HASI

MKT CAP:$5B

HA Sustainable Infrastructure Capital, Inc.

Market Cap

$5B

Financial Services·Financial - Diversified·🇺🇸 United States·NYSE

Financials·Financial·🇺🇸·NYSE

Stock Price

$41.02+$9.20 (+28.91%)

Apr 22, 2026

Company Details

HA 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 foc...

CEO

Jeffrey A. Lipson

IPO Date

Apr 18, 2013

Website

www.hannonarmstrong.com

Key Metrics TTM

Revenue

$341M

+45.1% YoY

Net Income

-$8M

EPS (Diluted)

$0.11

Free Cash Flow

$258M

Revenue / Share

$2.70

Gross Margin

71.6%

Operating Margin

37.4%

Net Margin

-2.3%

FCF Margin

75.6%

P/S

15.7x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

Q4 2025

Feb 13, 2026

$115MEPS -$0.43

Q2 2023

Aug 4, 2023

$77M+77.2%EPS $0.14

Q2 2022

Aug 9, 2022

$43MEPS -$0.21

Q1 2021

May 7, 2021

$106M+84.9%EPS $0.61

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 18	$26M	$7M	-$1M
Q4 18	$41M	$22M	$10M
Q1 19	$38M	$22M	$11M
Q2 19	$39M	$24M	$14M
Q4 19	$84M	$67M	$56M
Q1 20	$57M	$39M	$26M
Q2 20	$48M	$26M	$11M
Q3 20	$65M	$39M	$24M
Q4 20	$64M	$38M	$19M
Q1 21	$106M	$79M	$58M
Q2 22	$43M	$14M	-$23M
Q2 23	$77M	$37M	$12M
Q4 25	$115M	$114M	$81M

Valuation

Quarter	P/S	P/E
Q1 18	—	—
Q4 18	—	—
Q1 19	—	—
Q2 19	12.6x	52.6x
Q4 19	10.5x	26.0x
Q1 20	6.3x	14.3x
Q2 20	9.0x	21.6x
Q3 20	11.9x	29.2x
Q4 20	20.7x	59.0x
Q1 21	14.5x	37.8x
Q2 22	12.1x	42.8x
Q2 23	9.2x	37.5x
Q4 25	11.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 18	$5M	$5M
Q4 18	$29M	$29M
Q1 19	$3M	$3M
Q2 19	$17M	$17M
Q4 19	-$2M	-$2M
Q1 20	$12M	$12M
Q2 20	$28M	$28M
Q3 20	$12M	$12M
Q4 20	$21M	$21M
Q1 21	-$18M	-$18M
Q2 22	$5M	$5M
Q2 23	$17M	$17M
Q4 25	$254M	$254M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 19	+229.3%	+7.1%
Q1 20	+38.8%	-0.5%
Q2 20	+27.5%	+42.5%
Q3 20	+67.4%	+64.2%
Q4 20	-23.7%	+56.4%
Q1 21	+84.9%	+55.0%
Q2 22	-10.0%	+78.1%
Q2 23	+17.7%	+55.9%
Q4 25	+78.4%	-24.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 18	$0	0.0%
Q4 18	$0	0.0%
Q1 19	$0	0.0%
Q2 19	$0	0.0%
Q4 19	$0	0.0%
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q4 20	$0	0.0%
Q1 21	$0	0.0%
Q2 22	$0	0.0%
Q2 23	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 18	$3M
Q4 18	$4M
Q1 19	$3M
Q2 19	$4M
Q4 19	$4M
Q1 20	$3M
Q2 20	$4M
Q3 20	$4M
Q4 20	$4M
Q1 21	$5M
Q2 22	$7M
Q2 23	$10M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$133M	$0	$133M
Q2 22	$279M	$0	$279M
Q3 22	$273M	$0	$273M
Q4 22	$156M	$0	$156M
Q1 23	$142M	$0	$142M
Q2 23	$127M	$0	$127M
Q3 23	$156M	$0	$156M
Q4 23	$63M	$0	$63M
Q1 24	$61M	$0	$61M
Q2 24	$146M	$0	$146M
Q3 24	$44M	$0	$44M
Q4 24	$130M	$0	$130M
Q1 25	$67M	$0	$67M
Q2 25	$87M	$0	$87M
Q3 25	$302M	$0	$302M
Q4 25	$145M	$0	$145M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 18	52M	—	—
Q4 18	55M	+5.6%	—
Q1 19	62M	+14.2%	—
Q2 19	64M	+3.3%	—
Q4 19	72M	+11.2%	+38.6%
Q1 20	73M	+2.1%	+34.0%
Q2 20	73M	+0.3%	+17.7%
Q3 20	76M	+3.7%	+18.2%
Q4 20	85M	+11.4%	+18.4%
Q1 21	87M	+2.4%	+18.8%
Q2 22	87M	+0.2%	+18.6%
Q2 23	100M	+14.9%	+31.3%
Q4 25	126M	+26.3%	+48.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 18	$545.2K	47
Q4 18	$844.6K	49
Q1 19	$768.3K	49
Q2 19	$793.7K	49
Q4 19	$1M	60
Q1 20	$957.0K	60
Q2 20	$800.1K	60
Q3 20	$1M	60
Q4 20	$881.5K	73
Q1 21	$1M	73
Q2 22	$436.5K	99
Q2 23	$671.8K	114
Q4 25	$645.0K	178

Revenue / Employee