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): -55.59%
EPS Trend (3Y Correlation): -28.9%

HASI Revenue

Revenue Growth (3Y CAGR): 13.05%
Revenue Trend (3Y Correlation): 74.0%

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	3,446m
Sub-Industry	Industrial REITs
IPO / Inception	2013-04-18

HASI Stock Ratings

Growth Rating	12.1%
Fundamental	54.7%
Dividend Rating	67.2%
Return 12m vs S&P 500	-7.16%
Analyst Rating	4.50 of 5

HASI Dividends

Dividend Yield 12m	5.23%
Yield on Cost 5y	4.52%
Annual Growth 5y	5.11%
Payout Consistency	98.5%
Payout Ratio	90.1%

HASI Growth Ratios

Growth Correlation 3m	65.3%
Growth Correlation 12m	25.1%
Growth Correlation 5y	-60.1%
CAGR 5y	5.04%
CAGR/Max DD 3y (Calmar Ratio)	0.08
CAGR/Mean DD 3y (Pain Ratio)	0.23
Sharpe Ratio 12m	0.12
Alpha	-29.95
Beta	1.625
Volatility	34.10%
Current Volume	2403.3k
Average Volume 20d	1194.6k
Stop Loss	31 (-3.2%)
Signal	-0.14

Piotroski VR‑10 (Strict, 0-10) 4.0

Net Income (205.5m TTM) > 0 and > 6% of Revenue (6% = 27.2m TTM)

FCFTA 0.00 (>2.0%) and ΔFCFTA -0.25pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 429.6% (prev 773.3k%; Δ -772.9kpp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.01 (>3.0%) and CFO 64.1m <= Net Income 205.5m (YES >=105%, WARN >=100%)

Net Debt (4.63b) to EBITDA (58.06b) ratio: 0.08 <= 3.0 (WARN <= 3.5)

Current Ratio 2.56 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (137.7m) change vs 12m ago 20.37% (target <= -2.0% for YES)

Gross Margin 77.89% (prev 73.21%; Δ 4.69pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 6.37% (prev 5.66%; Δ 0.71pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 1.08 (EBITDA TTM 58.06b / Interest Expense TTM 265.4m) >= 6 (WARN >= 3)

Altman Z'' 1.80

(A) 0.26 = (Total Current Assets 3.20b - Total Current Liabilities 1.25b) / Total Assets 7.60b

(B) -0.03 = Retained Earnings (Balance) -245.4m / Total Assets 7.60b

(D) -0.04 = Book Value of Equity -213.4m / Total Liabilities 5.01b

Total Rating: 1.80 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 54.74

1. Piotroski 4.0pt = -1.0

2. FCF Yield 0.19% = 0.09

3. FCF Margin 3.33% = 0.83

4. Debt/Equity 1.88 = 0.95

5. Debt/Ebitda 0.08 = 2.50

6. ROIC - WACC (= -2.76)% = -3.45

7. RoE 8.66% = 0.72

8. Rev. Trend 73.95% = 5.55

9. EPS Trend -28.94% = -1.45

What is the price of HASI shares?

As of November 10, 2025, the stock is trading at USD 32.03 with a total of 2,403,341 shares traded.
Over the past week, the price has changed by +15.59%, over one month by +4.16%, over three months by +33.17% and over the past year by +5.86%.

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 54.74 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 33.42 USD . This means that HASI is currently overvalued and has a potential downside of 4.34%.

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	21.8%
Analysts Target Price	39	21.8%
ValueRay Target Price	36.4	13.5%

HASI Fundamental Data Overview November 04, 2025

Market Cap USD = 3.45b (3.45b USD * 1.0 USD.USD)
P/E Trailing = 17.538
P/E Forward = 10.7411
P/S = 37.2833
P/B = 1.5431
P/EG = 0.8951
Beta = 1.625
Revenue TTM = 453.9m USD
EBIT TTM = 285.8m USD
EBITDA TTM = 58.06b USD
Long Term Debt = 4.71b USD (estimated: total debt 4.72b - short term 6.00m)
Short Term Debt = 6.00m USD (from shortTermDebt, last quarter)
Debt = 4.72b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 4.63b USD (from netDebt column, last quarter)
Enterprise Value = 8.07b USD (3.45b + Debt 4.72b - CCE 86.5m)
Interest Coverage Ratio = 1.08 (Ebit TTM 285.8m / Interest Expense TTM 265.4m)
FCF Yield = 0.19% (FCF TTM 15.1m / Enterprise Value 8.07b)
FCF Margin = 3.33% (FCF TTM 15.1m / Revenue TTM 453.9m)
Net Margin = 45.28% (Net Income TTM 205.5m / Revenue TTM 453.9m)
Gross Margin = 77.89% ((Revenue TTM 453.9m - Cost of Revenue TTM 100.3m) / Revenue TTM)
Gross Margin QoQ = 78.84% (prev 65.03%)
Tobins Q-Ratio = 1.06 (Enterprise Value 8.07b / Total Assets 7.60b)
Interest Expense / Debt = 1.69% (Interest Expense 79.7m / Debt 4.72b)
Taxrate = 27.66% (38.2m / 138.0m)
NOPAT = 206.8m (EBIT 285.8m * (1 - 27.66%))
Current Ratio = 2.56 (Total Current Assets 3.20b / Total Current Liabilities 1.25b)
Debt / Equity = 1.88 (Debt 4.72b / totalStockholderEquity, last quarter 2.51b)
Debt / EBITDA = 0.08 (Net Debt 4.63b / EBITDA 58.06b)
Debt / FCF = 306.5 (Net Debt 4.63b / FCF TTM 15.1m)
Total Stockholder Equity = 2.37b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.71% (Net Income 205.5m / Total Assets 7.60b)
RoE = 8.66% (Net Income TTM 205.5m / Total Stockholder Equity 2.37b)
RoCE = 4.03% (EBIT 285.8m / Capital Employed (Equity 2.37b + L.T.Debt 4.71b))
RoIC = 3.01% (NOPAT 206.8m / Invested Capital 6.87b)
WACC = 5.77% (E(3.45b)/V(8.16b) * Re(12.0%) + D(4.72b)/V(8.16b) * Rd(1.69%) * (1-Tc(0.28)))
Discount Rate = 12.0% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 12.17%
[DCF Debug] Terminal Value 54.94% ; FCFE base≈21.1m ; Y1≈13.8m ; Y5≈6.33m
Fair Price DCF = 0.60 (DCF Value 74.9m / Shares Outstanding 124.3m; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: -28.94 | EPS CAGR: -55.59% | SUE: -4.0 | # QB: 0
Revenue Correlation: 73.95 | Revenue CAGR: 13.05% | SUE: 0.63 | # QB: 0

Additional Sources for HASI Stock

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