Sunrun - Public Comps and Valuation Multiples

Sunrun Overview

About Sunrun

Sunrun is engaged in the design, development, installation, sale, ownership, and maintenance of residential solar energy systems in the United States. The company acquires customers directly and through relationships with various solar and strategic partners. The solar systems are constructed by Sunrun or by Sunrun’s partners and are owned by the company. Sunrun’s customers typically enter into 20- to 25-year agreements to utilize its solar energy system. The company also sells solar energy systems and products, such as panels and racking, and solar leads generated to customers.

Founded

2007

HQ

Employees

11.1K+

Website

sunrun.com

Sectors

Energy Equipment
Solar
EnergyTech
Industry 4.0
DeepTech
ClimateTech

Financials

LTM Revenue $2.2B

LTM EBITDA -$421M

EV

$18.0B

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Sunrun Financials

As of September 2025, Sunrun reported last 12-month revenue of $2.2B and EBITDA of -$421M.

In the same period, Sunrun generated $423M in LTM gross profit and -$403M in net income.

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Sunrun P&L

In the most recent fiscal year, Sunrun reported revenue of $2.0B and EBITDA of -$2.9B.

Sunrun expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$2.2B	XXX	$2.0B	XXX	XXX	XXX
Gross Profit	$423M	XXX	$329M	XXX	XXX	XXX
Gross Margin	19%	XXX	16%	XXX	XXX	XXX
EBITDA	-$421M	XXX	-$2.9B	XXX	XXX	XXX
EBITDA Margin	-19%	XXX	-143%	XXX	XXX	XXX
EBIT	-$1.2B	XXX	-$573M	XXX	XXX	XXX
EBIT Margin	-52%	XXX	-28%	XXX	XXX	XXX
Net Profit	-$403M	XXX	-$2.8B	XXX	XXX	XXX
Net Margin	-18%	XXX	-140%	XXX	XXX	XXX
Net Debt	XXX	XXX	$12.3B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Sunrun including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.2B. EBITDA for the last twelve months was -$421M. In the most recent fiscal year, Sunrun achieved $2.0B in revenue and -$2.9B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$2.2B	Analyst estimates available to subscribers	$2.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$423M	Analyst estimates available to subscribers	$329M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	19.2% gross margin	Analyst estimates available to subscribers	16.1% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	-$421M	Analyst estimates available to subscribers	-$2.9B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-19.1% EBITDA margin	Analyst estimates available to subscribers	-142.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$1.2B	Analyst estimates available to subscribers	-$573M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-52.4% EBIT margin	Analyst estimates available to subscribers	-28.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$403M	Analyst estimates available to subscribers	-$2.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-18.3% net profit margin	Analyst estimates available to subscribers	-139.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$12.3B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Sunrun

This financial data table provides comprehensive performance metrics for Sunrun, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Sunrun generated $2.2B in revenue over the last twelve months.
The company achieved -$421M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $423M.
Net income over the last twelve months reached -$403M.

Fiscal Year Performance

In the most recent fiscal year, Sunrun reported $2.0B in total revenue.
Fiscal year EBITDA was -$2.9B.
The company maintained a gross profit margin of 16.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was -142.9%.
Net profit margin reached -139.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Sunrun. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Sunrun Stock Performance

Sunrun has current market cap of $4.5B, and EV of $18.0B.

Market Cap Evolution

Sunrun Stock Data

As of October 17, 2025, Sunrun's stock price is $20.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$18.0B	$4.5B	XXX	XXX	XXX	XXX	$-1.52

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Sunrun Valuation Multiples

Sunrun's trades at 8.8x EV/Revenue multiple, and -6.2x EV/EBITDA.

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Sunrun Financial Valuation Multiples

As of October 17, 2025, Sunrun has market cap of $4.5B and EV of $18.0B.

Equity research analysts estimate Sunrun's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Sunrun has a P/E ratio of -11.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$4.5B	XXX	$4.5B	XXX	XXX	XXX
EV (current)	$18.0B	XXX	$18.0B	XXX	XXX	XXX
EV/Revenue	8.2x	XXX	8.8x	XXX	XXX	XXX
EV/EBITDA	-42.8x	XXX	-6.2x	XXX	XXX	XXX
EV/EBIT	-15.6x	XXX	-31.4x	XXX	XXX	XXX
EV/Gross Profit	42.6x	XXX	n/a	XXX	XXX	XXX
P/E	-11.2x	XXX	-1.6x	XXX	XXX	XXX
EV/FCF	-5.7x	XXX	-5.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Sunrun Margins & Growth Rates

Sunrun's last 12 month revenue growth is 9%

Sunrun's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Sunrun's rule of 40 is -58% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Sunrun's rule of X is 3% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Sunrun Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	9%	XXX	9%	XXX	XXX	XXX
EBITDA Margin	-19%	XXX	-143%	XXX	XXX	XXX
EBITDA Growth	-175%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-58%	XXX	-134%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	3%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	30%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	2%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	44%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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