Fluence Energy, Inc. vs Sunrun Inc., two Electrical Equipment stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Fluence builds grid-scale battery-storage systems and is not yet profitable, burning cash at a negative 9.91% free cash flow yield, with no net debt. Sunrun leases home solar and posts a 17.88% net margin on paper, but its financing model bleeds cash too, free cash flow at negative 8.35% and debt at 3.5 times equity. Both are cash-negative energy plays, but through different routes, Fluence still scaling toward profit and Sunrun weighed down by the cost of funding installations. The market pays 5.57 times book for Fluence and just 0.87 for Sunrun, well below assets. Fluence at $2.6B is smaller than Sunrun at $3.7B.
Comparison updated 2026-07-11.
| Metric | FLNC | RUN |
|---|---|---|
| Price | $16.16 | $12.47 |
| Market cap | $2.1B | $3.4B |
| Sector | Electrical Equipment | Electrical Equipment |
| Stage | Growth | Growth |
| P/E | — | 5.8 |
| P/B | 4.67 | 0.80 |
| P/S | 0.83 | 1.07 |
| EV/EBITDA | 50.1 | 25.4 |
| Revenue growth | +42.9% | +52.6% |
| Gross margin | 10.0% | — |
| Operating margin | — | -6.0% |
| Net margin | -1.6% | 17.9% |
| Return on equity | -9.1% | 13.4% |
| Return on assets | -1.8% | 2.5% |
| Return on invested capital | — | -0.2% |
| FCF yield | -11.8% | -9.0% |
| Debt / equity | 0.00 | 3.50 |
| Current ratio | 1.43 | 1.45 |
| Altman Z (solvency) | 1.94 | 0.05 |
| Piotroski F (quality) | 4 / 9 | 5 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.