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Sunrun Inc.

RUN · Technology · $2.3B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

70

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%.

86

Median gross margin 51.1% over 2y, very stable.

0

Median ROIC -5.2%, above the 12% hurdle in 0% of years.

28

Net debt/EBITDA n/ax, interest coverage 0x.

60

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.

Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$9.94
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.

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.

FY2012–FY2025 · 14 fiscal years, normalized from RUN’s SEC filings

Sales, as filed$3.0B FY2025
$0$2B2012201720222025
Revenue kept after cost of goods52.3% FY2017
0%20%40%2012201720222025
Standard ROIC or separately labeled Operating ROICROIC −0.6% FY2025
−20%−10%0%2012201720222025
Cash an owner could take out$450M FY2025
−$2B$02012201720222025

Gaps in a line mean that item isn’t in RUN’s 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.

Flagship explainer

How Sunrun Inc. makes its money

Sunrun Inc.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$3.0B100%
−$126M−4%
Income before tax−$1.2B−40%
Income tax−$167M−6%
$450M15%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What Sunrun Inc. owns — and owes

Sunrun Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$22.6B100%
Cash and equivalents$1.2B5%
$14.7B65%
Stockholders’ equity$3.1B14%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives Sunrun Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity16%Tax burden−38%net income ÷ pretax incomeInterest burden933%pretax ÷ operating incomeOperating margin−4%operating income ÷ revenueAsset turnover0.14×revenue ÷ average assetsEquity multiplier7.48×average assets ÷ average equityAs of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$450MFY2025
Income before tax−$1.2BFY2025
Operating income−$126MFY2025
$3.0BFY2025
Ending assets$22.6BFY2025
Beginning assets$19.9BFY2024
$3.1BFY2025
$2.6BFY2024
Source:
  • SEC filingFiling detailsAccession 0001469367-25-000039
  • SEC filingFiling detailsAccession 0001628280-26-012289
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where Sunrun Inc.'s cash went

Sunrun Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations−$421M−100%
Depreciation and amortization$38.3M9%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Sunrun Inc.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited1 not holding1/19 resolved18 unavailable

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Markel / Markel-GaynerNo position reportedNo position reported
Abrams CapitalUnavailableComparison unavailableFiling unavailable
Akre CapitalUnavailableComparison unavailableFiling unavailable
Baupost GroupUnavailableComparison unavailableFiling unavailable
Berkshire HathawayUnavailableComparison unavailableFiling unavailable
Brave Warrior AdvisorsUnavailableComparison unavailableFiling unavailable
Dodge & CoxUnavailableComparison unavailableFiling unavailable
First EagleUnavailableComparison unavailableFiling unavailable
FundsmithUnavailableComparison unavailableFiling unavailable
Gardner Russo & QuinnUnavailableComparison unavailableFiling unavailable
Gates Foundation TrustUnavailableComparison unavailableFiling unavailable
Mairs & PowerUnavailableComparison unavailableFiling unavailable
Oakmark / Harris AssociatesUnavailableComparison unavailableFiling unavailable
Pershing SquareUnavailableComparison unavailableFiling unavailable
Polen CapitalUnavailableComparison unavailableFiling unavailable
Sequoia / Ruane CunniffUnavailableComparison unavailableFiling unavailable
Southeastern Asset ManagementUnavailableComparison unavailableFiling unavailable
Tweedy, BrowneUnavailableComparison unavailableFiling unavailable
Yacktman Asset ManagementUnavailableComparison unavailableFiling unavailable

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What Sunrun Inc. insiders reported

Insider activity is unavailable from the source; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale48.6 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

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

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-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.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for RUN.

Technology context

#317 of 744 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #315INUV Inuvo, Inc.48.7Shallow moat
  2. #316PENG PENGUIN SOLUTIONS, INC.48.7Shallow moat
  3. #318CLVT CLARIVATE PLC48.6Shallow moat
  4. #319VRNS VARONIS SYSTEMS, INC.48.5Shallow moat

Compare RUN with its nearest peers →All Technology 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 16 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.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell RUN. See the disclaimer.