Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin18.8%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin22.1%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
F
Years to Pay Off Debt15.9 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$6.1B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital-$737M
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
N/A
Cash Flow
C
Free Cash Flow$614M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income76.5%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$1.3B
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Market Data
Key Margins
Gross Profit27.1%
Operating Margin18.8%
Net Margin22.1%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
27.1%▲
24.9%▲
24.1%▲
21.8%•
N/A
Operating Margin %
18.8%▲
16.9%▼
17.6%▲
15.5%•
N/A
Net Income %
22.1%▲
5.4%▼
27.3%▲
5.7%•
N/A
Diluted EPS
1.13▲
0.26▼
1.34▲
0.26•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$10.6B
$10.9B
$11.4B
$11.0B
N/A
Total Debt
$6.0B▼
$6.0B▲
$6.0B▲
$5.7B•
N/A
Working Capital
-$737M▼
-$443M▲
-$585M▲
-$667M•
N/A
Years to Pay Debt
15.90
67.08
13.47
65.30
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$614M▲
$605M▲
$520M▼
$584M•
N/A
Owner Earnings
$1.3B
$1.1B
$1.4B
$1.0B
N/A
CapEx % of Net Income
76.5%
303.3%
70.3%
271.5%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
477
15
1,538
59
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
1,049,973
998,589
1,001,243
919,572
Total Unusual Items
231,231
1,688
348,055
15,761
Total Unusual Items Excluding Goodwill
231,231
1,688
348,055
15,761
Net Income From Continuing Operation Net Minority Interest
377,704
89,585
444,353
86,924
Reconciled Depreciation
680,035
695,473
691,838
679,572
Reconciled Cost Of Revenue
594,069
578,767
558,559
521,124
EBITDA
1,281,204
1,000,277
1,349,298
935,333
EBIT
601,169
304,804
657,460
255,761
Net Interest Income
-177,444
-208,048
-163,107
-162,833
Interest Expense
196,619
208,048
180,866
162,833
Interest Income
19,175
17,759
15,085
Normalized Income
146,950
87,912
97,836
71,222
Net Income From Continuing And Discontinued Operation
377,704
89,585
444,353
86,924
Total Expenses
1,389,942
1,388,961
1,340,548
1,282,333
Rent Expense Supplemental
233,817
232,130
232,152
221,662
Total Operating Income As Reported
553,606
284,569
635,008
250,814
Diluted Average Shares
331,053
330,116
329,104
322,700
Basic Average Shares
330,322
329,290
328,765
321,671
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
372,865
84,750
439,505
82,512
Net Income Common Stockholders
372,865
84,750
439,505
82,512
Preferred Stock Dividends
4,839
4,835
4,848
4,412
Net Income
377,704
89,585
444,353
86,924
Minority Interests
-26,011
-6,292
-30,135
-5,655
Net Income Including Noncontrolling Interests
403,715
95,877
474,488
92,579
Net Income Continuous Operations
403,715
95,877
474,488
92,579
Tax Provision
835
879
2,106
349
Pretax Income
404,550
96,756
476,594
92,928
Other Income Expense
259,619
21,923
352,748
20,708
Other Non Operating Income Expenses
-6,933
Special Income Charges
-11,682
-15,179
-3,138
-9,733
Other Special Charges
11,682
15,179
3,138
9,733
Earnings From Equity Interest
28,388
20,235
4,693
4,947
Gain On Sale Of Security
242,913
16,867
351,193
25,494
Net Non Operating Interest Income Expense
-177,444
-208,048
-163,107
-162,833
Interest Expense Non Operating
196,619
208,048
180,866
162,833
Interest Income Non Operating
19,175
17,759
15,085
Operating Income
322,375
282,881
286,953
235,053
Operating Expense
141,752
134,126
105,570
95,981
Other Operating Expenses
30,734
30,416
20,222
17,493
Depreciation Amortization Depletion Income Statement
25,914
19,405
15,419
14,344
Depreciation And Amortization In Income Statement
25,914
19,405
15,419
14,344
Selling General And Administration
85,104
84,305
69,929
64,144
General And Administrative Expense
85,104
84,305
69,929
64,144
Other Gand A
85,104
84,305
69,929
64,144
Gross Profit
464,127
417,007
392,523
331,034
Cost Of Revenue
1,248,190
1,254,835
1,234,978
1,186,352
Total Revenue
1,712,317
1,671,842
1,627,501
1,517,386
Operating Revenue
1,712,317
1,671,842
1,627,501
1,517,386
Balance Sheet
2025
2024
2023
2022
2021
Preferred Shares Number
12,627
12,627
17,136
Ordinary Shares Number
328,273
330,859
329,015
328,993
Share Issued
328,273
330,859
329,015
328,993
Net Debt
5,820,147
5,825,639
5,795,787
5,486,110
Total Debt
6,004,332
6,009,240
5,984,545
5,676,541
Tangible Book Value
3,245,269
3,400,012
3,946,529
4,053,470
Invested Capital
9,066,638
9,226,977
9,745,238
9,540,773
Working Capital
-737,049
-443,436
-585,233
-666,898
Net Tangible Assets
3,288,462
3,443,205
3,991,144
4,098,085
Capital Lease Obligations
182,963
182,275
185,836
189,238
Common Stock Equity
3,245,269
3,400,012
3,946,529
4,053,470
Preferred Stock Equity
43,193
43,193
44,615
44,615
Total Capitalization
8,638,450
8,970,909
9,377,185
9,257,373
Total Equity Gross Minority Interest
4,148,763
4,460,895
4,952,441
4,938,145
Minority Interest
860,301
1,017,690
961,297
840,060
Stockholders Equity
3,288,462
3,443,205
3,991,144
4,098,085
Gains Losses Not Affecting Retained Earnings
1,660
3,638
4,914
8,344
Other Equity Adjustments
1,660
3,638
4,914
8,344
Retained Earnings
-4,240,268
-4,179,415
-3,554,892
-3,451,587
Additional Paid In Capital
7,480,594
7,572,480
7,493,217
7,493,423
Capital Stock
46,476
46,502
47,905
47,905
Common Stock
3,283
3,309
3,290
3,290
Preferred Stock
43,193
43,193
44,615
44,615
Total Liabilities Net Minority Interest
6,456,911
6,436,691
6,420,801
6,100,325
Total Non Current Liabilities Net Minority Interest
5,532,951
5,709,979
5,571,877
5,348,526
Other Non Current Liabilities
51,999
55,441
Preferred Securities Outside Stock Equity
1,299,442
Long Term Debt And Capital Lease Obligation
5,532,951
5,709,979
5,571,877
5,348,526
Long Term Capital Lease Obligation
182,963
182,275
185,836
189,238
Long Term Debt
5,349,988
5,527,704
5,386,041
5,159,288
Current Liabilities
923,960
726,712
848,924
751,799
Current Deferred Liabilities
61,205
61,592
50,528
51,999
Current Deferred Revenue
61,205
61,592
50,528
51,999
Current Debt And Capital Lease Obligation
471,381
299,261
412,668
328,015
Current Debt
471,381
299,261
412,668
328,015
Line Of Credit
26,381
9,361
4,593
28,015
Commercial Paper
445,000
289,900
408,075
300,000
Payables And Accrued Expenses
391,374
365,859
385,728
371,785
Current Accrued Expenses
51,698
52,631
47,710
46,671
Interest Payable
51,698
52,631
47,710
46,671
Payables
339,676
313,228
338,018
325,114
Dividends Payable
151,934
151,720
149,600
134,213
Total Tax Payable
45,640
46,403
47,107
37,681
Accounts Payable
142,102
115,105
141,311
153,220
Total Assets
10,605,674
10,897,586
11,373,242
11,038,470
Total Non Current Assets
10,418,763
10,614,310
11,109,551
10,953,569
Other Non Current Assets
231,308
197,493
209,969
197,471
Investments And Advances
886,492
917,483
952,934
754,446
Long Term Equity Investment
886,492
917,483
952,934
754,446
Investmentsin Joint Venturesat Cost
886,492
917,483
952,934
754,446
Investment Properties
9,113,339
9,312,337
9,756,029
9,807,571
Net PPE
187,624
186,997
190,619
194,081
Gross PPE
187,624
186,997
190,619
194,081
Other Properties
187,624
186,997
190,619
194,081
Current Assets
186,911
283,276
263,691
84,901
Restricted Cash
35,710
34,101
31,944
29,001
Receivables
149,979
247,849
228,825
54,707
Notes Receivable
149,979
247,849
228,825
54,707
Cash Cash Equivalents And Short Term Investments
1,222
1,326
2,922
1,193
Cash And Cash Equivalents
1,222
1,326
2,922
1,193
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
613,946
605,161
520,317
584,058
Repurchase Of Capital Stock
-117,811
0
-25,009
-49,028
Repayment Of Debt
-178,323
-153,615
-24,669
-2,672
Issuance Of Debt
17,020
301,697
0
0
Issuance Of Capital Stock
0
0
629,552
899,053
Capital Expenditure
-288,941
-271,687
-312,347
-236,013
Interest Paid Supplemental Data
190,511
192,101
184,201
154,911
Income Tax Paid Supplemental Data
1,373
1,044
1,911
1,145
End Cash Position
36,932
35,427
34,866
30,194
Beginning Cash Position
35,427
34,866
30,194
28,418
Changes In Cash
1,505
561
4,672
1,776
Financing Cash Flow
-750,392
-599,936
-538,854
111,233
Cash Flow From Continuing Financing Activities
-750,392
-599,936
-538,854
111,233
Net Other Financing Charges
-53,684
-66,510
-52,629
-58,614
Cash Dividends Paid
-572,694
-563,333
-544,622
-488,005
Preferred Stock Dividend Paid
-4,830
-4,851
-4,770
-4,381
Common Stock Dividend Paid
-567,864
-558,482
-539,852
-483,624
Net Common Stock Issuance
-117,811
0
-25,009
580,524
Common Stock Payments
-117,811
0
-25,009
-49,028
Common Stock Issuance
0
0
629,552
899,053
Net Issuance Payments Of Debt
-6,203
29,907
83,406
77,328
Net Short Term Debt Issuance
155,100
-118,175
108,075
80,000
Net Long Term Debt Issuance
-161,303
148,082
-24,669
-2,672
Long Term Debt Payments
-178,323
-153,615
-24,669
-2,672
Long Term Debt Issuance
17,020
301,697
0
0
Investing Cash Flow
-150,990
-276,351
-289,138
-929,528
Cash Flow From Continuing Investing Activities
-150,990
-276,351
-289,138
-929,528
Net Other Investing Changes
-112,000
-32,168
-85,310
-75,183
Dividends Received Cfi
150,303
41,097
14,399
81,443
Net Investment Purchase And Sale
0
4,624
14,471
0
Sale Of Investment
0
4,624
14,471
0
Net Investment Properties Purchase And Sale
182,679
31,118
152,044
-498,363
Sale Of Investment Properties
373,545
98,650
325,767
40,808
Purchase Of Investment Properties
-190,866
-67,532
-173,723
-539,171
Net Business Purchase And Sale
-83,031
-49,335
-72,395
-201,412
Sale Of Business
0
1,000
0
Purchase Of Business
-83,031
-50,335
-72,395
-201,412
Capital Expenditure Reported
-288,941
-271,687
-312,347
-236,013
Operating Cash Flow
902,887
876,848
832,664
820,071
Cash Flow From Continuing Operating Activities
902,887
876,848
832,664
820,071
Change In Working Capital
-22,260
-35,903
-36,407
-3,348
Change In Other Current Liabilities
-13,888
-4,759
-2,828
-13,140
Change In Other Current Assets
-8,372
-31,144
-33,579
9,792
Other Non Cash Items
32,509
27,107
9,089
31,695
Stock Based Compensation
26,484
32,625
32,896
27,505
Provisionand Write Offof Assets
-213
37,456
702
140
Depreciation Amortization Depletion
680,035
695,473
691,838
679,572
Depreciation And Amortization
680,035
695,473
691,838
679,572
Operating Gains Losses
-217,383
24,213
-339,942
-8,072
Earnings Losses From Equity Investments
25,530
41,080
11,251
17,422
Gain Loss On Investment Securities
-242,913
-16,867
-351,193
-25,494
Net Income From Continuing Operations
403,715
95,877
474,488
92,579
3/5
Graham Score
Speculative Investor
Fails most of Graham's safety criteria. Treat with caution.
Graham's Fair Value
N/A
N/A — requires
positive EPS and positive book value per share. Check the Financials tab for earnings history.
Margin of Safety
—
Market Cap / Net Assets
N/A
Net Assets: $4.1B
Warren's Owner Earnings
$1.3B
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
3/5 — Speculative Investor
✅
Adequate Size
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
$1.7B
vs > $1.5B revenue
❌
Strong Financial Condition
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
0.20x
vs Current Ratio > 2.0x
✅
Earnings Stability
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
No loss years (4 yrs data)
vs No negative EPS years
❌
Dividend Record
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
No dividend
vs Uninterrupted dividends
✅
Earnings Growth
EPS grew from $0.26 to $1.13 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
+334.6% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $1.7Bvs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
❌ Strong Financial Condition — 0.20xvs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
✅ Earnings Stability — No loss years (4 yrs data)vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
❌ Dividend Record — No dividendvs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
EPS grew from $0.26 to $1.13 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
"A minimum increase of at least one-third in per-share earnings over ten years."
These metrics estimate what UDR is worth based on fundamentals — independent of what the market prices it at.
Graham's Fair Value and NCAV are conservative floors.
EPV assumes zero growth. These are reference points, not price targets.
Net Current Asset Value
N/A
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
N/A
Per share, no-growth floor. Compare to current price.
ROIC — Return on Invested Capital
2.6%
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Cash Flow Analysis
Metric
2025
2024
2023
2022
2021
Capital Expenditure % of Net Income
76.5%
303.3%
70.3%
271.5%
N/A
Repurchase of Capital Stock
-$118M
$0M
-$25M
-$49M
N/A
Free Cash Flow
$614M▲
$605M▲
$520M▼
$584M•
N/A•
Warren's Owner Earnings
$1.3B
$1.1B
$1.4B
$1.0B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare UDR against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
No management data available.
Risk Analysis
UDR (UDR) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 27.1%. Operating margin: 18.8%. Net margin: 22.1%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
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