# Sun Communities, Inc (SUI) — Stock CV

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

> 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.

## Identity

- **Ticker**: SUI
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: SOUTHFIELD, MI
- **Employees**: 3 614
- **Website**: https://www.suninc.com
- **Market cap**: $13.8B
- **Last price**: $113.25
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $2.12B
- **Net income**: -$871M
- **Free cash flow**: $900M
- **P/E**: 10.1
- **Revenue growth (YoY)**: -23.7%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 62 |
| Growth | 56 |
| Profitability | 32 |
| Health | 18 |
| Quality | 40 |
| Moat | 33 |

## Qualifications (beginner checklist) — 6 of 11 passed

- [ ] Revenue growing — -23.7% YoY
- [ ] Profitable — -$871M TTM
- [x] Profit growing — +74.8% YoY
- [x] Generates cash — $900M TTM
- [ ] Debt under control — current ratio 1.01
- [x] Established company — $13.8B market cap
- [ ] Not printing shares — +28.1% shares over ~5y
- [x] Proven track record — 9/10 profitable years
- [ ] Financially stable — Altman Z 0.1 — distress
- [x] Pays a dividend — yield 7.52%
- [x] Valuation not extreme — P/E 10.1

## Experience (career milestones)

- **FY2025** — Best year on record: $1.36B net income
- **2022** — The company acquired Park Holidays UK for $1.3 billion
- **2020** — The company acquired Safe Harbor Marinas for $2.11 billion
- **2019** — The company acquired a portfolio of 31 manufactured housing communities for $343.6 million
- **FY2018** — Revenue crossed $1B: $1.13B for the year
- **FY2016** — First recorded profitable year: $26.3M net income
- **2016** — The company acquired a portfolio of 103-communities mostly located in California, Florida
- **1996** — Sun RV Resorts was established
- **1996** — The company acquired 25 manufactured housing communities for $226 million
- **1993** — The company became a public company via an initial public offering

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $2.27B | $380M | $754M |
| FY2022 | $2.97B | $242M | -$186M |
| FY2023 | $3.22B | -$213M | $791M |
| FY2024 | $3.22B | $89.0M | $861M |
| FY2025 | $2.31B | $1.36B | $864M |

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Source: https://stockcv.com/SUI — derived from company filings; may be delayed or incomplete. Information, not investment advice.