Sunrun Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Customer agreements was 58% and Energy systems was 30% of revenue; Customer agreements rose from 48% in the fiscal year to Dec 2023.

Quarters: Sunrun Inc.'s SEC filings, named by the month they end. Fiscal years: Sunrun Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $15.2 ends up as net income. Net margin rose from 7.5% to 15.2% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Sunrun Inc.'s annual reports to the SEC.

Customers and suppliers

In its latest annual report Sunrun names no suppliers or customers.

Partners

SK E&SHome electrification venture

Only the companies Sunrun names in its 10-K filed Feb 26, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 4.3x, below the peer median of 30.1x, but earnings are expected to fall, so the discount may be deserved.

Priced 86% below the peer median of 30.1x (excludes 1 unprofitable peer).

At 4.3× trailing earnings RUN is at its lowest since Oct 2022; the median is 25.7×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $13.82, 62% above the current price; 58% of 19 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 11 analysts (58%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $19.71 to $12.51 (−37%), while RUN went from $18.87 to $8.52 (−55%). In the past three months targets were cut 11 times and never raised. No upgrades and 3 downgrades over the year; the latest: Freedom Broker moved it to Hold from Buy on Mar 3, 2026.

The day after each of these reports the stock moved −32.2% (Dec 2025, beat); +2.5% (Mar 2026, beat); −15.0% (Jun 2026, beat); +13.7% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $0.18 a share, and revenue of $846M, down 27% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $0.29 a share, and revenue of $3.5B, up 1% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $1.6B exceeds operating cash flow of $200M, leaving free cash flow of −$1.4B. The gap has to be covered with cash on hand or borrowing.

Sunrun had 275M diluted shares in the quarter ended Sep 2026, 2.6% more than a year earlier, and 14.1% more each year on average since Jun 2020.

Free cash flow: operating cash flow minus capital spending. Last 4 quarters: Yahoo Finance, buybacks from SEC filings where they have the quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.7, no pressure to repay short-term debt; shareholder equity is only 14% of assets, so debt-to-equity (4.7) says little; net debt is 62.2 years of operating cash flow, which is heavy.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 3 funds whose copy leaves RUN out (on the exchange, not in the app yet): Swiss National Bank, Canada Pension Plan Investment Board, Norges Bank.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 6 held RUN at the end of their latest quarter (for most, Q2 2026). Over that quarter 3 added shares, 3 cut and 3 sold all. The largest of them is Norges Bank, 560,019 shares worth $7.5M at Jun 30, 2026, 83.4% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of RUN at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $149K and sold $7.3M of RUN on the open market in the 12 months to Nov 12, 2026. 99% of the sales were made under 10b5-1 plans, set up in advance. The largest was Lynn Michelle Jurich (Director), who sold $6.8M in 10 sales.

From the Form 4s filed with the SEC about Sunrun Inc. (72 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 79 other transactions (grants, option exercises, shares sold to pay tax and gifts).