HA Sustainable Infrastructure Capital, Inc.

HA Sustainable Infrastructure Capital, Inc.

HASIยทNYSE

$40.13

-0.17%
Financial ServicesFinancial - Diversified

HA Sustainable Infrastructure Capital, Inc. engages in investing in climate solutions and the provision of capital to assets developed by companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. It focuses on Behind the Meter, Grid-Connected, Fuels, Transport, and Nature climate solutions. The company was founded on November 7, 2012 and is headquartered in Annapolis, MD.

At a Glance

Live Snapshot
Market Cap$5.13B
EPS1.4900
P/E Ratio26.93
Earnings Date08/06/2026

Intrinsic Alpha Methodology

Thesis Lenses

Signal ยท Driver ยท Risk

Signal

High confidence

Valuation multiple is elevated (P/E 26.9).

Valuation inputs: P/E 26.9, earnings yield +3.7%, momentum -0.2%.

If multiples stay elevated while momentum fades, downside repricing risk rises.

Driver

High confidence

Return profile is soft (ROE +7.2%, ROIC +2.2%).

Profitability stack: net margin +46.1%, ROE +7.2%, ROIC +2.2%.

Quality deterioration often appears in margins before it shows up in headline EPS.

Risk

High confidence

Risk profile is balanced but has notable pressure points to monitor.

Risk factors: liabilities/assets +67.5%, momentum -0.2%, net margin +46.1%.

Higher leverage with weak momentum and thin margins can amplify drawdown severity.

hasi

HA Sustainable Infrastructure Capital, Inc. Market vs Earnings Trajectory

HASI ยท NYSE

Loading price and EPS data...

HA Sustainable Infrastructure Capital, Inc.

HA Sustainable Infrastructure Capital, Inc. Fair Value Envelope

HASI ยท NYSE

Our analysis suggests that HASI has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $40.13, this represents a potential HIDDEN relative to our calculated worth for HA Sustainable Infrastructure Capital, Inc..

Intrinsic Value
Current Price: $40.13
3Y+217.0%
5Y+32.0%
10Y+366.0%
3Y+48.0%
5Y+71.0%
10Y+359.0%
3Y+345.0%
5Y+124.0%
10Y+1160.0%
3Y+98480.0%
5Y+209.0%
10Y+299.0%
3Y+98480.0%
5Y+209.0%
10Y+299.0%
3Y+72.0%
5Y+137.0%
10Y+369.0%
HA Sustainable Infrastructure Capital, Inc.

HA Sustainable Infrastructure Capital, Inc. Profit Bridge

HASI ยท NYSE
Revenue400.50M
Cost of Goods Sold (1.56M)
Gross Profit398.94M
Operating Expenses (133.72M)
Operating Income265.22M
Interest Expense (292.40M)
Other Income/Expense8.26M
Pretax Income273.48M
Income Tax (85.25M)
Net Income184.55M
Net Income
184.55M

Profitability Analysis

Gross Margin

99.6%

Exceptional pricing power and cost management. The company retains over half of revenue after direct costs.

Operating Margin

66.2%

Outstanding operational efficiency. The company generates substantial profit from core operations.

Net Profit Margin

46.1%

Exceptional profitability. The company converts a significant portion of revenue to bottom-line earnings.

Effective Tax Rate

31.2%

Higher tax burden may reflect limited tax optimization or operations in high-tax jurisdictions.

Profitability Insight

Exceptional profitability across all levels: Strong pricing power, efficient operations, and healthy bottom line indicate a high-quality business with sustainable competitive advantages.

99.61%
Gross Profit Margin
62%
3Y+74.0%
5Y+64.0%
10Y+81.0%
66.22%
Operating Profit Margin
53%
3Y+264.0%
5Y+94.0%
10Y-203.0%
46.08%
Net Profit Margin
45%
3Y+201.0%
5Y+31.0%
10Y+32.0%
7.17%
Return on Equity
-16%
3Y+181.0%
5Y+5.0%
10Y+179.0%
2.25%
Return on Assets
-20%
3Y+159.0%
5Y-5.0%
10Y+169.0%
2.23%
Return on Invested Capital
-25%
3Y+147.0%
5Y-5.0%
10Y-331.0%
HASI

HA Sustainable Infrastructure Capital, Inc. Cash Conversion Engine

HASI ยท NYSE
Net Income182.63M
Depreciation & Amortization780.00K
Stock-Based Compensation0.00
Change in Working Capital55.77M
Others-12.45M
Capital Expenditures0.00
Free Cash Flow226.73M

Cash Flow Quality Analysis

FCF Conversion Rate

124.1%

Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.

FCF Growth Trend

+3774.5%

Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.

Working Capital Impact

+$55.77M

Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.

Cash Flow Quality Insight

Exceptional cash generation: High-quality earnings converting to growing free cash flow. The company demonstrates strong pricing power, efficient operations, and disciplined capital allocation.

hasi

HA Sustainable Infrastructure Capital, Inc. Funding & Solvency Profile

HASI ยท NYSE
Cash & Cash Equivalents124.50M
Net Receivables3.25B
Inventory0.00
Other Current Assets0.00
Total Current Assets3 B
Property, Plant & Equipment0.00
Goodwill & Intangible Assets0.00
Long-Term Investments0.00
Other Non-Current Assets0.00
Total Non-Current Assets0
Total Assets
8.20B

Financial Health Analysis

Debt-to-Equity Ratio

2.24x

High financial leverage. Heavy reliance on debt may indicate increased financial risk and potential solvency concerns.

Working Capital

3 B

Strong working capital position provides significant operational flexibility and financial cushion.

Asset Composition

42% Current

Balanced asset mix between current and non-current assets, typical of many stable businesses.

hasi

HA Sustainable Infrastructure Capital, Inc. Street Expectations Map

HASI ยท NYSE

Wall Street analysts project that HASI stock may rise significantly over the coming 12 months. The consensus 1-year price target stands at 47.43, with estimates ranging from a low of 38.00 to a high of 57.00.

Lowest Target
38.00
-5.31%
Consensus Target
47.43
18.19%
Highest Target
57.00
42.04%

The consensus 1-year price target stands at 47.43, with estimates ranging from a low of 38.00 to a high of 57.00.

Analyst Consensus Analysis

Upside Potential

+18.2%

Strong upside potential. Consensus indicates attractive return opportunity with favorable risk-reward profile.

Analyst Agreement

40.1% spread

Mixed analyst views. Wide target range suggests differing opinions on key value drivers, growth prospects, or risk factors.

Risk-Reward Profile

7.92x

Favorable risk-reward. Potential upside significantly exceeds downside risk, offering asymmetric return profile attractive for risk-tolerant investors.

Analyst Conviction

Moderate

Neutral sentiment. Fair value pricing with moderate agreement suggests wait-and-see approach or catalyst-driven opportunity.

Market Sentiment Insight

Asymmetric upside: Strong return potential with favorable risk-reward profile. The limited downside relative to upside makes this an attractive risk-adjusted opportunity for growth-oriented portfolios.

hasi

HA Sustainable Infrastructure Capital, Inc. Insider Positioning

HASI ยท NYSE

During the last 12 months, insiders have sold $4.90M worth of HASI shares, with no buying activity reported.

3 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

3-6 Months

Bought

0

0.00

Sold

125.0K

4.90M

Net Activity

-4.9M

-$4.90M

6-9 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

9-12 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

Top Buyers

No buying activity

Top Sellers

1
EJ

Eckel Jeffrey

Director

125.0K sharesโ€ข1 transactions

$4.90M

Insider Activity Analysis

Net Insider Sentiment

Bearish

Strong bearish signal with $4.90M net selling. Heavy insider selling may indicate concerns about valuation or near-term prospects.

Buy/Sell Ratio

0.00:1

Very poor ratio. Heavy selling with minimal buying suggests insiders may be concerned about valuation or outlook.

Insider Participation

High Selling

1 insider sellers vs. 0 buyers. Widespread selling across multiple insiders may signal concerns.

0.00%
Dividend Yield
-100%
3Y-100.0%
5Y-100.0%
10Y-100.0%
ย 

hasi Dividend History

HASI
10Y CAGR +4%
Latest $0.425
Annual $2.11
5 year growth trend
Last Period: +0%