Total debt climbed to $15.2B by 2026Q2 (D/E of 2.92), while equity fell to $3.5B and retained earnings deteriorated to -$3.5B, indicating a highly leveraged capital structure with thinning liquidity (cash down to $712.4M).
Sunrun Inc. (RUN) balance sheet — 13-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Current Assets | 2.3B | 2.16B | 1.72B | 1.88B | 2.1B | 1.55B | 1.14B | 733.83M | 461.41M | 432.7M | 369.35M | 360.49M | 239.58M | 127.99M |
| Cash & Short-Term Investments | 699.43M | 1.24B | 574.96M | 678.82M | 740.51M | 617.63M | 519.97M | 269.58M | 226.63M | 202.53M | 206.36M | 203.86M | 152.15M | 99.7M |
| Cash Only | 699.43M | 1.24B | 574.96M | 678.82M | 740.51M | 617.63M | 519.97M | 269.58M | 226.63M | 202.53M | 206.36M | 203.86M | 152.15M | 99.7M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 289.93M | 262.63M | 170.71M | 172M | 214.25M | 146.04M | 95.14M | 77.73M | 69.13M | 57.6M | 64.58M | 44.53M | 46.7M | 19.39M |
| Days Sales Outstanding | 24.18 | 32.42 | 30.58 | 27.78 | 33.69 | 33.11 | 37.66 | 33.04 | 33.2 | 39.69 | 51.93 | 53.36 | 85.85 | 129.29 |
| Inventory | 709.66M | 501.29M | 402.08M | 459.75M | 783.9M | 506.82M | 283.05M | 260.57M | 79.47M | 94.43M | 67.33M | 71.26M | 23.91M | 7.96M |
| Days Inventory Outstanding | 88.51 | 84.53 | 85.87 | 80.03 | 141.46 | 135.48 | 138.95 | 147.27 | 54.22 | 76.92 | 61.55 | 92.71 | 50.25 | 67.47 |
| Other Current Assets | 421.76M | 155.22M | 574.89M | 571.69M | 358.98M | 232.65M | 188.09M | 93.5M | 77.63M | 53.11M | 39.73M | 34.93M | 32.13M | 24.02M |
| Total Non-Current Assets | 21.67B | 22.02B | 18.18B | 18.57B | 17.17B | 14.94B | 13.25B | 5.07B | 4.29B | 3.5B | 3.2B | 2.38B | 1.7B | 1.2B |
| Property, Plant & Equipment | 17.57B | 16.96B | 15.23B | 13.27B | 11.06B | 9.61B | 8.35B | 4.58B | 3.85B | 3.36B | 2.68B | 2.04B | 1.51B | 1.09B |
| Fixed Asset Turnover | 0.22x | 0.17x | 0.13x | 0.17x | 0.21x | 0.17x | 0.11x | 0.19x | 0.20x | 0.16x | 0.17x | 0.15x | 0.13x | 0.05x |
| Goodwill | 0 | 0 | 0 | 3.12B | 4.28B | 4.28B | 4.28B | 95.09M | 87.54M | 87.54M | 87.54M | 87.54M | 51.79M | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 7.53M | 12.89M | 18.26M | 19.54M | 10.09M | 14.29M | 18.5M | 22.7M | 13.11M | 0 |
| Long-Term Investments | 1.44B | 1.17B | 81.3M | 132.56M | 186.2M | 63.83M | 65.36M | 0 | 81.85M | 51.71M | 6.12M | 8.09M | 0 | 0 |
| Other Non-Current Assets | 3.99B | 2.33B | 2.86B | 2.04B | 681.89M | 969.36M | 534.94M | 373.87M | -87.55M | -250.19M | 128.49M | 230.52M | 124.71M | 108.89M |
| Total Assets | 23.97B | 24.18B | 19.9B | 20.45B | 19.27B | 16.48B | 14.38B | 5.81B | 4.75B | 3.93B | 3.57B | 2.74B | 1.94B | 1.33B |
| Asset Turnover | 0.16x | 0.12x | 0.10x | 0.11x | 0.12x | 0.10x | 0.06x | 0.15x | 0.16x | 0.13x | 0.13x | 0.11x | 0.10x | 0.04x |
| Asset Growth % | 51.1% | 21.51% | -2.7% | 6.13% | 16.9% | 14.6% | 147.71% | 22.24% | 20.93% | 9.94% | 30.48% | 41.46% | 46.04% | - |
| Total Current Liabilities | 1.52B | 1.3B | 1.33B | 1.49B | 1.16B | 1.01B | 901.36M | 530.09M | 372.19M | 335.03M | 244.78M | 253.17M | 150.88M | 124.16M |
| Accounts Payable | 419.67M | 271.02M | 354.21M | 230.72M | 339.17M | 288.11M | 207.44M | 223.36M | 131.28M | 115.19M | 66.02M | 104.13M | 51.17M | 18.09M |
| Days Payables Outstanding | 51.02 | 45.7 | 75.64 | 40.16 | 61.2 | 77.01 | 101.83 | 126.23 | 89.58 | 93.83 | 60.36 | 135.49 | 107.52 | 153.25 |
| Short-Term Debt | 350.36M | 319.32M | 231.66M | 547.87M | 157.81M | 190.19M | 195.04M | 35.35M | 35.48M | 21.53M | 29.99M | 4.72M | 2.6M | 26.21M |
| Deferred Revenue (Current) | 670.52M | 171.52M | 137.34M | 136.8M | 191.97M | 120.04M | 116.7M | 85.74M | 55.29M | 85.58M | 78.86M | 73.67M | 58.15M | 38.28M |
| Other Current Liabilities | 61.15M | 366.62M | 104.75M | 93.41M | 305.59M | 100.36M | 91.11M | 38.75M | 39.74M | 119.24M | 28.22M | 35.94M | 19.62M | 23.77M |
| Current Ratio | 1.52x | 1.66x | 1.29x | 1.26x | 1.82x | 1.53x | 1.26x | 1.38x | 1.24x | 1.29x | 1.51x | 1.42x | 1.59x | 1.03x |
| Quick Ratio | 1.05x | 1.27x | 0.99x | 0.96x | 1.14x | 1.03x | 0.95x | 0.89x | 1.03x | 1.01x | 1.23x | 1.14x | 1.43x | 0.97x |
| Cash Conversion Cycle | 61.67 | 71.25 | 40.8 | 67.65 | 113.94 | 91.57 | 74.77 | 54.08 | -2.15 | 22.77 | 53.13 | 10.58 | 28.58 | 43.51 |
| Total Non-Current Liabilities | 17.04B | 17.89B | 14.4B | 12.05B | 9.93B | 7.9B | 6.19B | 3.64B | 2.97B | 2.3B | 2.27B | 1.68B | 1.23B | 868.83M |
| Long-Term Debt | 14.92B | 14.48B | 12.67B | 10.12B | 8.24B | 6.31B | 4.6B | 2.22B | 1.71B | 1.28B | 883.87M | 530.04M | 236.65M | 141.55M |
| Capital Lease Obligations | 167.21M | 91.54M | 66.14M | 347.09M | 306.31M | 325.55M | 336.43M | 340.87M | 361.45M | 138.63M | 150.92M | 168.23M | 185.99M | 65.14M |
| Deferred Tax Liabilities | 2.42B | 1.73B | 137.94M | 122.87M | 133.05M | 101.75M | 81.91M | 65.96M | 93.63M | 59.13M | 415.4M | 190.15M | 112.6M | 104.29M |
| Other Non-Current Liabilities | 390.04M | 46.94M | 119.85M | 190.87M | 140.29M | 190.06M | 268.68M | 141.4M | 34.03M | 867.02M | 5.46M | 7.14M | 5.47M | 2.68M |
| Total Liabilities | 18.56B | 19.19B | 15.73B | 13.54B | 11.09B | 8.91B | 7.09B | 4.17B | 3.34B | 2.64B | 2.51B | 1.93B | 1.38B | 992.99M |
| Total Debt | 15.31B | 14.89B | 13.02B | 11.09B | 8.76B | 6.87B | 5.18B | 2.63B | 2.15B | 1.45B | 1.06B | 719.21M | 431.99M | 245.03M |
| Net Debt | 14.61B | 13.65B | 12.45B | 10.41B | 8.02B | 6.25B | 4.66B | 2.36B | 1.93B | 1.25B | 858.42M | 515.35M | 279.84M | 145.33M |
| Debt / Equity | 2.83x | 2.99x | 3.13x | 1.60x | 1.07x | 0.91x | 0.71x | 1.60x | 1.53x | 1.13x | 1.00x | 0.89x | 0.78x | 0.74x |
| Debt / EBITDA | 15.23x | 24.83x | - | - | - | - | - | - | 63.12x | - | - | - | - | - |
| Net Debt / EBITDA | 14.53x | 22.77x | - | - | - | - | - | - | 56.47x | - | - | - | - | - |
| Interest Coverage | 0.44x | 0.51x | -4.17x | -3.13x | -0.90x | -1.96x | -1.98x | -1.29x | -0.90x | -1.98x | -2.61x | -6.65x | -5.09x | -4.62x |
| Total Equity | 5.41B | 4.98B | 4.16B | 6.91B | 8.18B | 7.57B | 7.29B | 1.64B | 1.41B | 1.29B | 1.06B | 806.7M | 552.57M | 332.38M |
| Equity Growth % | 74.29% | 19.69% | -39.77% | -15.47% | 8.01% | 3.89% | 345.02% | 16.25% | 9.25% | 21.44% | 31.66% | 45.99% | 66.25% | - |
| Book Value per Share | 19.71 | 18.37 | 18.74 | 31.91 | 37.32 | 36.92 | 52.21 | 13.22 | 12.03 | 11.92 | 10.12 | 14.64 | 6.97 | 4.19 |
| Total Shareholders' Equity | 3.69B | 3.13B | 2.55B | 5.23B | 6.71B | 6.25B | 6.08B | 964.73M | 948.71M | 812M | 672.96M | 554.07M | 324.86M | 164.98M |
| Common Stock | 24K | 23K | 23K | 22K | 21K | 21K | 20K | 12K | 11K | 11K | 10K | 10K | 2K | 1K |
| Retained Earnings | -3.39B | -3.83B | -4.28B | -1.43B | 170.8M | -2.58M | 76.84M | 251.47M | 229.39M | 131.96M | 4.44M | -87.25M | -59M | 11.85M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 99.65M | 63.1M | 86.81M | 54.68M | 67.11M | -73.05M | -106.75M | -52.75M | -3.12M | -4.11M | 437K | -921K | -153.62M | -92.66M |
| Minority Interest | 1.72B | 1.85B | 1.61B | 1.68B | 1.47B | 1.32B | 1.21B | 673.27M | 460.38M | 477.81M | 389.13M | 252.63M | 227.7M | 167.39M |
Quick answers to the most common questions about buying RUN stock.
As of 2025, Sunrun Inc. (RUN) had total assets of $24.18B including $2.16B in current assets.
Sunrun Inc. (RUN) carries total debt of $14.89B, offset by $1.24B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Sunrun Inc. (RUN) has total shareholders' equity (book value) of $3.13B ($18.37 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Sunrun Inc. (RUN) reported a current ratio of 1.66x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
High leverage and negative equity
Metrics are mathematically derived from official filings.
Leverage Rises as Equity Erodes
Sunrun's total debt climbed from $11.5B in 2024Q1 to $15.2B by 2026Q2, while equity fell from $5.2B to $3.5B, per SEC filings, signaling a balance sheet increasingly reliant on borrowed capital.
The debt-to-equity ratio nearly doubled from 1.71 to 2.92 over the period, indicating that asset growth has been funded predominantly through debt rather than retained earnings. This trend, combined with a shrinking equity base, suggests the company is financing its expansion through leverage, which may heighten financial risk if cash flows falter.
Debt-Fueled Expansion Raises Refinancing Risk
Total debt reached $15.2B in 2026Q2, representing 65% of total assets, with D/E at 2.92, as reported in financial statements, indicating a highly leveraged capital structure that may strain future cash flows.
The consistent increase in debt across all quarters, even as equity declined, suggests that Sunrun is relying on external financing to support its solar asset growth. With debt-to-assets at 65%, the company has limited headroom for additional borrowing without further stressing its balance sheet. Investors should monitor refinancing needs, especially if interest rates remain elevated, as this could pressure liquidity.
Asset-Heavy Model with Intangible Shift
PP&E grew from $13.7B to $17.3B over ten quarters, while goodwill disappeared in 2025Q1, per balance sheet data, indicating a shift from acquisition-driven growth to organic asset expansion.
The substantial investment in PP&E underscores Sunrun's capital-intensive business model, where solar installations are recorded as long-term assets. The elimination of goodwill, which was $3.1B in 2024Q1, suggests a significant write-off or divestiture, potentially reflecting an impairment or a change in acquisition strategy. This asset mix implies that cash flow generation is critical to service the debt used to fund these assets.
Accumulated Deficit Deepens
Retained earnings deteriorated from -$1.5B in 2024Q1 to -$3.5B in 2026Q2, per reported figures, indicating cumulative losses that have eroded shareholder equity despite revenue growth.
The widening accumulated deficit, coupled with a decline in total equity from $5.2B to $3.5B, suggests that the company has not yet achieved sustainable profitability. While revenue is accelerating, the balance sheet shows that losses are being absorbed, which may limit the company's ability to fund future growth internally. This trend warrants close monitoring as it could impact the company's financial flexibility.
Liquidity Buffer Thins Despite Ratio Gains
Cash dropped from $1.2B in 2025Q4 to $712.4M in 2026Q2, while the current ratio improved to 1.42, as per financial statements, suggesting a tighter cash position relative to operating needs.
Although the current ratio remains above 1, the significant decline in cash reserves—nearly halving in two quarters—raises concerns about the company's ability to absorb short-term shocks. Given the negative operating cash flow reported in 2026Q2, the cash buffer appears insufficient to cover ongoing losses without additional debt or equity issuance. This liquidity strain may limit operational flexibility.
Goodwill Write-Off Masks Acquisition Value
Goodwill fell from $3.1B in 2024Q1 to zero by 2025Q1, per balance sheet data, a sudden disappearance that may indicate an impairment or restructuring, potentially signaling overpayment for past acquisitions.
The complete elimination of goodwill without any prior indication in the data suggests a major write-down, which could have distorted prior equity figures. This event, combined with the subsequent decline in equity, implies that the company may have recognized that certain acquisitions did not generate the expected value. Investors should consider whether this write-off reflects a one-time adjustment or a broader issue with the company's inorganic growth strategy.