Sun Communities, Inc. (SUI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.48	$0.69	+43.7%	—	$478.4M	—
Q1 26	$0.23	$0.17	-26.1%	—	$500.5M	—
Q4 25	$0.96	$1	+4.2%	—	$504.9M	—
Q3 25	$1.15	$1.74	+51.3%	—	$679.9M	—
Q2 25	$0.67	$0.82	+22.4%	—	$607M	—
Q1 25	$0.08	$0.02	-75.0%	—	$465.8M	—
Q4 24	$0.05	-$0.15	-400.0%	—	$740.6M	—
Q3 24	$1.26	$0.94	-25.4%	—	$934.4M	—
Q2 24	$0.65	$0.59	-9.2%	—	$858.7M	—
Q1 24	-$0.2	-$0.22	-10.0%	—	$666.7M	—
Q4 23	-$0.08	$0.09	+212.5%	—	$721.9M	—
Q3 23	$1.31	$1.31	0.0%	—	$968.1M	—
Q2 23	$0.81	$0.72	-11.1%	—	$849.4M	—
Q1 23	-$0.03	-$0.24	-700.0%	—	$639.8M	—
Q4 22	$0.1	$0.04	-60.0%	—	$664.4M	—
Q3 22	$1.37	$1.32	-3.6%	—	$921.4M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$10.8	—	—	$2.3B	—
FY24	—	$0.71	—	—	$3.2B	—
FY23	—	-$1.71	—	—	$3.2B	—
FY22	—	$2	—	—	$2.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$815.7M	$961.4M	$1.1B	$1.2B	$1.4B	$2.3B	$2.9B	$3.2B	$3.2B	$2.3B
YoY change	+23.8%	+17.9%	+15%	+12.7%	+11.4%	+62.8%	+29.8%	+8.34%	+0.67%	-29.5%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	815.7M	961.4M	1.1B	1.2B	1.4B	2.3B	2.9B	3.2B	3.2B	2.3B
Cost of revenue	355.9M	419.7M	493.1M	547.2M	613.9M	1.1B	1.5B	1.7B	1.7B	1.1B
Gross profit	459.8M	541.6M	612.9M	698.9M	774.3M	1.2B	1.4B	1.5B	1.5B	1.2B
Gross margin	56.4%	56.3%	55.4%	56.1%	55.8%	50.9%	48.2%	46.9%	46.8%	52.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	63.7M	84M	81.4M	92.8M	109.6M	181.3M	256.8M	270.2M	295.3M	236.7M
Operating expenses	63.7M	84M	81.4M	92.8M	109.6M	181.3M	256.8M	270.2M	295.3M	236.7M
Operating income	174.3M	196.1M	244.2M	278.1M	287.8M	447.1M	556.8M	560.7M	522.6M	436.2M
Operating margin	21.4%	20.4%	22.1%	22.3%	20.7%	19.8%	19%	17.6%	16.3%	19.3%
Non-operating income, net	-38.4M	-4M	-10.6M	20.1M	-18M	118.6M	-88.1M	-494.5M	-121.1M	-312.3M
Pretax income	31.8M	81.7M	120.2M	178.3M	146.7M	415.1M	269.9M	-217.5M	71.8M	-48.6M
Income tax	283K	-136K	88K	873K	-775K	1.3M	6.1M	-8.4M	-35.3M	-49.2M
Net income	31.5M	81.8M	120.2M	177.4M	147.5M	413.8M	263.8M	-209.1M	107.1M	1.4B
Net margin	3.86%	8.51%	10.9%	14.2%	10.6%	18.3%	8.99%	-6.58%	3.35%	63.4%
EBITDA	410.1M	487.8M	554.9M	623.7M	668.1M	974.6M	1.2B	1.2B	1.2B	1.1B
EPS	0.27	0.85	1.29	1.8	1.34	3.36	2	-1.71	0.71	10.8
Diluted EPS	0.26	0.85	1.29	1.8	1.34	3.36	2	-1.72	0.71	10.8

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	968.1M	721.9M	666.7M	858.7M	934.4M	740.6M	465.8M	607M	679.9M	504.9M	500.5M	478.4M
Cost of revenue	483.3M	392.9M	358.8M	462.8M	482.5M	397.7M	226M	296.9M	307.3M	246.6M	243.2M	203.8M
Gross profit	484.8M	329M	307.9M	395.9M	451.9M	342.9M	239.8M	310.1M	372.6M	258.3M	257.3M	274.6M
Gross margin	50.1%	45.6%	46.2%	46.1%	48.4%	46.3%	51.5%	51.1%	54.8%	51.2%	51.4%	57.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	67M	77.8M	78.5M	65.3M	74.8M	76.7M	57M	61.2M	55.8M	62.7M	69.5M	49.9M
Operating expenses	67M	77.8M	78.5M	65.3M	74.8M	76.7M	57M	61.2M	55.8M	62.7M	69.5M	49.9M
Operating income	255.2M	73.5M	64.1M	157.8M	204.7M	96M	59.1M	121.5M	190.6M	65M	55.3M	100.8M
Operating margin	26.4%	10.2%	9.61%	18.4%	21.9%	13%	12.7%	20%	28%	12.9%	11%	21.1%
Non-operating income, net	-47.6M	-453.6M	-8.1M	-13.3M	175.1M	-275.2M	-7.8M	-198M	-168.4M	61.9M	-22.5M	-26M
Pretax income	137.9M	-461.8M	-29.1M	60M	297.6M	-257.1M	-26.4M	-118.2M	-2M	98M	1.8M	42.9M
Income tax	2.3M	-7.7M	-3.6M	1.6M	-8M	-25.3M	-3.3M	-26M	1.7M	-21.6M	8.1M	600K
Net income	135.6M	-454.1M	-25.5M	58.4M	305.2M	-231M	-41.6M	1.3B	10.9M	130.6M	-6.3M	-1B
Net margin	14%	-62.9%	-3.82%	6.8%	32.7%	-31.2%	-8.93%	219.2%	1.6%	25.9%	-1.26%	-214.2%
EBITDA	429.4M	165.9M	242.7M	336.9M	384M	236.7M	195.7M	299.7M	357.5M	288.4M	197.6M	234M
EPS	0.97	-0.65	-0.22	0.42	2.31	-1.76	-0.34	10	0.07	0.99	-0.07	-8.06
Diluted EPS	0.97	-0.65	-0.22	0.42	2.31	-1.77	-0.34	10	0.07	0.99	-0.07	-8.08

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	8.3B	13.3B	—	—	17.2B	16.5B	15.3B	15.5B	14.2B
Enterprise value	—	—	11.2B	16.5B	—	—	24.1B	24.2B	22.6B	19.1B	17.7B
Shares outstanding	65.9M	76.1M	81.4M	88.5M	97.5M	112.6M	120.2M	123.4M	124.5M	124.9M	124.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	68.9	74.9	—	—	65.2	—	142.9	10.8	146.1
P/S	—	—	7.48	10.7	—	—	5.86	5.19	4.78	6.86	6.1
P/B	—	—	2.61	3.4	—	—	2.18	2.3	2.13	2.19	2.5
EV/EBITDA	—	—	20.2	26.5	—	—	20.2	20.8	18.8	16.7	17.3
EV/Sales	—	—	10.1	13.3	—	—	8.22	7.62	7.07	8.46	7.57
Earnings yield	—	—	1.45%	1.34%	—	—	1.53%	—	0.7%	9.24%	0.68%
FCF yield	—	—	4.39%	3.59%	—	—	4.28%	4.79%	5.62%	5.58%	13.2%
PEG	—	—	—	—	—	—	—	—	—	—	-0.81

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	56.4%	56.3%	55.4%	56.1%	55.8%	50.9%	48.2%	46.9%	46.8%	52.3%	57.4%
Operating margin	21.4%	20.4%	22.1%	22.3%	20.7%	19.8%	19%	17.6%	16.3%	19.3%	23.2%
Net margin	3.86%	8.51%	10.9%	14.2%	10.6%	18.3%	8.99%	-6.58%	3.35%	63.4%	-37.4%
ROE	1.33%	3.07%	3.79%	4.54%	2.62%	6.15%	3.34%	-2.92%	1.49%	20.2%	1.72%
ROA	0.54%	1.34%	1.79%	2.27%	1.32%	3.07%	1.54%	-1.23%	0.65%	11.4%	2.56%
ROIC	3.19%	3.45%	4%	3.88%	2.85%	3.69%	3.67%	3.76%	3.6%	4.08%	4.34%
Return on tangible assets	0.55%	1.38%	1.82%	2.31%	1.51%	3.48%	1.85%	-1.42%	0.73%	11.6%	-8.25%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.68	1.45	0.99	0.68	0.3	0.49	0.35	0.26	0.33	1.88	0.6
Quick ratio	1.53	1.32	0.88	0.56	0.27	0.46	0.28	0.18	0.28	1.64	2.01
Debt / equity	1.3	1.14	0.96	0.86	0.83	0.83	0.9	1.08	1.02	0.6	0.73
Debt / assets	0.52	0.5	0.45	0.43	0.42	0.42	0.42	0.46	0.44	0.34	0.37
Net debt / EBITDA	7.45	6.21	5.3	5.19	6.71	5.49	5.8	6.63	6.09	3.17	3.61
Interest coverage	1.26	1.62	1.9	2.29	2.1	3.55	2.15	0.34	1.2	0.78	1.9
Effective tax rate	0.89%	0%	0.07%	0.49%	0%	0.31%	2.26%	0%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	12.4	12.6	13.6	14.1	14.2	20.1	24.4	25.8	25.7	18.1	19
EPS (basic)	0.27	0.85	1.29	1.8	1.34	3.36	2	-1.71	0.71	10.8	10.8
EPS (diluted)	0.26	0.85	1.29	1.8	1.34	3.36	2	-1.72	0.71	10.8	0.77
Book value per share	35.9	35	38.9	44.1	57.7	59.8	65.6	58.1	57.8	56.6	45.1
FCF per share	3.67	3.39	4.46	5.39	5.57	6.69	6.11	6.41	6.92	6.92	7.08
Cash per share	0.12	0.13	1.37	1.46	2.07	2.24	1.66	0.24	0.38	5.09	1.36

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	615.6%	274.4%	202.1%	156%	212.4%	94.4%	164.6%	-227.8%	460%	73%	553.9%
Dividend yield	—	—	2.93%	2.08%	—	—	2.53%	2.89%	3.22%	6.75%	4.01%

Yield

4.01%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.12

ex-dividend Jun 30, 2026

Payout ratio

554%

of earnings

Dividend growth

9 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$1.12
Mar 31, 2026	$1.12
Dec 31, 2025	$1.04

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$968.1M	$721.9M	$666.7M	$858.7M	$934.4M	$740.6M	$465.8M	$607M	$679.9M	$504.9M	$500.5M	$478.4M
YoY change	+5.07%	+8.65%	+4.2%	+1.09%	-3.48%	+2.59%	-30.1%	-29.3%	-27.2%	-31.8%	+7.45%	-21.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	8.2M	10.1M	111.3M	129.6M	202.1M	252.7M	200.1M	29.2M	47.4M	636.1M
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	21.6M	30.4M	49.2M	62.1M	46.6M	51.1M	202.7M	205.6M	129.8M	142.9M
Total current assets	254.8M	332.3M	427.5M	349.5M	485.7M	785.8M	1B	726.1M	728.8M	1.2B
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	199.7M	172.9M	118.4M	133.9M	1.5B	1.6B	2.8B	2.2B	1.8B	222M
Total assets	5.9B	6.1B	6.7B	7.8B	11.2B	13.5B	17.1B	16.9B	16.5B	12.5B
Accounts payable	—	—	106.3M	127.3M	148.4M	—	—	—	—	—
Short-term debt	100.1M	41.3M	128M	183.9M	1.2B	1B	2.1B	2.1B	1.4B	—
Total current liabilities	152M	228.7M	431.2M	516.3M	1.6B	1.6B	3B	2.8B	2.2B	615.1M
Long-term debt	3B	3B	2.9B	3.2B	3.5B	4.6B	5B	5.7B	5.9B	4.3B
Total liabilities	3.5B	3.4B	3.5B	3.9B	5.6B	6.8B	9.2B	9.8B	9.4B	5.5B
Shareholders' equity	2.4B	2.7B	3.2B	3.9B	5.6B	6.7B	7.9B	7.2B	7.2B	7.1B
Total debt	3.1B	3B	3.1B	3.4B	4.7B	5.6B	7.1B	7.8B	7.4B	4.3B
Net debt	3.1B	3B	3B	3.3B	4.6B	5.5B	7.1B	7.7B	7.3B	3.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	174.8M	29.2M	132.5M	104.2M	81.8M	47.4M	97.4M	1.5B	542.7M	636.1M	497M	165.2M
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	219.8M	205.6M	191M	182.3M	174.8M	129.8M	172.4M	172M	155.1M	142.9M	132.8M	75.7M
Total current assets	1.2B	726.1M	849.1M	758.2M	803.8M	728.8M	5.2B	2.1B	1.8B	1.2B	1B	2B
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	2.9B	2.2B	2.2B	2.2B	2.2B	1.8B	221.4M	222.4M	213M	222M	214.6M	87M
Total assets	17.6B	16.9B	17.1B	17B	17.1B	16.5B	16.5B	13.4B	12.8B	12.5B	12.4B	10.9B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	2.1B	2.1B	1.7B	1.7B	1.3B	1.4B	1.5B	—	—	—	—	—
Total current liabilities	3B	2.8B	2.6B	2.6B	2.1B	2.2B	2.5B	740.7M	721.7M	615.1M	724.8M	962M
Long-term debt	5.5B	5.7B	6.2B	6.2B	6.1B	5.9B	5.9B	4.3B	4.3B	4.3B	4.2B	4.1B
Total liabilities	9.8B	9.8B	10.1B	10B	9.5B	9.4B	9.5B	5.8B	5.7B	5.5B	5.5B	5.3B
Shareholders' equity	7.8B	7.2B	7B	7B	7.6B	7.2B	7B	7.5B	7.1B	7.1B	6.9B	5.6B
Total debt	7.6B	7.8B	7.9B	7.9B	7.3B	7.4B	7.3B	4.3B	4.3B	4.3B	4.2B	4.1B
Net debt	7.6B	7.7B	7.7B	7.7B	7.2B	7.3B	7.3B	2.8B	3.7B	3.6B	3.7B	3.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	31.5M	81.8M	120.2M	177.4M	147.5M	413.8M	263.8M	-209.1M	107.1M	1.4B
Depreciation & amortization	219.3M	258.1M	276.1M	314.7M	372.6M	508.8M	576.1M	641.2M	667.1M	507.9M
Stock-based compensation	9.6M	12.7M	15.1M	17.5M	23M	28M	37.6M	42.9M	41.6M	37.4M
Change in working capital	2.6M	-68.3M	-37.7M	6.9M	26.6M	-30.7M	-206.2M	-144.4M	10.5M	-12.2M
Operating cash flow	247.6M	268M	360.2M	508.4M	568.7M	930.3M	669.4M	414.6M	773.6M	864.2M
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	7.8M	7.3M	-25M	-13M	-25.3M	-1.8B	-2.2B	56.2M	-64.1M	-303.9M
Dividends paid	-193.7M	-224.5M	-242.8M	-276.7M	-313.1M	-390.8M	-434.2M	-476.4M	-492.7M	-1B
Share repurchases	0	-114.2M	-4.1M	-2.7M	-2M	-18.2M	-19.3M	-13.4M	-9.8M	-551.2M
Financing cash flow	833.6M	-1.1B	-1B	-3.4B	639.3M	-2.4B	-155.4M	-1.7B	-3.9B	372.2M
Net change in cash	1.1B	-790.3M	-711.4M	-2.9B	1.2B	-3.3B	-1.7B	-1.2B	-3.1B	932.5M
Free cash flow	241.5M	258M	363.1M	476.7M	543.3M	753.6M	734.9M	790.5M	861M	864.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	—	—	—	—	—	—	—	—	197.8M	166.5M	269.3M	265.9M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-19.2M	1.9M	-23.8M	-45.7M	-48.1M	17.6M	40.3M	-400K	3.3M	-352.6M	-33.2M	20.7M
Dividends paid	-120.4M	-121.2M	-121.4M	-123.1M	-124.5M	-124.7M	-125.4M	-647.5M	-136.9M	-134.5M	-134M	-143.4M
Share repurchases	-400K	-900K	-7.9M	-2.3M	-1.5M	-700K	-6.8M	-205.3M	-306.4M	-40M	-121.2M	-106.8M
Financing cash flow	-149.6M	-468.8M	-1.7B	-473.1M	-1.8B	-290.4M	-446.8M	-620.5M	-386.9M	-235.3M	-267.3M	-441.1M
Net change in cash	-168.8M	-466.9M	-1.7B	-518.8M	-1.8B	-272.8M	-406.5M	-620.9M	-185.8M	-421.4M	-31.2M	-154.5M
Free cash flow	223M	117.6M	242.5M	311.3M	189.2M	118M	243.9M	256M	197.8M	166.5M	269.3M	265.9M

Sun Communities, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history