RUN Technology

Sunrun Inc.

$8.68+5.21%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Technology
Industry: Solar
Country: United States
Market cap: 2.1B USD
Enterprise value: 15.8B USD
Full-time employees: 9,059

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.36 vs a peer median of 0.87), less short-term liquidity (current ratio 1.42 vs a peer median of 1.83) and more debt relative to equity (4.34× vs a peer median of 0.25×)higher risk: bigger price swings (beta 2.36 vs peers 0.87), less liquidity (current ratio 1.42 vs peers 1.83) and more debt vs equity (4.34× vs peers 0.25×)

Ranks #1,284 of 1,612 technology companies (bottom 21%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 12% from December 2022 to July 2026.
Sunrun had 12% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Sunrun had 12% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Much more borrowing than peers. Debt is 4.3× equity vs a peer median of 0.2×.Debt is 4.3× equity vs peers 0.2×.
Debt is 4.3× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 4.3× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.
Operating loss narrowing. Operating margin -4.3% in 2025, the smallest loss relative to revenue of the last 6 years.
Sunrun still lost money on operations in 2025 (margin -4.3%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.
Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $115M profit in the quarter to June 2026.
Sunrun reported a net loss over the last twelve months, but its most recent quarter was profitable ($115M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.

StockQuotient Score

34/ 100

Oct 5 34 → Nov 4 34

Valuation

Is the price right?

18/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ FCF yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-2.2%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield1.0%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.91Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield-106.8%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield166.9%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

87/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 9.5%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.30Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth12.8%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.01Sector median: 0.0483 · MAD: 0.0793

Revenue growth63.2%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.89Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

28/100

Weak

3/3 inputs reported · High confidence

Since last quarter: Mixed

Turned to a loss over the last 12 months
Operating margin rose 4.4 points to 2.7%

Why

Weaker than most peers on:

▼ ROA
▼ ROIC
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin2.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.51Sector median: 0.0631 · MAD: 0.0710

Return on assets-0.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.87Sector median: 0.0293 · MAD: 0.0362

Return on invested capital0.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.74Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin35.3%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-1.3%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.36

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.51Sector median: 0.8710 · MAD: 0.3700

Current ratio1.42×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.59Sector median: 1.8295 · MAD: 0.6848

Debt / equity4.34×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -7.82Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Sunrun

Is Sunrun getting weaker?: Its latest SEC filing (Aug 5, 2026) was mixed: some things better, some worse: turned to a loss over the last 12 months; operating margin rose 4.4 points to 2.7%. Its overall score is unchanged at 34/100 since Oct 28, 2026.
How is Sunrun valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 18/100 against 1,711 technology peers. Earnings yield -2.2% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -2.2% vs peers 2.2% (weaker than 100% of peers).
Is Sunrun growing?: Yes, faster than most of its peers. Growth scores 87/100 against 1,711 technology peers. Revenue growth 63.2% vs a peer median of 8.5% (stronger than 95% of peers).Revenue growth 63.2% vs peers 8.5% (stronger than 95% of peers).
How profitable is Sunrun?: Less profitable than most of its peers. Profitability scores 28/100 against 1,711 technology peers. Return on assets -0.2% vs a peer median of 2.9% (weaker than 73% of peers).Return on assets -0.2% vs peers 2.9% (weaker than 73% of peers).
How risky is Sunrun?: Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Beta 2.36 vs a peer median of 0.87 (weaker than 100% of peers).Beta 2.36 vs peers 0.87 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

Mixed: some things better, some worse

Turned to a loss over the last 12 months
Operating margin rose 4.4 points to 2.7%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	3.2B USD	3.5B USD	+9.5%
Net income (12 months)	118.1M USD	−46.5M USD	turned negative
Operating margin	-1.7%	2.7%	+4.4 pts
Debt	14.8B USD	15.2B USD	+2.5%
Cash	1.1B USD	1.1B USD	+4.3%
Shares outstanding	238.5M	240.8M	+1.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Technology · 320 companies

Valuations in Technology are above their usual range since 2016.

70% of months since 2016 were valued lower than now.
37% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +5% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +68% vs the whole market, against a usual +58%.

2016Shaded: most expensive fifth of its range2026

Shown for Technology: too few Solar companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	-41.4%	-28.5%	-87.6%	-181.3%	-4.3%	▲ 177 pts
Net margin	-4.9%	7.5%	-71.0%	-139.7%	15.2%	▲ 155 pts
Return on assets (ROA)	-0.5%	0.9%	-7.8%	-14.3%	2.0%	▲ 16 pts
Return on equity (ROE)	-1.3%	2.6%	-30.7%	-111.4%	14.4%	▲ 126 pts
Free cash flow margin	-51.3%	-37.3%	-37.2%	-37.7%	—	—
Current ratio	1.53×	1.82×	1.26×	1.29×	1.66×	▲ 28%
Quick ratio	1.03×	1.14×	0.96×	0.99×	1.27×	▲ 28%
Debt to equity	1.04×	1.25×	2.04×	5.05×	4.69×	▼ 7.1%

RUN price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.36 vs a peer median of 0.87), less short-term liquidity (current ratio 1.42 vs a peer median of 1.83) and more debt relative to equity (4.34× vs a peer median of 0.25×)higher risk: bigger price swings (beta 2.36 vs peers 0.87), less liquidity (current ratio 1.42 vs peers 1.83) and more debt vs equity (4.34× vs peers 0.25×)

Ranks #1,284 of 1,612 technology companies (bottom 21%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 12% from December 2022 to July 2026.

Sunrun had 12% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Sunrun had 12% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Much more borrowing than peers. Debt is 4.3× equity vs a peer median of 0.2×.Debt is 4.3× equity vs peers 0.2×.

Debt is 4.3× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 4.3× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.

Operating loss narrowing. Operating margin -4.3% in 2025, the smallest loss relative to revenue of the last 6 years.

Sunrun still lost money on operations in 2025 (margin -4.3%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.

Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $115M profit in the quarter to June 2026.

Sunrun reported a net loss over the last twelve months, but its most recent quarter was profitable ($115M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.

Questions investors ask about Sunrun

Is Sunrun getting weaker?

Its latest SEC filing (Aug 5, 2026) was mixed: some things better, some worse: turned to a loss over the last 12 months; operating margin rose 4.4 points to 2.7%. Its overall score is unchanged at 34/100 since Oct 28, 2026.

How is Sunrun valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 18/100 against 1,711 technology peers. Earnings yield -2.2% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -2.2% vs peers 2.2% (weaker than 100% of peers).

Is Sunrun growing?

Yes, faster than most of its peers. Growth scores 87/100 against 1,711 technology peers. Revenue growth 63.2% vs a peer median of 8.5% (stronger than 95% of peers).Revenue growth 63.2% vs peers 8.5% (stronger than 95% of peers).

How profitable is Sunrun?

Less profitable than most of its peers. Profitability scores 28/100 against 1,711 technology peers. Return on assets -0.2% vs a peer median of 2.9% (weaker than 73% of peers).Return on assets -0.2% vs peers 2.9% (weaker than 73% of peers).

How risky is Sunrun?

Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Beta 2.36 vs a peer median of 0.87 (weaker than 100% of peers).Beta 2.36 vs peers 0.87 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

3.2B USD

3.5B USD

+9.5%

Net income (12 months)

118.1M USD

−46.5M USD

turned negative

Operating margin

-1.7%

2.7%

+4.4 pts

Debt

14.8B USD

15.2B USD

+2.5%

Cash

1.1B USD

1.1B USD

+4.3%

Shares outstanding

238.5M

240.8M

+1.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

-41.4%

-28.5%

-87.6%

-181.3%

-4.3%

▲ 177 pts

Net margin

-4.9%

7.5%

-71.0%

-139.7%

15.2%

▲ 155 pts

Return on assets (ROA)

-0.5%

0.9%

-7.8%

-14.3%

2.0%

▲ 16 pts

Return on equity (ROE)

-1.3%

2.6%

-30.7%

-111.4%

14.4%

▲ 126 pts

Free cash flow margin

-51.3%

-37.3%

-37.2%

-37.7%

—

Current ratio

1.53×

1.82×

1.26×

1.29×

1.66×

▲ 28%

Quick ratio

1.03×

1.14×

0.96×

0.99×

1.27×

▲ 28%

Debt to equity

1.04×

1.25×

2.04×

5.05×

4.69×

▼ 7.1%