# UDR, Inc. (UDR) — Stock CV

UDR, Inc. is a $11.0B real estate company. Revenue grew 1.5% over the last year, it keeps 30¢ of every dollar of sales as profit, and its net debt equals ~9.3 years of free cash flow. It trades at 21.0× earnings — near the lowest of its own history.

> UDR Inc is a real estate investment trust that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted markets located in the United States.

## Identity

- **Ticker**: UDR
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: HIGHLANDS RANCH, CO
- **Employees**: 1 410
- **Website**: https://www.udr.com
- **Market cap**: $11.0B
- **Last price**: $34.12
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $1.72B
- **Net income**: $522M
- **Free cash flow**: $643M
- **Net debt**: $6.00B
- **P/E**: 21.0
- **Revenue growth (YoY)**: 1.5%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 77 |
| Growth | 62 |
| Profitability | 75 |
| Health | 13 |
| Quality | 77 |
| Moat | 43 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [x] Revenue growing — +1.5% YoY
- [x] Profitable — $522M TTM
- [x] Profit growing — +61.8% YoY
- [x] Generates cash — $643M TTM
- [ ] Debt under control — ~9.3y of cash flow to repay
- [x] Established company — $11.0B market cap
- [ ] Not printing shares — +12.2% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z 0.2 — distress
- [x] Pays a dividend — yield 5.22%
- [x] Valuation not extreme — P/E 21.0

## Experience (career milestones)

- **FY2023** — Best year on record: $444M net income
- **FY2018** — Revenue crossed $1B: $1.05B for the year
- **2018** — UPM launched brand promise 'UPM Biofore – Beyond fossils'
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2011** — The overcapacity continued in graphic paper business and in 2011, UPM acquired Myllykoski Corporation and Rhein…
- **2009** — UPM created the term "Biofore" to describe new forest industry
- **2000** — The Miramichi paper mill in New Brunswick, which UPM acquired in 2000, was closed in 2007
- **1996** — UPM-Kymmene was formed by the merger of Kymmene Corporation with Repola Oy and its subsidiary United Paper Mills Ltd…

## Strengths

- High gross margin (65.0%)
- Strongly profitable — 30.4% net margin
- Strong cash conversion — FCF is 37.5% of revenue

## Watch-outs

- Altman Z-Score 0.19 — elevated financial-distress risk
- Net debt would take ~9.3 years of free cash flow to repay
- Net debt equals ~9.3 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.29B | $150M | $508M |
| FY2022 | $1.52B | $86.9M | $605M |
| FY2023 | $1.63B | $444M | $537M |
| FY2024 | $1.67B | $89.6M | $627M |
| FY2025 | $1.71B | $378M | $650M |

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Source: https://stockcv.com/UDR — derived from company filings; may be delayed or incomplete. Information, not investment advice.