Sunrun Inc. Financial Ratios — RUN Stock

Profitability (USD)

	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	121.13	12.34	10.95	-105.62	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-4.35	-1.21	2.38	3.33	0.61	0.5	-1.72	-0.51	0.97	-8.08	-14.11	2.12
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	21.29	12.52	7.9	17.5	17.27	29.61	24.78	19.37	15.19	12.87	7.22	16.12	30.34
EBITDA Margin (%)	-43.44	-41.84	-48.53	-19.61	-9.85	4.49	-3.33	-24.09	-17.27	-9.1	-12.79	2.35	20.27
Operating Margin (%)	-98.59	-66.79	-71.96	-40.26	-34.01	-16.04	-25.13	-50.44	-41.38	-28.53	-36.31	-28.12	-4.27
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-120.73	-84.38	-83.45	-55.45	-51.69	-33.01	-46.5	-74.55	-60.33	-36.5	-119.28	-215.05	-39.78
Profit Margin (%)	-2.19	-35.68	-9.27	15.75	23.56	3.51	3.07	-18.8	-4.93	7.47	-71	-139.67	15.22
Net Income to Common Margin (%)	-2.19	-35.68	-17.44	15.75	23.56	3.51	3.07	-18.8	-4.93	7.47	-71	-139.67	15.22
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	5.03	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	121.13	12.34	10.95	-105.62	- -	- -	- -	- -	- -

Credit (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	245	432	716	1,065	1,456	2,140	2,627	5,182	6,871	8,765	11,087	13,022	14,777
ST Debt	38	9	17	30	44	79	66	244	233	217	616	286	319
LT Debt	207	423	698	1,035	1,412	2,061	2,560	4,938	6,638	8,548	10,471	12,736	14,458
Total Debt/EBITDA	-10.31	-5.2	-4.84	-11.38	-27.75	62.7	-91.92	-23.32	-24.71	-41.51	-38.37	272.23	24.65
Net Debt/EBITDA	-2.86	-1.05	-2.24	-7.39	-20.83	44.61	-69.47	-19.25	-21.16	-36.27	-34.58	257.68	23.13
Total Debt/EBIT	-4.54	-3.26	-3.26	-5.54	-8.04	-17.56	-12.18	-11.14	-10.31	-13.24	-13.51	-22.73	-117.16
Net Debt/EBIT	-1.26	-0.66	-1.51	-3.6	-6.03	-12.49	-9.2	-9.19	-8.83	-11.57	-12.18	-21.51	-109.94
EBITDA to Interest Expense	-2.02	-3.02	-4.45	-1.28	-0.57	0.26	-0.16	-0.96	-0.85	-0.47	-0.44	0.06	0.6
EBITDA-CapEx/Interest Expense	-29.74	-18.56	-22.74	-10.7	-8.99	-5.9	-4.99	-5.17	-5.99	-4.98	-4.44	-3.13	-1.91
EBIT to Interest Expense	-4.59	-4.82	-6.6	-2.62	-1.96	-0.92	-1.24	-2.02	-2.03	-1.49	-1.26	-0.68	-0.13
Interest Expense	12	28	33	73	92	132	174	231	328	446	653	848	997
Common Equity/Total Assets	0.89	-3.05	-3.19	0.12	5.12	4.83	4.33	0.53	-0.02	0.89	-7.01	-21.51	-16.94
Long-Term Debt/Equity (%)	62.19	76.49	86.56	97.43	103.5	146.24	156.32	67.74	87.66	104.51	151.45	305.84	290.08
Long-Term Debt/Capital (%)	48.72	70.36	79.25	70.96	65.95	72.83	72.1	76.31	81.09	82.14	92.36	123.02	112.96
Long-Term Debt/Total Assets (%)	15.59	21.87	25.53	28.96	35.63	43.39	44.1	34.33	40.27	44.36	51.2	64.01	63.94
Total Debt/Equity (%)	73.72	78.18	88.71	100.25	106.69	151.85	160.36	71.09	90.74	107.16	160.35	312.72	296.49
Total Debt/Capital (%)	57.75	71.91	81.23	73.01	67.98	75.62	73.96	80.09	83.93	84.22	97.79	125.79	115.46
Total Debt/Total Assets (%)	18.49	22.35	26.17	29.8	36.73	45.05	45.24	36.03	41.69	45.49	54.21	65.45	65.35
Net Debt to Equity	20.48	15.76	41.02	65.12	80.07	108.03	121.21	58.66	77.72	93.64	144.53	296.01	278.23
Net Debt/Capital (%)	20.97	19.42	48.86	55.24	56.35	58.49	60.5	71.86	77.76	79.23	93.76	126.07	115.8
EBITDA	-24	-83	-148	-94	-52	34	-29	-222	-278	-211	-289	48	599
EBITDA-CapEx	-350	-511	-756	-784	-830	-777	-869	-1,192	-1,964	-2,222	-2,897	-2,653	-1,901
Operating Income (Loss)	-54	-133	-219	-192	-181	-122	-216	-465	-666	-662	-821	-573	-126

Liquidity (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.8	1.01	0.81	0.84	0.65	0.61	0.51	0.58	0.61	0.64	0.46	0.43	0.63
Current Ratio	1.03	1.57	1.42	1.51	1.34	1.24	1.38	1.26	1.53	1.82	1.26	1.29	1.66
Quick Ratio	0.96	1.36	1.09	1.16	0.88	0.79	0.66	0.68	0.75	0.83	0.57	0.56	0.83
CFO/Avg Current Liab	- -	-0.06	-0.52	-0.8	-0.35	-0.18	-0.45	-0.44	-0.85	-0.78	-0.62	-0.54	-0.32
Common Equity/Total Assets	0.89	-3.05	-3.19	0.12	5.12	4.83	4.33	0.53	-0.02	0.89	-7.01	-21.51	-16.94
Long-Term Debt/Equity (%)	62.19	76.49	86.56	97.43	103.5	146.24	156.32	67.74	87.66	104.51	151.45	305.84	290.08
Long-Term Debt/Capital (%)	48.72	70.36	79.25	70.96	65.95	72.83	72.1	76.31	81.09	82.14	92.36	123.02	112.96
Long-Term Debt/Total Assets (%)	15.59	21.87	25.53	28.96	35.63	43.39	44.1	34.33	40.27	44.36	51.2	64.01	63.94
Total Debt/Equity (%)	73.72	78.18	88.71	100.25	106.69	151.85	160.36	71.09	90.74	107.16	160.35	312.72	296.49
Total Debt/Capital (%)	57.75	71.91	81.23	73.01	67.98	75.62	73.96	80.09	83.93	84.22	97.79	125.79	115.46
Total Debt/Total Assets (%)	18.49	22.35	26.17	29.8	36.73	45.05	45.24	36.03	41.69	45.49	54.21	65.45	65.35
CFO/Total Liabilities	2.35	-0.57	-5.46	-7.97	-3.7	-1.87	-4.91	-4.48	-9.17	-7.65	-6.06	-4.87	-2.39
CFO/CapEx	0.07	-0.02	-0.17	-0.29	-0.12	-0.08	-0.24	-0.33	-0.48	-0.42	-0.31	-0.28	-0.17
Altman's Z-Score	-0.08	-0.12	0.04	0.13	0.23	0.38	0.36	0.8	0.48	0.38	0.07	-0.19	0.06

Working Capital (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	14.43	8.62	9.84	9.68	12.31	11.92	10.38	13.14	12.68	11.15	11.14	15.95
Days Sales Outstanding	- -	25.3	42.33	37.1	37.72	29.64	30.63	35.15	27.78	28.78	32.73	32.75	22.88
Inventory Turnover	- -	14.53	5.9	5.68	5.45	6.15	3.8	2.74	3.46	3.13	3.37	3.97	4.56
Days Inventory Outstanding	- -	25.13	61.91	64.25	67	59.33	96.09	133.43	105.57	116.46	108.25	92.02	80.04
Accounts Payable Turnover	- -	5.71	4.22	4.58	5.16	4.22	4.66	3.56	6.41	7.33	6.22	5.65	6.91
Accounts Payable Turnover Days	- -	63.96	86.44	79.68	70.71	86.51	78.27	102.64	56.91	49.78	58.67	64.64	52.85
Cash Conversion Cycle	- -	-13.53	17.8	21.66	34.01	2.46	48.45	65.95	76.45	95.46	82.3	60.14	50.07
Inventory to Cash Days	- -	0.17	-19.59	-27.16	-29.28	-29.68	-65.46	-98.28	-77.78	-87.68	-75.52	-59.27	-57.16
Inventories	- -	24	71	67	94	79	261	283	507	784	460	402	501
Raw Materials	- -	22	63	62	88	64	239	241	414	672	413	358	457
Work In Process	- -	2	8	5	6	15	21	42	93	112	46	44	44
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	648	544	622	1,199	1,607	9,686	7,036	5,077	4,253	2,055	4,228
- Cash & Cash Equivalents	100	152	204	206	203	227	270	520	618	741	679	575	823
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	167	228	253	389	483	460	673	1,211	1,318	1,471	1,684	1,610	1,851
+ Total Debt	245	432	716	1,065	1,456	2,140	2,627	5,182	6,871	8,765	11,087	13,022	14,777
Enterprise Value	313	508	1,413	1,791	2,358	3,572	4,638	15,559	14,608	14,572	16,345	16,113	20,033
Total Capital	424	601	881	1,458	2,141	2,829	3,551	6,470	8,187	10,406	11,337	10,353	12,798
Total Debt/Capital (%)	57.75	71.91	81.23	73.01	67.98	75.62	73.96	80.09	83.93	84.22	97.79	125.79	115.46
Total Debt / EV	0.78	0.85	0.51	0.59	0.62	0.6	0.57	0.33	0.47	0.6	0.68	0.81	0.74
EV/Sales	5.71	2.56	4.64	3.75	4.43	4.7	5.4	16.87	9.07	6.28	7.23	7.91	6.77
EV/EBITDA	- -	- -	- -	- -	- -	104.68	- -	- -	- -	- -	- -	336.83	33.42
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	8.93	28.29	- -	- -	8,070.67	48.14	- -	- -	- -	- -	- -	209.2	46.2
EV/Free Cash Flow to Firm	0.87	1.14	2.64	3.09	3.03	4.03	5.75	18.05	12.17	9.05	6.71	5.8	6.83
Diluted Market Cap	- -	- -	648	557	638	1,275	1,711	9,686	7,036	5,264	4,253	2,055	4,866
Diluted Enterprise Value	313	508	1,413	1,805	2,374	3,649	4,741	15,559	14,608	14,759	16,345	16,113	20,671
EV per Share	3.95	6.4	25.65	17.5	22.36	32.45	39.84	111.45	71.21	68.95	75.45	72.51	87.17
TTM Sales	55	199	305	477	533	760	859	922	1,610	2,321	2,260	2,038	2,957
TTM EBITDA	-24	-83	-148	-94	-52	34	-29	-222	-278	-211	-289	48	599
TTM Operating Income	-54	-133	-219	-192	-181	-122	-216	-465	-666	-662	-821	-573	-126
TTM Cash Flow to Firm	35	18	-73	-111	- -	74	-34	-108	-486	-402	-171	77	434
TTM Free Cash Flow to Firm	361	446	535	580	778	886	807	862	1,200	1,609	2,437	2,778	2,934

Multiples (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	1.29	1.14	0.94	1.7	2.69	14.86	8.1	4.53	2.38	1.06	2.34
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	313	508	1,413	1,791	2,358	3,572	4,638	15,559	14,608	14,572	16,345	16,113	20,033
Low Price	- -	- -	6.36	4.15	4.21	5.08	9.56	7.84	30.27	16.8	8.43	9.01	5.38
EV/Sales	5.71	2.56	4.64	3.75	4.43	4.7	5.4	16.87	9.07	6.28	7.23	7.91	6.77
EV/EBITDA	- -	- -	- -	- -	- -	104.68	- -	- -	- -	- -	- -	336.83	33.42
Price/Earnings	- -	- -	- -	7.24	4.96	44.97	61.04	- -	- -	29.28	- -	- -	9.4
Price/Earnings Average	- -	- -	-10.12	8.48	4.94	45.67	69.03	-28.54	-136.62	33.46	-2.4	-1.1	6.26
Price/Earnings High	- -	- -	-15.5	15.66	6.54	67.92	94.67	-66.36	-260.68	47.7	-4.01	-1.74	11.46
Price/Earnings Low	- -	- -	-6.59	5.65	3.54	20.98	42.25	-6.31	-78.18	20.48	-1.14	-0.7	2.75
Price/Book Value	- -	- -	-7.43	122.21	3.07	5.23	6.39	126.01	-2,750.6	29.72	-2.97	-0.48	-1.1
Price/Book Value Average	- -	- -	-6.16	143.28	3.06	5.31	7.23	64.38	-4,241.96	33.96	-2.68	-0.73	-0.74
Price/Book Value High	- -	- -	-9.44	264.43	4.05	7.89	9.91	149.7	-8,093.81	48.41	-4.49	-1.16	-1.35
Price/Book Value Low	- -	- -	-4.02	95.51	2.19	2.44	4.42	14.23	-2,427.42	20.79	-1.27	-0.47	-0.32
Price/Tangible Book Value	- -	- -	0.93	0.57	0.49	0.91	1.06	3.24	2.15	1.3	1.12	0.49	0.85
Price/Tangible Book Value Average	- -	- -	0.77	0.67	0.49	0.93	1.19	1.65	3.31	1.49	1.01	0.75	0.57
Price/Tangible Book Value High	- -	- -	1.18	1.23	0.65	1.38	1.64	3.85	6.31	2.12	1.7	1.19	1.03
Price/Tangible Book Value Low	- -	- -	0.5	0.44	0.35	0.43	0.73	0.37	1.89	0.91	0.48	0.48	0.25
Price/Sales	- -	- -	2.13	1.14	1.17	1.58	1.87	10.5	4.37	2.19	1.88	1.01	1.43
Price/Sales Average	- -	- -	1.77	1.34	1.16	1.6	2.12	5.37	6.74	2.5	1.7	1.53	0.95
Price/Sales High	- -	- -	2.7	2.47	1.54	2.38	2.9	12.48	12.86	3.56	2.85	2.43	1.74
Price/Sales Low	- -	- -	1.15	0.89	0.83	0.74	1.3	1.19	3.86	1.53	0.81	0.98	0.42
Price/Cash Flow	- -	- -	-6.16	-2.72	-6.47	-19.19	-7.86	-30.46	-8.61	-5.98	-5.18	-2.68	-10.03
Price/Cash Flow Average	- -	- -	-5.11	-3.18	-6.45	-19.49	-8.89	-15.56	-13.28	-6.84	-4.68	-4.08	-6.69
Price/Cash Flow High	- -	- -	-7.82	-5.88	-8.54	-28.99	-12.19	-36.19	-25.34	-9.74	-7.84	-6.46	-12.24
Price/Cash Flow Low	- -	- -	-3.33	-2.12	-4.62	-8.95	-5.44	-3.44	-7.6	-4.18	-2.23	-2.61	-2.93
Price/Free Cash Flow Average	- -	- -	1.07	1.33	0.93	1.73	3.04	7.59	12.49	5.18	2.15	1.61	1.56
Price/Free Cash Flow High	- -	- -	1.64	2.46	1.24	2.57	4.17	17.66	23.83	7.38	3.6	2.56	2.85
Price/Free Cash Flow Low	- -	- -	0.7	0.89	0.67	0.79	1.86	1.68	7.15	3.17	1.02	1.03	0.68
EV/Sales Average	5.71	2.56	4.28	3.95	4.42	4.72	5.65	11.74	11.44	6.59	7.05	8.43	6.3
EV/Sales High	5.71	2.56	5.21	5.08	4.8	5.51	6.43	18.85	17.56	7.65	8.2	9.33	7.09
EV/Sales Low	5.71	2.56	3.66	3.51	4.09	3.86	4.83	7.56	8.56	5.62	6.16	7.88	5.76
EV/EBITDA Average	-13.15	-6.11	-8.81	-20.14	-44.92	105.22	-169.66	-48.71	-66.25	-72.45	-55.14	359.16	31.07
EV/EBITDA High	-13.15	-6.11	-10.74	-25.9	-48.74	122.6	-193.29	-78.23	-101.68	-84.14	-64.12	397.27	34.97
EV/EBITDA Low	-13.15	-6.11	-7.54	-17.87	-41.56	85.94	-144.98	-31.36	-49.56	-61.79	-48.16	335.72	28.43
EV/EBIT Average	-5.79	-3.83	-5.94	-9.81	-13.01	-29.46	-22.47	-23.27	-27.65	-23.1	-19.42	-29.98	-147.65
EV/EBIT High	-5.79	-3.83	-7.24	-12.62	-14.11	-34.33	-25.6	-37.37	-42.44	-26.83	-22.58	-33.16	-166.19
EV/EBIT Low	-5.79	-3.83	-5.09	-8.71	-12.03	-24.06	-19.2	-14.98	-20.69	-19.7	-16.96	-28.03	-135.11
Last Price	- -	- -	11.77	5.31	5.9	10.89	13.81	69.38	34.3	24.02	19.63	9.25	18.4
High Price	- -	- -	14.95	11.49	7.78	16.45	21.42	82.42	100.93	39.13	29.72	22.26	22.44
Enterprise Value Average	313	508	1,302	1,885	2,356	3,591	4,848	10,822	18,422	15,297	15,935	17,181	18,623
Enterprise Value High	313	508	1,588	2,424	2,556	4,184	5,524	17,380	28,275	17,765	18,530	19,004	20,962
Enterprise Value Low	313	508	1,115	1,672	2,180	2,933	4,143	6,967	13,781	13,046	13,918	16,060	17,041

Shares Outstanding	97	97	101	104	107	113	118	201	208	214	219	226	234
Diluted Weighted Avg Shares	79	79	55	105	108	117	124	140	205	219	217	222	264
Basic Weighted Avg Shares	79	79	55	102	105	110	116	140	205	211	217	222	230
Revenue per Share	0.69	2.5	5.53	4.66	5.05	6.9	7.38	6.61	7.85	10.98	10.43	9.17	12.87
EBITDA per Share	-0.3	-1.05	-2.68	-0.91	-0.5	0.31	-0.25	-1.59	-1.36	-1	-1.33	0.22	2.61
Operating Income per Share	-0.68	-1.67	-3.98	-1.88	-1.72	-1.11	-1.85	-3.33	-3.25	-3.13	-3.79	-2.58	-0.55
Basic EPS, GAAP	-0.02	-0.89	-0.96	0.73	1.19	0.24	0.23	-1.24	-0.39	0.82	-7.41	-12.81	1.96
Basic EPS from Cont Ops	-0.83	-1.99	-4.52	-3.13	-2.73	-2.36	-3.36	-4.49	-4.78	-4.02	-12.38	-19.6	-4.39
Diluted EPS, GAAP	-0.02	-0.89	-0.96	0.72	1.16	0.23	0.21	-1.24	-0.39	0.79	-7.41	-12.81	1.7
Diluted EPS from Cont Ops	-0.83	-1.99	-4.52	-3.06	-2.66	-2.22	-3.16	-4.49	-4.78	-3.88	-12.38	-19.6	-3.82
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.29	-0.1	-1.91	-1.96	-0.91	-0.57	-1.76	-2.28	-3.98	-4.02	-3.79	-3.45	-1.83
Free Cash Flow per Basic Share	-3.81	-5.49	-12.95	-8.7	-8.28	-7.94	-8.98	-9.22	-12.2	-13.53	-15.83	-15.6	-12.71
Cash & Equivalents per Share	1.26	1.92	3.7	2.02	1.92	2.06	2.32	3.72	3.01	3.5	3.13	2.59	3.58
Book Value per Share	0.15	-0.74	-1.58	0.04	1.92	2.08	2.16	0.55	-0.01	0.81	-6.62	-19.26	-16.67
Tangible Book Value per Share	4.19	6.15	12.64	9.34	11.97	11.91	13.09	21.42	15.99	18.45	17.5	18.74	21.69

Sunrun Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)