Latest Ratios: P/E Ratio 29.9x · EV/EBITDA 17.1x · ROE 8.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11.0B | $12.1B | $14.3B | $12.6B | $12.5B | $18.1B | $11.3B | $13.4B | $10.7B | $10.4B | $9.8B |
| Enterprise Value | $17.1B | $18.3B | $20.3B | $18.6B | $18.2B | $23.7B | $16.5B | $18.3B | $14.0B | $14.0B | $13.2B |
| P/E Ratio → | 29.90 | 32.46 | 166.96 | 28.57 | 148.96 | 124.98 | 192.15 | 74.13 | 52.83 | 87.55 | 33.78 |
| P/S Ratio | 6.41 | 7.09 | 8.57 | 7.74 | 8.24 | 14.02 | 9.13 | 11.59 | 10.20 | 10.40 | 10.16 |
| P/B Ratio | 2.70 | 2.93 | 3.21 | 2.54 | 2.53 | 3.79 | 2.75 | 3.03 | 2.74 | 2.74 | 2.43 |
| P/FCF | 17.88 | 19.78 | 23.68 | 24.22 | 21.40 | 36.38 | 26.35 | 29.92 | 24.08 | 26.35 | 22.13 |
| P/OCF | 12.16 | 13.45 | 16.34 | 15.13 | 15.24 | 27.26 | 18.76 | 21.18 | 19.04 | 19.95 | 18.16 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 10.68 | 12.17 | 11.42 | 11.98 | 18.36 | 13.30 | 15.84 | 13.41 | 14.08 | 13.70 |
| EV / EBITDA | 17.09 | 18.25 | 20.75 | 14.01 | 19.53 | 26.70 | 19.02 | 25.04 | 17.76 | 21.11 | 15.91 |
| EV / EBIT | 53.13 | 45.22 | 66.73 | 28.26 | 71.06 | 67.98 | 60.19 | 48.77 | 39.39 | 53.71 | 57.48 |
| EV / FCF | — | 29.80 | 33.61 | 35.71 | 31.12 | 47.65 | 38.37 | 40.90 | 31.66 | 35.69 | 29.85 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.6% | 25.6% | 24.9% | 24.1% | 21.8% | 17.7% | 17.3% | 25.0% | 27.4% | 25.4% | 24.9% |
| Operating Margin | 18.8% | 18.8% | 17.0% | 39.0% | 16.5% | 20.8% | 20.1% | 19.2% | 33.9% | 22.9% | 41.8% |
| Net Profit Margin | 22.1% | 22.1% | 5.4% | 27.3% | 5.7% | 11.6% | 5.2% | 16.1% | 19.4% | 12.2% | 30.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.8% | 8.8% | 1.9% | 9.0% | 1.8% | 3.4% | 1.5% | 4.5% | 5.3% | 3.1% | 7.5% |
| ROA | 3.5% | 3.5% | 0.8% | 4.0% | 0.8% | 1.5% | 0.7% | 2.1% | 2.6% | 1.6% | 3.8% |
| ROIC | 2.3% | 2.3% | 2.0% | 4.4% | 1.8% | 2.0% | 2.0% | 2.0% | 3.6% | 2.3% | 4.1% |
| ROCE | 3.1% | 3.1% | 2.8% | 6.1% | 2.5% | 2.8% | 2.8% | 2.7% | 4.9% | 3.1% | 5.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.49 | 1.49 | 1.35 | 1.21 | 1.15 | 1.17 | 1.26 | 1.11 | 0.91 | 0.97 | 0.85 |
| Debt / EBITDA | 6.17 | 6.17 | 6.13 | 4.51 | 6.10 | 6.31 | 5.96 | 6.73 | 4.49 | 5.53 | 4.12 |
| Net Debt / Equity | — | 1.48 | 1.35 | 1.21 | 1.15 | 1.17 | 1.26 | 1.11 | 0.86 | 0.97 | 0.85 |
| Net Debt / EBITDA | 6.14 | 6.14 | 6.13 | 4.51 | 6.10 | 6.31 | 5.96 | 6.72 | 4.25 | 5.52 | 4.11 |
| Debt / FCF | — | 10.02 | 9.93 | 11.50 | 9.72 | 11.27 | 12.02 | 10.97 | 7.58 | 9.34 | 7.71 |
| Interest Coverage | 2.06 | 2.06 | 1.47 | 3.64 | 1.57 | 1.87 | 1.35 | 2.19 | 2.66 | 2.03 | 1.86 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.31 | 3.31 | 0.39 | 0.31 | 0.11 | 0.09 | 0.32 | 0.29 | 0.68 | 1.05 | 1.31 |
| Quick Ratio | 3.31 | 3.31 | 0.39 | 0.31 | 0.11 | 0.09 | 0.32 | 0.18 | 0.68 | 0.07 | 0.14 |
| Cash Ratio | 0.81 | 0.81 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.50 | 0.00 | 0.01 |
| Asset Turnover | — | 0.16 | 0.15 | 0.14 | 0.14 | 0.12 | 0.13 | 0.12 | 0.14 | 0.13 | 0.12 |
| Inventory Turnover | — | — | — | — | — | — | — | 12.38 | — | 1.26 | 2.11 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.1% | 4.7% | 3.9% | 4.3% | 3.9% | 2.4% | 3.7% | 2.9% | 3.2% | 3.2% | 3.2% |
| Payout Ratio | 150.3% | 150.3% | 623.4% | 121.5% | 556.4% | 289.2% | 652.5% | 209.3% | 168.5% | 269.7% | 105.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.3% | 3.1% | 0.6% | 3.5% | 0.7% | 0.8% | 0.5% | 1.3% | 1.9% | 1.1% | 3.0% |
| FCF Yield | 5.6% | 5.1% | 4.2% | 4.1% | 4.7% | 2.7% | 3.8% | 3.3% | 4.2% | 3.8% | 4.5% |
| Buyback Yield | 1.1% | 1.0% | 0.0% | 0.2% | 0.4% | 0.0% | 0.2% | 0.0% | 0.2% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.1% | 5.6% | 3.9% | 4.5% | 4.3% | 2.4% | 3.9% | 2.9% | 3.4% | 3.2% | 3.2% |
| Shares Outstanding | — | $331M | $330M | $329M | $323M | $302M | $295M | $286M | $269M | $269M | $267M |
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Quick answers to the most common questions about buying UDR stock.
UDR, Inc.'s current P/E ratio is 29.9x. The historical average is 61.2x. This places it at the 37th percentile of its historical range.
UDR, Inc.'s current EV/EBITDA is 17.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.2x.
UDR, Inc.'s return on equity (ROE) is 8.8%. The historical average is 6.9%.
Based on historical data, UDR, Inc. is trading at a P/E of 29.9x. This is at the 37th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
UDR, Inc.'s current dividend yield is 5.08% with a payout ratio of 150.3%.
UDR, Inc. has 25.6% gross margin and 18.8% operating margin. Operating margin between 10-20% is typical for established companies.
UDR, Inc.'s Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Interest rate exposure
Metrics are mathematically derived from official filings.
P/FFO Compression Signals Re-rating
UDR's P/FFO has compressed from 14.76 in Q1 2024 to 9.03 in Q2 2026, per quarterly data, suggesting the market is discounting future growth amid rising rate concerns.
The sharp decline in P/FFO, from 14.76 to 9.03 over ten quarters, indicates a significant de-rating, likely reflecting higher discount rates and concerns over supply-driven rent softening. Despite this, the implied cap rate, derived from NOI and enterprise value, appears to have expanded, potentially aligning with private market transactions. Investors should monitor whether this compression overshoots fundamentals, as FFO growth has been positive in recent quarters.
NOI Margin Volatility Masks Core Trend
NOI margin swung from 27.0% in Q4 2025 to 66.4% in Q2 2026, per financial statements, a volatility that appears inconsistent with stable operations and warrants scrutiny into expense timing.
The extreme quarterly swings in NOI margin, from 23.7% to 68.2%, suggest significant non-recurring items or classification changes rather than operational shifts. The Q2 2026 margin of 66.4% is unusually high for a multifamily REIT, possibly reflecting one-time gains or expense reversals. Excluding these anomalies, the underlying NOI margin appears stable in the mid-60s, but the inconsistency complicates trend analysis. Investors should focus on same-store NOI growth and controllable expense ratios for a clearer picture.
Payout Ratio Spikes Then Normalizes
FFO payout ratio jumped to 108.9% in Q4 2025 but fell to 60.9% in Q2 2026, per reported figures, indicating dividend coverage is adequate but subject to quarterly earnings volatility.
The Q4 2025 payout ratio above 100% was driven by depressed FFO per share of $0.60, likely due to one-time charges or seasonal weakness. The subsequent recovery to 60.9% in Q2 2026 restores a comfortable coverage margin, with AFFO payout at 0.51 per share versus a dividend of $0.31, implying a 1.64x coverage. This suggests the dividend is well-supported by recurring cash flows, but the volatility in FFO warrants monitoring for sustainability.
Debt Creeps Higher, Coverage Thins
Debt-to-equity rose from 1.22 to 2.04 over ten quarters, per balance sheet data, while interest coverage fell to 2.43x in Q2 2026, indicating rising leverage and reduced cushion.
The steady increase in D/E from 1.22 to 2.04 reflects both rising debt and eroding equity, the latter partly due to share buybacks or asset write-downs. Interest coverage, though volatile, has trended downward, with Q2 2026 at 2.43x versus a peak of 5.19x in Q1 2026. This suggests that UDR's balance sheet is becoming more stretched, and any further rate hikes could pressure FFO. The reported D/E of 2.04 may understate true leverage if JV debt is not consolidated, a common REIT nuance.
Occupancy and G&A Efficiency Stable
Physical occupancy remains above 96% per recent disclosures, while G&A as a percentage of revenue appears stable, indicating operational discipline despite market headwinds.
UDR's focus on its 'Next Generation' platform appears to be yielding stable occupancy and controlled G&A costs, as evidenced by consistent occupancy levels and no significant G&A creep in the data. However, the recent supply wave in Sunbelt markets may pressure occupancy and rental rates, particularly in expansion markets. The platform's efficiency may provide a buffer, but investors should monitor same-store occupancy trends and concession activity.
P/E Misleads Due to Depreciation
UDR's P/E of 33.77 is distorted by non-cash depreciation, as FFO per share of $0.71 in Q2 2026 exceeds EPS by 3.85x, per cash flow data, making P/FFO the appropriate metric.
Standard P/E is deeply misleading for REITs because depreciation charges reduce net income without affecting cash flows. For UDR, the P/E of 33.77 appears expensive, but P/FFO of 9.03 indicates a reasonable valuation relative to operating earnings. Analysts should use P/FFO or P/AFFO, and also adjust for maintenance capex to derive AFFO, which better reflects distributable cash. The market's focus on P/E may lead to mispricing, especially when depreciation is high.