Sunrun Inc
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red signals a documented threat to the company’s substance, not to the share price: operating income did not cover interest in 2025 (−$126.1 million against $996.8 million), and operations have consumed cash every year since 2019, even though $449.9 million of net income was reported for shareholders in 2025. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Sunrun has a real, growing subscription business with more than a million customers and a clear storage strategy. It is financed with $15.2 billion of debt, fund partners and a tax credit that is expiring for solar. The company loses money every year, interest eats a third of revenue, and the profit for shareholders is created in the fund accounting. Not investment advice.
Customer base and growth
1,034,738 subscribers as of 06/30/2026 (+10%), 20- to 25-year contracts, 74% battery attachment in Q2 2026; 2025 revenue up 45% to $2.96 billion.
Earnings quality
Company 2025 −$1,009.1M, common stockholders +$449.9M — the difference is created in the fund accounting (HLBV). The P/E of about 5 measures how losses are split, not earning power.
Debt and interest
$15.16 billion of debt (06/30/2026), 2025 interest expense of $996.8M or 33.7% of revenue against negative operating income (−$126.1M); interest coverage below 1.
Financing dependence
Operating cash flow negative in every year 2019–2025, a combined −$3.67 billion 2021–2025; per the 10-Q, the model requires substantial outside financing. So far it keeps flowing: about $1.5 billion of new debt through August 2026.
Policy and outlook
Solar tax credit for construction starts after 07/04/2026 only if placed in service by the end of 2027; outlook cut on 08/05/2026, H1 2026 Cash Generation −$36M (excluding safe harbor +$14M); storage credit remains through 2033.
Worth Noting
Edition of October 9, 2026, based on the quarterly report 10-Q as of June 30, 2026, and the 8-K earnings release of August 5, 2026; the filings submitted afterward through October 9, 2026 (SC 13G, Form D, Form 144/Form 4) do not change the picture. The hook is the Reddit hype scanner (ApeWisdom: 3 mentions in 24 hours, rank 145, as of October 9, 2026) — an attention signal, not a data source.
Income attributable to common stockholders, stockholders’ equity and therefore the P/E and price-to-book ratios rest on the HLBV method, which Sunrun uses to split the income and losses of its investment funds between itself and its fund partners. More meaningful for earning power are consolidated net income, operating income, interest expense and operating cash flow.
Cash Generation, Net Earning Assets and Subscriber Value are Sunrun’s own metrics and are not audited under U.S. GAAP. Market value (shares as of 07/31/2026 × price on 10/08/2026), the interest ratio, interest coverage and the sum of operating cash flows are our own calculations from the sources named.
Stock Watch
This analysis is as of October 9, 2026. Stock Watch will tell you what's changed at RUN since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 6.90 $ to 21.40 $ · Last price: 7.50 $ (As of: October 30, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 10/30/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Solar
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Sunrun Inc RUN | 1.8 | 5.2 | 18.5 | 35.3 | 4.0 | 45.1 | -62.3 |
| First Solar Inc FSLR | 19.8 | 10.6 | 6.9 | 44.0 | 33.1 | 24.1 | -25.3 |
| Nextpower Inc. NXT | 12.9 | 18.3 | 15.1 | 23.0 | 18.2 | 20.3 | -20.0 |
| Enphase Energy Inc ENPH | 3.8 | 25.2 | 14.7 | 30.0 | -9.1 | 10.7 | -17.0 |
| SolarEdge Technologies Inc SEDG | 1.9 | – | 52.7 | 21.3 | -2.7 | 31.4 | -15.9 |
| Shoals Technologies Group Inc SHLS | 1.3 | – | 20.1 | 32.1 | 8.1 | 19.1 | -28.9 |
| Canadian Solar Inc CSIQ | 0.6 | – | 296.6 | 17.6 | 6.8 | -6.7 | -46.8 |
| Array Technologies Inc ARRY | 0.6 | – | 197.1 | 26.8 | 2.0 | 40.2 | -60.1 |
| JinkoSolar Holding Company Limited JKS | 0.5 | – | 7.1 | 5.9 | -4.8 | -29.0 | -59.7 |
| Median of companies shown | 1.8 | 14.5 | 18.5 | 26.8 | 4.0 | 20.3 | -28.9 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 454 | -215 | 92 | 0.87 | -151 | 673 | 3,573 |
| 2017 | 530 | -182 | 125 | 1.15 | -61 | 812 | 3,928 |
| 2018 | 760 | -122 | 27 | 0.23 | -62 | 949 | 4,750 |
| 2019 | 859 | -216 | 26 | 0.21 | -204 | 965 | 5,806 |
| 2020 | 922 | -465 | -173 | -1.24 | -318 | 6,078 | 14,383 |
| 2021 | 1,610 | -666 | -79 | -0.39 | -817 | 6,255 | 16,483 |
| 2022 | 2,321 | -662 | 173 | 0.79 | -849 | 6,708 | 19,269 |
| 2023 | 2,260 | -1,979 | -1,605 | -7.41 | -821 | 5,230 | 20,450 |
| 2024 | 2,038 | -3,695 | -2,846 | -12.81 | -766 | 2,554 | 19,898 |
| 2025 | 2,957 | -126 | 450 | 1.66 | -421 | 3,132 | 24,178 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | -0.37 | -192.50 | 537 | -4.60 | -15.60 | -156 | -921 |
| 2024: Q4 | 1.41 | 206.00 | 519 | 0.40 | -542.70 | -258 | -1,051 |
| 2025: Q1 | 0.20 | 150.00 | 504 | 10.10 | 9.90 | -104 | -759 |
| 2025: Q2 | 1.07 | 94.50 | 569 | 8.70 | 49.20 | -293 | -1,016 |
| 2025: Q3 | 0.06 | 116.20 | 725 | 34.90 | 2.30 | -122 | -865 |
| 2025: Q4 | 0.38 | -73.00 | 1,159 | 123.50 | 8.90 | 97 | 96 |
| 2026: Q1 | 0.62 | 210.00 | 722 | 43.20 | 23.20 | 11 | -414 |
| 2026: Q2 | 0.42 | -60.70 | 870 | 52.80 | -23.90 | -176 | -180 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 1.40 | 0.78 – 2.24 | 3,103 | -18.3% | 9 |
| 12/31/2027 | 0.52 | -0.12 – 1.13 | 3,208 | -62.9% | 9 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Sunrun vermietet Solaranlagen und Heimspeicher an Haushalte; künstliche Intelligenz ist weder Produkt noch Umsatzquelle. Geschäftsbericht 2025 (10-K) und Quartalsbericht zum 30.06.2026 (10-Q) halten aber fest, dass Sunrun KI zur Unterstützung von Geschäftsabläufen, Effizienz und Innovation einsetzt und den Einsatz ausbauen kann, dass Beschäftigte generative KI nutzen und dass ein unzureichender KI-Einsatz die Abläufe weniger effizient machen könnte. Der wachsende Strombedarf von Rechenzentren und KI erscheint in den Berichten als Marktchance für Sunruns Speichernetz, nicht als eigener KI-Umsatz; eine konkrete KI-Bedrohung des Geschäftsmodells nennen die Berichte nicht. Nach dem Kriterienkatalog gilt damit „nutzt“.
View the full file — quotes, sources, reviewed filings
„Sunrun uses, and may continue to expand the use of AI in a responsible manner to support business operations, efficiency, and innovation."
Sunrun nutzt KI auf verantwortungsvolle Weise zur Unterstützung von Geschäftsabläufen, Effizienz und Innovation und kann deren Einsatz weiter ausbauen.
10-K · 2026-02-26 · View SEC filing
„Our employees and personnel use generative artificial intelligence (“AI”) technologies, and the use of these tools may involve personal data and other information subject to privacy laws, contractual obligations, and evolving regulatory requirements."
Unsere Beschäftigten und Mitarbeitenden nutzen Technologien der generativen künstlichen Intelligenz („KI“), und der Einsatz dieser Werkzeuge kann personenbezogene Daten und andere Informationen betreffen, die Datenschutzgesetzen, vertraglichen Pflichten und sich weiterentwickelnden regulatorischen Anforderungen unterliegen.
10-Q · 2026-08-05 · View SEC filing
„If we are unable to use AI effectively, our operations could become less efficient and thereby negatively impact our business, financial condition, results of operations, or competitive position."
Wenn wir KI nicht wirksam einsetzen können, könnten unsere Abläufe weniger effizient werden und sich dadurch nachteilig auf unser Geschäft, unsere Finanzlage, unsere Ergebnisse oder unsere Wettbewerbsposition auswirken.
10-Q · 2026-08-05 · View SEC filing
Filings Reviewed: 10-Q 2026-08-05 · 10-Q 2026-05-06 · 10-Q 2025-11-06 · 10-Q 2025-08-06 · 10-K 2026-02-26 · 10-K 2025-02-27
Rated on October 9, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 8.4%
- More than 10% revenue growth is expected for the coming year 5.1%
- Share count grows by less than 3% a year 7.4%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 30.8%
- Gross margin at 40% or higher and without meaningful erosion 26.8%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 7.0 x EBITDA
- Operating cash flow covers the profits of the last three years 1,992 m
- Return on capital at 15% or higher, or up versus two years ago -0.6%
- Insiders hold at least 10% or are net buyers 2.8%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 23.1%
- Exp. sales growth 3Y > 5% 4.2%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -44.1%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% 14.4%
- ROCE > 15% -0.6%
- Expected return > 10% -57.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Oct 6, 2026 | Dickson Paul S. | Pres. & Chief Revenue Officer | Sell | 15,837 | 7.76 | 122,971 |
| Oct 6, 2026 | Powell Mary | Chief Executive Officer | Sell | 24,335 | 7.76 | 188,939 |
| Oct 6, 2026 | Steele Jeanna | Chief Legal & People Officer | Sell | 10,042 | 7.76 | 77,967 |
| Oct 6, 2026 | Barak Maria | Chief Accounting Officer | Sell | 1,771 | 7.77 | 13,753 |
| Oct 6, 2026 | Abajian Danny | Chief Financial Officer | Other | 16,813 | 0.00 | – |
| Oct 6, 2026 | Abajian Danny | Chief Financial Officer | Sell | 16,734 | 7.76 | 129,931 |
| Aug 3, 2026 | Jurich Lynn Michelle | Director | Sell | 50,000 | 9.96 | 498,115 |
| Jul 9, 2026 | Barak Maria | Chief Accounting Officer | Sell | 3,278 | 12.17 | 39,893 |
The company
About the Company
Sunrun Inc. designs, develops, installs, sells, owns, and maintains residential solar energy systems in the United States. The company sells solar energy systems and products, such as panels and racking; and solar leads generated to customers. It offers battery storage along with solar energy systems; and sells services to commercial developers through multi-family and new homes. Its primary customers are residential homeowners. The company markets and sells its products through direct-to-consumer approach across online, retail, mass media, digital media, canvassing, field marketing, and referral channels, as well as its partner network. It also operates distributed electricity power plants. Sunrun Inc. was founded in 2007 and is headquartered in San Francisco, California.
- Employees
- 9,059
- Headquarters
- San Francisco, CA
- Address
- 600 California Street, 94108 San Francisco, United States
- Phone
- 415 580 6900
- Website
- sunrun.com
- IPO Date
- 08/05/2015
- ISIN
- US86771W1053
Management
| Name | Title | Birth Year |
|---|---|---|
| Mary Grace Powell | CEO & Director | 1960 |
| Edward Harris Fenster | Founder & Vice-Chair | 1977 |
| Lynn Michelle Jurich | Founder & Vice-Chair | 1980 |
| Paul S. Dickson | President & Chief Revenue Officer | 1985 |
| Danny Abajian | CFO & Principal Financial Officer | 1986 |
| Jeanna Steele J.D. | Chief Legal & People Officer | 1976 |
| Patrick Kent | Chief Operating Officer | – |
| Maria Barak | Chief Accounting Officer | 1983 |
| Rachit Srivastava | Chief Technology Officer | – |
| Patrick Jobin | Senior VP of Finance & Investor Relations | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/05/2026 Sunrun Inc. (RUN): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: October 30, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.