# Udr (UDR.US)

Canonical: https://gigainvestors.com/s/UDR

Analysis as of: 2026-10-16T07:32:39.764Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $34.21 per share; close as of 2026-10-15.

Estimated value: low $25.36 per share, central $28.85 per share, high $33.51 per share. Buy at or below the central value $28.85 per share. Valuation as of 2026-10-16T07:32:39.764Z; scenarios are not confidence intervals.

Expected annual return: 8.9% at the stated quote. About 8.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.36×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.42×

- FY2017: 0.23×

- FY2018: 0.34×

- FY2019: 0.19×

- FY2020: 0.20×

- FY2021: 0.21×

- FY2022: 0.17×

- FY2023: 0.39×

- FY2024: 0.17×

- FY2025: 0.19×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.0%

- ROIC, second-lowest year: 2.5%

- Typical minus recent gross margin: -0.0 pp

- Typical gross margin (annual median): 24.9%

- Recent gross margin (lower of latest and 3-year median): 24.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 14.8%

- ROIC including acquisitions, ten-year median: 5.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.4%

- FY2017: 2.9%

- FY2018: 4.8%

- FY2019: 2.3%

- FY2020: 2.9%

- FY2021: 2.5%

- FY2022: 2.6%

- FY2023: 6.3%

- FY2024: 3.0%

- FY2025: 3.4%

### economics: pass

- Owner earnings / net income, 5-yr: 2.75×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.2B

- Net income, five-year total: $1.1B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -3.2 pp

- Working capital / revenue, change between three-year averages: -20.2 pp

- Working capital / revenue, final three-year average: 4.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 4.02×

- FY2022: 6.10×

- FY2023: 1.80×

- FY2024: 5.42×

- FY2025: 1.97×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.8% vs 3.4%

- Per-share earnings: 1.10 to 1.14 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.3%

- Ordinary dilution, 5-year annual growth: 2.3%

- Market cap gain: $2.3B

- Cumulative retained earnings: -$2.7B

- Diluted shares, 10-year annual growth: 2.3%

- Diluted shares, 5-year annual growth: 2.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.5%

- Per-share value change: $0.05

- Per-share value, starting three-year median: $1.10

- Per-share value, ending three-year median: $1.14

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.4%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: $469M

- Cumulative net income, 10 years: $2.0B

- ROIC, first three-year median: 4.8%

- ROIC, last three-year median: 3.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.10

- FY2017: $0.45

- FY2018: $0.75

- FY2019: $0.65

- FY2020: $0.22

- FY2021: $0.50

- FY2022: $0.27

- FY2023: $1.35

- FY2024: $0.27

- FY2025: $1.14

### accounting: pass

- Sloan accruals: -5.0%

- Receivables to sales index (DSRI): 0.59×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.39×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.2%

- FY2017: -5.1%

- FY2018: -4.6%

- FY2019: -4.6%

- FY2020: -5.6%

- FY2021: -4.8%

- FY2022: -6.6%

- FY2023: -3.4%

- FY2024: -7.2%

- FY2025: -5.0%

## Holders

## Price story

Down 43% since Dec 2021 · "UDR reports slowed leasing conditions in Q3" (finance.yahoo.com, Nov 2025) · sales +2.4%

Story as of 2026-10-16T09:59:45.150Z; price observation 2026-10-15.

Price needs cash profits to grow 3% a year for ten years

- 2025-10-30: UDR (UDR): $25.3M One-Off Gain Raises Earnings Quality Questions as Margins Slip ([finance.yahoo.com](https://finance.yahoo.com/news/udr-udr-25-3m-one-231349996.html))

- 2025-11-04: UDR reports slowed leasing conditions in Q3 ([finance.yahoo.com](https://finance.yahoo.com/news/udr-reports-slowed-leasing-conditions-134800993.html))

- 2026-04-30: UDR Q1 FFOA Matches Estimates on Steady Occupancy, Revenues Miss ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/udr-q1-ffoa-matches-estimates-154700795.html))

### Sales · FY2024–2025

sales +2.4%; source https://www.sec.gov/Archives/edgar/data/74208/000007420826000013/udr-20251231x10k.htm; observed 2026-02-17.

- FY2016: $960M 

- FY2017: $996M 

- FY2018: $1.0B 

- FY2019: $1.2B 

- FY2020: $1.2B 

- FY2021: $1.3B 

- FY2022: $1.5B 

- FY2023: $1.6B 

- FY2024: $1.7B 

- FY2025: $1.7B 

### Gross margin · FY2025

gross margin 25.6%; source https://www.sec.gov/Archives/edgar/data/74208/000007420826000013/udr-20251231x10k.htm; observed 2026-02-17.

- FY2016: 24.9% 

- FY2017: 25.4% 

- FY2018: 27.4% 

- FY2019: 25.0% 

- FY2020: 17.3% 

- FY2021: 17.7% 

- FY2022: 21.8% 

- FY2023: 24.1% 

- FY2024: 24.9% 

- FY2025: 25.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 1.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/74208/000007420826000013/udr-20251231x10k.htm (filed 2026-02-17); FY2025: revenue 1712317000; grossProfit 438213000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 24.1% to 25.6% during 2023–25; it earns 3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: grossProfit / revenue = 24.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: grossProfit / revenue = 24.9%.

- Source: https://www.sec.gov/Archives/edgar/data/74208/000007420826000013/udr-20251231x10k.htm (filed 2026-02-17); FY2025: grossProfit / revenue = 25.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 10-year return on capital observations [[2016,0.053966868663802944],[2017,0.029312039495329453],[2018,0.04781503913446431],[2019,0.023014286397032922],[2020,0.028506922810171285],[2021,0.025451959393182635],[2022,0.025566455923171402],[2023,0.06339283685569526],[2024,0.0298360198142109],[2025,0.034083650347105386]]; median 0.029574029654770177. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 11.2% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2016: growth capex 0; upkeep 96291000; owner earnings 622065000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2017: growth capex 0; upkeep 126147000; owner earnings 431873000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2018: growth capex 0; upkeep 117209000; owner earnings 521576000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2019: growth capex 0; upkeep 184347000; owner earnings 508541000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2020: growth capex 0; upkeep 174113000; owner earnings 508782000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2021: growth capex 0; upkeep 166524000; owner earnings 603325000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2022: growth capex 0; upkeep 236013000; cash acquisitions 201412000; owner earnings 530483000. Growth capex plus acquisitions / owner earnings = 0.37967663431250387.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: growth capex 0; upkeep 312347000; cash acquisitions 72395000; owner earnings 799742312.9499587. Growth capex plus acquisitions / owner earnings = 0.09052290822647756.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: growth capex 0; upkeep 271687000; cash acquisitions 49335000; owner earnings 485559726.05525833. Growth capex plus acquisitions / owner earnings = 0.10160439046459449.

- Source: https://www.sec.gov/Archives/edgar/data/74208/000007420826000013/udr-20251231x10k.htm (filed 2026-02-17); FY2025: growth capex 0; upkeep 288941000; cash acquisitions 83031000; owner earnings 743600159.8553436. Growth capex plus acquisitions / owner earnings = 0.1116608151565654.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2016,312640000],[2017,331501000],[2018,346077000],[2019,387142000],[2020,423567000],[2021,438005000],[2022,488005000],[2023,544622000],[2024,563333000],[2025,572694000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/74208/000007420826000013/udr-20251231x10k.htm (filed 2026-02-17); FY2025: cash repurchases 117811000 USD.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UDR.US SharesStats.PercentInsiders = 0.44400000000000006 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3% yearly over ten years; actual decline was 0.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Ten-year compound average after fade. Initial solved rate 0.03039098032986709. Price 34.21; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.2908300221420124 → FY2025 2.246166504624165. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $34.97 per share

- 2016-11: $34.04 per share

- 2016-12: $36.48 per share

- 2017-01: $34.95 per share

- 2017-02: $36.50 per share

- 2017-03: $36.26 per share

- 2017-04: $37.34 per share

- 2017-05: $38.61 per share

- 2017-06: $38.97 per share

- 2017-07: $39.09 per share

- 2017-08: $38.82 per share

- 2017-09: $38.03 per share

- 2017-10: $38.79 per share

- 2017-11: $39.33 per share

- 2017-12: $38.52 per share

- 2018-01: $36.53 per share

- 2018-02: $33.62 per share

- 2018-03: $35.62 per share

- 2018-04: $36.15 per share

- 2018-05: $36.47 per share

- 2018-06: $37.54 per share

- 2018-07: $38.48 per share

- 2018-08: $39.97 per share

- 2018-09: $40.43 per share

- 2018-10: $39.19 per share

- 2018-11: $42.62 per share

- 2018-12: $39.62 per share

- 2019-01: $43.75 per share

- 2019-02: $44.42 per share

- 2019-03: $45.46 per share

- 2019-04: $44.95 per share

- 2019-05: $44.78 per share

- 2019-06: $44.89 per share

- 2019-07: $46.06 per share

- 2019-08: $48.18 per share

- 2019-09: $48.48 per share

- 2019-10: $50.25 per share

- 2019-11: $48.05 per share

- 2019-12: $46.70 per share

- 2020-01: $47.91 per share

- 2020-02: $44.98 per share

- 2020-03: $36.54 per share

- 2020-04: $37.47 per share

- 2020-05: $36.98 per share

- 2020-06: $37.38 per share

- 2020-07: $36.20 per share

- 2020-08: $34.81 per share

- 2020-09: $32.61 per share

- 2020-10: $31.24 per share

- 2020-11: $38.47 per share

- 2020-12: $38.43 per share

- 2021-01: $38.45 per share

- 2021-02: $41.17 per share

- 2021-03: $43.86 per share

- 2021-04: $46.45 per share

- 2021-05: $47.63 per share

- 2021-06: $48.98 per share

- 2021-07: $54.99 per share

- 2021-08: $54.02 per share

- 2021-09: $52.98 per share

- 2021-10: $55.53 per share

- 2021-11: $56.73 per share

- 2021-12: $59.99 per share

- 2022-01: $56.84 per share

- 2022-02: $54.87 per share

- 2022-03: $57.37 per share

- 2022-04: $53.21 per share

- 2022-05: $47.80 per share

- 2022-06: $46.04 per share

- 2022-07: $48.40 per share

- 2022-08: $44.87 per share

- 2022-09: $41.71 per share

- 2022-10: $39.76 per share

- 2022-11: $41.47 per share

- 2022-12: $38.73 per share

- 2023-01: $42.59 per share

- 2023-02: $42.84 per share

- 2023-03: $41.06 per share

- 2023-04: $41.33 per share

- 2023-05: $39.67 per share

- 2023-06: $42.96 per share

- 2023-07: $40.88 per share

- 2023-08: $39.90 per share

- 2023-09: $35.67 per share

- 2023-10: $31.81 per share

- 2023-11: $33.40 per share

- 2023-12: $38.29 per share

- 2024-01: $36.02 per share

- 2024-02: $35.50 per share

- 2024-03: $37.41 per share

- 2024-04: $38.08 per share

- 2024-05: $38.62 per share

- 2024-06: $41.15 per share

- 2024-07: $40.07 per share

- 2024-08: $44.51 per share

- 2024-09: $45.34 per share

- 2024-10: $42.19 per share

- 2024-11: $45.86 per share

- 2024-12: $43.41 per share

- 2025-01: $41.74 per share

- 2025-02: $45.18 per share

- 2025-03: $45.17 per share

- 2025-04: $41.88 per share

- 2025-05: $41.43 per share

- 2025-06: $40.83 per share

- 2025-07: $39.29 per share

- 2025-08: $39.57 per share

- 2025-09: $37.26 per share

- 2025-10: $33.69 per share

- 2025-11: $36.42 per share

- 2025-12: $36.68 per share

- 2026-01: $37.15 per share

- 2026-02: $37.50 per share

- 2026-03: $33.78 per share

- 2026-04: $36.34 per share

- 2026-05: $36.90 per share

- 2026-06: $39.92 per share

- 2026-07: $38.16 per share

- 2026-08: $36.95 per share

- 2026-09: $33.55 per share

- 2026-10: $34.21 per share

## Annual estimated value (USD per share)

- FY2016: low $22.87 per share, central $26.27 per share, high $30.53 per share

- FY2017: low $20.59 per share, central $23.43 per share, high $27.21 per share

- FY2018: low $22.21 per share, central $25.18 per share, high $29.15 per share

- FY2019: low $21.94 per share, central $24.96 per share, high $28.99 per share

- FY2020: low $20.30 per share, central $23.10 per share, high $26.83 per share

- FY2021: low $20.64 per share, central $23.49 per share, high $27.27 per share

- FY2022: low $22.68 per share, central $25.81 per share, high $29.98 per share

- FY2023: low $23.86 per share, central $27.15 per share, high $31.53 per share

- FY2024: low $22.69 per share, central $25.82 per share, high $29.98 per share

- FY2025: low $24.56 per share, central $27.94 per share, high $32.45 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/74208/000007420826000013/udr-20251231x10k.htm); period 2025-12-31, filed 2026-02-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.