# UDR, Inc. (UDR)

> Source: Nexqual · https://nexqual.com/UDR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, UDR, Inc. (UDR), nexqual.com/UDR" · informational, not investment advice.

**Price:** USD 36.18 (+3.25% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 35.04 · day 35.04–36.42 · 52w 32.94–42 · market cap $13.3B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.72B, net income $522M (30.4% margin), free cash flow $643M (SEC filings).
- Valuation: P/E 25.5x (avg 73.5x at the last 3 fiscal year-ends), EV/EBITDA 15.9x, net debt $5.81B.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $3.1M; 1 not under a Rule 10b5-1 plan ($3.1M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.68 on a 1–5 scale) (22 analysts), mean target USD 39.64 (range 35–45).
- Total return with dividends: 1Y +3.7% vs S&P 500 +14.9%; 5Y -19.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 0.62, revenue estimate $428M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.29B | $1.52B | $1.63B | $1.67B | $1.71B | $1.72B |
| Operating income | $268M | $251M | $635M | $285M | $554M | $700M |
| Net income | $150M | $86.9M | $444M | $89.6M | $378M | $522M |
| EPS (diluted) | $0.48 | $0.26 | $1.34 | $0.26 | $1.13 | — |
| Free cash flow | $508M | $605M | $537M | $627M | $650M | $643M |
| Operating margin | 20.8% | 16.5% | 39.0% | 17.0% | 32.3% | 40.8% |
| Net margin | 11.6% | 5.7% | 27.3% | 5.4% | 22.1% | 30.4% |
| Revenue growth | +4.0% | +17.6% | +7.3% | +2.7% | +2.4% | — |
| Cash + short-term investments | $967K | $1.2M | $2.9M | $1.3M | $1.2M | — |
| Total debt | $5.41B | $5.49B | $5.80B | $5.83B | $5.82B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 25.5x · P/S 7.7x · EV/EBITDA 15.9x · EV/Sales 11.1x · P/FCF 20.7x · P/B 4.5x · FCF yield 4.84% · Earnings yield 3.93% · Dividend yield (paid, TTM) 4.27% · Buyback yield (TTM) 3.15% · Net debt $5.81B · EV $19.1B
P/E at fiscal year-ends: Dec 2025 32.1x, Dec 2024 160.0x, Dec 2023 28.4x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-05 | Toomey Thomas W | Chairman, President and CEO | 80,000 | $3.1M | 9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.68 on a 1–5 scale), 22 analysts; mean target USD 39.64 (low 35, high 45).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Wells Fargo | Target lowered | Overweight | $43 → $39 |
| 2026-10-14 | UBS | Target lowered | Buy | $41 → $39 |
| 2026-10-14 | Barclays | Target lowered | Overweight | $46 → $44 |
| 2026-10-13 | RBC Capital | Target lowered | Sector Perform | $40 → $37 |
| 2026-10-12 | Piper Sandler | Target lowered | Neutral | $41 → $36 |
| 2026-09-21 | Evercore ISI Group | Target lowered | Outperform | $43 → $41 |
| 2026-09-17 | Scotiabank | Target lowered | Sector Perform | $41 → $38 |
| 2026-09-14 | Evercore ISI Group | Target lowered | Outperform | $44 → $43 |
| 2026-09-08 | Mizuho | Target lowered | Neutral | $41 → $39 |
| 2026-09-01 | Wells Fargo | Target lowered | Overweight | $44 → $43 |
| 2026-08-12 | Morgan Stanley | Target lowered | Equal-Weight | $44.5 → $42 |
| 2026-08-04 | JP Morgan | Target raised | Underweight | $39 → $41 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +3.7% | -19.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +3.7% | -4.3% |
| Volatility (annualized) | 20.6% | 22.5% |
| Max drawdown | -18.4% (Jul 2026→Oct 2026) | -43.4% (Dec 2021→Oct 2023) |

## Peers (REIT - Residential)
AMH (American Homes 4 Rent) USD 31.9 +3.10% · ELS (Equity Lifestyle Properties, In) USD 61.17 +3.40% · MAA (Mid-America Apartment Communiti) USD 121.17 +2.97% · CPT (Camden Property Trust) USD 102.74 +2.55% · SUI (Sun Communities, Inc.) USD 119.86 +2.92% · INVH (Invitation Homes Inc.) USD 27.53 +2.69%

## More
Full page: https://nexqual.com/UDR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-10-21)

- "Outlook (1) The Company expects Net Income per diluted share for the third quarter 2026 will be $0.67, which compares to the previously provided guidance range of $0.13 to $0.15 per diluted share."
- "Furthermore, the Company expects FFOA per diluted share for the third quarter 2026 will be $0.65, which represents the high-end of the previously provided guidance range of $0.63 to $0.65 per diluted share."
- "A reconciliation of GAAP Net Income per diluted share to forecasted FFO and FFOA per diluted share for the fourth quarter and full-year 2026 can be found under "Reconciliation of Forecasted Net Income to FFO and FFO as Adjusted" in this release."
- "Net Income, FFO and FFOA per share for all 2026 periods and guidance are unaffected by the Apollo transaction."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.62 | $0.12 | +404.4% | $428.3M | 1 |
| Next quarter (ends 2026-12-31) | $0.13 | $0.13 | +5.1% | $423.3M | 5 |
| Current fiscal year (ends 2026-12-31) | $1.24 | $0.94 | +31.4% | $1.70B | 4 |
| Next fiscal year (ends 2027-12-31) | $0.56 | $0.56 | +0.0% | $1.74B | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±9.3%; last 8 reports averaged ±3.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 37.9% | ±9.3% |
| 2027-01-15 | 84 | 23.4% | ±9.1% |
| 2027-04-16 | 175 | 25.1% | ±13.5% |