HA Sustainable Infrastructure Capital, Inc. HASI

Financials SIC 6799 - Investors, NEC NAICS Finance and Insurance › Securities, Commodity Contracts, and Other Financial Investments and Related Activities › Other Financial Investment Activities derived NYSE

HASI is an investor in sustainable infrastructure assets advancing the energy transition. Our investment strategy is focused on actively partnering with clients to deploy capital primarily in income-generating real assets that are supported by long-term recurring cash flows. This strategy has enabled us to generate attractive risk-adjusted returns and provide stockholders with diversified exposure to the energy transition.

We are internally managed by an executive team that has extensive relevant industry knowledge and experience, and oversees a team of over 170 full-time investment, operating, and technical professionals. We have long-standing, programmatic relationships with some of the leading U.S. clean energy project developers, owners and operators, utilities, and energy service companies, which provide recurring, investment and fee-generating opportunities, while also enabling scale benefits and operational and transactional efficiencies. Partnering with these clients, we make investments in a variety of asset classes across our three primary climate solutions markets:

Last close 36.32 2026-10-23
Market cap $4.67B 2026-06-30 share count
52-week range 27.28 - 44.13

Valuation FY2025 figures against the last close

P/S11.7x
P/E25.8x
P/FCF27.9x
EV/EBITDA—
Dividend yield4.5%
Diluted EPS1.41

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $400.5M$383.6M$319.9M$239.7M$213.2M$186.9M$141.6M$139.4M$106.0M$81.2M
SG&A $30.7M$32.9M$31.3M$29.9M$19.9M$14.8M$14.7M$15.1M$11.2M$8.3M
Interest expense $292.4M$242.4M$171.0M$115.6M$121.7M$92.2M$64.2M$76.9M$65.5M$45.2M
Pre-tax income $273.5M$273.8M$182.4M$49.3M$144.5M$80.0M$90.0M$43.9M$31.9M$14.9M
Income tax $85.2M$70.2M$31.6M$7.4M$17.2M$2.8M$8.1M$2.1M$885.0K$141.0K
Net income $188.2M$203.6M$150.8M$41.9M$127.3M$82.4M$81.6M$41.6M$30.9M$14.7M
EPS, basic 1.491.721.450.471.571.131.250.750.570.32
EPS, diluted 1.411.621.420.471.511.101.240.750.570.32
Shares, diluted (wtd. avg.) 138.2M130.5M109.5M90.6M87.7M74.4M64.8M52.8M50.4M40.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $110.2M$129.8M$75.1M$176.0M$251.1M$310.3M$106.6M$59.4M$118.2M$59.1M
Other intangibles ——$14.0M$84.0M$87.0M$90.0M$93.0M$96.0M$94.0M$27.0M
Total assets $8.19B$7.08B$6.55B$4.76B$4.15B$3.46B$2.39B$2.15B$2.25B$1.75B
Long-term debt ———$433.0M$430.0M$593.0M$700.0M$835.0M$1.21B$692.0M
Total liabilities $5.53B$4.68B$4.41B$3.10B$2.58B$2.25B$1.45B$1.35B$1.61B$1.17B
Retained earnings -$323.1M-$297.5M-$303.5M-$285.5M-$193.7M-$204.1M-$169.8M-$163.2M-$131.3M-$92.2M
Total equity $2.66B$2.41B$2.14B$1.66B$1.57B$1.21B$939.9M$804.5M$642.8M$574.3M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $167.3M$5.9M$99.7M$230.0K$13.3M$73.3M$29.5M$58.8M$11.7M$56.9M
Depreciation and amortisation $780.0K$1.0M$3.1M$4.0M$3.8M$3.6M$3.6M$4.5M$3.5M$7.7M
Stock-based compensation $29.9M$25.6M$19.8M$20.1M$17.0M$16.8M$14.2M$10.1M$11.3M$10.1M
Investing cash flow -$855.8M-$131.2M-$1.99B-$592.1M-$703.4M-$831.7M-$201.1M$50.8M-$297.9M-$190.6M
Financing cash flow $683.6M$200.4M$1.79B$516.8M$630.8M$962.1M$218.9M-$168.4M$345.2M$113.7M
Dividends paid $209.8M$192.3M$159.8M$132.2M$113.5M$99.9M$86.4M$71.0M$68.2M$49.5M

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 0001561894-26-000061.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 200M 400M 600M Revenue, FY2016: 81.2M Net income, FY2016: 14.7M Revenue, FY2017: 106M Net income, FY2017: 30.9M Revenue, FY2018: 139.4M Net income, FY2018: 41.6M Revenue, FY2019: 141.6M Net income, FY2019: 81.6M Revenue, FY2020: 186.9M Net income, FY2020: 82.4M Revenue, FY2021: 213.2M Net income, FY2021: 127.3M Revenue, FY2022: 239.7M Net income, FY2022: 41.9M Revenue, FY2023: 319.9M Net income, FY2023: 150.8M Revenue, FY2024: 383.6M Net income, FY2024: 203.6M Revenue, FY2025: 400.5M Net income, FY2025: 188.2M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $81.2M $106.0M $139.4M $141.6M $186.9M $213.2M $239.7M $319.9M $383.6M $400.5M
Gross profit — — — — — — — — — —
Net income $14.7M $30.9M $41.6M $81.6M $82.4M $127.3M $41.9M $150.8M $203.6M $188.2M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Other event Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.