Sunrun
RUN on Nasdaq. Sunrun sells solar energy subscriptions and battery storage to homeowners. Market value $1.8bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
You pay 172.7 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns -4 cents a year. Above 10 is good.
Quality score: 30 of 100. Price score: 50 of 100. Our list needs 70 on quality and 60 on price.
$7.77 a share, 4% above its 1-year low
Over the past year the price has ranged from $7.45 to $22.44.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.6bn | $2.3bn | $2.3bn | $2.0bn | $3.0bn |
| Operating margin | |||||
| Operating margin | -41.4% | -28.5% | -87.6% | -181.3% | -4.3% |
| Debt to equity | |||||
| Debt to equity | 1.04 | 1.26 | 2.06 | 5.09 | 4.71 |
| Shares outstanding | |||||
| Shares outstanding | 0.21bn | 0.22bn | 0.22bn | 0.23bn | 0.24bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt4.71× equity
- Revenue growth, five yearsStrong, 26.2% a year
- Buying back its own sharesNo, 13% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $870 million last quarter, up 53% on a year ago.
- Profit: $115 million, down 59% on a year ago.
- It keeps 3 cents of each $1 of sales as operating profit, after losing 170 cents a year earlier.
- 5% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $14.1 billion more than cash, up from $13.1 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $537m |
| December 2024 | $518m |
| March 2025 | $504m |
| June 2025 | $569m |
| September 2025 | $725m |
| December 2025 | $1.2bn |
| March 2026 | $722m |
| June 2026 | $870m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$84m |
| December 2024 | -$2.8bn |
| March 2025 | $50m |
| June 2025 | $280m |
| September 2025 | $17m |
| December 2025 | $104m |
| March 2026 | $168m |
| June 2026 | $115m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
2 long-term investors we follow own it, up from 1 last quarter. 395 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| GMOJeremy Grantham | $107m | 0.2% | Added |
| Gotham Asset ManagementJoel Greenblatt | $317,574 | <0.1% | New |
Largest holders overall
- BlackRock$553m
- Goldman Sachs Group$257mAdded
- Vanguard Portfolio Management$183mAdded
- Greenvale Capital LLP$178mAdded
- State Street$140mAdded
- Vanguard Capital Management$138mAdded
- D. E. Shaw$137mAdded
- Invesco$136mAdded
- PGGM Investments$128m
- GMO$107mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
9 investors own more than 5%.
- BlackRock, Inc.Passive investor14.7%−2.1 ptsSince 30 June 2026
- THE GOLDMAN SACHS GROUP, INC.Passive investorat least 7.4%(filed with 1 related holder)Since 31 December 2025
- Greenvale Capital LLPPassive investor5.6%+1.0 ptsSince 30 June 2026
- Vanguard Portfolio ManagementPassive investor5.5%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.0%Since 31 March 2026
- Point72 Asset Management, L.P.Passive investorat least 5.0%(filed with 2 related holders)Since 26 June 2025
- ORBIS INVESTMENT MANAGEMENT LTDPassive investorat least 4.9%(filed with 1 related holder)Since 31 December 2024
- G1 Execution Services, LLCPassive investorat least 4.4%−1.0 pts(filed with 5 related holders)Since 30 September 2025
- Kenneth GriffinPassive investorat least 3.2%(filed with 6 related holders)Since 19 June 2025
- GMOPassive investorSold down below 5%Since 30 June 2025
- Alyeska Investment Group, L.P.Passive investorSold down below 5%Since 30 June 2025
- Trailblazer II LLCPassive investorSold down below 5%Since 30 June 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 14.7%−2.1 pts | 30 June 2026 | |
THE GOLDMAN SACHS GROUP, INC. Passive investor | at least 7.4% (filed with 1 related holder) | 31 December 2025 | |
Greenvale Capital LLP Passive investor | 5.6%+1.0 pts | 30 June 2026 | |
Vanguard Portfolio Management Passive investor | 5.5% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.0% | 31 March 2026 | |
Point72 Asset Management, L.P. Passive investor | at least 5.0% (filed with 2 related holders) | 26 June 2025 | |
ORBIS INVESTMENT MANAGEMENT LTD Passive investor | at least 4.9% (filed with 1 related holder) | 31 December 2024 | |
G1 Execution Services, LLC Passive investor | at least 4.4%−1.0 pts (filed with 5 related holders) | 30 September 2025 | |
Kenneth Griffin Passive investor | at least 3.2% (filed with 6 related holders) | 19 June 2025 | |
GMO Passive investor | Sold down below 5% | 30 June 2025 | |
Alyeska Investment Group, L.P. Passive investor | Sold down below 5% | 30 June 2025 | |
Trailblazer II LLC Passive investor | Sold down below 5% | 30 June 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $149,000 of shares on the open market. 8 sold $24m, $15m of it under preset trading plans.
- Jurich Lynn MichelleDirectorSoldunder a preset trading plan
- Date
- 3 August 2026
- Shares
- 50,000
- Price
- $9.96
- Value
- $498,115
- Barak MariaChief Accounting OfficerSoldunder a preset trading plan
- Date
- 9 July 2026
- Shares
- 3,278
- Price
- $12.17
- Value
- $39,893
- Barak MariaChief Accounting OfficerSold
- Date
- 6 July 2026
- Shares
- 1,747
- Price
- $13.17
- Value
- $23,013
- Abajian DannyChief Financial OfficerSold
- Date
- 6 July 2026
- Shares
- 16,495
- Price
- $13.19
- Value
- $217,511
- STEELE JEANNAChief Legal & People OfficerSold
- Date
- 6 July 2026
- Shares
- 9,897
- Price
- $13.19
- Value
- $130,517
- Powell MaryChief Executive Officer, DirectorSold
- Date
- 6 July 2026
- Shares
- 23,985
- Price
- $13.19
- Value
- $316,285
- Dickson Paul S.Pres. & Chief Revenue OfficerSold
- Date
- 6 July 2026
- Shares
- 15,613
- Price
- $13.18
- Value
- $205,851
- Jurich Lynn MichelleDirectorSoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 50,000
- Price
- $13.61
- Value
- $680,320
- Lontoh SonitaDirectorSold
- Date
- 11 June 2026
- Shares
- 7,500
- Price
- $12.00
- Value
- $90,000
- Abajian DannyChief Financial OfficerSold
- Date
- 8 June 2026
- Shares
- 2,030
- Price
- $13.39
- Value
- $27,182
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 3 August 2026 | Jurich Lynn Michelle Director | Sold under a preset trading plan | 50,000 | $9.96 | $498,115 |
| 9 July 2026 | Barak Maria Chief Accounting Officer | Sold under a preset trading plan | 3,278 | $12.17 | $39,893 |
| 6 July 2026 | Barak Maria Chief Accounting Officer | Sold | 1,747 | $13.17 | $23,013 |
| 6 July 2026 | Abajian Danny Chief Financial Officer | Sold | 16,495 | $13.19 | $217,511 |
| 6 July 2026 | STEELE JEANNA Chief Legal & People Officer | Sold | 9,897 | $13.19 | $130,517 |
| 6 July 2026 | Powell Mary Chief Executive Officer, Director | Sold | 23,985 | $13.19 | $316,285 |
| 6 July 2026 | Dickson Paul S. Pres. & Chief Revenue Officer | Sold | 15,613 | $13.18 | $205,851 |
| 1 July 2026 | Jurich Lynn Michelle Director | Sold under a preset trading plan | 50,000 | $13.61 | $680,320 |
| 11 June 2026 | Lontoh Sonita Director | Sold | 7,500 | $12.00 | $90,000 |
| 8 June 2026 | Abajian Danny Chief Financial Officer | Sold | 2,030 | $13.39 | $27,182 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It carries a lot of debt: 4.7× its equity.
- It isn't cheap on profits: 172.7× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.