Sun Communities - Public Comps and Valuation Multiples

Sun Communities Overview

About Sun Communities

Sun Communities is a residential REIT that focuses on owning manufactured housing and residential vehicle communities. The company currently owns a portfolio of 502 properties, which includes 337 manufactured housing communities and 165 residential vehicle communities. Sun targets owning properties that are desirable as second homes or vacation properties with nearly 50% of the portfolio located in either Florida or Michigan near major bodies of water.

Founded

1993

HQ

Employees

6.6K+

Website

suncommunities.com

Sectors

Buildings & Property

Financials

LTM Revenue $2.6B

LTM EBITDA $1.1B

EV

$19.1B

Valuation Multiples

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Sun Communities Financials

As of August 2025, Sun Communities reported last 12-month revenue of $2.6B and EBITDA of $1.1B.

In the same period, Sun Communities achieved $1.0B in LTM net income.

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Sun Communities P&L

In the most recent fiscal year, Sun Communities reported revenue of $3.2B and EBITDA of $1.1B.

Sun Communities expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$2.6B	XXX	$3.2B	XXX	XXX	XXX
Gross Profit	n/a	XXX	$1.5B	XXX	XXX	XXX
Gross Margin	n/a	XXX	47%	XXX	XXX	XXX
EBITDA	$1.1B	XXX	$1.1B	XXX	XXX	XXX
EBITDA Margin	42%	XXX	34%	XXX	XXX	XXX
EBIT	$372M	XXX	$523M	XXX	XXX	XXX
EBIT Margin	14%	XXX	16%	XXX	XXX	XXX
Net Profit	$1.0B	XXX	$89.0M	XXX	XXX	XXX
Net Margin	40%	XXX	3%	XXX	XXX	XXX
Net Debt	XXX	XXX	$7.3B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Sun Communities including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.6B. EBITDA for the last twelve months was $1.1B. In the most recent fiscal year, Sun Communities achieved $3.2B in revenue and $1.1B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$2.6B	Analyst estimates available to subscribers	$3.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$1.5B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	46.8% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$1.1B	Analyst estimates available to subscribers	$1.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	41.9% EBITDA margin	Analyst estimates available to subscribers	34.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$372M	Analyst estimates available to subscribers	$523M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	14.4% EBIT margin	Analyst estimates available to subscribers	16.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$1.0B	Analyst estimates available to subscribers	$89.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	39.9% net profit margin	Analyst estimates available to subscribers	2.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$7.3B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Sun Communities

This financial data table provides comprehensive performance metrics for Sun Communities, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Sun Communities generated $2.6B in revenue over the last twelve months.
The company achieved $1.1B in EBITDA over the last twelve months.
Net income over the last twelve months reached $1.0B.

Fiscal Year Performance

In the most recent fiscal year, Sun Communities reported $3.2B in total revenue.
Fiscal year EBITDA was $1.1B.
The company maintained a gross profit margin of 46.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was 34.5%.
Net profit margin reached 2.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Sun Communities. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Sun Communities Stock Performance

Sun Communities has current market cap of $16.3B, and EV of $19.1B.

Market Cap Evolution

Sun Communities Stock Data

As of September 12, 2025, Sun Communities's stock price is $130.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$19.1B	$16.3B	XXX	XXX	XXX	XXX	$8.06

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Sun Communities Valuation Multiples

Sun Communities's trades at 6.0x EV/Revenue multiple, and 17.3x EV/EBITDA.

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Sun Communities Financial Valuation Multiples

As of September 12, 2025, Sun Communities has market cap of $16.3B and EV of $19.1B.

Equity research analysts estimate Sun Communities's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Sun Communities has a P/E ratio of 15.8x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$16.3B	XXX	$16.3B	XXX	XXX	XXX
EV (current)	$19.1B	XXX	$19.1B	XXX	XXX	XXX
EV/Revenue	7.4x	XXX	6.0x	XXX	XXX	XXX
EV/EBITDA	17.7x	XXX	17.3x	XXX	XXX	XXX
EV/EBIT	51.3x	XXX	36.5x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	15.8x	XXX	182.8x	XXX	XXX	XXX
EV/FCF	n/a	XXX	22.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Sun Communities Margins & Growth Rates

Sun Communities's last 12 month revenue growth is -8%

Sun Communities's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.1M for the same period.

Sun Communities's rule of 40 is 16% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Sun Communities's rule of X is 22% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Sun Communities Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	-8%	XXX	-13%	XXX	XXX	XXX
EBITDA Margin	42%	XXX	34%	XXX	XXX	XXX
EBITDA Growth	-2%	XXX	15%	XXX	XXX	XXX
Rule of 40	16%	XXX	27%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	22%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	30%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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