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

As of Sep 24, 2026: fair value of Spruce Power Holding Corp $4.05, price $2.00, upside +102.5%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Technology · US · ISIN US9837FR2091

SP Spruce Power Holding Corp logo Some data Sep 23, 2026

Spruce Power Holding Corp

SPRU · US

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value $4.05 · Strongly undervalued (+103%)
!Quality 46/100
!Expensive Growth (revenue 5y +40.6 %/yr)
!Loss-making · -12.2% net margin (TTM)
!High debt · negative free cash flow
✓Ranks above peers (8/11)
!Narrow moat 21/100
!Evidence only medium, so the estimate is less certain
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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

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Price vs Fair Value

$71.76 $1.16 Fair Value $4.05 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range $1.16 – $71.76 · fair‑value band $3.02 – $6.04 · the $2.00 price screens below the $4.05 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

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

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Spruce Power Holding Corporation owns and operates distributed solar energy assets in the United States. 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 $2.00, while our model-based Fair Value estimate is $4.05, implying the stock looks roughly 50.6% undervalued today.

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Valuation

How firm this estimate is: it rests on 6 models at a data quality of 94/100, which puts the evidence level at medium.

Scenario range: $3.02 (bear) to $6.04 (bull), the price of $2.00 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 46/100 (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 $51.1M · P/S ratio 0.46 · EPS (TTM) $−0.7400 · Net margin −23.2% · Return on equity −10.5% · Return on assets (EBIT) −5.8% · Operating margin 14.5% · Revenue (TTM) $111M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).

What moves the price

The share trades about 69% below its 52-week high and 31% 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 103%, SPRU screens cheaper than that median.

Fair Value models

Bear $3.02 Fair Value $4.05 Bull $6.04
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. 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. Evidence ⓘEvidence = 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.
Highest evidence
EV/EBIT n/a $1.03 $6.85 61
NCAV (Graham) $3.23 $4.33 $6.47 54
All 2 models by family
Multiples
EV/EBIT n/a $1.03 $6.85 61
Asset-Based
NCAV (Graham) $3.23 $4.33 $6.47 54

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Quality Score breakdown

Overall quality 46/100

Of which business quality 39 · Market factors (momentum, volatility) 30

Profitability 5
Margins and returns on capital today
Quality Growth 94
Are margins and returns improving?
Cashflow 4
Earnings quality: real cash, not paper profit
Fin. Strength 6
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 25
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 36
Distance to the 52-week high (market factor)
Net Issuance 90
Share count: buybacks or dilution?

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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%
Revenue growth 5 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.
+40.6%
Start year 2020 (pandemic)
Revenue growth 7 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.
+42.1%
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 · 113 stocks

Beats the industry median on 8/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 46 · Above median
Fair Value upside +103% · Top 25%
Profitability
Return on assets 2% · Above median
Net margin (TTM) −12% · Below median
Operating margin (TTM) 15% · Top 25%
Growth and dividend
Revenue growth −2% · Above median
Balance sheet
Debt / equity 3.90× · Highest 25%

Valuation Multiplesvs Solar median · lower = cheaper

P/B 0.43× · Cheaper than median
P/S (TTM) 0.46× · Cheaper than median
EV/EBITDA 9.0× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 22
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)0 · sector 81
DIVIDEND (yield)0 · sector 30

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
First Solar, Inc FSLR $191.97 $392.12 +104%
Nextpower Inc NXT $82.52 $90.77 +10%
Tongwei Co 600438 ¥11.58 ¥12.13 +5%
Waaree Energies Limited WAAREEENER ₹2,512 ₹2,709 +8%
Jinko Solar Co 688223 ¥3.85 ¥6.47 +68%
Enphase Energy, Inc ENPH $34.42 $24.15 −30%
CSI Solar Co 688472 ¥8.53 ¥4.82 −43%
Hengdian Group 002056 ¥20.33 ¥31.86 +57%
Premier Energies Limited PREMIERENE ₹915.00 ₹648.94 −29%
Trina Solar Co 688599 ¥11.20 ¥31.67 +183%

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$4.05 +51%Fair Value
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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 Sep 23, 2026, our model estimates a fair value of $4.05 versus a price of $2.00, about +103% upside (undervalued).
What is the fair value of SPRU?
Our model-based fair value for Spruce Power Holding Corp is $4.05 (as of Sep 23, 2026), built from audited fundamentals. The current price: $2.00.
What is the quality score of SPRU?
Spruce Power Holding Corp has a Quality Score of 46/100. 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 $4.05 (as of Sep 23, 2026) from 2 valuation models. Cautious scenario $3.02, optimistic scenario $6.04. 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 $4.05, about +103% upside versus a price of $2.00 (undervalued). Cautious scenario $3.02, optimistic scenario $6.04. 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 $111M (latest available figure, as of Sep 23, 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 $4.05 per share (as of Sep 23, 2026), against a price of $2.00. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Spruce Power Holding Corp stock overvalued or undervalued in 2026?
As of Sep 23, 2026, SPRU trades below its calculated fair value: price $2.00, fair value $4.05, a gap of about +103% (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 ($2.00); the fair value is what the company's own numbers justify ($4.05). For Spruce Power Holding Corp the two are $2.05 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 $51.1M (market capitalisation, as of Sep 23, 2026). Per share that is $2.00; our models calculate a fair value of $4.05 per share.
What do the bullish and bearish scenarios say about SPRU?
Our models span a range for Spruce Power Holding Corp: cautious scenario $3.02, base $4.05, optimistic $6.04 per share (as of Sep 23, 2026, price $2.00). 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 Sep 23, 2026): return on equity −10.5%, debt of 3.90 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is SPRU from its 52-week high?
Spruce Power Holding Corp trades at $2.00, about 69% below its 52-week high of $6.46 and 31% above the low of $1.53 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of $4.05 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 Sep 23, 2026: price $2.00, calculated fair value $4.05 (+103%), Quality Score 46/100, from 2 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 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $4.05, 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 14.0 % above its aggregate fair value. Spruce Power Holding Corp currently trades 103 % 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 Sep 24, 2026 was $2.00. Our model-based fair value is $4.05, about +103% 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 price is below even our cautious bear case ($3.02). The market is more pessimistic than our downside scenario. Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($3.02 to $6.04) 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 $51.1M. 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 0.46 (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 $−0.7400. 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 −23.2% (fiscal year 2025). 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 −10.5% (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 14.5% (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 −1.7% 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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