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HA Sustainable Infrastructure Capital (HASI)

Market Price (7/10/2026): $37.34 | Market Cap: $4.8 BilSector: Financials | Industry: Specialized Finance

HA Sustainable Infrastructure Capital (HASI)

Market Price (7/10/2026): $37.34
Market Cap: $4.8 Bil
Sector: Financials
Industry: Specialized Finance

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%, Dividend Yield is 4.5%

Attractive cash flow generation
CFO/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 volatility
Vol 12M is 32%

Megatrend and thematic drivers
Megatrends include Renewable Energy Transition. Themes include Solar Energy Generation, Wind Energy Development, and Battery Storage & Grid Modernization.

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 110%

Expensive valuation multiples
P/SPrice/Sales ratio is 20x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 22x, P/EPrice/Earnings or Price/(Net Income) is 85x

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -24%, Rev Chg QQuarterly Revenue Change % is -145%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 109%

Short seller report

Key risks
HASI key risks include [1] compressed profit margins from interest rate risk, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%, Dividend Yield is 4.5%
1 Attractive cash flow generation
CFO/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%
2 Low stock price volatility
Vol 12M is 32%
3 Megatrend and thematic drivers
Megatrends include Renewable Energy Transition. Themes include Solar Energy Generation, Wind Energy Development, and Battery Storage & Grid Modernization.
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 110%
5 Expensive valuation multiples
P/SPrice/Sales ratio is 20x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 22x, P/EPrice/Earnings or Price/(Net Income) is 85x
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -24%, Rev Chg QQuarterly Revenue Change % is -145%
7 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 109%
8 Short seller report
9 Key risks
HASI key risks include [1] compressed profit margins from interest rate risk, Show more.

HASI in ETFs

Weight = HASI's share of each fund

VTI0.01%
ITOT0.01%
IWM0.15%
IJR0.27%
VYM0.02%
VB0.07%
NUSC0.36%
VIOV0.35%
+13 more covered ETFs

Valuation & Metrics

FYE: 12/31HASI [1]S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]$234.2 Mil—
FY 2026 Sales$467.5 Mil—
FY 2027 Sales$519.6 Mil—
FY 2026 Sales Growth99.6%—
FY 2027 Sales Growth11.1%8.1%
EARNINGS
LTM Net Income (GAAP) [3]$56.0 Mil—
FY 2026 Net Income (Non-GAAP)$411.9 Mil—
FY 2027 Net Income (Non-GAAP)$471.9 Mil—
FY 2027 Net Income Growth14.6%16.3%
FY 2026 EPS (Non-GAAP)$2.99—
FY 2027 EPS (Non-GAAP)$3.34—
FY 2027 EPS Growth11.5%—
VALUATION
FY 2026 P/S10.23.3
FY 2027 P/S9.2—
FY 2026 P/E11.620.0
FY 2027 P/E10.1—

[1] HASI forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 7/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).
HASIS&P 500
REVENUE GROWTHPOOR
Rev LTM ($ Bil)0.2
Rev Chg Q-145.2%8.9%
Rev Chg LTM-23.7%7.5%
Rev Chg 3Y Avg60.8%5.9%
PROFITABILITYGOOD
Op Inc LTM ($ Bil)�
CFO LTM ($ Bil)0.2
Net Inc LTM ($ Bil)0.1
CFO/Rev LTM94.0%21.4%
Net Inc Mgn23.9%13.0%
VALUATIONVERY HIGH
P/S20.33.3
P/CFO21.615.4
P/FCF21.619.9
P/E85.124.4

AI Analysis | Feedback

MetricValueDateSource
Managed Assets$15 billion11062025Link
Portfolio Yield8.6%11072025Link
New Asset Yields10.5%11062025Link
Investment Pipelineover $6.0 billion9302025Link
CarbonCount0.1211072025Link
Cumulative Annual CO2 Avoidance8.5 million metric tons11072025Link
WaterCount9011072025Link
Cumulative Annual Water Savings7.5 billion gallons11072025Link
Number of Investments Closed>1,25011072025Link

Price Chart

Recent
7/02/2026DividendAmount: $0.42
Payment On: 7/10/2026
Upcoming
8/06/2026Earnings ReleaseRev: $111 Mil (E)
EPS: $0.73 (E)

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/1/2026

HA Sustainable Infrastructure Capital (HASI) stock has gained about 5% since 3/31/2026 because of the following key factors:

1. HA Sustainable Infrastructure Capital reported strong first-quarter (fiscal Q1 2026) financial results, exceeding analyst expectations. The company announced an Adjusted EPS of $0.77, surpassing consensus estimates by over 10% (10.58% to 11.8%), and revenue of $124.2 million, which beat analyst projections by 25.2%. Additionally, HA Sustainable Infrastructure Capital achieved a 29% year-over-year increase in Adjusted Recurring Net Investment Income to $101 million and grew its Managed Assets by 13% to $16.4 billion as of March 31, 2026.

2. Analysts maintained a positive outlook on HASI, with favorable ratings and price targets. The company holds a consensus "Buy" or "Strong Buy" rating from a significant number of analysts. Analyst price targets ranged from approximately $46.56 to $50.34, with a high target of $57, suggesting substantial upside potential for the stock.

Show more
Updated on 7/1/2026

HA Sustainable Infrastructure Capital (HASI) stock has gained about 5% since 3/31/2026 because of the following key factors:

1. HA Sustainable Infrastructure Capital reported strong first-quarter (fiscal Q1 2026) financial results, exceeding analyst expectations. The company announced an Adjusted EPS of $0.77, surpassing consensus estimates by over 10% (10.58% to 11.8%), and revenue of $124.2 million, which beat analyst projections by 25.2%. Additionally, HA Sustainable Infrastructure Capital achieved a 29% year-over-year increase in Adjusted Recurring Net Investment Income to $101 million and grew its Managed Assets by 13% to $16.4 billion as of March 31, 2026.

2. Analysts maintained a positive outlook on HASI, with favorable ratings and price targets. The company holds a consensus "Buy" or "Strong Buy" rating from a significant number of analysts. Analyst price targets ranged from approximately $46.56 to $50.34, with a high target of $57, suggesting substantial upside potential for the stock.

3. The company demonstrated effective capital allocation and continued investment activity. HA Sustainable Infrastructure Capital closed over $600 million in transactions through fiscal Q1 2026, achieving new asset yields exceeding 10.5%. In June 2026, the company further strengthened its financial position by pricing $1 billion of 5.950% Green Senior Unsecured Notes due 2033, indicating efficient capital management. A land finance deal supporting approximately 1 GW of solar and storage projects was also closed in May 2026.

4. A favorable macroeconomic environment for sustainable infrastructure supported the trend. The broader energy transition market experienced tailwinds in fiscal Q2 2026, driven by rising electricity demand from data centers and increased electrification. Additionally, constructive credit markets provided available debt financing for high-quality assets and scaled platforms, creating a conducive environment for HA Sustainable Infrastructure Capital's investment strategy.

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Stock Movement Drivers

Fundamental Drivers

The 3.9% change in HASI stock from 3/31/2026 to 7/9/2026 was primarily driven by a 245.7% change in the company's P/E Multiple.
(LTM values as of)33120267092026Change
Stock Price ($)35.9337.323.9%
Change Contribution By: 
Total Revenues ($ Mil)409234-42.7%
Net Income Margin (%)45.1%23.9%-47.1%
P/E Multiple24.685.1245.7%
Shares Outstanding (Mil)126128-1.0%
Cumulative Contribution3.9%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/9/2026
ReturnCorrelation
HASI3.9% 
Market (SPY)15.6%48.2%
Sector (XLF)12.5%26.7%

Fundamental Drivers

The 21.4% change in HASI stock from 12/31/2025 to 7/9/2026 was primarily driven by a 585.2% change in the company's P/E Multiple.
(LTM values as of)123120257092026Change
Stock Price ($)30.7337.3221.4%
Change Contribution By: 
Total Revenues ($ Mil)566234-58.6%
Net Income Margin (%)54.5%23.9%-56.2%
P/E Multiple12.485.1585.2%
Shares Outstanding (Mil)125128-2.3%
Cumulative Contribution21.4%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/9/2026
ReturnCorrelation
HASI21.4% 
Market (SPY)10.5%44.7%
Sector (XLF)1.9%24.3%

Fundamental Drivers

The 48.2% change in HASI stock from 6/30/2025 to 7/9/2026 was primarily driven by a 278.0% change in the company's P/E Multiple.
(LTM values as of)63020257092026Change
Stock Price ($)25.1937.3248.2%
Change Contribution By: 
Total Revenues ($ Mil)307234-23.7%
Net Income Margin (%)43.5%23.9%-45.1%
P/E Multiple22.585.1278.0%
Shares Outstanding (Mil)119128-6.4%
Cumulative Contribution48.2%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/9/2026
ReturnCorrelation
HASI48.2% 
Market (SPY)22.7%39.7%
Sector (XLF)7.3%30.9%

Fundamental Drivers

The 77.3% change in HASI stock from 6/30/2023 to 7/9/2026 was primarily driven by a 79.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)63020237092026Change
Stock Price ($)21.0537.3277.3%
Change Contribution By: 
Total Revenues ($ Mil)13023479.6%
Net Income Margin (%)15.5%23.9%53.8%
P/E Multiple94.785.1-10.1%
Shares Outstanding (Mil)91128-28.6%
Cumulative Contribution77.3%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/9/2026
ReturnCorrelation
HASI77.3% 
Market (SPY)75.6%32.1%
Sector (XLF)72.2%30.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
HASI Return-14%-43%1%2%24%22%-24%
Peers Return21%-9%-22%-9%42%-4%7%
S&P 500 Return27%-19%24%23%16%9%99%

Monthly Win Rates [3]
HASI Win Rate33%33%42%50%67%57% 
Peers Win Rate61%53%47%40%67%57% 
S&P 500 Win Rate75%42%67%75%67%43% 

Max Drawdowns [4]
HASI Max Drawdown-35%-58%-61%-26%-23%-16% 
Peers Max Drawdown-41%-32%-49%-29%-28%-24% 
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 7/9/2026 (YTD)

How Low Can It Go

EventHASIS&P 500
2025 US Tariff Shock
  % Loss-20.3%-18.8%
  % Gain to Breakeven25.5%23.1%
  Time to Breakeven36 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-46.2%-9.5%
  % Gain to Breakeven85.9%10.5%
  Time to Breakeven69 days24 days
2023 SVB Regional Banking Crisis
  % Loss-34.7%-6.7%
  % Gain to Breakeven53.2%7.1%
  Time to Breakeven365 days31 days
2020 COVID-19 Crash
  % Loss-56.5%-33.7%
  % Gain to Breakeven129.9%50.9%
  Time to Breakeven140 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-20.7%-3.7%
  % Gain to Breakeven26.0%3.9%
  Time to Breakeven98 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-15.0%-12.2%
  % Gain to Breakeven17.6%13.9%
  Time to Breakeven10 days62 days

Compare to BEPC, CWEN, ORA, AMRC

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.

EventHASIS&P 500
2025 US Tariff Shock
  % Loss-20.3%-18.8%
  % Gain to Breakeven25.5%23.1%
  Time to Breakeven36 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-46.2%-9.5%
  % Gain to Breakeven85.9%10.5%
  Time to Breakeven69 days24 days
2023 SVB Regional Banking Crisis
  % Loss-34.7%-6.7%
  % Gain to Breakeven53.2%7.1%
  Time to Breakeven365 days31 days
2020 COVID-19 Crash
  % Loss-56.5%-33.7%
  % Gain to Breakeven129.9%50.9%
  Time to Breakeven140 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-20.7%-3.7%
  % Gain to Breakeven26.0%3.9%
  Time to Breakeven98 days6 days

Compare to BEPC, CWEN, ORA, AMRC

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. (HASI) is a financial company that provides capital and services to projects focused on energy efficiency, renewable energy, and other sustainable infrastructure across the United States. Its core business involves investing in assets that support the transition to a cleaner economy, generating returns through a diversified portfolio of these vital projects.

The company's primary investments fall into three categories. First, HASI finances energy efficiency initiatives for buildings, supporting projects that reduce energy usage and costs through technologies such as on-site solar generation, energy storage, advanced HVAC systems, LED lighting, and overall building envelope improvements. Second, it provides capital for large-scale, grid-connected renewable energy projects, predominantly solar and wind power generation. Third, HASI invests in other essential sustainable infrastructure, including upgrades to electricity transmission and distribution systems, as well as critical water and stormwater management infrastructure.

HASI operates as a Real Estate Investment Trust (REIT), a structure designed to provide investors with income-producing assets. This classification means the company typically avoids federal corporate income taxes as long as it distributes at least 90% of its taxable income to its stockholders, making it a compelling option for investors looking for exposure to sustainable infrastructure with a focus on dividend distributions.

AI Analysis | Feedback

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.

AI Analysis | Feedback

  • 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:

  1. 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.
  2. Utilities and Grid Operators: Entities involved in deploying cleaner energy sources and upgrading transmission or distribution systems.
  3. 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:

  1. 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.
  2. 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.
  3. 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.

AI Analysis | Feedback

null

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1How Low Can HA Sustainable Infrastructure Capital Stock Really Go?10/17/2025
2HASI Dip Buy Analysis07/10/2025
3HA Sustainable Infrastructure Capital Total Shareholder Return (TSR): 6.4% in 2024 and -10.1% 3-yr compounded annual returns (below peer average)03/07/2025
4HA Sustainable Infrastructure Capital (HASI) Operating Cash Flow Comparison02/17/2025
5HA Sustainable Infrastructure Capital (HASI) Net Income Comparison02/15/2025
6HA Sustainable Infrastructure Capital vs. S&P500 Correlation10/03/2024
7HA Sustainable Infrastructure Capital Price Volatility09/24/2024
8HA Sustainable Infrastructure Capital Market Price08/31/2024
9Fundamental Metrics: ...06/19/2024
10Day 5 of Loss Streak for Hannon Armstrong Sustainable Infrastructure Capital Stock with -36% Return (vs. -53% YTD) [10/6/2023]10/06/2023
Title
0ARTICLES

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BANDBandwidth2.523.0%407.7%

Top Losers

TickerCompanyMkt Cap (B)1W RtnYTD Rtn
RXTRackspace Technology1.1-32.7%350.1%
FCELFuelCell Energy1.2-27.9%214.6%
SOLSSolstice Advanced Materials10.0-24.3%29.5%
VMETVersamet Royalties1.0-22.8%1.2%
MIDDMiddleby6.3-22.4%-10.3%
AIAIAIAI0.8-22.4%-25.2%
FBYDFalcons Beyond Global0.8-22.1%2.2%
CNTNCanton Strategic0.5-22.1%-24.4%
VPGVishay Precision1.5-21.2%194.8%
LPTHLightPath Technologies0.7-21.1%16.1%

Top Gainers

TickerCompanyMkt Cap (B)1M RtnYTD Rtn
RGNXRegenxbio0.8155.3%8.7%
CRNXCrinetics Pharmaceuticals8.7149.8%79.6%
BLZEBackblaze1.1134.6%282.6%
MBXMBX Biosciences3.1126.6%108.3%
DFTXDefinium Therapeutics, Inc.5.3110.5%258.6%
TRAXFirst Tracks Biotherapeutics1.1105.7%74.2%
STTKShattuck Labs0.880.3%92.6%
ABSIAbsci1.875.1%228.7%
TENXTenax Therapeutics0.873.8%50.3%
SLDBSolid Biosciences1.273.8%97.5%

Top Losers

TickerCompanyMkt Cap (B)1M RtnYTD Rtn
HTZHertz Global0.7-57.3%-57.8%
RDWRedwire2.0-43.6%37.8%
LUNRIntuitive Machines2.0-43.2%4.1%
NVTSNavitas Semiconductor3.3-42.1%98.6%
HYLNHyliion0.8-41.1%131.0%
PCTPureCycle Technologies1.3-37.9%-13.2%
AAOIApplied Optoelectronics9.3-37.9%250.6%
BLDPBallard Power Systems1.0-37.4%27.2%
AMPXAmprius Technologies1.6-36.9%50.6%
METCBRamaco Resources0.5-36.3%-34.0%

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Peer Comparisons

Peers to compare with:

Financials

HASIBEPCCWENORAAMRCMedian
NameHA Susta.Brookfie.Clearway.Ormat Te.Ameresco  
Mkt Price37.3235.5433.37110.3725.6535.54
Mkt Cap4.86.44.06.71.44.8
Rev LTM2343,7041,4851,1641,9811,485
Op Inc LTM-802200222125211
FCF LTM220-636559-215-355-215
FCF 3Y Avg80-343501-218-469-218
CFO LTM220449994326-17326
CFO 3Y Avg80707829359-19359

Growth & Margins

HASIBEPCCWENORAAMRCMedian
NameHA Susta.Brookfie.Clearway.Ormat Te.Ameresco  
Rev Chg LTM-23.7%-5.6%5.6%31.5%8.6%5.6%
Rev Chg 3Y Avg60.8%-1.8%5.6%17.1%8.4%8.4%
Rev Chg Q-145.2%-2.6%18.8%75.8%13.8%13.8%
QoQ Delta Rev Chg LTM-42.7%-0.6%3.9%17.6%2.5%2.5%
Op Inc Chg LTM--14.8%-14.9%25.6%42.4%5.4%
Op Inc Chg 3Y Avg--15.1%-10.5%5.9%6.9%-2.3%
Op Mgn LTM-21.7%13.5%19.1%6.3%16.3%
Op Mgn 3Y Avg-22.8%15.5%19.5%5.7%17.5%
QoQ Delta Op Mgn LTM--2.0%1.2%0.6%-0.3%0.1%
CFO/Rev LTM94.0%12.1%66.9%28.0%-0.8%28.0%
CFO/Rev 3Y Avg31.1%18.0%59.2%37.9%-1.6%31.1%
FCF/Rev LTM94.0%-17.2%37.6%-18.5%-17.9%-17.2%
FCF/Rev 3Y Avg31.1%-9.1%35.8%-22.9%-28.9%-9.1%

Valuation

HASIBEPCCWENORAAMRCMedian
NameHA Susta.Brookfie.Clearway.Ormat Te.Ameresco  
Mkt Cap4.86.44.06.71.44.8
P/S20.31.72.75.80.72.7
P/Op Inc-8.020.230.310.815.5
P/EBIT--2.117.527.010.614.1
P/E85.1-1.42,018.952.743.152.7
P/CFO21.614.34.120.7-81.414.3
Total Yield5.7%-70.8%9.1%2.3%2.3%2.3%
Dividend Yield4.5%0.0%9.1%0.4%0.0%0.4%
FCF Yield 3Y Avg1.8%-13.9%-4.6%-46.3%-1.4%
D/E1.12.32.50.51.51.5
Net D/E1.12.22.40.41.41.4

Returns

HASIBEPCCWENORAAMRCMedian
NameHA Susta.Brookfie.Clearway.Ormat Te.Ameresco  
1M Rtn2.5%-8.5%-14.3%-20.1%-4.8%-8.5%
3M Rtn-2.2%-15.2%-17.2%-2.9%-1.3%-2.9%
6M Rtn16.5%-4.2%5.5%-3.0%-12.4%-3.0%
12M Rtn44.9%9.9%8.4%25.8%56.0%25.8%
3Y Rtn72.6%35.1%44.0%37.8%-49.6%37.8%
1M Excs Rtn-0.9%-9.7%-16.1%-21.0%-9.5%-9.7%
3M Excs Rtn-13.4%-27.6%-28.0%-13.9%-9.7%-13.9%
6M Excs Rtn8.7%-17.9%-6.9%-13.7%-24.4%-13.7%
12M Excs Rtn25.7%-9.4%-10.0%7.1%34.5%7.1%
3Y Excs Rtn7.0%-34.2%-30.1%-29.0%-115.4%-30.1%

Comparison Analyses

null

Financials

$ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
Filing Date5/8/20262/13/202611/7/20258/8/20255/8/20252/14/202511/8/20248/2/20245/8/20242/16/202411/3/20238/4/2023
Key Financials Quarterly            
Total Revenue-54-31156164120126-1622021504937
Net Income-72-5483985770-2027123902114
EPS-0.57-0.430.660.800.470.59-0.170.231.080.800.200.14
Key Financials TTM            
Total Revenue TTM234409566409307389413463438290141153
Net Income TTM561853082061342002202612481493952
Growth Rates Quarterly            
Total Revenue Growth-145.2%-124.9%18666.3%164.5%-40.6%-16.0%-101.7%68.6%272.9%27489.5%-19.3%154.9%
Net Income Growth-227.1%-176.7%524.4%270.9%-54.0%-21.9%-191.5%96.3%410.4%550.4%-37.9%173.3%
Margins Quarterly            
Net Income Margin--53.3%60.2%47.1%55.8%-42.9%60.8%60.0%43.5%36.9%
Cash & Debt            
Total Cash1241103028767130441466163156127
Total Debt5,3865,1495,1894,7154,7234,4004,1314,1134,2514,2473,6583,267
Net Debt / (Cash)5,2615,0394,8874,6294,6554,2704,0873,9684,1894,1853,5023,140
Cash Flows Quarterly            
FCF from Operations16247-12280-37-1222-252172717
Cash Flows TTM            
FCF from Operations TTM220167-9252-5262530721002993
Returns to Shareholders Quarterly            
Dividends575453525050494845454337
Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC-3.6%-2.8%4.4%5.4%3.2%4.1%-1.2%1.7%7.5%5.5%1.1%0.9%
Return on Invested Capital (ROIC) TTM            
ROIC TTM0.7%2.4%4.1%2.8%1.9%2.9%3.4%4.1%3.8%2.3%0.5%1.0%

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment701631461271340
Total701631461271340


Price Behavior

Price Behavior
Market Price$37.32 
Market Cap ($ Bil)4.8 
First Trading Date04/18/2013 
Distance from 52W High-12.9% 
   50 Days200 Days
DMA Price$39.45$34.73
DMA Trendupindeterminate
Distance from DMA-5.4%7.4%
 3M1YR
Volatility25.4%32.0%
Downside Capture110.7399.88
Upside Capture57.99120.80
Correlation (SPY)45.7%39.9%
HASI Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta0.760.780.900.940.990.93
Up Beta0.540.500.890.620.690.44
Down Beta1.471.141.171.161.070.98
Up Capture30%35%69%113%129%185%
Bmk +ve Days11244067140429
Stock +ve Days10183367128385
Down Capture79%105%96%85%95%105%
Bmk -ve Days10172358112321
Stock -ve Days11233058124365

[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
HASI47.1%32.0%1.23-
Sector ETF (XLF)7.7%14.8%0.2930.6%
Equity (SPY)22.3%12.5%1.3339.6%
Gold (GLD)24.4%27.8%0.7730.9%
Commodities (DBC)23.6%18.7%1.00-3.9%
Real Estate (VNQ)13.2%13.9%0.6545.4%
Bitcoin (BTCUSD)-42.8%42.8%-1.1827.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with HASI
HASI-3.2%47.0%0.09-
Sector ETF (XLF)10.5%18.6%0.4336.3%
Equity (SPY)13.4%17.1%0.6142.5%
Gold (GLD)18.0%18.3%0.8017.6%
Commodities (DBC)7.5%19.5%0.2817.0%
Real Estate (VNQ)2.9%18.9%0.0652.1%
Bitcoin (BTCUSD)12.3%53.5%0.4223.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with HASI
HASI11.8%42.2%0.41-
Sector ETF (XLF)14.1%22.1%0.5840.5%
Equity (SPY)15.8%17.9%0.7548.0%
Gold (GLD)11.7%16.1%0.5915.7%
Commodities (DBC)6.1%18.0%0.2720.8%
Real Estate (VNQ)5.2%20.7%0.2253.9%
Bitcoin (BTCUSD)58.0%66.2%0.9819.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6152026
Short Interest: Shares Quantity11.2 Mil
Short Interest: % Change Since 5312026-5.7%
Average Daily Volume1.2 Mil
Days-to-Cover Short Interest9.0 days
Basic Shares Quantity127.6 Mil
Short % of Basic Shares8.8%

Returns Analyses

Earnings Returns History

Updated 6/10/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/2026-3.3%-2.5%-12.0%
2/12/202610.8%4.0%1.2%
11/6/202512.2%15.5%14.9%
8/7/20255.5%9.4%13.9%
5/7/20250.5%5.7%-1.4%
2/13/20250.3%0.4%6.1%
11/7/2024-10.9%-14.2%-1.6%
8/1/2024-3.1%-2.7%0.8%
...
SUMMARY STATS   
# Positive191413
# Negative51011
Median Positive4.0%7.3%13.1%
Median Negative-3.1%-3.3%-5.5%
Max Positive16.3%21.4%35.9%
Max Negative-10.9%-14.2%-31.5%
 Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/2026-3.3%-2.5%-12.0%
2/12/202610.8%4.0%1.2%
11/6/202512.2%15.5%14.9%
8/7/20255.5%9.4%13.9%
5/7/20250.5%5.7%-1.4%
2/13/20250.3%0.4%6.1%
11/7/2024-10.9%-14.2%-1.6%
8/1/2024-3.1%-2.7%0.8%
5/7/202416.3%21.4%21.4%
2/15/20242.8%-3.9%-0.7%
11/2/202315.7%3.7%35.9%
8/3/20230.2%-5.2%-5.5%
5/4/20235.1%3.3%0.6%
2/16/2023-2.2%-9.3%-31.5%
11/3/20223.2%20.5%19.1%
8/4/20224.9%12.6%-0.6%
5/3/20223.1%-5.8%-5.8%
2/17/202210.9%17.0%13.1%
11/4/20210.3%-0.4%-9.4%
8/5/20210.9%3.2%4.5%
5/4/2021-2.3%-2.7%-1.4%
2/18/202110.4%-1.2%-7.0%
11/5/20203.8%9.0%18.9%
8/6/20204.0%4.4%9.8%
SUMMARY STATS   
# Positive191413
# Negative51011
Median Positive4.0%7.3%13.1%
Median Negative-3.1%-3.3%-5.5%
Max Positive16.3%21.4%35.9%
Max Negative-10.9%-14.2%-31.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/08/202610-Q
12/31/202502/13/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/08/202510-Q
12/31/202402/14/202510-K
09/30/202411/08/202410-Q
06/30/202408/02/202410-Q
03/31/202405/08/202410-Q
12/31/202302/16/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202202/21/202310-K
09/30/202211/09/202210-Q
06/30/202208/09/202210-Q
 Collapse to Preview
Report DateFiling DateFiling
03/31/202605/08/202610-Q
12/31/202502/13/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/08/202510-Q
12/31/202402/14/202510-K
09/30/202411/08/202410-Q
06/30/202408/02/202410-Q
03/31/202405/08/202410-Q
12/31/202302/16/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202202/21/202310-K
09/30/202211/09/202210-Q
06/30/202208/09/202210-Q
03/31/202205/06/202210-Q
12/31/202102/22/202210-K
09/30/202111/05/202110-Q
06/30/202108/06/202110-Q
03/31/202105/07/202110-Q
12/31/202002/22/202110-K
09/30/202011/06/202010-Q
06/30/202008/07/202010-Q
03/31/202005/11/202010-Q
12/31/201902/25/202010-K
09/30/201911/01/201910-Q
06/30/201908/02/201910-Q

Recent Forward Guidance

Updated 7/9/2026

Latest: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2028 Adjusted EPS3.53.553.60 AffirmedGuidance: 3.55 for 2028
2028 Adjusted ROE 0.17  0AffirmedGuidance: 0.17 for 2028
2028 Payout Ratio 0.5    
2030 Payout Ratio 0.4    

Prior: Q4 2025 Earnings Reported 2/12/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2028 Adjusted EPS3.53.553.6   
2028 Adjusted Return on Equity 0.17    

Q3 2025 Earnings Reported 11/6/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2025 Adjusted EPS Growth 10.0%    
2027 Adjusted EPS Growth 9.0%  0.0%AffirmedGuidance: 9.0% for 2027
2027 Adjusted EPS 3.15 0.0% AffirmedGuidance: 3.15 for 2027
2027 Dividend Payout Ratio 0.57  0.0%AffirmedGuidance: 0.57 for 2027

Insider Activity

Updated 5/18/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Eckel, Jeffrey Jeffrey W. Eckel Revocable TrustSell217202639.22124,9984,902,42212,949,307Form
2Eckel, Jeffrey spouseSell217202639.349,400369,796356,027Form
 Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Eckel, Jeffrey Jeffrey W. Eckel Revocable TrustSell217202639.22124,9984,902,42212,949,307Form
2Eckel, Jeffrey spouseSell217202639.349,400369,796356,027Form

Industry Resources

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Core Cache Last Updated: 7/9/2026