Sunrun Inc. — Earnings Quality Grade F
RUN · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 24 days, change -8 days YoY
AR growth 6.9% vs revenue growth 45.1%
Revenue 45.1%, CFFO 45.0%. Cash follows revenue
Expense Quality
Inventory 24.7% vs COGS 20.5%. Normal
CapEx growth -7.4% vs revenue 45.1%. Normal
SG&A/Gross Profit = 110.0%, exceeds 70%
Gross margin swung +14.2pp (16.1% → 30.3%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF is negative ($-2.9B)
Accruals ratio = 3.9%. Low accruals
Cash $0.8B covers only 6% of debt $14.8B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 27.1x (>4x). Interest coverage = -0.1x (<2x). Financial stress
Other assets 3.1% vs revenue 45.1%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
No goodwill
Manipulation Score
M-Score = -2.33 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25