RUN
Sunrun Inc.
Is RUN Halal?
Residential solar installer — financing structure concerns.
What You Should Know
Core solar installation is halal but company offers leasing with potential interest-based contracts. Debt-heavy balance sheet. Its March 31, 2026 Form 10-Q reports $22,765.093 million of assets, $14,795.345 million of interest-bearing debt, $679.552 million of cash, $232.508 million of receivables and $722.231 million of quarterly revenue. Debt/assets is 64.99%; customer-agreement and incentive revenue of $467.822 million is used as a conservative financing-linked activity proxy, while interest income is not separately disclosed.
⚠️ Concerns
- •Financing structure
- •Heavy debt
- •Interest-rate exposure
- •Tax-equity and securitization complexity
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
14,795.345 / 22,765.093
679.552 / 22,765.093
912.06 / 22,765.093
- Financial
- Fails
- Overall
- Fails
Debt/assets is 64.99%, liquidity/assets is 2.99% and receivables-plus-cash/assets is 4.01%; debt exceeds the examined 33.333% limit. Income is unavailable and the financing-linked activity proxy fails.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 64.99%, above the examined 33.33% limit; liquidity and receivables-plus-cash are below the examined limits, while the financing-linked customer-agreement screen fails.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 64.99%, above the examined 33% limit; the financing-linked customer-agreement proxy also fails the retained activity assessment.
- Financial
- Not calculated
- Overall
- Fails
A properly licensed and reproducible historical market-cap series is not stored; market-cap methods cannot cure the debt or financing-structure failure.
Business-activity disclosure
Sunrun installs and owns residential solar and storage systems and offers long-term customer agreements with financing components. The retained qualitative concern is the potential use of interest-based lease or financing structures even though solar generation itself is permissible.
Limitation: The filing reports customer-agreement revenue and financing components but does not isolate a scholar-universal prohibited-revenue or interest-income numerator; the entered customer-agreement figure is a conservative proxy.
Purification
Sunrun does not separately quantify interest income in the filing; ZakatInvest does not infer a purification percentage for financing-component revenue.
Inputs, assumptions and primary sources
- Amounts are USD millions from Sunrun's March 31, 2026 consolidated Form 10-Q.
- Interest-bearing debt is $14,795.345 million of total debt, net; non-recourse debt, convertible notes and line-of-credit balances are included, while deferred revenue and lease liabilities are excluded.
- Consolidated cash is $679.552 million and accounts receivable is $232.508 million; restricted cash is excluded from cash and cash equivalents.
- Revenue is $722.231 million. Customer agreements and incentives of $467.822 million are used as a conservative disclosed proxy for financing-linked customer contracts; this is not a claim that every dollar is impermissible.
- The filing does not separately disclose interest income, so income screening and purification remain incomplete.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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