Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-0.2
Distress distance
Clean
Earnings quality
6
Forensic signals
4.0
P / E (ttm)
14.4%
ROE
$2.4B
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). 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 a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -0.2, placing it in the Distress zone. 6 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
116d
FY2016→FY2017
Inventory days.Days inventory outstanding moved from 106 to 116 FY2016→FY2017 (against cost of goods sold; inventory +40% vs +6% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
-0.5%
FY2025
Return on invested capital.Return on invested capital is -0.5% in the latest fiscal year and rising from -3% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+6.5%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +21% over the last 3 years to FY2025 (+6.5%/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 ~6.5% 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 FY2022 has been diluted ~17%.
4% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 4% of revenue in FY2025 — about $0.41 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 6.8% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
stopped
FY2019→FY2021
Shareholder returns — halted.Capital returns have STOPPED — $5M of buybacks + dividends in FY2019, but ~$0 in FY2021. A halt usually means the company is conserving cash.
Key fundamentals
Latest Revenue$2.96B
Revenue Growth YoY+45.1%
Revenue CAGR (3yr)+8.4%
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 Aug 11, 2026. Forensic signals flag probability, not certainty.
+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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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% on the year. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 5% of net operating assets, diverging from the balance-sheet accrual read.
Sunrun Inc. (RUN) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy