Saturday 17 October 2026 Export HASI’s income statement to Excel — free account

HA Sustainable Infrastructure Capital, Inc.

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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Market cap: $4.7B
P/E: 55.2×
Fwd P/E: 29.3×
Dividend yield: 4.65%
F-score: 2/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 5.27

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	1	—	—	—	—	—	—	—	—

Insider Ownership 0.89%

Capital & Financial Ratios $m

Market Cap 4,730.00

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 55.18

Fwd P/E 29.30

P/S ratio 10.06

P/B ratio 1.76

Past 5Y EPS Growth 5.09%

This Y EPS Growth 12.23%

Next Y EPS Growth 10.03%

Next Y revenue growth 18.25%

Next 5Y EPS Growth 10.64%

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

Valuation vs history

P/E against its own 10 years 77.77%

10-year low 10-year high

P/S against its own 10 years 39.44%

10-year low 10-year high

P/B against its own 10 years 54.48%

10-year low 10-year high

Dividends

Payout Ratio 3.20

Annual Dividend Rate 1.70

Annual Dividend Yield 4.65%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.71	0.43 0.43 0.43
2025	1.68	0.42 0.42 0.42 0.42
2024	1.66	0.42 0.42 0.42 0.42
2023	1.58	0.40 0.40 0.40 0.40
2022	1.50	0.38 0.38 0.38 0.38
2021	1.40	0.35 0.35 0.35 0.35
2020	1.36	0.34 0.34 0.34 0.34
2019	1.34	0.34 0.34 0.34 0.34
2018	1.32	0.33 0.33 0.33 0.33
2017	1.32	0.33 0.33 0.33 0.33
2016	1.23	0.30 0.30 0.30 0.33

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	63	130	110	250
Receivables	3,109	2,971	3,394	3,218
Inventory	—	—	—	—
Other	—	—	—	—
	3,172	3,101	3,504	3,468

	2023	2024	2025	Q'26
Payables	163	276	381	390
ST’ Debt	—	—	—	—
Other	—	—	—	—
	163	276	381	390

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	124	121	—	—	—
’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	—	—	—
’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	—	—	—
’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.

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

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	15.69	18.02	17.33	18.92	15.01	44.69	21.56	13.22	21.77	21.98	Analyst estimates 2026–2028 Powerpack
	High	25.21	25.28	24.23	32.91	66.35	72.42	54.69	39.67	36.56	34.54
People
People	Employees	40	47	49	60	73	99	114	139	158	178
	Revenue/emp, $m	2.03	2.26	2.84	2.36	2.56	2.15	2.10	2.30	2.43	2.25
Income, $m
Income, $m	Revenue	81	106	139	142	187	213	240	320	384	401
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
	EBT	15	32	44	90	80	145	49	182	274	273
	EBT margin, %	18.35	30.12	31.52	63.58	42.79	67.79	20.56	57.02	71.38	68.29
	Net income	15	31	42	82	83	127	42	151	204	188
	Depreciation	8	13	15	10	11	15	16	16	18	16
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
	Earnings	0.32	0.61	0.75	1.25	1.13	1.57	0.47	1.45	1.72	1.49
	Cash flow	1.41	0.23	1.11	0.46	1.01	0.17	0.00	0.98	0.05	1.36
	Capex	(0.44)	(3.40)	(0.52)	0.00	0.00	0.00	0.00	0.00	1.00	0.00
	Free cash flow	0.97	(3.16)	0.59	0.46	1.01	0.17	0.00	0.98	1.05	1.36
	Book value	14.25	12.76	15.24	14.71	16.72	19.58	19.03	21.03	20.81	21.61
	Shares, m	40	50	53	64	72	80	88	102	116	123
Valuation, ×
Valuation, ×	P/E	54.63	41.40	25.19	25.34	56.13	34.49	58.04	19.61	15.51	20.95
	P/S	9.49	11.41	7.21	14.53	24.57	19.93	10.38	8.74	8.08	9.65
	P/B	1.34	1.88	1.25	2.19	3.79	2.71	1.49	1.31	1.29	1.45
	EV/Sales	21.14	24.35	15.97	24.32	34.75	30.57	22.14	21.82	19.21	22.23
	EV/FCF	43.83	(16.20)	692.54	(131.99)	366.85	(154.15)	(610.76)	76.90	60.60	31.45
Cash, $m
Cash, $m	Operating cash flow	57	12	59	29	73	13	0	100	6	167
	Capex	(18)	(171)	(28)	—	—	—	—	—	116	—
	Free cash flow	39	(159)	31	29	73	13	0	100	122	167
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
	Total debt	975	1,428	1,242	1,393	2,189	2,493	2,975	4,247	4,400	5,149
	Net debt	946	1,371	1,220	1,387	1,903	2,267	2,820	4,185	4,270	5,039
	Shareholders’ equity	574	643	805	940	1,210	1,567	1,665	2,142	2,405	2,658
Returns, %
Returns, %	ROA	0.80	1.54	1.89	3.59	2.82	3.33	0.93	2.63	2.93	2.42
	ROIC	2.22	2.33	3.05	2.42	2.49	2.28	1.86	2.10	2.51	2.15
	ROE	2.55	5.07	5.75	9.35	7.67	9.12	2.57	7.82	8.80	7.29

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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	18.8×	11.4×	−7.06% (below 0%: shrinking)	−94.12% (below 0%: shrinking)	+353.76% (above 0%: growing)	100.00%	85.77%	Compare
MAAS Maase Inc. - Sponsored ADR	$5.5B	— (loss-making)	— (loss-making)	−60.12% (below 0%: shrinking)	+62.50% (above 0%: growing)	+82.86% (above 0%: growing)	0.00%	0.00%	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
OBDC Blue Owl Capital Corporation	$5.1B	18.1×	12.1×	−17.39% (below 0%: shrinking)	−51.85% (below 0%: shrinking)	−45.84% (below 0%: shrinking)	100.00%	74.72%	Compare
MAIN Main Street Capital Corporation	$5.1B	10.8×	15.2×	+3.89% (above 0%: growing)	+15.33% (above 0%: growing)	+13.70% (above 0%: growing)	100.00%	87.20%	Compare
HASI HA Sustainable Infrastructure Capital, Inc.	$4.7B	55.2×	29.3×	+40.97% (above 0%: growing)	+25.00% (above 0%: growing)	−14.48% (below 0%: shrinking)	100.00%	80.56%
HLNE Hamilton Lane Inc.	$4.6B	12.3×	12.3×	+56.48% (above 0%: growing)	+49.23% (above 0%: growing)	−40.94% (below 0%: shrinking)	100.00%	45.93%	Compare
OTF Blue Owl Technology Finance Corp.	$4.3B	11.4×	26.7×	+5.81% (above 0%: growing)	−23.26% (below 0%: shrinking)	+22.79% (above 0%: growing)	100.00%	82.00%	Compare
FHI Federated Hermes, Inc.	$4.2B	10.4×	11.3×	+18.34% (above 0%: growing)	+18.97% (above 0%: growing)	+342.66% (above 0%: growing)	100.00%	26.43%	Compare
Median of peers	$5.1B	11.9×	12.1×	+3.95%	+15.33%	+18.25%	100.00%	60.33%

All 120 Asset Management stocks →

HA Sustainable Infrastructure Capital, Inc. (HASI) key facts

Strength: HA Sustainable Infrastructure Capital, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $400.5 million, up 4.41% from fiscal 2024.
HA Sustainable Infrastructure Capital, Inc. (HASI) is an Asset Management company in the Financial sector, listed on the New York Stock Exchange.
As of October 16, 2026, HASI traded at $36.42, a market capitalization of $4.7 billion.
HA Sustainable Infrastructure Capital, Inc. pays an annual dividend of $1.70 per share, a yield of 4.65%.
Return on equity was 7.29% and debt-to-equity 2.23.
Its Piotroski F-score is 2 out of 9 for fiscal 2025.