HA Sustainable Infrastructure Capital (HASI)
Market Price (5/21/2026): $40.205 | Market Cap: $5.1 BilSector: Financials | Industry: Specialized Finance
HA Sustainable Infrastructure Capital (HASI)
Market Price (5/21/2026): $40.205Market Cap: $5.1 BilSector: FinancialsIndustry: Specialized Finance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.3%, Dividend Yield is 4.2% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 94%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 94% Low stock price volatilityVol 12M is 33% Megatrend and thematic driversMegatrends include Renewable Energy Transition. Themes include Solar Energy Generation, Wind Energy Development, and Battery Storage & Grid Modernization. | Weak multi-year price returns2Y Excs Rtn is -3.0% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.79 | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 103% Expensive valuation multiplesP/SPrice/Sales ratio is 22x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 23x, P/EPrice/Earnings or Price/(Net Income) is 92x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -24%, Rev Chg QQuarterly Revenue Change % is -145% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 125% Short seller report Key risksHASI key risks include [1] compressed profit margins from interest rate risk, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.3%, Dividend Yield is 4.2% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 94%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 94% |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition. Themes include Solar Energy Generation, Wind Energy Development, and Battery Storage & Grid Modernization. |
| Weak multi-year price returns2Y Excs Rtn is -3.0% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.79 |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 103% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 22x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 23x, P/EPrice/Earnings or Price/(Net Income) is 92x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -24%, Rev Chg QQuarterly Revenue Change % is -145% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 125% |
| Short seller report |
| Key risksHASI key risks include [1] compressed profit margins from interest rate risk, Show more. |
Qualitative Assessment
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HA Sustainable Infrastructure Capital (HASI) stock has gained about 20% since 1/31/2026 because of the following key factors:
1. Strong Q1 2026 Earnings Beat and Reaffirmed Guidance.
HA Sustainable Infrastructure Capital (HASI) reported Adjusted EPS of $0.77 for the first quarter of 2026, marking a 20% year-over-year increase from $0.64 in Q1 2025 and surpassing analyst expectations of $0.60 per share. The company also achieved a record Adjusted Return on Equity (ROE) of 15.7% and reaffirmed its 2028 guidance for Adjusted EPS in the range of $3.50 to $3.60 and Adjusted ROE of at least 17%, boosting investor confidence.
2. Robust Growth in Managed Assets and Investment Activity.
HASI demonstrated substantial expansion in its operations, with Managed Assets growing 13% year-over-year to $16.4 billion as of March 31, 2026. The company closed over $600 million in new transactions during Q1 2026, with new asset yields on Portfolio investments exceeding 10.5%. This consistent growth in high-yielding sustainable infrastructure assets contributed significantly to the positive stock movement.
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1. Strong Q1 2026 Earnings Beat and Reaffirmed Guidance.
HA Sustainable Infrastructure Capital (HASI) reported Adjusted EPS of $0.77 for the first quarter of 2026, marking a 20% year-over-year increase from $0.64 in Q1 2025 and surpassing analyst expectations of $0.60 per share. The company also achieved a record Adjusted Return on Equity (ROE) of 15.7% and reaffirmed its 2028 guidance for Adjusted EPS in the range of $3.50 to $3.60 and Adjusted ROE of at least 17%, boosting investor confidence.
2. Robust Growth in Managed Assets and Investment Activity.
HASI demonstrated substantial expansion in its operations, with Managed Assets growing 13% year-over-year to $16.4 billion as of March 31, 2026. The company closed over $600 million in new transactions during Q1 2026, with new asset yields on Portfolio investments exceeding 10.5%. This consistent growth in high-yielding sustainable infrastructure assets contributed significantly to the positive stock movement.
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Stock Movement Drivers
Fundamental Drivers
The 18.2% change in HASI stock from 1/31/2026 to 5/20/2026 was primarily driven by a 566.9% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.02 | 40.21 | 18.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 566 | 234 | -58.6% |
| Net Income Margin (%) | 54.5% | 23.9% | -56.2% |
| P/E Multiple | 13.7 | 91.7 | 566.9% |
| Shares Outstanding (Mil) | 125 | 128 | -2.3% |
| Cumulative Contribution | 18.2% |
Market Drivers
1/31/2026 to 5/20/2026| Return | Correlation | |
|---|---|---|
| HASI | 18.2% | |
| Market (SPY) | 7.4% | 41.8% |
| Sector (XLF) | -2.8% | 24.9% |
Fundamental Drivers
The 48.7% change in HASI stock from 10/31/2025 to 5/20/2026 was primarily driven by a 473.2% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.05 | 40.21 | 48.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 409 | 234 | -42.7% |
| Net Income Margin (%) | 50.3% | 23.9% | -52.5% |
| P/E Multiple | 16.0 | 91.7 | 473.2% |
| Shares Outstanding (Mil) | 122 | 128 | -4.8% |
| Cumulative Contribution | 48.7% |
Market Drivers
10/31/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| HASI | 48.7% | |
| Market (SPY) | 9.3% | 40.7% |
| Sector (XLF) | -0.5% | 29.9% |
Fundamental Drivers
The 69.8% change in HASI stock from 4/30/2025 to 5/20/2026 was primarily driven by a 552.5% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.68 | 40.21 | 69.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 389 | 234 | -39.8% |
| Net Income Margin (%) | 51.4% | 23.9% | -53.5% |
| P/E Multiple | 14.0 | 91.7 | 552.5% |
| Shares Outstanding (Mil) | 119 | 128 | -7.0% |
| Cumulative Contribution | 69.8% |
Market Drivers
4/30/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| HASI | 69.8% | |
| Market (SPY) | 35.2% | 37.7% |
| Sector (XLF) | 7.6% | 33.6% |
Fundamental Drivers
The 66.4% change in HASI stock from 4/30/2023 to 5/20/2026 was primarily driven by a 75.6% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.17 | 40.21 | 66.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 155 | 234 | 50.6% |
| Net Income Margin (%) | 26.7% | 23.9% | -10.5% |
| P/E Multiple | 52.2 | 91.7 | 75.6% |
| Shares Outstanding (Mil) | 90 | 128 | -29.7% |
| Cumulative Contribution | 66.4% |
Market Drivers
4/30/2023 to 5/20/2026| Return | Correlation | |
|---|---|---|
| HASI | 66.4% | |
| Market (SPY) | 85.2% | 32.8% |
| Sector (XLF) | 63.5% | 32.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HASI Return | -14% | -43% | 1% | 2% | 24% | 28% | -20% |
| Peers Return | 21% | -9% | -22% | -9% | 42% | 6% | 17% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| HASI Win Rate | 33% | 33% | 42% | 50% | 67% | 80% | |
| Peers Win Rate | 61% | 53% | 47% | 40% | 67% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| HASI Max Drawdown | -35% | -58% | -61% | -26% | -23% | -11% | |
| Peers Max Drawdown | -41% | -32% | -49% | -29% | -28% | -20% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BEPC, CWEN, ORA, AMRC. See HASI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/20/2026 (YTD)
How Low Can It Go
| Event | HASI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.3% | -18.8% |
| % Gain to Breakeven | 25.5% | 23.1% |
| Time to Breakeven | 36 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -46.2% | -9.5% |
| % Gain to Breakeven | 85.9% | 10.5% |
| Time to Breakeven | 69 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -34.7% | -6.7% |
| % Gain to Breakeven | 53.2% | 7.1% |
| Time to Breakeven | 365 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.5% | -33.7% |
| % Gain to Breakeven | 129.9% | 50.9% |
| Time to Breakeven | 140 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -20.7% | -3.7% |
| % Gain to Breakeven | 26.0% | 3.9% |
| Time to Breakeven | 98 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -15.0% | -12.2% |
| % Gain to Breakeven | 17.6% | 13.9% |
| Time to Breakeven | 10 days | 62 days |
In The Past
HA Sustainable Infrastructure Capital's stock fell -20.3% during the 2025 US Tariff Shock. Such a loss loss requires a 25.5% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | HASI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.3% | -18.8% |
| % Gain to Breakeven | 25.5% | 23.1% |
| Time to Breakeven | 36 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -46.2% | -9.5% |
| % Gain to Breakeven | 85.9% | 10.5% |
| Time to Breakeven | 69 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -34.7% | -6.7% |
| % Gain to Breakeven | 53.2% | 7.1% |
| Time to Breakeven | 365 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.5% | -33.7% |
| % Gain to Breakeven | 129.9% | 50.9% |
| Time to Breakeven | 140 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -20.7% | -3.7% |
| % Gain to Breakeven | 26.0% | 3.9% |
| Time to Breakeven | 98 days | 6 days |
In The Past
HA Sustainable Infrastructure Capital's stock fell -20.3% during the 2025 US Tariff Shock. Such a loss loss requires a 25.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About HA Sustainable Infrastructure Capital (HASI)
Hannon Armstrong Sustainable Infrastructure Capital, Inc. provides capital and services to the energy efficiency, renewable energy, and other sustainable infrastructure markets in the United States. The company's projects include building or facility that reduce energy usage or cost through the use of solar generation and energy storage or energy efficiency improvements, including heating, ventilation, and air conditioning systems (HVAC), as well as lighting, energy controls, roofs, windows, building shells, and/or combined heat and power systems. It also focuses in the areas of grid connected projects that deploy cleaner energy sources, such as solar and wind to generate power; and other sustainable infrastructure projects, including upgraded transmission or distribution systems, water and storm water infrastructures, and other projects. The company qualifies as a real estate investment trust for U.S. federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was founded in 1981 and is headquartered in Annapolis, Maryland.
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Here are 1-3 brief analogies for HA Sustainable Infrastructure Capital (HASI):
- American Tower (a REIT for cell towers), but for sustainable energy infrastructure like solar farms, wind farms, and energy-efficient buildings.
- Brookfield Asset Management, but entirely dedicated to investing in and financing sustainable infrastructure projects.
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- Sustainable Infrastructure Financing: Provides capital for projects focused on energy efficiency, renewable energy generation (solar, wind), and other critical sustainable infrastructure like upgraded utility systems and water infrastructure.
- Sustainable Infrastructure Project Services: Offers expert services to facilitate and support the development, structuring, and execution of sustainable infrastructure projects.
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HA Sustainable Infrastructure Capital (HASI) - Major Customers
Hannon Armstrong Sustainable Infrastructure Capital (HASI) primarily provides capital and services to other companies and entities involved in the energy efficiency, renewable energy, and sustainable infrastructure markets. Its business model focuses on financing projects rather than selling directly to individual consumers.
Based on the provided background information, specific names of major customer companies are not listed. However, HASI's 'customers' are the entities that receive capital and services for the projects it finances. These typically include:
- Project Developers: Companies that originate, build, and operate renewable energy (such as solar and wind farms) and energy efficiency projects. HASI provides financing solutions to these developers.
- Utilities and Grid Operators: Entities involved in deploying cleaner energy sources and upgrading transmission or distribution systems.
- Commercial, Industrial, and Government Entities: Organizations undertaking significant energy efficiency improvements in their buildings or developing various sustainable infrastructure projects, including water and stormwater systems.
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- Clearway Energy Inc. (CWEN, CWEN.A)
- Ørsted A/S (ORSTED)
- ENGIE S.A. (ENGI.PA)
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Jeffrey A. Lipson, President and CEO Mr. Lipson was appointed President and Chief Executive Officer of Hannon Armstrong on March 1, 2023, after serving as Executive Vice President, Chief Operating Officer, and Chief Financial Officer. He joined HASI in 2019 as CFO and became COO in 2021. Prior to joining Hannon Armstrong, Mr. Lipson served as President and Chief Executive Officer of Congressional Bank (now Forbright Bank) and as Treasurer at CapitalSource, bringing broad leadership experience from innovative financial institutions. Charles W. Melko, Executive Vice President, Chief Financial Officer and Treasurer Mr. Melko will assume the role of Executive Vice President, Chief Financial Officer and Treasurer on March 1, 2025. He joined Hannon Armstrong in 2016, and has served as Chief Accounting Officer since 2017, and Treasurer since 2021. During his tenure, Mr. Melko has been credited with enhancing the development and implementation of compliance and oversight policies and procedures related to the company's financial reporting. Jeffrey W. Eckel, Executive Chair of the Board Mr. Eckel has served as Executive Chair since March 2023 and as Chair since March 2025. He previously held the positions of Chief Executive Officer, President, and Chair from 2013 through February 2023. He led the predecessor of Hannon Armstrong as President and CEO since 2000, and also served as a Senior Vice President from 1985 to 1989. Before returning to Hannon Armstrong in 2000, Mr. Eckel was Chief Financial Officer of Wärtsilä Diesel North America, President of Wärtsilä Power Development, and Chief Executive Officer of EnergyWorks, a joint venture of Bechtel Enterprises. He was instrumental in taking Hannon Armstrong public in 2013, overseeing its growth into a globally recognized climate solutions investor. Marc T. Pangburn, Executive Vice President, Chief Revenue and Strategy Officer Mr. Pangburn will become Executive Vice President, Chief Revenue and Strategy Officer on March 1, 2025. He joined Hannon Armstrong in 2013 and has held various leadership roles, including Executive Vice President and Chief Financial Officer for the two years preceding his new appointment, and Co-Chief Investment Officer. Mr. Pangburn has been central to expanding HASI's investment capabilities and strategic decisions. Before joining Hannon Armstrong, he was a Principal at MP2 Capital from August 2009 to November 2013 and an Analyst at New York Life Investments from July 2007 to August 2009. Steven L. Chuslo, Executive Vice President, Chief Legal Officer and Secretary Mr. Chuslo has served as Executive Vice President, Chief Legal Officer, and Secretary since January 2021. He has been an Executive Vice President and General Counsel since 2013, having served as General Counsel for the company's predecessor since 2008. Mr. Chuslo is responsible for internal governance and plays an active role in structuring, developing, negotiating, and closing transactions. With over 30 years of experience, his background spans securities, commercial finance, energy development, U.S. federal regulation, and project finance. He previously held General Counsel positions at Oath, Inc., AmorePacific Group, Inc., and Energy Works LLC, and was a Principal at Davis Polk & Wardwell LLP.AI Analysis | Feedback
The key risks to HA Sustainable Infrastructure Capital (HASI) are:
- Financial Leverage and Interest Rate Risk: As a specialty finance company, HASI relies significantly on debt to fund its investments and amplify returns. Consequently, fluctuations in interest rates directly impact the company's borrowing costs and the profitability of its financing deals, posing a constant threat to its net investment income. While the company manages its debt-to-tangible equity ratio within a target range, high leverage exposes it to greater vulnerability if market conditions or project performance decline. Continued access to favorable capital markets is crucial for its operational model.
- Regulatory and Political Headwinds: HASI operates in the sustainable infrastructure market, which is susceptible to regulatory and political changes. Political resistance to ESG (Environmental, Social, and Governance) investing in the U.S. and any potential rollback of tax-equity incentives could diminish the pool of viable projects and reduce the demand for HASI's financing services, thereby impacting its growth and profitability.
- Project Performance and Credit Risk: HASI's business model involves providing capital for a diverse portfolio of energy efficiency, renewable energy, and other sustainable infrastructure projects. There is an inherent risk that specific projects within its portfolio may underperform or default. Such underperformance or defaults could lead to credit losses for HASI, negatively affecting its financial results and the overall quality of its assets.
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The addressable markets for HA Sustainable Infrastructure Capital (HASI) products and services are substantial, primarily within the United States, with a broader global sustainable infrastructure market also showing significant growth.
- The U.S. sustainable infrastructure investment is forecast to be $4 trillion between 2025 and 2050, representing a key addressable market for HASI.
- In the North American market, there is an investment opportunity exceeding $150 billion for energy efficiency through 2035, specifically for Behind-the-Meter (BTM) projects.
- The U.S. renewable energy market size is estimated at $132.03 billion in 2026.
- Globally, the sustainable infrastructure market is projected to expand from $71.04 billion in 2025 to approximately $405.08 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 21.34%.
HASI focuses its investments across various sustainable infrastructure assets in the U.S., including utility-scale solar, storage, and onshore wind projects; distributed solar and storage; renewable natural gas; energy efficiency; clean transportation fleets; and ecological restoration projects.
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Hannon Armstrong Sustainable Infrastructure Capital (HASI) is expected to drive future revenue growth over the next 2-3 years through several key factors:- Increased Investment Volume and Managed Assets Growth: The company has demonstrated significant growth in new investments, closing a record $4.3 billion in transactions in 2025, an 87% increase from 2024. This expansion has led to an 18% year-over-year growth in managed assets, reaching $16.1 billion in 2025. A robust investment pipeline, exceeding $6.5 billion at the end of 2025, further indicates continued deployment of capital into sustainable infrastructure assets.
- Higher Yields on New Investments: HASI has consistently achieved attractive yields on new investments, with new asset yields on its portfolio investments exceeding 10.5% for the second consecutive year in 2025. These higher yields are a significant contributor to strong margins and Adjusted Earnings Per Share (EPS) growth.
- Growth in Adjusted Recurring Net Investment Income: A strategic focus for HASI is to enhance and grow its recurring net investment income, which is identified as the largest component and primary driver of its earnings growth. In 2025, Adjusted Recurring Net Investment Income surged by 25% to $362 million.
- Strategic Partnerships and Co-investment Vehicles: Initiatives like the CarbonCount Holdings 1 LLC (CCH1) joint venture with KKR are crucial for scaling investments. This vehicle is designed to invest $2 billion in sustainable infrastructure assets and provides a source of funding that is not dependent on capital markets. As of the third quarter of 2025, CCH1 had already funded $1.2 billion in investments, contributing to an increased Adjusted Return on Equity (ROE).
- Strong Market Demand for Sustainable Infrastructure: The company benefits from a highly attractive market for sustainable infrastructure projects. Management noted an "unprecedented volume of new climate-focused transactions" and "sustained demand for project-level capital." The residential solar lease/power purchase agreement (PPA) market is projected to grow over 20% year-over-year in 2026, and renewables/storage are expected to constitute 99% of new power capacity in 2026, indicating significant ongoing demand for HASI's investment areas.
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Share Issuance
- Hannon Armstrong issued $500 million in Green Junior Subordinated Notes in November 2025, with the intention to fund new investments and reduce future common stock issuances.
- In June 2025, the company issued $1 billion in green senior unsecured notes, followed by a tender offer to repurchase and repay approximately $900 million in nearer-term debt, including $200 million of convertible notes due in 2025.
- The firm's enhanced capital structure, which includes the hybrid offering and the CCH1 co-investment vehicle, has improved equity efficiency by over 400%, allowing $1.35 billion of new investments for every $100 of new equity.
Inbound Investments
- In May 2024, HA Sustainable Infrastructure Capital (HASI) and KKR formed CarbonCount Holdings 1 LLC (CCH1) to invest up to $2 billion in climate-positive projects, with each party committing up to $1 billion.
- As of the third quarter of 2025, CCH1 had completed funding $1.2 billion of investments.
- HASI's proportionate share of the co-investment vehicle CCH1 increased to $638 million as of December 31, 2025, from $309 million as of December 31, 2024.
Outbound Investments
- HASI closed a record $4.3 billion of new investments in 2025, representing an 87% increase year-over-year.
- The investment volume retained on the company's balance sheet and included in CCH1 totaled $3.6 billion in 2025, an increase of approximately 140% year-over-year from $1.5 billion in 2024.
- The investment pipeline remained strong, exceeding $6.5 billion at the end of 2025, with new investments yielding above 10.5% for two consecutive years.
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| 03272026 | JKHY | Jack Henry & Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.3% | 0.3% | -4.0% |
| 11302022 | HASI | HA Sustainable Infrastructure Capital | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | -25.5% | -20.5% | -52.9% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 37.35 |
| Mkt Cap | 5.1 |
| Rev LTM | 1,485 |
| Op Inc LTM | 211 |
| FCF LTM | -215 |
| FCF 3Y Avg | -218 |
| CFO LTM | 326 |
| CFO 3Y Avg | 359 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.6% |
| Rev Chg 3Y Avg | 8.4% |
| Rev Chg Q | 13.8% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Inc Chg LTM | 5.4% |
| Op Inc Chg 3Y Avg | -2.3% |
| Op Mgn LTM | 16.3% |
| Op Mgn 3Y Avg | 17.5% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 28.0% |
| CFO/Rev 3Y Avg | 31.1% |
| FCF/Rev LTM | -17.2% |
| FCF/Rev 3Y Avg | -9.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.1 |
| P/S | 3.0 |
| P/Op Inc | 17.5 |
| P/EBIT | 15.9 |
| P/E | 63.0 |
| P/CFO | 14.8 |
| Total Yield | 2.0% |
| Dividend Yield | 0.4% |
| FCF Yield 3Y Avg | -1.4% |
| D/E | 1.3 |
| Net D/E | 1.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.2% |
| 3M Rtn | -5.9% |
| 6M Rtn | 6.3% |
| 12M Rtn | 51.6% |
| 3Y Rtn | 48.7% |
| 1M Excs Rtn | -6.0% |
| 3M Excs Rtn | -11.8% |
| 6M Excs Rtn | -6.0% |
| 12M Excs Rtn | 25.5% |
| 3Y Excs Rtn | -38.8% |
Price Behavior
Price Behavior
| Market Price | $40.21 | |
| Market Cap ($ Bil) | 5.1 | |
| First Trading Date | 04/18/2013 | |
| Distance from 52W High | -7.2% | |
| 50 Days | 200 Days | |
| DMA Price | $39.12 | $33.04 |
| DMA Trend | up | up |
| Distance from DMA | 2.8% | 21.7% |
| 3M | 1YR | |
| Volatility | 23.7% | 33.4% |
| Downside Capture | 97.82 | 111.06 |
| Upside Capture | 96.32 | 129.46 |
| Correlation (SPY) | 51.2% | 40.8% |
HASI Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.71 | 0.91 | 0.88 | 1.02 | 1.00 | 0.99 |
| Up Beta | 0.97 | 0.93 | 0.60 | 0.54 | 0.61 | 0.47 |
| Down Beta | 1.17 | 1.12 | 1.29 | 1.19 | 1.21 | 0.99 |
| Up Capture | 92% | 120% | 128% | 183% | 143% | 238% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 15 | 27 | 37 | 69 | 130 | 389 |
| Down Capture | -210% | 51% | 50% | 71% | 93% | 108% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 7 | 16 | 27 | 56 | 122 | 363 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HASI | |
|---|---|---|---|---|
| HASI | 50.4% | 33.4% | 1.26 | - |
| Sector ETF (XLF) | 1.6% | 14.6% | -0.10 | 34.1% |
| Equity (SPY) | 26.2% | 12.1% | 1.62 | 40.7% |
| Gold (GLD) | 40.2% | 26.8% | 1.24 | 23.5% |
| Commodities (DBC) | 46.2% | 18.7% | 1.89 | -4.6% |
| Real Estate (VNQ) | 11.1% | 13.4% | 0.54 | 46.2% |
| Bitcoin (BTCUSD) | -27.4% | 41.8% | -0.65 | 26.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HASI | |
|---|---|---|---|---|
| HASI | 2.2% | 47.2% | 0.21 | - |
| Sector ETF (XLF) | 8.6% | 18.6% | 0.35 | 35.7% |
| Equity (SPY) | 14.1% | 17.0% | 0.65 | 42.1% |
| Gold (GLD) | 19.5% | 18.0% | 0.89 | 16.4% |
| Commodities (DBC) | 11.1% | 19.4% | 0.46 | 16.7% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.11 | 51.9% |
| Bitcoin (BTCUSD) | 9.1% | 55.6% | 0.37 | 22.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HASI | |
|---|---|---|---|---|
| HASI | 12.6% | 42.2% | 0.43 | - |
| Sector ETF (XLF) | 12.7% | 22.2% | 0.53 | 40.5% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 48.0% |
| Gold (GLD) | 13.1% | 16.0% | 0.68 | 15.1% |
| Commodities (DBC) | 7.9% | 17.9% | 0.36 | 21.3% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 54.0% |
| Bitcoin (BTCUSD) | 67.1% | 66.9% | 1.06 | 19.3% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -3.3% | -2.5% | |
| 2/12/2026 | 10.8% | 4.0% | 1.2% |
| 11/6/2025 | 12.2% | 15.5% | 14.9% |
| 8/7/2025 | 5.5% | 9.4% | 13.9% |
| 5/7/2025 | 0.5% | 5.7% | -1.4% |
| 2/13/2025 | 0.3% | 0.4% | 6.1% |
| 11/7/2024 | -10.9% | -14.2% | -1.6% |
| 8/1/2024 | -3.1% | -2.7% | 0.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 20 | 14 | 14 |
| # Negative | 5 | 11 | 10 |
| Median Positive | 4.5% | 7.3% | 11.6% |
| Median Negative | -3.1% | -3.9% | -3.5% |
| Max Positive | 16.3% | 21.4% | 35.9% |
| Max Negative | -10.9% | -14.2% | -31.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Adjusted EPS | 3.5 | 3.55 | 3.6 | 0 | Affirmed | Guidance: 3.55 for 2028 | |
| 2028 Adjusted ROE | 0.17 | 0 | 0 | Affirmed | Guidance: 0.17 for 2028 | ||
| 2028 Payout Ratio | 0.5 | Higher New | |||||
| 2030 Payout Ratio | 0.4 | Higher New | |||||
Prior: Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Adjusted EPS | 3.5 | 3.55 | 3.6 | 12.7% | Higher New | Guidance: 3.15 for 2027 | |
| 2028 Adjusted Return on Equity | 0.17 | ||||||
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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