HASI (HASI) AI Stock Analysis

• Market Cap: $3.48B
• Dividend Yield: 5.94%
• Average Volume (3M): 1.03M
• Price to Earnings (P/E): 18.6
• Beta (1Y): 1.00
• Revenue Growth: -2.89%
• EPS Growth: -27.09%
• Country: US
• Employees: 153
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Diversified
• EPS (TTM): 0.60
• Shares Outstanding: 123,906,190
• 10 Day Avg. Volume: 873,875
• 30 Day Avg. Volume: 1,030,323
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 2.40
• Enterprise Value/Revenue: 0.05
• Enterprise Value/Gross Profit: 0.06
• Enterprise Value/Ebitda: 43.31
• 1Y Price Target: $40.13
• Price Target Upside: 42.81% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10

• Rating: 72 Outperform
• Price Target: $30.00 ▲(6.76% Upside)

HASI's overall score reflects strong financial performance and strategic growth initiatives. The company's solid balance sheet and attractive dividend yield are significant strengths. However, technical indicators suggest caution, and cash flow constraints need addressing. Positive corporate events and earnings call further bolster the outlook.

Positive Factors

Strong Balance Sheet

A robust balance sheet with no debt enhances financial stability, providing flexibility for future investments and growth initiatives.

Pipeline Growth

Expanding investment pipeline with high yields indicates strong market demand and potential for sustained revenue growth.

Investment-Grade Ratings

Multiple investment-grade ratings reduce borrowing costs and enhance credibility, supporting long-term financial health.

Negative Factors

Cash Flow Constraints

Decreased free cash flow can limit reinvestment capabilities and affect the company's ability to finance new projects.

Revenue Growth Decline

Negative revenue growth suggests challenges in maintaining market share or pricing power, potentially impacting future profitability.

EPS Decline

Declining EPS may signal operational inefficiencies or market pressures, affecting investor confidence and long-term growth prospects.

HASI Business Overview & Revenue Model

Company Description

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 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.

How the Company Makes Money

HASI generates revenue through its investment activities, primarily by earning interest on loans and returns on equity investments in sustainable infrastructure projects. The company focuses on long-term contracts with cash flows that are often backed by government incentives, power purchase agreements, or similar arrangements, which provide stable and predictable income. Key revenue streams include interest income from project financing, fees from advisory services, and gains from the sale of investments. HASI also benefits from partnerships with various stakeholders in the energy and infrastructure sectors, including government agencies, private companies, and non-profits, which help to expand its project pipeline and enhance its market presence.

HASI Financial Statement Overview

Summary

HASI demonstrates strong revenue growth and profitability with impressive margins. The balance sheet is solid with a robust equity position and no debt, enhancing financial stability. However, cash flow constraints need attention, particularly in sustaining free cash flow growth.

Income Statement

HASI has shown a solid improvement in revenue, with a 19.89% growth from the previous year. The gross profit margin is strong at 78.83%, and the net profit margin is robust at 52.14%. EBIT and EBITDA margins both stand at an impressive 70.21%. The company demonstrates strong profitability metrics, indicating efficient operations, although the historical negative gross profit figures call for careful future analysis.

Balance Sheet

The balance sheet reflects a strong equity position with an equity ratio of 33.96%, indicating a stable financial structure. HASI has no total debt as of the latest report, significantly improving its debt-to-equity ratio, which is now zero. The return on equity (ROE) is healthy at 8.32%, suggesting effective use of equity capital. The company’s financial stability is bolstered by the absence of debt, but historical leverage must be monitored.

Cash Flow

Cash flow analysis reveals a significant decrease in free cash flow from the previous year, impacting the growth rate negatively. However, the operating cash flow to net income ratio is positive at 0.03, and the free cash flow to net income ratio is manageable at 0.03. Overall, the cash flow position shows potential for improvement despite current constraints.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	167.94B	383.60M	319.87M	239.74M	213.17M	142.69M
Gross Profit	132.52B	302.28M	255.53M	155.47M	217.88M	104.92M
EBITDA	192.81M	259.06M	185.50M	53.28M	140.28M	0.00
Net Income	204.63M	200.04M	148.84M	41.50M	126.58M	82.42M
Balance Sheet
Total Assets	7.60T	7.08B	6.55B	4.76B	4.15B	3.46B
Cash, Cash Equivalents and Short-Term Investments	86.51B	129.76M	74.63M	155.71M	226.20M	286.25M
Total Debt	0.00	4.40B	4.23B	2.98B	2.49B	2.16B
Total Liabilities	5.01B	4.68B	4.41B	3.10B	2.58B	2.25B
Stockholders Equity	2.59T	2.34B	2.09B	1.63B	1.54B	1.20B
Cash Flow
Free Cash Flow	42.46B	5.85M	99.69M	230.00K	13.31M	73.28M
Operating Cash Flow	42.46B	5.85M	99.69M	230.00K	13.31M	73.28M
Investing Cash Flow	-712.45M	-131.19M	-1.99B	-592.11M	-703.40M	-831.65M
Financing Cash Flow	590.83M	200.41M	1.79B	516.78M	630.84M	962.12M

HASI Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 28.10
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HASI, the sentiment is Positive. The current price of 28.1 is above the 20-day moving average (MA) of 28.01, above the 50-day MA of 27.23, and above the 200-day MA of 26.85, indicating a bullish trend. The MACD of 0.29 indicates Positive momentum. The RSI at 54.82 is Neutral, neither overbought nor oversold. The STOCH value of 50.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HASI.

HASI Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NHI	79 Outperform	3.72B	24.83	10.10%	4.60%	6.87%	7.23%
EPR	77 Outperform	4.31B	27.87	7.71%	6.15%	1.37%	-16.66%
HASI	72 Outperform	$3.48B	18.60	8.52%	5.94%	-2.89%	-27.09%
BNL	71 Outperform	3.49B	36.08	2.80%	6.29%	2.74%	-37.41%
BXMT	63 Neutral	3.32B	-272.39	0.00%	9.72%	-19.20%	92.16%
PCH	59 Neutral	3.12B	76.87	2.17%	4.46%	-1.15%	14.51%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%

HASI Corporate Events

HASI Subsidiaries Complete Cash Tender Offers

On July 14, 2025, HA Sustainable Infrastructure Capital, Inc.’s indirect subsidiaries, HAT Holdings I LLC and HAT Holdings II LLC, concluded cash tender offers for their outstanding 3.375% Senior Notes due 2026 and 8.00% Green Senior Unsecured Notes due 2027. The Offerors accepted and cancelled $400 million and $300 million in principal amounts of the 2026 and 2027 Notes, respectively, reflecting a strategic move to manage their debt obligations.

The most recent analyst rating on (HASI) stock is a Buy with a $33.00 price target. To see the full list of analyst forecasts on HASI stock, see the HASI Stock Forecast page.

HASI Upsizes Tender Offers for Senior Notes

On June 27, 2025, HA Sustainable Infrastructure Capital, Inc. (HASI) announced the early results and upsizing of its cash tender offers for its outstanding 3.375% Senior Notes due 2026 and 8.00% Green Senior Unsecured Notes due 2027. The company increased the maximum aggregate principal amount from $500 million to $700 million and raised the series cap for the 3.375% Senior Notes from $250 million to $400 million. The tender offers saw $920,279,000 in aggregate principal amount of notes tendered by the early deadline, with the company not expecting to accept further tenders beyond the $700 million threshold. This move is part of HASI’s strategy to manage its debt and optimize its financial structure, potentially impacting its market positioning and stakeholder relations.

The most recent analyst rating on (HASI) stock is a Buy with a $33.00 price target. To see the full list of analyst forecasts on HASI stock, see the HASI Stock Forecast page.

HASI Issues $1 Billion in Green Senior Notes

On June 24, 2025, HA Sustainable Infrastructure Capital, Inc. issued $1 billion in green senior unsecured notes, with maturities in 2031 and 2035, to fund cash tender offers and temporarily repay borrowings. The proceeds will support new and existing green projects, enhancing the company’s commitment to sustainable infrastructure. The notes are senior unsecured obligations, with specific terms for redemption and guarantees, impacting the company’s financial strategy and market positioning.

The most recent analyst rating on (HASI) stock is a Buy with a $42.00 price target. To see the full list of analyst forecasts on HASI stock, see the HASI Stock Forecast page.

HASI Announces $1 Billion Green Notes Issuance

On June 12, 2025, HA Sustainable Infrastructure Capital, Inc. announced an agreement to issue $1 billion in Green Senior Unsecured Notes, with $600 million due in 2031 and $400 million due in 2035. The proceeds from this issuance will be used to fund cash tender offers for existing notes, repay outstanding borrowings, and invest in eligible green projects, reinforcing the company’s commitment to sustainable investments.

The most recent analyst rating on (HASI) stock is a Buy with a $33.00 price target. To see the full list of analyst forecasts on HASI stock, see the HASI Stock Forecast page.

HASI Announces $500M Cash Tender Offer for Notes

On June 12, 2025, HA Sustainable Infrastructure Capital, Inc. announced a cash tender offer to purchase up to $500 million of its outstanding senior notes due in 2026 and 2027. This strategic financial move aims to optimize the company’s capital structure and reflects its commitment to maintaining financial flexibility and supporting its growth in the sustainable infrastructure sector.

The most recent analyst rating on (HASI) stock is a Buy with a $33.00 price target. To see the full list of analyst forecasts on HASI stock, see the HASI Stock Forecast page.