Latest Ratios: P/E Ratio 26.7x · EV/EBITDA 36.6x · ROE 7.3%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.8B | $4.3B | $3.5B | $3.0B | $2.6B | $4.7B | $4.7B | $2.1B | $1.0B | $1.2B | $765M |
| Enterprise Value | $9.7B | $9.3B | $7.8B | $7.2B | $5.4B | $6.9B | $6.6B | $3.5B | $2.2B | $2.6B | $1.7B |
| P/E Ratio → | 26.70 | 22.29 | 16.56 | 19.42 | 64.40 | 35.18 | 57.66 | 25.95 | 25.40 | 42.21 | 59.34 |
| P/S Ratio | 12.01 | 10.84 | 5.54 | 6.55 | 9.69 | 13.71 | 20.09 | 10.13 | 6.22 | 9.45 | 8.76 |
| P/B Ratio | 1.96 | 1.63 | 1.46 | 1.41 | 1.58 | 2.97 | 3.90 | 2.22 | 1.25 | 1.89 | 1.33 |
| P/FCF | 21.22 | 19.16 | 598.32 | 30.29 | 11416.78 | 349.92 | 64.37 | 70.68 | 17.10 | 103.41 | 13.46 |
| P/OCF | 21.22 | 19.16 | 598.32 | 30.29 | 11416.78 | 349.92 | 64.37 | 70.68 | 17.10 | 103.41 | 13.46 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 23.16 | 12.31 | 15.63 | 20.09 | 20.39 | 28.19 | 16.87 | 13.78 | 20.14 | 19.60 |
| EV / EBITDA | 36.63 | 34.87 | 28.28 | 38.83 | 102.19 | 46.69 | 79.23 | 37.08 | 45.92 | 72.82 | 75.86 |
| EV / EBIT | 36.74 | 16.39 | 28.38 | 39.50 | 110.47 | 47.91 | 82.77 | 38.56 | 50.65 | 80.92 | 114.86 |
| EV / FCF | — | 40.90 | 1327.94 | 72.26 | 23675.79 | 520.24 | 90.34 | 117.71 | 37.86 | 220.44 | 30.10 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 99.6% | 99.6% | 61.6% | 62.9% | 57.4% | 64.2% | 60.8% | 68.8% | 52.4% | 49.0% | 48.2% |
| Operating Margin | 66.2% | 66.2% | 43.4% | 39.6% | 18.2% | 42.6% | 34.1% | 43.7% | 27.2% | 24.9% | 17.1% |
| Net Profit Margin | 46.1% | 46.1% | 31.7% | 32.3% | 15.3% | 37.3% | 35.1% | 39.6% | 25.7% | 24.1% | 16.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.3% | 7.3% | 8.8% | 7.8% | 2.6% | 9.1% | 7.7% | 9.4% | 5.7% | 5.1% | 2.9% |
| ROA | 2.4% | 2.4% | 2.9% | 2.6% | 0.9% | 3.3% | 2.8% | 3.6% | 1.9% | 1.5% | 0.9% |
| ROIC | 2.7% | 2.7% | 3.1% | 2.5% | 0.8% | 2.9% | 2.1% | 3.1% | 1.6% | 1.3% | 0.8% |
| ROCE | 3.5% | 3.5% | 4.2% | 3.3% | 1.1% | 3.9% | 2.8% | 4.0% | 2.0% | 1.6% | 0.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.91 | 1.91 | 1.83 | 1.98 | 1.79 | 1.59 | 1.81 | 1.48 | 1.54 | 2.22 | 1.70 |
| Debt / EBITDA | 19.08 | 19.08 | 16.01 | 22.90 | 55.84 | 16.81 | 26.20 | 14.88 | 25.62 | 40.27 | 43.25 |
| Net Debt / Equity | — | 1.86 | 1.78 | 1.95 | 1.69 | 1.45 | 1.57 | 1.48 | 1.52 | 2.13 | 1.65 |
| Net Debt / EBITDA | 18.54 | 18.54 | 15.54 | 22.56 | 52.91 | 15.28 | 22.77 | 14.81 | 25.18 | 38.66 | 41.94 |
| Debt / FCF | — | 21.75 | 729.63 | 41.98 | 12259.02 | 170.32 | 25.96 | 47.03 | 20.76 | 117.02 | 16.64 |
| Interest Coverage | 1.94 | 1.94 | 1.13 | 1.07 | 0.43 | 1.19 | 0.87 | 1.40 | 0.57 | 0.49 | 0.33 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 255.93 | 255.93 | 11.25 | 19.42 | 18.57 | 18.82 | 25.03 | 21.45 | 29.10 | 43.56 | 42.49 |
| Quick Ratio | 255.93 | 255.93 | 11.25 | 19.42 | 18.57 | 18.82 | 25.03 | 21.45 | 29.10 | 43.56 | 42.49 |
| Cash Ratio | 9.68 | 9.68 | 0.47 | 0.38 | 1.30 | 2.55 | 4.78 | 0.11 | 0.62 | 2.33 | 1.17 |
| Asset Turnover | — | 0.05 | 0.09 | 0.07 | 0.06 | 0.08 | 0.07 | 0.09 | 0.07 | 0.06 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.0% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 113.7% | 113.7% | 96.1% | 107.4% | 318.5% | 89.7% | 121.2% | 105.9% | 170.7% | 221.1% | 337.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 4.5% | 6.0% | 5.1% | 1.6% | 2.8% | 1.7% | 3.9% | 3.9% | 2.4% | 1.7% |
| FCF Yield | 4.7% | 5.2% | 0.2% | 3.3% | 0.0% | 0.3% | 1.6% | 1.4% | 5.8% | 1.0% | 7.4% |
| Buyback Yield | 0.2% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 4.2% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $138M | $131M | $109M | $91M | $88M | $74M | $65M | $53M | $50M | $40M |
Securitization timing and leverage
Based on reported figures, HASI trades at a forward P/E of 13.23, yet the PEG ratio of 5.51 suggests that current market pricing may be overly optimistic regarding future growth prospects given the recent contraction in revenue and the transition away from a REIT structure.
The disparity between the TTM P/E of 28.07 and the forward multiple implies that the market is pricing in a significant recovery in earnings that may not materialize if project securitization velocity remains sluggish. Investors should monitor whether the shift to a C-Corp structure will lead to a permanent re-rating as the company moves from a yield-focused investor base to one prioritizing growth.
As reported in financial statements, HASI's ROIC has trended downward from 2.0% in 2024Q1 to 0.7% in 2026Q1, indicating that the company is struggling to generate adequate returns on its expanding asset base as competitive pressures in the sustainable infrastructure market intensify.
The consistent decline in ROIC suggests that the firm's programmatic investment platform is facing diminishing marginal returns, likely due to a narrowing spread between asset yields and the cost of debt. This trend warrants further investigation into whether the company's underwriting standards are being compromised to maintain deal flow in a higher-rate environment.
According to recent SEC filings, HASI's asset turnover remains exceptionally low at 0.02, reflecting the capital-intensive nature of its infrastructure portfolio and the inherent difficulty in converting long-term energy assets into rapid cash flows compared to traditional financial services peers.
The lack of meaningful improvement in asset turnover suggests that the company's growth is heavily dependent on balance sheet expansion rather than operational velocity. Investors should be cautious, as the reliance on long-duration assets creates a structural mismatch with the need for consistent quarterly earnings to support the company's valuation.
Based on the provided quarterly data, HASI maintains a debt-to-equity ratio of 2.11 as of 2026Q1, which, when viewed alongside the negative interest coverage ratio of -0.29, suggests that the firm's ability to service its obligations is becoming increasingly strained by current market conditions.
The elevated leverage profile appears to be a structural necessity for the firm's business model, yet the recent inability to cover interest expenses indicates a precarious reliance on external financing. This warrants close monitoring of refinancing risks, particularly as the company's transition to a C-Corp may alter its access to traditional debt markets.
The most commonly misapplied metric for HASI is the dividend yield, which obscures the underlying volatility of distributable earnings and the non-cash nature of GAAP net income, leading investors to incorrectly view the company as a stable utility-like proxy rather than a specialized credit shop.
Analysts should prioritize Distributable Earnings over dividend yield or GAAP net income to better assess the company's true cash-generating capacity. Relying on yield-based metrics ignores the significant impact of HLBV accounting and the lumpy nature of gain-on-sale revenue, which can create an illusion of stability that is not supported by the firm's actual cash flow performance.
Includes 30+ ratios · 15 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HASI stock.
HA Sustainable Infrastructure Capital, Inc.'s current P/E ratio is 26.7x. The historical average is 41.0x. This places it at the 42th percentile of its historical range.
HA Sustainable Infrastructure Capital, Inc.'s current EV/EBITDA is 36.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 53.0x.
HA Sustainable Infrastructure Capital, Inc.'s return on equity (ROE) is 7.3%. The historical average is 3.4%.
Based on historical data, HA Sustainable Infrastructure Capital, Inc. is trading at a P/E of 26.7x. This is at the 42th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
HA Sustainable Infrastructure Capital, Inc.'s current dividend yield is 4.03% with a payout ratio of 113.7%.
HA Sustainable Infrastructure Capital, Inc. has 99.6% gross margin and 66.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
HA Sustainable Infrastructure Capital, Inc.'s Debt/EBITDA ratio is 19.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.