Latest Ratios: P/E Ratio 50.9x · EV/EBITDA 16.1x · ROE 2.9%. (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 | $1.3B | $1.4B | $1.4B | $966M | $876M | $1.3B | $613M | $632M | $437M | $487M | $419M |
| Enterprise Value | $2.0B | $2.0B | $1.9B | $1.6B | $1.7B | $1.7B | $1.2B | $1.1B | $868M | $853M | $766M |
| P/E Ratio → | 50.92 | 227.29 | 572.12 | — | — | 41.41 | — | 68.39 | — | — | — |
| P/S Ratio | 4.56 | 5.19 | 5.88 | 4.37 | 4.47 | 6.96 | 3.75 | 4.31 | 3.37 | 4.32 | 4.22 |
| P/B Ratio | 1.41 | 1.50 | 1.54 | 1.37 | 1.59 | 1.75 | 1.22 | 1.16 | 0.51 | 0.62 | 0.63 |
| P/FCF | — | 16.58 | 17.33 | 8.05 | — | 19.89 | 9.17 | 16.42 | 10.87 | — | — |
| P/OCF | 15.50 | 16.58 | 17.33 | 8.05 | — | 19.89 | 9.17 | 16.42 | 10.87 | 11.78 | 14.26 |
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 | — | 7.83 | 8.02 | 7.24 | 8.92 | 9.02 | 7.07 | 7.35 | 6.70 | 7.57 | 7.72 |
| EV / EBITDA | 16.14 | 18.27 | 18.79 | 17.41 | 22.30 | 21.24 | 16.51 | 18.95 | 75.40 | 15.21 | 15.26 |
| EV / EBIT | 43.02 | 36.61 | 39.59 | 39.65 | 81.31 | 23.91 | 49.53 | 23.64 | — | 53.22 | 47.74 |
| EV / FCF | — | 24.99 | 23.64 | 13.32 | — | 25.76 | 17.30 | 27.96 | 21.61 | — | — |
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 | 3.9% | 3.9% | 54.6% | 53.6% | 52.4% | 52.6% | 52.6% | 49.1% | 50.1% | 50.0% | 50.5% |
| Operating Margin | 17.4% | 17.4% | 17.7% | 16.4% | 15.1% | 18.2% | 17.3% | 13.6% | -15.6% | 25.3% | 27.2% |
| Net Profit Margin | 10.1% | 10.1% | 9.0% | 3.6% | -2.5% | 27.4% | 3.1% | 18.9% | -27.9% | 11.2% | 11.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.9% | 2.9% | 2.7% | 1.3% | -0.8% | 8.2% | 1.0% | 4.0% | -4.4% | 1.7% | 2.5% |
| ROA | 1.6% | 1.6% | 1.4% | 0.6% | -0.4% | 4.3% | 0.5% | 2.9% | -4.3% | 1.7% | 1.8% |
| ROIC | 2.3% | 2.3% | 2.3% | 2.0% | 1.7% | 2.3% | 2.1% | 1.3% | -1.2% | 2.0% | 2.5% |
| ROCE | 2.8% | 2.8% | 2.9% | 2.6% | 2.3% | 2.9% | 2.7% | 2.1% | -2.4% | 3.8% | 4.3% |
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 | 0.84 | 0.84 | 0.67 | 0.98 | 1.63 | 0.67 | 1.11 | 0.84 | 0.51 | 0.49 | 0.53 |
| Debt / EBITDA | 6.79 | 6.79 | 5.99 | 7.51 | 11.49 | 6.31 | 7.98 | 8.05 | 38.13 | 6.94 | 7.00 |
| Net Debt / Equity | — | 0.76 | 0.56 | 0.90 | 1.58 | 0.52 | 1.08 | 0.81 | 0.50 | 0.47 | 0.52 |
| Net Debt / EBITDA | 6.15 | 6.15 | 5.01 | 6.89 | 11.11 | 4.84 | 7.76 | 7.82 | 37.49 | 6.53 | 6.92 |
| Debt / FCF | — | 8.41 | 6.31 | 5.27 | — | 5.88 | 8.13 | 11.54 | 10.74 | — | — |
| Interest Coverage | 1.89 | 1.89 | 1.79 | 1.24 | 0.81 | 3.67 | 1.28 | 2.56 | -1.26 | 1.01 | 1.04 |
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 | 12.28 | 12.28 | 11.19 | 9.70 | 9.80 | 14.41 | 8.78 | 13.14 | 17.32 | 25.10 | 19.37 |
| Quick Ratio | 10.13 | 10.13 | 9.68 | 8.15 | 5.99 | 13.31 | 7.60 | 11.03 | 14.79 | 22.88 | 17.13 |
| Cash Ratio | 4.85 | 4.85 | 5.70 | 4.33 | 3.10 | 10.73 | 5.46 | 8.52 | 11.43 | 19.68 | 14.52 |
| Asset Turnover | — | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.14 | 0.15 | 0.14 | 0.15 |
| Inventory Turnover | 5.94 | 5.94 | 3.12 | 3.11 | 1.05 | 3.73 | 3.05 | 2.34 | 2.73 | 3.21 | 2.82 |
| 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 | 5.6% | 5.2% | 4.2% | 5.1% | 4.6% | 2.4% | 4.3% | 3.3% | 4.9% | 4.3% | 4.2% |
| Payout Ratio | 268.8% | 268.8% | 273.1% | 612.7% | — | 61.7% | 527.3% | 76.1% | — | 164.0% | 152.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.0% | 0.4% | 0.2% | — | — | 2.4% | — | 1.5% | — | — | — |
| FCF Yield | — | 6.0% | 5.8% | 12.4% | — | 5.0% | 10.9% | 6.1% | 9.2% | — | — |
| Buyback Yield | 0.4% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 15.8% | 0.0% | 0.0% | 18.8% | 0.0% |
| Total Shareholder Yield | 6.0% | 5.6% | 4.2% | 5.1% | 4.6% | 2.4% | 20.1% | 3.4% | 4.9% | 23.1% | 4.2% |
| Shares Outstanding | — | $85M | $75M | $63M | $54M | $47M | $41M | $40M | $37M | $33M | $28M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying UMH stock.
UMH Properties, Inc.'s current P/E ratio is 50.9x. The historical average is 31.3x. This places it at the 84th percentile of its historical range.
UMH Properties, Inc.'s current EV/EBITDA is 16.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.7x.
UMH Properties, Inc.'s return on equity (ROE) is 2.9%. The historical average is 9.5%.
Based on historical data, UMH Properties, Inc. is trading at a P/E of 50.9x. This is at the 84th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
UMH Properties, Inc.'s current dividend yield is 5.59% with a payout ratio of 268.8%.
UMH Properties, Inc. has 3.9% gross margin and 17.4% operating margin. Operating margin between 10-20% is typical for established companies.
UMH Properties, Inc.'s Debt/EBITDA ratio is 6.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Negative AFFO and dividend coverage
Metrics are mathematically derived from official filings.
Standard Multiples Distorted for UMH
Based on UMH's reported figures, the trailing P/E of 213.14 and a P/B of 1.41 reflect depreciation-depressed GAAP earnings, while P/FFO is unavailable, limiting direct comparison with residential REIT peers.
The 213x trailing P/E is a product of net income of roughly $3.2M against a large real estate depreciation base, so it signals little about underlying earnings power. The quarterly FFO run-rate near $0.25 to $0.36 per share, combined with a $14.92 share price, implies a P/FFO in the 10x to 11x range as shown in the ratio table, which would sit below the 20x to 33x multiples seen at ELS and SKY. Investors should monitor whether that discount reflects genuine valuation opportunity or market skepticism about the recent AFFO deterioration.
FFO Growth Masks Volatile Operating Margins
As reported in financial statements, UMH's NOI margin oscillated between roughly 3% and 90% across recent quarters, while most periods cluster near 54% to 55%, suggesting timing effects rather than a stable cost structure.
The clustering of NOI margins around 54% to 55% in most quarters suggests the underlying property operations are relatively steady, with the outlier readings likely reflecting reporting or accrual timing. FFO per share peaked at $0.36 in 2024Q3 and fell to $0.25 in 2026Q3, which contrasts with revenue growth and may indicate rising expenses or interest costs absorbing top-line gains. Whether the 2024 to 2025 FFO spikes were organically driven or aided by acquisitions cannot be determined from the supplied data and warrants further investigation.
Payout Ratios Signal Thin Coverage
Based on UMH's reported figures, FFO payout ratios ranged from 55% to 84% across recent quarters, with the latest quarter at 83.5%, leaving limited retained cash flow and a narrow margin of safety for the 5.6% yield.
A payout near 84% of FFO leaves little cushion, and the AFFO per share turning negative at -$0.35 in 2026Q3 and -$0.07 in 2026Q2 indicates distributions were not covered by recurring cash earnings in those quarters. AFFO data is unavailable for most earlier periods, so the trend cannot be fully verified, which itself limits confidence in dividend sustainability. Investors should monitor whether management maintains the distribution if negative AFFO persists, as continued coverage shortfalls may indicate pressure on the payout.
Rising Debt-to-Equity Meets Thin Coverage
According to reported financials, UMH's debt-to-equity rose from 0.66 in 2025Q1 to 0.97 in 2026Q3, while interest coverage compressed to roughly 1.3x in the latest quarter, down from above 2.0x in mid-2025.
Interest coverage near 1.0x to 1.3x across the last three quarters leaves minimal headroom between operating earnings and debt service, which may constrain financial flexibility. The rise in leverage coincides with declining cash balances and negative free cash flow, suggesting the balance sheet is being stretched to fund capital needs. Fixed-rate exposure and debt maturity profile are not available in the supplied data, so refinancing risk cannot be fully assessed and warrants further investigation.
Debt-to-Equity Misreads Real Estate Leverage
The most commonly misapplied ratio for UMH is debt-to-equity using book value, which may understate real leverage relative to the asset base, since debt-to-gross-assets is the appropriate REIT measure and is unavailable here.
Book-value debt-to-equity is distorted by accumulated depreciation, which shrinks equity over time and can make leverage appear higher than the asset base warrants, or obscure it when asset values have risen. A debt-to-gross-assets calculation, along with an implied cap rate based on NOI over enterprise value, would provide a more accurate read of leverage and valuation. Investors should monitor these alternative metrics once full debt and asset data are available, as the current D/E reading alone does not capture the economic burden of the portfolio.