RUN
Sunrun Inc.
RUN's fundamentals are strong and it looks cheap: trading at 4.3x earnings, less than half its usual 80x. Analysts expect earnings to fall sharply, though they disagree widely on how much.
RUN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Weak |
RUN's revenue, profitability and cash flow are currently healthy, but its balance sheet is weak.
RUN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 4.3x | $8.52 | — |
| Cheap | 6.7x | $13.34 | +57% |
| Forward | 33x | $8.52 | — |
| Fair | 78x | $155 | +1715% |
| Expensive | 340x | $673 | +7800% |
Historical ranges are pointers, not guarantees.
RUN's PE is in its cheap range at 4.3x. Analysts expect earnings to fall, which would put today's price at 33x next year's earnings, in its fair range.
RUN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong decline | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect RUN's revenue to grow, but its earnings and profitability to decline. However, they disagree widely on these estimates.
RUN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.26 | -87% |
| Q3 2026 | $1.98 | +$13.24 |
| Q2 2026 | $1.48 | +$13.17 |
| Q1 2026 | $2.13 | +$14.34 |
| Q4 2025 | $1.71 | +$14.52 |
| Q3 2025 | -$11.26 | -$9.42 |
| Q2 2025 | -$11.69 | -$5.30 |
| Q1 2025 | -$12.21 | -$5.52 |
| Q4 2024 | -$12.81 | -$5.40 |
RUN has returned to profit: it earned $1.98 per share over the past year, after losing money the year before.
RUN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.1B | +52% |
| Q2 2026 | $870M | +53% |
| Q1 2026 | $722.2M | +43% |
| Q4 2025 | $1.2B | +124% |
| Q3 2025 | $724.6M | +35% |
| Q2 2025 | $569.3M | +8.7% |
| Q1 2025 | $504.3M | +10% |
| Q4 2024 | $518.5M | +0.4% |
RUN's revenue has grown year over year for eight quarters in a row: $1.1B last quarter, up 52% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | +14 points |
| Q2 2026 | 4% | +24 points |
| Q1 2026 | -6% | +17 points |
| Q4 2025 | 8.4% | +636 points |
| Q3 2025 | 0.5% | +24 points |
| Q2 2025 | -20% | +4.7 points |
| Q1 2025 | -23% | +17 points |
| Q4 2024 | -628% | -590 points |
RUN's operating margin was 14% last quarter, up 13 points from the same quarter a year ago, near the top of its range since 2019.
RUN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $301.4M | +$422.9M |
| Q2 2026 | -$186.2M | +$106.5M |
| Q1 2026 | $10.6M | +$114.8M |
| Q4 2025 | $96.9M | +$355.9M |
| Q3 2025 | -$121.5M | +$34.8M |
| Q4 2024 | -$259M | -$138.3M |
| Q3 2024 | -$156.4M | -$88.5M |
| Q4 2023 | -$120.7M | +$191.4M |
RUN's free cash flow has turned positive after six years mostly in the red: $223M over the past year.
RUN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +526K shares |
| 1 year | +2.6% | +7.1M shares |
| 3 years | +26% | +57.2M shares |
| 5 years | +29% | +61.5M shares |
| Available history | +122% | +151M shares |
RUN has 275M diluted shares, up 2.6% from a year ago.
RUN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 14.5x | High |
| Q2 2026 | 17.2x | High |
| Q1 2026 | 20.4x | High |
| Q4 2025 | 23.1x | High |
RUN's net debt is about 14 years of its operating earnings (EBITDA).
RUN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.7 | Neutral |
| Stochastic | 44.5 | Neutral |
RUN's weekly RSI is 42 (neutral) and its Stochastic is 45 (neutral).
RUN PE vs Energy Sector
| Metric | RUN | Sector median | Relative |
|---|---|---|---|
| PE | 4.3x | 13x | 67% below |
| PE % | 0 | 61 | 61 pts below |
RUN is trading at 4.3x earnings, a 67% discount to the Energy sector's median of 13x.
RUN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $8.04 | 6% above |
| 20 week MA | $9.27 | 8.1% below |
| 50 week MA | $13.1 | 35% below |
| 100 week MA | $12.4 | 31% below |
| 200 week MA | $14.0 | 39% below |
RUN has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 39% below its 200-week average.
RUN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $14.2 | $68.6 | +385% |
| 2021 | $68.6 | $34.7 | -50% |
| 2022 | $34.7 | $25.5 | -26% |
| 2023 | $25.5 | $19.6 | -23% |
| 2024 | $19.6 | $9.86 | -50% |
| 2025 | $9.86 | $20.5 | +108% |
| 2026 YTD | $20.5 | $8.52 | -58% |
RUN's yearly returns have swung widely, from +385% in 2020 to −50% in 2024. It's down 58% so far in 2026.