HASI (HASI) AI Stock Analysis

• Market Cap: $3.23B
• Dividend Yield: 6.29%
• Average Volume (3M): 1.55M
• Price to Earnings (P/E): 26.6
• Beta (1Y): 1.07
• Revenue Growth: 5.09%
• EPS Growth: -49.85%
• Country: US
• Employees: 153
• Sector: Real Estate
• Sector Strength: 56
• Industry: Financial - Diversified
• EPS (TTM): 0.64
• Shares Outstanding: 120,931,786
• 10 Day Avg. Volume: 1,778,716
• 30 Day Avg. Volume: 1,548,118
• 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: 2.02
• Enterprise Value/Revenue: 0.03
• Enterprise Value/Gross Profit: 0.10
• Enterprise Value/Ebitda: 10.61
• 1Y Price Target: $36.38
• Price Target Upside: 34.49% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 11

• Rating: 71 Outperform
• Price Target: $29.00 ▲(7.21%Upside)

HASI's strong financial performance and strategic initiatives in sustainable infrastructure are significant positives. Solid earnings outlook and recent corporate actions enhance its appeal. However, attention to cash flow and moderate technical indicators suggest a balanced, yet cautious, stock position.

Positive Factors

Financial Performance

Stable, long-duration cash flows across a diversified investment portfolio offer defensiveness in a volatile market.

Growth Potential

Analyst's recommendation remains Overweight, with a price target reflecting significant total-return upside.

Portfolio Resilience

CCH1, HASI’s investment vehicle, exceeded $1B in funding and plans to increase capacity, boosting portfolio yields and ROE.

Negative Factors

Market Challenges

Despite a strong Q1'25 performance, there remains significant uncertainty regarding IRA repeal and tariffs, affecting future projections.

Pipeline Stagnation

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: Positive
• Last Price: 27.05
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• 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 27.05 is above the 20-day moving average (MA) of 26.47, above the 50-day MA of 25.97, and below the 200-day MA of 27.82, indicating a neutral trend. The MACD of 0.34 indicates Negative momentum. The RSI at 56.42 is Neutral, neither overbought nor oversold. The STOCH value of 32.32 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
EPR	77 Outperform	$4.46B	35.69	6.25%	6.04%	0.69%	-19.22%
NHI	76 Outperform	$3.28B	22.30	10.56%	5.12%	7.44%	4.23%
HASI	71 Outperform	$3.23B	26.56	5.73%	6.29%	5.09%	-49.85%
BNL	69 Neutral	$3.01B	26.79	3.79%	7.29%	0.73%	-37.65%
PCH	64 Neutral	$3.17B	66.66	2.31%	4.46%	10.86%	6.72%
BXMT	63 Neutral	$3.37B	―	-2.06%	9.57%	-20.46%	-1436.71%
Sector *	59 Neutral	C$1.24B	-0.04	-8.19%	5.03%	10.83%	-22.67%

HASI Corporate Events

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.

HASI Expands Board with Two New Directors

On April 8, 2025, HA Sustainable Infrastructure Capital, Inc. announced the election of Barry E. Welch and Laura A. Schulte as new independent directors to its Board of Directors, effective April 15, 2025. This expansion of the board by two directors is expected to enhance the company’s strategic direction, with Mr. Welch bringing extensive experience in renewable energy and finance, and Ms. Schulte offering significant expertise in the banking industry. Both directors are considered independent under NYSE standards and will contribute to various board committees, potentially strengthening the company’s governance and operational oversight.