HASI (HASI)
NYSE:HASI
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HASI
(NYSE:HASI)
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Rating:62Neutral
Price Target:
$39.00
▲(7.32% Upside)
Action:ReiteratedDate:03/04/26
The score is held back primarily by volatile revenue and uneven cash flow alongside elevated leverage. Offsetting this, technicals are constructive with a clear uptrend, and the latest earnings call was notably positive with strengthened multi-year guidance and strong 2025 execution; valuation is mixed with a solid dividend but a higher P/E.
Positive Factors
Origination & Pipeline
Strong origination and a >$6.5B pipeline demonstrate durable demand for project-level capital and multi-year deployment optionality. Large retained closings expand managed assets and future fee and recurring income, supporting sustainable growth without reliance on single transactions.
Negative Factors
Elevated Leverage
Meaningful leverage (~1.6x–2.0x debt-to-equity) raises sensitivity to interest rates and funding markets. In combination with revenue and cash-flow volatility, elevated leverage can amplify earnings swings, constrain capital flexibility, and increase refinancing risk across the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Origination & Pipeline
Strong origination and a >$6.5B pipeline demonstrate durable demand for project-level capital and multi-year deployment optionality. Large retained closings expand managed assets and future fee and recurring income, supporting sustainable growth without reliance on single transactions.
Read all positive factors
HASI (HASI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.65B
Dividend Yield5.09%
Average Volume (3M)1.07M
Price to Earnings (P/E)20.9
Beta (1Y)0.53
Revenue Growth4.91%
EPS Growth29.53%
CountryUS
Employees153
SectorFinancial
Sector Strength70
IndustryFinancial - Diversified
Share Statistics
EPS (TTM)0.67
Shares Outstanding127,720,620
10 Day Avg. Volume1,076,330
30 Day Avg. Volume1,071,323
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 Cap2.06
Enterprise Value/Revenue12.43
Enterprise Value/Gross Profit17.28
Enterprise Value/Ebitda27.26
Forecast
1Y Price Target
$44.56Price Target Upside22.62% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)2.93
Revenue Forecast (FY)$468.30M
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 generates revenue primarily through its investment activities in sustainable infrastructure projects. The company earns income from interest and dividends on its investments, which include loans and equity in renewable energy projects. Additi...
HASI Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The earnings call emphasized strong operational momentum and multiple financial improvements in 2025: record transaction closings, double-digit adjusted EPS growth, higher yields, improved ROE and equity efficiency, growing managed assets and recurring income, plus strengthened liquidity and capital tools (junior subordinated notes, CCH 1 expansion). The company also highlighted meaningful sustainability outcomes. The primary negatives were forecast volatility driven by gain-on-sale lumpiness, GAAP/HLBV accounting volatility, one-time large transactions (SunZia) that may make year-to-year comparisons uneven, and some policy/tax-equity uncertainty. Overall, the positive operational and financial achievements substantially outweigh the listed challenges, though investors should watch lumpiness and policy developments.Positive Updates
Record Investment Volume in 2025
Closed $4,300,000,000 in new transactions in 2025, an increase of 87% versus 2024; even excluding the SunZia investment, closed more than $3,000,000,000 in new investments.
Negative Updates
GAAP Volatility and HLBV Impact
GAAP results were negatively impacted by volatility in HLBV calculations, and GAAP net investment income excludes earnings from growing equity method investments, creating divergence between GAAP and the company’s view of economic performance.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Investment Volume in 2025
Closed $4,300,000,000 in new transactions in 2025, an increase of 87% versus 2024; even excluding the SunZia investment, closed more than $3,000,000,000 in new investments.
Read all positive updates
Company Guidance
Management extended three‑year guidance to 2028, targeting adjusted EPS of $3.50–$3.60 and adjusted ROE to exceed 17% by 2028, while expecting the payout ratio to fall below 50% by 2028 and below 40% by 2030. That outlook is backed by 2025 momentum: $4.3B of new transactions closed (up 87% YoY) with $3.6B retained on balance sheet (≈140% YoY), a pipeline >$6.5B, managed assets of $16.1B (+18%), a $7.6B portfolio yielding 8.8%, yield on new investments >10.5% for the second year, adjusted EPS of $2.70 in 2025 (10% 10‑year CAGR), incremental ROE >19% and adjusted ROE 13.4%, adjusted recurring net investment income $362M (+25%), fees $49M (+32%), gain on sale $65M, liquidity $1.8B, CCH 1 equity commitments increased ~$1B to $3B, and a $500M junior subordinated note offering—all cited as drivers of the 2028 targets.HASI Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
52
Neutral
Cash Flow
41
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 400.50M | 631.47M | 460.85M | 271.03M | 339.59M |
| Gross Profit | 398.94M | 389.11M | 289.84M | 155.47M | 217.88M |
| EBITDA | 566.67M | 274.83M | 185.50M | 53.28M | 148.31M |
| Net Income | 184.55M | 200.04M | 148.84M | 41.50M | 126.58M |
Balance Sheet | |||||
| Total Assets | 8.19B | 7.08B | 6.55B | 4.76B | 4.15B |
| Cash, Cash Equivalents and Short-Term Investments | 145.22M | 129.76M | 62.63M | 155.71M | 226.20M |
| Total Debt | 5.08B | 4.40B | 4.25B | 2.98B | 2.49B |
| Total Liabilities | 5.53B | 4.68B | 4.41B | 3.10B | 2.58B |
| Stockholders Equity | 2.57B | 2.34B | 2.09B | 1.63B | 1.54B |
Cash Flow | |||||
| Free Cash Flow | 226.73M | 5.85M | 99.69M | 230.00K | 13.31M |
| Operating Cash Flow | 226.73M | 5.85M | 99.69M | 230.00K | 13.31M |
| Investing Cash Flow | -915.24M | -131.19M | -1.99B | -592.11M | -703.40M |
| Financing Cash Flow | 683.58M | 200.41M | 1.79B | 516.78M | 630.84M |
HASI Technical Analysis
Positive
36.34
Price Trends
35.89
Positive
33.92
Positive
30.53
Positive
Market Momentum
0.04
Positive
51.74
Neutral
52.48
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 36.34 is above the 20-day moving average (MA) of 36.28, above the 50-day MA of 35.89, and above the 200-day MA of 30.53, indicating a bullish trend. The MACD of 0.04 indicates Positive momentum. The RSI at 51.74 is Neutral, neither overbought nor oversold. The STOCH value of 52.48 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $2.87B | 6.09 | 53.92% | 10.18% | -2.51% | 17.47% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | $4.65B | 20.94 | 7.32% | 5.09% | 4.91% | 29.53% | |
62 Neutral | $2.66B | 10.01 | 15.88% | 10.00% | -15.32% | -12.29% | |
58 Neutral | $3.14B | 16.56 | 2.54% | ― | 1.41% | 150.35% | |
56 Neutral | $1.83B | -74.49 | 9.03% | 3.15% | 4.51% | -8.29% |
* Financial Sector Average
HASI
HASI
36.41
8.30
29.54%
GNW
Genworth Financial
8.09
0.96
13.46%
HTGC
Hercules Capital, Inc.
14.14
-3.33
-19.07%
KMPR
Kemper
30.89
-34.79
-52.97%
WU
Western Union
9.17
-0.23
-2.44%
HASI Corporate Events
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...
Business Operations and StrategyPrivate Placements and Financing
HASI Expands CarbonCount Revolving Credit Facility Capacity
Positive
Dec 29, 2025
On December 22, 2025, HA Sustainable Infrastructure Capital, Inc. amended its existing four-year unsecured CarbonCount-based revolving credit facility, originally established in April 2024 and previously amended several times, with JPMorgan Chase ...
Private Placements and Financing
HASI Expands Credit Facility by $100 Million
Positive
Dec 10, 2025
On December 9, 2025, HA Sustainable Infrastructure Capital, Inc. amended its credit agreement to increase its revolving credit facility from $1.550 billion to $1.650 billion. This expansion, facilitated through the accordion feature, enhances the ...
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.