Sunrun Inc. (RUN) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 24, 2026
Sunrun Inc. (RUN)
A forensic read on Sunrun Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-0.2
Distress distance
Clean
Earnings quality
5
Forensic signals
5.1
P / E (ttm)
14.4%
ROE
$2.0B
Market cap
45.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Sunrun Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -0.2, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-0.5%
FY2025
Return on invested capital.Return on invested capital is -0.5% in the latest fiscal year, against -8% in FY2023, having run between -15.7% and -0.5% across FY2023–FY2025 with no direction held. The capital base behind it grew +12% across FY2023–FY2025, from $19.0B to $21.3B, and the return did not fall doing it, so the dollars added over that window earned at least the -8% the older base was already earning.
+10.5%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +22% over the last 2 years to FY2025 (+10.5%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~10.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~18%.
4% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 4% of revenue in FY2025 — about $0.41 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 10.8% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
+14.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +14.2% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +54% against revenue +45% and inventory up +25% against +45% in revenue. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 5% of net operating assets, against an accruals ratio of 14.2%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
Key fundamentals
Latest Revenue$2.96B
Revenue Growth YoY+45.1%
Revenue CAGR (2yr)+14.4%
Net Margin15.2%
Return on Equity14.4%
Debt / Equity4.69x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Sunrun Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 24, 2026. Forensic signals flag probability, not certainty.
$4.3B
FY2023–FY2024
Goodwill impairments.Took $4.3B of goodwill writedowns across 2 years (FY2023 ($1.2B), FY2024 ($3.1B)). Writedowns mean past acquisitions underperformed what was paid for them.