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HA Sustainable Infrastructure Capital, Inc.

HASI Financial Asset Management

HA Sustainable Infrastructure Capital, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $400.5 million, up 4.41% from fiscal 2024.

Revenue
+11.1%
EPS
+72.7%
Free cash flow
−14.5%
Total debt
+24.4%

Quarter to September 2026, against a year earlier

38.67 1.01 −2.55%
Market cap
$5.1B
P/E
35.0×
Fwd P/E
24.0×
Dividend yield
4.25%
F-score
2/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 5.27
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 — — — — — — — — —
Insider Ownership 0.98%

Capital & Financial Ratios $m

Size
Market Cap 5,100.00
Revenue ttm 474.29
Net income ttm 145.62
Free cash flow ttm 386.53
Net debt Q 6,353.54
Valuation
P/E 34.96
Forward P/E 24.00
Price / sales 10.75 (above 10: high)
Forward P/S Powerpack
Price / FCF 10.15
Price / book 1.86
Financial health
Current ratio Q 0.00
Debt / equity Q 2.36
Interest coverage Q 0.76
Growth
Revenue growth Q +11.06% (above 0%: growing)
Operating income growth Q +10.19% (above 0%: growing)
EPS, this year +12.47%
EPS, next year A +9.91%
Revenue, next year A +18.25% (at or above 10%: strong)
EPS, past 5 yrs +5.09%
EPS, next 5 yrs A +10.69%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 48.15%
10-year low 10-year high
P/S against its own 10 years 49.54%
10-year low 10-year high
P/B against its own 10 years 63.88%
10-year low 10-year high

Dividends raised 7 years running

Yield
4.25%
Annual rate
1.70
Payout ratio
176.6%
Growth, 2017–25
+3.06%/yr
  1. 1.32 ’17
  2. 1.32 ’18 +0
  3. 1.34 ’19 +2
  4. 1.36 ’20 +1
  5. 1.40 ’21 +3
  6. 1.50 ’22 +7
  7. 1.58 ’23 +5
  8. 1.66 ’24 +5
  9. 1.68 ’25 +1
  10. 1.71 ’26e +2
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 63 130 110 102
Receivables 3,109 2,971 3,394 —
Inventory — — — —
Other — — — —
3,172 3,101 3,504 —
2023 2024 2025 Q'26
Payables 163 276 381 439
ST’ Debt — — — —
Other — — — —
163 276 381 439

Compound Annual Growth %

10y 5y 3y
Sales 21.17% 16.47% 18.66%
Cash Flow 24.62% 17.95% 799.37%
Earnings 36.94% 17.49% 64.44%
Book Value 19.92% 17.04% 16.88%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.73 Actual 0.75

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.69 0.80 Beat by 0.11
Q4 FY25 0.66 0.67 Beat by 0.01
Q1 FY26 0.68 0.77 Beat by 0.09
Q2 FY26 0.73 0.75 Beat by 0.02
Q3 FY26 0.74 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.57) 0.92 1.04 — —
’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
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 124 121 114 — —
’25 97 86 103 115 401
’24 106 95 82 101 384
’23 69 74 90 87 320
’22 58 63 60 58 240
’21 52 59 49 54 213
’20 41 49 49 49 187
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 16 68 56 — —
’25 (37) 80 (122) 247 167
’24 21 (25) 22 (12) 6
’23 49 17 27 7 100
’22 (32) 5 91 (64) 0
’21 (18) 16 24 (8) 13
’20 12 28 12 21 73
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 16 68 56 — —
’25 (37) 80 (122) 247 167
’24 137 (25) 22 (12) 122
’23 49 17 27 7 100
’22 (36) 5 91 (64) 0
’21 (18) 16 24 (8) 13
’20 12 28 12 21 73
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 81 106 139 142 187 213 240 320 384 401 474 +19.4% 474 525 598 +14.3%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 15 32 44 90 80 145 49 182 274 273 209 +38.2%
EBT margin, % 18.35 30.12 31.52 63.58 42.79 67.79 20.56 57.02 71.38 68.29 44.03 +49.9 pt
Net income 15 31 42 82 83 127 42 151 204 188 146 +32.7%
Per share, $
Per share, $ Revenue 2.02 2.10 2.64 2.22 2.58 2.66 2.74 3.14 3.32 3.26 3.71 +5.5%
Earnings 0.32 0.61 0.75 1.25 1.13 1.57 0.47 1.45 1.72 1.49 1.14 +18.6%
Cash flow 1.41 0.23 1.11 0.46 1.01 0.17 0.00 0.98 0.05 1.36 3.02 (0.4%)
Capex (0.44) (3.40) (0.52) 0.00 0.00 0.00 0.00 0.00 1.00 0.00 0.00 n/m
Free cash flow 0.97 (3.16) 0.59 0.46 1.01 0.17 0.00 0.98 1.05 1.36 3.02 +3.8%
Book value 14.25 12.76 15.24 14.71 16.72 19.58 19.03 21.03 20.81 21.61 21.38 +4.7%
Shares, m 40 50 53 64 72 80 88 102 116 123 127 +13.2%
Valuation, ×
Valuation, × P/E 54.63 41.40 25.19 25.34 56.13 34.49 58.04 19.61 15.51 20.95 34.96 35.1
P/S 9.49 11.41 7.21 14.53 24.57 19.93 10.38 8.74 8.08 9.65 10.75 12.4
P/B 1.34 1.88 1.25 2.19 3.79 2.71 1.49 1.31 1.29 1.45 1.86 1.9
EV/Sales 21.14 24.35 15.97 24.32 34.75 30.57 22.14 21.82 19.21 22.23 — 23.6
EV/FCF 43.83 (16.20) 692.54 (131.99) 366.85 (154.15) (610.76) 76.90 60.60 31.45 — 35.9
Cash, $m
Cash, $m Operating cash flow 57 12 59 29 73 13 0 100 6 167 387 +12.7%
Capex (18) (171) (28) — — — — — 116 — 116 n/m
Free cash flow 39 (159) 31 29 73 13 0 100 122 167 387 +17.5%
Balance, $m
Balance, $m Working capital 1,046 1,025 930 1,111 1,440 1,583 2,111 3,008 2,826 3,124 (439) +12.9%
Net debt 946 1,371 1,220 1,387 1,903 2,267 2,820 4,185 4,270 5,039 6,354 +20.4%
Shareholders’ equity 574 643 805 940 1,210 1,567 1,665 2,142 2,405 2,658 2,736 +18.6%
Returns, %
Returns, % ROA 0.80 1.54 1.89 3.59 2.82 3.33 0.93 2.63 2.93 2.42 1.68 +1.6 pt
ROIC 2.22 2.33 3.05 2.42 2.49 2.28 1.86 2.10 2.51 2.15 2.23 (0.1) pt
ROE 2.55 5.07 5.75 9.35 7.67 9.12 2.57 7.82 8.80 7.29 5.51 +4.7 pt
People
People Employees 40 47 49 60 73 99 114 139 158 178 — +18.0%
Revenue/emp, $m 2.03 2.26 2.84 2.36 2.56 2.15 2.10 2.30 2.43 2.25 — +1.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

HA Sustainable Infrastructure Capital, Inc. vs peers in Asset Management (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
BXSL Blackstone Secured Lending Fund $5.6B 20.1× 14.3× −12.10% (below 0%: shrinking) −12.28% (below 0%: shrinking) +210.81% (above 0%: growing) 100.00% 81.57% Compare
OBDC Blue Owl Capital Corporation $5.3B 15.9× 14.2× −13.47% (below 0%: shrinking) +48.00% (above 0%: growing) +147.77% (above 0%: growing) 100.00% 75.02% Compare
MAIN Main Street Capital Corporation $5.3B 11.5× 13.3× +3.89% (above 0%: growing) +15.33% (above 0%: growing) +13.70% (above 0%: growing) 100.00% 87.20% Compare
STEP StepStone Group Inc. $5.2B — (loss-making) 3.9× +4.01% (above 0%: growing) n/m −1,113.70% (below 0%: shrinking) 100.00% (54.06%) Compare
HASI HA Sustainable Infrastructure Capital, Inc. $5.1B 60.4× 24.0× +40.97% (above 0%: growing) +25.00% (above 0%: growing) −14.48% (below 0%: shrinking) 100.00% 80.56%
HLNE Hamilton Lane Inc. $5.0B 10.6× 11.3× +7.10% (above 0%: growing) +111.53% (above 0%: growing) +130.39% (above 0%: growing) 100.00% 42.23% Compare
FHI Federated Hermes, Inc. $4.7B 11.6× 10.4× +8.07% (above 0%: growing) +11.94% (above 0%: growing) +18.31% (above 0%: growing) 100.00% 30.22% Compare
OTF Blue Owl Technology Finance Corp. $4.4B 12.2× 20.5× +5.80% (above 0%: growing) −4.00% (below 0%: shrinking) +14.45% (above 0%: growing) 100.00% 0.00% Compare
CNS Cohen & Steers Inc $3.8B 22.4× 21.1× +11.08% (above 0%: growing) +1.23% (above 0%: growing) −62.01% (below 0%: shrinking) 100.00% 32.44% Compare
Median of peers $5.1B 12.2× 13.8× +4.90% +11.94% +16.38% 100.00% 37.34%

All 121 Asset Management stocks →

Pay and ownership Proxy statement filed 13 April 2026

Ownership

Directors and executive officers, together 2.20%
Blackrock, Inc. 14.60%
Wellington Management Group LLP 10.30%
T. Rowe Price Investment Management, Inc. 5.10%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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

6 Nov

Impact 3 · · The Motley Fool transcript
Impact 3 · · GuruFocus.com

5 Nov

Impact 3 · · Business Wire

29 Oct

Impact 4 · · Business Wire

27 Oct

Impact 4 · · Business Wire

18 Oct

Impact 3 · · Simply Wall St.

11 Sep

Impact 3 ·

10 Sep

Impact 4 ·

10 Aug

Impact 4 ·
Impact 3 ·

9 Aug

Impact 3 ·

8 Aug

Impact 3 · · MarketBeat transcript

7 Aug

Impact 4 ·

6 Aug

Impact 4 ·
Impact 4 ·
Impact 3 ·

1 Aug

Impact 3 ·

20 Jul

Impact 4 ·
Impact 3 ·

19 Jun

Impact 4 ·
Impact 3 ·

16 Jun

Impact 3 ·

12 Jun

Impact 3 ·

5 Jun

Impact 4 · · Simply Wall St.

4 Jun

Impact 4 · · Insider Monkey

19 May

Impact 3 · · Simply Wall St.

18 May

Impact 3 · · StockStory

12 May

Impact 4 · · StockStory

10 May

Impact 4 · · MarketBeat

9 May

Impact 3 · · Simply Wall St.

HASI metrics, ten years each

stockrow.com/HASI · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com