HASI (HASI) AI Stock Analysis

• Market Cap: $3.14B
• Dividend Yield: 6.5%
• Average Volume (3M): 1.38M
• Price to Earnings (P/E): 25.8
• Beta (1Y): 1.07
• Revenue Growth: 5.09%
• EPS Growth: -49.85%
• Country: US
• Employees: 153
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Diversified
• EPS (TTM): 0.64
• Shares Outstanding: 120,931,786
• 10 Day Avg. Volume: 1,081,397
• 30 Day Avg. Volume: 1,376,524
• PEG Ratio: -0.87
• Price to Book (P/B): 1.56
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 11.03K
• Enterprise Value/Market Cap: 2.07
• Enterprise Value/Revenue: 0.03
• Enterprise Value/Gross Profit: 0.10
• Enterprise Value/Ebitda: 10.61
• 1Y Price Target: $39.50
• Price Target Upside: 53.76% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10

• Rating: 72 Outperform
• Price Target: $30.00 ▲(16.78%Upside)

HASI's overall score of 72 is driven by strong financial performance and a positive outlook from recent earnings calls. The company's commitment to sustainability through corporate events supports its strategic positioning. However, technical indicators and moderate valuation suggest caution, reflecting a balanced but optimistic investment perspective.

Positive Factors

Dividend Yield

Dividend yield remains attractive at 7%.

Financial Outlook

HASI maintained FY25-FY27 guidance for EPS and dividends per share, showing stability and confidence in their financial outlook.

Investment Strategy

Leverage at CCH1 reduces the amount of equity HASI needs to issue, which is beneficial for the company's financial strategy.

Negative Factors

Pipeline Development

HASI's pipeline has remained at the $5.5B level since Q1'24, with no new asset class or international transactions progressing far enough to be included.

Policy Uncertainty

There are several uncertainties now at play, including the lingering possibility of more aggressive IRA repeal, which could impact HASI's growth.

HASI Business Overview & Revenue Model

Company Description

Hannon Armstrong Sustainable Infrastructure Capital, Inc. provides capital and services to the energy efficiency, renewable energy, and other sustainable infrastructure markets in the United States. The company's projects include building or facility that reduce energy usage or cost through the use of solar generation and energy storage or energy efficiency improvements, including heating, ventilation, and air conditioning systems (HVAC), as well as lighting, energy controls, roofs, windows, building shells, and/or combined heat and power systems. It also focuses in the areas of grid connected projects that deploy cleaner energy sources, such as solar and wind to generate power; and other sustainable infrastructure projects, including upgraded transmission or distribution systems, water and storm water infrastructures, and other projects. The company qualifies as a real estate investment trust for U.S. federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was founded in 1981 and is headquartered in Annapolis, Maryland.

How the Company Makes Money

HASI generates revenue through a diverse range of financial products and services tailored to support climate-positive projects. The company earns money primarily through interest and principal repayments on debt investments, rental income from owned assets, and income from equity investments. HASI often enters into long-term contracts with its clients, which provides a stable and predictable income stream. Additionally, the company leverages its expertise in the sustainable infrastructure sector to form strategic partnerships, enhancing its investment opportunities and expanding its market reach. Through these financial activities, HASI capitalizes on the growing demand for environmentally sustainable projects and infrastructure, thereby driving its profitability.

HASI Financial Statement Overview

Summary

HASI shows strong revenue growth and profitability with impressive margins. The balance sheet is solid, reflecting a robust equity position and zero debt, enhancing financial stability. However, cash flow indicates areas needing improvement, 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	82.35B	383.60M	319.87M	155.47M	217.88M	142.69M
Gross Profit	65.04B	382.59M	255.53M	92.02M	164.91M	104.92M
EBITDA	8.85M	274.83M	224.24M	146.36M	140.28M	0.00
Net Income	133.62M	200.04M	148.84M	41.50M	126.58M	82.42M
Balance Sheet
Total Assets	2.52B	7.08B	6.55B	4.76B	4.15B	3.46B
Cash, Cash Equivalents and Short-Term Investments	173.03M	129.76M	74.63M	155.71M	226.20M	286.25M
Total Debt	1.44B	4.40B	4.23B	2.98B	2.49B	2.19B
Total Liabilities	1.49B	4.68B	4.41B	3.10B	2.58B	2.25B
Stockholders Equity	1.03B	2.34B	2.09B	1.63B	1.54B	1.20B
Cash Flow
Free Cash Flow	-52.20M	5.85M	99.69M	230.00K	13.31M	73.28M
Operating Cash Flow	-52.20M	5.85M	99.69M	230.00K	13.31M	73.28M
Investing Cash Flow	-384.91M	-131.19M	-1.99B	-592.11M	-703.40M	-831.65M
Financing Cash Flow	443.43M	200.41M	1.79B	516.78M	630.84M	962.12M

HASI Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 25.69
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• 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 Negative. The current price of 25.69 is below the 20-day moving average (MA) of 27.16, below the 50-day MA of 26.36, and below the 200-day MA of 27.40, indicating a bearish trend. The MACD of 0.19 indicates Positive momentum. The RSI at 42.19 is Neutral, neither overbought nor oversold. The STOCH value of 25.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HASI.

HASI Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BNL	76 Outperform	$3.07B	31.84	3.32%	7.14%	2.74%	-37.22%
NHI	75 Outperform	$3.26B	22.17	10.56%	5.15%	7.44%	4.23%
HASI	72 Outperform	$3.14B	25.85	5.73%	6.50%	5.09%	-49.85%
PCH	69 Neutral	$3.21B	78.08	2.07%	4.40%	-1.15%	14.51%
Sector *	67 Neutral	$17.78B	11.60	9.11%	3.88%	10.92%	-3.96%
EPR	66 Neutral	$4.19B	27.03	7.56%	6.24%	1.37%	-16.66%
BXMT	63 Neutral	$3.17B	―	-0.33%	10.17%	-20.46%	-1436.71%

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.