Sunation Energy, Inc.
SUNERESTATEMENT RISKFILING INTENSITYSunation Energy, Inc. reads as Restatement Risk (composite 64/100); pressure / disclosure signals dominate the posture this cycle · primary market E&C.
Lens
Disclosed M&A capital (2023–2025)
N/A
vs N/A in 2020–2022
Disclosed transactions
3
1/3 active fiscal years in window
Buyer archetype
Consistent Strategic Buyer
Meaningful spend appears across repeat years.
Composite score
64
Restatement Risk dominates · Filing Intensity
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $5.6B disclosed buyer spend
Buyer Cadence
Buyer-side companies with recent filing activity
- 206 8-Ks
Target Probability
Issuers showing target-side patterns from filings
- 42 activism filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
- 2 divestiture 8-Ks
- Latest event 30y ago; heavily discounted
- 42 activism filings
Pressure Watch
Issuers facing activism, governance, or control pressure
- 42 activism filings
- Latest activism 1.7y ago
Distress Watch
Issuers showing financial-distress filing patterns
- 10-Q 246d stale
- 42 activism filings
Restatement Risk
DominantIssuers with accounting-integrity flags from filings
- 5 auditor changes
- 11 NT late filings
- Latest event 11mo ago
Capital Velocity
Issuers with the highest filing-activity intensity
- 206 8-Ks
- 5 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $9M
- 10-Q 246d ago
- 4 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $5M · Peak count: 3
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | N/A | N/A | N/A | N/A |
| 2024 | N/A | N/A | N/A | N/A |
| 2023 | 3 | N/A | N/A | N/A |
| 2022 | N/A | N/A | N/A | N/A |
| 2021 | 1 | $1M | $1M | N/A |
| 2020 | 2 | $5M | $2M | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Geographic Expansion33%
- Horizontal Consolidation33%
- Bolt On33%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- geographic_expansion
- horizontal_consolidation
- bolt_on
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“We believe there is a tremendous opportunity for a consolidator to rapidly scale its business and become one of the most recognized brands in the industry through acquiring, integrating, and growing leading local and regional solar sales and installation companies.”
“Capitalizing on the opportunity for industry and regional consolidation. Residential solar is a fragmented industry, with over 4,000 contractors nationwide.”
“We believe the Sunrun-Vivint merger in 2020 started an era of consolidation and the positive impact of scale-expansion.”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
E&C
- Market spend (2023–2025)
- $50.9B
- Market spend (2020–2022)
- $33.3B
- Recent vs prior
- +53%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
SUNE trades at a -21.9-turn discount to the E&C peer median of 20.6×.
- EV / Revenue
- 0.1×
- Net debt / EBITDA
- N/A
- Peer median EV / EBITDA
- 20.6×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
| 46.8× | 3.8× | 2.0× | $30B | $5.4B | |
| 25.1× | 4.9× | -0.3× | $21.6B | $1.2B | |
| 20.6× | 1.1× | 0.2× | $9.8B | $6B | |
| 19.2× | 1.3× | 3.0× | $13.2B | $32M | |
| 8.1× | 5.5× | -0.4× | $1.2B | $598M |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in E&C. Bars scaled to the highest EV/EBITDA in the set.
Buyer landscape.
Public buyers whose stated archetypes, target categories, and recent cadence align with this issuer as a plausible acquisition target. Scores cross EDGAR signal and disclosure overlap.
Likely buyers
No public buyers surface as a strong target-side fit on current signal.
Likely sellers / divestiture partners
No reciprocal divestiture / strategic-alternatives matches identified.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)372026-03-23
- 10-Q (quarterly)942025-11-07
- 8-K (event)2062026-04-15
- Proxy / DEF 14A762025-11-24
- Activism (13D / DFAN / PREC)422024-10-16
Signals on file
- elevated
Auditor change
2025-07-245 Item 4.01 filings on file; certifying accountant change.
- watch
Late-filing notice
2025-08-1411 NT 10-K/10-Q filings on file.
- watch
Divestiture / strategic-alternatives 8-K
1996-11-192 8-K filings matching divestiture / strategic-alternatives language.
- elevated
Activism on file
2024-10-1642 activist filings on file (13D, DFAN14A, PREC14A series).
- info
Signal
Serial acquisition history
- info
Signal
10-K strategy themes
- info
Signal
Spin/Carve candidate
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.