RUN · Sunrun Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $2.96B | $2.04B | $2.26B | $2.32B | $1.61B | $922.19M |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | $36.13M | $39.30M | $21.82M | $20.91M | $23.16M | $19.55M |
| SG&A | $278.05M | $245.13M | $221.07M | $189.25M | $259.17M | $266.75M |
| Total Operating Expenses | $3.08B | $5.73B | $4.24B | $2.98B | $2.28B | $1.39B |
| D&A | $38.30M | $44.10M | $31.90M | $27.20M | $23.00M | $20.00M |
| Operating Income | ($126.13M) | ($3.70B) | ($1.98B) | ($662.19M) | ($666.19M) | ($465.11M) |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | ($167.22M) | ($26.82M) | ($12.69M) | $2.29M | $9.27M | ($60.57M) |
| Net Income | $449.95M | ($2.85B) | ($1.60B) | $173.38M | ($79.42M) | ($173.39M) |
| EPS - Basic | $1.96 | ($12.81) | ($7.41) | $0.82 | ($0.39) | ($1.24) |
| EPS - Diluted | $1.71 | ($12.81) | ($7.41) | $0.80 | ($0.39) | ($1.24) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.24B | $947.42M | $987.84M | $953.02M | $850.43M | $708.21M |
| Accounts Receivable | $262.63M | $170.71M | $172.00M | $214.25M | $146.04M | $95.14M |
| Inventory | $501.29M | $402.08M | $459.75M | $783.90M | $506.82M | $283.05M |
| Accounts Payable | $271.02M | $354.21M | $230.72M | $339.17M | $288.11M | $207.44M |
| Current Assets | $2.16B | $1.72B | $1.88B | $2.10B | $1.55B | $1.14B |
| Total Assets | $22.61B | $19.90B | $20.45B | $19.27B | $16.48B | $14.38B |
| Current Liabilities | $1.30B | $1.33B | $1.49B | $1.16B | $1.01B | $901.36M |
| Long-term Debt | $14.70B | $12.90B | $10.67B | $8.40B | $6.50B | $4.80B |
| Total Liabilities | $17.63B | $15.73B | $13.54B | $11.09B | $8.91B | $7.09B |
| Stockholders' Equity | $3.13B | $2.55B | $5.23B | $6.71B | $6.25B | $6.08B |
| Retained Earnings | ($3.83B) | ($4.28B) | ($1.43B) | $170.80M | ($2.58M) | $76.84M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($421.44M) | ($766.15M) | ($820.74M) | ($848.79M) | ($817.19M) | ($317.97M) |
| Investing Cash Flow | ($2.50B) | ($2.70B) | ($2.61B) | ($2.09B) | ($1.69B) | ($497.79M) |
| Financing Cash Flow | $3.21B | $3.43B | $3.47B | $3.04B | $2.65B | $1.16B |
| CapEx | - | $1.57M | $20.96M | $18.20M | $8.58M | $3.10M |
| Free Cash Flow | - | ($767.73M) | ($841.70M) | ($867.00M) | ($825.76M) | ($321.07M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | -4.3% | -181.3% | -87.6% | -28.5% | -41.4% | -50.4% |
| EBITDA margin | -3.0% | -179.2% | -86.1% | -27.4% | -40.0% | -48.3% |
| Net margin | 15.2% | -139.7% | -71.0% | 7.5% | -4.9% | -18.8% |
| Free cash flow margin | - | -37.7% | -37.2% | -37.3% | -51.3% | -34.8% |
| FCF / Net income | - | 0.27 | 0.52 | -5.00 | 10.40 | 1.85 |
| R&D / Revenue | 1.2% | 1.9% | 1.0% | 0.9% | 1.4% | 2.1% |
| SG&A / Revenue | 9.4% | 12.0% | 9.8% | 8.2% | 16.1% | 28.9% |
| Effective tax rate | -59.1% | - | - | 1.3% | - | - |
| Return on assets | 2.0% | -14.3% | -7.8% | 0.9% | -0.5% | -1.2% |
| Return on equity | 14.4% | -111.4% | -30.7% | 2.6% | -1.3% | -2.9% |
| Return on invested capital | -0.7% | -18.9% | -9.8% | -4.3% | -4.1% | -3.4% |
| Liquidity | ||||||
| Current ratio | 1.66 | 1.29 | 1.26 | 1.82 | 1.53 | 1.26 |
| Quick ratio | 1.27 | 0.99 | 0.96 | 1.14 | 1.03 | 0.95 |
| Cash ratio | 0.95 | 0.71 | 0.66 | 0.82 | 0.84 | 0.79 |
| Leverage | ||||||
| Debt / Equity | 4.69 | 5.05 | 2.04 | 1.25 | 1.04 | 0.79 |
| Debt / Assets | 0.65 | 0.65 | 0.52 | 0.44 | 0.39 | 0.33 |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 7.22 | 7.79 | 3.91 | 2.87 | 2.64 | 2.37 |
| Liabilities / Assets | 0.78 | 0.79 | 0.66 | 0.58 | 0.54 | 0.49 |
| Efficiency | ||||||
| Asset turnover | 0.13 | 0.10 | 0.11 | 0.12 | 0.10 | 0.06 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 32d | 31d | 28d | 34d | 33d | 38d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 10.8x | - | - | 30.0x | - | - |
| P / B | 1.6x | 0.8x | 0.8x | 0.8x | 1.1x | 1.6x |
| P / S | 1.6x | 1.0x | 1.9x | 2.3x | 4.4x | 10.5x |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 45.1% | -9.8% | -2.7% | 44.2% | 74.6% | 7.4% |
| Revenue CAGR (3y) | 8.4% | 8.2% | 34.8% | 39.3% | 28.4% | 20.3% |
| Revenue CAGR (5y) | 26.2% | 18.9% | 24.4% | 34.4% | 28.8% | 75.9% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | 96.6% | -86.8% | -198.8% | 0.6% | -43.2% | -115.6% |
| Net income growth (YoY) | - | -77.4% | - | - | 54.2% | - |
| EPS growth (YoY) | - | -72.9% | - | - | 68.5% | - |
| EPS CAGR (3y) | 28.8% | - | - | 56.2% | - | - |
| EPS CAGR (5y) | - | - | - | -7.0% | - | - |
| FCF growth (YoY) | - | 8.8% | 2.9% | -5.0% | -157.2% | -39.7% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 22.6% | -51.2% | -22.0% | 7.2% | 2.9% | 530.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$5.91B totalService$1.82B · 30.8%
Customer Agreements$1.71B · 28.9%
Product$1.14B · 19.2%
Energy Systems$878.34M · 14.9%
Manufactured Product Other$259.65M · 4.4%
Incentives$110.52M · 1.9%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.07
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✓Net income positive
- ✗Operating cash flow positive
- ✓ROA improved YoY
- ✗Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Miscellaneous Electrical Machinery, Equipment & Supplies
Comparing Sunrun Inc. against the 5 most active filers in the same SIC group.