Sunrun Inc

Graham earnings-power value (normalized NOPAT)

Normalized operating earnings net of maintenance capex are non-positive over the years shown; earnings power cannot be capitalized.

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

年份：2025, 2024, 2023, 2022, 2021

v1 简化：Maintenance capex unavailable → degraded to the v1 simplification (maintenance capex = D&A, so the depreciation add-back nets to zero). Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value

Normalized owner earnings are non-positive over the years shown; earnings power cannot be capitalized.

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

年份：2025, 2024, 2023, 2022, 2021

v1 简化：Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied. Net debt or owner earnings is unavailable, so no adjustment is made.