UDR, Inc. key statistics and ratios
In fiscal 2025, UDR, Inc. had return on equity of 11.2%, an operating margin of 32.3% and debt equal to 177.5% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | −14.0% | −22.1% | 3.6% | 9.4% | 15.4% | 15.5% | 18.3% | 41.8% | 22.9% | 33.9% | 19.2% | 20.1% | 20.8% | 16.5% | 39.0% | 17.0% | 32.3% | 40.8% |
| Net margin | −15.6% | −19.6% | 3.2% | 29.6% | 5.9% | 18.9% | 39.0% | 30.5% | 12.2% | 19.4% | 16.1% | 5.2% | 11.6% | 5.7% | 27.3% | 5.4% | 22.1% | 30.4% |
| Free-cash-flow margin | 39.7% | 40.0% | 38.2% | 44.5% | 43.8% | 47.9% | 52.1% | 55.4% | 52.0% | 53.1% | 40.2% | 35.5% | 39.3% | 39.9% | 33.0% | 37.5% | 38.0% | 37.5% |
| Return on equity | −6.3% | −6.9% | 1.0% | 8.0% | 1.5% | 5.6% | 12.1% | 9.8% | 4.1% | 7.1% | 5.9% | 1.9% | 4.5% | 2.3% | 11.0% | 2.4% | 11.2% | 16.8% |
| Return on assets | −1.7% | −1.9% | 0.3% | 3.1% | 0.7% | 2.3% | 4.7% | 3.8% | 1.6% | 2.6% | 2.1% | 0.7% | 1.5% | 0.8% | 4.0% | 0.8% | 3.5% | 5.0% |
| Asset turnover | 0.11 | 0.10 | 0.10 | 0.11 | 0.11 | 0.12 | 0.12 | 0.13 | 0.13 | 0.14 | 0.13 | 0.13 | 0.13 | 0.14 | 0.15 | 0.15 | 0.16 | 0.16 |
| Debt to equity | 245.6% | 212.4% | 169.3% | 113.9% | 125.3% | 130.4% | 123.6% | 110.3% | 130.4% | 122.7% | 140.2% | 154.1% | 157.2% | 133.9% | 145.5% | 169.7% | 177.5% | 198.3% |
| Interest cover (operating income ÷ interest) | n/m | n/m | 0.1x | 0.5x | 0.9x | 1.0x | 1.3x | 3.3x | 1.8x | 2.6x | 1.3x | 1.2x | 1.4x | 1.6x | 3.5x | 1.5x | 2.8x | 3.6x |
| Effective tax rate | — | — | — | — | — | — | −3.8% | 3.5% | −0.2% | 0.3% | 1.9% | 3.6% | 0.9% | 0.4% | 0.4% | 0.9% | 0.2% | 0.2% |
| Capital spending as % of revenue | 1.1% | 0.8% | 2.1% | 1.1% | 1.0% | 0.7% | 0.5% | 0.5% | 0.1% | 0.5% | 14.5% | 13.1% | 12.1% | 14.2% | 18.2% | 14.9% | 14.8% | 14.2% |
| Free cash flow ÷ net income | — | — | >999% | 150.5% | 741.5% | 253.9% | 133.5% | 181.8% | 425.7% | 273.7% | 250.6% | 686.5% | 338.3% | 696.3% | 120.9% | 699.9% | 172.1% | 123.2% |
| Dividends ÷ net income | — | — | 751.4% | 97.8% | 517.3% | 165.9% | 83.2% | 105.5% | 269.7% | 168.5% | 207.1% | 652.5% | 289.2% | 556.4% | 121.5% | 623.4% | 150.3% | 108.7% |
| Dividends and buybacks ÷ free cash flow | 65.2% | 57.5% | 63.2% | 65.0% | 69.8% | 65.4% | 62.3% | 58.1% | 63.3% | 65.2% | 82.6% | 99.5% | 85.5% | 88.0% | 105.1% | 89.1% | 105.5% | 153.2% |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 16.6% | 15.7% | 29.0% | 18.2% | 17.7% | 64.1% | 54.0% | 27.2% |
| Net margin | 5.4% | −1.2% | 18.2% | 8.9% | 9.4% | 51.5% | 44.6% | 16.2% |
| Free-cash-flow margin | 38.4% | 42.4% | 24.5% | 44.7% | 38.1% | 44.4% | 20.0% | 47.4% |
| Debt to equity | 166.9% | 169.2% | 174.5% | 173.7% | 178.1% | 177.0% | 172.4% | 197.8% |
| SG&A as % of revenue | 2.3% | — | 2.2% | 2.4% | 2.4% | — | — | — |
Moat
Moderate moat
How hard UDR's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
- Returns on capital 0 / 20
Net income has been a median 1.3% of total assets over 10 years.
- Durability 16 / 20
Operating margin has been a median 19.6%; its worst year was 18.2%.
- Cash conversion 20 / 20
Free cash flow was positive in 10 of 10 years, at a median 38.9% of revenue.
- Discipline 13 / 20
The diluted share count rose 11.0% over five years; stock-based pay has been a median 1.8% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
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