Spruce Power Holding's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Spruce Power Holding (SPRU) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Spruce Power Holding vs Its Competitors
- TTM: Trailing 12-month revenue of 109M vs 2,701M combined for tracked competitors (3.9% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+11.9% annualized vs trailing 12 months), vs accelerating (+12.2%) for its tracked peer group.
- Growth: Spruce Power Holding generated -8.7% revenue growth year over year in Q2 2026, vs 14.1% for its tracked competitors combined.
- Profitability: Its 11.4% net margin compares with 3.1% for the peer group.
- Scale: Spruce Power Holding ranks #61 of 74 companies by market capitalization in the Electric Utilities industry, holding 0.0% of industry market cap.
- Peer revenue share: Spruce Power Holding accounted for 3.9% of combined revenue among its tracked peer group, down from 4.8% a year earlier.
- Peer differentiation: Revenue per employee of $0.68M compares with $0.77M for the peer group (0.9x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
SPRU Sales vs. its Competitors, Q2 2026
Spruce Power Holding reported revenue contraction of 8.70 % year on year in Q2 2026, below its competitors' combined revenue growth of 14.08 %.
With a net margin of 11.44 %, Spruce Power Holding achieved higher profitability than its competitors (3.09 %).
Spruce Power Holding generated 3.85 % of the combined sales of its peer group, down from 4.77 % a year earlier.
Spruce Power Holding vs. its Competitors, Q2 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Spruce Power Holding and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Spruce Power Holding Corporation | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (5) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (3) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (2) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Spruce Power Holding's competitor groups requires a Commercial License.
For context: the Electric Utilities industry grew revenue 13.3% year over year, combined, vs -8.7% for Spruce Power Holding. Spruce Power Holding's share of combined industry revenue moved from 0.01% to 0.01%, a gain of 0.00 percentage points.
Spruce Power Holding's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Spruce Power Holding Corporation | No | Yes | Yes | No |
| Competitors combined (5) | ||||
| High-Confidence Competitors (8) | ||||
| Similar-Size Competitors (9) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 62.50 % (5 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
SPRU Stock Performance relative to its Competitors
SPRU Stock Performance relative to High-Confidence Competitors
SPRU Stock Performance relative to Similar-Size Competitors
SPRU Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Hyliion Holdings Corp | 282.9% | Outperformed |
| 2 | Xos Inc | 282.9% | Outperformed |
| 3 | Willdan Group inc | 282.9% | Outperformed |
| 4 | Ameresco Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Spruce Power Holding's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Spruce Power Holding's Comment on Competition and Industry Peers
Publicly Traded Peers of Spruce Power Holding Corporation
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Spruce Power Holding Corporation | 39.73 | 108.52 |
| Willdan Group inc | 1,190.81 | 740.88 |
| Ameresco Inc | 1,093.93 | 1,914.20 |
| Hyliion Holdings Corp | 706.63 | 8.70 |
| Xos Inc | 32.99 | 37.69 |
| Bollinger Innovations Inc | 0.00 | 8.45 |
| SUBTOTAL | 3,064.08 | 2,818.43 |
Sources: Spruce Power Holding Corporation's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Spruce Power Holding Corporation versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Spruce Power Holding's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| AECO | Named by the company | 85% |
| Isuzu | Named by the company | 85% |
| Proterra, Inc. | Named by the company | 85% |
| GreenPower Motor Company | Named by the company | 85% |
| Lordstown Motors Corp. | Named by the company | 85% |
| XOS, Inc. | Named by the company | 85% |
| Ameresco | Named by the company | 85% |
| Lightning eMotors | Named by the company | 85% |
| Willdan | Named by the company | 85% |
| Hyliion, Inc. | Named by the company | 85% |
| Nikola Motor Company | Named by the company | 85% |
| Ford | Named by the company | 85% |
| Lion Electric Company | Named by the company | 85% |
| Workhorse | Named by the company | 85% |
| Carbon Energy Corp | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Spruce Power Holding's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Spruce Power Holding's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Spruce Power Holding Corporation | Reportable 100.00 % |
| Willdan Group inc | Energy 87.69 % |
| Ameresco Inc | North America Regions 38.12 % |
| Xos Inc | Reportable 100.00 % |
| Bollinger Innovations Inc | Bollinger Motors Segment 56.21 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Spruce Power Holding's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Spruce Power Holding Corporation | 40 | 682,528 | -43,447 |
| Willdan Group inc | 1,191 | 408,423 | 36,003 |
| Ameresco Inc | 1,094 | 1,273,583 | 28,531 |
| Hyliion Holdings Corp | 707 | 77,027 | -461,814 |
| Xos Inc | 33 | 373,119 | -192,822 |
| Bollinger Innovations Inc | 0 | - | - |
| PEERS TOTAL | 3,024 | 767,462 | -126,525 |
Spruce Power Holding's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Willdan Group inc | US 100.00 % |
| Ameresco Inc | United States 61.89 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Spruce Power Holding's Position in Industry Market Structure
Market-capitalization share and concentration across all 65 companies in Spruce Power Holding's industry classification, broader than the peer set above. Market cap in millions of $.Spruce Power Holding ranks #61 of 65 companies by market capitalization in its industry, holding 0.00 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 440, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Nextera Energy Inc | 157,777 | 11.75 % |
| 2 | The Southern Company | 92,857 | 6.91 % |
| 3 | Constellation Energy Corporation | 92,132 | 6.86 % |
| 4 | Duke Energy Corporation | 88,140 | 6.56 % |
| 5 | American Electric Power Co Inc | 1,234 | 5.2% |
| 6 | Dominion Energy Inc | 1,234 | 5.2% |
| 7 | Sempra | 1,234 | 5.2% |
| 8 | Vistra Corp | 1,234 | 5.2% |
| 9 | Entergy Corporation | 1,234 | 5.2% |
| 10 | Xcel Energy Inc | 1,234 | 5.2% |
| 61 | Spruce Power Holding Corporation | 41 | 0.00 % |
Market cap and industry share for the rest of Spruce Power Holding's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Spruce Power Holding's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 56 | Genie Energy Ltd | 415 | 4.14 % |
| 57 | Enel Chile S a | 294 | 10.81 % |
| 58 | Eco Wave Power Global Ab Publ | 278 | -32.27 % |
| 59 | Ellomay Capital Ltd | 233 | 27.20 % |
| 60 | Brookfield Renewable Partners L p | 1,234 | 12.3% |
| 61 | Spruce Power Holding Corporation | 41 | 3.87 % |
| 62 | Bimergen Energy Corporation | 1,234 | 12.3% |
| 63 | Ocean Power Technologies Inc | 1,234 | 12.3% |
| 64 | Aqua Power Systems Inc | 1,234 | 12.3% |
| 65 | Astra Energy Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Spruce Power Holding's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Spruce Power Holding's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Electric Utilities industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (83 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | - | 58.29 % (avg) | - |
| Operating Margin | 22.44 % | industry median | +3.9 pp |
| EBITDA Margin | 35.73 % | 27.06 % (avg) | +8.7 pp |
| Capital Intensity (Capex / Revenue) | - | 34.89 % (avg) | - |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Spruce Power Holding's Valuation vs Competitive Position
Valuation multiples vs the Electric Utilities industry average (83 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 24.9x | - |
| EV / EBITDA | 19.4x | 16.1x | +3.3x |
| P/B | 0.5x | 2.1x | -1.6x |
| Return on Equity | -5.63 % | industry aggregate | -20.06 % |
| Return on Invested Capital | 2.54 % | 2.48 % (avg) | 0.06 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Spruce Power Holding's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth | - | - | - | 48.68 % | 244.31 % | 2.81 % | 36.18 % |
| Operating Margin | - | - | -377.60 % | -258.14 % | -46.10 % | -61.37 % | 16.04 % |
| Return on Invested Capital | - | -4.94 % | -7.60 % | -6.52 % | -3.26 % | -5.02 % | 1.83 % |
| P/E | - | - | - | - | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Spruce Power Holding's Strategic Group Map
Every company in Spruce Power Holding's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Spruce Power Holding is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Spruce Power Holding's BCG Growth-Share Matrix
Relative market share (vs Spruce Power Holding's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Spruce Power Holding falls in the Dog quadrant: relative market share of 0.00x vs its largest competitor, in an industry growing revenue 8.9% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Spruce Power Holding's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 440 (see Industry Market Structure & Concentration above) |
| Supplier Power | Not covered on this page | See Spruce Power Holding's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Spruce Power Holding's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Spruce Power Holding's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Spruce Power Holding falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Spruce Power Holding's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+11.9% annualized vs trailing 12 months).
Weaknesses
- Return on equity 20.1 points below the industry aggregate.
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.00x).
Opportunities
No rule matched.
Threats
No rule matched.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Spruce Power Holding's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Spruce Power Holding Corporation | 0.20 | 0.46 | 6.07 |
| Willdan Group inc | 0.25 | 1.51 | 0.17 |
| Ameresco Inc | 0.19 | 1.55 | 1.65 |
| Hyliion Holdings Corp | 1.99 | 9.68 | - |
| Xos Inc | 0.54 | 2.12 | 0.65 |
| Bollinger Innovations Inc | 0.02 | 0.26 | - |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Spruce Power Holding's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Spruce Power Holding Corporation | Q2 2026 | -8.7 % | - |
| Willdan Group inc | Q2 2026 | +33.3 % | +57.7 % |
| Ameresco Inc | Q2 2026 | +46.9 % | - |
| Hyliion Holdings Corp | Q2 2026 | +337.1 % | - |
| Xos Inc | Q2 2026 | -74.2 % | - |
| Bollinger Innovations Inc | Q2 2025 | +626.1 % | - |
| PEERS TOTAL | +36.4 % | - |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Spruce Power Holding's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Spruce Power Holding Corporation | Q2 2026 | - | - |
| Willdan Group inc | Q2 2026 | +36.7 % | -25.4 % |
| Ameresco Inc | Q2 2026 | +41.4 % | +14.0 % |
| Hyliion Holdings Corp | Q2 2026 | +357.8 % | -95.0 % |
| Xos Inc | Q2 2026 | -75.2 % | - |
| Bollinger Innovations Inc | Q2 2025 | +29,243.5 % | - |
Spruce Power Holding's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Spruce Power Holding Corporation | - | - | - |
| Willdan Group inc | 11.88% | 16.27% | 20.92% |
| Ameresco Inc | 0.93% | 1.29% | 3.67% |
| Hyliion Holdings Corp | - | - | - |
| Xos Inc | - | - | - |
| Bollinger Innovations Inc | - | - | - |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Spruce Power Holding's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Spruce Power Holding Corporation | - | 0.37 |
| Willdan Group inc | 18.08 | 1.61 |
| Ameresco Inc | 48.38 | 0.57 |
| Hyliion Holdings Corp | - | 81.18 |
| Xos Inc | 2.91 | 0.88 |
| Bollinger Innovations Inc | - | 0.00 |
| PEERS AVERAGE | - | 1.09 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.