RUNSunrun Inc.

Construction - Special Trade Contractors

Revenue: $3.0B; 45% YoY
Operating margin: -4.3%; 98% YoY
EBITDA: −$88M; 98% YoY
Market cap: $1.8B
Employees: 9,059; $326K revenue each
Net debt / EBITDA: —; $14.9B net debt
AI in 10-K: 2.5; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
-937× net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$326K · 13th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.5 per 10K words · 63rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$24M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.6B	$2.3B	$2.3B	$2.0B	$3.0B	45%
Operating income	−$666M	−$662M	−$2.0B	−$3.7B	−$126M	97%
Net income	−$79M	$173M	−$1.6B	−$2.8B	$450K	100%
Operating cash flow	−$817M	−$849M	−$821M	−$766M	−$421M	45%
Capex	$9M	$18M	$21M	$2M	—
Stock-based comp	$211M	$111M	$112M	$113M	$108M	4.3%
Buybacks	$0	—	—	—	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 5, 2020	TIGER GLOBAL MANAGEMENT LLC	SC 13D/A	38.6%	Passive
Jul 8, 2020	TIGER GLOBAL MANAGEMENT LLC	SC 13D/A	24.7%	Passive

Insider trading

Open-market buys, 12 mo: $149K · 1
Open-market sells, 12 mo: $24M · 56
Net: −$24M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$5M	—	27	48
FY2024	$5M	—	13	32
FY2023	$5M	—	28	52
FY2022	$4M	—	35	71
FY2021	$4M	—	49	75