(HASI) Hannon Armstrong - Ratings and Ratios
Energy Efficiency, Renewable Energy, Sustainable Infrastructure, Climate
Dividends
| Dividend Yield | 6.10% |
| Yield on Cost 5y | 4.87% |
| Yield CAGR 5y | 5.11% |
| Payout Consistency | 98.5% |
| Payout Ratio | 63.0% |
| Risk via 10d forecast | |
|---|---|
| Volatility | 46.7% |
| Value at Risk 5%th | 68.1% |
| Relative Tail Risk | -11.38% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.57 |
| Alpha | 7.61 |
| CAGR/Max DD | 0.15 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.553 |
| Beta | 0.691 |
| Beta Downside | 0.970 |
| Drawdowns 3y | |
|---|---|
| Max DD | 60.65% |
| Mean DD | 21.78% |
| Median DD | 21.84% |
Description: HASI Hannon Armstrong November 09, 2025
HA Sustainable Infrastructure Capital, Inc. (NYSE: HASI) invests across U.S. energy-efficiency, renewable-energy, and sustainable-infrastructure markets through a mix of equity stakes, commercial and government receivables, real-estate assets, and debt securities.
The firm’s portfolio is organized into three thematic buckets: (1) “Behind-the-Meter” projects that cut building-level energy use via HVAC upgrades, lighting, controls, and combined-heat-power systems; (2) “Grid-Connected” assets that generate clean power from solar, solar-plus-storage, and wind; and (3) “Fuels, Transport & Nature” assets that lower emissions outside the power grid, including renewable natural-gas plants, fleet electrification, and ecological-restoration initiatives.
Originally incorporated as Hannon Armstrong Sustainable Infrastructure Capital, the company rebranded to HA Sustainable Infrastructure Capital in June 2024. It was founded in 1981 and is headquartered in Annapolis, Maryland.
Key data points (as of FY 2023) include a total asset base of roughly $13.5 billion, a pipeline of about $2 billion of new projects, and a 12 % year-over-year revenue increase driven by strong pipeline conversion and the Inflation Reduction Act’s tax-credit incentives for renewable projects. The REIT’s performance is highly sensitive to interest-rate movements, as higher rates increase cost of capital for new debt-financed projects while also affecting the yield spread relative to other industrial REITs.
For a deeper dive into HASI’s valuation metrics, credit profile, and peer comparisons, you may find ValueRay’s detailed analysis a useful next step.
Piotroski VR‑10 (Strict, 0-10) 1.0
| Net Income (308.4m TTM) > 0 and > 6% of Revenue (6% = 50.6m TTM) |
| FCFTA -0.02 (>2.0%) and ΔFCFTA -1.95pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 391.6% (prev 411.3%; Δ -19.74pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA -0.01 (>3.0%) and CFO -79.7m <= Net Income 308.4m (YES >=105%, WARN >=100%) |
| Net Debt (4.89b) to EBITDA (432.4m) ratio: 11.30 <= 3.0 (WARN <= 3.5) |
| Current Ratio 11.03 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (139.6m) change vs 12m ago 19.75% (target <= -2.0% for YES) |
| Gross Margin 67.09% (prev 71.67%; Δ -4.58pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 11.33% (prev 10.01%; Δ 1.33pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 1.56 (EBITDA TTM 432.4m / Interest Expense TTM 277.5m) >= 6 (WARN >= 3) |
Altman Z'' 7.60
| (A) 0.40 = (Total Current Assets 3.63b - Total Current Liabilities 329.1m) / Total Assets 8.20b |
| (B) -0.03 = Retained Earnings (Balance) -215.5m / Total Assets 8.20b |
| (C) 0.06 = EBIT TTM 431.5m / Avg Total Assets 7.44b |
| (D) 4.43 = Book Value of Equity 24.46b / Total Liabilities 5.52b |
| Total Rating: 7.60 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 47.60
| 1. Piotroski 1.0pt |
| 2. FCF Yield -1.43% |
| 3. FCF Margin -15.26% |
| 4. Debt/Equity 1.99 |
| 5. Debt/Ebitda 11.30 |
| 6. ROIC - WACC (= -0.07)% |
| 7. RoE 12.53% |
| 8. Rev. Trend 69.90% |
| 9. EPS Trend 71.23% |
What is the price of HASI shares?
Over the past week, the price has changed by +6.38%, over one month by +24.00%, over three months by +25.60% and over the past year by +17.03%.
Is HASI a buy, sell or hold?
- Strong Buy: 10
- Buy: 4
- Hold: 2
- Sell: 0
- Strong Sell: 0
What are the forecasts/targets for the HASI price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 38.9 | 13.1% |
| Analysts Target Price | 38.9 | 13.1% |
| ValueRay Target Price | 38.8 | 13% |
HASI Fundamental Data Overview November 25, 2025
P/E Trailing = 14.0
P/E Forward = 11.1607
P/S = 41.0968
P/B = 1.572
P/EG = 1.3131
Beta = 1.506
Revenue TTM = 843.1m USD
EBIT TTM = 431.5m USD
EBITDA TTM = 432.4m USD
Long Term Debt = unknown (none)
Short Term Debt = 15.0m USD (from shortTermDebt, last fiscal year)
Debt = 5.19b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 4.89b USD (from netDebt column, last quarter)
Enterprise Value = 8.98b USD (4.10b + Debt 5.19b - CCE 301.8m)
Interest Coverage Ratio = 1.56 (Ebit TTM 431.5m / Interest Expense TTM 277.5m)
FCF Yield = -1.43% (FCF TTM -128.6m / Enterprise Value 8.98b)
FCF Margin = -15.26% (FCF TTM -128.6m / Revenue TTM 843.1m)
Net Margin = 36.58% (Net Income TTM 308.4m / Revenue TTM 843.1m)
Gross Margin = 67.09% ((Revenue TTM 843.1m - Cost of Revenue TTM 277.5m) / Revenue TTM)
Gross Margin QoQ = 68.60% (prev 67.23%)
Tobins Q-Ratio = 1.09 (Enterprise Value 8.98b / Total Assets 8.20b)
Interest Expense / Debt = 1.38% (Interest Expense 71.5m / Debt 5.19b)
Taxrate = 28.89% (34.5m / 119.4m)
NOPAT = 306.8m (EBIT 431.5m * (1 - 28.89%))
Current Ratio = 11.03 (Total Current Assets 3.63b / Total Current Liabilities 329.1m)
Debt / Equity = 1.99 (Debt 5.19b / totalStockholderEquity, last quarter 2.60b)
Debt / EBITDA = 11.30 (Net Debt 4.89b / EBITDA 432.4m)
Debt / FCF = -37.99 (negative FCF - burning cash) (Net Debt 4.89b / FCF TTM -128.6m)
Total Stockholder Equity = 2.46b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.76% (Net Income 308.4m / Total Assets 8.20b)
RoE = 12.53% (Net Income TTM 308.4m / Total Stockholder Equity 2.46b)
RoCE = 5.48% (EBIT 431.5m / Capital Employed (Total Assets 8.20b - Current Liab 329.1m))
RoIC = 4.25% (NOPAT 306.8m / Invested Capital 7.22b)
WACC = 4.32% (E(4.10b)/V(9.28b) * Re(8.56%) + D(5.19b)/V(9.28b) * Rd(1.38%) * (1-Tc(0.29)))
Discount Rate = 8.56% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 12.93%
Fair Price DCF = unknown (Cash Flow -128.6m)
EPS Correlation: 71.23 | EPS CAGR: 15.24% | SUE: 1.78 | # QB: 1
Revenue Correlation: 69.90 | Revenue CAGR: 21.23% | SUE: 1.28 | # QB: 4
EPS next Quarter (2026-03-31): EPS=0.70 | Chg30d=+0.007 | Revisions Net=-1 | Analysts=8
EPS current Year (2025-12-31): EPS=2.69 | Chg30d=+0.073 | Revisions Net=+11 | Growth EPS=+10.0% | Growth Revenue=-31.2%
EPS next Year (2026-12-31): EPS=2.93 | Chg30d=+0.046 | Revisions Net=+6 | Growth EPS=+8.9% | Growth Revenue=+86.8%
Additional Sources for HASI Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle