# Sun Communities, Inc. (SUI)

> Source: Nexqual · https://nexqual.com/SUI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Sun Communities, Inc. (SUI), nexqual.com/SUI" · informational, not investment advice.

**Price:** USD 119.86 (+2.92% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 116.46 · day 117.08–120.29 · 52w 109.77–137.85 · market cap $15.1B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.20B, net income -$896M (-40.6% margin) (SEC filings).
- 3 of 80 tracked superinvestors hold SUI (13F, Q2 2026): 0 new, 0 added, 2 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $6.0M; 2 not under a Rule 10b5-1 plan ($6.0M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (19 analysts), mean target USD 135.95 (range 116–155).
- Total return with dividends: 1Y +0.8% vs S&P 500 +14.9%; 5Y -29.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-26, EPS estimate USD 0.97, revenue estimate $575M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.27B | $2.97B | $2.28B | $2.26B | $2.31B | $2.20B |
| Gross profit | $2.07B | $2.66B | — | — | — | — |
| Net income | $408M | $261M | -$207M | $104M | $1.41B | -$896M |
| EPS (diluted) | $3.36 | $2.00 | -$1.72 | $0.71 | $10.84 | — |
| Free cash flow | $81.0M | -$186M | $783M | $831M | $407M | — |
| Gross margin | 90.9% | 89.5% | — | — | — | — |
| Net margin | 18.0% | 8.8% | -9.1% | 4.6% | 61.3% | -40.6% |
| Revenue growth | +62.5% | +30.7% | -23.1% | -1.0% | +2.0% | — |
| Cash + short-term investments | $65.8M | $72.8M | $29.2M | $47.9M | $570M | — |
| Total debt | $5.7M | $7.24B | $7.82B | $7.39B | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 6.9x · P/B 2.7x · Earnings yield -5.91% · Buyback yield (TTM) 3.35%
P/E at fiscal year-ends: Dec 2025 10.9x, Dec 2024 151.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold SUI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Third Avenue Management |  | 1.75% | $11.0M | Unchanged |
| Dodge & Cox Funds | Dodge & Cox | 0.60% | $1.14B | Reduced -33.4% |
| Christopher Davis | Davis Advisors | 0.02% | $5.1M | Reduced -2.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-24 | Shiffman Gary A | Director | 25,031 | $3.0M | 2.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-26 | Castro-Caratini Fernando | EVP, CFO, Sec. & Treas. | 23,750 | $3.0M | 70.4% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 19 analysts; mean target USD 135.95 (low 116, high 155).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Wells Fargo | Target lowered | Overweight | $141 → $136 |
| 2026-10-14 | Barclays | Target lowered | Overweight | $147 → $143 |
| 2026-10-13 | RBC Capital | Target lowered | Outperform | $148 → $140 |
| 2026-10-06 | UBS | Target lowered | Neutral | $133 → $117 |
| 2026-09-21 | Evercore ISI Group | Target lowered | Outperform | $138 → $136 |
| 2026-09-21 | Mizuho | Target lowered | Outperform | $137 → $136 |
| 2026-09-14 | Evercore ISI Group | Target lowered | Outperform | $139 → $138 |
| 2026-09-11 | Truist Securities | Target lowered | Buy | $138 → $136 |
| 2026-08-27 | B of A Securities | Upgrade | Underperform → Neutral | $140 |
| 2026-08-17 | Barclays | Target raised | Overweight | $146 → $147 |
| 2026-08-12 | Morgan Stanley | Target lowered | Equal-Weight | $135 → $126 |
| 2026-08-10 | Wells Fargo | Target lowered | Overweight | $142 → $141 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +0.8% | -29.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +0.8% | -6.7% |
| Volatility (annualized) | 20.0% | 24.2% |
| Max drawdown | -17.5% (Mar 2026→Oct 2026) | -47.8% (Dec 2021→Oct 2023) |

## Peers (REIT - Residential)
MAA (Mid-America Apartment Communiti) USD 121.17 +2.97% · INVH (Invitation Homes Inc.) USD 27.53 +2.69% · UDR (UDR, Inc.) USD 36.18 +3.25% · AMH (American Homes 4 Rent) USD 31.9 +3.10% · ELS (Equity Lifestyle Properties, In) USD 61.17 +3.40% · CPT (Camden Property Trust) USD 102.74 +2.55%

## More
Full page: https://nexqual.com/SUI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SUI's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/912593/000091259326000086/sui-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | GTSC | "As of December 31, 2025 and 2024, the aggregate carrying amount of debt, including both our and our partner's share, incurred by GTSC was $213.0 million (of which our proportionate share is $85.2 million), and $242.9 mil…" |
| Partner | SV Lift | "During the year ended December 31, 2025 we disposed of the primary asset held by SV Lift, a 50% owned joint venture which owned, operated and leased an aircraft." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| MH | $295.7M | 62.2% | +3.2% | $189.1M | 63.9% |
| RV | $179.4M | 37.8% | -0.2% | $82.2M | 45.8% |
| Total revenue | $475.1M | 100% | — | $271.3M | 57.1% |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.97 | $1.19 | -18.4% | $575.0M | 2 |
| Next quarter (ends 2026-12-31) | $0.42 | $0.43 | -3.0% | $465.6M | 2 |
| Current fiscal year (ends 2026-12-31) | $2.33 | $2.35 | -0.8% | $2.04B | 3 |
| Next fiscal year (ends 2027-12-31) | $3.20 | $2.76 | +16.3% | $2.08B | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-26): ±5.9%; last 8 reports averaged ±2.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 26.1% | ±5.9% |
| 2026-12-18 | 56 | 22.4% | ±7.0% |
| 2027-03-19 | 147 | 22.8% | ±11.5% |
| 2027-06-17 | 237 | 23.6% | ±15.0% |