Sun Communities Financials

SUI

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 52/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Sun Communities's revenue declined 0.1% year-over-year, from $3.2B to $3.2B. This contraction results in a growth score of 28/100.

Leverage

Sun Communities carries a low D/E ratio of 1.04, meaning only $1.04 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 72/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

100

Sun Communities converts 25.8% of revenue into free cash flow ($830.8M). This strong cash generation earns a score of 100/100.

Returns

Sun Communities generates a 1.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 6/100.

Piotroski F-Score Neutral

6/9

Sun Communities passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

8.31x

For every $1 of reported earnings, Sun Communities generates $8.31 in operating cash flow ($861.0M OCF vs $103.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

This page shows Sun Communities (SUI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$3.2B

YoY-0.1%

5Y CAGR+20.6%

10Y CAGR+20.9%

Sun Communities generated $3.2B in revenue in fiscal year 2024. This represents a decrease of 0.1% from the prior year.

EBITDA

N/A

Free Cash Flow

$830.8M

YoY+6.1%

Sun Communities generated $830.8M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 6.1% from the prior year.

Net Income

$103.6M

YoY+150.1%

5Y CAGR-8.5%

10Y CAGR+13.8%

Sun Communities reported $103.6M in net income in fiscal year 2024. This represents an increase of 150.1% from the prior year.

EPS (Diluted)

$0.71

YoY+141.3%

5Y CAGR-17.0%

Sun Communities earned $0.71 per diluted share (EPS) in fiscal year 2024. This represents an increase of 141.3% from the prior year.

Cash & Debt

$47.9M

YoY+64.0%

5Y CAGR+16.7%

10Y CAGR-5.4%

Sun Communities held $47.9M in cash against $7.4B in long-term debt as of fiscal year 2024.

Dividends Per Share

$3.75

YoY+2.2%

5Y CAGR+4.8%

Sun Communities paid $3.75 per share in dividends in fiscal year 2024. This represents an increase of 2.2% from the prior year.

Shares Outstanding

127M

YoY+2.4%

5Y CAGR+6.4%

Sun Communities had 127M shares outstanding in fiscal year 2024. This represents an increase of 2.4% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

3.2%

YoY+9.6pp

5Y CAGR-9.6pp

10Y CAGR-2.7pp

Sun Communities's net profit margin was 3.2% in fiscal year 2024, showing the share of revenue converted to profit. This is up 9.6 percentage points from the prior year.

Return on Equity

1.5%

5Y CAGR-2.8pp

10Y CAGR-1.8pp

Sun Communities's ROE was 1.5% in fiscal year 2024, measuring profit generated per dollar of shareholder equity.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$30.2M

YoY+325.4%

Sun Communities invested $30.2M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 325.4% from the prior year.

SUI Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$3.2B-0.1%	$3.2B+8.6%	$3.0B+30.7%	$2.3B+62.5%	$1.4B+10.6%	$1.3B
Cost of Revenue	N/A	N/A	$311.2M+51.2%	$205.8M+39.9%	$147.1M-1.3%	$149.1M
Gross Profit	N/A	N/A	$2.7B+28.6%	$2.1B+65.2%	$1.3B+12.2%	$1.1B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$295.3M+8.5%	$272.1M+5.7%	$257.4M+42.0%	$181.3M+65.6%	$109.5M+18.0%	$92.8M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$350.4M+7.6%	$325.8M+41.8%	$229.8M+44.9%	$158.6M+22.9%	$129.1M-3.0%	$133.2M
Income Tax	-$35.3M-320.2%	-$8.4M-237.7%	$6.1M+369.2%	$1.3M+262.5%	-$800K-191.6%	$873K
Net Income	$103.6M+150.1%	-$206.9M-179.2%	$261.4M-36.0%	$408.3M+210.2%	$131.6M-18.5%	$161.6M
EPS (Diluted)	$0.71+141.3%	$-1.72-186.0%	$2.00-40.5%	$3.36+150.7%	$1.34-25.6%	$1.80

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$697.2M+11.8%	$623.5M+32.6%	$470.2M-68.1%	$1.5B+147.4%	$596.3M+27.1%	$469.2M-35.4%	$726.7M-26.1%	$983.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$55.8M-8.8%	$61.2M+7.4%	$57.0M-54.4%	$125.0M+151.0%	$49.8M-19.4%	$61.8M-21.1%	$78.3M+16.9%	$67.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$41.5M-28.7%	$58.2M-29.1%	$82.1M-1.4%	$83.3M-7.2%	$89.8M+0.1%	$89.7M+4.4%	$85.9M+2.1%	$84.1M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$12.1M-99.1%	$1.3B+3289.6%	-$41.2M+82.0%	-$228.4M-502.8%	$56.7M+325.0%	-$25.2M+70.1%	-$84.2M-166.3%	$127.0M
EPS (Diluted)	$0.07-99.3%	$10.02+3047.1%	$-0.34+81.1%	$-1.80-528.6%	$0.42+290.9%	$-0.22+66.2%	$-0.65-167.0%	$0.97

SUI Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$16.5B-2.3%	$16.9B-0.8%	$17.1B+26.6%	$13.5B+20.4%	$11.2B+43.6%	$7.8B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$47.9M+64.0%	$29.2M-59.9%	$72.8M+10.6%	$65.8M-14.9%	$77.3M+249.8%	$22.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$9.5M-98.7%	$733.0M-28.0%	$1.0B+105.6%	$495.4M+15.5%	$428.8M	$0
Total Liabilities	$9.1B-4.3%	$9.5B+5.7%	$9.0B+38.9%	$6.5B+21.8%	$5.3B+38.1%	$3.8B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$7.4B-5.5%	$7.8B+8.0%	$7.2B+126865.9%	$5.7M-13.7%	$6.6M+91.7%	$3.4M
Total Equity	$7.1B0.0%	$7.1B-9.3%	$7.8B+17.9%	$6.6B+19.9%	$5.5B+44.7%	$3.8B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$12.8B-4.2%	$13.4B-19.0%	$16.5B-0.3%	$16.5B-2.7%	$17.0B-0.6%	$17.1B+1.0%	$16.9B-1.8%	$17.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$542.7M-39.0%	$889.7M+813.4%	$97.4M+103.3%	$47.9M-50.7%	$97.2M-16.4%	$116.3M+298.3%	$29.2M-52.9%	$62.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$9.5M0.0%	$9.5M0.0%	$9.5M0.0%	$9.5M-98.7%	$731.7M0.0%	$731.4M-0.2%	$733.0M+1.0%	$725.4M
Total Liabilities	$5.4B-2.4%	$5.6B-39.7%	$9.2B+1.5%	$9.1B-7.0%	$9.8B-0.5%	$9.8B+3.4%	$9.5B+0.4%	$9.5B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	$7.4B	N/A	N/A	$7.8B	N/A
Total Equity	$7.0B-5.7%	$7.4B+7.1%	$6.9B-2.3%	$7.1B+2.9%	$6.9B-0.8%	$6.9B-2.0%	$7.1B-4.2%	$7.4B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SUI Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$861.0M+8.9%	$790.5M+7.6%	$734.9M-2.5%	$753.6M+38.7%	$543.3M+14.0%	$476.7M
Capital Expenditures	$30.2M+325.4%	$7.1M	N/A	N/A	N/A	N/A
Free Cash Flow	$830.8M+6.1%	$783.4M	N/A	N/A	N/A	N/A
Investing Cash Flow	-$267.4M+70.9%	-$919.5M+70.0%	-$3.1B-31.0%	-$2.3B+6.0%	-$2.5B-146.1%	-$1.0B
Financing Cash Flow	-$571.6M-811.8%	$80.3M-96.6%	$2.3B+49.6%	$1.6B-21.5%	$2.0B+295.5%	$505.9M
Dividends Paid	N/A	N/A	N/A	$11.2M-26.7%	$15.3M+80.8%	$8.5M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$197.8M-22.7%	$256.0M+5.0%	$243.9M+106.7%	$118.0M-62.1%	$311.3M+28.4%	$242.5M+106.2%	$117.6M-47.3%	$223.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$67.5M-98.7%	$5.3B+19603.3%	-$27.4M+73.1%	-$101.8M+47.2%	-$192.8M-51.7%	-$127.1M-25.0%	-$101.7M+56.9%	-$236.0M
Financing Cash Flow	-$551.9M+87.0%	-$4.2B-2386.5%	-$170.7M-422.0%	-$32.7M+77.7%	-$146.7M-477.6%	-$25.4M+29.4%	-$36.0M-621.7%	$6.9M
Dividends Paid	$131.5M	N/A	$122.6M	N/A	N/A	N/A	N/A	$1.1M
Share Buybacks	$297.5M	N/A	N/A	$0	N/A	N/A	N/A	N/A

SUI Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	89.5%-1.4pp	90.9%+1.5pp	89.5%+1.3pp	88.2%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	3.2%+9.6pp	-6.4%-15.2pp	8.8%-9.2pp	18.0%+8.6pp	9.4%-3.4pp	12.8%
Return on Equity	1.5%	N/A	3.4%-2.8pp	6.2%+3.8pp	2.4%-1.8pp	4.2%
Return on Assets	0.6%+1.9pp	-1.2%-2.8pp	1.5%-1.5pp	3.0%+1.9pp	1.2%-0.9pp	2.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.04-0.1	1.10+0.2	0.93+0.9	0.000.0	0.000.0	0.00
FCF Margin	25.8%+1.5pp	24.3%	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	1.7%-209.0pp	210.8%+219.5pp	-8.8%+6.7pp	-15.5%-25.0pp	9.5%+14.9pp	-5.4%+6.2pp	-11.6%-24.5pp	12.9%
Return on Equity	0.2%-17.6pp	17.7%	N/A	4.0%+3.2pp	0.8%	N/A	N/A	1.7%
Return on Assets	0.1%-9.7pp	9.8%+10.1pp	-0.3%+1.1pp	-1.4%-1.7pp	0.3%+0.5pp	-0.1%+0.4pp	-0.5%-1.2pp	0.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.78+0.0	0.75-0.6	1.33+0.3	1.04-0.4	1.420.0	1.42+0.3	1.10-0.2	1.28
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Sun Communities's annual revenue?

Sun Communities (SUI) reported $3.2B in total revenue for fiscal year 2024. This represents a -0.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Sun Communities's revenue growing?

Sun Communities (SUI) revenue declined by 0.1% year-over-year, from $3.2B to $3.2B in fiscal year 2024.

Is Sun Communities profitable?

Yes, Sun Communities (SUI) reported a net income of $103.6M in fiscal year 2024, with a net profit margin of 3.2%.

What is Sun Communities's earnings per share (EPS)?

Sun Communities (SUI) reported diluted earnings per share of $0.71 for fiscal year 2024. This represents a 141.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Sun Communities have?

As of fiscal year 2024, Sun Communities (SUI) had $47.9M in cash and equivalents against $7.4B in long-term debt.

What is Sun Communities's net profit margin?

Sun Communities (SUI) had a net profit margin of 3.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Sun Communities pay dividends?

Yes, Sun Communities (SUI) paid $3.75 per share in dividends during fiscal year 2024.

What is Sun Communities's return on equity (ROE)?

Sun Communities (SUI) has a return on equity of 1.5% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Sun Communities's free cash flow?

Sun Communities (SUI) generated $830.8M in free cash flow during fiscal year 2024. This represents a 6.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Sun Communities's operating cash flow?

Sun Communities (SUI) generated $861.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Sun Communities's total assets?

Sun Communities (SUI) had $16.5B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Sun Communities's capital expenditures?

Sun Communities (SUI) invested $30.2M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Sun Communities have outstanding?

Sun Communities (SUI) had 127M shares outstanding as of fiscal year 2024.

What is Sun Communities's debt-to-equity ratio?

Sun Communities (SUI) had a debt-to-equity ratio of 1.04 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Sun Communities's return on assets (ROA)?

Sun Communities (SUI) had a return on assets of 0.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Sun Communities's Piotroski F-Score?

Sun Communities (SUI) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Sun Communities's earnings high quality?

Sun Communities (SUI) has an earnings quality ratio of 8.31x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Sun Communities?

Sun Communities (SUI) scores 52 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.