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Company Overview Spruce Power Holding Corporation and its subsidiaries ( Spruce Power ) is a leading owner and operator of distributed solar energy assets across the United States (the U.S. ), offering subscription-based services to approximately 84,000 home solar assets and customer contracts, making renewable energy more accessible to everyone. We are engaged in the ownership and maintenance …
16.04% operating margin is respectable but not wide. ROIC at 1.71%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue up 36.2% YoY with margins expanding 77.4pp.
Negative free cash flow of -$4M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$111M
▲ +36.2% YoY
Net Income (TTM)
-$14M
▲ +63.1% YoY
Op. Margin
21.08%
▲ +77.4pp YoY
ROIC
2.29%
▲ +6.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$3M
▲ +91.1% YoY
Op. Cash Flow (TTM)
$3M
▲ +91.6% YoY
Net Debt
$623M
Cash & Equiv.
$50M
5Y CAGR: +40.6%
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