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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. 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%
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 (above 35: high)
Fwd P/E 29.30
P/S ratio 10.06 (above 10: high)
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% (at or above 10%: strong)
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.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
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 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

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 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.

Source: company filings (standardised) and stockrow calculations.

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

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