First Solar, Inc. (FSLR) vs Sunrun Inc. (RUN)

First Solar, Inc. and Sunrun Inc. are both Solar companies. First Solar, Inc. is the larger, with a market value of $18.7B against $1.9B — 9.8× the size. Sunrun Inc. trades at the lower P/E: 4.7× against 10.9×. Sunrun Inc. grew revenue faster over the last twelve months: 63.2% against 23.8%. First Solar, Inc. has the higher net margin (32.5% vs 11.6%) and the higher return on invested capital (13.1% vs 0.31%). Across the 21 metrics below, First Solar, Inc. leads on 14 and Sunrun Inc. on 7.

Valuation

Metric FSLR RUN Solar median
P/E 10.93 4.74 10.93
P/S 3.55 0.56 0.54
P/B 1.85 0.44 1.44
Price to free cash flow 12.73 n/m 9.91
EV/EBITDA 7.40 19.02 9.90
EV/Sales 3.28 4.60 0.74
Earnings yield 9.15% 21.09% 0.00%
Free cash flow yield 7.86% (114.08%) 0.00%

Profitability

Metric FSLR RUN Solar median
Gross margin 44.02% 35.29% 31.92%
Operating margin 33.65% 2.66% (9.70%)
Net margin 32.47% 11.59% (8.48%)
Free cash flow margin 27.89% (63.62%) (2.95%)
Return on equity 18.51% 9.92% 5.34%
Return on assets 13.30% 1.81% (5.36%)
Return on invested capital 13.10% 0.31% (5.27%)

Growth

Metric FSLR RUN Solar median
Revenue growth (TTM) 23.82% 63.23% 16.97%
EPS growth (last fiscal year) 18.22% 113.35% —
Revenue growth, 5-year CAGR 14.00% 26.24% 14.00%
Net income growth, 5-year CAGR 30.85% 0.00% 0.00%

Health

Metric FSLR RUN Solar median
Debt to equity 0.00 3.46 0.09
Current ratio 2.52 1.42 1.33
Net debt to EBITDA (1.11) 22.50 0.03

Dividend

Metric FSLR RUN Solar median
Dividend yield — — —
Payout ratio 0.00 0.00 0.00

Size

Metric FSLR RUN Solar median
Market cap 18.69b 1.90b 43.46m

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