Quality
Return on equity
10.5% Computed
From the FY2025 filing
ValueScreener company report
COPT Defense Properties (CDP)
NYSE / Real Estate / REIT - Office
Share price
33.21 USD Market dataClose of Oct 15, 2026Market capitalisation
3.77B USD Market dataClose of Oct 15, 2026- Market data
- Oct 15, 2026
- Filed accounts
- FY2025, filed Feb 20, 2026
- Ratios computed
- Oct 15, 2026
- Filed years
- 18, FY2008 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
- SEC filingFiled with the SEC
- Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
- Company statementCompany statement
- What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
- Market dataMarket data
- Prices, market value and what analysts publish, with the date they are as of.
- ComputedComputed by ValueScreener
- Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading
1 of 10
Overview
What the business is, what it costs, and how it reads on four questions.
Market dataSEC filingComputed
Four questions, at a glance
Financial strength
Debt to equity
n/a Computed
From the FY2025 filing
Why n/a
The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
Valuation
Price to book
2.48x Computed
FY2025 accounts, priced at the latest close
Cash generation
Free cash flow yield
7.7% Computed
FY2025 accounts, priced at the latest close
Revenue and net income, as filed
- Named tests met
- 1 of 30 Which tests
The business, and the score behind its five axes
The reading, in brief
- Is it good
Return on equity was 10.5% in FY2025, in the band labelled "Ordinary" (8.0% to 15.0%), on lines anchored on Damodaran's cost-of-capital data.
Today, against the Real Estate sector (221 companies), 10.5% sits at the 79th percentile; the middle half of that group runs from -4.0% to 9.5%.
- Year by year against peers
- Whether COPT Defense Properties's return on equity stayed above the median of the Real Estate sector, year by year. (FY2023 to FY2025, 3 fiscal years of COPT Defense Properties with a comparable figure)
- The direction
- Which way COPT Defense Properties's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of COPT Defense Properties)
- What could explain it
- What in COPT Defense Properties's filed statements could explain the movements. (4 readings drawn from the statement lines COPT Defense Properties filed)
- What to check next
- What to check next on COPT Defense Properties, and where in its filings. (2 questions for COPT Defense Properties)
- In one paragraph
- One paragraph on COPT Defense Properties's returns, cash, balance sheet and price. (6 of sixteen figures read for COPT Defense Properties)
These are CDP’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.
Research CDPPart of Serious. New accounts start with 30 days of Professional, free, no card.
2 of 10
What changed
The newest filing, what it moved, and when the next one is due.
SEC filingCompany statement
The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 20, 2026, accession 0000860546-26-000011.
3 of 10
Quality
The returns the business earns on its capital, and the margins behind them.
SEC filingComputed
| Figure | Value, source and document |
|---|---|
Return on invested capital, after taxWhy n/aThe debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | n/a ComputedFY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
| Return on equity | 10.5% ComputedFY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
Return on capital employed, pre-taxWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a ComputedFY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
| Return on assets | 3.4% ComputedFY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
Gross marginWhy n/aNo gross profit line is filed for this year. | n/a ComputedFY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
Operating marginWhy n/aNo operating income line is filed for this year. | n/a ComputedFY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
| Net margin | 20.9% ComputedFY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
CDP 20.9%
-9.7%50.0%
4 of 10
Financial strength
What it owes against what it owns, and whether it can meet what falls due.
SEC filingComputedCompany statement
| Figure | Value, source and document |
|---|---|
Debt to equityWhy n/aThe debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | n/a ComputedFY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
Current ratioWhy n/mA property trust presents an unclassified balance sheet: buildings are long-lived assets and mortgage debt is drawn against them, so there is no split between current and non-current for a current ratio to divide. Look at net debt to EBITDA and interest coverage instead. | n/m ComputedFY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
Quick ratioWhy n/mA property trust presents an unclassified balance sheet: buildings are long-lived assets and mortgage debt is drawn against them, so there is no split between current and non-current for a current ratio to divide. Look at net debt to EBITDA and interest coverage instead. | n/m ComputedFY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
Interest coverageWhy n/aNo operating income line is filed for this year. | n/a ComputedFY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
Altman Z-scoreWhy n/mAltman's Z-Score rewards working capital and asset turnover, neither of which a property trust has. It reads distress for healthy REITs by construction, so we do not show it. | n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
Net debtWhy n/aThe FY2025 balance sheet carries no net debt we could read. | n/a ComputedFY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
The balance sheet, line by line
Financial health
What COPT Defense Properties owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 20, 2026, 0000860546-26-000011).
| Total assets | 4.70B FiledFY2025 10-K, filed Feb 20, 2026 |
|---|---|
| Total liabilities | 3.11B FiledFY2025 10-K, filed Feb 20, 2026 |
| Shareholders' equity | 1.51B FiledFY2025 10-K, filed Feb 20, 2026 |
| Cash | 275.0M FiledFY2025 10-K, filed Feb 20, 2026 |
| Total debt | n/a FiledFY2025 10-K, filed Feb 20, 2026 |
| Net debt | n/a |
| Current ratio | n/m |
| Debt to equity | n/a |
- Debt to equity: FY2025: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
- Current ratio: FY2025: A property trust presents an unclassified balance sheet: buildings are long-lived assets and mortgage debt is drawn against them, so there is no split between current and non-current for a current ratio to divide. Look at net debt to EBITDA and interest coverage instead.
- Interest cover: FY2025: No operating income line is filed for this year.
Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.
5 of 10
Valuation context
What the market charges for it, against its own record and companies like it.
Market dataSEC filingComputed
| Figure | Value, source and document |
|---|---|
Price to earningsWhy n/mGAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO. | n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
| P/E on trailing twelve months | 23.46x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings |
| Price to book | 2.48x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
| Price to sales | 4.93x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
Enterprise value to EBITWhy n/aThe debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
Enterprise value to EBITDAWhy n/aThe debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
Price to earnings over growthWhy n/mGAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO. | n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
| Diluted earnings per share | 1.34 USD FiledFY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
| Graham number | 20.15 USD ComputedFY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
We publish no fair value or price target of our own. Value CDP on your own assumptions in the DCF workbench, starting from the filed figures.
Its own record, and companies like it
Valuation
What the market charges for COPT Defense Properties today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.
| Share price | 33.21 USD |
|---|---|
| Market capitalisation | 3.77B USD |
| Enterprise value to EBITDA | n/a |
| Graham number | 20.15 USD |
| Diluted earnings per share, FY2025 | 1.34 USD |
Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 9.64x, median 25.04x, high 229.40x, latest 23.46x. 2,270 trading days with a meaningful ratio, 251 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.
Companies like COPT Defense Properties
- Kilroy Realty Corporation (KRC)Market cap 4.03B USD
- Highwoods Properties, Inc. (HIW)Market cap 3.22B USD
- Cousins Properties Incorporated (CUZ)Market cap 4.54B USD
- Vornado Realty Trust (VNO)Market cap 6.21B USD
- SL Green Realty Corp. (SLG)Market cap 3.34B USD
Same industry (REIT - Office) and size band (Mid, 2B to 10B), nearest in market value and net margin. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.
6 of 10
Cash generation
Whether profit arrives as cash, and what is paid back to shareholders.
SEC filingComputed
| Figure | Value, source and document |
|---|---|
| Free cash flow yield | 7.7% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
| Free cash flow | 288.9M USD ComputedFY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
| Free cash flow margin | 37.8% ComputedFY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
| Dividend yield | 3.8% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
Payout ratioWhy n/mA REIT pays out of funds from operations, not GAAP earnings. A payout ratio on earnings reads far above 100% for a perfectly safe distribution. Use the FFO payout ratio. | n/m ComputedFY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
7 of 10
Filings
Every figure, the year it is for and the document it was read from.
SEC filingMarket data
The filed figures
Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.
| Figure | Value | Year | As of |
|---|---|---|---|
| n/m | FY2025 | Oct 15, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaShare price / earnings per share. Where the filing states no earnings per share this listing can be priced on, which is every 20-F and 40-F filer because theirs is stated per ordinary share, it is market capitalisation / net income: the same multiple, undiluted. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 20, 2026PeriodFY2025Accession0000860546-26-000011What we read from itIncome statementFY2025Open on SEC.gov, accession 0000860546-26-000011, leaves this page and opens in a new tab | |||
| 2.48x | FY2025 | Oct 15, 2026 | |
FormulaMarket capitalisation / shareholders equity As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 20, 2026PeriodFY2025Accession0000860546-26-000011What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000860546-26-000011, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Oct 15, 2026 | |
| n/a The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | |||
Formula(Market capitalisation + total debt - cash) / operating income, or over the filing's own EBIT (income before tax + interest expense) where the filer tags no operating line, as Johnson & Johnson does not in any of its ten filed years. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 20, 2026PeriodFY2025Accession0000860546-26-000011What we read from itIncome statementFY2025Open on SEC.gov, accession 0000860546-26-000011, leaves this page and opens in a new tabForm10-KFiledFeb 20, 2026PeriodFY2025Accession0000860546-26-000011What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000860546-26-000011, leaves this page and opens in a new tab | |||
| 7.7% | FY2025 | Oct 15, 2026 | |
FormulaFree cash flow per share / share price x 100 As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 20, 2026PeriodFY2025Accession0000860546-26-000011What we read from itCash flow statementFY2025Open on SEC.gov, accession 0000860546-26-000011, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Feb 20, 2026 | |
| n/a The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | |||
FormulaVendor trailing-twelve-month return on invested capital where one is published, which uses after-tax operating profit over total assets less current liabilities. Otherwise our own recompute: NOPAT / (shareholders equity + total debt - cash) x 100, where NOPAT is the filed operating profit after tax, or the filing's own EBIT after tax where the filer tags no operating line. As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 20, 2026PeriodFY2025Accession0000860546-26-000011What we read from itIncome statementFY2025Open on SEC.gov, accession 0000860546-26-000011, leaves this page and opens in a new tabForm10-KFiledFeb 20, 2026PeriodFY2025Accession0000860546-26-000011What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000860546-26-000011, leaves this page and opens in a new tab | |||
| 3.8% | FY2025 | Oct 15, 2026 | |
FormulaCommon dividends paid in the latest filed year / market capitalisation x 100. n/a where the filing cannot support it: a special or first-year payment, a total that mixes preferred dividends, or a cash-flow statement over 15 months old. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 20, 2026PeriodFY2025Accession0000860546-26-000011What we read from itCash flow statementFY2025Open on SEC.gov, accession 0000860546-26-000011, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Feb 20, 2026 | |
| n/a The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | |||
FormulaTotal debt / shareholders equity As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 20, 2026PeriodFY2025Accession0000860546-26-000011What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000860546-26-000011, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Feb 20, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaCurrent assets / current liabilities As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 20, 2026PeriodFY2025Accession0000860546-26-000011What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000860546-26-000011, leaves this page and opens in a new tab | |||
| 4.93x | FY2025 | Oct 15, 2026 | |
FormulaMarket capitalisation / revenue As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 20, 2026PeriodFY2025Accession0000860546-26-000011What we read from itIncome statementFY2025Open on SEC.gov, accession 0000860546-26-000011, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Oct 15, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaPrice to earnings / the annual earnings growth rate, in percentage points As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 20, 2026PeriodFY2025Accession0000860546-26-000011What we read from itIncome statementFY2025Open on SEC.gov, accession 0000860546-26-000011, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Oct 15, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
Formula1.2 x working capital/assets + 1.4 x retained earnings/assets + 3.3 x EBIT/assets + 0.6 x market value of equity/total liabilities + 1.0 x revenue/assets As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 20, 2026PeriodFY2025Accession0000860546-26-000011What we read from itIncome statementFY2025Open on SEC.gov, accession 0000860546-26-000011, leaves this page and opens in a new tabForm10-KFiledFeb 20, 2026PeriodFY2025Accession0000860546-26-000011What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000860546-26-000011, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Feb 20, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaAn eight-variable index of year-on-year changes in receivables, gross margin, asset quality, revenue, depreciation, overheads, leverage and accruals As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 20, 2026PeriodFY2025Accession0000860546-26-000011What we read from itIncome statementFY2025Open on SEC.gov, accession 0000860546-26-000011, leaves this page and opens in a new tabForm10-KFiledFeb 20, 2026PeriodFY2025Accession0000860546-26-000011What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000860546-26-000011, leaves this page and opens in a new tabForm10-KFiledFeb 20, 2026PeriodFY2025Accession0000860546-26-000011What we read from itCash flow statementFY2025Open on SEC.gov, accession 0000860546-26-000011, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Feb 20, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaOne point each for: positive return on assets, positive operating cash flow, rising return on assets, operating cash flow above net income, falling leverage, rising current ratio, no new shares issued, rising gross margin, rising asset turnover. As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 20, 2026PeriodFY2025Accession0000860546-26-000011What we read from itIncome statementFY2025Open on SEC.gov, accession 0000860546-26-000011, leaves this page and opens in a new tabForm10-KFiledFeb 20, 2026PeriodFY2025Accession0000860546-26-000011What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000860546-26-000011, leaves this page and opens in a new tabForm10-KFiledFeb 20, 2026PeriodFY2025Accession0000860546-26-000011What we read from itCash flow statementFY2025Open on SEC.gov, accession 0000860546-26-000011, leaves this page and opens in a new tab | |||
The figures are computed from the accounts for fiscal 2025, the newest full year on file. 18 filed fiscal years on record, FY2008 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.
The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.
Ten years of filed figures, year by year
Ten years of filed figures
10 filed fiscal years, FY2016 to FY2025, read from the annual reports COPT Defense Properties filed with the SEC. Each year names its filing. Amounts in USD, as filed.
| Year | Revenue | Operating income | Net income | EPS, diluted | Free cash flow | Operating margin | Return on equity | Filing |
|---|---|---|---|---|---|---|---|---|
| FY2025 | 763.9M | 244.3M | 159.5M | 1.34 | 288.9M | n/a | 10.5% | 10-K, Feb 20, 20260000860546-26-000011 |
| FY2024 | 753.3M | 226.0M | 143.9M | 1.23 | 299.6M | n/a | 9.6% | 10-K, Feb 21, 20250000860546-25-000008 |
| FY2023 | 685.0M | -2.4M | -74.3M | -0.67 | 255.8M | n/a | -5.0% | 10-K, Feb 22, 20240000860546-24-000013 |
| FY2022 | 739.0M | 209.1M | 178.8M | 1.53 | 229.4M | n/a | 10.6% | 10-K, Feb 24, 20230000860546-23-000010 |
| FY2021 | 664.4M | 142.7M | 81.6M | 0.68 | 219.1M | n/a | 5.0% | 10-K, Feb 22, 20220000860546-22-000013 |
| FY2020 | 582.4M | 167.1M | 97.4M | 0.87 | 205.7M | n/a | 5.9% | 10-K, Feb 12, 20210000860546-21-000010 |
| FY2019 | 611.8M | 264.6M | 191.7M | 1.71 | 203.9M | n/a | 11.4% | 10-K, Feb 19, 20200000860546-20-000007 |
| FY2018 | 578.1M | 151.0M | 72.3M | 0.69 | 156.3M | n/a | 4.6% | 10-K, Feb 21, 20190000860546-19-000007 |
| FY2017 | 612.8M | 135.8M | 68.7M | 0.56 | 207.2M | 22.2% | 4.9% | 10-K, Feb 16, 20180000860546-18-000013 |
| FY2016 | 574.3M | 52.4M | 28.9M | 0.15 | 207.9M | 9.1% | 1.9% | 10-K, Feb 17, 20170000860546-17-000006 |
- Revenue, compound annual growth FY2016 to FY2025: 3.2%
- Earnings, compound annual growth FY2016 to FY2025: 20.9%
- Earnings per share, compound annual growth FY2016 to FY2025: 27.5%
- Free cash flow, compound annual growth FY2016 to FY2025: 3.7%
Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.
8 of 10
Risks and guardrails
The accounting screens, the published tests, and the lines you can set to be told.
ComputedCompany statement
| Figure | Value, source and document |
|---|---|
Beneish M-scoreWhy n/mThe Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here. | n/m ComputedFY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
Piotroski F-scoreWhy n/m2 of the nine Piotroski signals are undefined for an equity REIT: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name. | n/m ComputedFY2025 10-K, filed Feb 20, 2026, 0000860546-26-000011 |
| Named tests met | 1 of 30 Computed |
| Beta | 0.27 ComputedClose of Oct 15, 2026 |
The named tests
Of 30 tests value investors published: 1 met, 16 not met, 13 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.
Which tests, by name(all 30)
- Meets
- Owner earnings yield
- Does not
- Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); Dividends and buybacks; Near the 52-week low; P/E times P/B (Benjamin Graham); High returns, low debt; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cheapest quarter on P/B (David Dreman)
- Not measured
- Earnings yield and ROIC (Joel Greenblatt); Three forensic scores; EV/EBITDA and coverage; High yield, low payout; Low beta, profitable; ROIC at or above WACC; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); Cash-covered dividend; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(16)
- Current Ratio: A property trust presents an unclassified balance sheet: buildings are long-lived assets and mortgage debt is drawn against them, so there is no split between current and non-current for a current ratio to divide. Look at net debt to EBITDA and interest coverage instead.
- Debt to Equity: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
- Piotroski F-Score: 2 of the nine Piotroski signals are undefined for an equity REIT: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name.
- P/E Ratio: GAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO.
- EV/EBIT: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
- Return on Invested Capital: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
- Altman Z-Score: Altman's Z-Score rewards working capital and asset turnover, neither of which a property trust has. It reads distress for healthy REITs by construction, so we do not show it.
- Beneish M-Score: The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.
- PEG Ratio: GAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO.
- Gross Margin: No gross profit line is filed for this year.
- EV/EBITDA: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
- Interest Coverage: No operating income line is filed for this year.
- Payout Ratio: A REIT pays out of funds from operations, not GAAP earnings. A payout ratio on earnings reads far above 100% for a perfectly safe distribution. Use the FFO payout ratio.
- ROIC-WACC Spread: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
- Price To Ncav: Net current asset value needs current assets, which an unclassified balance sheet does not report.
- Dividend Coverage Ratio: Distribution coverage for a REIT is measured against funds from operations, not against free cash flow computed after acquisition capital expenditure.
9 of 10
Declared positions
Whether anybody here owns this company.
Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.
10 of 10
Next step
What to do with what you have read.
A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.
What this cannot tell you
- 16 figures could not be read on this company, among them Current Ratio, Debt to Equity, Piotroski F-Score. Each blank in the table above names the rest, with its reason. 13 named tests come back incomplete because of them, which is neither met nor missed.
And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.
Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.
No card. 30 free days, and nothing is charged unless you choose a plan.
ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.