Sunrun Inc.
- Open
- 11.96
- Day high
- 12.28
- Day low
- 11.77
- Prev close
- 12.14
- Volume
- 7.4M
- Mkt cap
- $2.9B
- P/E (TTM)
- 4.9
- EPS (TTM)
- $2.41
- P/B
- 0.9
- P/S
- 0.9
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$3.1M over the last 3 months (0 open-market buys, 10 sales)
- 🏛Institutions mixed (13F)
Sunrun Inc. (RUN) is a Energy company listed on NASDAQ. The stock is up 22% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 10 sales (SEC Form 4). Drillr has 1 published research article covering RUN.
Sunrun Inc. (RUN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
RUN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $-0.05 | $0.62 | +1340.0% | $722M | +9.8% |
| Nov 6, 2025 | $0.01 | $0.06 | +500.0% | $725M | +18.7% |
| Aug 6, 2025 | $-0.18 | $1.07 | +694.4% | $569M | -5.4% |
| May 7, 2025 | $-0.22 | $0.20 | +190.9% | $504M | +3.5% |
| Feb 27, 2025 | $-0.27 | $1.41 | +622.2% | $518M | -4.2% |
| Nov 7, 2024 | $-0.16 | $-0.37 | -131.3% | $537M | -2.2% |
| Feb 21, 2024 | $-0.13 | $-1.33 | -923.1% | $517M | -2.6% |
| Nov 1, 2023 | $-0.05 | $0.40 | +900.0% | $563M | -2.7% |
| Aug 2, 2023 | $-0.13 | $0.25 | +292.3% | $590M | -6.5% |
| May 3, 2023 | $-0.12 | $-1.12 | -830.2% | $590M | +13.9% |
| Feb 22, 2023 | $-0.05 | $0.29 | +680.0% | $609M | +4.7% |
| Nov 2, 2022 | $-0.17 | $0.96 | +664.7% | $632M | +12.0% |
RUN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 7, 2026 | Dickson Paul S.officer: Pres. & Chief Revenue Officer | Sell | 15,613 | $13.18 |
| Jul 7, 2026 | Powell Marydirector, officer: Chief Executive Officer | Sell | 23,985 | $13.19 |
| Jul 7, 2026 | Barak Mariaofficer: Chief Accounting Officer | Sell | 1,747 | $13.17 |
| Jul 7, 2026 | Abajian Dannyofficer: Chief Financial Officer | Sell | 16,495 | $13.19 |
| Jul 7, 2026 | STEELE JEANNAofficer: Chief Legal & People Officer | Sell | 9,897 | $13.19 |
| Jul 2, 2026 | Fenster Edward Harrisdirector | Grant | 8,314 | — |
| Jul 2, 2026 | Jurich Lynn Michelledirector | Grant | 8,314 | — |
| Jul 1, 2026 | Jurich Lynn Michelledirector | Sell | 50,000 | $13.61 |
| Jun 12, 2026 | Lontoh Sonitadirector | Sell | 7,500 | $12.00 |
| Jun 9, 2026 | Abajian Dannyofficer: Chief Financial Officer | Sell | 2,030 | $13.39 |
| Jun 1, 2026 | Jurich Lynn Michelledirector | Sell | 50,000 | $15.92 |
| May 4, 2026 | Jurich Lynn Michelledirector | Sell | 50,000 | $12.89 |
| Apr 14, 2026 | Abajian Dannyofficer: Chief Financial Officer | Grant | 130,611 | — |
| Apr 14, 2026 | Powell Marydirector, officer: Chief Executive Officer | Grant | 201,238 | — |
| Apr 14, 2026 | Barak Mariaofficer: Chief Accounting Officer | Grant | 20,123 | — |
Source: RUN SEC Form 4 filings, latest Jul 7, 2026. For informational purposes only — not investment advice.
See the full RUN insider & 13F page →Sunrun Inc. company profile
Overview
Sunrun Inc. (NASDAQ:RUN) is a leading residential solar and energy storage company founded in 2007 and headquartered in San Francisco, California. The company went public in 2015 and has grown to become the largest residential solar installer in the United States, serving over one million customers across the country. Sunrun pioneered the solar-as-a-service model, allowing homeowners to adopt solar energy without the large upfront costs traditionally associated with solar installations. The company has evolved from a pure-play solar installer into a comprehensive clean energy services provider, with an increasing focus on battery storage systems and virtual power plant capabilities that leverage distributed energy resources for grid services.
Business
Sunrun operates in the residential solar energy market, which involves installing, owning, and maintaining solar panel systems on individual homes across the United States. The solar energy industry converts sunlight into electricity through photovoltaic panels, providing homeowners with clean, renewable energy that can reduce their dependence on traditional utility power and lower their electricity bills. The company's core offering is residential solar energy systems that are installed on rooftops of single-family homes. These systems consist of solar panels, inverters, and mounting equipment that capture sunlight and convert it into usable electricity for the home. What makes Sunrun unique is their solar-as-a-service model, where customers can either purchase the system outright or enter into long-term subscription agreements where Sunrun owns and maintains the equipment while the homeowner pays a monthly fee for the solar energy produced. Sunrun has increasingly focused on battery storage systems, which store excess solar energy generated during the day for use during evening hours or power outages. These battery systems, often called home energy storage, provide backup power and energy independence for homeowners. The company's storage attachment rate has grown dramatically from 18% to over 60% of new installations, representing a strategic shift toward becoming a "storage-first" company. The company also operates virtual power plant programs, which aggregate the distributed energy resources from thousands of home solar and battery systems to provide grid services to utilities. These programs allow Sunrun to sell excess energy stored in customer batteries back to the electrical grid during peak demand periods, creating additional revenue streams while helping stabilize the electrical grid. Revenue is primarily generated through two business segments: the subscription model accounts for approximately 96% of new customer additions, while direct sales represent the remainder. The subscription model provides recurring monthly payments over 20-25 year terms, creating a stable, predictable revenue stream that has grown to over $1.6 billion in annual recurring revenue.
Revenue model
Sunrun generates revenue through multiple complementary business models centered around residential solar energy systems. The primary revenue stream comes from subscription-based solar services, where customers pay monthly fees over 20-25 year contracts for solar energy produced by Sunrun-owned systems installed on their homes. This model accounts for approximately 96% of new customer additions and has generated over $1.6 billion in annual recurring revenue. The company also generates revenue through direct system sales to customers who prefer to purchase their solar systems outright rather than enter subscription agreements. Additionally, Sunrun earns revenue from installation and maintenance services for both subscription and purchased systems. An increasingly important revenue source comes from energy storage services and grid services revenue through virtual power plant programs. These programs allow Sunrun to monetize the distributed energy resources in customer homes by selling stored energy back to utilities during peak demand periods, creating an estimated $2,000 net present value per customer over the system lifetime. The company's profitability is significantly influenced by several key factors. Investment Tax Credits (ITCs) provide substantial margin enhancement, with Sunrun achieving a weighted average ITC level of around 44% through domestic content adders and installations in qualifying communities. Storage attachment rates are crucial for margins, as battery systems command higher prices and create additional revenue opportunities through grid services. Cost pressures include equipment pricing, particularly solar panels and batteries, which can be affected by supply chain disruptions and trade policies such as tariffs. Installation labor costs and availability of skilled technicians also impact margins. Regulatory changes, particularly net metering policies that determine how much utilities pay for excess solar energy fed back to the grid, can significantly affect the value proposition for customers and thus demand for Sunrun's services. The company has been adapting to California's NEM 3.0 policy changes, which reduced compensation for excess solar energy, by increasing focus on storage solutions that provide greater customer value and grid services revenue opportunities.
Competitive moat
Sunrun's competitive moat is moderately strong but faces ongoing challenges in the highly competitive residential solar market. The company's primary moat stems from its scale advantages as the largest residential solar installer in the United States, which provides negotiating power with equipment suppliers, access to capital markets for financing, and operational efficiencies in installation and maintenance. The company has built a substantial customer base of over one million subscribers generating predictable recurring revenue streams over 20-25 year contract terms. This installed base creates switching costs for customers and provides a foundation for additional services like battery retrofits and grid services programs. Sunrun's experience in managing complex financing structures, including tax equity partnerships and securitization of solar assets, creates some barriers to entry for smaller competitors. However, the residential solar industry remains highly fragmented and competitive, with relatively low barriers to entry for installation services. Many regional and national competitors can offer similar products, and the industry has experienced "irrational competitive behavior" with aggressive pricing that pressures margins across the sector. Technology differentiation is limited, as solar panels and inverters are largely commoditized products available to all installers. The company's moat is strengthened by its growing focus on energy storage and grid services, which requires more sophisticated technical capabilities and utility relationships that are harder for competitors to replicate. Virtual power plant programs represent a potentially defensible revenue stream that leverages Sunrun's scale and operational expertise. Potential disruption could come from utility-scale solar development that reduces the cost advantage of distributed solar, changes in net metering policies that reduce customer savings, or new financing models from utilities or other large players. Additionally, direct-to-consumer sales by solar equipment manufacturers or new entrants with different business models could challenge Sunrun's market position.
Risks & safety
Sunrun presents moderate to high financial risk with limited margin of safety given its capital-intensive business model and current cash burn profile. **Cash and Debt Position:** - Unrestricted cash of $605 million provides some liquidity buffer - High debt-to-equity ratio of 5.2x indicates significant leverage - Free cash flow remains deeply negative at -$759 million in Q1 2025 - Company expects positive cash generation of $200-$500 million in 2025, but execution risk remains high **Valuation Metrics:** - Price-to-book ratio of 0.51x suggests potential value, but reflects asset quality concerns - Negative EBITDA in recent periods limits traditional valuation approaches - Enterprise value reflects significant debt burden relative to cash generation capability **Other Considerations:** - Business model requires continuous capital investment for growth, creating ongoing financing needs - Regulatory risks from potential changes to Investment Tax Credits or net metering policies - Current ratio of 1.32x provides minimal working capital cushion - Dependence on external financing markets for growth capital creates refinancing risk
Recent development
Over the past few years, Sunrun has undergone a significant strategic transformation from a traditional solar installer to a comprehensive energy services company with a "storage-first" approach. The company has dramatically increased its battery storage attachment rates from 18% in early 2023 to over 69% by Q1 2025, representing one of the most significant operational shifts in the company's history. A key innovation has been the launch of the "Flex" product, which allows customers to expand their solar system capacity as their energy needs grow over time. This product has achieved a 69% storage attachment rate and attracted over 10,000 customers in pilot markets, demonstrating strong market acceptance of Sunrun's evolving value proposition. The company has aggressively expanded its virtual power plant capabilities, growing from a few pilot programs to 16 active grid service programs across the country. These programs aggregate distributed energy resources from customer homes to provide grid services to utilities, creating an estimated $2,000 net present value per customer and representing a new revenue stream that leverages Sunrun's installed base. Sunrun has also made significant investments in artificial intelligence and operational efficiency, implementing over 100 AI initiatives across the company. These technologies have improved system design efficiency by 30% and are being used to optimize installation processes, customer acquisition, and system performance monitoring. The company has pursued strategic partnerships and market expansion, including working with 9 of the top 10 home builders in California to integrate solar solutions into new construction. This new homes segment offers more efficient customer acquisition and potentially improved margins as it scales. Financial strategy has focused on debt reduction and cash generation, with the company paying down $186 million in parent debt since Q1 2023 while maintaining growth in high-value segments. Management has guided toward achieving $200-$500 million in annual cash generation, representing a significant improvement from historical cash consumption patterns.
RUN company profile · for informational purposes only — not investment advice.
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