HA Sustainable Infrastructure C (HASI) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

HA Sustainable Infrastructure C

NYSE•Financial Services•Asset Management

$37.32+0.91(0.03%)Market open

Market Cap

$4.70B

P/E

54.5x

P/S

10.1x

P/B

1.8x

HA Sustainable Infrastructure Capital, Inc., through its subsidiaries, engages in the investment in energy efficiency, renewable energy, and other sustainable infrastructure markets in the United States. The company's portfolio includes equity investments, receivables, and debt securities. It invests in climate solutions, including Behind-the-Meter that distributes energy projects which reduce energy cost or usage that distributes energy projects which reduce energy; Grid-Connected, a renewable energy projects that deploy cleaner energy sources, such as solar, solar-plus-storage, and wind, to generate cleaner, lower cost energy; and Fuels, Transport, and Nature, a range of infrastructure assets that are designed to reduce emissions and/or provide environmental benefits in projects beyond the power grid, such as transportation and fuels, including renewable natural gas (RNG) plants, transportation fleet enhancements, and 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.

How this company scores

WeakMetricSide Score: 37/100

Grade capped at D — Interest coverage below 1× (0.1x) — earnings cannot cover interest. Strongest: Growth (14/25); weakest: Balance Sheet & Red Flags (4/25).

Profitability5/25

Growth14/25

Balance Sheet & Red Flags4/25

Cash & Earnings Quality14/25

Strengths

Growing revenueRising free cash flowConsistent growthImproving margins

Grade capped at D

Interest coverage below 1× (0.1x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 54.5x5y range 12.5x – 127.1x

Currently above its 20-quarter median.

P/S · 10.1x5y range 7.8x – 21.3x

Currently near its 20-quarter median.

P/B · 1.8x5y range 1.1x – 2.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -0.9x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $4.70B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $462.89M
Q. Revenue: $120.79M
TTM EBITDA: $-15.80M
TTM Op. Income: $-16.97M
Q. Op. Income: $9.84M
TTM Net Income: $86.15M
Q. Net Income: $128.63M
EPS: $1
Shares Out.: $127.83M

$462.89M in TTM revenue grew 26.5% YoY, reaching $120.79M last quarter. TTM EBITDA of $-15.80M and TTM operating income of $-16.97M show growth is flowing through to the bottom line. TTM net income of $86.15M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 4 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 8.3%
Op. Margin: 8.1%
Net Margin: 106.5%

Op. margin of 8.1% is up 31.2% YoY — cost efficiency is improving. Net margin at 106.5% Over the past year, operating margin is up 135% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 54.5x
P/S Ratio: 10.1x
P/B Ratio: 1.8x

At 54.5x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 10.1x and P/B of 1.8x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 243% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $8.94B
Cash: $249.92M
Long-Term Debt: $5.30B
Book Value: $2.65B
D/E Ratio: 2.0
Debt/EBITDA: 528.3

With $8.94B in assets and $5.30B in long-term debt, D/E is 2.0and book value is $2.65B — elevated leverage, meaning significant financial risk in a downturn. Across the last 8 quarters, debt/equity has risen for 3 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $68.05M
TTM Free Cash Flow: $208.53M
FCF Margin: 45.0%
FCF / Net Income: 2.4

TTM FCF of $208.53M on $68.05M in operating cash flow. The FCF / Net Income ratio of 2.4x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 300% — a weakening trend.