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Millrose Properties, Inc. (MRP) vs Sun Communities, Inc. (SUI)

Millrose 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 $4.1B — 3.6× the size. Sun Communities, Inc. has negative trailing earnings, so its P/E is not meaningful; Millrose Properties, Inc. trades at 8.7×. Millrose Properties, Inc. has the higher net margin (63.2% vs 10.1%) and the higher return on invested capital (4.25% vs 3.82%). Both pay a dividend; Millrose Properties, Inc. yields more (11.6% vs 3.62%). Across the 17 metrics below, Millrose Properties, Inc. leads on 11 and Sun Communities, Inc. on 6.

Valuation

Metric MRP SUI Reit Residential median
P/E 8.73 n/m 28.23
P/S 5.53 6.11 5.57
P/B 0.75 2.68 1.88
Price to free cash flow n/m 26.76 20.32
EV/EBITDA 12.60 34.04 15.93
EV/Sales 10.67 7.39 8.07
Earnings yield 11.45% (5.00%) 2.74%
Free cash flow yield (28.26%) 3.74% 4.10%

Profitability

Metric MRP SUI Reit Residential median
Gross margin 85.34% 58.51% 58.68%
Operating margin 85.18% 21.71% 20.58%
Net margin 63.24% 10.07% 17.85%
Free cash flow margin 0.00% 22.83% 27.64%
Return on equity 8.56% 3.78% 6.17%
Return on assets 5.12% 2.14% 3.20%
Return on invested capital 4.25% 3.82% 2.03%

Growth

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

Health

Metric MRP SUI Reit Residential median
Debt to equity 0.71 0.69 0.77
Current ratio 0.12 4.68 0.54
Net debt to EBITDA 5.93 3.65 4.26

Dividend

Metric MRP SUI Reit Residential median
Dividend yield 11.63% 3.62% 4.48%
Payout ratio 1.02 — 1.06

Size

Metric MRP SUI Reit Residential median
Market cap 4.09b 14.57b 6.71b

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