# Sun Communities (SUI.US)

Canonical: https://gigainvestors.com/s/SUI

Analysis as of: 2026-10-16T07:32:10.515Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $115.91 per share; close as of 2026-10-15.

Estimated value: low $34.16 per share, central $38.74 per share, high $44.83 per share. Buy at or below the central value $38.74 per share. Valuation as of 2026-10-16T07:32:10.515Z; scenarios are not confidence intervals.

Expected annual return: 5.2% at the stated quote. About 5.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.45×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.21×

- FY2017: 0.20×

- FY2018: 0.22×

- FY2019: 0.49×

- FY2020: 0.48×

- FY2021: 0.20×

- FY2022: 0.19×

- FY2023: 0.18×

- FY2024: 0.16×

- FY2025: 0.21×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 43.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 3.8%

- ROIC, second-lowest year: 3.2%

- Typical minus recent gross margin: 43.9 pp

- Typical gross margin (annual median): 53.2%

- Recent gross margin (lower of latest and 3-year median): 9.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 53.4%

- ROIC including acquisitions, ten-year median: 1.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.2%

- FY2017: 3.5%

- FY2018: 4.0%

- FY2019: 8.5%

- FY2020: 6.8%

- FY2021: 3.5%

- FY2022: 4.0%

- FY2023: 3.1%

- FY2024: 3.6%

- FY2025: 4.7%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.68×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.1B

- Net income, five-year total: $1.9B

- Return on incremental invested capital: 8.0%

- Working capital / revenue, annual change: -6.4 pp

- Working capital / revenue, change between three-year averages: -37.7 pp

- Working capital / revenue, final three-year average: -14.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: -1.84×

- FY2024: 7.88×

- FY2025: 1.03×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.5% vs 3.6%

- Per-share earnings: 0.94 to 0.70 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 8.8%

- Ordinary dilution, 5-year annual growth: 5.1%

- Market cap gain: $9.7B

- Cumulative retained earnings: -$1.6B

- Diluted shares, 10-year annual growth: 8.8%

- Diluted shares, 5-year annual growth: 5.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -3.6%

- Per-share value change: -$0.24

- Per-share value, starting three-year median: $0.94

- Per-share value, ending three-year median: $0.70

- Buybacks concentrated in cheaper years (correlation): 0.38

- Average buyback yield: 0.7%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: $6.4B

- Cumulative net income, 10 years: $2.4B

- ROIC, first three-year median: 3.5%

- ROIC, last three-year median: 3.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.40

- FY2017: $0.94

- FY2018: $1.31

- FY2019: $1.82

- FY2020: $1.35

- FY2021: $3.30

- FY2022: $1.97

- FY2023: -$1.72

- FY2024: $0.70

- FY2025: $11.00

### accounting: pass

- Sloan accruals: 4.1%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 4.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.63×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.8%

- FY2017: -3.1%

- FY2018: -3.8%

- FY2019: -4.0%

- FY2020: -3.7%

- FY2021: -2.8%

- FY2022: -2.9%

- FY2023: -6.0%

- FY2024: -4.8%

- FY2025: 4.1%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Martin Whitman](https://gigainvestors.com/TA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 45% since Dec 2021 · "RV Same-Property NOI Decline: 9.1%, due to softness in transient RV business." (finance.yahoo.com, May 2025) · sales -27.9%

Story as of 2026-10-16T09:59:38.606Z; price observation 2026-10-15.

Price needs cash profits to grow 15% a year for ten years

### Sales · FY2024–2025

sales -27.9%; source https://www.sec.gov/Archives/edgar/data/912593/000091259326000086/sui-20251231.htm; observed 2026-02-25.

- FY2016: $816M 

- FY2017: $961M 

- FY2018: $1.1B 

- FY2019: $1.3B 

- FY2020: $1.4B 

- FY2021: $2.3B 

- FY2022: $2.9B 

- FY2023: $3.2B 

- FY2024: $3.2B 

- FY2025: $2.3B 

### Gross margin · FY2025

gross margin 9.3%; source https://www.sec.gov/Archives/edgar/data/912593/000091259326000086/sui-20251231.htm; observed 2026-02-25.

- FY2016: 56.4% 

- FY2017: 56.3% 

- FY2018: 55.4% 

- FY2019: 56.3% 

- FY2020: 55.6% 

- FY2021: 50.9% 

- FY2022: 48.3% 

- FY2023: 47.0% 

- FY2024: 46.8% 

- FY2025: 9.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 2.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/912593/000091259326000086/sui-20251231.htm (filed 2026-02-25); FY2025: revenue 2306100000; grossProfit 213500000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 9.3% to 47% during 2023–25; it earns 3.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 47%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 46.8%.

- Source: https://www.sec.gov/Archives/edgar/data/912593/000091259326000086/sui-20251231.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 9.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2016,0.032013254960488596],[2017,0.03460671310419931],[2018,0.03971161936865899],[2019,0.08537685335477073],[2020,0.0684697377050406],[2021,0.03545722082116917],[2022,0.0396678973142627],[2023,0.03141978592556338],[2024,0.03634820832405965],[2025,0.046797130291639025]]; median 0.03800805281916117. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 32.5% of cash earnings; earns 8% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2017: growth capex 150807000; upkeep 258107000; owner earnings 72183000. Growth capex / owner earnings = 2.0892315365113667.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2018: growth capex 433597000; upkeep 276070000; owner earnings 107229000. Growth capex / owner earnings = 4.0436542353281295.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2019: growth capex 690655427.2930671; upkeep 351286572.7069329; owner earnings 124984427.2930671. Growth capex / owner earnings = 5.5259318480821475.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2021: growth capex 1125990000; upkeep 522700000; cash acquisitions 1648700000; owner earnings 380200000. Growth capex plus acquisitions / owner earnings = 7.29797475013151.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2022: growth capex 344900000; upkeep 576100000; cash acquisitions 2213500000; owner earnings 242000000. Growth capex plus acquisitions / owner earnings = 10.571900826446281.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: growth capex 0; upkeep 53300000; cash acquisitions 47200000; owner earnings 393400000. Growth capex plus acquisitions / owner earnings = 0.11997966446365023.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: growth capex 0; upkeep 68800000; cash acquisitions 22100000; owner earnings 700900000. Growth capex plus acquisitions / owner earnings = 0.03153088885718362.

- Source: https://www.sec.gov/Archives/edgar/data/912593/000091259326000086/sui-20251231.htm (filed 2026-02-25); FY2025: growth capex 0; upkeep 461700000; cash acquisitions 461700000; owner earnings 1420000000. Growth capex plus acquisitions / owner earnings = 0.3251408450704225.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Incremental return on capital 0.08048426737151403, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,193740000],[2017,224483000],[2018,242813000],[2019,276697000],[2020,313137000],[2021,390814000],[2022,434200000],[2023,476400000],[2024,491400000],[2025,1044300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/912593/000091259326000086/sui-20251231.htm (filed 2026-02-25); FY2025: cash repurchases 539100000 USD.

### Are managers owners

Insiders own 1.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SUI.US SharesStats.PercentInsiders = 1.17 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 15% yearly over ten years; actual growth was 14.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Ten-year compound average after fade. Initial solved rate 0.20379726825631284. Price 115.91; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.8946035529403003 → FY2025 11.369095276220976. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $76.93 per share

- 2016-11: $72.17 per share

- 2016-12: $76.61 per share

- 2017-01: $78.76 per share

- 2017-02: $82.83 per share

- 2017-03: $80.33 per share

- 2017-04: $83.61 per share

- 2017-05: $86.14 per share

- 2017-06: $87.69 per share

- 2017-07: $89.01 per share

- 2017-08: $90.31 per share

- 2017-09: $85.68 per share

- 2017-10: $90.26 per share

- 2017-11: $93.06 per share

- 2017-12: $92.78 per share

- 2018-01: $88.84 per share

- 2018-02: $87.56 per share

- 2018-03: $91.37 per share

- 2018-04: $93.85 per share

- 2018-05: $96.68 per share

- 2018-06: $97.88 per share

- 2018-07: $96.96 per share

- 2018-08: $103.18 per share

- 2018-09: $101.54 per share

- 2018-10: $100.47 per share

- 2018-11: $104.10 per share

- 2018-12: $101.71 per share

- 2019-01: $109.91 per share

- 2019-02: $113.57 per share

- 2019-03: $118.52 per share

- 2019-04: $123.08 per share

- 2019-05: $126.27 per share

- 2019-06: $128.19 per share

- 2019-07: $132.81 per share

- 2019-08: $147.80 per share

- 2019-09: $148.45 per share

- 2019-10: $162.65 per share

- 2019-11: $164.71 per share

- 2019-12: $150.10 per share

- 2020-01: $162.17 per share

- 2020-02: $152.88 per share

- 2020-03: $124.85 per share

- 2020-04: $134.40 per share

- 2020-05: $137.19 per share

- 2020-06: $135.68 per share

- 2020-07: $149.93 per share

- 2020-08: $149.08 per share

- 2020-09: $140.61 per share

- 2020-10: $137.63 per share

- 2020-11: $139.00 per share

- 2020-12: $151.95 per share

- 2021-01: $143.13 per share

- 2021-02: $151.95 per share

- 2021-03: $150.04 per share

- 2021-04: $166.83 per share

- 2021-05: $167.42 per share

- 2021-06: $171.40 per share

- 2021-07: $196.11 per share

- 2021-08: $201.49 per share

- 2021-09: $185.10 per share

- 2021-10: $195.98 per share

- 2021-11: $188.58 per share

- 2021-12: $209.97 per share

- 2022-01: $188.96 per share

- 2022-02: $181.00 per share

- 2022-03: $175.29 per share

- 2022-04: $175.57 per share

- 2022-05: $164.13 per share

- 2022-06: $159.36 per share

- 2022-07: $163.96 per share

- 2022-08: $153.71 per share

- 2022-09: $135.33 per share

- 2022-10: $134.85 per share

- 2022-11: $146.90 per share

- 2022-12: $143.00 per share

- 2023-01: $156.86 per share

- 2023-02: $143.14 per share

- 2023-03: $140.88 per share

- 2023-04: $138.93 per share

- 2023-05: $126.63 per share

- 2023-06: $130.46 per share

- 2023-07: $130.30 per share

- 2023-08: $122.42 per share

- 2023-09: $118.34 per share

- 2023-10: $111.24 per share

- 2023-11: $129.34 per share

- 2023-12: $133.65 per share

- 2024-01: $125.35 per share

- 2024-02: $133.76 per share

- 2024-03: $128.58 per share

- 2024-04: $111.32 per share

- 2024-05: $117.99 per share

- 2024-06: $120.34 per share

- 2024-07: $126.73 per share

- 2024-08: $135.24 per share

- 2024-09: $135.15 per share

- 2024-10: $132.68 per share

- 2024-11: $126.33 per share

- 2024-12: $122.97 per share

- 2025-01: $126.50 per share

- 2025-02: $136.15 per share

- 2025-03: $128.64 per share

- 2025-04: $124.43 per share

- 2025-05: $123.44 per share

- 2025-06: $126.49 per share

- 2025-07: $124.03 per share

- 2025-08: $126.87 per share

- 2025-09: $129.00 per share

- 2025-10: $126.60 per share

- 2025-11: $128.84 per share

- 2025-12: $123.91 per share

- 2026-01: $127.43 per share

- 2026-02: $136.46 per share

- 2026-03: $125.96 per share

- 2026-04: $127.84 per share

- 2026-05: $123.66 per share

- 2026-06: $119.91 per share

- 2026-07: $123.48 per share

- 2026-08: $121.42 per share

- 2026-09: $110.78 per share

- 2026-10: $115.91 per share

## Annual estimated value (USD per share)

- FY2017: low $5.57 per share, central $6.34 per share, high $7.36 per share

- FY2018: low $11.41 per share, central $12.93 per share, high $14.96 per share

- FY2019: low $16.14 per share, central $18.27 per share, high $21.03 per share

- FY2020: low $13.78 per share, central $15.58 per share, high $17.78 per share

- FY2021: low $24.39 per share, central $29.65 per share, high $34.27 per share

- FY2022: low $29.63 per share, central $37.85 per share, high $44.05 per share

- FY2023: low $32.00 per share, central $41.83 per share, high $48.93 per share

- FY2024: low $40.59 per share, central $55.52 per share, high $65.09 per share

- FY2025: low $38.67 per share, central $43.35 per share, high $49.58 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/912593/000091259326000086/sui-20251231.htm); period 2025-12-31, filed 2026-02-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [David Hoeft](https://gigainvestors.com/DAC): 9,500,781 SUI shares; USD 1,139,239,000 reported position value; 0.6% of portfolio; reduce; quarter 2026 Q2.
- [Christopher Davis](https://gigainvestors.com/DAV): 42,480 SUI shares; USD 5,094,000 reported position value; 0.02% of portfolio; reduce; quarter 2026 Q2.
- [Martin Whitman](https://gigainvestors.com/TA): 91,454 SUI shares; USD 10,966,000 reported position value; 1.75% of portfolio; reduce; quarter 2026 Q2.

# SUI — Sun Communities Inc.

Held by 3 investors · USD 1,155,299,000 total · 2026 Q2 · reported price USD 119.91 (split-adjusted).
Page: https://gigainvestors.com/s/SUI

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Hoeft (https://gigainvestors.com/DAC) | USD 1,139,239,000 | 0.6% | reduce -33.4% |
| Martin Whitman (https://gigainvestors.com/TA) | USD 10,966,000 | 1.8% | reduce 0% |
| Christopher Davis (https://gigainvestors.com/DAV) | USD 5,094,000 | <0.1% | reduce -2.19% |

## Total held by quarter

- 2019 Q4: USD 6,342,148 · 1 holder · USD 150.11
- 2020 Q1: USD 0 · 0 holders
- 2020 Q2: USD 0 · 0 holders
- 2020 Q3: USD 0 · 0 holders
- 2020 Q4: USD 0 · 0 holders
- 2021 Q1: USD 0 · 0 holders
- 2021 Q2: USD 5,403,927 · 1 holder · USD 171.39
- 2021 Q3: USD 5,835,888 · 1 holder · USD 185.09
- 2021 Q4: USD 6,620,039 · 1 holder · USD 209.96
- 2022 Q1: USD 5,601,155 · 1 holder · USD 175.31
- 2022 Q2: USD 5,260,144 · 1 holder · USD 159.35
- 2022 Q3: USD 4,466,913 · 1 holder · USD 135.32
- 2022 Q4: USD 4,720,100 · 1 holder · USD 142.99
- 2023 Q1: USD 4,650,119 · 1 holder · USD 140.87
- 2023 Q2: USD 5,918,074 · 2 holders · USD 130.50
- 2023 Q3: USD 10,168,189 · 2 holders · USD 118.38
- 2023 Q4: USD 13,367,365 · 2 holders · USD 133.66
- 2024 Q1: USD 714,201,853 · 3 holders · USD 128.58
- 2024 Q2: USD 687,285,876 · 3 holders · USD 120.34
- 2024 Q3: USD 823,746,837 · 3 holders · USD 135.15
- 2024 Q4: USD 1,194,549,640 · 2 holders · USD 122.97
- 2025 Q1: USD 1,770,546,038 · 3 holders · USD 128.64
- 2025 Q2: USD 1,813,150,283 · 3 holders · USD 126.49
- 2025 Q3: USD 1,886,132,126 · 3 holders · USD 129.00
- 2025 Q4: USD 1,813,004,473 · 3 holders · USD 123.91
- 2026 Q1: USD 1,813,938,820 · 3 holders · USD 125.96
- 2026 Q2: USD 1,155,299,000 · 3 holders · USD 119.91