COPT Defense Properties — Earnings Quality Grade F
CDP · Real Estate
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO increased by 14 days
AR growth 15.9% exceeds revenue growth 1.4%
Revenue 1.4%, CFFO -6.4%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -32.8% vs revenue 1.4%. Normal
SG&A/Gross Profit = 17.2%, excellent (<30%)
Gross margin 36.4%, change +1.9pp. Stable
Cash Flow Quality
CFFO/NI = 2.03. Profits backed by cash
FCF $0.3B, FCF/NI = 1.90
Accruals ratio = -3.4%. Low accruals
Cash $0.3B covers only 10% of debt $2.8B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 6.9x (>4x). Financial stress
Other assets 13.0% vs revenue 1.4%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = -2.56 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score — Not Applicable
COPT Defense Properties is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25