Sunrun Inc RUN

IndustrialsRenewable EnergyUnited States of America

Last close 7.59 USD on Nov 1, 2026, −59.3% year to date

Quant rating

Quant rating D Rank 369 of 486 in Industrials

Growth C 295 of 486
Valuation C 221 of 486
Quality C 263 of 486
Revisions C 325 of 486
Momentum D 438 of 486

Wall Street consensus Buy (2.38)Average target 14.06 USD +85.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.8B
Enterprise value: 18.0B
52-week range: 6.78 – 21.93
3-year range: 5.67 – 21.93
Dividend yield: –
Beta (5 years): 2.34
Shares outstanding: 241M
Next earnings: Nov 4, 2026

About the company

Sunrun Inc. is a provider of clean energy as a subscription service. It is engaged in the design, development, installation, sale, ownership and maintenance of residential solar energy systems (Projects) in the United States. It provides clean, solar energy typically at savings compared to traditional utility energy. Its primary customers are residential homeowners. It also offers battery storage along with solar energy systems to its customers in select markets and sells its services to certain commercial developers through its multifamily and new homes offerings. It installs solar energy systems on its customers' homes and provides them with the solar power produced by those systems for typically a 20- or 25-year initial term. It monitors, maintains and insures the system during the term of the contract. It also provides electric vehicle (EV) chargers, battery retrofits, re-powered or expanding systems, home energy management services, and other home electrification products.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,957	2,038	2,260	2,321	1,610	–
Revenue growth	45.1%	−9.8%	−2.7%	44.2%	74.6%	26.2%
EPS (basic, normalized)	1.71	1.33	−7.41	0.80	−0.39	–
EPS growth	28.6%	–	–	–	–	–
Gross margin	30.3%	16.1%	7.2%	12.9%	15.2%	16.3%
Net margin	15.2%	−139.7%	−71.0%	7.5%	−4.9%	−38.6%
ROE	15.8%	−73.1%	−26.9%	2.7%	−1.3%	−16.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	712
Current ratio	1.42x
Long-term debt (mil)	14,669
Net debt (mil)	16,211
Total equity (mil)	3,490
Net debt / equity	4.64x
Net debt / EBITDA	27.04x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,957	+45.1%	6.1x	599	+1,077.5%	30.0x	1.71	+28.6%	4.4x
2026	3,146	+6.4%	5.7x	807	+34.6%	22.3x	1.34	−21.4%	5.6x
2027	3,308	+5.2%	5.4x	987	+22.4%	18.2x	0.37	−72.7%	20.7x
2028	3,882	+17.4%	4.6x	1,145	+15.9%	15.7x	0.57	+54.3%	13.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,146	−0.4%	+3.7%	+4.4%	1.34	−6.6%	+19.5%	+422.2%
2027	3,308	+1.6%	−0.7%	+0.8%	0.37	−19.9%	+16.3%	+60.1%
2028	3,882	+1.9%	+0.2%	−1.9%	0.57	−9.2%	−12.0%	+29.7%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	458	524	537	518	504	569	725	1,159	722	870
Sales mean (mil)	469	515	564	538	484	554	602	614	682	752
Surprise	−2.2%	+1.7%	−4.8%	−3.6%	+4.2%	+2.7%	+20.4%	+88.6%	+5.9%	+15.7%
EPS reported	−0.40	0.55	−0.37	1.41	0.20	1.07	0.06	0.38	0.62	0.42
EPS mean	−0.46	−0.33	−0.14	−0.26	−0.29	−0.22	0.02	−0.05	−0.02	0.23
Surprise	+12.3%	−268.3%	−160.1%	−652.0%	−169.2%	−583.8%	+170.4%	−820.5%	−2,648.3%	+83.2%

Peer comparison Renewable Energy

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
RUN Sunrun Inc	1.8B	27.04x	15.2%	0.51x	5.6x	20.7x	22.3x	18.2x
FSLR First Solar, Inc.	18.7B	−0.70x	29.3%	1.72x	9.9x	7.6x	6.5x	5.3x
NXT Nextpower Inc	12.0B	−1.21x	16.5%	4.55x	16.7x	13.9x	12.0x	9.8x
ENPH Enphase Energy, Inc.	3.4B	−0.75x	11.7%	2.73x	15.1x	15.2x	11.2x	13.5x
SEDG SolarEdge Technologies, Inc.	1.8B	1.56x	−34.2%	4.49x	−82.5x	33.3x	118.2x	17.6x
PLUG Plug Power Inc.	1.9B	−1.05x	−229.8%	3.28x	−4.4x	−8.7x	−13.6x	−30.7x
Mean		4.15x	−31.9%	2.88x	−6.6x	13.7x	26.1x	5.6x
Median		−0.72x	13.5%	3.00x	7.8x	14.5x	11.6x	11.7x

Technical analysis

1M−2.5%
3M−22.3%
1Y−62.4%
3Y−15.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Sunrun Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,957	2,038	2,260	2,321	1,610	922
Cost of revenue	2,060	1,709	2,097	2,023	1,365	744
Gross profit	897	329	163	299	244	179
Selling, general & administrative expenses	987	862	954	935	882	619
Research & development	36.1	39.3	21.8	20.9	23.2	19.5
Depreciation/amortization	–	–	7.5	5.4	5.4	5.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0	3,122	1,158	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	−126	−3,695	−1,979	−662	−666	−465
Net interest income (expense)	−1,212	−900	−712	−209	−328	−231
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	162	213	−5.2	23.6	22.6	8.2
Net income before taxes	−1,176	−4,382	−2,696	−847	−971	−688
Provision for taxes	−167	−26.8	−12.7	2.3	9.3	−60.6
Minority interest	1,459	1,509	1,078	1,023	901	454
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	450	−2,846	−1,604	173	−79.4	−173
Extraordinary items	–	–	–	–	–	–
Net income	450	−2,846	−1,604	173	−79.4	−173
EBIT, normalized	−126	−573	−821	−662	−666	−465
EBITDA, normalized	617	85.0	−262	−187	−256	−204
Basic EPS, normalized	1.71	1.33	−7.41	0.80	−0.39	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Sunrun Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	823	575	679	741	618	520
Receivables	263	171	172	214	146	95.1
Total inventory	501	402	460	784	507	283
Prepaid expenses	155	203	263	147	44.6	51.5
Other current assets	413	372	309	212	233	188
Total current assets	2,156	1,723	1,882	2,098	1,548	1,138
Property, plant & equipment	16,956	15,230	13,270	11,161	9,609	8,346
Goodwill	–	0	3,122	4,280	4,280	4,280
Intangibles	–	–	–	7.5	12.9	18.3
Long-term investments	81.3	81.3	133	186	63.8	65.4
Note receivable	932	682	468	324	213	151
Other long-term assets	2,485	2,182	1,575	1,212	757	384
Total assets	22,611	19,898	20,450	19,269	16,483	14,383
Liabilities
Accounts payable	271	354	231	339	288	207
Payable/accrued	–	–	–	–	–	–
Accrued expenses	519	544	499	406	364	326
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	294	258	570	169	201	206
Other current liabilities	219	179	188	241	159	162
Total current liabilities	1,303	1,334	1,488	1,155	1,012	901
Long-term debt	14,458	12,736	10,193	8,259	6,324	4,614
Minority interest	1,851	1,610	1,684	1,471	1,318	1,211
Other liabilities	1,867	1,663	1,855	1,676	1,575	1,578
Total liabilities	19,478	17,344	15,220	12,561	10,229	8,305
Shareholders' equity
Preferred stock	0	0	–	–	–	0
Common stock	0	0	0	0	0	0
Additional paid-in capital	6,899	6,747	6,609	6,470	6,330	6,108
Retained earnings (accumulated deficit)	−3,830	−4,280	−1,434	171	−2.6	76.8
Treasury stock	–	–	–	–	–	–
Other equity	63.1	86.8	54.7	67.1	−73.1	−107
Total equity	3,132	2,554	5,230	6,708	6,255	6,078
Total liabilities & shareholders' equity	22,611	19,898	20,450	19,269	16,483	14,383

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Sunrun Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−1,009	−4,355	−2,683	−850	−981	−627
Depreciation, depletion & amortization	726	621	532	451	388	243
Deferred taxes	30.9	−26.8	−12.7	2.3	9.6	−60.6
Non-cash items	471	3,314	1,538	−41.7	251	206
Changes in working capital	−640	−319	−195	−411	−485	−79.0
Cash from operations	−421	−766	−821	−849	−817	−318
Investing activities
Capital expenditures	−2,500	−2,701	−2,608	−2,011	−1,686	−970
Other investing cash flows	0	0	−5.0	−75.0	0	472
Cash from investing	−2,500	−2,701	−2,613	−2,086	−1,686	−498
Financing activities
Financing cash flow items	1,543	1,277	1,267	1,095	938	704
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,669	2,150	2,202	1,942	1,707	456
Cash from financing	3,211	3,427	3,469	3,037	2,646	1,161
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	290	−40.4	34.8	103	142	345
Free cash flow	−2,922	−3,467	−3,429	−2,860	−2,503	−1,288

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.