A target is not published until the required checks pass. At least three consecutive annual USD results with sales, operating profit and capital spending are required.
Automated model assessment. Assumptions and risks are shown below.
01
Investment view
The assessment, supporting evidence and main risks.
Publication status
Assessment withheld
A target is not published until the required checks pass. At least three consecutive annual USD results with sales, operating profit and capital spending are required.
Across 2 completed quarters since 2025-12-31, net income was 282.8m versus 329.8m in the matching prior-year periods (USD). Check whether the latest quarter changes that direction.
Price / earnings is 5.1× for RUN, versus a peer median of 21.2×. Its operating margin is 2.7% versus 1.4%. Business mix and growth expectations can explain the difference.
Over one year, the stock changed -46.7% against -30.7% for Technology (XLK). The gap is -16.0 percentage points. These are price returns, before dividends.
Price / earnings is 5.1× for RUN, versus a peer median of 21.2×. Its operating margin is 2.7% versus 1.4%. Business mix and growth expectations can explain the difference.
The trailing operating margin is 2.7%, versus a -41.4% median across 5 annual results. Check whether the latest improvement is repeatable before extending it into a valuation.
Over one year, the stock changed -46.7% against -30.7% for Technology (XLK). The gap is -16.0 percentage points. These are price returns, before dividends.
Across 2 completed quarters since 2025-12-31, net income was 282.8m versus 329.8m in the matching prior-year periods (USD). Check whether the latest quarter changes that direction.
Over 1 year (2025-09-12 to 2026-09-11), price changed -46.7% and trailing EPS changed -35.9%. A wider gap changes the earnings multiple; it does not establish fair value.
Valuation comments use the starting assumptions. Related findings can reflect the same underlying change; they are not separate votes or a probability of success.
SM Virtual Analyst is an automated review of stored company results and market data. The views below describe the available evidence and identify what to check next.
02
Business and operations
Revenue, profit, cash generation and the operating measures behind them.
Business assumptions
Follow the operating evidence, compare results with recorded forecasts, and check what funds growth.
The published assessment changes through a formal review. The tests below show how different conditions could affect the business.
Reported results
Separate prices, volumes, costs and investment. A market price relationship alone does not establish a change in company value.
Next results · 2026-11-05
Compare what the company reports with the assumptions recorded beforehand. A temporary benefit needs an end date.
Company operations · Business drivers
Business drivers
Start with the measures that affect sales, profit and cash. Each chart shows whether the evidence comes from company disclosures or financial statements.
0 of 3 key company measures recorded
Financial measure
Sales growth
52.81%2026-06-30
Compare matching quarters to reduce seasonal effects.
Quarterly statementsFinancial measure
Operating margin
4.00%2026-06-30
The part of sales left after operating costs. It does not identify the underlying cause of a change.
Quarterly statements
Company-specific coverage
Not recorded in reviewed disclosures: Organic sales growth, Sales volume, Order backlog. The financial measures above provide context; they do not substitute for these operating measures or establish their cause.
Understand the business
Profit and cash generation
Sales, profitability and cash after investment, compared with the financial history.
Financial results through 2026-06-30Business description
Sunrun Inc. is dedicated to the design, development, installation, sale, ownership and maintenance of residential solar energy systems in the United States. The company is headquartered in San Francisco, California.
Sales over twelve months$3.48bnTotal sales over twelve months
Operating profit$92.29m2.66% of sales · same twelve months
Net income$402.96m11.59% of sales · same twelve months
Profit and cash flow
The same twelve-month reporting period. Cash after capital spending is before dividends, buybacks and debt repayments.
Operating margin history
Latest reported margin 2.7% · Annual-history median -41.4%
Compare annual results with the latest trailing period. The periods may overlap. The median describes the available history; it is not an assumed future margin.
The latest reporting periods, earnings quality and the longer financial record.
The business
Company results and cash generation
Start with the latest quarters, then check whether the longer record supports the same view.
Annual results · 2025-12-31
Quarterly results
The current financial year
Compare completed quarters with the same periods a year earlier. Annual year-end: 2025-12-31.
Latest quarter · 2026-06-30 Reported 2026-08-05
Revenue48.3%2 matched quarters vs last year
Operating profitBelow zero2 matched quarters vs last year
Net income-14.2%2 matched quarters vs last year
Operating cashBelow zero2 matched quarters vs last year
Quarterly sales
Same-quarter comparison
Reported revenue in USD. Growth can include acquisitions, exchange-rate changes and price changes.
Quarterly profit
Operating profit shows the business before financing and tax. Net income can also reflect asset sales and other one-off items.
Operating profit changes
Latest quarter against the same quarter last year. The sales effect holds the old margin fixed; the remaining change comes from the margin. These two amounts add up to the change in operating profit.
Quarterly profit and cash
Cash can move sharply between quarters. Check the four-quarter comparison and working-capital changes before drawing a conclusion.
Working capital and sales
Same quarter one year earlier. Receivables and inventory are balances at the reporting date; sales cover the quarter. Faster growth can tie up cash, but acquisitions and payment timing can also explain a change.
Quarterly results and year-to-date figures
2 completed quarters since 2025-12-31
Year-to-date comparisons require every completed quarter since the annual year-end and a matching prior-year period. Missing periods are not treated as zero. Figures may include subsequent restatements.
Annual results commentary
Sales grew
Annual revenue changed +45.1% between the latest two reported years.
Amounts use each statement’s reported currency. Historical figures can include later restatements. Weighted diluted shares are an annual earnings measure, not the current share count used for valuation.
Earnings quality
Earnings quality
Separate the operating result, financing, tax and share count. Compare the same quarter a year apart.
2025-06-30 → 2026-06-30
Other net-income differences explains the largest part of the profit change
Its contribution was $-235.43m. The bridge reconciles the two quarters; it does not by itself establish whether the change will repeat.
The latest quarter reported $115.15m net income and $-186.18m operating cash. The difference includes non-cash expenses and working capital; one quarter can be seasonal.
USD. Components add up to the total change. Non-operating items can include interest, investment income and other gains or charges.
Cash conversion
USD. Cash timing can differ from profit recognition. Use several quarters to check whether a difference persists.
Recurring earnings and accounting checks
No reviewed schedule of unusual profit items is recorded. Reported profit is not assumed to be recurring profit.
Growth from pricing, volume, acquisitions and currency is identified only when the company provides a matching breakdown. A financial bridge explains the arithmetic, not the business cause. Gains are positive and charges negative in the unusual-item schedule.
Growth and capital
Investment and cash requirements
Compare the cash generated by the business with investment, acquisitions, dividends and buybacks.
Cash generated and cash used
Cash after capital spending
Cash after capital spending is before acquisitions, dividends and buybacks. A full remaining-cash figure is shown only when all those amounts are matched; missing payments are never zero. A shortfall may be met by cash balances, borrowing or asset sales. These figures do not establish the funding source or the return on new investment.
Investment returns and funding
These cash measures show funding needs. They do not calculate the return on new investment. That requires comparable invested capital, after-tax operating profit and a supported required return. Acquisitions, disposals and accounting changes need separate treatment. Check the return-on-capital comparison in Peers & sector where those inputs are available.
04
Share price and peers
Performance, earnings and valuation compared with the market and other companies.
Understand the share price
Share-price performance
Separate the company’s move from the wider market. Then examine the change in earnings and the price paid for them.
RUN against its market
Both series start at 100 on the same date. Completed weekly prices; dividends are excluded. A sector fund represents its own holdings and weighting, which differ from the equally weighted sector statistics above.
Earnings and valuation contributions
At the old earnings multiple, the latest trailing EPS would imply $10.29. The actual close was $8.56.
2025-09-12 to 2026-09-11. The earnings contribution holds the starting P/E fixed; the remaining change comes from the P/E. This is an accounting comparison, not a fair-value estimate or proof of why investors traded.
Compare reported earnings, the market’s response and changes in expectations.
Price and trailing earnings
Both start at 100 on the same date
Weekly prices are matched only after a recorded results date. A reporting-week move includes other news. EPS from earnings releases may differ from statutory diluted EPS. Historical revisions can change this comparison; it is not a trading backtest.
Reported earnings and estimates
3 beats and 1 misses across the last 4 comparable quarters. Earnings-release figures may use an adjusted basis and differ from the financial statements.
How price moved after results
From the weekly close before the announcement to the first weekly close after it, and to approximately four weeks later. These are weekly-window returns, not a one-day reaction. Other news also affects price.
Price paid for earnings
When P/E is unavailable
Trailing losses2023-11-03 to 2025-02-21 · 69 weeksThe four-quarter earnings total was negative. P/E is not meaningful during a loss; no earnings records are missing from these weeks.
P/E is available for 88 of 157 weekly observations. There are no missing earnings observations in this displayed period. Select Trailing EPS to inspect the earnings behind the ratio.
P/E at 2026-09-11: 5.8× · Median across positive-earnings weeks: 6.6×. Loss-making weeks are excluded from this median.
Uses earnings-release EPS, which can differ from the statement EPS used in peer factors. A low multiple can reflect weaker expected earnings.
Earnings forecasts
Forecast observations
Compare the pace over different periods
Price return excludes dividends. Earnings growth and multiple changes require positive EPS at both ends of the comparison.
Share-price history
Weekly closing prices
View price valuesEarnings announcements and price comparisons
Weekly prices are matched only after a recorded results date. A reporting-week move includes other news. EPS from earnings releases may differ from statutory diluted EPS. Historical revisions can change this comparison; it is not a trading backtest.
Peers and sector
Peer and sector comparison
Compare the price of the business with what it earns. Then check whether the wider sector is helping.
Same published week 2026-09-11
Lower valuation, stronger profitability
Price / earnings is 5.1× for RUN, versus a peer median of 21.2×. Its operating margin is 2.7% versus 1.4%. Business mix and growth expectations can explain the difference.
Profitability and valuation, together
RUN is the larger teal dot. Each other dot is a named peer. Move right for greater profitability; move up for a higher valuation multiple.
Compare the actual figures
RUN is shown in teal. The comparison uses 12 selected peers out of 16 other covered listings in Solar.
Peer comparison table and financial dates
Active US common listings in the same industry; up to 12 peers nearest in market value. Identified preferred shares, warrants, rights and units are excluded. Matching company names and labelled share classes count once, using the listing with the largest stored market value; the target's other identified classes are excluded. This metadata screen is not a complete issuer-identity check. Medians require at least three companies per measure. All use the same published week and factor universe. Financial periods can differ and are shown below. This is a comparison of current constituents, not a backtest.
The wider Technology sector
Sector performance
These figures cover other active US listings in the same sector and publication week. Sector membership is broader than the selected industry peers.
46%Higher over one year592 listings with adjusted-price changes
56%Reported a profit603 listings with net income
-4.2%Median adjusted-price changeEach listing has equal weight
Company versus sector
Percentage measures from the same published week. Profitability, growth and price performance describe different things; they are not added together.
Sector comparison
Operating marginRUN 2.7% · Sector median 4.2%595 other listings with this measure
Adjusted-price change over one yearRUN -46.7% · Sector median -4.2%592 other listings with this measure
What the peer measures mean
Price / earnings
The share price divided by trailing statement earnings per share. Lower can mean cheaper earnings, weaker growth or greater risk. Loss-making companies have no meaningful P/E.
Operating margin
The percentage of revenue left as operating profit, before interest and tax. Product mix and accounting policies affect comparisons.
Adjusted-price change over one year
Change across the stored one-year adjusted-price window. These factor histories include dividend adjustments; they are separate from the quoted-price comparisons. Current constituents are used.
Comparisons use stored statement-based factors. Earnings-release EPS can use a different basis from these financial statements. Missing measures and unprofitable earnings multiples are omitted. Financial periods differ across issuers; matching publication weeks does not make their businesses identical.
05
Valuation and target
The published target, its assumptions and alternative valuation methods.
Target & rating
Target publication requirements
Lower valuation, stronger profitability. More sales are becoming operating profit, but year-to-date profit is lower.
Loss periods, gaps or differences in the earnings basis make P/E less useful here. This assessment uses operating profit, capital spending and the balance sheet instead. Loss years remain in the margin history.
No investment rating is assigned.
The assessment checks earnings and, where suitable, an alternative cash-flow approach. It still needs current financials, complete inputs and a model suitable for automatic publication. “Not rated” means those requirements are not met; it does not mean Hold.
At least three consecutive annual USD results with sales, operating profit and capital spending are required.
Recorded cash-flow, investment, debt, cash, preferred stock, minority interests and share-count inputs are required; missing amounts are not assumed to be zero. Missing: ebitda (trailing twelve months), fcf (trailing twelve months).
Four matching quarters of operating income and reported depreciation are required. An unrelated EBITDA-minus-EBIT difference is not treated as depreciation.
P/E is usable in 88 of 157 weeks. At least 52 usable weeks and 70% coverage are required; excluding too many loss or missing weeks would bias the target.
Supporting evidence
More sales are becoming operating profit
The latest quarterly operating margin was 4.0%, +23.7 percentage points from a year earlier. Compare the sales and margin contributions below.
Across 2 completed quarters since 2025-12-31, net income was 282.8m versus 329.8m in the matching prior-year periods (USD). Check whether the latest quarter changes that direction.
Methods are considered by business suitability and completeness of evidence. The model does not select whichever produces the highest target.
Valuation methods checked
Method
Input checks
Outstanding requirements
Earnings and historical valuation
Incomplete
P/E is usable in 88 of 157 weeks. At least 52 usable weeks and 70% coverage are required; excluding too many loss or missing weeks would bias the target.
Cash flow across the cycle · Selected
Incomplete
At least three consecutive annual USD results with sales, operating profit and capital spending are required. Recorded cash-flow, investment, debt, cash, preferred stock, minority interests and share-count inputs are required; missing amounts are not assumed to be zero. Missing: ebitda (trailing twelve months), fcf (trailing twelve months). Four matching quarters of operating income and reported depreciation are required. An unrelated EBITDA-minus-EBIT difference is not treated as depreciation.
Cash flow across the cycle
This method keeps both weak and strong years in view. It values cash from the operations after tax, capital spending and working capital, then deducts net debt and other ownership claims.
The central operating margin is the median of up to five annual margins plus the latest four-quarter margin, including losses. It is reached over three years. Sales growth starts at the median of four quarterly year-on-year changes.
Starting sales growth is limited to −10% to +15% and moves towards 2% by year five. Depreciation must have a matching reported period and exclude impairment charges. An unrelated EBITDA-minus-EBIT difference is not used. The spending floor moves towards the median recorded capital-spending ratio, with a floor at depreciation. This historical total does not identify maintenance separately from expansion spending. Total capital spending must also cover depreciation plus the assets needed for extra sales. Working capital is funded in proportion to extra sales; falling sales do not automatically release cash.
The central required return is 12%, an SM assumption rather than a measured cost of capital. The weaker case uses 14% with no continuing growth; the stronger case uses 10% with 2.5% continuing growth. Recovery margins, growth and spending also change in each scenario.
Cash after the target date is discounted to that date. Earlier positive cash is assumed distributed, so it is not added to the target. Any earlier deficit after debt interest increases net debt. The model holds the share count and other ownership claims constant. It does not assume future buybacks, asset sales or a refinancing.
This is a going-concern cash-flow model. It cannot establish asset sale proceeds or restructuring recoveries. A negative equity result is shown as zero, reflecting limited liability rather than a liquidation estimate.
Rating criteria
Buy requires at least 15% upside, a higher threshold for volatile stocks, and satisfactory cash, debt and weaker-case checks. Sell requires at least 15% central price downside. Hold covers the remaining rated cases. Failed data checks produce “Not rated”.
For Buy, operating cash must cover at least 80% of statement profit and cash after capital spending must be positive. Debt must be covered by cash, or net debt / EBITDA must be no more than 3 with interest cover of at least 3. The cash-flow method uses the central longer-run operating margin for these debt tests. A loss-making company must still have positive operating cash and cash after capital spending for Buy eligibility.
Publication safeguards. Model estimates below one quarter or above four times the current price require a separate valuation review. Cash-flow estimates also require review when more than 90% of their absolute present value comes from after year five. These are SM review thresholds; they do not cap the calculated value or move it towards the market price.
This is an automated research assessment. The policy has not yet been validated against subsequent stock returns. It does not account for your portfolio, tax position or investment needs.
New data refreshes the evidence. A formal review determines whether the published assessment changes. Editing the valuation controls below changes your scenario only. Saving your case preserves this dated assessment alongside your assumptions.
Data checks · reviewed 2026-09-16
Check
Status
Evidence
Recent price
Passed
Weekly close dated 2026-09-11.
Current financials
Passed
Statements through 2026-06-30; factor prices dated 2026-09-11.
Price risk
Passed
Risk uses the latest 52 weekly price changes.
Operating history
Review needed
At least three consecutive annual USD results with sales, operating profit and capital spending are required.
Quarterly operating results
Passed
Four quarters through 2026-06-30.
Cash-flow and ownership inputs
Review needed
Recorded cash-flow, investment, debt, cash, preferred stock, minority interests and share-count inputs are required; missing amounts are not assumed to be zero. Missing: ebitda (trailing twelve months), fcf (trailing twelve months).
Depreciation basis
Review needed
Four matching quarters of operating income and reported depreciation are required. An unrelated EBITDA-minus-EBIT difference is not treated as depreciation.
Matching currency
Passed
USD statements and share price.
Model version: sm-assessment-14-operating-capital. Published price: $8.56 on 2026-09-11. The upside above uses the latest close. Review policy and original record ↓
Price and valuation assumptions
A current target is not published. The outstanding checks must be resolved before a price disagreement can be assessed.
Required before a comparison
At least three consecutive annual USD results with sales, operating profit and capital spending are required.
Recorded cash-flow, investment, debt, cash, preferred stock, minority interests and share-count inputs are required; missing amounts are not assumed to be zero. Missing: ebitda (trailing twelve months), fcf (trailing twelve months).
Four matching quarters of operating income and reported depreciation are required. An unrelated EBITDA-minus-EBIT difference is not treated as depreciation.
P/E is usable in 88 of 157 weeks. At least 52 usable weeks and 70% coverage are required; excluding too many loss or missing weeks would bias the target.
Thresholds saved at publication · crossing a threshold requires review
Measure
At publication
Latest
Improvement threshold
Deterioration threshold
Status
Quarterly sales growth
52.81%
52.81%
≥ 57.81%
≤ 47.81%
Within starting range
Quarterly operating margin
4.00%
4.00%
≥ 6.00%
≤ 2.00%
Within starting range
Operating cash / profit
-0.50×
-0.50×
≥ -0.30×
≤ -0.70×
Within starting range
New results, restatements, material disclosures and unresolved share changes require review. A sustained price change can change the rating comparison without changing the target. Company evidence, risk and uncertainty must still support the classification. Dividends are assessed separately where verified.
Discounts cash after tax and investment. Growth, capital needs and the required return all matter.
$0.00
Peer price / earnings
Uses current positive statement earnings and peer P/E. Different earnings definitions or growth prospects can explain the gap.
$35.76
Peer enterprise value / sales
Applies the peer price of sales. It does not require this company to earn the same margin as its peers.
$0.00
Steady operating profit
Uses a longer-run operating margin with no sales growth. Maintenance investment is assumed to match depreciation.
$0.00
Current-value references using the starting inputs. The published target has a future date and its own assumptions. These references are not averaged into it. User edits in the valuation section remain separate.
Price and value
Valuation methods
Use different methods to test the price. Compare their assumptions and results before drawing a conclusion.
Each method answers a different question. There is no combined target price.
Value under your assumptions$0.00
Compare several scenarios before drawing a conclusion.
Growth and value
Each cell shows a value per share
Green values are above the current share price; red values are below it. Colours describe this model comparison, not the chance of a return.
Model components
Value components
Five-year assumptions
These are modelled amounts, not company guidance or analyst forecasts. “Later value” covers the period after year five.
Value under your assumptions
Compare the methods
Valuation comparison
Latest close · $8.56
Method
Starting value
Basis
Discounted cash flow
$0.00
Five-year forecasts and a continuing value; uses your growth, profitability and discount assumptions.
Peer price / earnings
$35.76
Trailing statement EPS of $1.6892 × the selected P/E. The starting multiple is the median of 5 same-industry peers.
Peer enterprise value / sales
$0.00
Apply the median of 10 industry peers to trailing revenue, then deduct net debt and other ownership claims to reach a value per common share.
Steady operating profit
$0.00
Hold sales flat, start with the median operating margin from 5 annual results, tax the profit and value it as a continuing annual amount.
Dots mark the selected values; bars show the lower and higher illustrations. The dashed line marks the latest close. These ranges are not confidence intervals. Several methods use the same financial inputs and peers; agreement is not independent confirmation. All are shown per common share in USD.
Unavailable methods
Peer enterprise value / EBITDA
Comparable peer multiples, positive trailing figures and a complete enterprise-to-equity bridge are needed. This method is omitted for banks and REITs.
Cash-yield reference
Positive cash after capital spending, a current share count and reported zero preferred/minority claims are required. Industrial cash measures are omitted for banks and REITs.
Peer price / common book
Positive equity, recorded preferred stock, a current share count and at least three peers with the same common-equity inputs are needed.
06
Risk and portfolio
Funding needs, adverse conditions and the effect of a holding on your portfolio.
Business risks
Business and financing risks
Review borrowing and company disclosures alongside interest rates and commodity markets.
Debt and cash
Balance-sheet figures from 2026-09-11. Cash may be needed to run the business.
If borrowing costs rise
Illustration: interest rates rise by 1 percentage point on the stated portion of debt. Existing fixed rates and hedges may delay or reduce the effect. This is not a debt-maturity schedule.
Observed market relationships
Each dot is one shared week. Bond and commodity funds are price proxies; their returns also reflect fund construction and expenses.
Relationship summary
Correlation ranges from −1 to +1. A relationship can change and may reflect broader market movements. It does not prove a customer, currency or commodity exposure.
Company disclosure · 2026-02-26
Customers
As of December 31, 2025, California represented over 45% of our customer base. This concentration of our customer base and operational infrastructure could lead to our business and results of operations being particularly susceptible to adverse economic, regulatory, political, weather and other conditions in this market and in other markets that may become similarly concentrated, in particular the east coast, where we have seen significant growth recently. Changes to California's net metering and tariff structure in 2023 created additional uncertainty and challenges, and thus a shift to more s…
In addition, our business and results of operations are materially affected by conditions in the global capital markets and the economy. A general slowdown or volatility in current economic conditions, the level of U.S. national debt, currency fluctuations, unemployment rates, the availability and cost of credit, the U.S. housing market, tariffs, trade wars, inflation levels, interest rates, energy costs, and concerns over a slowing economy or other factors, could adversely affect our business, including our ability to raise financing.
decrease the amount of capital available to us to finance the deployment of new energy systems. Our project-level debt facilities have historically been refinanced every five to seven years. If future prevailing interest rates are higher than the rates on our existing debt, our ability to effectively refinance our debt may be adversely impacted and we may face additional interest expense and reduced borrowing capacity, which would negatively impact our liquidity and financial performance. Additionally, we have selectively increased pricing in many markets in prior years in response to higher i…
Declining costs related to raw materials, manufacturing and the sale and installation of our solar service offerings have been a key driver in the pricing of our solar service offerings and, more broadly, customer adoption of solar energy. While historically the prices of solar panels and raw materials have declined, the cost of solar panels and raw materials have at times increased and may increase in the future, and such products’ availability could decrease, due to a variety of factors, including supply chain disruptions, inflation, tariffs and trade barriers, export regulations, geopolitic…
Understand the business. Review sales, profit and cash generation. Open the evidence link beneath each conclusion.
Test the assumptions. A valuation is a scenario. Change growth, margins and the discount rate to see how much the result depends on them.
Keep track. Save your own reasons and conditions. Revisit them after results. Figures show their observation dates. Data notes explain unavailable information.
Data notes · 1 to review
Financial totals have been checked against their reporting periods. Only matching twelve-month figures are used; unsupported measures remain blank.
Forecasts and results
Forecasts and reported results
Follow the forecasts behind the current assessment. Earlier versions remain in the full record. Price movements alone do not settle the business case.
No forecast matching the current assessment has been recorded. Earlier forecasts, if any, remain in the full record. The published assessment and its review conditions remain available below.
Forecasts are frozen when recorded. Actuals use the matching full financial year or four reported quarters, on the forecast's stated profit basis. Dated results are retained; restatements are recorded separately. Forecasts made after the period began are identified. Revisions, overlapping periods and preview records are not independent evidence of forecasting skill.
Next results
Next results and saved research
Set measurable conditions for your investment case, then compare them with new company data.
Expected 2026-11-05
Check 1
Sustainability of margins
Compare the next results with the trailing margin of 2.7% and the annual-history median of -41.4%. A historical median is context, not a forecast.
Margin and cash conditions use the latest trailing statements where available. Revenue growth compares reported annual years. Factor figures through 2026-09-11.
Quarterly sales growth+52.8%
Through 2026-06-30. Compare the next quarter with the same period a year earlier. Check whether growth speeds up or slows down.
Quarterly operating margin+4.0%
Through 2026-06-30. Check whether the next results retain the latest margin. Separate recurring improvements from one-off gains.
Sales growth this financial year+48.3%
Through 2026-06-30. Check the cumulative result as each new quarter is added. Compare the same number of quarters last year.
Revenue+45.1%
Compare growth with the previous year and the current forecast.
Operating margin+2.7%
Check whether operating profit keeps pace with sales.
Cash generation-0.50×
Check whether profit is turning into operating cash.
Earnings forecasts+22.2%
Check whether analysts raised or lowered the same fiscal-period estimate.
Save your investment case
Keep a dated copy of your reasoning, valuation assumptions and conditions. New saves preserve earlier versions.
Your saved versions
Conditions are checked against the latest available figures when you open this report. This does not place trades or send email alerts.
Sign in to keep your research and review changes over time.
Conditions saved with the published assessment. Thresholds are review prompts, not forecasts.
Measure
At publication
Latest
Change
Quarterly sales growth
52.81%
52.81%
Within starting range
Quarterly operating margin
4.00%
4.00%
Within starting range
Operating cash / profit
-0.50×
-0.50×
Within starting range
When we review a rating
Regular review
Every 90 days
Recheck the business, assumptions and valuation. The target keeps its original end date until that horizon expires. A routine data refresh does not issue a new rating.
Earlier review
When the evidence changes
New results, revised financial statements, a material company disclosure, a change in the valuation method or failing cash and debt checks trigger a review. Same-period guidance revisions require at least 5% for EPS or 10% for other measures. Consensus EPS revisions require 10% and at least three analysts.
Price movements
Wait for a sustained change
A price-only signal must persist for 14 days across separate completed weeks. Rating changes normally wait at least 30 days and must clear five-percentage-point entry and exit bands. A direct Buy-to-Sell or Sell-to-Buy change requires material company evidence.
Data and events
Suspend an unreliable call
Missing essential data, an unresolved material event or a share-basis change can suspend a call immediately. An expired target or data check more than three days overdue is not shown as an active rating. Original assessments remain in the record.
A reviewed target normally changes only by 5% or more; a rating change or an expired horizon can also require a new assessment. These are explicit research-policy thresholds, not statistically proven trading rules. Policy sm-review-2-research.
First recorded assessment. Current data checks do not support an active rating.
Recent reviews, including unchanged decisions
Published
First recorded assessment.
Current data checks do not support an active rating.
Forecast record
Forecast accuracy
Forecast errors in sales, operating profit and cash are recorded separately from share-price outcomes. Preview records never enter live accuracy figures.
There are no completed live operating forecasts to assess yet. A useful record takes time; historical fits and preview scenarios are not substituted for it.
Forecasts are frozen when recorded. Actuals use the matching full financial year or four reported quarters, on the forecast's stated profit basis. Dated results are retained; restatements are recorded separately. Forecasts made after the period began are identified. Revisions, overlapping periods and preview records are not independent evidence of forecasting skill. Read the share-price assessment record ↗
Data and model checks
Data validation
Automated checks cover dates, units and accounting relationships. A matched filing fact confirms that reported amount and basis; it does not establish recurring earnings or validate a forecast.
Operating company
Value operating cash flow or comparable earnings; deduct debt and other ownership claims where appropriate.
14 of 18 checks passed. 107 financial cells have a matched filing basis; 9 other recorded cells have not been matched to a standard filing fact here. Missing company-specific measures and forecast coverage are explained in their sections.
Dates, accounting checks and input reconciliation
Check
Status
What it checks
Price observations
Passed
Prices must be positive, finite, in date order and have no duplicate weeks.
Historical price basis
Passed
No material split or distribution discontinuity was found between the two price histories.
Price date
Passed
The latest completed close must be no more than 14 days old.
Business model
Passed
Value operating cash flow or comparable earnings; deduct debt and other ownership claims where appropriate.
Earnings and share units
Review needed
Earnings, profit and weighted shares are reconciled before per-share growth is used. Unverified comparisons are omitted for 2026-06-30.
Balance-sheet totals
Review needed
Assets must reconcile to liabilities and equity, allowing separately reported minority interests and 1% rounding tolerance. Check 2023-09-30, 2023-12-31, 2024-03-31, 2024-06-30, 2024-09-30, 2024-12-31, 2025-03-31.
Consolidated depreciation
Review needed
Depreciation from a cash-flow reconciliation is distinguished from expense components. Conflicting amounts are excluded until the statement establishes their scope. Check 2018-12-31, 2019-12-31, 2020-12-31, 2021-12-31, 2022-12-31, 2023-12-31, 2024-12-31, 2025-12-31.
Statement currency
Passed
Valuation cash flows and the share price must use the same currency; amounts are not silently converted.
Publication dates
Passed
Future financial periods and future filing dates cannot enter the assessment.
Known reporting dates
Passed
0 of the latest four quarters have no stored publication date. These cannot support a point-in-time claim.
Cash-flow identities
Passed
Operating cash plus negative capital spending must equal cash after capital spending. All comparable stored periods reconcile within 1%.
Operating-profit basis
Passed
4 of the latest four quarters have an explicit reported operating-income basis. EBIT may include non-operating items; it is not automatically treated as operating income.
Filed and stored totals
Review needed
3 trailing input totals differ from the stored snapshot. The matched filed totals are used in this report; original figures remain in the reconciliation table.
Ownership source reconciliation
Passed
No unresolved ownership source conflicts were found.
Financial period
Passed
The valuation needs a financial period no more than 150 days old.
Corporate-action basis
Passed
A split after the financial period needs a reviewed reconciliation of shares, earnings per share and the quoted price.
Share count
Passed
Per-share enterprise and book values require a positive current share count.
Ownership and debt amounts
Passed
Debt, cash, preferred stock and minority interests cannot be negative.
Trailing totals used in this report · USD
Input
Stored snapshot
Matched filed quarters
Net income
79633999
402959000
Operating cash flow
-189508000
-200131000
Cash after capital spending
-1363456000
Important information
SM Virtual Analyst is an automated research report for general information. Its model ratings and price targets are not personal investment advice, an offer to trade, or a guarantee of value or return. The report does not consider your financial circumstances, objectives, tax position or capacity for loss.
Reported figures can be delayed, incomplete, corrected or restated. Source checks confirm specific reported amounts and accounting relationships; they do not audit a company, establish recurring earnings or prove that a forecast is accurate. Missing information is not assumed to be zero unless a particular illustration expressly says so.
Valuations depend on the stated business model, assumptions and available data. Scenario ranges are illustrations, not probabilities, confidence intervals or limits on loss. Ratings use the disclosed review policy; they are not an independently validated prediction of future returns. Past performance and historical comparisons do not predict future results. An investment can lose its entire value.
Prices, financial periods, publication dates, model versions and review dates are shown in the report. The dated published assessment is separate from editable valuation illustrations. Unless expressly stated otherwise, price comparisons exclude dividends, fees and taxes. Check the latest company filings and subsequent events before making a decision, and seek qualified advice when needed.
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