Latest Ratios: P/E Ratio 220.0x · EV/EBITDA 17.8x · 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 → | 220.00 | 227.29 | 572.12 | — | — | 41.41 | — | 68.39 | — | — | — |
| P/S Ratio | 5.01 | 5.19 | 5.88 | 4.37 | 4.47 | 6.96 | 3.75 | 4.31 | 3.37 | 4.32 | 4.22 |
| P/B Ratio | 1.45 | 1.50 | 1.54 | 1.37 | 1.59 | 1.75 | 1.22 | 1.16 | 0.51 | 0.62 | 0.63 |
| P/FCF | 16.00 | 16.58 | 17.33 | 8.05 | — | 19.89 | 9.17 | 16.42 | 10.87 | — | — |
| P/OCF | 16.00 | 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 | 17.85 | 18.27 | 18.79 | 17.41 | 22.30 | 21.24 | 16.51 | 18.95 | 6.07 | 6.79 | 6.92 |
| EV / EBIT | 43.92 | 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 | 3.07 | 3.10 | 3.17 |
| 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 | 3.02 | 2.91 | 3.14 |
| 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 | 5.4% | 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 | 0.5% | 0.4% | 0.2% | — | — | 2.4% | — | 1.5% | — | — | — |
| FCF Yield | 6.3% | 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 | 5.8% | 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 220.0x. The historical average is 31.3x. This places it at the 100th percentile of its historical range.
UMH Properties, Inc.'s current EV/EBITDA is 17.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.9x.
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 220.0x. This is at the 100th 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 5.41% 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
AFFO volatility and negative cash flow
Metrics are mathematically derived from official filings.
P/FFO Compression Masks AFFO Gap
UMH's P/FFO has compressed from 11.27 in 2024Q4 to 10.42 in 2026Q2, per quarterly data, yet negative AFFO suggests the market may be paying for earnings quality that is not yet realized.
The P/FFO multiple has declined steadily over the past six quarters, indicating either a de-rating or earnings growth outpacing price appreciation. However, with AFFO per share turning negative in 2026Q2, the traditional P/FFO metric may overstate value, as it excludes maintenance capex. Investors should compare the implied cap rate (NOI/EV) against private market transactions, but the data suggests a premium that may not be justified if AFFO remains negative.
NOI Margin Volatility Distorts Trend
NOI margin swung from 90.5% in 2026Q2 to 3.1% in 2025Q4, per financial statements, but excluding anomalies, margins have held near 54-55%, indicating stable underlying property performance.
The extreme quarterly swings in NOI margin are likely due to one-time items or non-cash adjustments, as the core margin appears stable around 54-55% for the past year. This suggests that FFO growth is being driven by acquisitions rather than organic margin expansion. The 90.5% margin in 2026Q2 is unsustainable and likely reflects a non-recurring gain, warranting caution when extrapolating profitability.
Dividend Coverage Hinges on FFO
FFO payout ratio improved to 96.8% in 2026Q2 from 102.7% in 2024Q1, per quarterly data, but AFFO turned negative, implying the dividend may not be fully covered by cash flow.
While the FFO payout ratio has moderated from over 100% to 96.8%, the negative AFFO in 2026Q2 indicates that the dividend is not covered by cash available for distribution. This suggests the company may be funding dividends through external sources or drawing down cash reserves. Investors should monitor whether AFFO turns positive, as continued negative AFFO could pressure the dividend.
Leverage Stable but Interest Coverage Thin
Debt-to-equity improved to 0.88 in 2026Q2 from 0.94 in 2024Q1, per balance sheet data, but interest coverage fell to 0.96 in 2026Q1, indicating tighter debt servicing capacity.
The modest deleveraging is offset by a decline in interest coverage, which dropped from 2.98 in 2024Q3 to 0.96 in 2026Q1, before recovering to 1.54 in 2025Q4. This suggests that rising debt levels and potentially higher interest costs are straining the ability to service debt from operating income. While the debt-to-gross-assets ratio appears manageable, the thin interest coverage warrants close monitoring, especially if rates rise.
Occupancy and G&A Efficiency Unclear
Occupancy data is unavailable, but G&A efficiency appears stable as NOI margins hold near 54-55%, per quarterly data, suggesting consistent property-level performance.
Without explicit occupancy figures, the stable NOI margins imply that the portfolio is maintaining occupancy and rent levels. However, the lack of same-store NOI growth data makes it difficult to assess organic growth. The company's geographic concentration in manufactured housing communities may expose it to regional economic downturns, but the data does not provide enough detail to quantify this risk.
P/E Misleads Due to Depreciation
UMH's P/E of 237.14 is distorted by depreciation, as FFO/NI ratio of 4.75 in 2026Q2, per financial statements, shows GAAP earnings understate cash flow, making P/FFO the appropriate metric.
The standard P/E ratio is misleading for REITs because depreciation is a non-cash charge that reduces net income but does not reflect property value changes. For UMH, the P/E of 237.14 is artificially high, while P/FFO of 10.42 provides a more accurate valuation. However, even P/FFO may overstate earnings quality if maintenance capex is understated, as evidenced by the negative AFFO. Investors should use P/AFFO when available, but its absence highlights the need for careful cash flow analysis.