Ameresco, Inc. AMRC
Ameresco is a leading energy infrastructure solutions provider dedicated to helping customers reduce costs, enhance resilience, and decarbonize to net zero in the global energy transition. Our comprehensive portfolio includes implementing smart energy efficiency solutions, upgrading aging infrastructure, and developing, constructing, and operating distributed energy resources.
Our solutions range from upgrades to facility's energy infrastructure to the development, construction and operation of renewable energy plants combined with tailored financial solutions. We work with customers on both sides of the meter to reduce operating expenses, upgrade and maintain facilities, stabilize energy costs, improve occupancy comfort levels, increase energy reliability and enhance the environment.
Valuation FY2024 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.77B | $1.37B | $1.82B | $1.22B | $1.03B | $866.9M | $787.1M | $717.2M | $651.2M | $630.8M |
| Cost of revenue | $1.51B | $1.13B | $1.53B | $985.3M | $844.7M | $698.8M | $613.5M | $573.0M | $516.9M | $513.8M |
| Gross profit | $256.1M | $246.4M | $290.8M | $230.4M | $187.5M | $168.1M | $173.6M | $144.2M | $134.3M | $117.1M |
| SG&A | $173.8M | $162.1M | $159.5M | $132.9M | $116.0M | $116.5M | $114.5M | $107.6M | $110.6M | $110.0M |
| Operating income | $108.7M | $82.2M | $133.0M | $95.4M | $71.5M | $51.6M | $59.1M | $36.6M | $23.8M | $7.1M |
| Interest expense | $65.0M | $36.2M | $25.7M | $14.6M | $13.4M | $13.2M | $15.3M | $9.1M | $7.1M | $5.2M |
| Pre-tax income | $33.9M | $38.3M | $105.7M | $78.1M | $56.4M | $36.6M | $42.4M | $28.7M | $16.4M | $292.0K |
| Income tax | $20.0M | $25.6M | $7.2M | $2.0M | $494.0K | $3.7M | $4.8M | $4.8M | $4.4M | $5.0M |
| Net income | $56.8M | $62.5M | $94.9M | $70.5M | $54.1M | $44.4M | $38.0M | $37.5M | $12.0M | $844.0K |
| EPS, basic | 1.08 | 1.20 | 1.83 | 1.38 | 1.13 | 0.95 | 0.83 | 0.82 | 0.26 | 0.02 |
| EPS, diluted | 1.07 | 1.17 | 1.78 | 1.35 | 1.10 | 0.93 | 0.81 | 0.82 | 0.26 | 0.02 |
| Shares, diluted (wtd. avg.) | $53.1M | $53.2M | $53.3M | $52.3M | $49.0M | $47.8M | $46.8M | $45.7M | $46.5M | $47.7M |
Balance sheet
| Fiscal year | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $108.5M | $79.3M | $149.9M | $87.1M | $98.8M | $77.3M | $97.9M | $60.1M | $52.8M | $51.4M |
| Inventory | $11.6M | $13.6M | $14.2M | $8.8M | $8.6M | $9.2M | $7.8M | $8.1M | $12.1M | $13.2M |
| Total current assets | $1.30B | $1.13B | $1.00B | $638.6M | $490.7M | $425.2M | $311.0M | $287.1M | $226.1M | $263.7M |
| Property, plant and equipment | $11.0M | $17.4M | $15.7M | $13.1M | $9.0M | $10.1M | $7.0M | $5.3M | $5.0M | $5.3M |
| Goodwill | $66.3M | $75.6M | $70.6M | $71.2M | $58.7M | $58.4M | $58.3M | $56.1M | $58.0M | $59.1M |
| Other intangibles | $8.8M | $6.8M | $4.7M | $7.0M | $927.0K | $1.6M | $2.0M | $2.4M | $3.9M | $6.8M |
| Total assets | $4.16B | $3.71B | $2.88B | $2.22B | $1.75B | $1.37B | $1.16B | $984.0M | $797.3M | $723.4M |
| Accounts payable | $529.3M | $402.8M | $349.1M | $309.0M | $230.9M | $202.4M | $134.3M | $135.9M | $126.6M | $114.8M |
| Short-term debt | $149.4M | $322.2M | $331.5M | $78.9M | $69.4M | $70.0M | — | — | — | — |
| Total current liabilities | $889.0M | $901.5M | $812.1M | $474.2M | $383.1M | $336.6M | $222.6M | $202.1M | $190.6M | $179.7M |
| Long-term debt | — | — | — | — | — | $266.2M | $219.2M | $173.2M | $140.6M | $100.5M |
| Retained earnings | $652.6M | $595.9M | $533.5M | $438.7M | $368.4M | $314.5M | $269.8M | $235.8M | $194.4M | $182.3M |
| Total equity | $1.01B | $902.0M | $873.0M | $704.3M | $492.8M | $428.9M | $376.9M | $336.6M | $294.3M | $287.4M |
Cash flow
| Fiscal year | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $117.6M | -$70.0M | -$338.3M | -$172.3M | -$102.6M | -$196.3M | -$53.2M | -$135.6M | -$52.6M | -$49.5M |
| Depreciation and amortisation | $89.2M | $65.9M | $54.3M | $44.8M | $40.1M | $37.7M | $29.1M | $23.9M | $22.8M | $21.5M |
| Stock-based compensation | $14.1M | $10.3M | $15.0M | $8.7M | $1.9M | $1.6M | $1.3M | $1.3M | $1.5M | $1.8M |
| Capital expenditure | $4.3M | $5.7M | $5.3M | $4.9M | $2.2M | $6.7M | $3.9M | $2.9M | $2.8M | $1.3M |
| Investing cash flow | -$386.6M | -$566.9M | -$328.4M | -$205.3M | -$181.0M | -$142.2M | -$133.2M | -$88.0M | -$79.6M | -$51.8M |
| Financing cash flow | $313.9M | $640.8M | $730.2M | $365.5M | $305.2M | $317.4M | $224.5M | $230.2M | $134.1M | $100.7M |
| Buybacks | — | — | $0 | $0 | $6.0K | $144.0K | $1.8M | $3.4M | $6.4M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001488139-25-000018.
Others in SIC 1700
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AGX | ARGAN INC | $5.86B | 42.9x | 8.1% |
| LGN | Legence Corp. | $4.03B | — | 21.5% |
| LMB | Limbach Holdings, Inc. | $594.6M | 15.4x | 24.7% |
| BBCP | Concrete Pumping Holdings, Inc. | $529.1M | 116.7x | -9.0% |
| MTRX | MATRIX SERVICE CO | $300.5M | — | 13.6% |
| SMXT | SolarMax Technology, Inc. | $149.7M | — | 295.8% |
| SPWR | SunPower Inc. | $75.2M | — | 175.9% |
| SUNE | SUNation Energy, Inc. | $15.4M | — | 26.5% |