HASI (HASI)
NYSE:HASI
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HASI
(NYSE:HASI)
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Rating:67Neutral
Price Target:
$45.00
▲(10.73% Upside)
Action:Reiterated
Date:05/09/26
The score is driven mainly by a strong and confident earnings-call outlook (reaffirmed targets, record ROE, higher yields, and solid liquidity) and supportive technical trend signals. Offsetting this, financial performance is mixed due to recent revenue contraction and TTM margin compression, and valuation is less clear because the P/E is negative despite an attractive dividend yield.
Positive Factors
High portfolio yields
Sustained new-asset yields above 10.5% imply durable spread generation versus funding costs, supporting net investment income and ROE over time. Consistently high origination yields give the firm structural margin resilience as it scales assets and reinvests at attractive returns.
Negative Factors
Revenue and margin pressure
Sequential revenue declines and sharp TTM margin compression weaken earnings predictability from the core financing business. If top-line deceleration or margin pressure persists, it could erode recurring income growth and constrain the firm's ability to meet multi-year ROE targets without additional leverage or higher-risk deployments.
Read all positive and negative factors
Positive Factors
Negative Factors
High portfolio yields
Sustained new-asset yields above 10.5% imply durable spread generation versus funding costs, supporting net investment income and ROE over time. Consistently high origination yields give the firm structural margin resilience as it scales assets and reinvests at attractive returns.
Read all positive factors
HASI (HASI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.19B
Dividend Yield5.09%
Average Volume (3M)1.01M
Price to Earnings (P/E)―
Beta (1Y)0.37
Revenue Growth14.16%
EPS Growth-57.72%
CountryUS
Employees153
SectorFinancial
Sector Strength70
IndustryFinancial - Diversified
Share Statistics
EPS (TTM)0.46
Shares Outstanding127,801,060
10 Day Avg. Volume1,092,733
30 Day Avg. Volume1,009,398
Financial Highlights & Ratios
PEG Ratio-1.57
Price to Book (P/B)1.50
Price to Sales (P/S)9.65
P/FCF Ratio17.05
Enterprise Value/Market Cap2.00
Enterprise Value/Revenue14.63
Enterprise Value/Gross Profit18.60
Enterprise Value/Ebitda42.24
Forecast
1Y Price Target
$49.50Price Target Upside21.80% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)3
Revenue Forecast (FY)$468.77M
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...
How the Company Makes Money
HASI makes money primarily by earning investment income from its portfolio of financing assets tied to sustainable infrastructure projects. Its core revenue stream is interest income generated on loans and receivables it originates or acquires (in...
HASI Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The earnings call conveyed a predominantly positive picture: strong growth in adjusted earnings, record quarterly ROE, sizable increases in recurring investment income and managed assets, high portfolio yields, a large pipeline, and active balance sheet optimization (longer maturities and available liquidity). Management acknowledged industry-wide risks—geopolitical volatility, tax-equity rule uncertainty, variability in gain-on-sale, and a small project technical issue—but characterized these as manageable and largely within underwriting expectations. The company further advanced strategic initiatives including a $400M JV investment (Neogenix) and continued expansion of fee-generating assets, while minimizing equity issuance in the quarter.Positive Updates
Record and Growing Profitability
Adjusted EPS of $0.77 in Q1 2026 (up from $0.64 YoY) and adjusted earnings of $102 million (management noted a 31% increase YoY). Adjusted ROE reached 15.7%, the highest quarterly level in company history (up from 12.8% YoY).
Negative Updates
Macroeconomic and Geopolitical Volatility
Management cited ongoing volatility from geopolitical events (notably the Iran war) and macro developments that have driven oil and power price volatility and affordability challenges; these dynamics create market uncertainty even though company sees strategic tailwinds for renewables.
Read all updates
Q1-2026 Updates
Positive
Negative
Record and Growing Profitability
Adjusted EPS of $0.77 in Q1 2026 (up from $0.64 YoY) and adjusted earnings of $102 million (management noted a 31% increase YoY). Adjusted ROE reached 15.7%, the highest quarterly level in company history (up from 12.8% YoY).
Read all positive updates
Company Guidance
Management reaffirmed its 2028 targets of $3.50–$3.60 adjusted EPS and a 17% adjusted ROE, and reiterated a 2026 origination target of $2.0–$3.0 billion while expecting minimal ATM share issuance in 2026; Q1 results that support this trajectory included adjusted EPS of $0.77, adjusted ROE of 15.7% (a quarterly high), adjusted recurring net investment income up 29% YoY to ~$101M, adjusted earnings of $102M (+31% YoY), managed assets of $16.4B (+13% YoY) and a >$6.5B 12‑month pipeline; portfolio yields rose 90 bps YoY to 9.2% with new-asset yields >10.5% for the eighth consecutive quarter, Q1 total volume was $637M (≈$462M to be held at CCH1) with >$460M in new transactions placed on the balance sheet, fee‑generating assets grew 130% YoY to $1.1B, CCH1 assets are $2.3B, average annual realized loss remains <10 bps, liquidity stands at $2.3B, and the company has been lowering and lengthening its cost of capital (issued $1.0B of bonds—$400M senior at 6% and $600M junior at 7.125%—retired $450M at 8%, and extended corporate term debt weighted‑average maturity from 7.9 to 12.8 years); management also noted the Q1 HLBV loss should fully reverse next quarter and reiterated that full‑year gain‑on‑sale is expected to be similar to last year (Q1 gain‑on‑sale was $23M).HASI Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
52
Neutral
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 710.03M | 400.50M | 631.47M | 460.85M | 271.03M | 339.59M |
| Gross Profit | 558.43M | 398.94M | 389.11M | 289.84M | 155.47M | 217.88M |
| EBITDA | 245.88M | 566.67M | 274.83M | 185.50M | 53.28M | 148.31M |
| Net Income | 55.97M | 184.55M | 200.04M | 148.84M | 41.50M | 126.58M |
Balance Sheet | ||||||
| Total Assets | 8.20B | 8.19B | 7.08B | 6.55B | 4.76B | 4.15B |
| Cash, Cash Equivalents and Short-Term Investments | 151.50M | 145.22M | 129.76M | 62.63M | 155.71M | 226.20M |
| Total Debt | 5.35B | 5.08B | 4.40B | 4.25B | 2.98B | 2.49B |
| Total Liabilities | 5.67B | 5.53B | 4.68B | 4.41B | 3.10B | 2.58B |
| Stockholders Equity | 2.44B | 2.57B | 2.34B | 2.09B | 1.63B | 1.54B |
Cash Flow | ||||||
| Free Cash Flow | 233.41M | 226.73M | 5.85M | 99.69M | 230.00K | 13.31M |
| Operating Cash Flow | 233.41M | 226.73M | 5.85M | 99.69M | 230.00K | 13.31M |
| Investing Cash Flow | -729.66M | -915.24M | -131.19M | -1.99B | -592.11M | -703.40M |
| Financing Cash Flow | 563.65M | 683.58M | 200.41M | 1.79B | 516.78M | 630.84M |
HASI Technical Analysis
Positive
40.64
Price Trends
39.41
Positive
37.17
Positive
33.28
Positive
Market Momentum
0.22
Positive
54.46
Neutral
64.79
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 40.64 is below the 20-day moving average (MA) of 41.31, above the 50-day MA of 39.41, and above the 200-day MA of 33.28, indicating a neutral trend. The MACD of 0.22 indicates Positive momentum. The RSI at 54.46 is Neutral, neither overbought nor oversold. The STOCH value of 64.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HASI.
HASI Risk Analysis
HASI disclosed 57 risk factors in its most recent earnings report. HASI reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
HASI Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $2.87B | 15.88 | 15.11% | 10.00% | 14.32% | 36.84% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $5.19B | -16.29 | 2.21% | 5.09% | 14.16% | -57.72% | |
66 Neutral | $3.47B | 16.76 | 2.46% | ― | -1.14% | 7.17% | |
62 Neutral | $2.62B | 10.62 | 47.95% | 10.18% | -2.34% | -49.33% | |
55 Neutral | $1.75B | -264.26 | 1.52% | 3.15% | 0.51% | -88.36% |
* Financial Sector Average
HASI
HASI
41.21
16.96
69.92%
GNW
Genworth Financial
9.03
2.05
29.37%
HTGC
Hercules Capital, Inc.
15.71
-0.09
-0.59%
KMPR
Kemper
27.69
-33.74
-54.93%
WU
Western Union
8.25
-0.27
-3.13%
HASI Corporate Events
Business Operations and StrategyExecutive/Board Changes
HASI Adopts Tiered Executive Protection and Severance Plan
Neutral
Mar 27, 2026
On March 25, 2026, HA Sustainable Infrastructure Capital, Inc. adopted an Executive Protection Plan that sets a tiered severance framework for its CEO and key management, effective May 1, 2026. The plan defines three tiers of coverage, with benefi...
Business Operations and StrategyPrivate Placements and Financing
HASI Refinances Debt with Long-Term Green Note Issuances
Positive
Mar 4, 2026
On March 3, 2026, HA Sustainable Infrastructure Capital, Inc. used part of the proceeds from its recent issuance of $600 million in 7.125% green junior subordinated notes due 2056 and $400 million in 6.000% green senior unsecured notes due 2036 to...
Business Operations and StrategyPrivate Placements and Financing
HASI Issues $400 Million Green Senior Unsecured Notes
Positive
Mar 2, 2026
On March 2, 2026, HA Sustainable Infrastructure Capital, Inc. issued $400 million of 6.000% Green Senior Unsecured Notes due 2036, with interest payable semi-annually and a scheduled maturity on March 15, 2036, unless earlier redeemed or repurchas...
Business Operations and StrategyPrivate Placements and Financing
HASI Issues $600 Million Green Junior Subordinated Notes
Positive
Feb 27, 2026
On February 27, 2026, HASI issued $600 million of 7.125% Green Junior Subordinated Notes due 2056, guaranteed by several affiliated entities and structured as subordinated, unsecured debt ranking junior to senior obligations but senior to equity. ...
Business Operations and StrategyPrivate Placements and Financing
HASI Issues New Green Notes to Optimize Capital Structure
Positive
Feb 23, 2026
On February 18, 2026, HA Sustainable Infrastructure Capital, Inc. agreed to issue $600 million of 7.125% Green Junior Subordinated Notes due 2056 at par, guaranteed on a subordinated basis by several affiliated entities. The proceeds are earmarked...
Business Operations and StrategyPrivate Placements and Financing
HASI Launches Green Junior Subordinated Notes Offering
Positive
Feb 18, 2026
On Feb. 18, 2026, HA Sustainable Infrastructure Capital, Inc. launched, subject to market conditions, a registered offering of Green Junior Subordinated Notes, which will be guaranteed by several affiliated entities. The company aims to use this h...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.