Sun Communities, Inc

Real Estate Investment Trusts

SUIStrained6 of 11 basics passed

$113.25

+1.30%

Market cap $13.8B

$113.25

+1.30%

Market cap $13.8B

Sun Communities is a residential REIT that focuses on owning manufactured housing and recreational vehicle communities. The company currently owns a portfolio of 455 properties, which includes 295 manufactured housing communities and 160 RV communities.

It is a $13.8B real estate company. Revenue shrank 23.7% over the last year, and it currently loses money.

Website: suninc.com
Location: Southfield, MI
Employees: 3 614
Sector: Real Estate
Founded: 1996

Share price · 3 years

$113.39 → $113.25-0.1%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $2.12B
Loss: spends more than it earns; -$871M
Free cash flow: cash left after running the business; $900M
P/E: years of profit in the price; 10.1
Dividend: pays out 65% of profit · 115% of FCF; 7.52%
Shares: up 88% since 2016 — dilution; 124.9M
Volatility: beta vs the market — under 1 swings less; 0.76

Revenue, last 10 years

52-week range

Low $110.00$113.25High $137.18

Today's price is 12% of the way from the year's low to its high.

P/E vs its history5y

10.9×median 52.7×

Higher than 1% of past days — near the lowest of its own history.

Valuation vs own history

P/E

10.9×

99%

P/S

6.5×

25%

P/B

2.5×

26%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Standing in Real Estate

Size$13.8Btop 51%
Revenue growth-8%top 96%
Net margin-39%top 100%
Return on equity-13%top 100%
P/E10.1×top 7%
Dividend yield7.52%top 12%

Ranked against 46 Real Estate companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Profitability, Health, Quality and Moat lag behind.

Valuation62

P/E vs own history1th pct · 25/25
FCF yield6.5% · 20/25
P/S6.3x · 12/25
EV/EBITDA32.2x · 5/25

Growth56

Revenue CAGR0.4% · 6/25
Net income CAGR37.6% · 25/25
EPS CAGR ~5Y51.9% · 25/25
Fwd implied growth-74.7% · 0/25

Profitability32

ROIC24.3% · 20/25
ROE-12.7% · 0/25
Net margin-41.1% · 0/25
Operating margin11.2% · 12/25

Health18

Altman Z0.11 · 3/25
Current ratio1.01 · 12/25
Interest coverage0.7x · 3/25
Net cash / debtn/a · 0/25

Quality40

Piotroski F5/9 · 15/25
Beneish M-3.10 · 25/25
FCF conversionn/a · 0/25
Margin stabilityσ 37.4% · 0/25

Moat33

ROIC >12% years5/10 yrs · 13/25
Median gross margin48.2% · 20/25
FCF-positive years2/6 yrs · 0/25
Worst-year net marginworst -6.6% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$1.36B net income
2022Acquisition
The company acquired Park Holidays UK for $1.3 billion
2020Acquisition
The company acquired Safe Harbor Marinas for $2.11 billion
2019Acquisition
The company acquired a portfolio of 31 manufactured housing communities for $343.6 million
FY2018Financial
Revenue crossed $1B
$1.13B for the year
FY2016Financial
First recorded profitable year
$26.3M net income
2016Acquisition
The company acquired a portfolio of 103-communities mostly located in California, Florida
1996Founded
Sun RV Resorts was established
1996Acquisition
The company acquired 25 manufactured housing communities for $226 million
1993IPO
The company became a public company via an initial public offering

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$6 037 today — price return only

$2.3B revenue in FY2025

Positive free cash flow 3 years in a row

3 614 employees

ROIC of 24.3%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (54.8%)
Strong cash conversion — FCF is 42.4% of revenue
High returns on invested capital (ROIC 24.3%)

Watch-outs

Revenue shrinking 23.7% year over year
Not profitable — 41.1% net margin
Altman Z-Score 0.11 — elevated financial-distress risk
Thin interest coverage (0.7×)
Loss-making in 1 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

6 of 11 checks passed

Revenue growing — the company sells more than a year ago-23.7% YoY
Profitable — makes more than it spends-$871M TTM
Profit growing — earnings are higher than last year+74.8% YoY
Generates cash — cash left after running and investing$900M TTM
Debt under control — could handle its obligationscurrent ratio 1.01
Established company — not a micro-cap — lower blow-up risk$13.8B market cap
Not printing shares — share count not ballooning — you keep your slice+28.1% shares over ~5y
Proven track record — years of profitability behind it9/10 profitable years
Financially stable — balance sheet not near distressAltman Z 0.1 — distress
Pays a dividend — returns cash to shareholdersyield 7.52%
Valuation not extreme — price not wildly above earningsP/E 10.1

Peer comparisonSun Communities, Inc vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
SUI this company	$13.8B	10.1	-23.7%	-41.1%	Strained
WELL Welltower Inc.	$162.5B	108.1	+37.6%	12.1%	Strained
PLD Prologis, Inc.	$123.1B	29.8	+7.3%	45.8%	Strained
EQIX Equinix, Inc.	$101.2B	66.0	+9.6%	15.6%	Strained
AMT American Tower Corporation	$84.5B	25.0	+14.2%	31.1%	Strained
DLR Digital Realty Trust, Inc.	$66.6B	83.0	+17.4%	11.8%	Strained
SPG Simon Property Group, Inc.	$64.7B	14.0	+15.0%	66.5%	Strained

Head-to-head: SUI vs WELL · SUI vs PLD · SUI vs EQIX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 5Buy 11Hold 6

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $2.12B · net income -$871M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$2.12B

YoY -23.7%

Net income (TTM)

-$871M

Margin -41.1%

Gross margin

54.8%

Operating margin

11.2%

P/E ratio

10.1

Dividend yield

7.52%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	1.4	2.3	3.0	3.2	3.2	2.3
Gross profit	1.3	2.1	2.7	-0.1	-0.1	-0.2
Operating income (EBIT)	1.3	2.1	2.7	-0.1	-0.1	-0.2
Net income	0.1	0.4	0.2	-0.2	0.1	1.4
EPS (diluted)	1.35	3.30	1.97	-1.72	0.70	10.90

Cash flowFree cash flow $900M · operating cash flow $900M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$900M

Margin 42.4%

Operating cash flow (TTM)

$900M

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.5	0.8	0.7	0.8	0.9	0.9
Capital expenditure	-0.5	—	-0.9	—	—	—
Free cash flow	0.0	0.8	-0.2	0.8	0.9	0.9
FCF margin	0.7%	33.2%	-6.3%	24.5%	26.7%	37.5%

Balance sheetAssets $12.5B · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $12.5B of assets is financed

43%

57%

Liabilities $5.19B — borrowed moneyEquity $6.96B — owners' stake

Altman Z-Score

0.11

Distress zone

Interest coverage

0.7x

EBIT ÷ interest expense

ROE

-12.7%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.1	0.1	0.1	0.0	0.1	0.6
Total assets	11.2	13.5	17.1	16.9	16.5	12.5
Total liabilities	5.3	6.5	9.0	9.5	9.1	5.2
Total debt	—	—	—	—	—	—
Equity	5.5	6.6	7.8	7.1	7.1	7.0
Net debt	—	—	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of SUI on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $113.25 · market cap $13.8B.