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Arphra AIPlain-English read on UDR, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $1.29B | $1.52B | $1.63B | $1.67B | $1.71B | $1.71B | $1.77B | $1.82B | $1.9B |
| Cost of revenue | $1.06B | $1.19B | $1.23B | $1.25B | $1.27B | $1.31B | $1.33B | $1.4B | $1.39B |
| Gross profit | $228.04M | $331.03M | $392.52M | $417.01M | $438.21M | $436.32M | $439.37M | $449M | $471.38M |
| Gross margin | +17.67% | +21.82% | +24.12% | +24.94% | +25.59% | +25.46% | +24.89% | +24.70% | +24.82% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $57.54M | $64.14M | $69.93M | $84.31M | $115.84M | $89.57M | $96.72M | $98.69M | $99.02M |
| Total operating expenses | -$39.93M | $80.22M | -$242.49M | $132.44M | $115.84M | -$1.23M | -$1.26M | -$1.29M | -$1.34M |
| Operating income | $267.97M | $250.81M | $635.01M | $284.57M | $322.38M | $434.5M | $438.71M | $458.88M | $466.91M |
| Operating margin | +20.76% | +16.53% | +39.02% | +17.02% | +18.83% | +25.36% | +24.85% | +25.24% | +24.58% |
| EBITDA | $968.53M | $935.33M | $1.35B | $1B | $1B | $1.12B | $1.22B | $1.23B | $1.28B |
| EBIT | $348.7M | $255.76M | $657.46M | $304.8M | $322.38M | $446.26M | $464.4M | $456.06M | $484.89M |
| Below the line | |||||||||
| Interest expense | $186.27M | $162.83M | $180.87M | $208.05M | $0 | $134.27M | $137.07M | $138.56M | $148.84M |
| Interest income | $15.09M | $0 | $17.76M | $0 | $0 | $6.06M | $6.32M | $6.81M | $6.73M |
| Other income / expense | -$105.54M | -$157.89M | -$158.41M | -$187.81M | $82.18M | — | — | — | — |
| Pre-tax income | $162.43M | $92.93M | $476.59M | $96.76M | $404.55M | $331.4M | $349.33M | $348.89M | $380.39M |
| Income tax expense | $1.44M | $349K | $2.11M | $879K | $835K | $1.78M | $1.84M | $1.82M | $1.87M |
| Earnings | |||||||||
| Net income | $150.02M | $86.92M | $444.35M | $89.59M | $377.7M | $308.9M | $318.24M | $328.64M | $341.41M |
| Net income · continuing ops | $160.99M | $92.58M | $474.49M | $95.88M | $403.72M | $329.68M | $343.07M | $345.41M | $359.87M |
| Net margin | +11.62% | +5.73% | +27.30% | +5.36% | +22.06% | +18.03% | +18.03% | +18.08% | +17.97% |
| EPS · basic | $0.49 | $0.26 | $1.34 | $0.26 | $1.13 | $0.78 | $0.54 | $0.58 | $0.68 |
| EPS · diluted | $0.48 | $0.26 | $1.34 | $0.26 | $1.13 | $0.77 | $0.54 | $0.58 | $0.69 |
| EPS · low estimate | — | — | — | — | — | $0.75 | $0.53 | $0.41 | $0.67 |
| EPS · high estimate | — | — | — | — | — | $0.78 | $0.54 | $0.71 | $0.71 |
| Shares · basic | 300.33M | 321.67M | 328.77M | 329.29M | 330.32M | 332.84M | 330.13M | 330.23M | 329.67M |
| Shares · diluted | 301.7M | 322.7M | 329.1M | 330.12M | 331.05M | 330.63M | 333.07M | 328.75M | 333.35M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 10 | 10 | 4 | 3 |
| Analysts (EPS) | — | — | — | — | — | 7 | 6 | 3 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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