Invitation Homes vs Sun Communities
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The short version
- Invitation Homes is the larger business, with $2.7B of revenue in fiscal 2025 against $2.3B for Sun Communities.
- Invitation Homes grew revenue faster (4.2%, against 2.0%).
- Investors pay more for each dollar of Invitation Homes’s earnings: a P/E of 25.3x against 10.9x for Sun Communities.
| Latest fiscal year | INVH · FY25 | SUI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.3B | $15.1B |
| Revenue | $2.7B | $2.3B |
| Free cash flow | — | $407M |
| Net income | $588M | $1.4B |
| Growth | ||
| Revenue growth | 4.2% | 2.0% |
| 5-year growth | 8.4% | 10.5% |
| Share count change | −0.1% | −1.8% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 21.5% | 61.3% |
| FCF margin | — | 17.7% |
| Return on capital | — | — |
| Return on equity | 6.1% | 20.1% |
| Balance sheet | ||
| Net debt | $8.3B | — |
| Net debt / EBITDA | — | — |
| Dividends and buybacks | $766M | $1.6B |
| Valuation & quality | ||
| P/E | 25.3x | 10.9x |
| Piotroski F-score | — | — |
Revenue
FY16
INVH $923M
SUI $834M
FY17
INVH $1.1B
SUI $983M
FY18
INVH $1.7B
SUI $1.1B
FY19
INVH $1.8B
SUI $1.3B
FY20
INVH $1.8B
SUI $1.4B
FY21
INVH $2.0B
SUI $2.3B
FY22
INVH $2.2B
SUI $3.0B
FY23
INVH $2.4B
SUI $2.3B
FY24
INVH $2.6B
SUI $2.3B
FY25
INVH $2.7B
SUI $2.3B
INVH
SUI
Operating margin
FY16
INVH 20.7%
SUI 56.0%
FY17
INVH 11.2%
SUI 56.1%
FY18
INVH —
SUI —
FY19
INVH —
SUI —
FY20
INVH —
SUI —
FY21
INVH —
SUI —
FY22
INVH —
SUI —
FY23
INVH —
SUI —
FY24
INVH —
SUI —
FY25
INVH —
SUI —
INVH
SUI
Free cash flow
FY16
INVH —
SUI $18.0M
FY17
INVH —
SUI −$30.6M
FY18
INVH —
SUI −$26.3M
FY19
INVH —
SUI −$92.5M
FY20
INVH —
SUI $4.8M
FY21
INVH —
SUI $81.0M
FY22
INVH —
SUI −$186M
FY23
INVH —
SUI $783M
FY24
INVH —
SUI $831M
FY25
INVH —
SUI $407M
INVH
SUI
Return on capital
FY16
INVH —
SUI —
FY17
INVH —
SUI 9.9%
FY18
INVH 1.7%
SUI 4.4%
FY19
INVH 3.0%
SUI 5.4%
FY20
INVH 3.3%
SUI 5.6%
FY21
INVH 3.5%
SUI 7.2%
FY22
INVH 3.9%
SUI 4.5%
FY23
INVH 4.8%
SUI 1.4%
FY24
INVH —
SUI 1.2%
FY25
INVH —
SUI —
INVH
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.