Sunrun's (the Company, our, we ) mission is to connect people to the cleanest energy on earth. Sunrun transformed the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy.
The business is unprofitable at the operating level (-4.27% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 45.1% YoY with margins expanding 177.1pp.
Negative free cash flow of -$423M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$3.17B
▲ +45.1% YoY
Net Income (TTM)
$568M
▲ +115.8% YoY
Op. Margin
-1.72%
▲ +177.1pp YoY
ROIC
-0.24%
▲ +17.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$309M
▲ +44.9% YoY
Op. Cash Flow (TTM)
-$307M
▲ +45.0% YoY
Net Debt
$13.78B
Cash & Equiv.
$1.09B
5Y CAGR: +26.2%
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