Sunrun Inc.

RUN

TechnologyMid CapUS Equities · NYSE / NASDAQ

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Company Profile

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.

Valuation

Market Cap$3.5B

Current Price$13.08as of Jun 23, 2026

P/E Ratio7.86

P/B Ratio1.13

EV / EBITDA32.03

EV / Sales5.91

Profitability

Operating Margin-4.3%

Net Profit Margin15.2%

EBITDA Margin18.5%

Returns

ROE14.4%

ROCE-0.6%

ROIC %-

ROA2.0%

Solvency

Current Ratio1.66

Debt / Equity4.72

Debt / Assets0.65

CFO / Net Profit-0.94

Price History▲ 109.62% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$3.0B▲ 45.1%

EBITDA$546M▼ 118.7%

Net Profit$450M▼ 115.8%

Cash from Ops (CFO)$-421M▼ 45.0%

Free Cash Flow (FCF)$-2.9B▼ 15.7%

Revenue CAGR 3Y8.4%

Revenue CAGR 5Y-

Net Profit CAGR 3Y37.4%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$3.0B	$546M	$450M	$-2.9B	14.4%	45.1%	-115.8%
2024	$2.0B	$-2.9B	$-2.8B	$-3.5B	-111.4%	-9.8%	77.4%
2023	$2.3B	$-1.5B	$-1.6B	$-3.4B	-30.7%	-2.7%	-1025.4%
2022	$2.3B	$50M	$173M	$-2.9B	2.6%	-	-
2021	-	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	2,321.42	2,259.81	2,037.72	2,957
Operating Revenue	-	2,321.42	2,259.81	2,037.72	2,957
Cost Of Revenue	-	2,022.71	2,096.75	1,709.16	2,059.70
Gross Profit	-	298.71	163.06	328.55	897.30
Operating Expense	-	960.90	983.70	901.59	1,023.43
Research And Development	-	20.91	21.82	39.30	36.12
Selling General And Administration	-	940	961.89	862.29	987.30
Total Expenses	-	2,983.61	3,080.46	2,610.76	3,083.13
Operating Income	-	-662.19	-820.64	-573.04	-126.13
Total Operating Income As Reported	-	-662.19	-1,978.64	-3,695.21	-126.13
EBITDA	-	49.51	-1,510.87	-2,912.79	546.04
Normalized EBITDA	-	49.51	-352.87	209.38	546.04
EBIT	-	-401.54	-2,042.54	-3,533.67	-179.54
Interest Expense	-	445.82	652.99	848.37	996.78
Net Interest Income	-	-445.82	-652.99	-848.37	-996.78
Other Non Operating Income Expenses	-	260.66	-63.90	161.54	-53.41
Other Income Expense	-	260.66	-1,221.90	-2,960.63	-53.41
Interest Expense Non Operating	-	445.82	652.99	848.37	996.78
Net Non Operating Interest Income Expense	-	-445.82	-652.99	-848.37	-996.78
Pretax Income	-	-847.35	-2,695.53	-4,382.03	-1,176.32
Tax Provision	-	2.29	-12.69	-26.82	-167.22
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	0	-5.44	-19.05	0
Net Income Continuous Operations	-	-849.64	-2,682.84	-4,355.22	-1,009.11
Net Income From Continuing And Discontinued Operation	-	173.38	-1,604.50	-2,846.17	449.95
Net Income From Continuing Operation Net Minority Interest	-	173.38	-1,604.50	-2,846.17	449.95
Net Income	-	173.38	-1,604.50	-2,846.17	449.95
Net Income Common Stockholders	-	173.38	-1,604.50	-2,846.17	449.95
Net Income Including Noncontrolling Interests	-	-849.64	-2,682.84	-4,355.22	-1,009.11
Normalized Income	-	173.38	-451.94	256.96	449.95
Diluted NI Availto Com Stockholders	-	173.38	-1,604.50	-2,846.17	449.95
Basic Average Shares	-	211.35	216.64	222.22	229.81
Diluted Average Shares	-	219.16	216.64	222.22	264.46
Reconciled Depreciation	-	451.05	531.67	620.88	725.58
Reconciled Cost Of Revenue	-	2,022.71	2,096.75	1,709.16	2,059.70
Total Unusual Items	-	0	-1,158	-3,122.17	0
Total Unusual Items Excluding Goodwill	-	0	-1,158	-3,122.17	0
Minority Interests	-	1,023.02	1,078.34	1,509.05	1,459.05
Special Income Charges	-	0	-1,158	-3,122.17	0
Impairment Of Capital Assets	-	0	1,158	3,122.17	0
Depreciation Amortization Depletion Income Statement	5.37	5.36	-	-	-
Depreciation And Amortization In Income Statement	5.37	5.36	-	-	-
General And Administrative Expense	-	194.61	221.07	245.13	278.05
Other Gand A	-	194.61	221.07	245.13	278.05
Selling And Marketing Expense	-	745.39	740.82	617.16	709.25
Amortization	5.37	5.36	-	-	-
Amortization Of Intangibles Income Statement	5.37	5.36	-	-	-

Peer Comparison

Technology sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Sunrun Inc.this co.	RUN	$3.5B	7.86↓ discount	1.13	14.4%	32.03
Badger Meter, Inc.	BMI	$3.7B	26.37	5.24	19.9%	16.10
Box, Inc.	BOX	$3.7B	32.14	-12.39	-38.6%	27.13
RingCentral, Inc.	RNG	$3.7B	85.09	-6.28	-7.4%	14.30
Itron, Inc.	ITRI	$3.6B	11.94	2.09

Learn while you research

Hand-picked academy chapters to deepen your understanding of Sunrun Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Value Investing

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$3.0B

$546M

$450M

$-2.9B

14.4%

45.1%

-115.8%

2024

$2.0B

$-2.9B

$-2.8B

$-3.5B

-111.4%

-9.8%

77.4%

2023

$2.3B

$-1.5B

$-1.6B

$-3.4B

-30.7%

-2.7%

-1025.4%

2022

$2.3B

$50M

$173M

$-2.9B

2.6%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

2,321.42

2,259.81

2,037.72

2,957

Operating Revenue

2,321.42

2,259.81

2,037.72

2,957

Cost Of Revenue

2,022.71

2,096.75

1,709.16

2,059.70

Gross Profit

298.71

163.06

328.55

897.30

Operating Expense

960.90

983.70

901.59

1,023.43

Research And Development

20.91

21.82

39.30

36.12

Selling General And Administration

940

961.89

862.29

987.30

Total Expenses

2,983.61

3,080.46

2,610.76

3,083.13

Operating Income

-662.19

-820.64

-573.04

-126.13

Total Operating Income As Reported

-662.19

-1,978.64

-3,695.21

-126.13

EBITDA

49.51

-1,510.87

-2,912.79

546.04

Normalized EBITDA

49.51

-352.87

209.38

546.04

EBIT

-401.54

-2,042.54

-3,533.67

-179.54

Interest Expense

445.82

652.99

848.37

996.78

Net Interest Income

-445.82

-652.99

-848.37

-996.78

Other Non Operating Income Expenses

260.66

-63.90

161.54

-53.41

Other Income Expense

260.66

-1,221.90

-2,960.63

-53.41

Interest Expense Non Operating

445.82

652.99

848.37

996.78

Net Non Operating Interest Income Expense

-445.82

-652.99

-848.37

-996.78

Pretax Income

-847.35

-2,695.53

-4,382.03

-1,176.32

Tax Provision

2.29

-12.69

-26.82

-167.22

Tax Rate For Calcs

Tax Effect Of Unusual Items

-5.44

-19.05

Net Income Continuous Operations

-849.64

-2,682.84

-4,355.22

-1,009.11

Net Income From Continuing And Discontinued Operation

173.38

-1,604.50

-2,846.17

449.95

Net Income From Continuing Operation Net Minority Interest

173.38

-1,604.50

-2,846.17

449.95

Net Income

173.38

-1,604.50

-2,846.17

449.95

Net Income Common Stockholders

173.38

-1,604.50

-2,846.17

449.95

Net Income Including Noncontrolling Interests

-849.64

-2,682.84

-4,355.22

-1,009.11

Normalized Income

173.38

-451.94

256.96

449.95

Diluted NI Availto Com Stockholders

173.38

-1,604.50

-2,846.17

449.95

Basic Average Shares

211.35

216.64

222.22

229.81

Diluted Average Shares

219.16

216.64

222.22

264.46

Reconciled Depreciation

451.05

531.67

620.88

725.58

Reconciled Cost Of Revenue

2,022.71

2,096.75

1,709.16

2,059.70

Total Unusual Items

-1,158

-3,122.17

Total Unusual Items Excluding Goodwill

-1,158

-3,122.17

Minority Interests

1,023.02

1,078.34

1,509.05

1,459.05

Special Income Charges

-1,158

-3,122.17

Impairment Of Capital Assets

1,158

3,122.17

Depreciation Amortization Depletion Income Statement

5.37

5.36

Depreciation And Amortization In Income Statement

5.37

5.36

General And Administrative Expense

194.61

221.07

245.13

278.05

Other Gand A

194.61

221.07

245.13

278.05

Selling And Marketing Expense

745.39

740.82

617.16

709.25

Amortization

5.37

5.36

Amortization Of Intangibles Income Statement

5.37

5.36

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Sunrun Inc.this co.

RUN

$3.5B

7.86↓ discount

1.13

14.4%

32.03

Badger Meter, Inc.

BMI

$3.7B

26.37

5.24

19.9%

16.10

Box, Inc.

BOX

$3.7B

32.14

-12.39

-38.6%

27.13

RingCentral, Inc.

RNG

$3.7B

85.09

-6.28

-7.4%

14.30

Itron, Inc.

ITRI

$3.6B

11.94

2.09

Sunrun Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Sunrun Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on