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HA Sustainable Infrastructure Capital, Inc. HASI

Financial — Asset Management
Dividend Champion (5y)
Growth Flags show if company had growth for consecutive years

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Insider Decisions

Total sells
5.27
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — — — — 1 — — — — — — —
Insider Ownership
0.89%

Capital & Financial Ratios

Market Cap
4,780.00
Revenue
462.89
Net Income
88.30
Free Cash Flow
208.53
Net Debt
5,650.72
Current Ratio
8.89
Debt/Equity
2.23
P/E ratio
55.65
P/S ratio
10.14
P/B ratio
1.77
Past 5Y EPS Growth
5.50%
This Y EPS Growth
11.98%
Next Y EPS Growth
10.13%
Next 5Y EPS Growth
10.53%
in millions of $

Dividends

Payout Ratio
2.80
Annual Dividend Rate
1.58
Annual Dividend Yield
6.73%
total individual payouts
2028 ‡‡‡‡‡
2027 ‡‡‡‡‡
2026 1.71
—
—
—
2025 1.68
—
—
—
—
2024 1.66
—
—
—
—
2023 1.58
—
—
—
—
2022 1.50
—
—
—
—
2021 1.40
—
—
—
—
2020 1.36
—
—
—
—
2019 1.34
—
—
—
—
2018 1.32
—
—
—
—
2017 1.32
—
—
—
—
2016 1.23
—
—
—
—
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 62.63 129.76 110.22 249.92
Receivables 3,109.15 2,971.39 3,393.98 3,218.28
Inventory — — — —
Other — — — —
3,171.79 3,101.15 3,504.20 3,468.20
2023 2024 2025 Q'26
Payables 163.31 275.64 380.70 390.30
ST’ Debt — — — —
Other — — — —
163.31 275.64 380.70 390.30
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 124.23 120.79 — —
—
’25 96.94 85.69 103.06 114.81
400.50
’24 105.82 94.52 81.97 101.30
383.60
’23 69.10 74.33 89.85 86.59
319.87
’22 58.48 62.80 60.15 58.31
239.74
’21 51.70 58.89 48.88 53.70
213.17
’20 40.83 48.60 48.59 48.89
186.91
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 15.61 68.05 — —
—
’25 (37.12) 79.57 (121.81) 246.67
167.32
’24 20.93 (24.82) 21.94 (12.20)
5.85
’23 48.80 16.92 26.61 7.35
99.69
’22 (31.94) 5.05 90.87 (63.74)
0.23
’21 (18.18) 15.99 23.88 (8.38)
13.31
’20 11.66 27.94 12.27 21.42
73.28
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 15.61 68.05 — —
—
’25 (37.12) 79.57 (121.81) 246.67
167.32
’24 136.70 (24.82) 21.94 (12.20)
121.62
’23 48.80 16.92 26.61 7.35
99.69
’22 (36.49) 5.05 90.87 (63.74)
0.23
’21 (18.18) 15.99 23.88 (8.38)
13.31
’20 11.66 27.94 12.27 21.42
73.28
in millions of $

EPS

Mar Jun Sep Dec Year
’26 (0.57) 0.92 — —
—
’25 0.44 0.74 0.61 (0.43)
1.41
’24 0.98 0.23 (0.17) 0.54
1.62
’23 0.26 0.14 0.20 0.74
1.42
’22 0.51 (0.21) 0.38 (0.22)
0.47
’21 0.61 0.20 (0.04) 0.71
1.51
’20 0.35 0.16 0.28 0.32
1.10

Target Price Range

High
‡‡‡‡‡
‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡

Recommendation Rating

1.4
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 21.56 13.22 21.77 21.98 — — —
Low Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 54.69 39.67 36.56 34.54 — — —
High Price
‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ 114 139 158 178 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.10 2.30 2.43 2.25 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 239.74 319.87 383.60 400.50 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ 100.00% 100.00% 100.00% 100.00% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 49.29 182.38 273.83 273.48 — — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 20.56% 57.02% 71.38% 68.29% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 41.91 150.76 203.63 188.24 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 15.68 16.09 18.04 16.11 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.74 3.14 3.32 3.26 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ 0.47 1.45 1.72 1.49 ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.00 0.98 0.05 1.36 — — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ 0.00 0.00 1.00 0.00 ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.00 0.98 1.05 1.36 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 19.03 21.03 20.81 21.61 — — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 87.50 101.85 115.55 122.98 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 58.04 19.61 15.51 20.95 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 10.38 8.74 8.08 9.65 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.49 1.31 1.29 1.45 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 22.32 21.85 19.24 22.26 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (615.71) 77.01 60.68 31.49 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.23 99.69 5.85 167.32 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ — — — — — 115.77 — — — —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.23 99.69 121.62 167.32 — — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,110.85 3,008.48 2,825.51 3,123.50 — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3,018.29 4,247.42 4,399.53 5,149.39 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,862.57 4,184.79 4,269.77 5,039.18 — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,664.75 2,141.63 2,405.08 2,657.87 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.93% 2.63% 2.93% 2.42% — — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.84% 2.10% 2.51% 2.15% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.57% 7.82% 8.80% 7.29% — — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

HA Sustainable Infrastructure Capital, Inc. (HASI) has thrived in the renewable energy boom, scaling revenue from $81 million in 2016 to $384 million in 2024 at a 25% CAGR, fueled by falling solar costs, ESG demand, and the 2022 Inflation Reduction Act (IRA). As a BDC-REIT hybrid, it boasts 100% gross margins and efficient operations, with revenue per employee steady at $2.1-2.8 million despite a tripling of staff. Yet, aggressive expansion has inflated its balance sheet, with debt surging 350% to $4.4 billion, exposing vulnerabilities to rate hikes and policy shifts.

While equity grew 319% to $2.4 billion and ROE hit 9% in 2024, leverage at 1.8x equity and volatile cash flows—dipping to near-zero in recent years—signal caution. Projections show a stark 75% revenue plunge to $96 million in 2025 before rebounding, alongside erratic FCF and share dilution from 40 million to 116 million outstanding. Stock performance mirrors sector volatility, with shares down from 2021 peaks but trading at fair 8x PS and 16x forward PE amid flat analyst targets.

For risk-averse investors, HASI embodies sustainable infrastructure’s promise and pitfalls: robust long-term tailwinds from IRA tax credits clashing with cyclical leverage risks and election uncertainties. Absent insider buys and elevated EV multiples warrant waiting for sub-15x PE entry or hedges, but patient holders may see EPS climb 42% to $2.45 by 2027.

Read full commentary →

HA Sustainable Infrastructure Capital, Inc. (HASI) Latest News

News by impact score

Fine-tune

11 Sep

3 , 7:00 AM
Invenergy and HASI expand partnership to support renewables portfolio. Partnership expansion strengthens HASI renewables exposure and revenue potential without altering core trajectory.

10 Sep

4 , 7:00 AM
HASI expands partnership with Invenergy to support 2.7 GW portfolio of solar, solar-plus-storage, and wind projects across the U.S. Partnership expansion for 2.7 GW renewable portfolio strengthens HASI pipeline and revenue outlook.

10 Aug

4 , 6:08 AM
HA Sustainable Infrastructure Capital (HASI) stock rose 5.4% after reporting a Q2 earnings beat, raising its dividend and increasing 2028 EPS guidance. Q2 beat, dividend hike and raised 2028 EPS guidance strengthen HASI financial outlook and investor sentiment.

3 , 10:45 PM
HA Sustainable Infrastructure Capital (HASI) stock rises sharply amid developments in sustainable infrastructure financing and market conditions supporting renewable energy investments. Stock surge reflects short-term positive sentiment that may moderately affect near-term performance without fundamentally shifting long-term trajectory.

9 Aug

3 , 6:09 AM
HA Sustainable Infrastructure Capital (HASI) reported Q2 results, raising questions on whether its valuation is excessive. Q2 earnings and valuation concerns can moderately shift HASI investor sentiment and near-term performance.

8 Aug

3 transcript www.marketbeat.com, 7:03 AM
HA Sustainable Infrastructure Capital, Inc. (HASI) presented Q2 earnings call highlights covering financial results, investment activity, project pipeline, and forward guidance for clean energy and sustainable infrastructure financing. Quarterly earnings releases and call commentary supply updated performance metrics and outlook that can shift near-term investor sentiment and valuation.

7 Aug

4 , 12:05 PM
HASI posted Q2 earnings that beat expectations on year-over-year revenue growth and raised its full-year outlook, driving stock gains. Earnings beat combined with raised outlook signals stronger near-term financial results and improved forward guidance.

6 Aug

4 , 5:19 PM
HA Sustainable Infrastructure Capital (NYSE:HASI) reported strong Q2 CY2026 results. Strong quarterly earnings signal robust financial performance with potential to lift stock valuation and investor confidence.

4 , 4:05 PM
HASI reports second quarter 2026 results with 24% year-over-year adjusted EPS growth year-to-date and adjusted ROE above 15%, prompting raised full-year guidance. Strong earnings growth and raised guidance point to improved financial trajectory and investor sentiment for HASI.

3 , 7:10 PM
HA Sustainable Infrastructure Capital (HASI) exceeded Q2 earnings and revenue estimates. Beating earnings estimates can lift near-term stock sentiment and valuation without shifting core operations.

1 Aug

3 , 9:55 AM
HA Sustainable Infrastructure Capital faces three key risks that undermine its outlook, leading investors toward an alternative stock instead. Negative risk assessment of HASI may shift short-term investor sentiment and valuation without altering core operations.

20 Jul

4 , 3:14 PM
HA Sustainable Infrastructure Capital secured a new $2.65 billion carbon-linked credit facility, prompting questions on whether the move alters the existing bull case for the company. A $2.65 billion carbon-linked credit facility supplies HASI with major new capital and strategic alignment that can significantly shift financial flexibility and investor outlook.

3 , 2:10 PM
HA Sustainable Infrastructure Capital (HASI) adjusts its funding approach, prompting questions on potential overvaluation. Funding adjustments at HASI may moderately affect financial operations and market perception without fundamentally altering long-term trajectory.

19 Jun

4 , 10:15 AM
Yield, liquidity and policy risks shape HA Sustainable Infrastructure Capital stock outlook and may pressure future performance. Yield liquidity and policy risks carry potential to significantly shift HASI trajectory and investor sentiment.

3 , 10:15 AM
HASI capitalizes on recurring income streams and energy transition finance trends to support ongoing performance. Recurring income and energy transition finance trends moderately support HASI financial performance and positioning.

16 Jun

3 , 7:00 AM
HA Sustainable Infrastructure Capital, Inc. priced $1 billion of 5.950% green senior unsecured notes due 2033. The $1 billion green notes issuance supplies fresh capital that moderately expands HASI's funding capacity for infrastructure investments.

12 Jun

3 , 1:57 PM
HA Sustainable Infrastructure Capital (HASI) reported Q1 earnings, positioned against peer specialty finance stocks. Q1 earnings and peer comparisons may moderately shift near-term investor views on HASI.

5 Jun

4 Simply Wall St., 8:17 PM
HA Sustainable Infrastructure Capital partners with KKR to expand clean energy investment capacity, with implications for its valuation. New KKR partnership expands HASI clean energy investment capacity and directly influences valuation.

4 Jun

4 Insider Monkey, 8:21 AM
Market expansion opportunities are boosting HA Sustainable Infrastructure Capital’s (HASI) growth potential. Market expansion opportunities position HASI for significant future growth and improved performance.

19 May

3 Simply Wall St., 5:14 PM
HASI reported Q1 net loss with revenue growth, sustained dividend payouts, and key leadership departures, triggering mixed investor reactions and stock volatility. Mixed Q1 results plus leadership changes may shift strategy and near-term investor sentiment without fundamentally redefining HASI's trajectory.

18 May

3 StockStory, 7:40 AM
HA Sustainable Infrastructure Capital’s Q1 earnings call featured five key analyst questions on strategy, operations, and growth outlook. Earnings call questions supply operational details and forward guidance that can moderately shift investor sentiment and near-term stock movement.

12 May

4 StockStory, 1:32 AM
HA Sustainable Infrastructure Capital, Inc. (HASI) delivered strong Q1 results fueled by renewable investment growth and enhanced capital efficiency. Renewable investment expansion and capital efficiency gains represent major strategic advancements enhancing HASI's growth trajectory and investor appeal.

10 May

4 www.marketbeat.com, 3:04 PM
HA Sustainable Infrastructure Capital, Inc. (HASI) released Q1 earnings call highlights covering financial results, portfolio growth, investment activities, and forward guidance. Q1 earnings highlights detail financial performance, new investments, and outlook shaping HASI's growth trajectory and investor confidence.

9 May

3 Simply Wall St., 10:20 AM
HA Sustainable Infrastructure Capital (HASI) stock rallied 72% in one year, sparking debate on whether investors should reassess amid high valuation multiples, strong growth in renewables lending, and potential upside from battery storage and digital infrastructure. HASI's 72% rally highlights valuation risks and growth opportunities that could moderately sway investor sentiment and near-term performance.

8 May

4 app.moby.co, 8:30 AM
HA Sustainable Infrastructure Capital, Inc. (HASI) released Q1 2026 earnings call summary highlighting financial results, portfolio updates, and forward guidance. Q1 earnings call summary discloses key financial metrics and strategic outlook significantly shaping HASI's trajectory and investor sentiment.

7 May

4 StockStory, 5:25 PM
HA Sustainable Infrastructure Capital (NYSE:HASI) reported surprisingly strong Q1 CY2026 results. Strong Q1 CY2026 earnings surprise signals improved financial performance and boosts investor sentiment significantly.

4 Business Wire, 4:05 PM
HA Sustainable Infrastructure Capital, Inc. (HASI) announced first quarter 2026 results with 20% year-over-year growth in Adjusted EPS and a record Adjusted ROE of 15.7%. Strong 20% Y/Y Adjusted EPS growth and record 15.7% ROE demonstrate robust financial performance likely to enhance market position and investor sentiment.

4 Business Wire, 4:02 PM
CarbonCount Holdings 1 LLC plans to issue $508 million of 20-year fixed-rate senior unsecured notes. $508 million long-term debt issuance by CarbonCount Holdings 1 LLC provides HASI substantial funding for infrastructure growth.

3 Zacks, 7:05 PM
HA Sustainable Infrastructure Capital, Inc. (HASI) reported first-quarter earnings surpassing analyst estimates. Surpassing Q1 earnings estimates positively impacts HASI's financial performance and investor sentiment but remains limited to quarterly results.

3 Business Wire, 4:07 PM
HA Sustainable Infrastructure Capital, Inc. (HASI) announces executive appointments. Executive appointments influence leadership and strategic direction, potentially impacting financial performance and competitive positioning.
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