UDR, Inc.

UDR · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$12,122	$14,324	$12,595	$12,608	$18,548	$11,882	$14,439	$12,250	$11,910	$11,279	$11,616	$7,752	$5,837	$5,648	$5,052	$3,901	$2,451	$1,944	$2,880	$4,251	$3,191	$3,177	$2,202	$1,735	$1,445	$1,114	$1,024	$1,031	$1,215	$891	$792	$664	$550	$449	$247	$174	$177	$132	$95	$71	$57
Enterprise value	$18,309	$20,332	$18,576	$18,284	$24,184	$17,077	$19,368	$15,630	$15,589	$14,682	$15,181	$11,303	$9,331	$9,047	$8,963	$7,459	$5,834	$5,252	$6,442	$7,677	$6,419	$6,132	$4,423	$3,847	$3,553	$3,140	$3,180	$3,187	$2,368	$1,924	$1,319	$1,184	$780	$630	$416	$306	$273	$206	$167	$156	$80
P/E (TTM) at period end	32.51×	169.01×	28.66×	152.80×	127.23×	197.92×	79.83×	61.48×	101.06×	39.03×	34.50×	51.47×	142.06×	27.77×	479.50×	–	–	2.82×	13.01×	33.06×	20.57×	32.70×	31.27×	32.60×	23.37×	14.54×	10.93×	14.25×	17.32×	23.45×	23.90×	34.70×	49.14×	70.17×	68.73×	35.43×	32.14×	69.69×	95.11×	64.92×	47.79×
P/S (TTM) at period end	7.08×	8.57×	7.74×	8.31×	14.37×	9.57×	12.53×	11.70×	11.96×	11.75×	13.32×	9.48×	7.69×	7.88×	8.11×	7.43×	4.84×	3.45×	5.69×	9.10×	4.97×	5.52×	3.64×	2.91×	2.32×	1.92×	1.65×	2.14×	3.13×	3.67×	4.02×	4.72×	17.14×	20.05×	4.81×	3.88×	4.40×	4.10×	3.73×	2.98×	2.93×
P/B at period end	3.69×	4.16×	3.16×	3.08×	5.39×	3.67×	4.30×	4.22×	4.21×	3.65×	4.01×	2.83×	2.08×	1.89×	2.18×	2.43×	1.76×	1.22×	2.83×	4.03×	2.88×	2.66×	1.89×	1.73×	1.39×	0.91×	0.78×	0.75×	1.15×	1.05×	1.53×	1.86×	2.12×	2.27×	1.82×	1.47×	1.38×	1.66×	1.87×	1.28×	1.65×
EV / EBITDA (TTM)	14.84×	20.75×	14.00×	19.65×	27.24×	19.68×	26.57×	19.77×	23.46×	17.77×	28.07×	23.03×	20.06×	21.45×	22.59×	38.84×	29.52×	26.59×	35.21×	49.51×	29.84×	29.39×	13.15×	11.12×	10.32×	9.18×	9.35×	12.41×	10.98×	14.44×	12.13×	14.45×	14.68×	15.64×	4.38×	3.78×	3.91×	–	–	–	–
EV / Sales (TTM)	10.69×	12.16×	11.41×	12.05×	18.74×	13.76×	16.81×	14.93×	15.65×	15.30×	17.41×	13.82×	12.30×	12.62×	14.38×	14.21×	11.53×	9.32×	12.73×	16.43×	9.99×	10.66×	7.32×	6.45×	5.70×	5.40×	5.12×	6.61×	6.11×	7.92×	6.70×	8.41×	24.29×	28.13×	8.09×	6.85×	6.80×	6.37×	6.55×	6.51×	4.10×
Returns
Return on equity	11.3%	2.5%	11.0%	2.0%	4.2%	1.9%	5.4%	6.9%	4.2%	9.3%	11.6%	5.5%	1.5%	6.8%	0.5%	(7.0%)	(6.9%)	43.4%	21.7%	12.2%	14.0%	8.1%	6.1%	5.3%	5.9%	6.3%	7.1%	5.3%	6.6%	4.5%	6.4%	5.4%	4.3%	3.2%	2.6%	4.1%	4.3%	2.4%	2.0%	2.0%	3.5%
Return on invested capital	5.8%	3.0%	6.3%	2.6%	2.9%	2.9%	2.6%	5.6%	3.5%	6.0%	2.5%	2.0%	–	0.6%	0.4%	(2.0%)	(1.8%)	–	(1.8%)	(1.6%)	(0.0%)	0.0%	–	–	1.9%	5.7%	6.2%	4.4%	3.4%	4.5%	6.6%	6.0%	6.7%	6.4%	13.6%	18.0%	19.0%	34.8%	34.4%	27.4%	53.9%
Dividend yield	4.7%	3.9%	4.3%	3.8%	2.3%	3.5%	2.7%	2.8%	2.8%	2.7%	2.4%	3.3%	4.0%	3.7%	3.0%	3.1%	5.9%	8.6%	6.1%	3.9%	5.1%	4.6%	5.8%	6.7%	7.5%	9.9%	10.7%	10.0%	7.1%	6.1%	5.8%	5.3%	4.8%	4.9%	6.1%	8.3%	6.2%	–	–	–	–
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.49×	0.72×	0.33×	0.36×	0.79×	0.31×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Debt / equity	2.01×	–	1.56×	1.42×	1.64×	1.61×	1.50×	1.26×	1.41×	1.11×	1.28×	1.36×	1.25×	1.16×	1.88×	–	2.46×	2.05×	3.44×	3.16×	2.85×	2.41×	1.83×	2.06×	1.98×	1.63×	1.62×	1.54×	1.09×	1.23×	1.03×	1.48×	0.88×	0.92×	1.24×	1.12×	0.76×	0.92×	1.42×	1.52×	0.66×
Effective tax rate	0.2%	0.9%	0.4%	0.4%	0.9%	3.6%	1.9%	0.3%	(0.2%)	3.5%	(3.8%)	(1302.6%)	167.0%	39.5%	(5.7%)	12.2%	(0.3%)	268.9%	(64.6%)	20.4%	16.5%	93.9%	214.4%	243.2%	68.0%	–	–	–	44.6%	–	–	–	–	–	49.3%	35.9%	30.0%	–	–	–	–
Share count
Diluted shares outstanding	331	330	329	323	302	295	286	269	269	267	264	253	250	239	201	166	149	130	145	134	136	128	116	107	101	103	104	100	87	58	53	46	39	36	24	23	20	15	11	8	9

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$1,716	$1,712	$1,672	$1,628	$1,517	$1,291	$1,241	$1,152	$1,047	$996	$960	$872	$818	$759	$717	$623	$525	$506	$563	$506	$467	$643	$575	$604	$596	$623	$581	$621	$482	$388	$243	$197	$141	$32	$22	$51	$45	$40	$32	$26	$24	$20
Cost of revenue	($702)	($1,274)	($1,255)	($1,235)	($1,186)	($1,063)	($1,027)	($864)	($760)	($743)	($721)	($657)	($629)	($598)	($587)	($544)	($350)	–	($462)	($184)	($181)	($252)	($242)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Gross profit	$1,014	$438	$417	$393	$331	$228	$215	$288	$286	$253	$239	$238	$189	$161	$129	$80	$175	–	$129	$322	$286	$390	$334	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	($0)	($0)	($0)	($0)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($84)	($85)	($84)	($70)	($64)	($58)	($50)	($52)	($47)	($49)	($50)	($60)	($48)	($42)	($44)	($47)	($130)	($39)	($47)	($40)	($31)	($25)	($19)	($43)	($41)	($45)	($37)	($39)	($29)	($7)	($5)	($5)	($5)	($3)	($2)	($2)	($2)	($2)	–	–	–	–
Total operating expenses	($314)	$115	($132)	$242	($80)	$40	$34	($67)	$68	($25)	$162	($78)	($62)	($44)	($62)	($57)	($291)	–	($188)	($400)	($378)	($390)	($309)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($1,017)	($1,159)	($1,387)	($992)	($1,267)	($1,023)	($992)	($931)	($692)	($768)	($559)	($712)	($691)	($642)	($649)	($601)	($641)	($592)	($623)	($584)	($559)	($643)	($550)	($435)	($413)	($434)	($396)	($407)	($329)	($251)	($158)	($128)	($89)	$1	$2	$30	$26	$21	$21	$17	$14	$12
Operating income	$700	$554	$285	$635	$251	$268	$249	$221	$355	$228	$401	$160	$127	$117	$67	$22	($116)	($86)	($59)	($78)	($92)	($0)	$25	$170	$183	$189	$185	$214	$154	$137	$85	$69	$52	$33	$24	$82	$70	$61	$53	$42	$38	$31
Earnings
EBITDA	$1,369	$1,234	$980	$1,327	$930	$888	$868	$729	$790	$664	$826	$541	$491	$465	$422	$397	$192	$198	$198	$183	$155	$215	$209	$336	$346	$344	$342	$340	$257	$216	$133	$109	$82	$53	$40	$95	$81	$70	–	–	–	–
Interest income	$14	$19	–	$18	–	$15	$6	$15	$7	$2	$2	$2	$12	$5	$4	$8	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($196)	($197)	($196)	($181)	($156)	($186)	($203)	($171)	($134)	($129)	($123)	($122)	($130)	($126)	($139)	($151)	($139)	($135)	($153)	($162)	($179)	($163)	($123)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$559	$405	$97	$477	$93	$162	$72	$203	$222	$132	$332	$102	$1	($5)	($77)	($133)	($21)	($94)	($4)	$221	$129	$155	$97	$70	$53	$203	–	–	–	$150	–	–	–	–	–	$7	$8	$8	–	–	–	–
Income tax expense	($1)	($1)	($1)	($2)	($0)	($1)	($3)	($4)	($1)	$0	($12)	$4	$15	$8	$30	($8)	$3	($0)	$10	$143	($26)	($26)	($91)	($151)	($129)	($138)	($128)	($121)	($81)	($67)	($47)	($42)	($28)	($22)	($18)	($4)	($3)	($2)	$2	$1	$1	$1
Net income	$522	$378	$90	$444	$87	$150	$64	$185	$203	$122	$293	$340	$154	$45	$212	$20	($103)	($88)	$698	$221	$129	$155	$97	$70	$53	$62	$77	$94	$72	$70	$38	$33	$19	$11	$6	$4	$5	$6	$2	$1	$1	$1
Per share
Diluted EPS (GAAP)	$1.57	$1.13	$0.26	$1.34	$0.26	$0.48	$0.20	$0.63	$0.74	$0.44	$1.08	$1.29	$0.59	$0.16	$0.85	$0.05	($0.68)	($0.64)	$5.29	$1.41	$0.85	$1.03	$0.56	$0.21	$0.24	$0.27	$0.41	$0.54	$0.49	$0.60	$0.49	$0.50	$0.41	$0.29	$0.18	$0.15	$0.21	$0.28	$0.13	$0.09	$0.13	$0.14
Basic EPS (GAAP)	$1.59	$1.13	$0.26	$1.34	$0.26	$0.49	$0.20	$0.63	$0.74	$0.44	$1.09	$1.30	$0.60	$0.16	$0.85	$0.05	($0.68)	($0.64)	$5.29	$1.41	$0.85	$1.03	$0.56	$0.22	$0.24	$0.27	$0.41	$0.54	$0.49	$0.61	$0.49	$0.50	$0.41	$0.29	$0.18	$0.15	$0.21	$0.28	$0.13	$0.09	$0.13	$0.14
Basic shares outstanding	328	330	329	329	322	300	295	285	268	267	265	259	252	250	239	201	166	149	130	145	134	136	128	115	106	100	103	104	100	87	57	53	46	39	36	24	23	20	15	11	8	9
Margins
Gross margin	59.1%	25.6%	24.9%	24.1%	21.8%	17.7%	17.3%	25.0%	27.4%	25.4%	24.9%	27.3%	23.1%	21.2%	18.1%	12.8%	33.3%	–	22.8%	63.7%	61.2%	60.7%	58.0%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating margin	40.8%	32.3%	17.0%	39.0%	16.5%	20.8%	20.1%	19.2%	33.9%	22.9%	41.8%	18.3%	15.5%	15.4%	9.4%	3.6%	(22.1%)	(17.0%)	(10.5%)	(15.4%)	(19.7%)	(0.0%)	4.3%	28.1%	30.6%	30.3%	31.8%	34.5%	31.9%	35.3%	34.8%	34.9%	37.1%	101.9%	108.5%	159.3%	157.7%	151.7%	165.0%	165.5%	160.4%	158.7%
Net margin	30.4%	22.1%	5.4%	27.3%	5.7%	11.6%	5.2%	16.1%	19.4%	12.2%	30.5%	39.0%	18.9%	5.9%	29.6%	3.2%	(19.6%)	(17.3%)	123.9%	43.8%	27.5%	24.1%	16.9%	11.6%	8.9%	9.9%	13.2%	15.1%	15.0%	18.1%	15.6%	16.8%	13.6%	34.9%	28.6%	7.0%	11.0%	13.7%	5.9%	3.9%	4.6%	6.1%

Analyst consensus

Buy38 analysts

Bearish · 3 · Hold · 17 · Bullish · 18

Earnings history

	EPS	Estimate
Q3 2024	$0.06	$0.10	Miss
Q4 2024	$-0.02	$0.06	Miss
Q1 2025	$0.23	$0.15	Beat
Q2 2025	$0.11	$0.12	Miss
Q3 2025	$0.12	$0.13	Miss
Q4 2025	$0.64	$0.15	Beat
Q1 2026	$0.57	$0.12	Beat
Q2 2026	$0.21	$0.13	Beat

Peers

Company overview

IPO dateMar 17, 1980

CEOThomas W. Toomey

Employees1,420

SectorReal Estate

IndustryREIT - Residential

CountryUS

ExchangeNew York Stock Exchange

Websitewww.udr.com

UDR, Inc. (NYSE: UDR), a distinguished S&P 500 company, stands as a premier multifamily real estate investment trust. The company boasts a proven history of generating exceptional and reliable returns for its investors, achieving this through the astute management, acquisition, disposition, development, and redevelopment of appealing real estate properties situated in key U.S. markets. As of September 30, 2020, UDR's extensive portfolio included ownership or partial ownership in 51,649 apartment homes, with an additional 1,031 units currently under development. With over 48 years in operation, UDR has consistently delivered long-term value to its shareholders, provided superior service to its residents, and fostered a high-quality experience for its associates.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.