RUN Sunrun Inc. - Common Stock

NASDAQ · Electrical Equipment · View on SEC EDGAR ↗
$9.68
Price · Aug 18, 2026
Fundamentals as of Aug 5, 2026

About Sunrun Inc. - Common Stock Company overview from Wikipedia

Sunrun Inc. is an American provider of photovoltaic systems and battery energy storage products headquartered in San Francisco, California.

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Sunrun Inc. is an American provider of photovoltaic systems and battery energy storage products headquartered in San Francisco, California.

History

Early history (2007–2014)

Sunrun was founded in January 2007 by Lynn Jurich, Ed Fenster, and Nat Kreamer, with Jurich and Fenster having met as classmates at Stanford Graduate School of Business. Sunrun introduced a "solar-as-a-service" model under which the company would own and maintain the rooftop equipment while customers paid for the electricity generated through long-term contracts, removing the upfront installation cost associated with residential solar power.

In June 2008, Sunrun raised $12 million in venture capital funding from a group of investors including Foundation Capital. In 2009, Sunrun closed a Series B round of funding for $18 million led by Accel Partners and joined by Foundation Capital. The company also received an additional commitment of $90 million in tax equity from U.S. Bancorp in 2009, following the $105 million in project financing from the bank in 2008. In June 2010, Sunrun struck a deal with PG&E for $100 million. Following the deal, the company announced $55 million in fresh capital from Sequoia Capital. In May 2014, the company raised $150 million.

In 2014, Sunrun acquired the residential division of REC Solar, wholesale distributor AEE Solar, and racking hardware manufacturer SnapNrack from Mainstream Energy Corporation.

Listing, federal investigations, and shareholder litigation (2015–2019)

In 2015, Sunrun went public on the Nasdaq stock exchange at $14 per share, with an initial market capitalization of $1.36 billion. Also, in 2015, launched its BrightBox battery energy storage product in Hawaii and expanded it to California the following year.

In May 2017, the Wall Street Journal reported that the Securities and Exchange Commission (SEC) had issued a subpoena to Sunrun and was investigating whether the company had adequately disclosed customer cancellations of residential solar contracts, a metric viewed as a gauge of company performance. On May 22, 2017, the Wall Street Journal published a follow-up article in which former Sunrun sales managers alleged that, in the period leading up to the August 2015 IPO, they had been instructed by superiors to delay processing of customer cancellations and that one manager had altered cancellation dates within Sunrun's sales system to make it appear cancellations had not yet occurred. By 2017, cancellations of contracts with Sunrun reached 40%.

In 2017, multiple securities class actions were filed against Sunrun and its officers in federal court in California and consolidated as In re Sunrun Inc. Securities Litigation. A related shareholder action filed in the Superior Court of California for the County of San Mateo under the case caption In re Sunrun Inc. Shareholder Litigation was subsequently settled.

In December 2018, documents released under the Freedom of Information Act indicated that on June 5, 2017, the Federal Bureau of Investigation had opened a separate corporate fraud investigation into Sunrun at the request of the United States Department of Justice, following a referral by the United States Attorney's Office for the Northern District of California.

Vivint Solar acquisition, impairment charge, and Muddy Waters Research (2020–2023)

In 2020, Sunrun acquired Vivint Solar for $3.2 billion. In 2023, the company recorded a non-cash goodwill impairment charge of US$1.2 billion related to its acquisition of Vivint Solar, writing down goodwill from US$4.3 billion to US$3.1 billion.

In October 2023, the short-seller Muddy Waters Research published a report alleging that Sunrun had "greatly exaggerated" its non-GAAP subscriber numbers for years and had claimed and sold tax credits based on inflated counts, with potential excess investment tax credits estimated at US$200 million for the 2022 tax year alone. Sunrun rejected the allegations, stating that the data the short-seller used from the U.S. Energy Information Administration was not comparable to its reported subscriber counts because EIA data excludes solar systems not yet operational or in active billing. Following publication, Glancy Prongay & Murray announced a securities investigation on behalf of Sunrun investors.

State attorney general investigations and lawsuits (2024–2026)

In July 2024, Connecticut Attorney General William Tong filed a consumer protection lawsuit in Hartford Superior Court against Sunrun Inc., Sunrun Installation Services, Bright Planet Solar, Elevate Solar Solutions and two named salespersons alleging deceptive, unfair and unlawful sales practices in violation of the Connecticut Unfair Trade Practices Act and Home Improvement Act, including forged customer signatures, voice impersonation of consumers on confirmation calls, unpermitted installations, non-functional systems and undisclosed price-escalation clauses in long-term solar contracts. The complaint sought restitution for affected consumers, disgorgement of profits, civil penalties, and injunctive relief. In March 2026, Tong announced that the suit against Sunrun remained pending alongside related actions against other solar industry companies.

From 2023 to 2025, Sunrun had been the focus of at least 170 consumer complaints filed with the Massachusetts Attorney General's Consumer Advocacy & Response Division, more than any other solar company in the state during that period.

In April 2026, Texas Attorney General Ken Paxton issued civil investigative demands to Sunrun and three other residential solar installers, Freedom Forever, Lone Star Solar Services and CAM Solar, as part of a broader initiative examining alleged violations of the Texas Deceptive Trade Practices–Consumer Protection Act, including misrepresentations of energy bill savings, system efficacy, equipment installation, and contract terms.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

RUN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$9.68
Market Cap
$2.28B
P/E (TTM)
5.7
EPS (TTM)
$1.71
Revenue (TTM)
$2.96B
Div Yield
ROE
15.8%
Debt/Equity
52W Range
$9 – $22

RUN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $2.96B
10-point trend, +519.8%
2016-12-31 2025-12-31
EPS $1.71
10-point trend, +137.5%
2016-12-31 2025-12-31
Free Cash Flow
9-point trend, -370.6%
2016-12-31 2024-12-31
Margins 15.2%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
RUN
Peer Median
P/E (TTM)
5-point trend, +112.2%
5.7
37.5
P/S (TTM)
5-point trend, -67.2%
0.8
2.2
P/B
5-point trend, +20.2%
0.7
2.9

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
RUN
Peer Median
Operating Margin
5-point trend, +89.7%
-4.3%
Net Profit Margin
5-point trend, +408.7%
15.2%
6.3%
ROA
5-point trend, +515.7%
2.1%
3.0%
ROE
5-point trend, +1326.4%
15.8%
11.4%
ROIC
5-point trend, +67.9%
-3.5%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
RUN
Peer Median
Current Ratio
5-point trend, +8.2%
1.7
2.3
Quick Ratio
5-point trend, +10.5%
0.8

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
RUN
Peer Median
Revenue YoY
5-point trend, +83.7%
45.1%
Revenue CAGR 3Y
5-point trend, +83.7%
8.4%
Revenue CAGR 5Y
5-point trend, +83.7%
26.2%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
RUN
Peer Median
EPS (Diluted)
5-point trend, +538.5%
$1.71

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
RUN
Peer Median

RUN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 28 analysts
  • Strong Buy 3 10.7%
  • Buy 13 46.4%
  • Hold 11 39.3%
  • Sell 1 3.6%
  • Strong Sell 0 0.0%

12-Month Price Target

19 analysts · 2026-08-17
Median target $15.00 +55.0%
Mean target $16.39 +69.4%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.51%
Period EPS Actual EPS Est Surprise
June 30, 2026 $0.42 $0.23 0.19%
March 31, 2026 $0.62 $-0.02 0.64%
Dec. 31, 2025 $0.38 $-0.05 0.43%
Sept. 30, 2025 $0.06 $0.02 0.04%
June 30, 2025 $1.07 $-0.22 1.3%
March 31, 2025 $0.20 $-0.29 0.49%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
RUN $4.30B 10.8 45.1% 15.2% 15.8%
ENS $6.33B 22.6 3.7% 7.8% 15.4% 29.3%
ST 158.5 -5.8% 0.84% 1.1%
ATKR $2.11B -139.4 -11.0% -0.53% -1.1% 23.7%
PLUG -1.4 12.9% -229.8% -120.3% -34.1%
FLNC -29.2 -16.2% -2.1% -10.7% 13.1%
PLPC $1.01B 29.0 12.7% 5.3% 7.9% 31.2%
ALNT $910M 40.7 4.6% 4.0% 7.5% 32.8%
FCEL $412M -1.2 41.0% -118.8% -28.5%
AMPX $1.06B -22.5 202.1% -60.3% -48.8% 11.3%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 15
Annual Income Statement data for RUN
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +1389.2% $2.96B $2.04B $2.26B $2.32B $1.61B $922M $859M $760M $533M $477M $305M $199M
Cost of Revenue 4-point trend, +152.1% · · · · · · · · $254M $239M $169M $101M
R&D Expense 12-point trend, +330.8% $36M $39M $22M $21M $23M $20M $24M $19M $15M $10M $10M $8M
SG&A Expense 12-point trend, +308.3% $278M $245M $221M $195M $265M $267M $125M $117M $107M $92M $84M $68M
Operating Expenses 12-point trend, +831.0% $3.08B $5.73B $4.24B $2.98B $2.28B $1.39B $1.07B $882M $714M $669M $524M $331M
Operating Income 12-point trend, +4.9% $-126M $-3.70B $-1.98B $-662M $-666M $-465M $-216M $-122M $-181M $-192M $-219M $-133M
Other Non-op 12-point trend, -1655.3% $-53M $162M $-64M $261M $23M $8M $-9M $-3M $-2M $840.0K $-2M $-3M
Pretax Income 12-point trend, -602.1% $-1.18B $-4.38B $-2.70B $-847M $-971M $-688M $-399M $-251M $-275M $-265M $-254M $-168M
Income Tax 12-point trend, -1565.0% $-167M $-27M $-13M $2M $9M $-61M $-8M $9M $12M $56M $-5M $-10M
Net Income 12-point trend, +735.1% $450M $-2.85B $-1.60B $173M $-79M $-173M $26M $27M $125M $75M $-28M $-71M
EPS (Basic) 12-point trend, +163.0% $1.96 $-12.81 $-7.41 $0.82 $-0.39 $-1.24 $0.23 $0.24 $1.19 $0.73 $-0.96 $-3.11
EPS (Diluted) 12-point trend, +155.0% $1.71 $-12.81 $-7.41 $0.80 $-0.39 $-1.24 $0.21 $0.23 $1.16 $0.72 $-0.96 $-3.11
Shares (Basic) 12-point trend, +908.2% 229,809,000 222,215,000 216,642,000 211,347,000 205,132,000 139,606,000 116,397,000 110,089,000 105,432,000 102,367,000 55,091,000 22,795,000
Shares (Diluted) 12-point trend, +1060.2% 264,465,000 222,215,000 216,642,000 219,157,000 205,132,000 139,606,000 123,876,000 117,112,000 108,206,000 104,964,000 55,091,000 22,795,000
EBITDA 11-point trend, +57.8% $-88M $-3.65B $-1.95B $-635M $-643M $-445M $-193M $-101M $-163M $-196M $-208M ·
Balance Sheet 28
Annual Balance Sheet data for RUN
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +441.1% $823M $575M $679M $741M $618M $520M $270M $227M $203M $206M $204M $152M
Receivables 12-point trend, +508.1% $263M $171M $172M $214M $146M $95M $78M $66M $66M $60M $60M $43M
Inventory 12-point trend, +1996.2% $501M $402M $460M $784M $507M $283M $261M $79M $94M $67M $71M $24M
Prepaid Expense 12-point trend, +1523.6% $155M $203M $263M $147M $45M $51M $32M $9M $9M $10M $6M $10M
Other Current Assets 4-point trend, -100.0% · · · · · · · · $0 $10.0K $19.0K $1M
Current Assets 12-point trend, +811.5% $2.16B $1.72B $1.88B $2.10B $1.55B $1.14B $734M $461M $417M $369M $360M $237M
PP&E (Net) 7-point trend, +180.2% · · · · · $62M $57M $35M $36M $48M $45M $22M
PP&E (Gross) 7-point trend, +381.0% · · · · · $158M $144M $110M $92M $86M $66M $33M
Accum. Depreciation 7-point trend, +801.7% · · · · · $96M $87M $75M $55M $38M $22M $11M
Goodwill 12-point trend, -100.0% $0 $0 $3.12B $4.28B $4.28B $4.28B $95M $88M $88M $88M $88M $52M
Intangibles 9-point trend, -42.6% · · · $8M $13M $18M $20M $10M $14M $18M $23M $13M
Other Non-current Assets 12-point trend, +38132.0% $3.56B $3.02B $2.27B $1.84B $1.13B $682M $408M $336M $246M $35M $30M $9M
Total Assets 12-point trend, +1070.0% $22.61B $19.90B $20.45B $19.27B $16.48B $14.38B $5.81B $4.75B $3.96B $3.57B $2.73B $1.93B
Accounts Payable 12-point trend, +429.7% $271M $354M $231M $339M $288M $207M $223M $131M $115M $66M $104M $51M
Current Liabilities 12-point trend, +763.3% $1.30B $1.33B $1.49B $1.16B $1.01B $901M $530M $372M $311M $245M $252M $151M
Capital Leases 7-point trend, +1385.0% · · · · · $86M $36M $14M $6M $13M $15M $6M
Deferred Tax 11-point trend, -14.2% $163M $138M $123M $133M $102M $82M $66M $94M $83M $415M $190M ·
Other Non-current Liabilities 12-point trend, +6343.9% $156M $120M $191M $140M $190M $269M $141M $48M $43M $5M $7M $2M
Total Liabilities 12-point trend, +1177.3% $17.63B $15.73B $13.54B $11.09B $8.91B $7.09B $4.17B $3.34B $2.60B $2.51B $1.93B $1.38B
Long-term Debt 12-point trend, +6042.3% $14.70B $12.90B $10.67B $8.40B $6.50B $4.80B $2.25B $1.75B $1.29B $898M $535M $239M
Total Debt 5-point trend, +318.9% · · · · · · $2.25B $1.75B $1.29B $898M $538M ·
Common Stock 12-point trend, +1050.0% $23.0K $23.0K $22.0K $21.0K $21.0K $20.0K $12.0K $11.0K $11.0K $10.0K $10.0K $2.0K
Paid-in Capital 12-point trend, +1697.3% $6.90B $6.75B $6.61B $6.47B $6.33B $6.11B $766M $722M $683M $668M $642M $384M
Retained Earnings 12-point trend, -6391.1% $-3.83B $-4.28B $-1.43B $171M $-3M $77M $251M $229M $203M $4M $-87M $-59M
AOCI 11-point trend, +6951.6% $63M $87M $55M $67M $-73M $-107M $-53M $-3M $-4M $437.0K $-921.0K ·
Stockholders' Equity 12-point trend, +864.2% $3.13B $2.55B $5.23B $6.71B $6.25B $6.08B $965M $949M $882M $673M $554M $325M
Liabilities + Equity 12-point trend, +1070.0% $22.61B $19.90B $20.45B $19.27B $16.48B $14.38B $5.81B $4.75B $3.96B $3.57B $2.73B $1.93B
Shares Outstanding 12-point trend, +863.4% 233,612,000 225,662,000 219,392,000 214,184,000 208,176,000 201,406,000 118,451,000 113,149,000 104,321,000 104,321,000 101,282,000 24,249,000
Cash Flow 14
Annual Cash Flow data for RUN
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +498.4% $38M $44M $32M $27M $23M $20M $23M $20M $20M $19M $11M $6M
Stock-based Comp 12-point trend, +1071.1% $108M $113M $112M $111M $211M $171M $26M $28M $22M $19M $16M $9M
Deferred Tax 12-point trend, -1565.0% $-167M $-27M $-13M $2M $9M $-59M $-9M $10M $12M $56M $-5M $-10M
Amort. of Intangibles 9-point trend, +136.4% · · · $5M $5M $5M $5M $4M $4M $4M $4M $2M
Other Non-cash 11-point trend, -761.2% $-850M $1.95B $653M $-1.16B $-981M $-276M $-271M $-148M $-259M $-316M $-99M ·
Operating Cash Flow 12-point trend, -5215.8% $-421M $-766M $-821M $-849M $-817M $-318M $-204M $-62M $-96M $-200M $-105M $-8M
CapEx 11-point trend, -89.7% · $2M $21M $18M $9M $3M $25M $5M $8M $13M $13M $15M
Investing Cash Flow 10-point trend, -259.3% $-2.50B $-2.70B $-2.61B $-2.09B $-1.69B $-498M $-843M $-811M $-777M $-696M · ·
Stock Issued 5-point trend, +0.00 · · · $0 $0 $75M $0 $0 · · · ·
Stock Repurchased 5-point trend, +0.00 · · · · $0 $0 $5M $0 $0 · · ·
Net Stock Activity 4-point trend, +100.0% · · · $0 $0 $75M $-5M · · · · ·
Financing Cash Flow 10-point trend, +257.2% $3.21B $3.43B $3.47B $3.04B $2.65B $1.16B $1.11B $936M $891M $899M · ·
Net Change in Cash 10-point trend, +8943.5% $290M $-40M $35M $103M $142M $345M $59M $63M $17M $3M · ·
Free Cash Flow 10-point trend, -549.0% · $-768M $-842M $-867M $-826M $-321M $-230M $-67M $-69M $-163M $-118M ·
Profitability 7
Annual Profitability data for RUN
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 11-point trend, +94.1% -4.3% -181.3% -87.6% -28.5% -41.4% -50.4% -25.1% -16.0% -34.4% -47.3% -72.0% ·
Net Margin 11-point trend, +264.2% 15.2% -139.7% -71.0% 7.5% -4.9% -18.8% 3.1% 3.5% 23.5% 20.2% -9.3% ·
Pretax Margin 11-point trend, +52.3% -39.8% -215.1% -119.3% -36.5% -60.3% -74.6% -46.5% -33.0% -48.1% -58.9% -83.5% ·
EBITDA Margin 11-point trend, +95.7% -3.0% -179.2% -86.2% -27.4% -40.0% -48.3% -22.5% -13.4% -30.7% -43.2% -68.3% ·
ROA 11-point trend, +275.2% 2.1% -14.1% -8.1% 0.97% -0.51% -1.7% 0.50% 0.61% 3.3% 2.9% -1.2% ·
ROE 11-point trend, +346.0% 15.8% -73.1% -26.9% 2.7% -1.3% -4.9% 2.8% 2.9% 16.8% 14.9% -6.4% ·
ROIC 11-point trend, +82.4% -3.5% -143.8% -37.6% -9.9% -10.8% -7.0% -6.6% -4.7% -9.7% -15.5% -19.7% ·
Liquidity & Solvency 4
Annual Liquidity & Solvency data for RUN
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 11-point trend, +16.2% 1.7 1.3 1.3 1.8 1.5 1.3 1.4 1.2 1.3 1.5 1.4 ·
Quick Ratio 11-point trend, -20.1% 0.8 0.6 0.6 0.8 0.8 0.7 0.7 0.8 0.8 1.1 1.0 ·
Debt / Equity 5-point trend, +140.6% · · · · · · 2.3 1.8 1.6 1.3 1.0 ·
LT Debt / Equity 5-point trend, +139.2% · · · · · · 2.3 1.8 1.6 1.3 1.0 ·
Efficiency 3
Annual Efficiency data for RUN
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 11-point trend, +6.7% 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.1 0.1 0.1 ·
Inventory Turnover 3-point trend, -11.4% · · · · · · · · 3.1 3.5 3.5 ·
Receivables Turnover 11-point trend, +131.8% 13.6 11.9 11.7 12.9 13.4 10.7 11.9 11.4 7.8 7.5 5.9 ·
Per Share 5
Annual Per Share data for RUN
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 11-point trend, +145.1% $13.41 $11.32 $23.84 $31.32 $30.05 $30.18 $8.14 $8.84 $7.56 $6.45 $5.47 ·
Revenue / Share 10-point trend, +158.6% $11.18 $9.17 $10.43 $10.59 $7.85 $6.61 $6.93 $6.49 $4.90 $4.32 · ·
Cash Flow / Share 10-point trend, -11.1% $-1.59 $-3.45 $-3.79 $-3.87 $-3.98 $-2.28 $-1.65 $-0.53 $-0.56 $-1.43 · ·
Cash / Share 11-point trend, +75.1% $3.52 $2.55 $3.09 $3.46 $2.97 $2.58 $2.28 $2.11 $1.89 $1.98 $2.01 ·
EPS (TTM) 11-point trend, +278.1% $1.71 $-12.81 $-7.41 $0.80 $-0.39 $-1.24 $0.21 $0.23 $1.16 $0.72 $-0.96 ·
Growth Rates 5
Annual Growth Rates data for RUN
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -39.5% 45.1% -9.8% -2.6% 44.2% 74.6% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -75.9% 8.4% 8.2% 34.8% · · · · · · · · ·
Revenue CAGR 5Y 26.2% · · · · · · · · · · ·
EPS CAGR 3Y 28.8% · · · · · · · · · · ·
Net Income CAGR 3Y 37.4% · · · · · · · · · · ·
Valuation (TTM) 14
Annual Valuation (TTM) data for RUN
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 11-point trend, +870.8% $2.96B $2.04B $2.26B $2.32B $1.61B $922M $859M $760M $533M $477M $305M ·
Net Income TTM 11-point trend, +1693.0% $450M $-2.85B $-1.60B $173M $-79M $-173M $26M $27M $125M $75M $-28M ·
Market Cap 11-point trend, +260.6% $4.30B $2.09B $4.31B $5.14B $7.14B $13.97B $1.64B $1.17B $633M $554M $1.19B ·
Enterprise Value 5-point trend, +137.2% · · · · · · $3.62B $2.69B $1.73B $1.25B $1.53B ·
P/E 11-point trend, +187.8% 10.8 -0.7 -2.6 30.0 -87.9 -56.0 65.8 47.3 5.1 7.4 -12.3 ·
P/S 11-point trend, -62.9% 1.5 1.0 1.9 2.2 4.4 15.2 1.9 1.5 1.2 1.2 3.9 ·
P/B 11-point trend, -36.2% 1.4 0.8 0.8 0.8 1.1 2.3 1.7 1.2 0.8 0.8 2.2 ·
P / Tangible Book 6-point trend, -82.5% 1.4 0.8 2.0 2.1 3.6 7.9 · · · · · ·
P / Cash Flow 11-point trend, +9.9% -10.2 -2.7 -5.2 -6.1 -8.7 -43.9 -8.0 -18.7 -10.4 -3.7 -11.3 ·
P / FCF 10-point trend, +73.0% · -2.7 -5.1 -5.9 -8.6 -43.5 -7.1 -17.3 -9.2 -3.4 -10.1 ·
EV / EBITDA 5-point trend, -155.5% · · · · · · -18.7 -26.5 -10.6 -6.4 -7.3 ·
EV / FCF 5-point trend, -22.1% · · · · · · -15.8 -39.9 -25.0 -7.6 -12.9 ·
EV / Revenue 5-point trend, -15.8% · · · · · · 4.2 3.5 3.2 2.6 5.0 ·
Earnings Yield 11-point trend, +213.8% 9.3% -138.5% -37.8% 3.3% -1.1% -1.8% 1.5% 2.1% 19.7% 13.6% -8.2% ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $2.96B$2.04B$2.26B$2.32B$1.61B
Operating Margin % -4.3%-181.3%-87.6%-28.5%-41.4%
Net Income $450M$-2.85B$-1.60B$173M$-79M
Diluted EPS $1.71$-12.81$-7.41$0.80$-0.39
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Current Ratio 1.71.31.31.81.5
Quick Ratio 0.80.60.60.80.8
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $-768M$-842M$-867M$-826M

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Institutional owners (13F) 480 filers · $2.7B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
84 (+22 vs prior Q) 53 (-16 vs prior Q) 163 (+21 vs prior Q) 121 (-30 vs prior Q) +44.3M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
GOLDMAN SACHS GROUP INC $213,436,198 15,951,883 7.77% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $183,023,762 13,678,906 6.66% Shares
Greenvale Capital LLP $178,009,942 13,304,181 6.48% Shares
STATE STREET CORP $140,264,213 10,483,125 5.11% Shares
VANGUARD CAPITAL MANAGEMENT LLC $138,077,292 10,319,678 5.03% Shares
Grantham, Mayo, Van Otterloo & Co. LLC $107,102,645 8,004,682 3.90% Shares
DIMENSIONAL FUND ADVISORS LP $87,527,143 6,541,640 3.19% Shares
TWO SIGMA ADVISERS, LP $74,957,828 4,073,795 2.73% Shares
GEODE CAPITAL MANAGEMENT, LLC $73,858,917 5,518,916 2.69% Shares
TWO SIGMA INVESTMENTS, LP $67,512,978 5,045,813 2.46% Shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A. $66,371,249 4,960,482 2.42% Shares
KGH Ltd $60,125,000 6,500,000 2.19% Put option
CITADEL ADVISORS LLC $58,103,439 4,342,559 2.11% Shares
Robeco Schweiz AG $57,048,039 4,263,680 2.08% Shares
Balyasny Asset Management L.P. $52,524,836 3,925,623 1.91% Shares
Maple Rock Capital Partners Inc. $49,433,052 3,694,548 1.80% Shares
JANE STREET GROUP, LLC $39,509,802 2,952,900 1.44% Call option
Amundi $34,111,429 2,551,341 1.24% Shares
CANYON CAPITAL ADVISORS LLC $33,048,600 2,470,000 1.20% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $30,032,106 2,244,552 1.09% Shares
BANK OF AMERICA CORP /DE/ $27,401,892 2,047,974 1.00% Shares
Balyasny Asset Management L.P. $26,760,000 2,000,000 0.97% Call option
CITADEL ADVISORS LLC $25,947,834 1,939,300 0.94% Call option
Caption Management, LLC $25,838,118 1,931,100 0.94% Call option
FMR LLC $24,852,186 1,857,413 0.90% Shares
RENAISSANCE TECHNOLOGIES LLC $24,084,602 1,800,045 0.88% Shares
UBS Group AG $23,077,824 1,724,800 0.84% Put option
Trexquant Investment LP $22,931,380 1,713,855 0.83% Shares
AMERICAN CENTURY COMPANIES INC $21,858,170 1,633,645 0.80% Shares
ARDSLEY ADVISORY PARTNERS LP $21,408,000 1,600,000 0.78% Shares
JANE STREET GROUP, LLC $21,222,018 1,586,100 0.77% Put option
VANGUARD FIDUCIARY TRUST CO $20,965,430 1,566,923 0.76% Shares
BARCLAYS PLC $20,839,350 1,557,500 0.76% Call option
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $18,811,049 1,405,908 0.68% Shares
Dayah Capital LLC $18,732,000 1,400,000 0.68% Call option
SCHRODER INVESTMENT MANAGEMENT GROUP $18,575,629 1,378,014 0.68% Shares
CITADEL ADVISORS LLC $18,151,308 1,356,600 0.66% Put option
FIRST TRUST ADVISORS LP $15,228,500 1,138,154 0.55% Shares
BNP PARIBAS FINANCIAL MARKETS $14,895,673 1,113,279 0.54% Shares
MILLENNIUM MANAGEMENT LLC $14,346,036 1,072,200 0.52% Shares
MASTERS CAPITAL MANAGEMENT LLC $13,380,000 1,000,000 0.49% Call option
WELLS FARGO & COMPANY/MN $12,697,459 948,988 0.46% Shares
Squarepoint Ops LLC $12,574,511 939,799 0.46% Shares
Sourcerock Group LLC $11,451,153 855,841 0.42% Shares
Public Sector Pension Investment Board $10,966,047 819,585 0.40% Shares
Arosa Capital Management LP $10,704,000 800,000 0.39% Call option
Man Group plc $10,280,871 768,376 0.37% Shares
DNB Asset Management AS $10,071,728 752,745 0.37% Shares
PEAK6 LLC $9,802,188 732,600 0.36% Call option
AMERIPRISE FINANCIAL INC $9,742,447 728,135 0.35% Shares
Erste Asset Management GmbH $9,550,971 708,529 0.35% Shares
D. E. Shaw & Co., Inc. $9,289,734 694,300 0.34% Call option
SUSQUEHANNA INTERNATIONAL GROUP, LLP $8,839,203 660,628 0.32% Shares
Cubist Systematic Strategies, LLC $8,639,813 499,700 0.31% Call option
FRANKLIN RESOURCES INC $8,571,322 640,607 0.31% Shares
DIVERSIFY WEALTH MANAGEMENT, LLC $8,254,228 827,077 0.30% Shares
Diversify Advisory Services, LLC $8,254,228 827,077 0.30% Shares
Universal- Beteiligungs- und Servicegesellschaft mbH $8,247,659 616,417 0.30% Shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND $8,014,620 599,000 0.29% Shares
RHUMBLINE ADVISERS $7,542,119 563,688 0.27% Shares
NORGES BANK $7,493,054 560,019 0.27% Shares
Caption Management, LLC $7,084,710 529,500 0.26% Put option
Sculptor Capital LP $6,778,308 506,600 0.25% Put option
MASTERS CAPITAL MANAGEMENT LLC $6,690,000 500,000 0.24% Shares
KINGDON CAPITAL MANAGEMENT, L.L.C. $6,690,000 500,000 0.24% Call option
SOROS FUND MANAGEMENT LLC $6,690,000 500,000 0.24% Call option
RWC Asset Management LLP $6,653,446 497,268 0.24% Shares
Greenvale Capital LLP $6,516,060 487,000 0.24% Call option
JUPITER ASSET MANAGEMENT LTD $6,468,427 483,440 0.24% Shares
AQR CAPITAL MANAGEMENT LLC $6,296,173 470,566 0.23% Shares
TWO SIGMA INVESTMENTS, LP $6,241,770 466,500 0.23% Put option
VOLORIDGE INVESTMENT MANAGEMENT, LLC $6,150,826 459,703 0.22% Shares
Swiss National Bank $6,141,420 459,000 0.22% Shares
MIROVA $5,978,064 446,791 0.22% Shares
TUDOR INVESTMENT CORP ET AL $5,722,305 427,676 0.21% Shares
Arosa Capital Management LP $5,352,000 400,000 0.19% Put option
TUDOR INVESTMENT CORP ET AL $5,281,086 394,700 0.19% Put option
Point72 Asset Management, L.P. $5,269,044 393,800 0.19% Call option
Walleye Trading LLC $5,017,500 375,000 0.18% Put option
Legal & General Group Plc $4,883,325 364,972 0.18% Shares
ALLIANCEBERNSTEIN L.P. $4,877,654 359,709 0.18% Shares
ALPS ADVISORS INC $4,721,922 352,909 0.17% Shares
Walleye Trading LLC $4,697,718 351,100 0.17% Call option
NOMURA HOLDINGS INC $4,486,314 335,300 0.16% Call option
PRUDENTIAL FINANCIAL INC $4,433,195 331,330 0.16% Shares
Connor, Clark & Lunn Investment Management Ltd. $4,209,696 314,626 0.15% Shares
BOOTHBAY FUND MANAGEMENT, LLC $4,002,212 299,119 0.15% Shares
NORDEN GROUP LLC $3,967,171 296,500 0.14% Shares
Parallax Volatility Advisers, L.P. $3,913,650 292,500 0.14% Call option
OSSIAM $3,862,806 288,700 0.14% Shares
Freestone Grove Partners LP $3,783,141 282,746 0.14% Shares
BlackRock, Inc. $3,777,776 282,345 0.14% Shares
LuminArx Capital Management LP $3,648,473 3,074,000 0.13% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $3,622,717 267,162 0.13% Shares
D. E. Shaw & Co., Inc. $3,407,003 254,634 0.12% Shares
Jefferies Financial Group Inc. $3,398,520 254,000 0.12% Call option
BARCLAYS PLC $3,345,000 250,000 0.12% Put option
HAP Trading, LLC $3,278,200 400,758 0.12% Shares
SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC $3,241,265 242,247 0.12% Shares
Jefferies Financial Group Inc. $3,135,804 234,365 0.11% Shares

Company insiders 19 insiders · 10 officers · 10 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Mary Powell Chief Executive Officer July 6, 2026 S 1,111,535 0 1 $-316,362
Danny Abajian Chief Financial Officer July 6, 2026 G 374,105 0 2 $-244,759
Robert Patrick Komin Jr. Chief Financial Officer March 15, 2017 A 547,482 0 0 $0
Thomas John Holland President Dec. 15, 2015 A 289,437 0 0 $0
Christopher Dawson Chief Operating Officer Dec. 15, 2017 A 250,000 0 0 $0
Paul Thaddeus Winnowski Chief Operating Officer March 15, 2017 A 948,195 0 0 $0
Maria Barak Chief Accounting Officer July 9, 2026 S 90,033 0 2 $-62,901
Jeanna Steele Chief Legal & People Officer July 6, 2026 S 461,715 0 1 $-130,541
Paul S. Dickson Pres. & Chief Revenue Officer July 6, 2026 S 839,539 0 1 $-205,779
Mina Kim General Counsel March 15, 2017 A 327,606 0 0 $0
Lynn Michelle Jurich Director Aug. 3, 2026 S 367,405 0 3 $-1,974,665
Edward Harris Fenster Director July 1, 2026 A 1,567,779 0 0 $0
Sonita Lontoh Director June 11, 2026 S 34,010 0 1 $-90,000
Steven Vassallo Director March 25, 2019 A 43,716 0 0 $0
Rich Wong Director Aug. 3, 2017 A 13,812 0 0 $0
Gerald Alan Risk Director March 15, 2017 A 39,685 0 0 $0
Katherine August-Dewilde Director March 15, 2017 A 38,044 0 0 $0
Leslie A Dach Director March 15, 2017 A 49,787 0 0 $0
Jameson J Mcjunkin Director Aug. 10, 2015 C 6,374,192 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 1 position

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Tiger Global Long Opportunities Master Fund, L.P., Tiger Global Investments, L.P., Tiger Global Performance, LLC, Tiger Global Management, LLC, Charles P. Coleman III, Scott Shleifer ×7 filings Oct. 5, 2020 Initial filing SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 77 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
ACES · ALPS ETF Trust 4.18% 363,511 NS May 31, 2026 N-PORT
TAN · Invesco Exchange-Traded Fund Trust … 4.07% 5,378,112 SH Aug. 8, 2026 Daily
UPGR · DBX ETF Trust 2.36% 9,253 NS May 29, 2026 N-PORT
RNRG · Global X Funds 2.17% 53,215 NS April 30, 2026 N-PORT
CTEX · ProShares Trust 1.94% 8,538 NS May 31, 2026 N-PORT
PBW · Invesco Exchange-Traded Fund Trust 1.20% 538,115 SH Aug. 8, 2026 Daily
PBD · Invesco Exchange-Traded Fund Trust … 0.75% 141,306 SH Aug. 8, 2026 Daily
PSCI · Invesco Exchange-Traded Fund Trust … 0.72% 139,177 SH Aug. 8, 2026 Daily
XSMO · Invesco Exchange-Traded Fund Trust 0.51% 1,565,430 SH Aug. 8, 2026 Daily
FNY · First Trust Exchange-Traded AlphaDE… 0.50% 202,262 NS April 30, 2026 N-PORT
SMIZ · Zacks Trust 0.40% 61,772 NS May 31, 2026 N-PORT
VIOG · VANGUARD ADMIRAL FUNDS 0.35% 283,944 SH Aug. 8, 2026 Daily
ERTH · Invesco Exchange-Traded Fund Trust 0.33% 45,030 SH Aug. 8, 2026 Daily
IJT · iShares Trust 0.25% 2,213,321 SH Aug. 8, 2026 Daily
AVSC · AMERICAN CENTURY ETF TRUST 0.24% 405,275 NS May 31, 2026 N-PORT
NUSC · Nushares ETF Trust 0.24% 243,659 NS April 30, 2026 N-PORT
CCSO · Tidal Trust II 0.23% 8,288 NS April 30, 2026 N-PORT
TRFM · ETF Series Solutions 0.22% 26,565 NS April 30, 2026 N-PORT
FDMO · FIDELITY COVINGTON TRUST 0.21% 140,067 NS April 30, 2026 N-PORT
QVMS · Invesco Exchange-Traded Fund Trust … 0.21% 52,041 SH Aug. 8, 2026 Daily
VTWV · VANGUARD SCOTTSDALE FUNDS 0.20% 204,303 SH Aug. 8, 2026 Daily
RZG · Invesco Exchange-Traded Fund Trust 0.19% 26,485 SH Aug. 8, 2026 Daily
FNX · First Trust Exchange-Traded AlphaDE… 0.19% 200,811 NS April 30, 2026 N-PORT
SAA · ProShares Trust 0.17% 2,776 NS May 31, 2026 N-PORT
VIOO · VANGUARD ADMIRAL FUNDS 0.17% 834,026 SH Aug. 8, 2026 Daily
RWJ · Invesco Exchange-Traded Fund Trust … 0.17% 345,325 SH Aug. 8, 2026 Daily
FAD · First Trust Exchange-Traded AlphaDE… 0.15% 55,622 NS April 30, 2026 N-PORT
BBSC · J.P. Morgan Exchange-Traded Fund Tr… 0.14% 81,298 NS April 30, 2026 N-PORT
IWN · iShares Trust 0.14% 2,181,312 SH Aug. 8, 2026 Daily
XJR · iShares Trust 0.14% 28,203 SH Aug. 8, 2026 Daily
SMDX · Tidal Trust III 0.14% 13,430 NS April 30, 2026 N-PORT
BKSE · BNY Mellon ETF Trust 0.13% 8,381 NS April 30, 2026 N-PORT
IJR · iShares Trust 0.12% 14,563,136 SH Aug. 8, 2026 Daily
GINN · Goldman Sachs ETF Trust 0.12% 14,641 NS May 31, 2026 N-PORT
ITWO · ProShares Trust 0.10% 10,694 NS May 31, 2026 N-PORT
VTWO · VANGUARD SCOTTSDALE FUNDS 0.09% 1,345,457 SH Aug. 8, 2026 Daily
RSSL · Global X Funds 0.09% 98,473 NS April 30, 2026 N-PORT
POWR · iShares, Inc. 0.09% 41,939 SH Aug. 8, 2026 Daily
SCHA · SCHWAB STRATEGIC TRUST 0.08% 1,118,377 NS May 31, 2026 N-PORT
GSSC · Goldman Sachs ETF Trust 0.07% 43,335 NS May 31, 2026 N-PORT
DFAS · Dimensional ETF Trust 0.07% 793,620 NS April 30, 2026 N-PORT
IWM · iShares Trust 0.07% 5,964,213 SH Aug. 8, 2026 Daily
DFSV · Dimensional ETF Trust 0.07% 405,286 NS April 30, 2026 N-PORT
ISCV · iShares Trust 0.07% 50,275 SH Aug. 8, 2026 Daily
VBR · VANGUARD INDEX FUNDS 0.06% 3,299,881 SH Aug. 8, 2026 Daily
UWM · ProShares Trust 0.06% 8,364 NS May 31, 2026 N-PORT
FIDU · FIDELITY COVINGTON TRUST 0.04% 69,731 NS April 30, 2026 N-PORT
PRFZ · Invesco Exchange-Traded Fund Trust 0.04% 119,411 SH Aug. 8, 2026 Daily
URTY · ProShares Trust 0.04% 8,461 NS May 31, 2026 N-PORT
VXF · VANGUARD INDEX FUNDS 0.04% 2,735,666 SH Aug. 8, 2026 Daily