ELS vs UDR: Equity Lifestyle Properties and UDR compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- UDR is the larger company, worth $12.6B, close to Equity Lifestyle Properties's $11.8B.
- UDR grew revenue faster over the last year (+19.7% vs +2.7%).
- UDR keeps more of each dollar of revenue as operating profit (5614.5% vs 25.6%).
- On earnings, UDR is the cheaper stock (23.1x vs 29.4x).
- Equity Lifestyle Properties's price assumes faster free cash flow growth: about 12% a year, against 5% for UDR (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ELS | UDR |
|---|---|---|
| Market cap | $11.8B | $12.6B |
| Share price | $59.01 | $34.12 |
| Revenue (last fiscal year) | $1.5B | $11M |
| Free cash flow (last fiscal year) | $334M | $650M |
| Revenue growth, last year | +2.7% | +19.7% |
| Revenue growth per year, last 5 fiscal years | +3.9% | +16.8% |
| Operating margin | 25.6% | 5614.5% |
| Net margin | 25.0% | 4167.6% |
| Return on equity | 21.9% | 14.9% |
| P/E (trailing) | 29.4x | 23.1x |
| Price / free cash flow | 35.3x | 20.5x |
| EV / EBITDA | 20.8x | 11.9x |
| FCF growth the price implies | 12.4% | 4.6% |
| Dividend yield | 3.6% | 5.1% |
| Debt / equity | 2.23x | 1.90x |
| Fundamental grade | C | B |
| Superinvestors holding it | 5 | 3 |
| Insider purchases, last 12 months | 0 | 4 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Equity Lifestyle Properties
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.3B | $305M | 20.7% |
| 2022 | $1.4B | $227M | 20.4% |
| 2023 | $1.5B | $231M | 21.5% |
| 2024 | $1.5B | $355M | 24.9% |
| 2025 | $1.5B | $334M | 25.6% |
UDR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6M | $508M | 4391.5% |
| 2022 | $5M | $605M | 4994.3% |
| 2023 | $7M | $537M | 9279.7% |
| 2024 | $8M | $627M | 3421.5% |
| 2025 | $11M | $650M | 4872.9% |
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ELS in InvestinglyQuestions
Which is bigger, Equity Lifestyle Properties or UDR?
UDR (UDR), at $12.6B against $11.8B.
Is ELS or UDR cheaper?
By trailing P/E, UDR (23.1x) is cheaper than Equity Lifestyle Properties (29.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, ELS or UDR?
UDR: revenue grew +19.7% over the last year, against +2.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.