MAA vs SUI: Mid-America Apartment Communities 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 Mid-America Apartment Communities's $13.9B.
- Sun Communities grew revenue faster over the last year (+8.0% vs +0.8%).
- Sun Communities's price assumes faster free cash flow growth: about 13% a year, against 5% for Mid-America Apartment Communities (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 | MAA | SUI |
|---|---|---|
| Market cap | $13.9B | $14.8B |
| Share price | $116.86 | $114.00 |
| Revenue (last fiscal year) | $2.2B | $2.3B |
| Free cash flow (last fiscal year) | $718M | $407M |
| Revenue growth, last year | +0.8% | +8.0% |
| Revenue growth per year, last 5 fiscal years | +5.6% | +9.6% |
| Operating margin | — | -6.9% |
| Net margin | 17.6% | 59.5% |
| Return on equity | 7.0% | 20.7% |
| P/E (trailing) | 35.2x | — |
| Price / free cash flow | 19.3x | 17.1x |
| EV / EBITDA | 15.5x | 28.1x |
| FCF growth the price implies | 4.5% | 12.8% |
| Dividend yield | 5.2% | 3.8% |
| Debt / equity | 1.13x | 0.78x |
| Fundamental grade | D | C |
| Superinvestors holding it | 5 | 6 |
| Insider purchases, last 12 months | 2 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Mid-America Apartment Communities
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.8B | $615M | — |
| 2022 | $2.0B | $762M | — |
| 2023 | $2.1B | $796M | — |
| 2024 | $2.2B | $776M | — |
| 2025 | $2.2B | $718M | — |
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
Mid-America Apartment Communities · by segments, 2025
Same Store$2.1B94%
Non-Same Store and Other$132M6%
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 MAA in InvestinglyQuestions
Which is bigger, Mid-America Apartment Communities or Sun Communities?
Sun Communities (SUI), at $14.8B against $13.9B.
Which grows faster, MAA or SUI?
Sun Communities: revenue grew +8.0% over the last year, against +0.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.