UDR, Inc.

Real Estate Investment Trusts

UDRStrained8 of 11 basics passed

$34.12

+1.64%

Market cap $11.0B

$34.12

+1.64%

Market cap $11.0B

UDR Inc is a real estate investment trust that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted markets located in the United States.

It is a $11.0B real estate company. Revenue grew 1.5% over the last year, it keeps 30¢ of every dollar of sales as profit, and its net debt equals ~9.3 years of free cash flow. It trades at 21.0× earnings — near the lowest of its own history.

Website: udr.com
Location: Highlands Ranch, CO
Employees: 1 410
Sector: Real Estate

Share price · 3 years

$36.16 → $34.12-5.6%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $1.72B
Profit: keeps 30¢ of every $1 sold; $522M
Free cash flow: cash left after running the business; $643M
Net debt: debt minus cash on hand; $6.00B
P/E: years of profit in the price; 21.0
EPS: earnings per share, TTM; $1.58
Dividend: pays out 110% of profit · 89% of FCF; 5.22%
Shares: up 24% since 2016 — dilution; 331.1M
Volatility: beta vs the market — under 1 swings less; 0.71

Revenue, last 9 years

52-week range

Low $33.27$34.12High $41.24

Today's price is 11% of the way from the year's low to its high.

P/E vs its history5y

21.1×median 88.5×

Higher than 1% of past days — near the lowest of its own history.

Valuation vs own history

P/E

21.1×

99%

P/S

6.3×

99%

EV/EBITDA

30.6×

62%

P/B

2.9×

95%

FCF yield

5.8%

83%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Standing in Real Estate

Size$11.0Btop 76%
Revenue growth+4%top 69%
Net margin30%top 33%
Return on equity16%top 24%
P/E21.0×top 25%
Dividend yield5.22%top 37%

Ranked against 46 Real Estate companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation, profitability and quality; Health and Moat lag behind.

Valuation77

P/E vs own history1th pct · 25/25
FCF yield5.9% · 20/25
P/S6.4x · 12/25
EV/EBITDA12.3x · 20/25

Growth62

Revenue CAGR7.3% · 12/25
Net income CAGR26.0% · 25/25
EPS CAGR ~5Y39.3% · 25/25
Fwd implied growth-62.3% · 0/25

Profitability75

ROIC5.7% · 5/25
ROE16.3% · 20/25
Net margin30.4% · 25/25
Operating margin40.8% · 25/25

Health13

Altman Z0.19 · 3/25
Current ratio0.00 · 0/25
Interest coverage3.7x · 10/25
Net cash / debtD/A 57% · 0/25

Quality77

Piotroski F6/9 · 15/25
Beneish M-4.36 · 25/25
FCF conversion123% · 25/25
Margin stabilityσ 11.0% · 12/25

Moat43

ROIC >12% years0/10 yrs · 0/25
Median gross margin17.4% · 0/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 5.2% · 18/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2023Financial
Best year on record
$444M net income
FY2018Financial
Revenue crossed $1B
$1.05B for the year
2018Product
UPM launched brand promise 'UPM Biofore – Beyond fossils'
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Positive free cash flow every year since
10-year streak
2011Acquisition
The overcapacity continued in graphic paper business and in 2011, UPM acquired Myllykoski Corporation and Rhein…
2009Product
UPM created the term "Biofore" to describe new forest industry
2000Acquisition
The Miramichi paper mill in New Brunswick, which UPM acquired in 2000, was closed in 2007
1996Acquisition
UPM-Kymmene was formed by the merger of Kymmene Corporation with Repola Oy and its subsidiary United Paper Mills Ltd…

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$6 382 today — price return only

$1.7B revenue in FY2025

Profitable 10 years in a row

Positive free cash flow 10 years in a row

1 410 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (65.0%)
Strongly profitable — 30.4% net margin
Strong cash conversion — FCF is 37.5% of revenue

Watch-outs

Altman Z-Score 0.19 — elevated financial-distress risk
Net debt would take ~9.3 years of free cash flow to repay
Net debt equals ~9.3 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 11 checks passed

Revenue growing — the company sells more than a year ago+1.5% YoY
Profitable — makes more than it spends$522M TTM
Profit growing — earnings are higher than last year+61.8% YoY
Generates cash — cash left after running and investing$643M TTM
Debt under control — could handle its obligations~9.3y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$11.0B market cap
Not printing shares — share count not ballooning — you keep your slice+12.2% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distressAltman Z 0.2 — distress
Pays a dividend — returns cash to shareholdersyield 5.22%
Valuation not extreme — price not wildly above earningsP/E 21.0

Peer comparisonUDR, Inc. vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
UDR this company	$11.0B	21.0	+1.5%	30.4%	Strained
WELL Welltower Inc.	$162.5B	108.1	+37.6%	12.1%	Strained
PLD Prologis, Inc.	$123.1B	29.8	+7.3%	45.8%	Strained
EQIX Equinix, Inc.	$101.2B	66.0	+9.6%	15.6%	Strained
AMT American Tower Corporation	$84.5B	25.0	+14.2%	31.1%	Strained
DLR Digital Realty Trust, Inc.	$66.6B	83.0	+17.4%	11.8%	Strained
SPG Simon Property Group, Inc.	$64.7B	14.0	+15.0%	66.5%	Strained

Head-to-head: UDR vs WELL · UDR vs PLD · UDR vs EQIX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 9Hold 13Sell 3

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $1.72B · net income $522M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$1.72B

YoY 1.5%

Net income (TTM)

$522M

Margin 30.4%

Gross margin

65.0%

Operating margin

40.8%

P/E ratio

21.0

Dividend yield

5.22%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	1.2	1.3	1.5	1.6	1.7	1.7
Gross profit	0.1	0.1	0.2	0.3	0.3	0.3
Operating income (EBIT)	0.2	0.3	0.3	0.6	0.3	0.6
Net income	0.1	0.2	0.1	0.4	0.1	0.4
EPS (diluted)	0.22	0.50	0.27	1.35	0.27	1.14

Cash flowFree cash flow $643M · operating cash flow $887M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$643M

Margin 37.5%

Operating cash flow (TTM)

$887M

FCF margin

37.5%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.6	0.7	0.8	0.8	0.9	0.9
Capital expenditure	-0.2	-0.2	-0.2	-0.3	-0.2	-0.3
Free cash flow	0.4	0.5	0.6	0.5	0.6	0.7
FCF margin	35.5%	39.3%	39.9%	33.0%	37.5%	38.0%

Balance sheetAssets $10.6B · net debt $6.00B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $10.6B of assets is financed

66%

34%

Liabilities $6.46B — borrowed moneyEquity $3.29B — owners' stake

Cash vs debt

Total debt $6.00B − cash $1.22M = net debt $6.00B

Cash on hand covers 0% of debt.

Altman Z-Score

0.19

Distress zone

Debt repayment

9.3 yrs

Years of free cash flow to clear net debt

Interest coverage

3.7x

EBIT ÷ interest expense

ROE

16.3%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.0	0.0	0.0	0.0	0.0	0.0
Total assets	9.6	10.8	11.0	11.4	10.9	10.6
Total liabilities	5.5	6.0	6.1	6.4	6.4	6.5
Total debt	—	5.6	5.7	6.0	6.0	6.0
Equity	3.2	3.4	4.1	4.0	3.4	3.3
Net debt	—	5.6	5.7	6.0	6.0	6.0

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of UDR on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $34.12 · market cap $11.0B.