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Spruce Power Holding Corp (SPRU) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Spruce Power Holding Corp stock $3.28, price $1.63, upside +101.3%, quality 32 out of 100. Rating: strongly undervalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Technology US

SP Spruce Power Holding Corp logo Thin data Nov 3, 2026

Spruce Power Holding Corp

SPRU · US
Cheap, value-trap risk

The stock costs 50% less than our calculation considers fair.

Fair value $3.28 · Strongly undervalued
Even on cautious assumptions the value is 50% above the price ($2.45).
Expensive Growth (revenue 3y +68.9 %/yr in USD)
Mixed vs. peers (5/11)
Insiders sold $42,600 (6M)
Quality 32/100
Loss-making · -6.8% net margin (TTM)
High debt
Negative free cash flow
Narrow moat 27/100
Thin data
⚠ Dilution
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$58.96 $1.16 Fair Value $3.28 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.

How to read this chart

60‑month range $1.16 – $58.96 · fair‑value band $2.45 – $4.90 · the $1.63 price screens below the $3.28 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.

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Company profile

Spruce Power Holding Corporation owns and operates distributed solar energy assets in the United States.

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The company offers electricity for homeowners through subscription-based payments and solar renewable energy credits (SRECs) for contracted prices, which are generated by home solar energy systems.

It also provides Spruce Pro servicing platform, which provides home and third party-owned solar energy systems with portfolio managed services, including billing and collections/asset recovery, account support services, financial asset management, homeowner support and servicing technology, asset operations, and transaction and execution services related to SRECs; and Spruce Pro, which offers third-party owners a range of services for residential, commercial, and industrial assets.

Spruce Power Holding Corporation was founded in 2009 and is headquartered in Houston, Texas

Stock analysis

Spruce Power Holding Corp (SPRU) currently trades at $1.63, while our model-based Fair Value estimate is $3.28, implying the stock looks roughly 50% undervalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the data coverage at low.

Scenario range: $2.45 (bear) to $4.90 (bull), the price of $1.63 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 32/100 (below-average quality), in the Technology sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Spruce Power Holding Corp reported revenue of $112M in FY2025 versus $15.6M in FY2021, a compound +63.6%/yr. Reported net income was −$26.0M in FY2025.

Key figures

Market cap $38.8M Micro · P/S ratio 0.24 · EPS (TTM) $−0.3900 · Net margin −6.8% · Return on equity −5.5% · Return on assets (EBIT) −5.8% (5-year average) · Operating margin 30.7% · Revenue (TTM) $108M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 27 out of 100 (medium confidence).

What moves the price

The share trades about 75% below its 52-week high and 28% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at 10% fair-value upside, at 101%, SPRU screens cheaper than that median.

Fair Value models

Bear $2.45 Fair Value $3.28 Bull $4.90
Price $1.63 · Upside +101.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
NCAV (Graham) $2.88 $3.86 $5.77 54
All 1 models by family
Asset-Based
NCAV (Graham) $2.88 $3.86 $5.77 54

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 32/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 5
How much profit the company makes from its sales and capital
Quality Growth 94
Are margins and returns getting better?
Cashflow 4
Do the profits arrive as real cash?
Financial strength 6
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 23
How calm the share price moves, does not count
Price momentum 6
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 4
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, one officer or director sold shares worth $42,600 and none bought.

  • BuySteel Partners Holdings GP Inc.10% owner7× since Nov 20, 2025: 386,038 shares, avg. $4.20$1.6MSep 21, 2026
  • SaleJonathan McWhinnie NorlingChief Legal Officer15,000 shares at $2.84$42,600Jun 15, 2026
  • BuySteel Connect LLC10% owner3× since Mar 9, 2026: 58,110 shares, avg. $4.06$235,908Apr 20, 2026
  • BuySTEEL PARTNERS HOLDINGS L.P.10% owner4× since Dec 5, 2025: 106,065 shares, avg. $4.74$502,873Apr 9, 2026
  • BuySPH Group Holdings LLC10% owner2× since Dec 11, 2025: 58,350 shares, avg. $5.07$295,575Jan 14, 2026
  • BuySteel Excel Inc.10% owner5× since Nov 17, 2025: 185,272 shares, avg. $4.86$899,733Dec 29, 2025
  • SaleMcBane Clara NagyDirector40,000 shares at $5.06$202,400Dec 15, 2025
  • BuySPH Group LLC10% owner2× since Nov 11, 2025: 1,248,373 shares, avg. $4.02$5.0MNov 28, 2025

Plus 7 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+36.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+68.9%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−75.2% (2020) → 15.9% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Solar · 97 stocks

Beats the industry median on 5/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 32 · Bottom 25%
Fair Value upside +101.3% · Top 25%
Profitability
Return on assets −3.1% · Below median
Net margin (12 months) −6.8% · Below median
Operating margin (12 months) 30.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) −8.7% · Below median
Balance sheet
Debt / equity 3.90× · Highest 25%

Valuation Multiplesvs Solar median · lower = cheaper

P/B 0.33× · Cheapest 25%
P/S (12 months) 0.36× · Cheapest 25%
EV/EBITDA 8.5× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 4
FUTURE (revenue growth)0 · sector 7
PAST (return on equity)0 · sector 0
HEALTH (low debt)0 · sector 82
DIVIDEND (yield)0 · sector 26

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Solar stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
First Solar, Inc FSLR $201.14 $392.02 +95% vs SPRU
Hengdian Group 002056 ¥17.29 ¥31.86 +84% vs SPRU
Waaree Energies Limited WAAREEENER ₹2,438 ₹3,613 +48% vs SPRU
Jinko Solar Co 688223 ¥4.38 ¥6.49 +48% vs SPRU
Nextpower Inc NXT $104.91 $115.40 +10% vs SPRU
Premier Energies Limited PREMIERENE ₹890.00 ₹908.90 +2% vs SPRU
Tongwei Co 600438 ¥12.25 ¥12.13 −1% vs SPRU
Hanwha Solutions Corporation 009830 26,050 KRW 21,850 KRW −16% vs SPRU
CSI Solar Co 688472 ¥9.03 ¥5.85 −35% vs SPRU
Shanghai Aiko Solar Energy Co 600732 ¥13.40 ¥7.22 −46% vs SPRU

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Spruce Power Holding Corp: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Spruce Power Holding Corp Fair Value". https://www.fairvalue-calculator.com/stock/SPRU

Frequently asked questions

Is Spruce Power Holding Corp (SPRU) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of $3.28 versus a price of $1.63, about +101% upside (undervalued).
What is the fair value of SPRU?
Our model-based fair value for Spruce Power Holding Corp is $3.28 (as of Nov 3, 2026), built from audited fundamentals. The current price: $1.63.
What is the quality score of SPRU?
Spruce Power Holding Corp has a Quality Score of 32/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Spruce Power Holding Corp (SPRU)?
Our model-based price target is the fair value of $3.28 (as of Nov 3, 2026) from 1 valuation models. Cautious scenario $2.45, optimistic scenario $4.90. It is a calculation from audited fundamentals, not an analyst target.
What is the Spruce Power Holding Corp stock forecast for 2026?
Our models put fair value at $3.28, about +101% upside versus a price of $1.63 (undervalued). Cautious scenario $2.45, optimistic scenario $4.90. The calculation is refreshed regularly with new filings.
What is the revenue of Spruce Power Holding Corp (SPRU)?
Spruce Power Holding Corp reported trailing-twelve-month revenue of about $108M (latest available figure, as of Nov 3, 2026).
What is the intrinsic value of Spruce Power Holding Corp (SPRU)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Spruce Power Holding Corp it is $3.28 per share (as of Nov 3, 2026), against a price of $1.63. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Spruce Power Holding Corp stock overvalued or undervalued in 2026?
As of Nov 3, 2026, SPRU trades below its calculated fair value: price $1.63, fair value $3.28, a gap of about +101% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SPRU?
No. The price is what the market pays today ($1.63); the fair value is what the company's own numbers justify ($3.28). For Spruce Power Holding Corp the two are $1.65 per share apart. That gap is exactly why we show both numbers side by side.
How much is Spruce Power Holding Corp worth?
The market values Spruce Power Holding Corp at about $38.8M (market capitalisation, as of Nov 3, 2026). Per share that is $1.63; our models calculate a fair value of $3.28 per share.
What do the bullish and bearish scenarios say about SPRU?
Our models span a range for Spruce Power Holding Corp: cautious scenario $2.45, base $3.28, optimistic $4.90 per share (as of Nov 3, 2026, price $1.63). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Spruce Power Holding Corp (SPRU)?
Balance-sheet figures for Spruce Power Holding Corp (as of Nov 3, 2026): return on equity −5.5%, debt of 3.90 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is SPRU from its 52-week high?
Spruce Power Holding Corp trades at $1.63, about 75% below its 52-week high of $6.46 and 28% above the low of $1.27 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $3.28 is for.
Which stocks are comparable to Spruce Power Holding Corp?
From the same area (Technology) we also value First Solar, Inc, Nextpower Inc, Tongwei Co, Waaree Energies Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Spruce Power Holding Corp stock attractive at the current price?
The data as of Nov 3, 2026: price $1.63, calculated fair value $3.28 (+101%), Quality Score 32/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SPRU calculated?
We run Spruce Power Holding Corp through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of $3.28 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Spruce Power Holding Corp currently trades 50% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Spruce Power Holding Corp (SPRU)?
The closing price on Nov 6, 2026 was $1.63. Our model-based fair value is $3.28, about +101% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Spruce Power Holding Corp right now?
The large discount to fair value meets weak quality (32/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case ($2.45). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range ($2.45 to $4.90) leaves room in how you read the outcome.

Key figures of Spruce Power Holding Corp

How large is the market capitalisation of Spruce Power Holding Corp (SPRU)?
The market capitalisation of Spruce Power Holding Corp is $38.8M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Spruce Power Holding Corp (SPRU)?
The price-to-sales ratio of Spruce Power Holding Corp is 0.24 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Spruce Power Holding Corp (SPRU)?
Earnings per share at Spruce Power Holding Corp are $−0.3900. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Spruce Power Holding Corp (SPRU)?
The net margin of Spruce Power Holding Corp is −6.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Spruce Power Holding Corp (SPRU)?
The return on equity (ROE) of Spruce Power Holding Corp is −5.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Spruce Power Holding Corp (SPRU)?
On an EBIT basis the return on assets of Spruce Power Holding Corp is −5.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Spruce Power Holding Corp (SPRU)?
The operating margin of Spruce Power Holding Corp is 30.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Spruce Power Holding Corp (SPRU)?
Revenue at Spruce Power Holding Corp is growing −8.7% versus a year earlier (3y avg +68.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Spruce Power Holding Corp (SPRU) generate?
The free cash flow of Spruce Power Holding Corp is −$3.8M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Spruce Power Holding Corp (SPRU) carry?
The net debt of Spruce Power Holding Corp is $627M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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