UDR, Inc. (UDR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-11.5%

$31.98

vs $36.16 price

Levered DCF

$19.76

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.59

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	32.46×	166.96×	28.57×	148.96×	122.43×	192.15×	74.13×	52.13×
P/B	3.68×	4.15×	3.15×	3.04×	5.23×	3.5×	3.97×	3.66×
P/S	7.08×	8.55×	7.73×	8.21×	13.96×	9.12×	11.56×	10.15×
EV / EBITDA	16.84×	20.3×	13.76×	19.39×	24.39×	18.47×	20.65×	17.66×
Gross margin	25.6%	24.9%	24.1%	21.8%	17.7%	17.3%	25.0%	27.4%
Operating margin	18.8%	17.0%	39.0%	16.5%	20.8%	20.1%	19.2%	33.9%
Net margin	22.1%	5.4%	27.3%	5.7%	11.6%	5.2%	16.1%	19.4%
Current ratio	3.31×	0.39×	0.31×	0.11×	0.09×	0.32×	0.29×	0.68×
Debt / equity	1.88×	1.75×	1.5×	1.39×	1.63×	1.6×	1.46×	1.22×
Interest coverage	1.64×	1.37×	3.51×	1.54×	1.44×	1.23×	1.29×	2.64×
Dividend yield	4.7%	3.9%	4.3%	3.9%	2.4%	3.7%	2.9%	3.3%
Payout ratio	151.6%	628.8%	122.6%	561.4%	292.0%	659.1%	209.3%	170.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.5%	2.6%	11.1%	2.1%	4.4%	2.0%	5.5%	7.0%
Return on invested capital	29.4%	2.7%	5.8%	2.4%	2.6%	2.6%	2.3%	4.7%
Return on assets	3.6%	0.8%	3.9%	0.8%	1.4%	0.7%	1.9%	2.6%
Free cash flow yield	5.1%	4.2%	4.1%	4.7%	2.8%	3.8%	3.4%	4.2%
Earnings yield	3.1%	0.6%	3.5%	0.7%	0.8%	0.6%	1.4%	1.9%
Enterprise value	$18.3B	$20.3B	$18.6B	$18.1B	$23.6B	$16.5B	$18.2B	$14B
Net debt / EBITDA	5.67×	6.01×	4.43×	6.07×	5.79×	5.79×	5.55×	4.25×
Cash conversion cycle (days)	32	21	10	-34	-39	7	40	-22