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Sun Communities

SUI NYSE Single-Family Residential REITs Financials FY2016–FY2025

Sun Communities' revenue rose 2.0% to $2.3 billion in fiscal 2025. Its net margin was 61.3%, up from 4.6% a year earlier. Free cash flow was $407 million, down 51.0%. It paid out $1.6 billion in dividends and buybacks, 389% of free cash flow. The diluted share count fell 1.8%.

Last close · Oct 23, 2026

$120.24

0.3%
Value it Compare
Revenue Total sales reported in the income statement.
$2.3B
2.0% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$1.4B
1,264.8%
Free cash flow Cash from operations minus capital spending.
$407M
51.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$15.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
10.9x
On $11.05 EPS (TTM)

About these figures. Return on capital for fiscal 2025 is blank: invested capital is small next to total assets (cash nearly matches equity and debt), so the ratio isn't meaningful. Net debt to EBITDA for fiscal 2025 is blank: the 10-K's structured data doesn't include every figure it needs.

What Sun Communities does

No business description yet.

Legal name
SUN COMMUNITIES, INC
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000912593-26-000086
0000912593

Revenue and margins

Sun Communities had $2.3B of revenue in fiscal 2025, up 2.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 51.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $407M in fiscal 2025, 17.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Sun Communities returned $1.6B to shareholders in fiscal 2025, 389% of free cash flow. The diluted share count fell 1.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Sun Communities yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 124.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 10.9x · peers 26.8x · sector 28.2x.

Balance sheet

Cash, debt and the ratios that show how comfortably Sun Communities can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $65.8M$72.8M$29.2M$47.9M$570M
Debt incl. finance leases $9.9M$7.3B$7.8B$7.4B—
Net debt / EBITDA −0.1x6.5x10.2x10.2x—
Debt / equity 0.0x0.9x1.1x1.1x—
Interest coverage 2.8x2.2x0.8x0.7x−0.2x
Total assets $13.5B$17.1B$16.9B$16.5B$12.5B
Total liabilities $6.5B$9.0B$9.5B$9.1B$5.2B
Shareholders' equity $6.6B$7.8B$7.1B$7.1B$7.0B
Net debt (− = net cash) −$55.9M$7.2B$7.8B$7.4B—

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$27.7M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jun 24, 2026 Gary A ShiffmanDirector Sold 25,031 $119.96 $3.0M Form 4
May 26, 2026 Fernando Castro-CaratiniEVP, CFO, Sec. & Treas. Sold 23,750 $124.43 $3.0M Form 4
Mar 5, 2026 Clunet R LewisDirector Sold 7,000 $136.07 $1.0M Form 4
Feb 27, 2026 Clunet R LewisDirector Sold 7,000 $136.51 $1.0M Form 4
Dec 17, 2025 Gary A ShiffmanDirector Sold 156,875 $123.53 $19.4M Form 4
Nov 10, 2025 Clunet R LewisDirector Sold 4,000 $126.24 $0.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✕
Debt fell relative to assets ✓ ✓ —
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score — / 9— / 9— / 9
Accruals ratio −5.9%−4.5%3.8%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Sun Communities SUI $15.1B 2.0% — 17.7% — 10.9x —
Invitation Homes INVH $16.3B 4.2% — — — 25.3x — Compare →
American Homes 4 Rent AMH $11.5B 7.0% — 44.5% — 25.3x — Compare →
Equity Lifestyle Properties ELS $12.2B 0.3% 25.6% 21.8% 7.7% 30.4x — Compare →
Lamar Advertising LAMR $15.8B 2.7% 34.2% 30.2% 17.3% 28.3x 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $834M $983M $1.1B $1.3B $1.4B $2.3B $3.0B $2.3B $2.3B $2.3B
Gross profit $753M $888M $1.0B $1.1B $1.3B $2.1B $2.7B — — —
Operating income $467M $551M — — — — — — — —
Interest expense $119M $127M $131M $133M $129M $159M $230M $326M $350M $221M
Pretax income $35.9M $72.7M $130M $140M $136M $285M $268M −$54.4M −$123M −$257M
Income tax $0.3M −$0.1M $0.1M $0.9M −$0.8M $1.3M $6.1M −$9.2M −$36.0M −$49.2M
Net income $26.3M $72.2M $107M $162M $132M $408M $261M −$207M $104M $1.4B
Diluted EPS $0.26 $0.85 $1.29 $1.80 $1.34 $3.36 $2.00 −$1.72 $0.71 $10.84
Diluted shares 0.07B 0.08B 0.08B 0.09B 0.10B 0.12B 0.12B 0.12B 0.13B 0.12B
Cash flow
Cash from operations $242M $258M $363M $477M $543M $754M $735M $791M $861M $864M
Capital expenditure $223M $289M $389M $569M $539M $673M $921M $7.1M $30.2M $457M
Free cash flow $18.0M −$30.6M −$26.3M −$92.5M $4.8M $81.0M −$186M $783M $831M $407M
Depreciation and amortization $222M $262M $287M $328M $377M $523M $602M $494M $491M $508M
Stock-based compensation $9.6M $12.7M $15.1M $17.5M $23.0M $28.0M $37.6M $35.1M $33.1M $37.4M
Acquisitions $0.0M $116M $292M $427M $1.9B $1.6B $2.2B $47.2M $22.1M $462M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $539M
Dividends paid $0.0M $0.0M $0.0M $0.0M $313M $391M $434M $475M $491M $1.0B
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $313M $391M $434M $475M $491M $1.6B
Balance sheet
Cash and short-term investments $8.2M $10.1M $50.3M $22.1M $77.3M $65.8M $72.8M $29.2M $47.9M $570M
Total debt $3.1B $3.1B $3.1B $3.4M $4.8M $5.7M $7.2B $7.8B $7.4B —
Finance lease liabilities $0.0M $0.0M $0.0M $4.1M $4.3M $4.2M $15.0M $14.3M $14.2M $10.6M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $5.9B $6.1B $6.7B $7.8B $11.2B $13.5B $17.1B $16.9B $16.5B $12.5B
Total liabilities $3.4B $3.4B $3.5B $3.8B $5.3B $6.5B $9.0B $9.5B $9.1B $5.2B
Shareholders' equity $2.3B $2.6B $3.1B $3.8B $5.5B $6.6B $7.8B $7.1B $7.1B $7.0B
Margins
Gross margin 90.4% 90.3% 89.1% 88.2% 89.5% 90.9% 89.5% — — —
Operating margin 56.0% 56.1% — — — — — — — —
EBITDA margin 82.6% 82.7% 48.6% 47.6% 45.9% 42.5% 37.0% 33.5% 31.8% 20.5%
Net margin 3.2% 7.4% 9.5% 12.8% 9.4% 18.0% 8.8% −9.1% 4.6% 61.3%
FCF margin 2.2% −3.1% −2.3% −7.3% 0.3% 3.6% −6.3% 34.3% 36.8% 17.7%
Returns
Return on capital — 9.9% 4.4% 5.4% 5.6% 7.2% 4.5% 1.4% 1.2% —
Return on equity 1.4% 3.0% 3.8% 4.7% 2.8% 6.7% 3.6% −2.8% 1.5% 20.1%
Return on assets 0.5% 1.2% 1.7% 2.2% 1.4% 3.3% 1.7% −1.2% 0.6% 9.7%
Growth
Revenue growth 23.6% 17.9% 14.7% 12.2% 10.6% 62.5% 30.7% −23.1% −1.0% 2.0%
Net income growth −83.1% 174.3% 48.6% 50.7% −18.5% 210.2% −36.0% −179.2% — 1,264.8%
EPS growth −89.7% 226.9% 51.8% 39.5% −25.6% 150.8% −40.5% −186.0% — 1,426.8%
FCF growth — −269.5% — — — 1,587.5% −329.8% — 6.1% −51.0%
Share count change 23.5% 15.7% 7.0% 8.4% 9.7% 18.1% 6.8% 0.7% 2.8% −1.8%
Financial health
Net debt / EBITDA 4.5x 3.8x 5.6x −0.0x −0.1x −0.1x 6.5x 10.2x 10.2x —
Debt / equity 1.4x 1.2x 1.0x 0.0x 0.0x 0.0x 0.9x 1.1x 1.1x —
Interest coverage 3.9x 4.3x 2.0x 2.1x 2.1x 2.8x 2.2x 0.8x 0.7x −0.2x
Capital allocation
Capex / revenue 26.8% 29.4% 34.6% 45.0% 38.5% 29.6% 31.0% 0.3% 1.3% 19.8%
Stock comp / revenue 1.2% 1.3% 1.3% 1.4% 1.6% 1.2% 1.3% 1.5% 1.5% 1.6%
Payouts / FCF 0.0% — — — 6,522.9% 482.5% — 60.7% 59.2% 388.9%
Quality scores
Accruals ratio −4.3% −3.1% −4.0% −4.3% −4.3% −2.8% −3.1% −5.9% −4.5% 3.8%

Source: SEC EDGAR XBRL filings (CIK 0000912593). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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