HASI Stock Analysis: Hannon Armstrong | NYSE
Asset Management | NYSE, USA | Market Cap: 4.689m USD | 12M Return: 32.5% | US41068X1000 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 36.4M
EPS Trend: 91.0%
Qual. Beats: 2
Rev. Trend: -15.5%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
HA Sustainable Infrastructure Capital, Inc. (NYSE: HASI) is a U.S.-based investment firm that deploys capital across energy efficiency, renewable energy, and other sustainable infrastructure markets. Its portfolio is structured through equity investments, receivables, and debt securities, providing flexible financing across the sustainable infrastructure value chain.
The company organizes its investments into three primary climate solution categories: Behind-the-Meter projects, which reduce on-site energy costs and usage for customers; Grid-Connected projects, which deploy cleaner power sources such as solar, solar-plus-storage, and wind to deliver lower-carbon energy onto the grid; and Fuels, Transport, and Nature assets, which extend beyond electricity generation to include renewable natural gas (RNG) plants, transportation fleet upgrades, and ecological restoration initiatives.
Founded in 1981 and headquartered in Annapolis, Maryland, the company has been publicly traded since its 2013 IPO and is classified under the GICS Real Estate sector as an Industrial REIT, reflecting its asset-based investment model. The firm rebranded from Hannon Armstrong Sustainable Infrastructure Capital, Inc. to HA Sustainable Infrastructure Capital, Inc. in June 2024.
- Interest rate spreads compress on federal funds rate volatility
- IRA tax credit transfer fees boost non-recurring revenue
- New investment originations expand across renewable energy portfolio
| Net Income: 86.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.00 > 0.02 and ΔFCF/TA -253.3 > 1.0 |
| NWC/Revenue: 52.70% < 20% (prev 634.0%; Δ -581.3% < -1%) |
| CFO/TA 0.02 > 3% & CFO 208.5m > Net Income 86.2m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 41.65 > 1.5 & < 3 |
| Outstanding Shares: last quarter (143.0m) vs 12m ago 3.85% < -2% |
| Gross Margin: 27.69% > 18% (prev 50.59%; Δ -22.90% > 0.5%) |
| Asset Turnover: 5.60% > 50% (prev 5.95%; Δ -0.35% > 0%) |
| Interest Coverage Ratio: -0.05 > 6 (EBIT TTM -17.0m / Interest Expense TTM 334.0m) |
| A: 0.03 (Total Current Assets 249.9m - Total Current Liabilities 6.00m) / Total Assets 8.94b |
| B: -0.04 (Retained Earnings -375.9m / Total Assets 8.94b) |
| C: -0.00 (EBIT TTM -17.0m / Avg Total Assets 8.27b) |
| D: 0.40 (Book Value of Equity 2.54b / Total Liabilities 6.29b) |
| Altman-Z'' = 0.45 = B |
As of October 18, 2026, the stock is trading at USD 36.42 with a total of 857,856 shares traded. Over the past week, the price has changed by -0.19%, over one month by -0.87%, over three months by -4.07% and over the past year by +32.47%.
Current recommended Stop Loss: 34.90 (which is 4.2% or 1.8 ATR below the current price).
Hannon Armstrong has received a consensus analysts rating of 4.33. Therefore, it is recommended to buy HASI.
- StrongBuy: 8
- Buy: 4
- Hold: 3
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 49.7 | 36.5% |
P/E Trailing = 56.1385
P/E Forward = 11.0619
P/S = 36.8218
P/B = 1.8304
P/EG = 1.1056
Revenue TTM = 462.9m USD
EBIT TTM = -17.0m USD
EBITDA TTM = -16.2m USD
Long Term Debt = 5.42b USD (from longTermDebt, last quarter)
Short Term Debt = 6.00m USD (from shortTermDebt, last quarter)
Debt = 5.90b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 5.65b USD (calculated: Debt 5.90b - CCE 249.9m)
Enterprise Value = 10.3b USD (4.69b + Debt 5.90b - CCE 249.9m)
Interest Coverage Ratio = -0.05 (Ebit TTM -17.0m / Interest Expense TTM 334.0m)
EV/FCF = 349.9x (Enterprise Value 10.3b / FCF TTM 29.6m)
FCF Yield = 0.29% (FCF TTM 29.6m / Enterprise Value 10.3b)
FCF Margin = 6.38% (FCF TTM 29.6m / Revenue TTM 462.9m)
Net Margin = 18.61% (Net Income TTM 86.2m / Revenue TTM 462.9m)
Gross Margin = 27.69% ((Revenue TTM 462.9m - Cost of Revenue TTM 334.7m) / Revenue TTM)
Gross Margin QoQ = 27.59% (prev 20.09%)
Tobins Q-Ratio = 1.16 (Enterprise Value 10.3b / Total Assets 8.94b)
Interest Expense / Debt = 5.66% (Interest Expense 334.0m / Debt 5.90b)
Taxrate = 35.87% (49.4m / 137.7m)
NOPAT = -10.9m (EBIT -17.0m * (1 - 35.87%)) [loss with tax shield]
Current Ratio = 0.63 (Total Current Assets 249.9m / Total Current Liabilities 396.3m)
Debt / Equity = 2.32 (Debt 5.90b / totalStockholderEquity, last quarter 2.54b)
Debt / EBITDA = -348.1 (out of range, set to none) (Net Debt 5.65b / EBITDA -16.2m)
Debt / FCF = 191.2 (Net Debt 5.65b / FCF TTM 29.6m)
Total Stockholder Equity = 2.54b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.04% (Net Income 86.2m / Total Assets 8.94b)
RoE = 3.39% (Net Income TTM 86.2m / Total Stockholder Equity 2.54b)
RoCE = -0.21% (EBIT -17.0m / Capital Employed (Equity 2.54b + L.T.Debt 5.42b))
RoIC = -0.12% (negative operating profit) (NOPAT -10.9m / Invested Capital 8.92b)
WACC = 6.06% (E(4.69b)/V(10.6b) * Re(9.12%) + D(5.90b)/V(10.6b) * Rd(5.66%) * (1-Tc(0.36)))
Discount Rate = 9.12% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 47.94 | Cagr: 3.99%
[DCF] Terminal Value 73.10% ; FCFF base≈7.72b ; Y1≈6.77b ; Y5≈5.47b
[DCF] Fair Price = 639.7 (EV 87.8b - Net Debt 5.65b = Equity 82.2b / Shares 128.5m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 90.96 | EPS CAGR: 9.89% | SUE: 0.84 | # QB: 2
Revenue Correlation: -15.53 | Revenue CAGR: -4.00% | SUE: 0.54 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.73 | Chg30d=-1.08% | Revisions=+58% | Analysts=14
EPS current Year (2026-12-31): EPS=3.03 | Chg30d=+0.14% | Revisions=+62% | GrowthEPS=+12.2% | GrowthRev=+338.1%
EPS next Year (2027-12-31): EPS=2.21 | Chg30d=-2.22% | Revisions=-12% | GrowthEPS=+42.3% | GrowthRev=+10.9%
[Analyst] Revisions Ratio: +52% (up=19, down=5)