The company has strengthened its financial position, reducing its debt-to-equity ratio from 0.98 in 2023Q4 to 0.84 by 2025Q4 while growing its equity base to $905.5 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 0 | 1.7B | 1.56B | 1.43B | 1.34B | 1.27B | 1.09B | 1.03B | 878.99M | 823.88M | 680.44M | 604.03M | 478.27M | 407.98M | 300.28M | 223.94M | 188.78M | 147.97M | 137.94M | 136.5M | 115.74M | 114.78M | 103.16M | 94.31M | 89.03M | 80.33M | 62.95M | 58.6M | 50M | 43.6M | 35.9M |
| Asset Growth % | -70.14% | 8.65% | 9.54% | 6.17% | 5.81% | 16.65% | 6.24% | 16.66% | 6.69% | 21.08% | 12.65% | 26.29% | 17.23% | 35.87% | 34.09% | 18.63% | 27.58% | 7.27% | 1.05% | 17.94% | 0.83% | 11.26% | 9.39% | 5.93% | 10.82% | 27.63% | 7.42% | 17.2% | 14.68% | 21.45% | 20.47% |
| Real Estate & Other Assets | 0 | 1.42B | 1.27B | 69.12M | 1.09B | 947.97M | 894.1M | 704.87M | 598.37M | 474.82M | 405.98M | 395.37M | 302.28M | 237.95M | 137.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.93M | 0 | 2.37M | 2.32M | 58.6M | 50M | 43.6M | 35.9M |
| PP&E (Net) | 0 | 8.57M | 6.36M | 1.16B | 5.32M | 4.97M | 4.94M | 5.35M | 18.79M | 16.87M | 14.99M | 13.7M | 3.14M | 2.91M | 1.88M | 133.52M | 115.74M | 76.01M | 76.41M | 74.25M | 65.73M | 59.07M | 50.04M | 45.51M | 43.79M | 44.29M | 41.7M | 0 | 0 | 0 | 0 |
| Investment Securities | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 0 | 242.81M | 258.25M | 205.84M | 227.7M | 308.94M | 190.37M | 199.05M | 162.23M | 199.23M | 150.72M | 119.95M | 109.29M | 107.86M | 103.84M | 90.42M | 73.04M | 71.96M | 61.53M | 62.25M | 50.01M | 55.71M | 53.13M | 45.88M | 45.24M | 33.67M | 18.92M | 700K | 800K | 200K | 1.2M |
| Cash & Equivalents | 0 | 72.1M | 99.72M | 57.32M | 29.79M | 116.17M | 15.34M | 12.9M | 7.43M | 23.24M | 4.22M | 6.54M | 8.08M | 7.62M | 11.04M | 8.8M | 5.66M | 4.52M | 2.78M | 2.22M | 2.01M | 4.56M | 8.77M | 3.24M | 2.34M | 1.57M | 1.4M | 700K | 800K | 200K | 1.2M |
| Receivables | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | -17.14M | -19.98M | -10.76M | 0 | 0 | 0 | -75.01M | 63.56M | 0 | 0 | 6.18M | 5.71M | 5.39M | 4.64M | 4.32M | 3.6M | 2.65M | 5.57M | 0 | 2.12M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 791.58M | 791.84M | 647.82M | 720.78M | 793.4M | 528.68M | 587.61M | 479.11M | 454.29M | 402.67M | 363.41M | 357.79M | 269.44M | 217.39M | 125.3M | 118.07M | 116.85M | 92M | 93.22M | 82.51M | 58.1M | 59.94M | 54.36M | 55.21M | 59.29M | 52.37M | 40.11M | 37.2M | 26.8M | 22.8M | 19.5M |
| Total Debt | 0 | 761.23M | 614.72M | 690.02M | 899.7M | 499.32M | 558.49M | 457.34M | 439.08M | 389.6M | 351.31M | 344.62M | 260.11M | 209.76M | 119.31M | 114.23M | 113.05M | 88.98M | 89.56M | 78.77M | 54.92M | 56.32M | 51.28M | 52.06M | 55.68M | 49.34M | 37.7M | 35.1M | 24.8M | 20.7M | 17.4M |
| Net Debt | 0 | 689.13M | 515M | 632.7M | 869.91M | 383.15M | 543.15M | 444.44M | 431.64M | 366.36M | 347.09M | 338.09M | 252.03M | 202.14M | 108.28M | 105.43M | 107.39M | 84.46M | 86.78M | 76.55M | 52.92M | 51.77M | 42.5M | 48.82M | 53.34M | 47.78M | 36.3M | 34.4M | 24M | 20.5M | 16.2M |
| Long-Term Debt | 0 | 761.23M | 614.72M | 690.02M | 761.68M | 499.32M | 558.49M | 457.34M | 439.08M | 389.6M | 351.31M | 344.62M | 240.26M | 194.78M | 119.31M | 81.38M | 90.82M | 70.32M | 65.95M | 61.75M | 46.82M | 48.71M | 50.5M | 44.22M | 43.32M | 49.34M | 32.06M | 30.42M | 24.8M | 20.7M | 17.4M |
| Short-Term Borrowings | 0 | 0 | 0 | 0 | 138.02M | 0 | 0 | 0 | 107.99M | 0 | 58.29M | 57.86M | 19.85M | 14.98M | 10.44M | 32.85M | 28.76M | 22.81M | 40.31M | 27.73M | 14.85M | 10.96M | 2.58M | 7.84M | 12.36M | 0 | 5.64M | 4.67M | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 6.98M | 19.78M | 23.07M | 21.22M | 23.24M | 21.44M | 21.69M | 15.15M | 9.37M | 7.94M | 7.78M | 9.51M | 6.58M | 5.48M | 4.68M | 27.79M | 26.04M | 21.68M | 27.26M | 20.76M | 11.28M | 11.24M | 3.86M | 10.99M | 15.97M | 2.55M | 8.05M | 0 | 0 | 0 | 0 |
| Accounts Payable | 6.98M | 5.66M | 7.98M | 6.11M | 6.39M | 4.27M | 4.39M | 4.57M | 3.87M | 2.96M | 2.96M | 2.82M | 1.82M | 1.63M | 1.07M | 688.67K | 748.48K | 310.17K | 614.25K | 613.34K | 927.73K | 1.23M | 584.68K | 655.65K | 956.66K | 836.59K | 339.17K | 105.22K | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 456.2M | -84.85M | -57.78M | -54.94M | -75.43M | -47.42M | -8.14M | 2.25M | 2.27M | 2.17M | 2.51M | 2.59M | 1.77M | 1.89M | 1.97M | 1.99M | 2.14M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 784.6M | 10.84M | 10.03M | 9.54M | 8.48M | 7.92M | 7.43M | 6.62M | 5.84M | 5.13M | 4.32M | 3.65M | 27.36M | 20.99M | 1.3M | 8.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 477.78K | 0 | 6.78M | 2M | 2.1M | 2.1M |
| Total Equity | 896.03M | 907.2M | 915.91M | 706.79M | 551.2M | 742.14M | 501.81M | 546.34M | 856.34M | 787.57M | 664.13M | 246.24M | 208.83M | 190.59M | 174.99M | 105.88M | 71.93M | 55.97M | 44.72M | 54M | 57.64M | 54.84M | 48.8M | 39.1M | 29.74M | 27.96M | 22.84M | 21.4M | 23.2M | 20.8M | 16.4M |
| Equity Growth % | 30.5% | -0.95% | 29.59% | 28.23% | -25.73% | 47.89% | -8.15% | -36.2% | 8.73% | 18.59% | 169.71% | 17.91% | 9.57% | 8.92% | 65.27% | 47.2% | 28.51% | 25.16% | -17.17% | -6.32% | 5.11% | 12.36% | 24.82% | 31.49% | 6.34% | 22.44% | 6.73% | -7.76% | 11.54% | 26.83% | 59.22% |
| Shareholders Equity | 894.44M | 905.54M | 914.03M | 704.72M | 548.96M | 742.14M | 501.81M | 546.34M | 424.7M | 421.22M | 317.03M | 246.24M | 208.83M | 190.59M | 174.99M | 105.88M | 71.93M | 55.97M | 44.72M | 54M | 57.64M | 54.84M | 48.8M | 39.1M | 29.74M | 27.96M | 22.84M | 21.4M | 23.2M | 20.8M | 16.4M |
| Minority Interest | 1.59M | 1.66M | 1.88M | 2.07M | 2.23M | 0 | 0 | 0 | 431.64M | 366.36M | 347.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 8.51M | 8.48M | 8.19M | 6.8M | 5.76M | 5.17M | 4.19M | 4.11M | 3.83M | 3.55M | 2.94M | 2.71M | 2.44M | 2.08M | 1.71M | 1.53M | 1.37M | 1.21M | 1.1M | 1.07M | 1.03M | 980.69K | 926.11K | 855.71K | 806.38K | 788.86K | 771.11K | 700K | 0 | 0 | 0 |
| Additional Paid-in Capital | 0 | 599.52M | 610.63M | 433.11M | 343.19M | 300.02M | 115.03M | 162.54M | 157.45M | 168.03M | 111.42M | 109.63M | 110.42M | 96.5M | 76.11M | 69.09M | 64.78M | 53.22M | 49.96M | 54.63M | 56.89M | 53.61M | 45.96M | 36.3M | 29.41M | 27.41M | 26.03M | 24.55M | 0 | 0 | 0 |
| Retained Earnings | -25.36M | -25.36M | -25.36M | -25.36M | -25.36M | -25.36M | -25.36M | -25.36M | -25.36M | -667.79K | -667.79K | -667.79K | -667.79K | -667.79K | -667.79K | -667.79K | -667.79K | -667.79K | -667.79K | -667.79K | -667.79K | -667.79K | 784.07K | 341.16K | -667.79K | -667.79K | -667.79K | -700K | -700K | -700K | -600K |
| Preferred Stock | 324.55M | 322.9M | 320.57M | 290.18M | 225.38M | 462.32M | 407.95M | 405.05M | 288.78M | 238.78M | 186.63M | 136.63M | 91.59M | 91.59M | 91.59M | 33.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 1.75% | 1.62% | 1.45% | 0.58% | -0.37% | 4.33% | 0.48% | 2.91% | -4.25% | 1.68% | 1.8% | 0.4% | 0.96% | 1.65% | 2.47% | 1.79% | 3.96% | 2.58% | 1.11% | 2.09% | 5.07% | 6.41% | 8.31% | 8.87% | 7.69% | 7.75% | 8.54% | 8.47% | 8.97% | 10.57% | 11.26% |
| Return on Equity (ROE) | 2.36% | 2.91% | 2.67% | 1.27% | -0.75% | 8.21% | 0.96% | 3.96% | -4.41% | 1.75% | 2.53% | 0.94% | 2.12% | 3.19% | 4.61% | 4.16% | 10.43% | 7.33% | 3.09% | 4.72% | 10.38% | 13.49% | 18.66% | 23.61% | 22.57% | 21.85% | 23.46% | 20.63% | 19.09% | 22.58% | 27.72% |
| Debt / Assets | - | 44.8% | 39.31% | 48.33% | 66.91% | 39.29% | 51.26% | 44.6% | 49.95% | 47.29% | 51.63% | 57.05% | 54.39% | 51.41% | 39.73% | 51.01% | 59.89% | 60.14% | 64.93% | 57.71% | 47.45% | 49.07% | 49.7% | 55.2% | 62.54% | 61.42% | 59.89% | 59.9% | 49.6% | 47.48% | 48.47% |
| Debt / Equity | 0.00x | 0.84x | 0.67x | 0.98x | 1.63x | 0.67x | 1.11x | 0.84x | 0.51x | 0.49x | 0.53x | 1.40x | 1.25x | 1.10x | 0.68x | 1.08x | 1.57x | 1.59x | 2.00x | 1.46x | 0.95x | 1.03x | 1.05x | 1.33x | 1.87x | 1.76x | 1.65x | 1.64x | 1.07x | 1.00x | 1.06x |
| Net Debt / EBITDA | 0.00x | 6.15x | 5.01x | 6.89x | 11.11x | 4.84x | 7.76x | 7.82x | 3.02x | 2.91x | 3.14x | 9.87x | 8.52x | 7.97x | 5.51x | 6.84x | 13.77x | 9.19x | 8.09x | 7.26x | 4.20x | 4.06x | 3.03x | 3.42x | 4.41x | 5.72x | 4.24x | 7.48x | 5.71x | 4.88x | 4.38x |
| Book Value per Share | 10.50 | 10.62 | 12.23 | 11.21 | 10.13 | 15.65 | 12.12 | 13.59 | 23.23 | 24.10 | 23.88 | 9.48 | 9.28 | 10.14 | 10.76 | 7.27 | 5.61 | 4.90 | 4.11 | 5.12 | 5.70 | 5.77 | 5.62 | 4.92 | 3.87 | 3.73 | 3.11 | 2.94 | 3.29 | 3.11 | 2.66 |
Securities portfolio market volatility
As reported in financial statements, UMH has successfully expanded its total asset base to $1.7 billion by 2025Q4, reflecting a consistent strategy of land acquisition and development that appears to be outpacing the company's historical debt-to-equity ratios observed in earlier periods.
The trajectory of the balance sheet suggests a deliberate shift toward asset-heavy growth, likely driven by the conversion of vacant land into income-producing manufactured housing sites. Investors should monitor whether this expansion continues to be funded through balanced capital allocation or if the reliance on debt financing increases as the development pipeline matures.
Based on reported figures, UMH's debt-to-equity ratio improved to 0.84 in 2025Q4 from a high of 0.98 in 2023Q4, indicating a strengthening balance sheet that appears to provide the company with increased financial flexibility for future property-level investments.
The reduction in leverage suggests that management is prioritizing a more conservative capital structure, which may mitigate risks associated with interest rate sensitivity. This deleveraging trend appears to be a positive signal for institutional stakeholders concerned about the company's ability to navigate volatile credit markets while maintaining its aggressive rental home expansion.
According to recent SEC filings, UMH's equity base has grown to $905.5 million as of 2025Q4, a trend that suggests the company is successfully retaining capital to support its operational pivot toward a larger rental home fleet.
The growth in equity appears to be a result of both internal capital retention and potentially strategic equity issuance, which serves to bolster the balance sheet against the inherent volatility of the company's non-core REIT securities portfolio. This strengthening of the equity base may provide a necessary buffer against potential market-driven fluctuations in the value of its investment holdings.
As indicated by the company's financial disclosures, the inclusion of a significant REIT securities portfolio introduces non-operational balance sheet risk, as the market value of these investments can fluctuate independently of UMH's core manufactured housing community performance.
This investment strategy warrants further investigation, as it creates a disconnect between the company's core real estate operations and its reported balance sheet volatility. Investors should consider whether the dividend income generated by these securities justifies the potential for balance sheet impairment during periods of broader REIT market contraction.
Quick answers to the most common questions about buying UMH stock.
As of 2025, UMH Properties, Inc. (UMH) had total assets of $1.70B including $242.8M in current assets.
UMH Properties, Inc. (UMH) carries total debt of $761.2M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
UMH Properties, Inc. (UMH) has total shareholders' equity (book value) of $905.5M ($10.62 book value per share). Book value represents the net worth of the company belonging to common stock holders.
UMH Properties, Inc. (UMH) reported a current ratio of 12.28x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.