HASI (HASI) AI Stock Analysis

• Market Cap: $4.12B
• Dividend Yield: 5.13%
• Average Volume (3M): 1.25M
• Price to Earnings (P/E): 14.2
• Beta (1Y): 0.59
• Revenue Growth: 4.91%
• EPS Growth: 29.53%
• Country: US
• Employees: 153
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Diversified
• EPS (TTM): 0.80
• Shares Outstanding: 126,079,190
• 10 Day Avg. Volume: 1,004,468
• 30 Day Avg. Volume: 1,247,176
• PEG Ratio: 0.83
• Price to Book (P/B): 1.33
• Price to Sales (P/S): 4.91
• P/FCF Ratio: 529.76
• Enterprise Value/Market Cap: 2.23
• Enterprise Value/Revenue: 10.90
• Enterprise Value/Gross Profit: 16.24
• Enterprise Value/Ebitda: 21.24
• 1Y Price Target: $41.33
• Price Target Upside: 26.16% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 11
• EPS Forecast (FY): 2.69
• Revenue Forecast (FY): $387.76M

• Rating: 70 Outperform
• Price Target: $36.00 ▲(9.89% Upside)

HASI's overall stock score is driven by strong earnings call performance and reasonable valuation. However, financial performance concerns, particularly high leverage and negative cash flows, weigh on the score. Technical indicators support a stable outlook, but liquidity risks remain a concern.

Positive Factors

Revenue Growth

Robust revenue growth indicates successful business expansion and strong market demand for HASI's sustainable infrastructure projects.

Strategic Investments

Large-scale investments in clean energy projects enhance HASI's market position and align with long-term sustainability trends.

Green Financing Initiatives

Issuing Green Notes strengthens HASI's financial structure and supports its strategic focus on sustainable investments.

Negative Factors

High Leverage

High leverage can increase financial risk, especially in a rising interest rate environment, potentially impacting long-term stability.

Negative Cash Flows

Persistent negative cash flows indicate liquidity challenges, which may hinder HASI's ability to fund future projects and operations.

Higher Cost of Debt

Rising debt costs can pressure profit margins and reduce financial flexibility, affecting HASI's long-term financial health.

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 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. Additionally, HASI generates revenue through management fees associated with its investment funds and capital raised from institutional investors. The company also benefits from tax incentives and credits associated with renewable energy investments, further enhancing its profitability. Key partnerships with project developers and governmental entities enable HASI to identify and finance high-quality projects, contributing significantly to its earnings.

HASI Financial Statement Overview

Summary

HASI demonstrates strong revenue growth and profitability with a high gross profit margin. However, high leverage and negative cash flows present significant risks, particularly in liquidity and debt management.

Income Statement

HASI shows strong revenue growth with a 25.08% increase in TTM, indicating robust business expansion. The gross profit margin is high at 73.39%, reflecting efficient cost management. However, the net profit margin appears unusually high at 80.52%, suggesting potential one-time gains or accounting adjustments. EBIT and EBITDA margins are healthy, but the EBIT margin seems inflated, possibly due to non-operational income.

Balance Sheet

The debt-to-equity ratio has improved from previous years, indicating better leverage management, but remains high, posing a risk if interest rates rise. Return on equity is decent at 12.40%, showing effective use of equity capital. The equity ratio is stable, suggesting a balanced asset structure.

Cash Flow

Cash flow performance is weak, with negative operating and free cash flows in TTM, indicating potential liquidity issues. The free cash flow growth rate is significantly negative, highlighting cash management challenges. Operating cash flow to net income ratio is zero, suggesting earnings are not translating into cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	843.08M	631.47M	460.85M	271.03M	339.59M	234.87M
Gross Profit	565.61M	389.11M	289.84M	155.47M	217.88M	142.69M
EBITDA	432.43M	274.83M	185.50M	53.28M	148.31M	83.56M
Net Income	308.40M	200.04M	148.84M	41.50M	126.58M	82.42M
Balance Sheet
Total Assets	8.20B	7.08B	6.55B	4.76B	4.15B	3.46B
Cash, Cash Equivalents and Short-Term Investments	301.82M	129.76M	62.63M	155.71M	226.20M	286.25M
Total Debt	5.19B	4.40B	4.25B	2.98B	2.49B	2.19B
Total Liabilities	5.52B	4.68B	4.41B	3.10B	2.58B	2.25B
Stockholders Equity	2.60B	2.34B	2.09B	1.63B	1.54B	1.20B
Cash Flow
Free Cash Flow	-91.56M	5.85M	99.69M	230.00K	13.31M	73.28M
Operating Cash Flow	-91.56M	5.85M	99.69M	230.00K	13.31M	73.28M
Investing Cash Flow	-696.25M	-131.19M	-1.99B	-592.11M	-703.40M	-831.65M
Financing Cash Flow	1.05B	200.41M	1.79B	516.78M	630.84M	962.12M

HASI Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 32.76
• 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 Neutral. The current price of 32.76 is below the 20-day moving average (MA) of 33.14, above the 50-day MA of 31.36, and above the 200-day MA of 27.77, indicating a neutral trend. The MACD of 0.34 indicates Positive momentum. The RSI at 52.04 is Neutral, neither overbought nor oversold. The STOCH value of 20.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HASI.

HASI Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HTGC	79 Outperform	$3.40B	10.89	15.21%	9.82%	-15.32%	-12.29%
HASI	70 Outperform	$4.12B	14.21	12.58%	5.13%	4.91%	29.53%
WU	69 Neutral	$3.05B	4.17	97.70%	9.58%	-2.51%	17.47%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
AHL	62 Neutral	$3.41B	―	13.97%	―	―	―
GNW	60 Neutral	$3.58B	17.11	2.86%	―	1.41%	150.35%
KMPR	52 Neutral	$2.39B	10.67	9.03%	3.13%	4.51%	-8.29%

HASI Corporate Events

HASI Expands Credit Facility by $100 Million

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 company’s financial flexibility, potentially strengthening its market position and ability to support sustainable projects.

HASI Issues $500M Green Notes for Sustainable Projects

On November 20, 2025, HA Sustainable Infrastructure Capital, Inc. issued $500 million in 8.000% Green Junior Subordinated Notes due 2056. The proceeds are intended to repay portions of the company’s unsecured revolving credit facility and commercial paper programs, and to invest in eligible green projects. The issuance is part of the company’s strategy to finance sustainable projects, potentially impacting its financial structure and market positioning by enhancing its green investment portfolio.

HASI Announces $500M Green Notes Issuance Agreement

On November 13, 2025, HA Sustainable Infrastructure Capital, Inc. announced an agreement to issue $500 million in Green Junior Subordinated Notes due 2056, with the sale expected to close on November 20, 2025. The proceeds from this offering will be used to repay outstanding borrowings and invest in eligible green projects, enhancing the company’s focus on sustainability and potentially strengthening its market position in the green finance sector.

HASI Launches Green Notes Offering to Boost Investments

On November 13, 2025, HASI announced the commencement of a registered offering of Green Junior Subordinated Notes due 2056, aimed at lowering its cost of capital and reducing future common stock issuances. The proceeds from the notes are expected to fund new investments while limiting common stock issuances, enhancing HASI’s operational efficiency and strategic positioning in the sustainable infrastructure market. This move aligns with the company’s strategy to capitalize on growing demand for clean energy infrastructure, driven by trends such as increased U.S. power demand and a focus on low-cost energy sources.