Sunrun Inc.
RUN Technology Solar
Sunrun Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.0 billion, up 45.1% from fiscal 2024. In the quarter to June 2026, revenue grew 52.8%, EPS fell 60.7%, free cash flow grew 37.1% and total debt rose 7.80%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
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Sunrun Inc. (RUN) Beneish M-score
Sunrun Inc.'s Beneish M-score for fiscal 2025 is −1.90; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.90 | 2.00 |
| FY2024 | −3.90 | (1.02) |
| FY2023 | −2.88 | (0.91) |
| FY2022 | −1.97 | (0.08) |
| FY2021 | −1.89 | (0.85) |
| FY2020 | −1.04 | 1.41 |
| FY2019 | −2.45 | 0.38 |
| FY2018 | −2.84 | 0.10 |
| FY2017 | −2.94 | (0.33) |
| FY2016 | −2.61 | (0.65) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.06 | — | 0.98 | |
| Gross margin index | 0.53 | — | 0.28 | |
| Asset quality index | 1.04 | — | 0.42 | |
| Sales growth index | 1.45 | — | 1.29 | |
| Depreciation index | 4.81 | — | 0.55 | |
| SG&A index | 0.79 | — | −0.14 | |
| Total accruals to total assets | (0.03) | — | −0.12 | |
| Leverage index | 0.99 | — | −0.32 | |
| Beneish M-score | Elevated | −1.90 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SEDG SolarEdge Technologies, Inc. compare | −6.6× |
| TOYO TOYO Co., Ltd. compare | −3.4× |
| NXT Nextpower Inc. compare | −2.5× |
| ARRY Array Technologies, Inc. compare | −2.5× |
| ENPH Enphase Energy, Inc. compare | −2.4× |
| SHLS Shoals Technologies Group, Inc. compare | −1.9× |
| RUN Sunrun Inc. | −1.9× |
| JKS JinkoSolar Holding Company Limited compare | −0.4× |
| DQ DAQO New Energy Corp. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI