(HASI) Hannon Armstrong - Ratings and Ratios

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

Equity, Debt, Receivables, Real-Estate, Solar

Industrial REITs
Market Cap in USD: 4,219m

IPO / Inception: 2013-04-18
12m vs SPY: 8.21%

EPS (Earnings per Share)

EPS CAGR: -46.17%
EPS Trend: -10.4%

Last SUE: -4.00
Qual. Beats: 0

Revenue

Rev. CAGR: 21.23%
Rev. Trend: 69.2%

Last SUE: 1.28
Qual. Beats: 4

Dividends

Dividend Yield	5.76%
Yield on Cost 5y	3.24%
Yield CAGR 5y	4.66%
Payout Consistency	98.6%
Payout Ratio	63.2%

Risk via 5d forecast
Volatility	38.2%
Value at Risk 5%th	54.7%
Relative Tail Risk	-12.94%

Reward TTM
Sharpe Ratio	0.81
Alpha	20.08
CAGR/Max DD	0.12

Character TTM
Hurst Exponent	0.530
Beta	0.663
Beta Downside	0.900

Drawdowns 3y
Max DD	60.65%
Mean DD	21.64%
Median DD	21.84%

Description: HASI Hannon Armstrong January 12, 2026

HA Sustainable Infrastructure Capital, Inc. (NYSE: HASI) invests across the U.S. climate-solution spectrum, targeting energy-efficiency retrofits (Behind-the-Meter), grid-connected renewable generation (solar, solar-plus-storage, wind), and emissions-reducing infrastructure such as renewable natural gas plants and ecological restoration projects. Its portfolio blends equity stakes, debt securities, receivables, and real-estate assets, giving the firm exposure to both cash-flow-stable, government-backed contracts and higher-growth renewable development pipelines.

As of the latest 2023 filing, HASI reported approximately $5.5 billion in assets under management, a 2023 revenue run-rate of $300 million, and an EBITDA margin near 45 %. The company’s dividend yield sits around 8 %, reflecting its REIT structure, while its weighted-average cost of capital is sensitive to the prevailing interest-rate environment. Key macro drivers include the Inflation Reduction Act’s expanded tax credits for solar and storage, growing corporate ESG mandates, and the U.S. Federal Reserve’s policy stance, which together shape both the pipeline of new projects and the valuation of existing debt-heavy assets.

If you want a deeper quantitative breakdown and scenario analysis, a quick look at ValueRay’s data platform could be 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

(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) 43.53

1. Piotroski 1.0pt

2. FCF Yield -1.41%

3. FCF Margin -15.26%

4. Debt/Equity 1.99

5. Debt/Ebitda 11.30

6. ROIC - WACC (= -0.04)%

7. RoE 12.53%

8. Rev. Trend 69.23%

9. EPS Trend -10.35%

What is the price of HASI shares?

As of January 15, 2026, the stock is trading at USD 33.73 with a total of 528,339 shares traded.
Over the past week, the price has changed by +4.62%, over one month by +4.29%, over three months by +14.46% and over the past year by +29.82%.

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	39.6	17.5%
Analysts Target Price	39.6	17.5%
ValueRay Target Price	38.5	14.1%

HASI Fundamental Data Overview January 12, 2026

P/E Trailing = 14.4224
P/E Forward = 11.4943
P/S = 42.3368
P/B = 1.6194
P/EG = 1.3527
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 = 9.11b USD (4.22b + Debt 5.19b - CCE 301.8m)
Interest Coverage Ratio = 1.56 (Ebit TTM 431.5m / Interest Expense TTM 277.5m)
EV/FCF = -70.78x (Enterprise Value 9.11b / FCF TTM -128.6m)
FCF Yield = -1.41% (FCF TTM -128.6m / Enterprise Value 9.11b)
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 = 1.11 (Enterprise Value 9.11b / 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 = 4.15% (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 = 4.29% (E(4.22b)/V(9.41b) * Re(8.36%) + D(5.19b)/V(9.41b) * Rd(1.38%) * (1-Tc(0.29)))
Discount Rate = 8.36% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 12.93%
Fair Price DCF = unknown (Cash Flow -128.6m)
EPS Correlation: -10.35 | EPS CAGR: -46.17% | SUE: -4.0 | # QB: 0
Revenue Correlation: 69.23 | Revenue CAGR: 21.23% | SUE: 1.28 | # QB: 4
EPS next Quarter (2026-03-31): EPS=0.70 | Chg30d=-0.005 | Revisions Net=-2 | Analysts=8
EPS next Year (2026-12-31): EPS=2.94 | Chg30d=+0.003 | Revisions Net=+3 | Growth EPS=+9.1% | Growth Revenue=+89.0%

Additional Sources for HASI Stock

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