5.4%0.9%0.2%0.7%1.5%−0.5%−0.1%0.4%0.2%0.3%—0.2%0.6%0.5%
SG&A as % of revenue—5.8%6.1%6.3%5.9%5.4%5.0%6.4%5.0%5.0%5.8%5.7%6.1%5.3%6.2%6.2%6.3%6.3%
Capital spending as % of revenue2.1%2.1%3.4%3.9%4.6%4.9%3.7%4.6%3.7%4.2%4.0%5.6%4.5%4.9%3.0%4.2%2.8%2.4%
Free cash flow ÷ net income318.2%341.5%—818.9%144.1%410.3%101.4%719.7%301.5%216.1%106.4%211.2%268.6%128.3%—216.5%190.4%194.7%
Dividends ÷ net income—219.3%—425.0%99.8%239.3%58.1%360.5%158.8%158.1%64.0%126.7%151.4%69.1%—95.2%90.0%85.4%
Dividends and buybacks ÷ free cash flow1.1%66.9%87.7%53.9%70.7%59.3%58.7%51.3%53.6%74.2%61.2%60.0%56.4%53.9%49.7%44.0%47.3%43.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

67 /100

Moderate moat

How hard Copt Defense Properties's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 2 / 20

    Net income has been a median 3.0% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 85.6%, moving by 3.7 percentage points (standard deviation) across 5 years.

  • Durability 11 / 20

    Operating margin has been a median 21.8%; its worst year was 6.1%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 35.5% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 1.7% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Copt Defense Properties's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Copt Defense Properties.