HASI (HASI) AI Stock Analysis

• Market Cap: $4.66B
• Dividend Yield: 5.09%
• Average Volume (3M): 999.46K
• Price to Earnings (P/E): 25.9
• Beta (1Y): 0.54
• Revenue Growth: 4.91%
• EPS Growth: 29.53%
• Country: US
• Employees: 153
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Diversified
• EPS (TTM): 0.67
• Shares Outstanding: 127,720,620
• 10 Day Avg. Volume: 1,300,401
• 30 Day Avg. Volume: 999,459
• PEG Ratio: -1.57
• Price to Book (P/B): 1.50
• Price to Sales (P/S): 9.65
• P/FCF Ratio: 23.10
• Enterprise Value/Market Cap: 2.06
• Enterprise Value/Revenue: 12.45
• Enterprise Value/Gross Profit: 17.31
• Enterprise Value/Ebitda: 27.30
• 1Y Price Target: $44.11
• Price Target Upside: 20.78% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): 2.94
• Revenue Forecast (FY): $452.69M

• Rating: 62 Neutral
• Price Target: $39.00 ▲(6.79% Upside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

The score is led by favorable technical strength (clear uptrend with supportive momentum) and a positive earnings outlook with improving returns and liquidity tools. It is held back most by uneven financial fundamentals (volatile revenue and cash generation plus elevated leverage) and only middling valuation support (good yield but a higher P/E).

Positive Factors

Robust origination and growing pipeline

Sustained origination scale and an expanding pipeline indicate durable demand for HASI’s project-level capital. Higher closing volumes and a deep pipeline support recurring fee income, greater asset base and long-term revenue visibility as projects convert to earning assets.

High yields and improving return on equity

Consistently strong new-investment yields and rising portfolio yields support margin sustainability and the company’s ability to generate attractive incremental ROE. This yield advantage underpins durable net investment income and helps offset funding costs over multi-year horizons.

Strengthened funding flexibility and hybrid capital

Access to hybrid capital and expanded liquidity materially improves capital structure optionality, reduces near-term common equity needs and enhances capacity to fund a growing pipeline. Equity credit for hybrids and credit facility upsizes lower funding risk and support scalable growth.

Negative Factors

Elevated leverage increases refinancing sensitivity

A meaningfully levered balance sheet amplifies exposure to interest rates and capital-market conditions. With sizeable debt relative to equity, earnings and cashflow swings can strain coverage, constrain flexibility and raise refinancing and rating vulnerability during stress periods.

Uneven cash generation and volatile top line

Irregular operating and free cash flow and large year-to-year revenue swings weaken predictability of distributable cash and increase reliance on external funding. This lumpy cash profile complicates capital allocation, dividend coverage and long-term debt servicing plans.

Reliance on funding vehicles and policy-sensitive tax equity

Ongoing dependence on structured funding vehicles and tax-equity frameworks creates execution risk: extensions or new vehicles are needed to sustain growth, and policy/tax-equity guidance changes can disrupt origination economics and increase funding cost or reduce deal flow.

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

Reported profitability is attractive, but revenue and cash-flow consistency are weak (sharp 2025 revenue decline and highly uneven operating/free cash flow). Leverage is elevated (debt ~1.6x–2.0x equity), increasing sensitivity to market and refinancing conditions.

Income Statement

Profitability looks strong on the surface, with high net income relative to revenue in most years (net margin ~31%–46%). However, the top line is volatile: revenue grew in 2023–2024 but fell sharply in 2025 (down ~52% year over year), which raises questions about earnings durability. Margins are also inconsistent year-to-year (and appear unusually high in 2025), suggesting results may be influenced by items that don’t scale cleanly with revenue.

Balance Sheet

The balance sheet is meaningfully levered, with debt running about ~1.6x–2.0x equity across the period. Equity has grown, and returns on equity are generally mid-single digits to high-single digits (~7%–9% recently), but leverage remains elevated for a period that also shows revenue volatility. Overall, the capital structure provides scale, yet it increases sensitivity to refinancing and earnings swings.

Cash Flow

Cash generation is highly uneven. Operating cash flow was very strong in 2020 and improved again in 2023 and 2025, but it collapsed in 2021–2022 and was minimal again in 2024. Free cash flow follows the same pattern (including steep declines in 2022 and 2024 and a large drop in growth in 2025), indicating weaker consistency in cash conversion and higher volatility in the underlying cash profile.

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	167.32M	5.85M	99.69M	230.00K	13.31M
Operating Cash Flow	167.32M	5.85M	99.69M	230.00K	13.31M
Investing Cash Flow	-855.83M	-131.19M	-1.99B	-592.11M	-703.40M
Financing Cash Flow	683.58M	200.41M	1.79B	516.78M	630.84M

HASI Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 36.52
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 36.52 is below the 20-day moving average (MA) of 36.68, above the 50-day MA of 34.58, and above the 200-day MA of 29.59, indicating a neutral trend. The MACD of 0.72 indicates Positive momentum. The RSI at 52.26 is Neutral, neither overbought nor oversold. The STOCH value of 19.89 is Positive, 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
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
WU	64 Neutral	$3.02B	6.31	51.86%	10.18%	-2.51%	17.47%
HASI	62 Neutral	$4.66B	25.92	7.43%	5.09%	4.91%	29.53%
HTGC	62 Neutral	$2.61B	7.66	16.02%	10.00%	-15.32%	-12.29%
GNW	58 Neutral	$3.37B	15.76	2.86%	―	1.41%	150.35%
KMPR	56 Neutral	$1.90B	14.12	9.03%	3.15%	4.51%	-8.29%

HASI Corporate Events

HASI Issues $600 Million Green Junior Subordinated Notes

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. The company plans to use the net proceeds to temporarily repay borrowings under its unsecured revolving credit facility and commercial paper programs or redeem a portion of its 8.00% Senior Notes due 2027, before directing an amount equal to the proceeds into new or existing eligible green projects, enhancing its funding flexibility and reinforcing its role as a provider of green capital for sustainable infrastructure.

The notes carry a fixed 7.125% coupon until November 15, 2031, after which the rate resets every five years to the Five-year U.S. Treasury Rate plus 3.478%, with a floor of 7.125%, and permit interest deferral with compounding until maturity. HASI retained optional redemption features tied to specified dates, tax and rating agency events, and change of control, giving the company balance sheet and capital-structure optionality while offering investors a long-dated, higher-yield green security backed by guarantees from key operating subsidiaries.

The most recent analyst rating on (HASI) stock is a Hold with a $41.00 price target. To see the full list of analyst forecasts on HASI stock, see the HASI Stock Forecast page.

HASI Issues New Green Notes to Optimize Capital Structure

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 to temporarily repay borrowings under its unsecured revolving credit facility and commercial paper programs or redeem part or all of its 8.00% Senior Notes due 2027, before ultimately being allocated to eligible green projects.

On February 19, 2026, the company also agreed to issue $400 million of 6.000% Green Senior Unsecured Notes due 2036 at 99.810% of par, with guarantees from the same group of subsidiaries. Together, the green note offerings are designed to optimize HASI’s capital structure, potentially lower its funding costs, and channel an amount equal to the net proceeds into new and existing environmentally sustainable projects over a defined investment period.

The most recent analyst rating on (HASI) stock is a Buy with a $43.00 price target. To see the full list of analyst forecasts on HASI stock, see the HASI Stock Forecast page.

HASI Launches Green Junior Subordinated Notes Offering

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 hybrid capital to lower its weighted average cost of capital, lessen reliance on future common equity issuances, bolster return on equity and broaden its capital base for funding clean energy and sustainable infrastructure investments.

Credit rating agencies are expected to grant the Notes 50% equity credit, allowing HASI to strengthen its capital structure while treating the securities as partly equity-like. The company expects to allocate proceeds to temporarily repay borrowings under its $1.825 billion unsecured credit facility and its commercial paper programs, or to redeem all or part of its outstanding 8.00% Senior Notes due 2027, moves that would reduce funding costs, free capacity for its robust project pipeline and support continued growth in its energy transition portfolio.

The most recent analyst rating on (HASI) stock is a Buy with a $44.00 price target. To see the full list of analyst forecasts on HASI stock, see the HASI Stock Forecast page.

HASI Expands CarbonCount Revolving Credit Facility Capacity

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 Bank as administrative agent and Natixis and The Bank of Nova Scotia as lenders. The fifth amendment partially exercised the facility’s accordion feature to raise the available revolving commitments by $175 million, increasing total capacity from $1.65 billion to $1.825 billion, which enhances the company’s financing flexibility to support additional sustainable infrastructure investments and reinforces its funding position in the green finance market.

The most recent analyst rating on (HASI) stock is a Buy with a $47.00 price target. To see the full list of analyst forecasts on HASI stock, see the HASI Stock Forecast page.

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.

The most recent analyst rating on (HASI) stock is a Buy with a $37.00 price target. To see the full list of analyst forecasts on HASI stock, see the HASI Stock Forecast page.