ELS vs SUI: Equity Lifestyle Properties 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, about 1.3 times Equity Lifestyle Properties.
- Sun Communities grew revenue faster over the last year (+8.0% vs +2.7%).
- Equity Lifestyle Properties keeps more of each dollar of revenue as operating profit (25.6% vs -6.9%).
- Sun Communities's price assumes faster free cash flow growth: about 13% a year, against 12% for Equity Lifestyle Properties (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 | ELS | SUI |
|---|---|---|
| Market cap | $11.8B | $14.8B |
| Share price | $59.01 | $114.00 |
| Revenue (last fiscal year) | $1.5B | $2.3B |
| Free cash flow (last fiscal year) | $334M | $407M |
| Revenue growth, last year | +2.7% | +8.0% |
| Revenue growth per year, last 5 fiscal years | +3.9% | +9.6% |
| Operating margin | 25.6% | -6.9% |
| Net margin | 25.0% | 59.5% |
| Return on equity | 21.9% | 20.7% |
| P/E (trailing) | 29.4x | — |
| Price / free cash flow | 35.3x | 17.1x |
| EV / EBITDA | 20.8x | 28.1x |
| FCF growth the price implies | 12.4% | 12.8% |
| Dividend yield | 3.6% | 3.8% |
| Debt / equity | 2.23x | 0.78x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 6 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Equity Lifestyle Properties
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.3B | $305M | 20.7% |
| 2022 | $1.4B | $227M | 20.4% |
| 2023 | $1.5B | $231M | 21.5% |
| 2024 | $1.5B | $355M | 24.9% |
| 2025 | $1.5B | $334M | 25.6% |
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
Equity Lifestyle Properties
No segment breakdown reported.
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 ELS in InvestinglyQuestions
Which is bigger, Equity Lifestyle Properties or Sun Communities?
Sun Communities (SUI), at $14.8B against $11.8B.
Which grows faster, ELS or SUI?
Sun Communities: revenue grew +8.0% over the last year, against +2.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.