Latest Ratios: P/E Ratio -19.7x · EV/EBITDA 11.7x · 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 | $14.8B | $15.5B | $15.6B | $16.5B | $17.6B | $23.6B | $14.8B | $13.3B | $8.3B | $7.1B | $5.1B |
| Enterprise Value | $16.0B | $16.7B | $22.9B | $24.3B | $24.6B | $29.2B | $19.4B | $16.6B | $11.3B | $10.1B | $8.1B |
| P/E Ratio → | -19.65 | 11.43 | 173.20 | — | 71.50 | 62.49 | 113.40 | 82.02 | 77.64 | 109.15 | 294.65 |
| P/S Ratio | 7.20 | 6.71 | 4.89 | 5.20 | 5.99 | 10.46 | 10.72 | 10.61 | 7.54 | 7.40 | 6.23 |
| P/B Ratio | 2.09 | 2.15 | 2.17 | 2.31 | 2.23 | 3.51 | 2.63 | 3.43 | 2.63 | 2.67 | 2.15 |
| P/FCF | 21.46 | 17.91 | 17.60 | 20.48 | 23.36 | 30.68 | 26.75 | 25.48 | 22.98 | 27.19 | 20.33 |
| P/OCF | 17.15 | 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 | 11.74 | 16.84 | 19.07 | 19.90 | 21.74 | 30.09 | 18.83 | 17.93 | 21.78 | 22.33 | 20.67 |
| EV / EBIT | 33.22 | 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 | 6.29 | 5.78 | 4.54 | 3.63 | 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 | 6.23 | 5.71 | 4.47 | 3.60 | 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 | 7.0% | 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 | — | 8.7% | 0.6% | — | 1.4% | 1.6% | 0.9% | 1.2% | 1.3% | 0.9% | 0.3% |
| FCF Yield | 4.7% | 5.6% | 5.7% | 4.9% | 4.3% | 3.3% | 3.7% | 3.9% | 4.4% | 3.7% | 4.9% |
| Buyback Yield | 3.6% | 3.5% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.6% | 0.0% |
| Total Shareholder Yield | 10.6% | 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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Quick answers to the most common questions about buying SUI stock.
Sun Communities, Inc.'s current P/E ratio is -19.7x. The historical average is 64.6x.
Sun Communities, Inc.'s current EV/EBITDA is 11.7x. 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 -19.7x. Compare with industry peers and growth rates for a complete picture.
Sun Communities, Inc.'s current dividend yield is 6.95% 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
Unverifiable dividend coverage amid AFFO gaps
Metrics are mathematically derived from official filings.
Compressed Multiple On Unstable FFO
P/FFO of 44.4x in 2026Q3 marks the lowest reading across ten quarters, down from 61.1x in 2024Q3, yet the compression appears to reflect an FFO base destabilized by dispositions rather than a deliberate de-rating, according to SUI's quarterly ratio disclosures.
The trailing P/E of 10.6x and EV/EBITDA of 15.5x read as inexpensive against ELS at 30.8x and 20.5x respectively, but this discount is largely an artifact of disposition gains inflating the earnings denominator rather than a genuine value gap. On the reported 7.3% dividend yield at $114.97, the market appears to be pricing distribution risk more than asset quality — the spread to ELS's 3.4% yield suggests investors should test whether the multiple gap survives once FFO normalizes, and implied cap rate analysis is not supportable given the absence of stable current NOI.
Distribution Coverage Obscured By Sparse Disclosure
AFFO was disclosed in only two of the last ten quarters, and the FFO payout ratio hit 105.9% in 2026Q1 after 149.3% in 2025Q1, suggesting distributions have repeatedly outrun internally generated cash flow, a thin coverage margin that warrants scrutiny of SUI's cash flow disclosures.
The reported payout swings — 26.8% in 2024Q3, 149.3% in 2025Q1, 53.8% in 2025Q4 — are not evidence of alternating generosity and restraint but rather of an FFO denominator whipsawed by impairments and disposition accounting, which makes the ratio itself unreliable as a dividend safety test. With dividends held near $134M per quarter while 2026Q2 AFFO printed -$932.9M, the data suggests distributions may have been funded by balance sheet sources during stressed quarters; that possibility is an inference, not a disclosed fact, and it should be tested against subsequent financing activity in SUI's filings.
Deleveraging Masked By Liquidity Exhaustion
Debt-to-equity has compressed from 1.13 in 2024Q2 to 0.69 in 2026Q3 as total debt was roughly halved to $3.8B, yet interest coverage of 4.6x sits against a cash position of just $1.1M, per SUI's most recent balance sheet disclosures.
The deleveraging looks constructive in isolation, but the mechanism appears to be asset sales rather than cash flow repayment, which trades future NOI for balance sheet optics. A $1.1M cash buffer against $3.8B of debt obligations across three asset platforms leaves virtually no room for timing mismatches on interest payments or unexpected insurance assessments, and the anomalous 2025Q4 debt reading of $1.8B hints at reclassification activity that warrants further investigation before treating the ratio trend as genuine improvement.
NOI Resilience Contrasts With FFO Chaos
NOI margin has ranged from 37.8% in 2025Q3 to 69.3% in 2025Q4 before settling at 59.5% in 2026Q3, while per-share FFO swung between -$6.80 and $11.08 over the same span, as reported in SUI's segment disclosures.
The persistent positive NOI across all ten quarters indicates the underlying rental business — predominantly manufactured housing site leases — continues to generate cash regardless of GAAP noise, which is the most reassuring signal in the dataset. However, the margin dispersion of over 30 points appears driven by mix shifts between stable MH income and volatile RV/marina seasonal and home sales activity, meaning headline profitability increasingly reflects portfolio composition rather than operating improvement; the -27.9% revenue contraction makes it difficult to distinguish deliberate pruning from organic weakness.
P/E Misleads Where AFFO Would Inform
The reported trailing P/E of 10.6x is the ratio most commonly misapplied to SUI, because depreciation, impairments, and disposition gains have swung net income from -$990.8M to $1.3B while operating cash flow varied only between $122M and $317M.
The 59.6% TTM net margin and low P/E together create an illusion of cheapness and profitability that the underlying numbers do not support; for a REIT of this asset intensity, the correct frame is P/AFFO, which adjusts for recurring capex and non-cash distortions. The problem is that AFFO was disclosed in just two of ten quarters, so the metric analysts should be using is largely unavailable — investors should therefore anchor on OCF-to-dividend coverage and same-property NOI growth instead, and treat any valuation conclusion drawn from P/E or the reported net margin as unsupported by the disclosed data.