Latest Ratios: P/E Ratio 36.5x · EV/EBITDA 19.5x · ROE 8.8%. (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 | $13.4B | $12.1B | $14.3B | $12.6B | $12.5B | $18.1B | $11.3B | $13.4B | $10.7B | $10.4B | $9.8B |
| Enterprise Value | $19.6B | $18.3B | $20.3B | $18.6B | $18.2B | $23.7B | $16.5B | $18.3B | $14.0B | $14.0B | $13.2B |
| P/E Ratio → | 36.50 | 32.46 | 166.96 | 28.57 | 148.96 | 124.98 | 192.15 | 74.13 | 52.83 | 87.55 | 33.78 |
| P/S Ratio | 7.85 | 7.09 | 8.57 | 7.74 | 8.24 | 14.02 | 9.13 | 11.59 | 10.20 | 10.40 | 10.16 |
| P/B Ratio | 3.29 | 2.93 | 3.21 | 2.54 | 2.53 | 3.79 | 2.75 | 3.03 | 2.74 | 2.74 | 2.43 |
| P/FCF | 21.89 | 19.78 | 23.68 | 24.22 | 21.40 | 36.38 | 26.35 | 29.92 | 24.08 | 26.35 | 22.13 |
| P/OCF | 14.89 | 13.45 | 16.34 | 15.13 | 15.24 | 27.26 | 18.76 | 21.18 | 19.04 | 19.95 | 18.16 |
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 | — | 10.68 | 12.17 | 11.42 | 11.98 | 18.36 | 13.30 | 15.84 | 13.41 | 14.08 | 13.70 |
| EV / EBITDA | 19.54 | 18.25 | 20.75 | 14.01 | 19.53 | 26.70 | 19.02 | 25.04 | 17.76 | 21.11 | 15.91 |
| EV / EBIT | 60.77 | 56.75 | 66.73 | 28.26 | 71.06 | 67.98 | 60.19 | 48.77 | 39.39 | 53.71 | 57.48 |
| EV / FCF | — | 29.80 | 33.61 | 35.71 | 31.12 | 47.65 | 38.37 | 40.90 | 31.66 | 35.69 | 29.85 |
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 | 25.6% | 25.6% | 24.9% | 24.1% | 21.8% | 17.7% | 17.3% | 25.0% | 27.4% | 25.4% | 24.9% |
| Operating Margin | 18.8% | 18.8% | 17.0% | 39.0% | 16.5% | 20.8% | 20.1% | 19.2% | 33.9% | 22.9% | 41.8% |
| Net Profit Margin | 22.1% | 22.1% | 5.4% | 27.3% | 5.7% | 11.6% | 5.2% | 16.1% | 19.4% | 12.2% | 30.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.8% | 8.8% | 1.9% | 9.0% | 1.8% | 3.4% | 1.5% | 4.5% | 5.3% | 3.1% | 7.5% |
| ROA | 3.5% | 3.5% | 0.8% | 4.0% | 0.8% | 1.5% | 0.7% | 2.1% | 2.6% | 1.6% | 3.8% |
| ROIC | 2.3% | 2.3% | 2.0% | 4.4% | 1.8% | 2.0% | 2.0% | 2.0% | 3.6% | 2.3% | 4.1% |
| ROCE | 3.1% | 3.1% | 2.8% | 6.1% | 2.5% | 2.8% | 2.8% | 2.7% | 4.9% | 3.1% | 5.5% |
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 | 1.49 | 1.49 | 1.35 | 1.21 | 1.15 | 1.17 | 1.26 | 1.11 | 0.91 | 0.97 | 0.85 |
| Debt / EBITDA | 6.17 | 6.17 | 6.13 | 4.51 | 6.10 | 6.31 | 5.96 | 6.73 | 4.49 | 5.53 | 4.12 |
| Net Debt / Equity | — | 1.48 | 1.35 | 1.21 | 1.15 | 1.17 | 1.26 | 1.11 | 0.86 | 0.97 | 0.85 |
| Net Debt / EBITDA | 6.14 | 6.14 | 6.13 | 4.51 | 6.10 | 6.31 | 5.96 | 6.72 | 4.25 | 5.52 | 4.11 |
| Debt / FCF | — | 10.02 | 9.93 | 11.50 | 9.72 | 11.27 | 12.02 | 10.97 | 7.58 | 9.34 | 7.71 |
| Interest Coverage | — | — | 1.47 | 3.64 | 1.57 | 1.87 | 1.35 | 2.19 | 2.66 | 2.03 | 1.86 |
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 | 3.31 | 3.31 | 0.39 | 0.31 | 0.11 | 0.09 | 0.32 | 0.29 | 0.68 | 1.05 | 1.31 |
| Quick Ratio | 3.31 | 3.31 | 0.39 | 0.31 | 0.11 | 0.09 | 0.32 | 0.18 | 0.68 | 0.07 | 0.14 |
| Cash Ratio | 0.81 | 0.81 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.50 | 0.00 | 0.01 |
| Asset Turnover | — | 0.16 | 0.15 | 0.14 | 0.14 | 0.12 | 0.13 | 0.12 | 0.14 | 0.13 | 0.12 |
| Inventory Turnover | — | — | — | — | — | — | — | 12.38 | — | 1.26 | 2.11 |
| 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 | 4.2% | 4.7% | 3.9% | 4.3% | 3.9% | 2.4% | 3.7% | 2.9% | 3.2% | 3.2% | 3.2% |
| Payout Ratio | 150.3% | 150.3% | 623.4% | 121.5% | 556.4% | 289.2% | 652.5% | 209.3% | 168.5% | 269.7% | 105.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 3.1% | 0.6% | 3.5% | 0.7% | 0.8% | 0.5% | 1.3% | 1.9% | 1.1% | 3.0% |
| FCF Yield | 4.6% | 5.1% | 4.2% | 4.1% | 4.7% | 2.7% | 3.8% | 3.3% | 4.2% | 3.8% | 4.5% |
| Buyback Yield | 0.9% | 1.0% | 0.0% | 0.2% | 0.4% | 0.0% | 0.2% | 0.0% | 0.2% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.0% | 5.6% | 3.9% | 4.5% | 4.3% | 2.4% | 3.9% | 2.9% | 3.4% | 3.2% | 3.2% |
| Shares Outstanding | — | $331M | $330M | $329M | $323M | $302M | $295M | $286M | $269M | $269M | $267M |
Rising leverage and supply
As indicated by the provided quarterly data, UDR's P/FFO multiple has compressed from 15.06 in 2023Q4 to 9.95 in 2026Q1, reflecting a market that is increasingly cautious regarding the sustainability of the company's earnings growth in a high-interest-rate environment.
The downward trend in P/FFO suggests that investors are applying a higher risk premium to UDR's future cash flows, likely due to the observed volatility in FFO per share. This valuation contraction warrants further investigation into whether the market is pricing in a permanent shift in the company's cost of capital or merely reacting to short-term earnings noise.
Based on reported quarterly figures, NOI margins have shown significant instability, ranging from 23.7% to 68.2%, which suggests that the company's operational efficiency gains from its technology platform may be obscured by non-recurring accounting adjustments or irregular property-level expense timing.
While the 'Next Gen' platform is intended to drive margin expansion, the wide variance in reported NOI margins makes it difficult to discern a clear trend of organic profitability improvement. Investors should monitor whether these fluctuations stabilize as the platform matures, as persistent volatility may indicate underlying challenges in controlling property-level costs.
According to the financial data, the FFO payout ratio has fluctuated between 39.9% and 108.9% over the last ten quarters, indicating that dividend coverage is highly sensitive to the periodic volatility in core earnings rather than a steady, predictable cash flow stream.
The spike in the payout ratio to 108.9% in 2025Q4 highlights the risk of relying on FFO as a sole metric for dividend sustainability. A more conservative assessment using AFFO is necessary to determine if the current distribution level remains adequately supported by recurring cash flows after accounting for necessary capital expenditures.
As reported in recent financial statements, UDR's debt-to-equity ratio has steadily increased from 1.21 in 2023Q4 to 1.78 in 2026Q1, suggesting a concerning trend of rising financial leverage that may constrain the company's future capital allocation flexibility.
The consistent rise in leverage, coupled with thin cash reserves, appears to leave the company with limited room for error in a volatile interest rate environment. This trend warrants close monitoring, as it may indicate a reliance on debt to bridge the gap between operational cash flow and capital requirements.
The most commonly misapplied metric for UDR is the standard P/E ratio, which fails to account for the significant non-cash depreciation charges inherent in real estate ownership, thereby severely distorting the company's true earnings power and valuation relative to its peers.
Because depreciation is a non-cash expense that does not reflect the actual economic wear of UDR's residential portfolio, the P/E ratio consistently understates the company's cash-generating capacity. Analysts should instead utilize P/FFO or P/AFFO, which adjust for these non-cash items to provide a more accurate representation of the REIT's valuation.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying UDR stock.
UDR, Inc.'s current P/E ratio is 36.5x. The historical average is 61.2x. This places it at the 48th percentile of its historical range.
UDR, Inc.'s current EV/EBITDA is 19.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.2x.
UDR, Inc.'s return on equity (ROE) is 8.8%. The historical average is 6.9%.
Based on historical data, UDR, Inc. is trading at a P/E of 36.5x. This is at the 48th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
UDR, Inc.'s current dividend yield is 4.16% with a payout ratio of 150.3%.
UDR, Inc. has 25.6% gross margin and 18.8% operating margin. Operating margin between 10-20% is typical for established companies.
UDR, Inc.'s Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.