Zacks Investment Research·Jun 19, 2026
Is HASI Stock Worth Buying Now After Strong Gains and Mixed SignalsHASI's rally is backed by stronger recurring income and higher yields, but valuation, debt and funding costs may test future returns.
HA Sustainable Infrastructure Capital, Inc.(HASI)Earnings, Financials & Key Ratios
HASI•NYSE
$38.28
27.1× P/E·Price updated Jul 6, 2026
SectorFinancial ServicesIndustryDiversified FinancialSub-IndustrySustainable infrastructure specialty finance
AboutHA 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.Show more
- EBITDA$266M-3.2%
- Net Income$185M-7.7%
- EPS (Diluted)1.41-13.0%
- Gross Margin99.61%+61.7%
- EBITDA Margin66.42%+52.6%
- Operating Margin66.22%+52.7%
- Net Margin46.08%+45.5%
- ROE7.29%-17.2%
HASI Price & Volume
HA Sustainable Infrastructure Capital, Inc. (HASI) stock price & volume — 10-year historical chart
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Volatile Securitization Revenue Masks Structural Earnings Risk
Investment Thesis • Updated 2026Q1
VerdictNegative
Growth:Contracting
Profitability:Strained
Financial:Mixed
Cash Flow:Deteriorating
Primary Risk:Securitization timing and leverage
Key Thesis Takeaways
- HASI's business model remains heavily dependent on the timing of project securitizations, which has led to significant revenue fluctuations, dropping from $264.4 million in 2024Q1 to $124.2 million in 2026Q1.
- While the firm maintains a consistent dividend payout, the persistent negative retained earnings of $449.9 million and erratic cash flow generation suggest that long-term capital stability may be at risk.
- Investors should monitor the firm's ability to manage its $5.3 billion debt load as it navigates the transition from a REIT to a C-Corp structure.
Verdict Logic
the disconnect between GAAP earnings and cash generation, highlighted by a negative $72.0 million net income in 2026Q1, suggests that the current 3.8% dividend yield may not be supported by sustainable operational cash flows.
HASI Growth Metrics
HA Sustainable Infrastructure Capital, Inc. (HASI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years21.2%
5 Years11.26%
3 Years13.9%
TTM-
Profit CAGR
10 Years36.94%
5 Years17.49%
3 Years64.44%
TTM-58.11%
EPS CAGR
10 Years20.98%
5 Years5.09%
3 Years46.33%
TTM-65.35%
Return on Capital
10 Years2.74%
5 Years3.2%
3 Years3.67%
Last Year3.54%
HASI Recent Earnings
HA Sustainable Infrastructure Capital, Inc. (HASI) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 12/12 qtrs (100%)
Q2 2026Latest
May 7, 2026Metric
Actual
Est
EPS
$0.77+13.2%
$0.68
Rev
$124M+10.7%
$112M
Q1 2026
Feb 12, 2026Metric
Actual
Est
EPS
$0.67+1.5%
$0.66
Rev
$115M+8.4%
$106M
Q4 2025
Nov 6, 2025Metric
Actual
Est
EPS
$0.80+15.9%
$0.69
Rev
$228M+692.1%
$29M
Q3 2025
Aug 7, 2025Metric
Actual
Est
EPS
$0.60-3.2%
$0.62
Rev
$86M+94.7%
$44M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 7, 2026 | $0.77vs $0.68+13.2% | $124Mvs $112M+10.7% |
| Q1 2026 | Feb 12, 2026 | $0.67vs $0.66+1.5% | $115Mvs $106M+8.4% |
| Q4 2025 | Nov 6, 2025 | $0.80vs $0.69+15.9% | $228Mvs $29M+692.1% |
| Q3 2025 | Aug 7, 2025 | $0.60vs $0.62-3.2% | $86Mvs $44M+94.7% |
Based on last 12 quarters of dataView full earnings history →
Latest HASI News
Recent stock market news and headlines for HA Sustainable Infrastructure Capital, Inc. (HASI)
Zacks Investment Research·Jun 19, 2026
HA Sustainable Stock Outlook Turns on Yield, Liquidity, Policy RisksHASI balances a 9.2% portfolio yield and rising recurring income with higher funding costs, expenses and renewable policy risks.
Zacks Investment Research·Jun 19, 2026
HASI Rides Recurring Income and Energy Transition Finance TrendsHASI is boosting recurring income and fee revenue as clean energy demand grows, but funding costs and policy risks remain in focus.
Business Wire·Jun 16, 2026
HASI Prices $1 Billion of 5.950% Green Senior Unsecured Notes Due 2033ANNAPOLIS, Md.--(BUSINESS WIRE)--HA Sustainable Infrastructure Capital, Inc. (“HASI,” “our,” or the “Company”) (NYSE: HASI), a leading investor in sustainable infrastructure assets, announced that yesterday, on June 15, 2026, it priced its offering of $1 billion in aggregate principal amount of 5.950% green senior unsecured notes due 2033 (the “Notes”). At issuance, the Notes will be guaranteed by Hannon Armstrong Sustainable Infrastructure, L.P., Hannon Armstrong Capital, LLC, HAT Holdings I LL.
Peers Comparison
Key metrics vs top competitors for HA Sustainable Infrastructure Capital, Inc. (HASI)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $38.28 | $4.89B | 27.15 | -36.58% | 46.08% | 7.29% | 3.97% | |
| $23.78 | $1.48B | 12.52 | 50.13% | 50.89% | 11.68% | — | |
| $18.56 | $13.33B | 9.98 | 32.87% | 43.69% | 8.11% | — | |
| $12.87 | $3.35B | 9.06 | 42.5% | 26.91% | 5.24% | — | |
| $4.79 | $194.47M | 3.93 | 36.55% | -19.55% | -3.39% | — | |
| $33.79 | $10.25B | -501.34 | 10.95% | 3.01% | 0.56% | — |
Compare HASI vs Peers
HA Sustainable Infrastructure Capital, Inc. (HASI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
HASI SEC Filings & Documents
HA Sustainable Infrastructure Capital, Inc. (HASI) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
May 7, 2026·SEC
Material company update
Mar 27, 2026·SEC
Material company update
Mar 3, 2026·SEC
10-K Annual Reports
210-Q Quarterly Reports
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HASI Frequently Asked Questions
HA Sustainable Infrastructure Capital, Inc. (HASI) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is HA Sustainable Infrastructure Capital, Inc.'s revenue?
HA Sustainable Infrastructure Capital, Inc. (HASI) reported $710.0M in revenue for fiscal year 2025.
How fast is HA Sustainable Infrastructure Capital, Inc. growing?
HA Sustainable Infrastructure Capital, Inc. (HASI) saw revenue decline by 36.6% over the past year.
Is HASI profitable?
Yes, HA Sustainable Infrastructure Capital, Inc. (HASI) is profitable, generating $56.0M in net income for fiscal year 2025 (46.1% net margin).
Dividend & Returns
Does HASI pay dividends?
Yes, HA Sustainable Infrastructure Capital, Inc. (HASI) pays a dividend with a yield of 3.97%. This makes it attractive for income-focused investors.
What is HASI's return on equity?
HA Sustainable Infrastructure Capital, Inc. (HASI) has a return on equity (ROE) of 7.3%. This is below average, suggesting room for improvement.
What is HA Sustainable Infrastructure Capital, Inc.'s free cash flow?
HA Sustainable Infrastructure Capital, Inc. (HASI) generated $233.4M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.