Equity Lifestyle Properties, Inc. (ELS) vs Sun Communities, Inc. (SUI)

Equity Lifestyle Properties, Inc. and Sun Communities, Inc. are both Reit Residential companies. Sun Communities, Inc. is the larger, with a market value of $14.6B against $12.7B — 1.1× the size. Sun Communities, Inc. has negative trailing earnings, so its P/E is not meaningful; Equity Lifestyle Properties, Inc. trades at 31.0×. Sun Communities, Inc. grew revenue faster over the last twelve months: 11.3% against 3.23%. Equity Lifestyle Properties, Inc. has the higher net margin (24.8% vs 10.1%) and the higher return on invested capital (14.5% vs 3.82%). Both pay a dividend; Sun Communities, Inc. yields more (3.62% vs 3.41%). Across the 22 metrics below, Sun Communities, Inc. leads on 12 and Equity Lifestyle Properties, Inc. on 10.

Valuation

Metric ELS SUI Reit Residential median
P/E 30.99 n/m 28.23
P/S 7.72 6.11 5.57
P/B 6.75 2.68 1.88
Price to free cash flow 32.66 26.76 20.32
EV/EBITDA 16.53 34.04 15.93
EV/Sales 8.07 7.39 8.07
Earnings yield 3.23% (5.00%) 2.74%
Free cash flow yield 3.06% 3.74% 4.10%

Profitability

Metric ELS SUI Reit Residential median
Gross margin 53.68% 58.51% 58.68%
Operating margin 34.59% 21.71% 20.58%
Net margin 24.77% 10.07% 17.85%
Free cash flow margin 23.64% 22.83% 27.64%
Return on equity 21.62% 3.78% 6.17%
Return on assets 6.79% 2.14% 3.20%
Return on invested capital 14.48% 3.82% 2.03%

Growth

Metric ELS SUI Reit Residential median
Revenue growth (TTM) 3.23% 11.34% 3.11%
EPS growth (last fiscal year) 2.55% 1,426.76% 9.26%
Revenue growth, 5-year CAGR 6.48% 10.52% 8.41%
Net income growth, 5-year CAGR 11.11% 59.56% 4.20%

Health

Metric ELS SUI Reit Residential median
Debt to equity 0.32 0.69 0.77
Current ratio 0.02 4.68 0.54
Net debt to EBITDA 0.70 3.65 4.26

Dividend

Metric ELS SUI Reit Residential median
Dividend yield 3.41% 3.62% 4.48%
Payout ratio 1.06 — 1.06

Size

Metric ELS SUI Reit Residential median
Market cap 12.67b 14.57b 6.71b

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