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Ameresco, Inc.

AMRC Industrials Engineering & Construction

Ameresco, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, up 9.16% from fiscal 2024. In the quarter to June 2026, revenue grew 9.14%, EPS fell 25.0%, free cash flow fell 81.2% and total debt rose 7.49%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

19.50 0.59 −2.94%
Market cap
$1.1B
P/E
36.8×
Fwd P/E
27.6×
Dividend yield
—
F-score
3/9
Altman Z
1.14
Beneish M
−2.26
Dividend safety
32/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 1.91
Total sells 1.46
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — 8 — —
Sell — — 1 2 4 — 4 — — — 2 —
Insider Ownership 39.70%

Capital & Financial Ratios $m

Market Cap 1,070.00
Revenue 2,023.94
Net Income 52.29
Free Cash Flow (103.88)
Net Debt 1,733.38
Current Ratio 1.67 (at or above 1.5: strong)
Debt/Equity 1.45
P/E ratio 36.79 (above 35: high)
Fwd P/E 27.60
P/S ratio 0.51
P/B ratio 0.76
Past 5Y EPS Growth (5.48%) (below 0%: weak)
This Y EPS Growth 39.15% (at or above 15%: strong)
Next Y EPS Growth 33.92% (at or above 15%: strong)
Next Y revenue growth 10.40% (at or above 10%: strong)
Next 5Y EPS Growth 40.96% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.4×, against a ten-year median of 1.6×; over the ten years it ranged from 0.4× in 2016 to 4.5× in 2021.
P/E against its own 10 years 73.83%
10-year low 10-year high
P/S against its own 10 years 19.46%
10-year low 10-year high
P/B against its own 10 years 5.34%
10-year low 10-year high
EV/Sales against its own 10 years 42.83%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 142 178 164 225
Receivables 829 943 1,113 1,182
Inventory 14 12 13 13
Other 21 23 23 24
1,128 1,301 1,553 1,680
2023 2024 2025 Q'26
Payables 403 529 691 642
ST’ Debt 322 149 132 164
Other — — — —
901 889 1,029 1,005

Compound Annual Growth %

10y 5y 3y
Sales 11.84% 13.36% 1.93%
Cash Flow 0.00% 0.00% 0.00%
Earnings 48.59% (3.91%) (22.44%)
Book Value 14.60% 17.90% 8.75%

Revenue $m

Mar Jun Sep Dec Year
’26 401 515 — — —
’25 353 472 526 581 1,932
’24 298 438 501 533 1,770
’23 271 327 335 441 1,375
’22 474 577 441 332 1,824
’21 252 274 274 416 1,216
’20 212 223 283 314 1,032
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 35 (107) — — —
’25 (28) (27) 18 (43) (80)
’24 21 53 25 18 118
’23 59 (93) (7) (30) (70)
’22 (276) (32) 35 (65) (338)
’21 (39) (58) (20) (56) (172)
’20 (52) (22) (10) (19) (103)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (56) (231) — — —
’25 (137) (127) (57) 240 (81)
’24 (86) (70) (90) 359 109
’23 (33) (265) (186) 409 (76)
’22 (332) (103) (24) 116 (344)
’21 (39) (59) (162) 83 (177)
’20 (52) (23) (11) (19) (105)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (0.35) 0.18 — — —
’25 (0.10) 0.24 0.35 0.34 0.83
’24 (0.06) 0.09 0.33 0.70 1.07
’23 0.02 0.12 0.40 0.64 1.17
’22 0.32 0.61 0.51 0.34 1.78
’21 0.22 0.26 0.33 0.53 1.35
’20 0.13 0.09 0.41 0.47 1.10
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 3.91 4.80 7.65 13.11 13.38 37.70 40.73 18.40 17.55 8.49

Analyst estimates 2026–2028

Powerpack
High 6.30 8.95 16.59 18.05 54.79 101.86 86.73 65.86 39.68 44.93
People
People Employees 1,038 1,049 1,116 1,100 1,141 1,272 1,363 1,503 1,509 1,601
Revenue/emp, $m 0.63 0.68 0.71 0.79 0.90 0.96 1.34 0.91 1.17 1.21
Income, $m
Income, $m Revenue 651 717 787 867 1,032 1,216 1,824 1,375 1,770 1,932
Gross margin, % 20.63 20.10 22.06 19.39 18.17 18.95 15.94 17.93 14.47 15.73
EBT 16 29 42 37 56 78 106 38 34 45
EBT margin, % 2.51 4.00 5.39 4.22 5.47 6.43 5.79 2.78 1.92 2.33
Net income 12 34 38 40 57 80 99 64 54 57
Depreciation 26 27 33 42 45 49 58 70 94 110
Per share, $
Per share, $ Revenue 14.03 15.76 17.21 18.61 21.64 23.91 35.19 26.36 33.79 36.68
Earnings 0.26 0.82 0.83 0.95 1.13 1.38 1.83 1.20 1.08 0.84
Cash flow (1.13) (2.98) (1.16) (4.21) (2.15) (3.39) (6.53) (1.34) 2.25 (1.53)
Capex (0.06) (0.06) (0.09) (0.14) (0.05) (0.10) (0.10) (0.11) (0.16) (0.02)
Free cash flow (1.19) (3.04) (1.25) (4.36) (2.20) (3.48) (6.63) (1.45) 2.08 (1.54)
Book value 6.34 7.40 8.24 9.21 10.33 13.85 16.84 17.76 19.95 21.31
Shares, m 46 46 46 47 48 51 52 52 52 53
Valuation, ×
Valuation, × P/E 22.60 10.48 17.20 18.42 46.23 58.59 30.39 26.16 21.54 34.87
P/S 0.40 0.55 0.82 0.94 2.41 3.41 1.58 1.19 0.69 0.80
P/B 0.89 1.18 1.71 1.90 5.06 5.88 3.30 1.77 1.18 1.37
EV/Sales 0.60 0.77 1.03 1.27 2.70 3.72 2.00 2.17 1.52 1.69
EV/FCF (7.24) (4.03) (14.65) (5.43) (27.26) (26.03) (10.72) (41.34) 23.87 (39.68)
Cash, $m
Cash, $m Operating cash flow (53) (136) (53) (196) (103) (172) (338) (70) 118 (80)
Capex (3) (3) (4) (7) (2) (5) (5) (6) (9) (1)
Free cash flow (55) (138) (57) (203) (105) (177) (344) (76) 109 (81)
Balance, $m
Balance, $m Working capital 35 85 88 89 108 164 189 227 412 524
Total debt 160 196 246 336 381 456 900 1,492 1,633 1,882
Net debt 127 156 168 283 293 381 764 1,351 1,455 1,718
Shareholders’ equity 294 337 377 429 493 704 873 926 1,045 1,123
Returns, %
Returns, % ROA 1.58 4.21 3.54 3.50 3.46 3.54 3.72 1.90 1.44 1.02
ROIC 3.53 4.65 6.78 4.53 5.69 5.49 5.08 2.26 2.72 2.71
ROE 4.14 11.88 10.65 11.03 11.73 11.77 12.04 6.95 5.76 4.09
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Ameresco, Inc. vs peers in Engineering & Construction (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
EXPO Exponent, Inc. $3.4B 32.2× 26.3× +20.89% (above 0%: growing) +15.38% (above 0%: growing) −14.24% (below 0%: shrinking) 86.74% 16.33% Compare
CDLR Cadeler A/S Sponsored ADR $2.1B — (loss-making) — +122.12% (above 0%: growing) n/m +99.04% (above 0%: growing) 21.46% 6.24% Compare
WLDN Willdan Group, Inc. $1.1B 16.4× 25.9× +33.18% (above 0%: growing) +51.40% (above 0%: growing) +82.02% (above 0%: growing) 37.85% 8.54% Compare
AMRC Ameresco, Inc. $1.1B 36.8× 27.6× +9.14% (above 0%: growing) −25.00% (below 0%: shrinking) −81.22% (below 0%: shrinking) 17.71% 8.57%
CDNL Cardinal Infrastructure Group Inc. $755.8M — — — — −728.05% (below 0%: shrinking) 15.88% 6.82% Compare
BWMN Bowman Consulting Group Ltd. $741.7M 102× 37.7× +19.69% (above 0%: growing) −57.14% (below 0%: shrinking) −457.88% (below 0%: shrinking) 53.20% 5.57% Compare
BBCP CONCRETE PUMPING HOLDINGS, INC. $459.6M 53.4× 61.4× +12.63% (above 0%: growing) +28.57% (above 0%: growing) −28.85% (below 0%: shrinking) 38.74% 12.92% Compare
ORN Orion Group Holdings, Inc. $355.1M 89.8× 41.8× +8.08% (above 0%: growing) n/m −140.87% (below 0%: shrinking) 10.33% (0.59%) Compare
PHOE Phoenix Asia Holdings Limited $351.2M — — — — −1,148.32% (below 0%: shrinking) — — Compare
Median of peers $748.7M 53.4× 37.7× +20.29% +21.98% −84.86% 37.85% 6.82%

All 51 Engineering & Construction stocks →

Ameresco, Inc. (AMRC) key facts

  • Strength: Ameresco, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, up 9.16% from fiscal 2024.
  • Strength: Net income was $56.7 million, or $0.84 per share (basic), a net margin of 2.29%.
  • Ameresco, Inc. (AMRC) is an Engineering & Construction company in the Industrials sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, AMRC traded at $19.50, a market capitalization of $1.1 billion.
  • At that price the stock trades at 36.8× trailing-twelve-month earnings and 0.5× sales; its P/E is higher than 74% of its own readings over the past ten years.
  • Return on equity was 4.09% and debt-to-equity 1.45.
  • Its Piotroski F-score is 3 out of 9 and its Altman Z-score is 1.14 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Ameresco, Inc. (AMRC) Latest News

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stockrow.com/AMRC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com