UMH PROPERTIES, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data UMH PROPERTIES, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	99.2	113	130	147	164	186	196	221	241	262
Cost of revenue	6.47	8.47	11.7	12.9	14.4
Gross profit	92.7	104	118	134	149
General and administrative	8	9.65	10.9	10	11.1	14.1	19	19.7	21.8	21.5
Operating expenses	83.3	96.6	111	127	135	152	166	185	198	214
Interest income		2.01	2.26	2.62	2.92	3.36	4.09	4.98	7.12	8.74
Other non-operating income	-4.42	-3.28	-54.7	7.85	-23	17.3	-34.3	-28.3	-20.9	-21.5
Net income to minority interests					0	0	-0.12	-0.16	-0.19	-0.22
Net income	11.5	12.7	-36.2	27.8	5.06	51.1	-36.3	-8.71	2.47	5.97
EPS, basic	-0.04	0.16	-0.41	0.29	-0.72	0.46	-0.67	-0.15	0.03	0.07
EPS, diluted	-0.04	0.16	-0.41	0.29	-0.72	0.45	-0.67	-0.15	0.03	0.07
Shares, basic (weighted)	66.7	78.4	88.5	95.8	41.4	46.3	54.4	63.1	74.1	84.1
Shares, diluted (weighted)	66.7	78.4	88.5	96.5	41.4	47.4	55.3	63.7	74.9	84.7
Dividend per share	0.30	0.30	0.30	0.30	0.72	0.76	0.80	0.82	0.85	0.89

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4.22	23.2	7.43	12.9	15.3	116	29.8	57.3	99.7	72.1
Lease right-of-use assets			2	3.9	3.8		3.6
Total assets	680	824	881	1,025	1,089	1,271	1,345	1,428	1,564	1,699
Total liabilities	363	403	456	479	588	529	793	721	648	792
Total debt	58.4	84.8	108	84	87.4	46.9	154
Paid-in capital	111	168	157	163	115	300	343	433	611	600
Retained earnings	-0.67	-0.67	-25.4	-25.4	-25.4	-25.4	-25.4	-25.4	-25.4	-25.4
Other comprehensive income	16.7	11.5	0
Shareholders' equity	317	421	425	546	502	742	549	705	914	906
Minority interests						0	2.23	2.07	1.88	1.66
Total equity	317	421	425	546	502	742	551	707	916	907
Total liabilities and equity	680	824	881	1,025	1,089	1,271	1,345	1,428	1,564	1,699
Shares outstanding	70.5	85.2	92	98.7	41.9	51.7	57.6	68	81.9	84.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	11.5	12.7	-36.2	27.8	5.06	51.1	-4.97	7.85	21.4	26.3
Depreciation and amortization	23.2	27.6	31.7	36.8	41.7	45.1	48.8	55.7	60.2	66.6
Stock-based compensation	1.06	1.31	1.61	1.94	1.33	3.45	4.97	4.9	4.78	5.36
Change in inventory	-3.11	-0.14	-6.13	-8.26	6.52	1.79	-64.8	55.5	-2.04	-7.39
Change in payables	0.15	-0	0.91	0.7	-0.18	-0.12	2.11	-0.28	1.87	-2.32
Cash from operations	29.2	40.9	40.2	38.5	66.8	65.2	-7.23	120	81.6	82
Capital expenditures	-58.2	-62	-53	-64.5	-76.8
Purchases of investments	-27.5	-45.1	-18.6	-1.8	-1.11	-0.02	-0.02	-0.02	-0.02	-0.03
Sales and maturities of investments	14.8	17.4	0.27	0.13	0	16.8	56.1	4.32	0.04	5.67
Cash from investing	-77.6	-153	-138	-122	-104	-94.4	-125	-166	-140	-209
Debt repaid	-25.1
Stock issued	20	57.5	30	23.8	6	6.27	5.03	6.39	7	5.82
Share buybacks		0	0	-0.24	-1.83	0	0	0	0	-4.82
Dividends paid	-17.6	-20.8	-21.5	-21.1	-26.7	-31.5	-40.6	-49.1	-59.1	-71.2
Cash from financing	45.9	131	82.3	90.1	46.5	126	48	69.1	103	99.3
Net change in cash	-2.47	18.5	-15.1	6.22	9.6	96.4	-84.2	23.6	44.4	-27.9
Free cash flow	-29	-21.2	-12.8	-26	-9.92
Interest paid	15.1	15.7	16.4	18.4	18.3	19.7	27	35.5	30.7	31.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $15.40 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Net margin	3.9%	Net income / revenue.
Operating cash flow margin	33.3%	Cash from operations / revenue.
Return on equity (ROE)	1.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.6%	Net income / average total assets.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	25.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	141.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	3.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	133.3%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	0.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	4.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-0.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	18.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	13.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	15.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	15.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	47.9%	Total liabilities / total assets.
Tangible book value	$890.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.16x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.13	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3.17	Revenue / diluted weighted shares.
Operating cash flow per share	$1.06	Cash from operations / diluted weighted shares.
Book value per share	$10.44	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$10.44	Tangible book value / shares outstanding.
Cash per share	$0.34	(Cash + short-term investments) / shares outstanding.
Payout ratio	678.1%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.31B	Share price x shares outstanding.
Enterprise value	$1.29B	Market cap + total debt - cash - short-term investments.
P/E	123x	Market cap / net income. Only when net income is positive.
P/S	4.85x	Market cap / revenue.
P/B	1.48x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.48x	Market cap / tangible book value, when positive.
P/OCF	14.5x	Market cap / cash from operations, when positive.
EV/Sales	4.74x	Enterprise value / revenue.
Earnings yield	0.8%	Net income / market cap (the inverse of P/E).
Dividend yield	5.5%	Dividends paid over the period / market cap.
Shareholder yield	5.5%	(Dividends paid + share buybacks) / market cap.

What was UMH PROPERTIES, INC.'s revenue in fiscal 2025?

UMH PROPERTIES, INC. reported revenue of $261.8M for fiscal 2025, 8.8% higher than the year before.

Was UMH PROPERTIES, INC. profitable in fiscal 2025?

Yes. Net income was $6.0M, a net margin of 2.3%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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