Sun Communities, Inc. (SUI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+5.0%

$122.25

vs $116.38 price

Levered DCF

$131.80

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.79

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.43×	173.2×	-78.34×	71.5×	62.49×	113.4×	82.02×	77.05×
P/B	2.19×	2.16×	2.36×	2.2×	3.57×	2.68×	3.48×	2.66×
P/S	6.71×	4.78×	5.26×	5.86×	10.46×	10.72×	10.61×	7.48×
EV / EBITDA	24.38×	20.51×	31.71×	22.45×	26.51×	28.9×	27.13×	21.26×
Gross margin	9.3%	46.8%	47.0%	48.3%	50.9%	55.6%	56.3%	55.4%
Operating margin	20.9%	16.3%	17.6%	19.0%	19.8%	47.7%	48.9%	22.1%
Net margin	59.6%	2.8%	-6.7%	8.2%	16.8%	9.5%	12.9%	9.7%
Current ratio	0.38×	0.33×	0.26×	0.35×	0.49×	0.3×	0.68×	0.85×
Debt / equity	0.26×	1.04×	1.1×	0.91×	0.85×	0.85×	0.88×	0.98×
Interest coverage	2.15×	1.49×	1.7×	2.38×	2.75×	4.95×	4.43×	1.84×
Dividend yield	6.7%	3.2%	2.8%	2.5%	1.7%	2.1%	2.1%	2.9%
Payout ratio	76.0%	552.1%	-223.3%	179.4%	102.8%	237.9%	171.3%	226.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.4%	1.3%	-3.0%	3.1%	5.7%	2.4%	4.2%	3.5%
Return on invested capital	-0.1%	3.3%	3.3%	3.4%	3.5%	6.1%	8.1%	3.8%
Return on assets	11.0%	0.5%	-1.3%	1.4%	2.8%	1.2%	2.1%	1.6%
Free cash flow yield	5.6%	5.8%	4.8%	4.4%	3.3%	3.7%	3.9%	4.4%
Earnings yield	8.9%	0.6%	-1.3%	1.4%	1.6%	0.9%	1.2%	1.3%
Enterprise value	$16.7B	$22.6B	$24.5B	$24.2B	$29.2B	$19.4B	$16.6B	$11.3B
Net debt / EBITDA	1.75×	6.62×	10.04×	6.53×	5.03×	6.86×	5.44×	5.66×
Cash conversion cycle (days)	-362	89	99	126	93	-2	3	46