Sunrun Inc.
RUN · Industrials · $1.8B mkt cap · FY2025 filings · · Shallow moat ·
Doesn't clear the bar
The five investor questions
2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $1.6B to $3.0B, increasing; diluted EPS -0.39 to 1.71, increasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%.
Median gross margin 51.1% over 2y, very stable.
Median ROIC -5.2%, above the 12% hurdle in 0% of years.
Net debt/EBITDA n/ax, interest coverage 0x.
Owner earnings changed +20.9%/yr over up to the ten most recent annual observations.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
- Not reported
- Unavailable — insufficient owner-earnings data
- Unavailable — insufficient growth-model data
- $7.64
- No price data
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Among the current top-score group, the median current price is 255% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.
Score records captured Oct 16, 2026.
Exactly which 50 companies?
FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE
Missing a usable price or zero-growth estimate: ANF.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
14 years of fundamentals
The business, in plain English
Across the filed record, revenue grew from $54.7M (FY2013) to $3.0B (FY2025) — about 39.4% a year compounded over 12 years.
It earned −0.6% on invested capital in the latest filed year, FY2025. Across the full 13-year measurable filed record, median ROIC was −7.4%. Over the v3 recent window (10 measurable filed years), median ROIC was −5.2%. The Returns on Capital filter above scores it 0/100.
The balance sheet carried $14.7B of total debt in FY2025 against $450M of owner earnings — roughly 32.7 years of owner earnings to retire it all. Balance-Sheet Safety scores it 28/100.
Put together: Pricing Power is the strongest of the five filters (86/100) and Returns on Capital the weakest (0/100), which is how RUN lands at 49/100 — a Shallow moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Exact FY and FY-1 financing invested-capital inputs are required.
The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Visual explainers
The filing-backed explainer service is temporarily unavailable, so no partial or guessed chart is shown.
Moat Score history
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
Records still being gathered — partial as of retrieval Oct 16, 2026.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
| Insider | Shares owned after | Date | Filing detail | ||||
|---|---|---|---|---|---|---|---|
| Dickson Paul S.Pres. & Chief Revenue Officer | Open-market or private sale (S)Table I · Disposed · Common Stock | 15,837 | $7.7648 | $122,971 | 823,702 | Oct 6, 2026 | 1 filed lot
|
| Powell MaryDirector, Chief Executive Officer | Open-market or private sale (S)Table I · Disposed · Common Stock | 24,335 | $7.7641 | $188,939 | 1,087,200 | Oct 6, 2026 | 1 filed lot
|
| STEELE JEANNAChief Legal & People Officer | Open-market or private sale (S)Table I · Disposed · Common Stock | 10,042 | $7.7641 | $77,967 | 451,673 | Oct 6, 2026 | 1 filed lot
|
| Barak MariaChief Accounting Officer | Open-market or private sale (S)Table I · Disposed · Common Stock | 1,771 | $7.7658 | $13,753 | 88,262 | Oct 6, 2026 | 1 filed lot
|
| Abajian DannyChief Financial Officer | Open-market or private sale (S)Table I · Disposed · Common Stock | 16,734 | $7.7645 | $129,931 | 386,532 | Oct 6, 2026 | 1 filed lot
|
| Abajian DannyChief Financial Officer | Gift (G)Table I · Disposed · Common Stock | 16,813 | —Gift (G) | — | 369,719 | Oct 6, 2026 | 1 filed lot
|
| Abajian DannyChief Financial Officer | Gift (G)Table I · Acquired · Common Stock | 16,813 | —Gift (G) | — | 390,918 | Oct 6, 2026 | 1 filed lot
|
| Jurich Lynn MichelleDirector | Open-market or private sale (S)Table I · Disposed · Common Stock | 50,000 | $9.9623 | $498,115 | 367,405 | Aug 3, 2026 | 1 filed lot
|
Source-event as of . Retrieved .
Track record
How Sunrun Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored RUN on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, RUN did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Industrials context
#186 of 448 scored Industrials companies, ranked by Moat Score.
Nearest peers by Moat Score
- #184RELL RICHARDSON ELECTRONICS, LTD.48.6 out of 100, Shallow moatShallow moat
- #185RJET Republic Airways Holdings Inc.48.6 out of 100, Shallow moatShallow moat
- #187ALGT Allegiant Travel Co48.5 out of 100, Shallow moatShallow moat
- #188AZZ AZZ Inc.48.3 out of 100, Shallow moatShallow moat
Compare RUN with its nearest peers →All Industrials companies on the Index →
Common questions about RUN
- Does Sunrun Inc. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores Sunrun Inc. (RUN) 48.6 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 70, pricing power 86, returns on capital 0, balance-sheet safety 28, capital allocation 60.
- How has RUN's Moat Score changed over time?
- The record logs 29 readings since Jul 17, 2026; the latest reads 48.6 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.