Ha Sustainable Infrastructure Capital, Inc. HASI

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 38.29 USD on Nov 2, 2026, +26.1% year to date

Quant rating

Quant rating A Rank 117 of 799 in Financials

Growth A 86 of 799
Valuation D 604 of 799
Quality A 74 of 799
Revisions B 223 of 799
Momentum B 269 of 799

Wall Street consensus Buy (1.87)Average target 48.57 USD +26.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.9B
Enterprise value: 10.6B
52-week range: 27.31 – 44.11
3-year range: 18.80 – 44.11
Dividend yield: 4.57%
Beta (5 years): 1.38
Shares outstanding: 128M
Next earnings: Nov 5, 2026

About the company

HA Sustainable Infrastructure Capital, Inc. is an investor in sustainable infrastructure assets advancing energy transition. The Company's investments are diversified across multiple asset classes, including utility-scale solar, storage, and onshore wind; distributed solar and storage; renewable natural gas (RNG); and energy efficiency. It partners with clients to deploy real assets that facilitate the energy transition. The Company invests in a variety of asset classes across its three primary climate solutions markets: Behind the Meter, Grid-Connected and Fuels, Transport, and Nature. Behind the Meter includes residential, commercial and industrial, and community solar power and energy storage deployments, as well as energy efficiency. Grid-Connected include utility-scale solar, onshore wind and battery energy storage systems. Fuels, Transport, and Nature include renewable natural gas, fleet decarbonization and ecological restoration.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	401	384	320	240	213	–
Revenue growth	4.4%	19.9%	33.4%	12.5%	14.0%	16.5%
EPS (basic, normalized)	2.70	2.45	2.23	2.08	1.88	–
EPS growth	10.2%	9.9%	7.2%	10.6%	–	–
Gross margin	27.0%	36.8%	46.5%	51.8%	42.9%	41.0%
Net margin	46.1%	51.7%	46.2%	17.0%	59.0%	44.0%
ROE	13.7%	13.1%	12.5%	11.7%	11.6%	12.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	250
Current ratio	–
Long-term debt (mil)	5,821
Net debt (mil)	5,679
Total equity (mil)	2,542
Net debt / equity	2.23x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	401	+4.4%	26.4x	20.17	−6.9%	1.9x	2.70	+10.2%	14.2x
2026	480	+19.8%	22.0x	20.51	+1.7%	1.9x	3.00	+11.1%	12.8x
2027	531	+10.7%	19.9x	21.61	+5.4%	1.8x	3.29	+9.7%	11.6x
2028	598	+12.6%	17.7x	23.13	+7.1%	1.7x	3.60	+9.5%	10.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	480	+0.1%	+3.3%	+3.3%	3.00	+0.1%	+0.7%	+1.4%
2027	531	+0.1%	+2.4%	+1.1%	3.29	0.0%	−0.4%	+0.6%
2028	598	0.0%	+2.0%	+1.1%	3.60	0.0%	0.0%	+0.1%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	106	94.5	81.9	101	96.9	85.7	103	115	124	121
Sales mean (mil)	79.0	79.4	81.3	87.9	97.4	92.4	100	106	111	112
Surprise	+34.0%	+19.0%	+0.7%	+15.2%	−0.4%	−7.3%	+2.9%	+8.3%	+11.5%	+7.4%
EPS reported	0.68	0.63	0.52	0.62	0.64	0.60	0.80	0.67	0.77	0.75
EPS mean	0.57	0.56	0.54	0.57	0.62	0.63	0.69	0.64	0.68	0.73
Surprise	+19.6%	+13.1%	−4.0%	+8.3%	+3.7%	−4.4%	+16.3%	+4.5%	+12.8%	+2.6%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
HASI Ha Sustainable Infrastructure Capital, Inc.	4.9B	–	46.1%	1.93x	12.8x	11.6x	19.4x	22.2x
HLNE Hamilton Lane Incorporated	4.8B	1.68x	32.8%	5.16x	12.2x	11.9x	11.6x	10.8x
MC Moelis & Company	4.8B	−0.25x	15.4%	9.44x	20.0x	15.9x	13.1x	9.5x
PIPR Piper Sandler Companies	4.8B	−0.04x	14.8%	3.32x	15.9x	13.6x	10.0x	8.7x
MRX Marex Group Ltd	4.7B	−8.48x	8.1%	2.51x	11.0x	9.7x	1.5x	1.1x
FHI Federated Hermes Inc	4.6B	0.02x	21.3%	3.74x	11.1x	10.6x	7.9x	7.6x
Mean		−1.41x	23.1%	4.35x	13.8x	12.2x	10.6x	10.0x
Median		−0.04x	18.3%	3.53x	12.5x	11.8x	10.8x	9.1x

Technical analysis

1M+5.6%
3M+2.3%
1Y+44.8%
3Y+139.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ha Sustainable Infrastructure Capital, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	401	384	320	240	213	187
Cost of revenue	292	242	171	116	122	92.2
Gross profit	108	141	149	124	91.5	94.7
Selling, general & administrative expenses	123	114	95.6	93.4	72.9	52.6
Research & development	–	–	–	–	–	–
Interest expense (income), operating	−301	−248	−141	−31.3	−126	−48.0
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	12.1	1.1	11.8	12.8	0.5	10.1
Operating income	273	274	182	49.3	145	80.0
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	273	274	182	49.3	145	80.0
Provision for taxes	85.2	70.2	31.6	7.4	17.2	−2.8
Minority interest	−3.7	−3.6	−1.9	−0.4	−0.8	−0.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	185	200	149	41.5	127	82.4
Extraordinary items	–	–	–	–	–	–
Net income	185	200	149	41.5	127	82.4
EBIT, normalized	−27.2	25.9	41.4	18.0	34.2	32.0
EBITDA, normalized	−27.2	26.1	43.9	21.1	37.5	35.1
Basic EPS, normalized	2.70	2.45	2.23	2.08	1.88	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ha Sustainable Infrastructure Capital, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	110	130	62.6	156	226	286
Receivables	3,394	2,971	126	188	148	248
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	76.3	3.0	111	353	356	359
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	4,416	3,868	3,192	2,057	1,988	1,499
Note receivable	–	–	2,983	1,887	1,299	965
Other long-term assets	3,696	3,209	266	463	506	635
Total assets	8,188	7,080	6,552	4,760	4,148	3,459
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	381	276	163	120	88.9	59.9
Accrued expenses	78.0	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	5,071	4,400	4,247	2,975	2,493	2,189
Minority interest	83.0	68.3	49.4	35.5	21.8	6.9
Other liabilities	459	276	163	120	88.9	59.9
Total liabilities	5,613	4,743	4,460	3,131	2,604	2,256
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.3	1.2	1.1	0.9	0.9	0.8
Additional paid-in capital	2,850	2,593	2,382	1,924	1,728	1,394
Retained earnings (accumulated deficit)	−323	−297	−304	−285	−194	−204
Treasury stock	–	–	–	–	–	–
Other equity	47.1	40.1	13.2	−10.4	9.9	12.6
Total equity	2,575	2,337	2,092	1,629	1,545	1,203
Total liabilities & shareholders' equity	8,188	7,080	6,552	4,760	4,148	3,459

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ha Sustainable Infrastructure Capital, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	188	204	151	41.9	127	82.8
Depreciation, depletion & amortization	0.8	1.0	3.1	4.0	3.8	3.6
Deferred taxes	–	–	–	–	–	–
Non-cash items	−29.2	−182	−107	32.2	−100	6.2
Changes in working capital	7.5	−17.2	52.9	−77.8	−17.5	−19.2
Cash from operations	167	5.9	99.7	0.2	13.3	73.3
Investing activities
Capital expenditures	–	0	0	−4.5	–	0
Other investing cash flows	−856	−131	−1,993	−588	−703	−832
Cash from investing	−856	−131	−1,993	−592	−703	−832
Financing activities
Financing cash flow items	−70.9	16.1	−56.0	−24.8	−31.8	−32.5
Cash dividends paid	−210	−192	−160	−132	−114	−99.9
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	964	377	2,008	674	776	1,094
Cash from financing	684	200	1,792	517	631	962
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−4.9	75.1	−101	−75.1	−59.3	204
Free cash flow	167	5.9	99.7	−4.3	13.3	73.3

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.