AMH vs SUI: American Homes 4 Rent and Sun Communities compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Sun Communities is the larger company, worth $14.8B, close to American Homes 4 Rent's $12.8B.
- Sun Communities grew revenue faster over the last year (+8.0% vs +5.4%).
- Sun Communities's price assumes faster free cash flow growth: about 13% a year, against 2% for American Homes 4 Rent (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AMH | SUI |
|---|---|---|
| Market cap | $12.8B | $14.8B |
| Share price | $30.85 | $114.00 |
| Revenue (last fiscal year) | — | $2.3B |
| Free cash flow (last fiscal year) | $824M | $407M |
| Revenue growth, last year | +5.4% | +8.0% |
| Revenue growth per year, last 5 fiscal years | — | +9.6% |
| Operating margin | — | -6.9% |
| Net margin | — | 59.5% |
| Return on equity | 6.8% | 20.7% |
| P/E (trailing) | 25.3x | — |
| Price / free cash flow | 17.1x | 17.1x |
| EV / EBITDA | 13.4x | 28.1x |
| FCF growth the price implies | 1.7% | 12.8% |
| Dividend yield | 3.9% | 3.8% |
| Debt / equity | 0.83x | 0.78x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 6 |
| Insider purchases, last 12 months | 10 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
American Homes 4 Rent
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | — | $548M | — |
| 2022 | — | $567M | — |
| 2023 | — | $699M | — |
| 2024 | — | $777M | — |
| 2025 | — | $824M | — |
Sun Communities
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.6B | $81M | -24.4% |
| 2022 | $1.9B | -$186M | -39.9% |
| 2023 | $2.3B | $783M | -8.5% |
| 2024 | $2.3B | $831M | -6.8% |
| 2025 | $2.3B | $407M | -9.9% |
Where the revenue comes from
American Homes 4 Rent · by products, 2018
Rents from single-family properties$909M85%
Tenant charge-backs$147M14%
Fees from single-family properties$11M1%
Other$6M1%
Sun Communities · by segments, 2024
MH$1.1B36%
Marina$961M30%
RV$698M22%
UK$414M13%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AMH in InvestinglyQuestions
Which is bigger, American Homes 4 Rent or Sun Communities?
Sun Communities (SUI), at $14.8B against $12.8B.
Which grows faster, AMH or SUI?
Sun Communities: revenue grew +8.0% over the last year, against +5.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.