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HA Sustainable Infrastructure Capital, Inc.

NYSE•HASI
CEO: Mr. Jeffrey Walter Eckel
Sector: Financial Services
Industry: Financial - Diversified
Listing Date: 2013-04-18
HA Sustainable Infrastructure Capital, Inc., through its subsidiaries, engages in the investment in energy efficiency, renewable energy, and sustainable infrastructure markets in the United States. The company's portfolio includes equity investments, commercial and government receivables, real estate, and debt securities. It invests in climate solution, including Behind-the-Meter that distributes energy projects which reduce energy usage or cost through heating, ventilation, and air conditioning systems, as well as lighting, energy controls, roofs, windows, building shells, and/or combined heat and power systems; Grid-Connected, a renewable energy projects that deploy cleaner energy sources, such as solar, solar-plus-storage, and wind to generate power production; and Fuels, Transport, and Nature, a range of real assets spanning high-emitting economic sectors other than the power grid such as transportation and fuels comprising renewable natural gas plants, transportation fleet enhancements, ecological restoration, and other projects. The company was formerly known as Hannon Armstrong Sustainable Infrastructure Capital, Inc. and changed its name to HA Sustainable Infrastructure Capital, Inc. in June 2024. HA Sustainable Infrastructure Capital, Inc. was founded in 1981 and is headquartered in Annapolis, Maryland.
Contact Information
One Park Place, Suite 200, Annapolis, MD, 21401, United States
410-571-9860
www.hasi.com
Market Cap
$4.61B
P/E (TTM)
24.7
0
Dividend Yield
4.7%
52W High
$40.01
52W Low
$21.98
52W Range
78%
Rank49Top 66.7%
3.2
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.2 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$114.81M+0.00%
4-Quarter Trend

EPS

-$0.43+0.00%
4-Quarter Trend

FCF

$253.83M+0.00%
4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Total Revenue Growth Total Revenue reached $400.5M, increasing 4% from $383.6M in 2024, driven by core income streams.
Portfolio Expansion Managed Assets grew to $16.07B by year-end 2025, up from $13.70B in 2024, supporting asset base.
Core Income Strength Interest and rental income increased 8% to $286.4M, driven by larger receivable/debt portfolio and higher rates.
Future Investment Pipeline Active underwriting pipeline stands at $6.5B in potential new equity, debt, and real estate opportunities for 2026.

Risk Factors

Net Income Decline Net income fell 8% to $188.2M in 2025, despite revenue increases, due to significantly higher total expenses.
Credit Loss Provision Spike Provision for loss on receivables surged 1,047% to $12.1M, reflecting increased loan-specific reserve requirements.
Increased Interest Expense Total interest expense rose 21% to $292.4M due to higher average debt balances and increased borrowing rates.
REIT Status Revocation Company revoked REIT status effective January 1, 2024, now taxed as a C Corporation, impacting distribution flexibility.

Outlook

Financing Strategy Focus Focus remains on lowering cost of capital while managing leverage within 1.7 to 1 debt-to-equity ratio.
Investment Mix Management Portfolio mix is 52% BTM, 34% GC, and 14% FTN assets, expected to vary over time based on criteria.
Leverage Policy Adherence Board-approved leverage limit is 2.5 to 1; operational target range is maintained between 1.8 to 2.0 to 1.
Climate Disclosure Commitment Commitment to transparent disclosure on sustainability, impact, and governance matters remains central to strategy.

Peer Comparison

Revenue (TTM)

GNW stock ticker logoGNW
$6.87B
-3.8%
CNO stock ticker logoCNO
$4.49B
+0.9%
INTR stock ticker logoINTR
$2.61B
+50.1%

Gross Margin (Latest Quarter)

HASI stock ticker logoHASI
99.7%
+70.0pp
HTGC stock ticker logoHTGC
98.1%
+4.1pp
TBBK stock ticker logoTBBK
75.6%
+0.0pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
HASI$4.61B24.77.3%62.0%
ASB$4.12B8.69.8%9.2%
CNO$3.81B17.58.6%10.4%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-14.7%
Growth Under Pressure
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
50%
Cash Flow Needs Attention

Deep Research

Next earnings:May 6, 2026
|
EPS:$0.69
|
Revenue:$35.44M
Financials
Earnings Calls
Reports
News
Income Statement
Balance Sheet
Cash Flow Statement
Ratios
% Chg.
Income Statement
LTM
No Data