Saturday 17 October 2026
Export HASI’s income statement to Excel — free account
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. In the quarter to June 2026, revenue grew 41.0%, EPS grew 25.0%, free cash flow fell 14.5% and total debt rose 25.1%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for ten.
36.42
0.38
−1.03%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
20.95 | 15.51 | 19.61 | 58.04 | 34.49 | 56.13 | 25.34 | 25.19 | 41.40 | 54.63 |
Piotroski F-Score |
2 | 4 | 5 | 2 | 4 | 4 | 3 | 6 | 4 | 7 |
P/S ratio |
9.65 | 8.08 | 8.74 | 10.38 | 19.93 | 24.57 | 14.53 | 7.21 | 11.41 | 9.49 |
P/FCF ratio |
13.65 | 25.49 | 30.80 | 0.00 | 0.00 | 259.37 | 0.00 | 312.84 | 0.00 | 19.67 |
P/Operating CF |
15.67 | (254.05) | 380.41 | (39.04) | (507.25) | 214.36 | (980.84) | 34.67 | (124.13) | 131.69 |
P/B ratio |
1.45 | 1.29 | 1.31 | 1.49 | 2.71 | 3.79 | 2.19 | 1.25 | 1.88 | 1.34 |
Price to Tangible BV |
1.50 | 1.52 | 1.57 | 1.91 | 3.53 | 5.43 | 3.57 | 1.30 | 1.98 | 1.42 |
EV/Sales |
22.23 | 19.21 | 21.82 | 22.14 | 30.57 | 34.75 | 24.32 | 15.97 | 24.35 | 21.14 |
EV/EBITDA |
31.65 | 25.74 | 30.55 | 35.57 | 42.06 | 47.90 | 34.40 | 19.54 | 29.23 | 27.82 |
EV/Operating CF |
53.22 | 1,259.39 | 70.02 | 23,078.71 | 489.59 | 88.62 | 116.78 | 37.86 | 220.22 | 30.19 |
EV/FCF |
31.45 | 60.60 | 76.90 | (610.76) | (154.15) | 366.85 | (131.99) | 692.54 | (16.20) | 43.83 |
Quick Ratio |
9.20 | 11.25 | 19.42 | 18.57 | 18.82 | 25.03 | 21.45 | 26.46 | 40.95 | 42.49 |
Current Ratio |
9.20 | 11.25 | 19.42 | 18.57 | 18.82 | 25.03 | 21.45 | 26.46 | 40.95 | 42.49 |
Net Debt/EBITDA |
17.91 | 14.91 | 18.31 | 18.89 | 14.63 | 14.04 | 13.85 | 10.71 | 15.53 | 15.34 |
Debt/Assets |
62.89% | 62.14% | 64.82% | 62.50% | 60.10% | 63.28% | 58.35% | 57.63% | 63.48% | 55.87% |
Debt/Equity |
1.94 | 1.83 | 1.98 | 1.79 | 1.59 | 1.81 | 1.48 | 1.54 | 2.22 | 1.70 |
Asset Turnover |
0.05 | 0.06 | 0.06 | 0.05 | 0.06 | 0.06 | 0.06 | 0.06 | 0.05 | 0.05 |
Operating CF/Net income |
0.91 | 0.03 | 0.67 | 0.01 | 0.11 | 0.89 | 0.36 | 1.41 | 0.38 | 4.42 |
Capex/Depreciation |
0.00 | 6.42 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (1.81) | (12.98) | (2.31) |
Interest Coverage |
0.91 | 1.11 | 1.24 | 1.16 | 1.15 | 1.35 | 1.40 | 1.28 | 1.15 | 1.19 |
| 7.29% | 8.80% | 7.82% | 2.57% | 9.12% | 7.67% | 9.35% | 5.75% | 5.07% | 2.55% | |
| 2.42% | 2.93% | 2.63% | 0.93% | 3.33% | 2.82% | 3.59% | 1.89% | 1.54% | 0.80% | |
ROIC |
2.15% | 2.51% | 2.10% | 1.86% | 2.28% | 2.49% | 2.42% | 3.05% | 2.33% | 2.22% |
Return on Tangible Assets |
5.77% | 7.06% | 4.77% | 1.68% | 6.53% | 4.58% | 5.53% | 3.21% | 2.26% | 1.05% |
Average Days of Receivables |
3,093.13 | 2,827.35 | 3,547.81 | 3,159.57 | 2,476.22 | 2,370.57 | 2,989.50 | 2,473.54 | 3,419.49 | 4,685.05 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
30.75% | 29.78% | 29.90% | 38.95% | 34.19% | 28.15% | 30.70% | 29.23% | 29.14% | 33.46% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
7.46% | 6.68% | 6.18% | 8.38% | 8.00% | 8.98% | 10.00% | 7.22% | 10.67% | 12.38% |
Graham Net Nets |
(0.52) | (0.51) | (0.44) | (0.35) | (0.21) | (0.16) | (0.14) | (0.38) | (0.46) | (0.13) |
Graham Number |
27.01 | 28.46 | 25.74 | 14.48 | 26.05 | 20.62 | 20.50 | 16.11 | 12.91 | 10.60 |
Earnings Yield |
4.77% | 6.45% | 5.10% | 1.72% | 2.90% | 1.78% | 3.95% | 3.97% | 2.42% | 1.83% |
Free Cash Flow Yield |
7.32% | 3.92% | 3.25% | (0.35%) | (0.99%) | 0.39% | (1.27%) | 0.32% | (13.17%) | 5.08% |
Revenue per Share |
3.26 | 3.32 | 3.14 | 2.74 | 2.66 | 2.58 | 2.22 | 2.64 | 2.10 | 2.02 |
Operating CF per Share |
1.36 | 0.05 | 0.98 | 0.00 | 0.17 | 1.01 | 0.46 | 1.11 | 0.23 | 1.41 |
Capex per Share |
0.00 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.52) | (3.40) | (0.44) |
Free Cash Flow per Share |
1.36 | 1.05 | 0.98 | 0.00 | 0.17 | 1.01 | 0.46 | 0.59 | (3.16) | 0.97 |
Cash per Share |
0.90 | 1.12 | 0.62 | 1.78 | 2.83 | 3.95 | 0.10 | 0.41 | 1.14 | 0.73 |
Shareholders Equity per Share |
21.61 | 20.81 | 21.03 | 19.03 | 19.58 | 16.72 | 14.71 | 15.24 | 12.76 | 14.25 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
21.61 | 20.81 | 21.03 | 19.03 | 19.58 | 16.72 | 14.71 | 15.24 | 12.76 | 14.25 |
Free Cash Flow |
167.32 | 121.62 | 99.69 | 0.23 | 13.31 | 73.28 | 29.49 | 31.24 | (159.26) | 39.16 |
Working Capital |
3,123.50 | 2,825.51 | 3,008.48 | 2,110.85 | 1,583.49 | 1,440.21 | 1,111.46 | 929.57 | 1,024.57 | 1,046.45 |
Capital Expenditures |
— | 115.77 | — | — | — | — | — | (27.55) | (170.98) | (17.69) |
Net Current Asset Value |
(2,025.89) | (1,574.02) | (1,238.94) | (864.44) | (909.44) | (748.76) | (281.55) | (384.31) | (557.18) | (99.88) |
EV/EBIT |
33.57 | 27.47 | 32.86 | 39.74 | 46.61 | 52.29 | 38.23 | 22.56 | 34.36 | 31.77 |
Capex to Sales |
0.00 | (0.30) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.20 | 1.61 | 0.22 |
Price to Operating Income |
14.57 | 11.55 | 13.16 | 18.63 | 30.40 | 36.97 | 22.83 | 10.19 | 16.10 | 14.26 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.21 | 1.84 | 0.14 | 0.04 | 0.04 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 |
Cash ROIC |
2.11% | 1.75% | 1.55% | 0.00% | 0.31% | 1.99% | 1.26% | 1.51% | (7.48%) | 2.48% |
Accounts Receivable Turnover |
0.13 | 0.13 | 0.12 | 0.14 | 0.16 | 0.16 | 0.13 | 0.14 | 0.10 | 0.08 |
Accounts Payable Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
3,182.69 | 3,040.27 | 2,592.20 | 1,760.70 | 1,330.03 | 1,186.76 | 1,052.13 | 968.80 | 1,017.59 | 1,017.59 |
Average Payables |
328.17 | 219.47 | 141.71 | 104.49 | 74.41 | 57.15 | 45.43 | 31.08 | 25.43 | 21.55 |
Average Assets |
7,634.11 | 6,816.30 | 5,656.25 | 4,454.23 | 3,803.69 | 2,923.17 | 2,271.09 | 2,202.54 | 1,998.03 | 1,607.75 |
Average Common Equity |
2,531.47 | 2,273.35 | 1,903.19 | 1,615.63 | 1,388.33 | 1,075.03 | 872.22 | 723.65 | 608.56 | 503.22 |
Columns are period end dates