Vivint Solar Merger
10-K - Feb 22, 2023
On October 8, 2020, the Company acquired Vivint Solar, a leading full-service residential solar provider in the United States, at an estimated purchase price of $5.0 billion, pursuant to an Agreeme...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Sunrun Inc.
RUNActiveCIK 1469367 · Renewables, RNG & Sustainability Infrastructure
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, RUN filings, SEC EDGAR
$3,485
Market cap ($MM)
$17,656
Enterprise value ($MM)
$3,175
Revenue · LTM ($MM)
$544
EBITDA · LTM ($MM)
17%
EBITDA margin
5.6x
EV / revenue
32.4x
EV / EBITDA
25.2x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01RUN is a scaled public consolidator in Renewables & RNG, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is AMRC, NEE, CWEN, BEP, BEPC, ORA.
Balance sheet & capacity
Indicative capacity read: 25.2x net debt / EBITDA with EBITDA of $544MM.
$1,089
Cash & equiv. ($MM)
$14,795
Total debt ($MM)
$13,706
Net debt ($MM)
25.2x
Net debt / EBITDA
Valuation
Where it trades against its peer set
RUN versus the scaled public Renewables, RNG & Sustainability Infrastructure comparables.
Indexed share-price performance
RUN versus available Renewables, RNG & Sustainability Infrastructure peers and SPY.
-67%
RUN
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Sunrun Inc. | RUN | $3,175 | $544 | 17% | $3,485 | $17,656 | 5.6x | 32.4x | 25.2x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
RUN's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
9
Active years
4
Named deals
1
Avg / active year
2.3
Acq. cash outflow ($MM)
N/A
Banker read
- 01RUN reads as a programmatic acquirer: 9 disclosed acquisitions across 4 active years, or 2.3 per active year. The chart shows activity in 2 of the last 4 visible years.
- 02In the last three years, the file shows 1 acquisitions versus 1 in the prior three; recent activity is broadly steady versus the prior three-year period.
- 03Spend changes the read: $585MM of disclosed spend is concentrated in lumpy years, with FY20 the largest year at $537MM. Recent spend is above the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
RUN count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
1 / 1
Last three years is broadly steady vs prior three.
Peak count year
FY15
1 disclosed acquisitions in the peak visible year.
Recent spend
$566MM
is up 2786% vs prior three; peak FY20 at $537MM.
Named evidence
1 rows
11% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Oct 8, 2020 | Vivint Solar, Inc. | Renewables, RNG, circularity, and sustainability infrastructure | $5,038 | On October 8, 2020, the Company acquired Vivint Solar, a leading full-service residential solar provider in the United States, at an estimated purchase price of $5.0 billion, pu... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 2 SEC-backed facts across 1 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
0
Named deal filings
1
Recent SEC filings
0
Evidence clips
1
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.0 rows+-
No filing source clears this category.
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.1 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 22, 2023 | 10-K | Vivint Solar, Inc. | Named deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.1 rows+-
Medium
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.