American Homes 4 Rent vs Sun Communities
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The short version
- Sun Communities is the larger business, with $2.3B of revenue in fiscal 2025 against $1.9B for American Homes 4 Rent.
- American Homes 4 Rent grew revenue faster (7.0%, against 2.0%).
- American Homes 4 Rent turned more of its sales into free cash flow (44.5% FCF margin, against 17.7%).
- Investors pay more for each dollar of American Homes 4 Rent’s earnings: a P/E of 25.3x against 10.9x for Sun Communities.
| Latest fiscal year | AMH · FY25 | SUI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.5B | $15.1B |
| Revenue | $1.9B | $2.3B |
| Free cash flow | $824M | $407M |
| Net income | $513M | $1.4B |
| Growth | ||
| Revenue growth | 7.0% | 2.0% |
| 5-year growth | 9.6% | 10.5% |
| Share count change | 0.8% | −1.8% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 27.8% | 61.3% |
| FCF margin | 44.5% | 17.7% |
| Return on capital | — | — |
| Return on equity | 7.2% | 20.1% |
| Balance sheet | ||
| Net debt | $5.0B | — |
| Net debt / EBITDA | — | — |
| Dividends and buybacks | $446M | $1.6B |
| Valuation & quality | ||
| P/E | 25.3x | 10.9x |
| Piotroski F-score | — | — |
Revenue
FY16
AMH $879M
SUI $834M
FY17
AMH $960M
SUI $983M
FY18
AMH $1.1B
SUI $1.1B
FY19
AMH $1.1B
SUI $1.3B
FY20
AMH $1.2B
SUI $1.4B
FY21
AMH $1.3B
SUI $2.3B
FY22
AMH $1.5B
SUI $3.0B
FY23
AMH $1.6B
SUI $2.3B
FY24
AMH $1.7B
SUI $2.3B
FY25
AMH $1.9B
SUI $2.3B
AMH
SUI
Operating margin
FY16
AMH —
SUI 56.0%
FY17
AMH —
SUI 56.1%
FY18
AMH —
SUI —
FY19
AMH —
SUI —
FY20
AMH —
SUI —
FY21
AMH —
SUI —
FY22
AMH —
SUI —
FY23
AMH —
SUI —
FY24
AMH —
SUI —
FY25
AMH —
SUI —
AMH
SUI
Free cash flow
FY16
AMH $239M
SUI $18.0M
FY17
AMH $338M
SUI −$30.6M
FY18
AMH $359M
SUI −$26.3M
FY19
AMH $436M
SUI −$92.5M
FY20
AMH $457M
SUI $4.8M
FY21
AMH $548M
SUI $81.0M
FY22
AMH $568M
SUI −$186M
FY23
AMH $699M
SUI $783M
FY24
AMH $777M
SUI $831M
FY25
AMH $824M
SUI $407M
AMH
SUI
Return on capital
FY16
AMH —
SUI —
FY17
AMH —
SUI 9.9%
FY18
AMH —
SUI 4.4%
FY19
AMH —
SUI 5.4%
FY20
AMH —
SUI 5.6%
FY21
AMH —
SUI 7.2%
FY22
AMH —
SUI 4.5%
FY23
AMH —
SUI 1.4%
FY24
AMH —
SUI 1.2%
FY25
AMH —
SUI —
AMH
SUI
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.