MEDIUMBuilt-inGeographic
California
“10-K Item 1A: 'California, which is one of our key markets and represents over 45% of our customer base, as of December 31, 2025'”
RUN · Concentration risk · 10-K extracted
Sunrun (RUN) concentration risks
Updated
The most significant concentration Sunrun discloses is California, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Sunrun’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH0
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partySupplier
limited number of solar equipment suppliers
“10-K Item 1: 'We purchase equipment, including solar panels, inverters and batteries from a limited number of manufacturers and suppliers'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile combines a medium-share geographic exposure and a medium-share supplier dependency, both of which are inherent to its business model and stage of development in residential solar. California is identified as a key market, representing over 45% of the customer base as of December 31, 2025 — a medium-share, structural geographic concentration that reflects where residential solar economics and incentive structures have historically been most favorable. The structural character means this is a function of the markets the company has built its customer base in, not a transient dependency. However, the concentration in a single state exposes the company to California-specific policy and regulatory risk: changes to net metering rules, utility rate structures, or state incentive programs directly affect the economics of the California book and, by extension, a meaningful portion of the overall customer base. On the supply side, the company purchases equipment including solar panels, inverters, and batteries from a limited number of manufacturers and suppliers — a medium-share dependency exposure. The residential solar industry sources from a relatively concentrated global equipment supply chain, and reliance on a limited number of manufacturers introduces risk related to pricing power, availability, and tariff exposure, particularly for panels that are predominantly manufactured outside the United States. The two medium-share exposures are independent in mechanism — geographic customer concentration versus equipment supplier dependency — but both are real and neither fully offsets the other. The California policy environment and solar equipment supply chain dynamics are the primary concentration monitoring variables.
For the engine’s reasoning on RUN’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Solar
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ENPH | Enphase Energy, Inc. | 2 | 1 | 0 | 3 |
| SEDG | SolarEdge Technologies, Inc. | 1 | 2 | 0 | 3 |
| RUN● | Sunrun Inc. | 0 | 2 | 0 | 2 |
| FSLR | First Solar, Inc. | 0 | 0 | 0 | 0 |
| NXT | Nextpower Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.