UMH Properties, Inc. (UMH) 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

+155.0%

$38.63

vs $15.15 price

Levered DCF

$25.34

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.33

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	227.29×	565.27×	-109.43×	-27.76×	40.19×	-43.56×	68.39×	-12.08×
P/B	1.49×	1.53×	1.37×	1.6×	1.71×	1.22×	1.15×	1.03×
P/S	5.17×	5.82×	4.37×	4.47×	6.8×	3.75×	4.28×	3.37×
EV / EBITDA	16.67×	17.57×	16.65×	24.85×	14.3×	17.77×	13.02×	75.4×
Gross margin	3.9%	54.6%	53.6%	52.4%	52.6%	52.6%	49.1%	50.1%
Operating margin	17.4%	17.7%	16.4%	15.1%	18.2%	17.3%	13.6%	-15.6%
Net margin	10.1%	9.0%	3.6%	-2.5%	27.4%	3.1%	18.9%	-27.9%
Current ratio	12.28×	11.19×	9.7×	9.8×	14.41×	8.78×	13.14×	17.32×
Debt / equity	0.84×	0.67×	0.98×	1.64×	0.67×	1.11×	0.84×	1.03×
Interest coverage	1.53×	1.56×	1.11×	1.12×	1.77×	1.55×	1.12×	-1.26×
Dividend yield	6.8%	5.6%	6.8%	7.5%	4.8%	9.6%	7.5%	9.5%
Payout ratio	346.3%	361.6%	821.5%	-1344.0%	120.1%	1159.2%	168.8%	-114.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.9%	2.4%	1.1%	-0.9%	6.9%	1.0%	5.1%	-8.5%
Return on invested capital	2.7%	2.8%	2.5%	2.0%	2.7%	2.7%	2.0%	-2.1%
Return on assets	1.6%	1.4%	0.6%	-0.4%	4.0%	0.5%	2.7%	-4.1%
Free cash flow yield	6.1%	5.8%	12.4%	-0.8%	5.1%	10.9%	6.1%	9.2%
Earnings yield	2.0%	1.5%	0.8%	-0.6%	4.0%	0.8%	4.4%	-8.3%
Enterprise value	$2B	$1.9B	$1.6B	$1.7B	$1.6B	$1.2B	$1.1B	$868.2M
Net debt / EBITDA	5.62×	4.73×	6.59×	12.39×	3.32×	8.35×	5.4×	37.49×
Cash conversion cycle (days)	199	229	230	447	189	203	229	201