(HASI) Hannon Armstrong - Ratings and Ratios
Energy Efficiency, Renewable Energy, Sustainable Infrastructure, Climate
EPS (Earnings per Share)
Revenue
| Risk via 10d forecast | |
|---|---|
| Volatility | 35.9% |
| Value at Risk 5%th | 53.3% |
| Relative Tail Risk | -9.76% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.77 |
| Alpha | 17.67 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.514 |
| Beta | 0.689 |
| Beta Downside | 0.962 |
| 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.
HASI Stock Overview
| Market Cap in USD | 4,243m |
| Sub-Industry | Industrial REITs |
| IPO / Inception | 2013-04-18 |
| Return 12m vs S&P 500 | 11.3% |
| Analyst Rating | 4.50 of 5 |
HASI Dividends
| Metric | Value |
|---|---|
| Dividend Yield | 6.33% |
| Yield on Cost 5y | 5.08% |
| Yield CAGR 5y | 5.11% |
| Payout Consistency | 98.5% |
| Payout Ratio | 63.0% |
HASI Growth Ratios
| Metric | Value |
|---|---|
| CAGR 3y | 8.57% |
| CAGR/Max DD Calmar Ratio | 0.14 |
| CAGR/Mean DD Pain Ratio | 0.39 |
| Current Volume | 682k |
| Average Volume | 1260k |
Piotroski VR‑10 (Strict, 0-10) 3.0
| Net Income (83.48b TTM) > 0 and > 6% of Revenue (6% = 6.22b TTM) |
| FCFTA -0.00 (>2.0%) and ΔFCFTA -0.38pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 3350 % (prev 411.3%; Δ 2939 pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA -0.00 (>3.0%) and CFO -79.7m <= Net Income 83.48b (YES >=105%, WARN >=100%) |
| Net Debt (-301.82b) to EBITDA (191.79b) ratio: -1.57 <= 3.0 (WARN <= 3.5) |
| Current Ratio 12.6k (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 73.39% (prev 71.67%; Δ 1.72pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 2.53% (prev 10.01%; Δ -7.48pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 2.67 (EBITDA TTM 191.79b / Interest Expense TTM 71.69b) >= 6 (WARN >= 3) |
Altman Z'' 2.97
| (A) 0.42 = (Total Current Assets 3473.45b - Total Current Liabilities 275.6m) / Total Assets 8203.97b |
| (B) -0.03 = Retained Earnings (Balance) -215.50b / Total Assets 8203.97b |
| (C) 0.05 = EBIT TTM 191.20b / Avg Total Assets 4105.32b |
| (D) -0.03 = Book Value of Equity -189.56b / Total Liabilities 5518.10b |
| Total Rating: 2.97 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 62.20
| 1. Piotroski 3.0pt = -2.0 |
| 2. FCF Yield 0.03% = 0.02 |
| 3. FCF Margin -0.12% = -0.05 |
| 4. Debt/Equity 0.00 = 2.50 |
| 5. Debt/Ebitda -1.57 = 2.50 |
| 7. RoE 12.40% = 1.03 |
| 8. Rev. Trend 61.93% = 4.64 |
| 9. EPS Trend 70.93% = 3.55 |
What is the price of HASI shares?
Over the past week, the price has changed by -2.45%, over one month by +13.01%, over three months by +20.69% and over the past year by +26.51%.
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 | 38.6 | 16.5% |
| Analysts Target Price | 38.6 | 16.5% |
| ValueRay Target Price | 37.5 | 13.2% |
HASI Fundamental Data Overview November 16, 2025
P/E Trailing = 14.1983
P/E Forward = 11.3379
P/S = 42.5772
P/B = 1.5962
P/EG = 1.3333
Beta = 1.506
Revenue TTM = 103.68b USD
EBIT TTM = 191.20b USD
EBITDA TTM = 191.79b USD
Long Term Debt = unknown (none)
Short Term Debt = 15.0m USD (from shortTermDebt, last fiscal year)
Debt = 4.40b USD (from shortLongTermDebtTotal, last fiscal year)
Net Debt = -301.82b USD (from netDebt column, last quarter)
Enterprise Value = -371.24b USD (4.24b + Debt 4.40b - CCE 379.88b)
Interest Coverage Ratio = 2.67 (Ebit TTM 191.20b / Interest Expense TTM 71.69b)
FCF Yield = 0.03% (FCF TTM -128.6m / Enterprise Value -371.24b)
FCF Margin = -0.12% (FCF TTM -128.6m / Revenue TTM 103.68b)
Net Margin = 80.52% (Net Income TTM 83.48b / Revenue TTM 103.68b)
Gross Margin = 73.39% ((Revenue TTM 103.68b - Cost of Revenue TTM 27.59b) / Revenue TTM)
Gross Margin QoQ = 73.43% (prev 67.23%)
Tobins Q-Ratio = -0.05 (set to none) (Enterprise Value -371.24b / Total Assets 8203.97b)
Interest Expense / Debt = 1625 % (Interest Expense 71.48b / Debt 4.40b)
Taxrate = 28.89% (34.50b / 119.40b)
NOPAT = 135.96b (EBIT 191.20b * (1 - 28.89%))
Current Ratio = 12.6k (out of range, set to none) (Total Current Assets 3473.45b / Total Current Liabilities 275.6m)
Debt / Equity = 0.00 (Debt 4.40b / totalStockholderEquity, last quarter 2685.87b)
Debt / EBITDA = -1.57 (Net Debt -301.82b / EBITDA 191.79b)
Debt / FCF = 2346 (out of range, set to none) (Net Debt -301.82b / FCF TTM -128.6m)
Total Stockholder Equity = 673.28b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.02% (Net Income 83.48b / Total Assets 8203.97b)
RoE = 12.40% (Net Income TTM 83.48b / Total Stockholder Equity 673.28b)
RoCE = 2.33% (EBIT 191.20b / Capital Employed (Total Assets 8203.97b - Current Liab 275.6m))
RoIC = 1884 % (out of range, set to none) (NOPAT 135.96b / Invested Capital 7.22b)
WACC = 4.20% (E(4.24b)/V(8.64b) * Re(8.55%) + (debt cost/tax rate unavailable))
Discount Rate = 8.55% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 19.98%
Fair Price DCF = unknown (Cash Flow -128.6m)
EPS Correlation: 70.93 | EPS CAGR: 21.34% | SUE: 1.78 | # QB: 1
Revenue Correlation: 61.93 | Revenue CAGR: 1456 % | SUE: 4.0 | # QB: 4
Additional Sources for HASI Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle