Product pipeline and R&Dmixed · 4 filings
“The $0.2 million increase in Research and development expense was primarily attributable to an increase in headcount driving higher employee compensation.”10-Q · May 6, 2026 ↗
Sunrun Inc.
RUN
Market read
Sunrun Inc.'s current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 1 directly disclosed connection is confirming.
Company-6.3% todayVolume comparison unavailable
Market group0 of 1 activeResidential Solar · unavailable
Disclosed network0 of 1 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Lower average sales price of energy products contributed to a $19.1 million decrease in product sales.
Invalidation: The isolated read changes if RUN's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 1 directly disclosed connection is confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- Lower average sales price of energy products contributed to a $19.1 million decrease in product sales.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations326
Usable filing statements102
Verified relationships1
Evidence supporting the case
- Latest annual revenue changed +45.1% year over year.
- Operating margin changed +177.1 percentage points in the latest annual period.
- Net margin changed +154.9 percentage points in the latest annual period.
Evidence challenging the case
- Diluted shares increased 19.0% in the latest annual period.
- Operating cash flow was only -0.937x net income in the latest annual period.
- Product pipeline and R&D has repeated adverse evidence across 4 filings.
- Supply chain and availability has repeated adverse evidence across 4 filings.
Questions before a position
- P/E is 79% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 131% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 9, 2026
8.806m-27.6%12m-48.0%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$1.6B+74.6%$-0.39+46.9%
2022-12-31$2.3B+44.2%$0.80+6.8%
2023-12-31$2.3B-2.7%$-7.41-1.1%
2024-12-31$2.0B-9.8%$-12.81+2.6%
2025-12-31$3.0B+45.1%$1.71+19.0%
What management says matters
Persistent and emerging business drivers
Supply chain and availabilitynegative · 4 filings
“Product sales decreased by $19.1 million, primarily due to the lower average sales price of energy products, as well as lower sales volume of energy products to installers of energy systems compared to the prior year, due to easing of supply chain constraints.”10-Q · May 6, 2026 ↗
Legal and regulatory exposuremixed · 2 filings
“The maturity date of this facility was automatically extended to March 1, 2027 in September 2024, due to the Company maintaining funds on deposit in a collateral account equal to an amount sufficient to repay at the scheduled maturity all of its 0% Senior Con…”10-Q · Nov 6, 2025 ↗
Restructuring and cost reductionsnegative · 1 filings
“The $3.1 billion decrease in Goodwill impairment expense related to an impairment charge of $3.1 billion that was a result of an interim impairment test performed during the fourth quarter of 2024.”10-K · Feb 26, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 0.8× · EV/sales 5.8×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
8.66-6.3% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 13:50 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for RUN. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for RUN. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind RUN
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
PWFiling-linked namedistributorNov 6, 2025 ▾
“Most recently, the Public Utilities Commission of Nevada issued an order that transitioned net metering on a monthly basis to net metering on a 15-minute basis in the Sierra Pacific Power Company territory, which negatively impacted the value proposition of r…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 4 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
RUN is currently a Leader in the organic co-movement group Residential Solar. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 1 filing-linked name are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for RUN; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.