Présentation de l'entreprise
Spruce Power Holding Corporation owns and operates distributed solar energy assets throughout the United States, generating electricity for residential and commercial clients through subscription-based payment models and the sale of solar renewable energy credits. Operating within the Technology sector, the firm functions specifically in the Solar industry, a niche focused on renewable energy generation and distribution. The company maintains a market capitalization of $73.22M and reports trailing twelve-month revenue of $111.81M, while its employee count is listed as N/A in available data. These valuation figures, particularly the market cap relative to annual revenue, suggest a small-cap enterprise with a price-to-sales ratio of 0.65, indicating that the market values the company at a fraction of its annual sales, which is common for growth-oriented firms in the renewable energy space that prioritize capital expenditure for asset expansion over immediate profitability.
Santé financière
The company reports trailing twelve-month revenue of $111.81M against a net income of $-25,963,000, while EBITDA stands at $44.99M. The significant gap between the positive EBITDA of $44.99M and the negative net income reveals a substantial cost structure driven by interest expenses and depreciation, as the net income loss of approximately $26M suggests that financing costs are heavily impacting the bottom line. Free cash flow is reported at $1.05M, which provides a measure of financial flexibility despite the high debt load, allowing the company to cover operational outflows and fund minor maintenance needs. The gross margin sits at 65.2%, reflecting the high cost-efficiency of solar installation and operations before overhead, while the operating margin of 8.7% indicates that administrative and capital costs consume a moderate portion of the gross profit. However, the profit margin is negative at -23.3%, confirming that the company is currently unprofitable on a bottom-line basis. The balance sheet is highly leveraged, holding $58.63M in cash against $684.07M in debt, resulting in a debt-to-equity ratio of 564.17. This extreme leverage ratio indicates that the company relies heavily on debt financing to support its asset-heavy business model. Liquidity is constrained, as evidenced by a current ratio of 0.48, which signifies that current liabilities exceed current assets and suggests potential short-term liquidity pressure. Return on Equity is -19.2% and Return on Assets is 1.3%, metrics that collectively reveal that management is currently diluting shareholder value through losses, though asset utilization remains positive at a low percentage.
Évaluation de la valorisation
The trailing P/E ratio is N/A due to the negative earnings, whereas the forward P/E is -5.23, a negative figure that implies the market expects continued losses in the near term. The price-to-book ratio stands at 0.62, indicating that the market prices the company at a significant discount to its net asset value, which often occurs in distressed or highly leveraged capital structures. Alternative valuation metrics, such as the price-to-sales ratio of 0.65 and an EV/EBITDA of 15.58, provide perspective on the company's valuation relative to its sales volume and operating cash generation before interest and taxes. The stock trades between a 52-week high of $6.75 and a 52-week low of $1.13; without a specific current price listed in the provided facts, the valuation range establishes a historical volatility band for the security. The beta of 1.35 indicates that the stock price is expected to be 35% more volatile than the broader market, reflecting the inherent risks associated with the solar industry and the company's high debt burden.
Growth & Income
Revenue growth year-over-year is 18.8%, while earnings growth year-over-year is N/A due to the lack of prior period profitability data for comparison. The absence of positive earnings growth rates suggests that the company is currently in a scaling phase where top-line expansion precedes bottom-line profitability. The company does not pay dividends, as indicated by a dividend yield of N/A and a payout ratio of 0.0%, meaning the firm reinvests all available cash flow and retained earnings into expanding its solar asset portfolio rather than returning capital to shareholders. This non-dividend profile is typical for growth-stage renewable energy companies that require significant capital reinvestment to maintain their competitive position and generate future cash flows. The overall growth and income profile is characterized by strong top-line expansion supported by a robust gross margin, albeit with significant debt servicing costs that suppress current net income and prevent any shareholder distributions.