Overview Dividends

(HASI) Hannon Armstrong - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US41068X1000

Energy Efficiency, Renewable Energy, Sustainable Infrastructure, Climate

HASI EPS (Earnings per Share)

EPS Growth (3Y CAGR): 21.34%
EPS Trend (3Y Correlation): 70.9%

HASI Revenue

Revenue Growth (3Y CAGR): 1456.37%
Revenue Trend (3Y Correlation): 61.9%

Risk via 10d forecast
Volatility	35.3%
Value at Risk 5%th	52.8%
Relative Tail Risk	-9.11%

Reward TTM
Sharpe Ratio	0.80
Alpha	21.75

Character TTM
Hurst Exponent	0.700
Beta	0.691
Beta Downside	0.964

Drawdowns 3y
Max DD	60.65%
Mean DD	21.79%
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	4,038m
Sub-Industry	Industrial REITs
IPO / Inception	2013-04-18
Return 12m vs S&P 500	13.1%
Analyst Rating	4.50 of 5

HASI Dividends

Dividend Yield	6.23%
Yield on Cost 5y	5.14%
Yield CAGR 5y	5.11%
Payout Consistency	98.5%
Payout Ratio	63.0%

HASI Growth Ratios

CAGR 3y	8.92%
CAGR/Max DD Calmar Ratio	0.15
CAGR/Mean DD Pain Ratio	0.41
Current Volume	1246.5k
Average Volume	1256.6k

Piotroski VR‑10 (Strict, 0-10) 3.0

Net Income (83.48b TTM) > 0 and > 6% of Revenue (6% = 6.22b TTM)

FCFTA -0.01 (>2.0%) and ΔFCFTA -1.35pp (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 -0.01 (>3.0%) and CFO -79.36b <= Net Income 83.48b (YES >=105%, WARN >=100%)

Net Debt (-301.82b) to EBITDA (69.66b) ratio: -4.33 <= 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 0.00 (EBITDA TTM 69.66b / Interest Expense TTM 71.69b) >= 6 (WARN >= 3)

Altman Z'' 2.66

(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

(D) -0.03 = Book Value of Equity -189.56b / Total Liabilities 5518.10b

Total Rating: 2.66 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 58.55

1. Piotroski 3.0pt = -2.0

2. FCF Yield 21.38% = 5.0

3. FCF Margin -76.59% = -7.50

4. Debt/Equity 0.00 = 2.50

5. Debt/Ebitda -4.33 = 2.50

6. ROIC - WACC (= -0.94)% = -1.17

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?

As of November 17, 2025, the stock is trading at USD 33.65 with a total of 1,246,541 shares traded.
Over the past week, the price has changed by +5.06%, over one month by +12.73%, over three months by +27.85% and over the past year by +29.59%.

Is Hannon Armstrong a good stock to buy?

Neither. Based on ValueRay´s Fundamental Analyses, Hannon Armstrong is currently (November 2025) neither a good nor a bad stock to buy. It has a ValueRay Fundamental Rating of 58.55 and therefor a neutral outlook according to the companies health.
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of HASI is around 35.77 USD . This means that HASI is currently overvalued and has a potential downside of 6.3%.

Is HASI a buy, sell or hold?

Hannon Armstrong has received a consensus analysts rating of 4.50. Therefore, it is recommended to buy HASI.

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	38.5	14.4%
Analysts Target Price	38.5	14.4%
ValueRay Target Price	38.3	13.8%

HASI Fundamental Data Overview November 11, 2025

Market Cap USD = 4.04b (4.04b USD * 1.0 USD.USD)
P/E Trailing = 13.806
P/E Forward = 10.7411
P/S = 40.5256
P/B = 1.5431
P/EG = 0.8951
Beta = 1.506
Revenue TTM = 103.68b USD
EBIT TTM = 312.1m USD
EBITDA TTM = 69.66b 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 = -371.44b USD (4.04b + Debt 4.40b - CCE 379.88b)
Interest Coverage Ratio = 0.00 (Ebit TTM 312.1m / Interest Expense TTM 71.69b)
FCF Yield = 21.38% (FCF TTM -79.41b / Enterprise Value -371.44b)
FCF Margin = -76.59% (FCF TTM -79.41b / 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 -371.44b / Total Assets 8203.97b)
Interest Expense / Debt = 1625 % (Interest Expense 71.48b / Debt 4.40b)
Taxrate = 28.89% (34.50b / 119.40b)
NOPAT = 221.9m (EBIT 312.1m * (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 = -4.33 (Net Debt -301.82b / EBITDA 69.66b)
Debt / FCF = 3.80 (negative FCF - burning cash) (Net Debt -301.82b / FCF TTM -79.41b)
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 = 0.00% (EBIT 312.1m / Capital Employed (Total Assets 8203.97b - Current Liab 275.6m))
RoIC = 3.16% (NOPAT 221.9m / Invested Capital 7.03b)
WACC = 4.10% (E(4.04b)/V(8.44b) * Re(8.56%) + (debt cost/tax rate unavailable))
Discount Rate = 8.56% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 12.93%
Fair Price DCF = unknown (Cash Flow -79.41b)
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

News: Wall Street Journal | Benzinga | Yahoo Finance
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Fund Manager Positions: Dataroma | Stockcircle