UDR vs W. P. Carey
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The short version
- W. P. Carey is the larger business, with $1.7B of revenue in fiscal 2025 against $1.7B for UDR.
- W. P. Carey grew revenue faster (8.4%, against 2.4%).
- UDR earned a higher return on the capital invested in it (6.0%, against 4.6%).
- Investors pay more for each dollar of UDR’s earnings: a P/E of 24.4x against 21.8x for W. P. Carey.
| Latest fiscal year | UDR · FY25 | WPC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.8B | $14.5B |
| Revenue | $1.7B | $1.7B |
| Free cash flow | — | — |
| Net income | $378M | $466M |
| Growth | ||
| Revenue growth | 2.4% | 8.4% |
| 5-year growth | 6.7% | 7.3% |
| Share count change | 0.3% | 0.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 32.3% | — |
| Net margin | 22.1% | 27.2% |
| FCF margin | — | — |
| Return on capital | 6.0% | 4.6% |
| Return on equity | 11.2% | 5.6% |
| Balance sheet | ||
| Net debt | $5.8B | $8.6B |
| Net debt / EBITDA | 4.7x | 6.5x |
| Dividends and buybacks | $686M | $790M |
| Valuation & quality | ||
| P/E | 24.4x | 21.8x |
| Piotroski F-score | — | — |
Revenue
FY16
UDR $960M
WPC $942M
FY17
UDR $996M
WPC $848M
FY18
UDR $1.0B
WPC $886M
FY19
UDR $1.2B
WPC $1.2B
FY20
UDR $1.2B
WPC $1.2B
FY21
UDR $1.3B
WPC $1.3B
FY22
UDR $1.5B
WPC $1.5B
FY23
UDR $1.6B
WPC $1.7B
FY24
UDR $1.7B
WPC $1.6B
FY25
UDR $1.7B
WPC $1.7B
UDR
WPC
Operating margin
FY16
UDR 41.8%
WPC —
FY17
UDR 22.9%
WPC —
FY18
UDR 33.9%
WPC —
FY19
UDR 19.2%
WPC —
FY20
UDR 20.1%
WPC —
FY21
UDR 20.8%
WPC —
FY22
UDR 16.5%
WPC —
FY23
UDR 39.0%
WPC —
FY24
UDR 17.0%
WPC —
FY25
UDR 32.3%
WPC —
UDR
WPC
Free cash flow
FY16
UDR —
WPC —
FY17
UDR —
WPC —
FY18
UDR —
WPC —
FY19
UDR —
WPC —
FY20
UDR —
WPC —
FY21
UDR —
WPC —
FY22
UDR —
WPC —
FY23
UDR —
WPC —
FY24
UDR —
WPC —
FY25
UDR —
WPC —
UDR
WPC
Return on capital
FY16
UDR 6.0%
WPC 8.0%
FY17
UDR 3.5%
WPC 5.9%
FY18
UDR 5.5%
WPC 5.8%
FY19
UDR 3.0%
WPC 4.0%
FY20
UDR 2.9%
WPC 5.0%
FY21
UDR 3.1%
WPC 4.3%
FY22
UDR 2.7%
WPC 5.2%
FY23
UDR 6.5%
WPC 6.0%
FY24
UDR 3.0%
WPC 4.5%
FY25
UDR 6.0%
WPC 4.6%
UDR
WPC
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.