Sunrun Inc. (RUN) 10-Year Financial Performance & Capital Metrics

RUN • • Industrial / General

EnergySolarSolar Project Development & InstallationResidential Solar Installers

AboutSunrun Inc. engages in the design, development, installation, sale, ownership, and maintenance of residential solar energy systems in the United States. It also sells solar energy systems and products, such as panels and racking; and solar leads generated to customers. In addition, the company offers battery storage along with solar energy systems. 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. Sunrun Inc. was founded in 2007 and is headquartered in San Francisco, California.Show more

Revenue $2.04B -9.8%
EBITDA -$3.07B -112.5%
Net Income -$2.85B -77.4%
EPS (Diluted) -12.81 -72.9%
Gross Margin 16.12% +123.5%
EBITDA Margin -150.87% -135.6%
Operating Margin -181.34% -107.1%
Net Margin -139.67% -96.7%
ROE -51.38% -141.7%
ROIC -16.33% -84.5%
Debt/Equity 3.13 +95.0%
Interest Coverage -4.36 -43.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 89 (top 11%)
✓Strong 5Y sales CAGR of 18.9%
✓Trading at only 1.0x book value

✗Weaknesses

✗High debt to equity ratio of 3.1x
✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y26.22%

5Y18.87%

3Y8.17%

TTM13.79%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-544.65%

EPS CAGR

10Y-

5Y-

3Y-

TTM-239.82%

ROCE

10Y Avg-7.43%

5Y Avg-8.77%

3Y Avg-11.44%

Latest-19.69%

Peer Comparison

Residential Solar Installers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RUNSunrun Inc.	4.24B	18.26	-1.43	-9.83%	-106.48%	-53.11%		3.13
ZEOZeo Energy Corp.	33.15M	1.00	-4	-33.23%	-17.91%	-26.99%		0.12

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	304.61M	453.9M	529.7M	759.98M	858.58M	922.19M	1.61B	2.32B	2.26B	2.04B
Revenue Growth %	0.53%	0.49%	0.17%	0.43%	0.13%	0.07%	0.75%	0.44%	-0.03%	-0.1%
Cost of Goods Sold+	280.54M	399.24M	448.08M	534.92M	645.83M	743.53M	1.37B	2.02B	2.1B	1.71B
COGS % of Revenue	0.92%	0.88%	0.85%	0.7%	0.75%	0.81%	0.85%	0.87%	0.93%	0.84%
Gross Profit+	24.07M	54.66M	81.61M	225.06M	212.75M	178.66M	244.48M	298.71M	163.06M	328.55M
Gross Margin %	0.08%	0.12%	0.15%	0.3%	0.25%	0.19%	0.15%	0.13%	0.07%	0.16%
Gross Profit Growth %	-0.03%	1.27%	0.49%	1.76%	-0.05%	-0.16%	0.37%	0.22%	-0.45%	1.01%
Operating Expenses+	243.27M	269.56M	263.82M	346.94M	428.49M	643.77M	910.67M	960.9M	2.14B	4.02B
OpEx % of Revenue	0.8%	0.59%	0.5%	0.46%	0.5%	0.7%	0.57%	0.41%	0.95%	1.97%
Selling, General & Admin	229.92M	255.16M	244.53M	323.89M	400.17M	619.04M	887.5M	940M	961.89M	862.29M
SG&A % of Revenue	0.75%	0.56%	0.46%	0.43%	0.47%	0.67%	0.55%	0.4%	0.43%	0.42%
Research & Development	9.66M	10.2M	15.08M	18.84M	23.56M	19.55M	23.16M	20.91M	21.82M	39.3M
R&D % of Revenue	0.03%	0.02%	0.03%	0.02%	0.03%	0.02%	0.01%	0.01%	0.01%	0.02%
Other Operating Expenses	-1.34M	840K	-1.87M	2.79M	4.75M	5.18M	0	0	1.16B	3.12B
Operating Income+	-219.2M	-214.9M	-182.2M	-121.88M	-215.74M	-465.11M	-666.19M	-662.19M	-1.98B	-3.7B
Operating Margin %	-0.72%	-0.47%	-0.34%	-0.16%	-0.25%	-0.5%	-0.41%	-0.29%	-0.88%	-1.81%
Operating Income Growth %	-0.65%	0.02%	0.15%	0.33%	-0.77%	-1.16%	-0.43%	0.01%	-1.99%	-0.87%
EBITDA+	-147.83M	-98.5M	-47.02M	42.73M	-28.58M	-222.17M	-278.09M	-211.15M	-1.45B	-3.07B
EBITDA Margin %	-0.49%	-0.22%	-0.09%	0.06%	-0.03%	-0.24%	-0.17%	-0.09%	-0.64%	-1.51%
EBITDA Growth %	-0.78%	0.33%	0.52%	1.91%	-1.67%	-6.77%	-0.25%	0.24%	-5.85%	-1.12%
D&A (Non-Cash Add-back)	71.37M	116.41M	135.19M	164.61M	187.16M	242.94M	388.1M	451.05M	531.67M	620.88M
EBIT	-220.97M	-191.24M	-183.01M	-119.09M	-224.99M	-456.92M	-643.56M	-401.54M	-2.04B	-3.53B
Net Interest Income+	-33.24M	-73.34M	-92.25M	-131.77M	-174.25M	-230.6M	-327.7M	-445.82M	-652.99M	-848.37M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	33.24M	73.34M	92.25M	131.77M	174.25M	230.6M	327.7M	445.82M	652.99M	848.37M
Other Income/Expense	-35.01M	-52.4M	-94.13M	-128.98M	-183.5M	-222.41M	-305.07M	-185.16M	-716.89M	-686.83M
Pretax Income+	-254.21M	-267.31M	-254.6M	-250.86M	-399.24M	-687.52M	-971.26M	-847.35M	-2.7B	-4.38B
Pretax Margin %	-0.83%	-0.59%	-0.48%	-0.33%	-0.47%	-0.75%	-0.6%	-0.37%	-1.19%	-2.15%
Income Tax+	-5.3M	35.99M	32.14M	9.32M	-8.22M	-60.57M	9.27M	2.29M	-12.69M	-26.82M
Effective Tax Rate %	0.11%	-0.34%	-0.49%	-0.11%	-0.07%	0.25%	0.08%	-0.2%	0.6%	0.65%
Net Income+	-28.25M	91.69M	124.53M	26.66M	26.34M	-173.39M	-79.42M	173.38M	-1.6B	-2.85B
Net Margin %	-0.09%	0.2%	0.24%	0.04%	0.03%	-0.19%	-0.05%	0.07%	-0.71%	-1.4%
Net Income Growth %	0.6%	4.25%	0.36%	-0.79%	-0.01%	-7.58%	0.54%	3.18%	-10.25%	-0.77%
Net Income (Continuing)	-248.91M	-320.84M	-287.62M	-260.19M	-391.02M	-626.95M	-980.53M	-849.64M	-2.68B	-4.36B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	252.63M	389.13M	477.81M	460.38M	673.27M	1.21B	1.32B	1.47B	1.68B	1.61B
EPS (Diluted)+	-0.51	0.72	1.15	0.23	-3.16	-4.49	-4.78	-3.88	-7.41	-12.81
EPS Growth %	0.43%	2.41%	0.6%	-0.8%	-14.74%	-0.42%	-0.06%	0.19%	-0.91%	-0.73%
EPS (Basic)	-0.51	0.73	1.18	0.23	-3.36	-4.49	-4.78	-4.02	-7.41	-12.81
Diluted Shares Outstanding	55.09M	104.96M	108.21M	117.11M	123.88M	139.61M	205.13M	219.16M	216.64M	222.22M
Basic Shares Outstanding	55.09M	102.37M	105.43M	115.9M	116.4M	139.61M	205.13M	211.35M	216.64M	222.22M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	360.49M	369.35M	432.7M	461.41M	733.83M	1.14B	1.55B	2.1B	1.88B	1.72B
Cash & Short-Term Investments	203.86M	206.36M	202.53M	226.63M	269.58M	519.97M	617.63M	740.51M	678.82M	574.96M
Cash Only	203.86M	206.36M	202.53M	226.63M	269.58M	519.97M	617.63M	740.51M	678.82M	574.96M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	44.53M	64.58M	57.6M	69.13M	77.73M	95.14M	146.04M	214.25M	172M	170.71M
Days Sales Outstanding	53.36	51.93	39.69	33.2	33.04	37.66	33.11	33.69	27.78	30.58
Inventory	71.26M	67.33M	94.43M	79.47M	260.57M	283.05M	506.82M	783.9M	459.75M	402.08M
Days Inventory Outstanding	92.71	61.55	76.92	54.22	147.27	138.95	135.48	141.46	80.03	85.87
Other Current Assets	34.93M	39.73M	53.11M	77.63M	93.5M	188.09M	232.65M	358.98M	571.69M	574.89M
Total Non-Current Assets+	2.38B	3.2B	3.5B	4.29B	5.07B	13.25B	14.94B	17.17B	18.57B	18.18B
Property, Plant & Equipment	2.04B	2.68B	3.36B	3.85B	4.58B	8.35B	9.61B	11.06B	13.27B	15.23B
Fixed Asset Turnover	0.15x	0.17x	0.16x	0.20x	0.19x	0.11x	0.17x	0.21x	0.17x	0.13x
Goodwill	87.54M	87.54M	87.54M	87.54M	95.09M	4.28B	4.28B	4.28B	3.12B	0
Intangible Assets	22.7M	18.5M	14.29M	10.09M	19.54M	18.26M	12.89M	7.53M	0	0
Long-Term Investments	8.09M	6.12M	51.71M	81.85M	0	65.36M	63.83M	186.2M	132.56M	81.3M
Other Non-Current Assets	230.52M	128.49M	-250.19M	-87.55M	373.87M	534.94M	969.36M	681.89M	2.04B	2.86B
Total Assets+	2.74B	3.57B	3.93B	4.75B	5.81B	14.38B	16.48B	19.27B	20.45B	19.9B
Asset Turnover	0.11x	0.13x	0.13x	0.16x	0.15x	0.06x	0.10x	0.12x	0.11x	0.10x
Asset Growth %	0.41%	0.3%	0.1%	0.21%	0.22%	1.48%	0.15%	0.17%	0.06%	-0.03%
Total Current Liabilities+	253.17M	244.78M	335.03M	372.19M	530.09M	901.36M	1.01B	1.16B	1.49B	1.33B
Accounts Payable	104.13M	66.02M	115.19M	131.28M	223.36M	207.44M	288.11M	339.17M	230.72M	354.21M
Days Payables Outstanding	135.49	60.36	93.83	89.58	126.23	101.83	77.01	61.2	40.16	75.64
Short-Term Debt	4.72M	29.99M	21.53M	35.48M	35.35M	195.04M	190.19M	157.81M	547.87M	231.66M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	35.94M	28.22M	119.24M	39.74M	38.75M	91.11M	100.36M	305.59M	93.41M	104.75M
Current Ratio	1.42x	1.51x	1.29x	1.24x	1.38x	1.26x	1.53x	1.82x	1.26x	1.29x
Quick Ratio	1.14x	1.23x	1.01x	1.03x	0.89x	0.95x	1.03x	1.14x	0.96x	0.99x
Cash Conversion Cycle	10.58	53.13	22.77	-2.15	54.08	74.77	91.57	113.94	67.65	40.8
Total Non-Current Liabilities+	1.68B	2.27B	2.3B	2.97B	3.64B	6.19B	7.9B	9.93B	12.05B	14.4B
Long-Term Debt	530.04M	883.87M	1.28B	1.71B	2.22B	4.6B	6.31B	8.24B	10.12B	12.67B
Capital Lease Obligations	168.23M	150.92M	138.63M	361.45M	340.87M	336.43M	325.55M	306.31M	347.09M	66.14M
Deferred Tax Liabilities	190.15M	415.4M	59.13M	93.63M	65.96M	81.91M	101.75M	133.05M	122.87M	137.94M
Other Non-Current Liabilities	7.14M	5.46M	867.02M	34.03M	141.4M	268.68M	190.06M	140.29M	190.87M	119.85M
Total Liabilities	1.93B	2.51B	2.64B	3.34B	4.17B	7.09B	8.91B	11.09B	13.54B	15.73B
Total Debt+	719.21M	1.06B	1.45B	2.15B	2.63B	5.18B	6.87B	8.76B	11.09B	13.02B
Net Debt	515.35M	858.42M	1.25B	1.93B	2.36B	4.66B	6.25B	8.02B	10.41B	12.45B
Debt / Equity	0.89x	1.00x	1.13x	1.53x	1.60x	0.71x	0.91x	1.07x	1.60x	3.13x
Debt / EBITDA	-	-	-	50.41x	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	45.11x	-	-	-	-	-	-
Interest Coverage	-6.60x	-2.93x	-1.98x	-0.92x	-1.24x	-2.02x	-2.03x	-1.49x	-3.03x	-4.36x
Total Equity+	806.7M	1.06B	1.29B	1.41B	1.64B	7.29B	7.57B	8.18B	6.91B	4.16B
Equity Growth %	0.46%	0.32%	0.21%	0.09%	0.16%	3.45%	0.04%	0.08%	-0.15%	-0.4%
Book Value per Share	14.64	10.12	11.92	12.03	13.22	52.21	36.92	37.32	31.91	18.74
Total Shareholders' Equity	554.07M	672.96M	812M	948.71M	964.73M	6.08B	6.25B	6.71B	5.23B	2.55B
Common Stock	10K	10K	11K	11K	12K	20K	21K	21K	22K	23K
Retained Earnings	-87.25M	4.44M	131.96M	229.39M	251.47M	76.84M	-2.58M	170.8M	-1.43B	-4.28B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-921K	437K	-4.11M	-3.12M	-52.75M	-106.75M	-73.05M	67.11M	54.68M	86.81M
Minority Interest	252.63M	389.13M	477.81M	460.38M	673.27M	1.21B	1.32B	1.47B	1.68B	1.61B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-105.27M	-150.58M	-61.01M	-62.46M	-204.49M	-317.97M	-817.19M	-848.79M	-820.74M	-766.15M
Operating CF Margin %	-0.35%	-0.33%	-0.12%	-0.08%	-0.24%	-0.34%	-0.51%	-0.37%	-0.36%	-0.38%
Operating CF Growth %	-12.28%	-0.43%	0.59%	-0.02%	-2.27%	-0.55%	-1.57%	-0.04%	0.03%	0.07%
Net Income	-248.91M	-303.3M	-286.73M	-260.19M	-391.02M	-626.95M	-79.42M	173.38M	-1.6B	-4.36B
Depreciation & Amortization	71.37M	104.11M	136.36M	156.01M	187.16M	242.94M	396.4M	459.35M	548.16M	620.88M
Stock-Based Compensation	15.82M	18.72M	22.04M	27.86M	26.31M	170.59M	0	0	0	112.83M
Deferred Taxes	-5.3M	35.99M	32.14M	9.32M	-8.22M	-60.57M	9.61M	2.29M	-12.72M	-26.82M
Other Non-Cash Items	7.69M	12.21M	24.44M	19.68M	11.02M	35.02M	-658.68M	-1.07B	443.6M	3.2B
Working Capital Changes	54.05M	-18.31M	10.74M	-15.14M	-29.74M	-79M	-485.08M	-410.78M	-195.28M	-318.51M
Change in Receivables	-15.52M	674K	-17.87M	-5.71M	-14.86M	4.99M	-62.12M	-86.76M	15.75M	-14.97M
Change in Inventory	-47.34M	4.04M	-27.1M	14.96M	-181.1M	47.55M	-223.77M	-277.08M	324.16M	57.66M
Change in Payables	50.95M	-40.34M	47.84M	8.85M	67.36M	-45.72M	66.93M	40.46M	-108.78M	177.45M
Cash from Investing+	-627.49M	-745.11M	-812.33M	-811.32M	-843.25M	-497.79M	-489.41M	-713.84M	-1.09B	-2.7B
Capital Expenditures	-607.91M	-740.11M	-812.33M	-811.32M	-840.53M	-969.67M	-1.69B	-2.01B	-2.61B	-2.7B
CapEx % of Revenue	2%	1.63%	1.53%	1.07%	0.98%	1.05%	1.05%	0.87%	1.15%	1.33%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-594.89M	-727.57M	-836.87M	-833.53M	0	-1.03B	0	0	0	0
Cash from Financing+	784.47M	898.19M	869.5M	936.39M	1.11B	1.16B	1.45B	1.67B	1.94B	3.43B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-24.89M	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	256.54M	-38.23M	-54.11M	265.38M	620.42M	744.41M	-196.47M	-217.63M	-221.08M	1.51B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-713.18M	-890.69M	-873.34M	-873.78M	-1.05B	-1.29B	-2.5B	-2.86B	-3.43B	-3.47B
FCF Margin %	-2.34%	-1.96%	-1.65%	-1.15%	-1.22%	-1.4%	-1.55%	-1.23%	-1.52%	-1.7%
FCF Growth %	-0.64%	-0.25%	0.02%	-0%	-0.2%	-0.23%	-0.94%	-0.14%	-0.2%	-0.01%
FCF per Share	-12.95	-8.49	-8.07	-7.46	-8.44	-9.22	-12.20	-13.05	-15.83	-15.60
FCF Conversion (FCF/Net Income)	3.73x	-1.64x	-0.49x	-2.34x	-7.76x	1.83x	10.29x	-4.90x	0.51x	0.27x
Interest Paid	11.95M	26.19M	42.19M	76.31M	99.47M	119.63M	0	0	0	591.28M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-4.16%	9.81%	10.59%	1.98%	1.73%	-3.88%	-1.07%	2.2%	-21.26%	-51.38%
Return on Invested Capital (ROIC)	-15.26%	-9.94%	-6.13%	-3.11%	-4.41%	-4.38%	-3.88%	-3.31%	-8.85%	-16.33%
Gross Margin	7.9%	12.04%	15.41%	29.61%	24.78%	19.37%	15.19%	12.87%	7.22%	16.12%
Net Margin	-9.27%	20.2%	23.51%	3.51%	3.07%	-18.8%	-4.93%	7.47%	-71%	-139.67%
Debt / Equity	0.89x	1.00x	1.13x	1.53x	1.60x	0.71x	0.91x	1.07x	1.60x	3.13x
Interest Coverage	-6.60x	-2.93x	-1.98x	-0.92x	-1.24x	-2.02x	-2.03x	-1.49x	-3.03x	-4.36x
FCF Conversion	3.73x	-1.64x	-0.49x	-2.34x	-7.76x	1.83x	10.29x	-4.90x	0.51x	0.27x
Revenue Growth	53.41%	49.01%	16.7%	43.47%	12.97%	7.41%	74.58%	44.19%	-2.65%	-9.83%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Service	-	-	-	404.47M	387.83M	484.16M	826.56M	983.05M	1.19B	1.51B
Service Growth	-	-	-	-	-4.11%	24.84%	70.72%	18.93%	20.72%	26.84%
Customer Agreements	-	-	-	-	345.49M	432.53M	725.22M	872.3M	1.08B	1.39B
Customer Agreements Growth	-	-	-	-	-	25.19%	67.67%	20.28%	23.48%	28.90%
Product	-	-	-	-	470.74M	438.03M	783.39M	1.34B	1.07B	532.49M
Product Growth	-	-	-	-	-	-6.95%	78.84%	70.84%	-19.82%	-50.38%
Manufactured Product, Other	-	-	-	-	187.31M	168.16M	312.11M	424.47M	416.7M	327.72M
Manufactured Product, Other Growth	-	-	-	-	-	-10.22%	85.60%	36.00%	-1.83%	-21.35%
Solar Energy Systems	50.19M	127.73M	113.95M	-	283.43M	269.87M	471.28M	913.9M	656.41M	204.78M
Solar Energy Systems Growth	-	154.48%	-10.78%	-	-	-4.79%	74.64%	93.92%	-28.18%	-68.80%
Incentives	-	-	-	-	42.35M	51.63M	101.34M	110.75M	109.61M	116.81M
Incentives Growth	-	-	-	-	-	21.92%	96.28%	9.28%	-1.03%	6.58%
Products	136.41M	157.75M	184.31M	-	-	-	-	-	-	-
Products Growth	-	15.65%	16.84%	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Sunrun Inc. (RUN) reported $2.32B in revenue for fiscal year 2024. This represents a 4132% increase from $54.7M in 2013.

Sunrun Inc. (RUN) saw revenue decline by 9.8% over the past year.

Sunrun Inc. (RUN) reported a net loss of $2.47B for fiscal year 2024.

Dividend & Returns

Sunrun Inc. (RUN) has a return on equity (ROE) of -51.4%. Negative ROE indicates the company is unprofitable.

Sunrun Inc. (RUN) had negative free cash flow of $2.24B in fiscal year 2024, likely due to heavy capital investments.

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Sunrun Inc. (RUN) 10-Year Financial Performance & Capital Metrics

RUN • • Industrial / General

EnergySolarSolar Project Development & InstallationResidential Solar Installers

Revenue $2.04B -9.8%
EBITDA -$3.07B -112.5%
Net Income -$2.85B -77.4%
EPS (Diluted) -12.81 -72.9%
Gross Margin 16.12% +123.5%
EBITDA Margin -150.87% -135.6%
Operating Margin -181.34% -107.1%
Net Margin -139.67% -96.7%
ROE -51.38% -141.7%
ROIC -16.33% -84.5%
Debt/Equity 3.13 +95.0%
Interest Coverage -4.36 -43.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 89 (top 11%)
✓Strong 5Y sales CAGR of 18.9%
✓Trading at only 1.0x book value

✗Weaknesses

✗High debt to equity ratio of 3.1x
✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y26.22%

5Y18.87%

3Y8.17%

TTM13.79%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-544.65%

EPS CAGR

10Y-

5Y-

3Y-

TTM-239.82%

ROCE

10Y Avg-7.43%

5Y Avg-8.77%

3Y Avg-11.44%

Latest-19.69%

Peer Comparison

Residential Solar Installers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RUNSunrun Inc.	4.24B	18.26	-1.43	-9.83%	-106.48%	-53.11%		3.13
ZEOZeo Energy Corp.	33.15M	1.00	-4	-33.23%	-17.91%	-26.99%		0.12

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	304.61M	453.9M	529.7M	759.98M	858.58M	922.19M	1.61B	2.32B	2.26B	2.04B
Revenue Growth %	0.53%	0.49%	0.17%	0.43%	0.13%	0.07%	0.75%	0.44%	-0.03%	-0.1%
Cost of Goods Sold+	280.54M	399.24M	448.08M	534.92M	645.83M	743.53M	1.37B	2.02B	2.1B	1.71B
COGS % of Revenue	0.92%	0.88%	0.85%	0.7%	0.75%	0.81%	0.85%	0.87%	0.93%	0.84%
Gross Profit+	24.07M	54.66M	81.61M	225.06M	212.75M	178.66M	244.48M	298.71M	163.06M	328.55M
Gross Margin %	0.08%	0.12%	0.15%	0.3%	0.25%	0.19%	0.15%	0.13%	0.07%	0.16%
Gross Profit Growth %	-0.03%	1.27%	0.49%	1.76%	-0.05%	-0.16%	0.37%	0.22%	-0.45%	1.01%
Operating Expenses+	243.27M	269.56M	263.82M	346.94M	428.49M	643.77M	910.67M	960.9M	2.14B	4.02B
OpEx % of Revenue	0.8%	0.59%	0.5%	0.46%	0.5%	0.7%	0.57%	0.41%	0.95%	1.97%
Selling, General & Admin	229.92M	255.16M	244.53M	323.89M	400.17M	619.04M	887.5M	940M	961.89M	862.29M
SG&A % of Revenue	0.75%	0.56%	0.46%	0.43%	0.47%	0.67%	0.55%	0.4%	0.43%	0.42%
Research & Development	9.66M	10.2M	15.08M	18.84M	23.56M	19.55M	23.16M	20.91M	21.82M	39.3M
R&D % of Revenue	0.03%	0.02%	0.03%	0.02%	0.03%	0.02%	0.01%	0.01%	0.01%	0.02%
Other Operating Expenses	-1.34M	840K	-1.87M	2.79M	4.75M	5.18M	0	0	1.16B	3.12B
Operating Income+	-219.2M	-214.9M	-182.2M	-121.88M	-215.74M	-465.11M	-666.19M	-662.19M	-1.98B	-3.7B
Operating Margin %	-0.72%	-0.47%	-0.34%	-0.16%	-0.25%	-0.5%	-0.41%	-0.29%	-0.88%	-1.81%
Operating Income Growth %	-0.65%	0.02%	0.15%	0.33%	-0.77%	-1.16%	-0.43%	0.01%	-1.99%	-0.87%
EBITDA+	-147.83M	-98.5M	-47.02M	42.73M	-28.58M	-222.17M	-278.09M	-211.15M	-1.45B	-3.07B
EBITDA Margin %	-0.49%	-0.22%	-0.09%	0.06%	-0.03%	-0.24%	-0.17%	-0.09%	-0.64%	-1.51%
EBITDA Growth %	-0.78%	0.33%	0.52%	1.91%	-1.67%	-6.77%	-0.25%	0.24%	-5.85%	-1.12%
D&A (Non-Cash Add-back)	71.37M	116.41M	135.19M	164.61M	187.16M	242.94M	388.1M	451.05M	531.67M	620.88M
EBIT	-220.97M	-191.24M	-183.01M	-119.09M	-224.99M	-456.92M	-643.56M	-401.54M	-2.04B	-3.53B
Net Interest Income+	-33.24M	-73.34M	-92.25M	-131.77M	-174.25M	-230.6M	-327.7M	-445.82M	-652.99M	-848.37M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	33.24M	73.34M	92.25M	131.77M	174.25M	230.6M	327.7M	445.82M	652.99M	848.37M
Other Income/Expense	-35.01M	-52.4M	-94.13M	-128.98M	-183.5M	-222.41M	-305.07M	-185.16M	-716.89M	-686.83M
Pretax Income+	-254.21M	-267.31M	-254.6M	-250.86M	-399.24M	-687.52M	-971.26M	-847.35M	-2.7B	-4.38B
Pretax Margin %	-0.83%	-0.59%	-0.48%	-0.33%	-0.47%	-0.75%	-0.6%	-0.37%	-1.19%	-2.15%
Income Tax+	-5.3M	35.99M	32.14M	9.32M	-8.22M	-60.57M	9.27M	2.29M	-12.69M	-26.82M
Effective Tax Rate %	0.11%	-0.34%	-0.49%	-0.11%	-0.07%	0.25%	0.08%	-0.2%	0.6%	0.65%
Net Income+	-28.25M	91.69M	124.53M	26.66M	26.34M	-173.39M	-79.42M	173.38M	-1.6B	-2.85B
Net Margin %	-0.09%	0.2%	0.24%	0.04%	0.03%	-0.19%	-0.05%	0.07%	-0.71%	-1.4%
Net Income Growth %	0.6%	4.25%	0.36%	-0.79%	-0.01%	-7.58%	0.54%	3.18%	-10.25%	-0.77%
Net Income (Continuing)	-248.91M	-320.84M	-287.62M	-260.19M	-391.02M	-626.95M	-980.53M	-849.64M	-2.68B	-4.36B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	252.63M	389.13M	477.81M	460.38M	673.27M	1.21B	1.32B	1.47B	1.68B	1.61B
EPS (Diluted)+	-0.51	0.72	1.15	0.23	-3.16	-4.49	-4.78	-3.88	-7.41	-12.81
EPS Growth %	0.43%	2.41%	0.6%	-0.8%	-14.74%	-0.42%	-0.06%	0.19%	-0.91%	-0.73%
EPS (Basic)	-0.51	0.73	1.18	0.23	-3.36	-4.49	-4.78	-4.02	-7.41	-12.81
Diluted Shares Outstanding	55.09M	104.96M	108.21M	117.11M	123.88M	139.61M	205.13M	219.16M	216.64M	222.22M
Basic Shares Outstanding	55.09M	102.37M	105.43M	115.9M	116.4M	139.61M	205.13M	211.35M	216.64M	222.22M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	360.49M	369.35M	432.7M	461.41M	733.83M	1.14B	1.55B	2.1B	1.88B	1.72B
Cash & Short-Term Investments	203.86M	206.36M	202.53M	226.63M	269.58M	519.97M	617.63M	740.51M	678.82M	574.96M
Cash Only	203.86M	206.36M	202.53M	226.63M	269.58M	519.97M	617.63M	740.51M	678.82M	574.96M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	44.53M	64.58M	57.6M	69.13M	77.73M	95.14M	146.04M	214.25M	172M	170.71M
Days Sales Outstanding	53.36	51.93	39.69	33.2	33.04	37.66	33.11	33.69	27.78	30.58
Inventory	71.26M	67.33M	94.43M	79.47M	260.57M	283.05M	506.82M	783.9M	459.75M	402.08M
Days Inventory Outstanding	92.71	61.55	76.92	54.22	147.27	138.95	135.48	141.46	80.03	85.87
Other Current Assets	34.93M	39.73M	53.11M	77.63M	93.5M	188.09M	232.65M	358.98M	571.69M	574.89M
Total Non-Current Assets+	2.38B	3.2B	3.5B	4.29B	5.07B	13.25B	14.94B	17.17B	18.57B	18.18B
Property, Plant & Equipment	2.04B	2.68B	3.36B	3.85B	4.58B	8.35B	9.61B	11.06B	13.27B	15.23B
Fixed Asset Turnover	0.15x	0.17x	0.16x	0.20x	0.19x	0.11x	0.17x	0.21x	0.17x	0.13x
Goodwill	87.54M	87.54M	87.54M	87.54M	95.09M	4.28B	4.28B	4.28B	3.12B	0
Intangible Assets	22.7M	18.5M	14.29M	10.09M	19.54M	18.26M	12.89M	7.53M	0	0
Long-Term Investments	8.09M	6.12M	51.71M	81.85M	0	65.36M	63.83M	186.2M	132.56M	81.3M
Other Non-Current Assets	230.52M	128.49M	-250.19M	-87.55M	373.87M	534.94M	969.36M	681.89M	2.04B	2.86B
Total Assets+	2.74B	3.57B	3.93B	4.75B	5.81B	14.38B	16.48B	19.27B	20.45B	19.9B
Asset Turnover	0.11x	0.13x	0.13x	0.16x	0.15x	0.06x	0.10x	0.12x	0.11x	0.10x
Asset Growth %	0.41%	0.3%	0.1%	0.21%	0.22%	1.48%	0.15%	0.17%	0.06%	-0.03%
Total Current Liabilities+	253.17M	244.78M	335.03M	372.19M	530.09M	901.36M	1.01B	1.16B	1.49B	1.33B
Accounts Payable	104.13M	66.02M	115.19M	131.28M	223.36M	207.44M	288.11M	339.17M	230.72M	354.21M
Days Payables Outstanding	135.49	60.36	93.83	89.58	126.23	101.83	77.01	61.2	40.16	75.64
Short-Term Debt	4.72M	29.99M	21.53M	35.48M	35.35M	195.04M	190.19M	157.81M	547.87M	231.66M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	35.94M	28.22M	119.24M	39.74M	38.75M	91.11M	100.36M	305.59M	93.41M	104.75M
Current Ratio	1.42x	1.51x	1.29x	1.24x	1.38x	1.26x	1.53x	1.82x	1.26x	1.29x
Quick Ratio	1.14x	1.23x	1.01x	1.03x	0.89x	0.95x	1.03x	1.14x	0.96x	0.99x
Cash Conversion Cycle	10.58	53.13	22.77	-2.15	54.08	74.77	91.57	113.94	67.65	40.8
Total Non-Current Liabilities+	1.68B	2.27B	2.3B	2.97B	3.64B	6.19B	7.9B	9.93B	12.05B	14.4B
Long-Term Debt	530.04M	883.87M	1.28B	1.71B	2.22B	4.6B	6.31B	8.24B	10.12B	12.67B
Capital Lease Obligations	168.23M	150.92M	138.63M	361.45M	340.87M	336.43M	325.55M	306.31M	347.09M	66.14M
Deferred Tax Liabilities	190.15M	415.4M	59.13M	93.63M	65.96M	81.91M	101.75M	133.05M	122.87M	137.94M
Other Non-Current Liabilities	7.14M	5.46M	867.02M	34.03M	141.4M	268.68M	190.06M	140.29M	190.87M	119.85M
Total Liabilities	1.93B	2.51B	2.64B	3.34B	4.17B	7.09B	8.91B	11.09B	13.54B	15.73B
Total Debt+	719.21M	1.06B	1.45B	2.15B	2.63B	5.18B	6.87B	8.76B	11.09B	13.02B
Net Debt	515.35M	858.42M	1.25B	1.93B	2.36B	4.66B	6.25B	8.02B	10.41B	12.45B
Debt / Equity	0.89x	1.00x	1.13x	1.53x	1.60x	0.71x	0.91x	1.07x	1.60x	3.13x
Debt / EBITDA	-	-	-	50.41x	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	45.11x	-	-	-	-	-	-
Interest Coverage	-6.60x	-2.93x	-1.98x	-0.92x	-1.24x	-2.02x	-2.03x	-1.49x	-3.03x	-4.36x
Total Equity+	806.7M	1.06B	1.29B	1.41B	1.64B	7.29B	7.57B	8.18B	6.91B	4.16B
Equity Growth %	0.46%	0.32%	0.21%	0.09%	0.16%	3.45%	0.04%	0.08%	-0.15%	-0.4%
Book Value per Share	14.64	10.12	11.92	12.03	13.22	52.21	36.92	37.32	31.91	18.74
Total Shareholders' Equity	554.07M	672.96M	812M	948.71M	964.73M	6.08B	6.25B	6.71B	5.23B	2.55B
Common Stock	10K	10K	11K	11K	12K	20K	21K	21K	22K	23K
Retained Earnings	-87.25M	4.44M	131.96M	229.39M	251.47M	76.84M	-2.58M	170.8M	-1.43B	-4.28B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-921K	437K	-4.11M	-3.12M	-52.75M	-106.75M	-73.05M	67.11M	54.68M	86.81M
Minority Interest	252.63M	389.13M	477.81M	460.38M	673.27M	1.21B	1.32B	1.47B	1.68B	1.61B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-105.27M	-150.58M	-61.01M	-62.46M	-204.49M	-317.97M	-817.19M	-848.79M	-820.74M	-766.15M
Operating CF Margin %	-0.35%	-0.33%	-0.12%	-0.08%	-0.24%	-0.34%	-0.51%	-0.37%	-0.36%	-0.38%
Operating CF Growth %	-12.28%	-0.43%	0.59%	-0.02%	-2.27%	-0.55%	-1.57%	-0.04%	0.03%	0.07%
Net Income	-248.91M	-303.3M	-286.73M	-260.19M	-391.02M	-626.95M	-79.42M	173.38M	-1.6B	-4.36B
Depreciation & Amortization	71.37M	104.11M	136.36M	156.01M	187.16M	242.94M	396.4M	459.35M	548.16M	620.88M
Stock-Based Compensation	15.82M	18.72M	22.04M	27.86M	26.31M	170.59M	0	0	0	112.83M
Deferred Taxes	-5.3M	35.99M	32.14M	9.32M	-8.22M	-60.57M	9.61M	2.29M	-12.72M	-26.82M
Other Non-Cash Items	7.69M	12.21M	24.44M	19.68M	11.02M	35.02M	-658.68M	-1.07B	443.6M	3.2B
Working Capital Changes	54.05M	-18.31M	10.74M	-15.14M	-29.74M	-79M	-485.08M	-410.78M	-195.28M	-318.51M
Change in Receivables	-15.52M	674K	-17.87M	-5.71M	-14.86M	4.99M	-62.12M	-86.76M	15.75M	-14.97M
Change in Inventory	-47.34M	4.04M	-27.1M	14.96M	-181.1M	47.55M	-223.77M	-277.08M	324.16M	57.66M
Change in Payables	50.95M	-40.34M	47.84M	8.85M	67.36M	-45.72M	66.93M	40.46M	-108.78M	177.45M
Cash from Investing+	-627.49M	-745.11M	-812.33M	-811.32M	-843.25M	-497.79M	-489.41M	-713.84M	-1.09B	-2.7B
Capital Expenditures	-607.91M	-740.11M	-812.33M	-811.32M	-840.53M	-969.67M	-1.69B	-2.01B	-2.61B	-2.7B
CapEx % of Revenue	2%	1.63%	1.53%	1.07%	0.98%	1.05%	1.05%	0.87%	1.15%	1.33%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-594.89M	-727.57M	-836.87M	-833.53M	0	-1.03B	0	0	0	0
Cash from Financing+	784.47M	898.19M	869.5M	936.39M	1.11B	1.16B	1.45B	1.67B	1.94B	3.43B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-24.89M	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	256.54M	-38.23M	-54.11M	265.38M	620.42M	744.41M	-196.47M	-217.63M	-221.08M	1.51B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-713.18M	-890.69M	-873.34M	-873.78M	-1.05B	-1.29B	-2.5B	-2.86B	-3.43B	-3.47B
FCF Margin %	-2.34%	-1.96%	-1.65%	-1.15%	-1.22%	-1.4%	-1.55%	-1.23%	-1.52%	-1.7%
FCF Growth %	-0.64%	-0.25%	0.02%	-0%	-0.2%	-0.23%	-0.94%	-0.14%	-0.2%	-0.01%
FCF per Share	-12.95	-8.49	-8.07	-7.46	-8.44	-9.22	-12.20	-13.05	-15.83	-15.60
FCF Conversion (FCF/Net Income)	3.73x	-1.64x	-0.49x	-2.34x	-7.76x	1.83x	10.29x	-4.90x	0.51x	0.27x
Interest Paid	11.95M	26.19M	42.19M	76.31M	99.47M	119.63M	0	0	0	591.28M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-4.16%	9.81%	10.59%	1.98%	1.73%	-3.88%	-1.07%	2.2%	-21.26%	-51.38%
Return on Invested Capital (ROIC)	-15.26%	-9.94%	-6.13%	-3.11%	-4.41%	-4.38%	-3.88%	-3.31%	-8.85%	-16.33%
Gross Margin	7.9%	12.04%	15.41%	29.61%	24.78%	19.37%	15.19%	12.87%	7.22%	16.12%
Net Margin	-9.27%	20.2%	23.51%	3.51%	3.07%	-18.8%	-4.93%	7.47%	-71%	-139.67%
Debt / Equity	0.89x	1.00x	1.13x	1.53x	1.60x	0.71x	0.91x	1.07x	1.60x	3.13x
Interest Coverage	-6.60x	-2.93x	-1.98x	-0.92x	-1.24x	-2.02x	-2.03x	-1.49x	-3.03x	-4.36x
FCF Conversion	3.73x	-1.64x	-0.49x	-2.34x	-7.76x	1.83x	10.29x	-4.90x	0.51x	0.27x
Revenue Growth	53.41%	49.01%	16.7%	43.47%	12.97%	7.41%	74.58%	44.19%	-2.65%	-9.83%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Service	-	-	-	404.47M	387.83M	484.16M	826.56M	983.05M	1.19B	1.51B
Service Growth	-	-	-	-	-4.11%	24.84%	70.72%	18.93%	20.72%	26.84%
Customer Agreements	-	-	-	-	345.49M	432.53M	725.22M	872.3M	1.08B	1.39B
Customer Agreements Growth	-	-	-	-	-	25.19%	67.67%	20.28%	23.48%	28.90%
Product	-	-	-	-	470.74M	438.03M	783.39M	1.34B	1.07B	532.49M
Product Growth	-	-	-	-	-	-6.95%	78.84%	70.84%	-19.82%	-50.38%
Manufactured Product, Other	-	-	-	-	187.31M	168.16M	312.11M	424.47M	416.7M	327.72M
Manufactured Product, Other Growth	-	-	-	-	-	-10.22%	85.60%	36.00%	-1.83%	-21.35%
Solar Energy Systems	50.19M	127.73M	113.95M	-	283.43M	269.87M	471.28M	913.9M	656.41M	204.78M
Solar Energy Systems Growth	-	154.48%	-10.78%	-	-	-4.79%	74.64%	93.92%	-28.18%	-68.80%
Incentives	-	-	-	-	42.35M	51.63M	101.34M	110.75M	109.61M	116.81M
Incentives Growth	-	-	-	-	-	21.92%	96.28%	9.28%	-1.03%	6.58%
Products	136.41M	157.75M	184.31M	-	-	-	-	-	-	-
Products Growth	-	15.65%	16.84%	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Sunrun Inc. (RUN) reported $2.32B in revenue for fiscal year 2024. This represents a 4132% increase from $54.7M in 2013.

Sunrun Inc. (RUN) saw revenue decline by 9.8% over the past year.

Sunrun Inc. (RUN) reported a net loss of $2.47B for fiscal year 2024.

Dividend & Returns

Sunrun Inc. (RUN) has a return on equity (ROE) of -51.4%. Negative ROE indicates the company is unprofitable.

Sunrun Inc. (RUN) had negative free cash flow of $2.24B in fiscal year 2024, likely due to heavy capital investments.