UMH Properties
UMH on NYSE. UMH Properties leases manufactured homesites to residents of manufactured home communities. Market value $1.3bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-6.62 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 21 of 100. Our list needs 70 on quality and 60 on price.
$15.42 a share, 11% above its 1-year low
Over the past year the price has ranged from $13.93 to $16.77.
Dividend: 5.4% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $186m | $196m | $221m | $241m | $262m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.07bn | 0.08bn | 0.09bn | 0.09bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsSlow, 9.9% a year
- Buying back its own sharesNo, 53% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $72 million last quarter, up 8% on a year ago.
- Profit: $4 million, up 75% on a year ago.
- Over the past 12 months it spent $87 million more cash than it brought in, compared with $76 million a year earlier.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $61m |
| December 2024 | $62m |
| March 2025 | $61m |
| June 2025 | $67m |
| September 2025 | $67m |
| December 2025 | $67m |
| March 2026 | $66m |
| June 2026 | $72m |
| Quarter to | Amount |
|---|---|
| September 2024 | $8m |
| December 2024 | $28,000 |
| March 2025 | -$271,000 |
| June 2025 | $3m |
| September 2025 | $4m |
| December 2025 | -$506,000 |
| March 2026 | $3m |
| June 2026 | $4m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 259 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $1m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $25m | <0.1% | Added |
| GAMCO InvestorsMario Gabelli | $1m | <0.1% | |
| Boston PartnersBoston Partners team | $406,460 | <0.1% | Cut |
Largest holders overall
- BlackRock$127mAdded
- Vanguard Portfolio Management$64mAdded
- State Street$56mAdded
- FMR$55mCut
- Vanguard Capital Management$52m
- Capital Research Global Investors$46mAdded
- Geode Capital Management$35mAdded
- Goldman Sachs Group$32mCut
- Private Management Group$30m
- D.A. Davidson$29mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%; 1 of them is pushing for change.
- BlackRock, Inc.Passive investor9.7%Since 30 June 2026
- Erez Asset Management LLCActivistWants board seatsat least 5.0%0.0 pts(filed with 2 related holders)Since 28 September 2026
What they said
On September 28, 2026, Erez Asset Management launched a campaign website located at www.saveUMH.com and issued a presentation (the "September 28 Presentation") outlining its "case for change" at the Issuer and disclosing that it intends to seek Board change and solicit…
Read the filing - Vanguard Portfolio ManagementPassive investor5.0%Since 30 June 2026
- T. Rowe Price Investment Management, Inc.Passive investorSold down below 5%Since 31 March 2026
- Capital Research Global InvestorsPassive investorSold down below 5%Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 9.7% | 30 June 2026 | |
Erez Asset Management LLC Activist Wants board seats | at least 5.0%0.0 pts (filed with 2 related holders) | 28 September 2026 | What they saidOn September 28, 2026, Erez Asset Management launched a campaign website located at www.saveUMH.com and issued a presentation (the "September 28 Presentation") outlining its "case for change" at the Issuer and disclosing that it intends to seek Board change and solicit… Read the filing |
Vanguard Portfolio Management Passive investor | 5.0% | 30 June 2026 | |
T. Rowe Price Investment Management, Inc. Passive investor | Sold down below 5% | 31 March 2026 | |
Capital Research Global Investors Passive investor | Sold down below 5% | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 6 insiders bought $128,791 of shares on the open market. 2 sold $313,800.
- Mitchell William EdwardDirectorBought
- Date
- 25 September 2026
- Shares
- 1,300
- Price
- $15.30
- Value
- $19,890
- Mitchell William EdwardDirectorBought
- Date
- 15 September 2026
- Shares
- 67
- Price
- $14.88
- Value
- $1,000
- Miller Kevin S.EVP, CFO, TreasurerBought
- Date
- 15 September 2026
- Shares
- 67
- Price
- $14.88
- Value
- $1,000
- Carus Jeffrey ADirectorBought
- Date
- 19 August 2026
- Shares
- 500
- Price
- $16.46
- Value
- $8,230
- Mitchell William EdwardDirectorBought
- Date
- 17 August 2026
- Shares
- 64
- Price
- $15.63
- Value
- $1,000
- Miller Kevin S.EVP, CFO, TreasurerBought
- Date
- 17 August 2026
- Shares
- 64
- Price
- $15.63
- Value
- $1,000
- Mitchell William EdwardDirectorBought
- Date
- 15 July 2026
- Shares
- 68
- Price
- $14.75
- Value
- $1,000
- Miller Kevin S.EVP, CFO, TreasurerBought
- Date
- 15 July 2026
- Shares
- 68
- Price
- $14.75
- Value
- $1,000
- Miller Kevin S.EVP, CFO, TreasurerBought
- Date
- 15 June 2026
- Shares
- 68
- Price
- $14.63
- Value
- $1,000
- Mitchell William EdwardDirectorBought
- Date
- 2 June 2026
- Shares
- 133
- Price
- $14.94
- Value
- $1,987
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 25 September 2026 | Mitchell William Edward Director | Bought | 1,300 | $15.30 | $19,890 |
| 15 September 2026 | Mitchell William Edward Director | Bought | 67 | $14.88 | $1,000 |
| 15 September 2026 | Miller Kevin S. EVP, CFO, Treasurer | Bought | 67 | $14.88 | $1,000 |
| 19 August 2026 | Carus Jeffrey A Director | Bought | 500 | $16.46 | $8,230 |
| 17 August 2026 | Mitchell William Edward Director | Bought | 64 | $15.63 | $1,000 |
| 17 August 2026 | Miller Kevin S. EVP, CFO, Treasurer | Bought | 64 | $15.63 | $1,000 |
| 15 July 2026 | Mitchell William Edward Director | Bought | 68 | $14.75 | $1,000 |
| 15 July 2026 | Miller Kevin S. EVP, CFO, Treasurer | Bought | 68 | $14.75 | $1,000 |
| 15 June 2026 | Miller Kevin S. EVP, CFO, Treasurer | Bought | 68 | $14.63 | $1,000 |
| 2 June 2026 | Mitchell William Edward Director | Bought | 133 | $14.94 | $1,987 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.