Latest Ratios: P/E Ratio 10.4x · EV/EBITDA 15.2x · ROE 19.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $13.8B | $15.5B | $15.6B | $16.5B | $17.6B | $23.6B | $14.8B | $13.3B | $8.3B | $7.1B | $5.1B |
| Enterprise Value | $15.0B | $16.7B | $22.9B | $24.3B | $24.6B | $29.2B | $19.4B | $16.6B | $11.3B | $10.1B | $8.1B |
| P/E Ratio → | 10.36 | 11.43 | 173.20 | — | 71.50 | 62.49 | 113.40 | 82.02 | 77.64 | 109.15 | 294.65 |
| P/S Ratio | 6.00 | 6.71 | 4.89 | 5.20 | 5.99 | 10.46 | 10.72 | 10.61 | 7.54 | 7.40 | 6.23 |
| P/B Ratio | 1.95 | 2.15 | 2.17 | 2.31 | 2.23 | 3.51 | 2.63 | 3.43 | 2.63 | 2.67 | 2.15 |
| P/FCF | 16.02 | 17.91 | 17.60 | 20.48 | 23.36 | 30.68 | 26.75 | 25.48 | 22.98 | 27.19 | 20.33 |
| P/OCF | 16.02 | 17.91 | 17.60 | 20.48 | 23.36 | 30.68 | 26.75 | 25.48 | 22.98 | 27.19 | 20.33 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.23 | 7.17 | 7.64 | 8.39 | 12.91 | 14.05 | 13.27 | 10.25 | 10.55 | 9.98 |
| EV / EBITDA | 15.19 | 16.84 | 19.07 | 19.90 | 21.26 | 30.09 | 18.93 | 18.08 | 21.78 | 22.33 | 20.67 |
| EV / EBIT | 31.18 | 94.77 | 54.35 | 217.69 | 48.88 | 50.49 | 64.83 | 55.86 | 44.53 | 47.57 | 52.81 |
| EV / FCF | — | 19.29 | 25.82 | 30.07 | 32.74 | 37.87 | 35.07 | 31.86 | 31.21 | 38.76 | 32.56 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 9.3% | 9.3% | 46.8% | 47.0% | 48.3% | 50.9% | 55.6% | 56.3% | 55.4% | 56.3% | 56.4% |
| Operating Margin | 20.9% | 20.9% | 16.3% | 17.6% | 19.0% | 19.8% | 47.7% | 48.9% | 22.1% | 20.4% | 21.4% |
| Net Profit Margin | 59.6% | 59.6% | 2.8% | -6.7% | 8.2% | 16.8% | 9.5% | 12.9% | 9.7% | 7.5% | 3.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.1% | 19.1% | 1.2% | -2.8% | 3.3% | 6.2% | 2.8% | 4.6% | 3.7% | 2.9% | 1.3% |
| ROA | 9.5% | 9.5% | 0.5% | -1.3% | 1.6% | 3.1% | 1.4% | 2.2% | 1.7% | 1.2% | 0.5% |
| ROIC | 3.2% | 3.2% | 2.7% | 2.8% | 3.1% | 3.0% | 5.7% | 6.9% | 3.1% | 2.6% | 2.8% |
| ROCE | 4.0% | 4.0% | 3.7% | 4.0% | 4.3% | 4.2% | 7.8% | 9.0% | 4.0% | 3.4% | 3.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.25 | 0.25 | 1.02 | 1.08 | 0.90 | 0.83 | 0.83 | 0.87 | 0.96 | 1.14 | 1.30 |
| Debt / EBITDA | 1.85 | 1.85 | 6.11 | 6.37 | 6.15 | 5.78 | 4.57 | 3.66 | 5.87 | 6.69 | 7.78 |
| Net Debt / Equity | — | 0.17 | 1.02 | 1.08 | 0.89 | 0.82 | 0.82 | 0.86 | 0.94 | 1.14 | 1.29 |
| Net Debt / EBITDA | 1.21 | 1.21 | 6.07 | 6.35 | 6.09 | 5.71 | 4.49 | 3.62 | 5.75 | 6.67 | 7.76 |
| Debt / FCF | — | 1.38 | 8.22 | 9.59 | 9.38 | 7.19 | 8.32 | 6.39 | 8.23 | 11.57 | 12.23 |
| Interest Coverage | 0.78 | 0.78 | 1.20 | 0.34 | 2.15 | 3.55 | 2.25 | 2.16 | 1.92 | 1.64 | 1.26 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.38 | 0.38 | 0.33 | 0.26 | 0.35 | 0.49 | 0.30 | 0.68 | 0.85 | 1.45 | 1.68 |
| Quick Ratio | 0.33 | 0.33 | 0.28 | 0.18 | 0.28 | 0.46 | 0.27 | 0.56 | 0.74 | 1.32 | 1.53 |
| Cash Ratio | 0.21 | 0.21 | 0.02 | 0.01 | 0.07 | 0.16 | 0.12 | 0.25 | 0.23 | 0.04 | 0.05 |
| Asset Turnover | — | 0.18 | 0.19 | 0.19 | 0.17 | 0.17 | 0.12 | 0.16 | 0.16 | 0.16 | 0.14 |
| Inventory Turnover | 14.64 | 14.64 | 13.11 | 8.20 | 7.49 | 21.71 | 13.16 | 8.82 | 10.02 | 13.79 | 16.45 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.4% | 6.7% | 3.1% | 2.9% | 2.5% | 1.7% | 2.1% | 2.1% | 2.9% | 3.2% | 3.8% |
| Payout Ratio | 76.0% | 76.0% | 552.1% | — | 179.4% | 102.8% | 237.9% | 171.3% | 226.4% | 311.0% | 736.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.7% | 8.7% | 0.6% | — | 1.4% | 1.6% | 0.9% | 1.2% | 1.3% | 0.9% | 0.3% |
| FCF Yield | 6.2% | 5.6% | 5.7% | 4.9% | 4.3% | 3.3% | 3.7% | 3.9% | 4.4% | 3.7% | 4.9% |
| Buyback Yield | 3.9% | 3.5% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.6% | 0.0% |
| Total Shareholder Yield | 11.3% | 10.2% | 3.2% | 3.0% | 2.5% | 1.7% | 2.1% | 2.1% | 3.0% | 4.8% | 3.8% |
| Shares Outstanding | — | $125M | $127M | $124M | $123M | $113M | $98M | $88M | $82M | $77M | $66M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying SUI stock.
Sun Communities, Inc.'s current P/E ratio is 10.4x. The historical average is 64.6x.
Sun Communities, Inc.'s current EV/EBITDA is 15.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.9x.
Sun Communities, Inc.'s return on equity (ROE) is 19.1%. The historical average is 2.2%.
Based on historical data, Sun Communities, Inc. is trading at a P/E of 10.4x. Compare with industry peers and growth rates for a complete picture.
Sun Communities, Inc.'s current dividend yield is 7.44% with a payout ratio of 76.0%.
Sun Communities, Inc. has 9.3% gross margin and 20.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Sun Communities, Inc.'s Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
FFO volatility and impairments
Metrics are mathematically derived from official filings.
Implied Cap Rate Signals Distress
With P/FFO unavailable, the implied cap rate based on NOI and enterprise value suggests a yield well above historical norms, indicating market pricing of elevated risk, per SUI's reported figures.
The absence of P/FFO and P/AFFO data forces reliance on the implied cap rate, which appears to have widened significantly as NOI declined and enterprise value contracted. This suggests the market is discounting SUI's cash flows at a higher rate, likely reflecting concerns about earnings stability and portfolio quality. Investors should monitor whether this cap rate compression is justified by fundamentals or represents an overreaction.
NOI Margin Swings Undermine Stability
NOI margin swung from 69.3% in 2025Q4 to 37.8% in 2025Q3, as reported in SUI's financial statements, indicating severe instability in property-level profitability and raising questions about the quality of earnings.
The extreme volatility in NOI margin, with a 31.5 percentage point swing within two quarters, suggests that property-level operations are not generating consistent cash flows. This may indicate occupancy issues, rent concessions, or one-time charges, but the pattern points to a lack of operational control. The negative FFO in 2026Q2 further confirms that profitability is strained, and the reliance on acquisitions to drive growth appears to have reversed.
Dividend Coverage Thin and Deteriorating
In 2026Q1, the FFO payout ratio reached 105.9%, as per SUI's reported figures, indicating that dividends exceeded FFO and were likely funded by external sources, signaling potential strain on dividend sustainability.
The FFO payout ratio has been above 100% in several quarters, including 2026Q1 and 2025Q1, and with FFO turning negative in 2026Q2, the dividend appears to be funded by debt or asset sales. This suggests that the current dividend yield of 7.1% may not be sustainable without a recovery in FFO. Investors should monitor whether management will reduce the dividend or if cash flows will improve to cover the payout.
Leverage Metrics Mask Refinancing Risk
Debt-to-equity improved to 0.70 in 2026Q2 from 1.12 in 2024Q1, as reported in SUI's balance sheet, but total debt spiked to $4.1B, indicating refinancing activity that may increase near-term liquidity risk.
While the D/E ratio appears healthier, the sharp increase in total debt from $1.8B in 2025Q4 to $4.1B in 2026Q2 suggests that SUI is taking on new debt, possibly to fund operations or refinance maturities. Interest coverage has been volatile, with negative readings in some quarters, indicating that earnings may not be sufficient to service debt. The cash balance also dropped 74% in 2026Q2, suggesting that liquidity is being consumed rapidly, which warrants close monitoring of debt maturities and refinancing terms.
Occupancy and G&A Efficiency Under Scrutiny
NOI fell 32% from 2024Q3 to 2026Q2, as per SUI's reported figures, suggesting deteriorating property-level performance and potential occupancy issues, while G&A efficiency appears strained.
The significant decline in NOI, coupled with revenue contraction, indicates that SUI's portfolio is underperforming, possibly due to lower occupancy or rent reductions. The lack of same-store NOI disclosure makes it difficult to isolate organic trends, but the magnitude of the decline suggests broad-based weakness. G&A costs, while not explicitly detailed, are likely consuming a larger share of revenue as the asset base shrinks, further pressuring profitability.
P/E Misleads for REITs
Standard P/E of 10.94 is misleading for SUI because depreciation and impairments distort net income, as reported in financial statements, obscuring the true cash-generating ability of the properties.
For REITs, P/E is not a reliable valuation metric because depreciation is a non-cash charge that reduces net income but does not reflect the actual decline in property values. SUI's negative FFO in 2026Q2 highlights that even FFO can be distorted by one-time charges, but P/E fails to capture the recurring cash flow. Investors should use P/FFO or P/AFFO, which adjust for depreciation and other non-cash items, to better assess valuation. However, given the volatility in FFO, even these metrics require careful scrutiny of the components.