Latest Ratios: P/E Ratio 7.1x · EV/EBITDA 23.8x · ROE 9.8%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.9B | $5.0B | $2.1B | $4.3B | $5.3B | $7.0B | $9.7B | $1.7B | $1.3B | $638M | $557M |
| Enterprise Value | $16.6B | $18.6B | $14.5B | $14.7B | $13.3B | $13.3B | $14.3B | $4.1B | $3.2B | $1.9B | $1.4B |
| P/E Ratio → | 7.13 | 10.76 | — | — | — | — | — | — | 47.35 | 5.13 | 7.38 |
| P/S Ratio | 0.98 | 1.69 | 1.01 | 1.88 | 2.27 | 4.37 | 10.50 | 1.99 | 1.68 | 1.21 | 1.23 |
| P/B Ratio | 0.66 | 1.00 | 0.49 | 0.62 | 0.64 | 0.93 | 1.33 | 1.04 | 0.91 | 0.49 | 0.52 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.30 | 7.12 | 6.49 | 5.72 | 8.25 | 15.56 | 4.74 | 4.21 | 3.56 | 3.12 |
| EV / EBITDA | 23.84 | 26.83 | — | — | — | — | — | — | 74.96 | — | — |
| EV / EBIT | — | 15.16 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.8% | 26.8% | 16.1% | 7.2% | 12.9% | 15.2% | 19.4% | 24.8% | 29.6% | 15.4% | 12.0% |
| Operating Margin | -4.3% | -4.3% | -181.3% | -87.6% | -28.5% | -41.4% | -50.4% | -25.1% | -16.0% | -34.4% | -47.3% |
| Net Profit Margin | 15.2% | 15.2% | -139.7% | -71.0% | 7.5% | -4.9% | -18.8% | 3.1% | 3.5% | 23.5% | 20.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.8% | 9.8% | -51.4% | -21.3% | 2.2% | -1.1% | -3.9% | 1.7% | 2.0% | 10.6% | 9.8% |
| ROA | 2.0% | 2.0% | -14.1% | -8.1% | 1.0% | -0.5% | -1.7% | 0.5% | 0.6% | 3.3% | 2.9% |
| ROIC | -0.5% | -0.5% | -16.3% | -8.9% | -3.3% | -3.9% | -4.4% | -4.4% | -3.1% | -6.1% | -9.9% |
| ROCE | -0.6% | -0.6% | -19.7% | -10.7% | -3.9% | -4.6% | -5.0% | -4.5% | -3.1% | -5.3% | -7.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.99 | 2.99 | 3.13 | 1.60 | 1.07 | 0.91 | 0.71 | 1.60 | 1.53 | 1.13 | 1.00 |
| Debt / EBITDA | 21.43 | 21.43 | — | — | — | — | — | — | 50.41 | — | — |
| Net Debt / Equity | — | 2.74 | 2.99 | 1.51 | 0.98 | 0.83 | 0.64 | 1.44 | 1.37 | 0.97 | 0.81 |
| Net Debt / EBITDA | 19.65 | 19.65 | — | — | — | — | — | — | 45.11 | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 0.51 | 0.51 | -4.17 | -3.13 | -0.90 | -1.96 | -1.98 | -1.29 | -0.90 | -1.98 | -2.61 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.66 | 1.66 | 1.29 | 1.26 | 1.82 | 1.53 | 1.26 | 1.38 | 1.24 | 1.29 | 1.51 |
| Quick Ratio | 1.27 | 1.27 | 0.99 | 0.96 | 1.14 | 1.03 | 0.95 | 0.89 | 1.03 | 1.01 | 1.23 |
| Cash Ratio | 0.95 | 0.95 | 0.43 | 0.46 | 0.64 | 0.61 | 0.58 | 0.51 | 0.61 | 0.60 | 0.84 |
| Asset Turnover | — | 0.12 | 0.10 | 0.11 | 0.12 | 0.10 | 0.06 | 0.15 | 0.16 | 0.13 | 0.13 |
| Inventory Turnover | 4.32 | 4.32 | 4.25 | 4.56 | 2.58 | 2.69 | 2.63 | 2.48 | 6.73 | 4.75 | 5.93 |
| Days Sales Outstanding | — | 32.42 | 30.58 | 27.78 | 33.69 | 33.11 | 37.66 | 33.04 | 33.20 | 39.69 | 51.93 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 14.0% | 9.3% | — | — | — | — | — | — | 2.1% | 19.5% | 13.6% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 0.1% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 0.1% |
| Shares Outstanding | — | $271M | $222M | $217M | $219M | $205M | $140M | $124M | $117M | $108M | $105M |
Interest rate sensitivity
According to recent market data, Sunrun trades at a P/S ratio of 1.09 and a trailing P/E of 7.89, suggesting that investors remain skeptical of the company's ability to convert its massive installed asset base into consistent, high-quality earnings compared to hardware-focused peers like Shoals Technologies.
The low P/E multiple appears to be a function of earnings volatility rather than genuine value, as GAAP net income is heavily distorted by non-cash tax equity accounting. Investors should monitor whether the market continues to apply a 'construction-style' discount or if the valuation begins to shift toward a utility-like multiple as the company scales its recurring Grid Services revenue.
Based on reported figures, Sunrun's ROIC has struggled to maintain positive territory, frequently dipping into negative values such as the -0.2% recorded in 2026Q1, which highlights the difficulty of generating adequate returns on the massive capital deployed into residential solar energy systems over the last decade.
The persistent inability to generate a positive spread between returns on invested capital and the cost of debt suggests that the current growth strategy is value-destructive on a GAAP basis. This trend warrants further investigation into whether the company's long-term PPA contracts can eventually provide the necessary yield to offset the high upfront costs of customer acquisition and installation.
As reported in quarterly filings, Sunrun's cash conversion cycle has shown significant volatility, peaking at 89 days in 2023Q4, which indicates that the company's ability to efficiently manage its inventory and receivables remains a structural challenge compared to more streamlined, asset-light industry participants.
The variability in the cash conversion cycle suggests that the company is frequently forced to tie up liquidity in working capital, likely due to the long lead times inherent in residential solar installations. Investors should monitor whether improvements in supply chain management or higher battery attachment rates can compress these cycles and improve overall cash flow velocity.
According to recent financial statements, Sunrun's debt-to-equity ratio has climbed to 3.51 as of 2026Q1, signaling a heightened reliance on external financing that leaves the company's balance sheet vulnerable to shifts in credit market conditions and rising interest rates for its project-level debt securitizations.
The high leverage profile appears to be a structural necessity of the PPA business model, yet it creates a precarious situation where interest coverage ratios frequently turn negative. This suggests that the company is highly dependent on the continuous availability of capital markets to refinance maturing debt, which may pose a significant risk if credit spreads widen.
As reported in financial disclosures, the most commonly misapplied metric for Sunrun is GAAP net income, which obscures the underlying economic reality of the business by failing to account for the long-term, inflation-linked cash flows inherent in the company's 20-to-25-year residential power purchase agreements.
Investors should instead focus on metrics like Net Subscriber Value or Unlevered Free Cash Flow at the project level to better gauge the true earning power of the installed fleet. Relying on GAAP net income leads to a distorted view of profitability, as it ignores the significant non-cash adjustments related to tax equity partnerships and the timing of revenue recognition.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying RUN stock.
Sunrun Inc.'s current P/E ratio is 7.1x. The historical average is 17.7x. This places it at the 25th percentile of its historical range.
Sunrun Inc.'s current EV/EBITDA is 23.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 50.9x.
Sunrun Inc.'s return on equity (ROE) is 9.8%. The historical average is -4.8%.
Based on historical data, Sunrun Inc. is trading at a P/E of 7.1x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Sunrun Inc. has 26.8% gross margin and -4.3% operating margin.
Sunrun Inc.'s Debt/EBITDA ratio is 21.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.