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Specialty finance company (formerly Hannon Armstrong) investing in renewable energy, energy efficiency and other climate infrastructure projects.
Specialty finance company (formerly Hannon Armstrong) investing in renewable energy, energy efficiency and other climate infrastructure projects.
Provides long-term financing, mostly debt and equity, to energy projects with contracted cash flows, earning the spread over its own borrowing cost plus gains when it sells or securitizes assets. As a REIT it pays out most taxable income as dividends. It relies on capital markets for funding, so borrowing costs matter.
Moat: narrow (data, customer qualification, scale). Long track record underwriting climate infrastructure risk and developer relationships versus generalist lenders.
Headquarters: Annapolis, Maryland, United States · Founded: 1981 · Employees: 178
Size HA Sustainable Infrastructure Capital (HASI) is a United States Financials company (Investment Managers) with a market value of $5.00B, the 1188th largest of 3,117 United States companies the cockpit tracks. Shares closed at $38.90 on 6 Nov 2026.
Performance Over six months the shares fell 5.2%, against +0.6% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 26.5% over the last twelve months (peer median +13.3%); the operating margin is 69.4% (peer median 29.6%).
Valuation It trades at 12.6× forward earnings against a peer median of 12.4× (9th most expensive of 19).
Credit HA Sustainable Infrastructure Capital has 7 bonds outstanding ($4.50B), rated BBB- by the agencies and trading like BB+ at a weighted spread of 162 bp.
Short interest Short interest is 11.4% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $463M | $401M | $384M | $320M | $240M |
| Revenue growth | — | +4% | +20% | +33% | — |
| Gross profit | $463M | $400M | $383M | $320M | $240M |
| EBITDA | n/a | $270M | $259M | n/a | n/a |
| Net income | $83.7M | $183M | $199M | $148M | $40.8M |
| Free cash flow | $268M | $227M | $45.0M | $130M | $110M |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Total debt | $5.83B | $5.08B | $4.36B | $4.23B | $2.96B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| HA Sustainable Infrastructure Capital HASI | $5.00B | -5% | +27% | 69% | 12.6× | n/a |
| Brookfield Renewable Partners LP BEP-UN.TO | $9.41B | -7% | +7% | 11% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HASI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.0% | +3.2% | 8th highest of 21 |
| 6-month return | -5.2% | +0.6% | 8th lowest of 21 |
| Distance from 52-week high | -11.8% | -18.1% | 6th highest of 21 |
| Revenue growth (TTM) | +26.5% | +13.3% | 4th highest of 21 |
| Operating margin | 69.4% | 29.6% | 2nd highest of 21 |
| Forward P/E | 12.6× | 12.4× | 9th most expensive of 19 |
| Bond spread | 162 bp | 140 bp | 2nd widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HA Sustainable Infrastructure Capital HASI | United States | $5.00B | -5% | +27% | 69% | 12.6× | n/a | n/a |
| Hamilton Lane HLNE | United States | $4.99B | +1% | +19% | 58% | 12.3× | n/a | n/a |
| 360 One Wam 360ONE.NS | India | $4.95B | +3% | +25% | 33% | 35.1× | n/a | n/a |
| Colliers International CIGI.TO | Canada | $4.88B | -5% | +14% | 7% | 11.8× | n/a | n/a |
| Caitong Securities 601108.SS | China | $5.12B | -11% | -12% | 31% | 10.7× | n/a | n/a |
| Ninety One N91.L | United Kingdom | $5.18B | -6% | +10% | 26% | 11.1× | n/a | n/a |
| Bridgepoint BPT.L | United Kingdom | $4.79B | +55% | +36% | 49% | 10.7× | n/a | n/a |
| Federated Hermes FHI | United States | $4.73B | +14% | +13% | 28% | 10.9× | n/a | n/a |
| Aberdeen ABDN.L | United Kingdom | $5.36B | +2% | +2% | 37% | 14.3× | n/a | n/a |
| Capital Securities 601136.SS | China | $5.41B | -21% | +1% | 36% | n/a | n/a | n/a |
| Man EMG.L | United Kingdom | $4.43B | +10% | +24% | 28% | 8.4× | n/a | n/a |
| StepStone STEP | United States | $5.73B | -15% | +51% | -53% | 18.1× | n/a | n/a |
| China Cinda Asset Management 1359.HK | Hong Kong | $4.36B | -21% | -25% | 53% | 11.7× | n/a | n/a |
| China CITIC Financial Asset Management 2799.HK | Hong Kong | $5.83B | -24% | -18% | 135% | 3.1× | n/a | n/a |
| Anand Rathi Wealth ANANDRATHI.NS | India | $4.18B | +31% | +35% | 41% | 90.5× | n/a | n/a |
| Vontobel VONN.SW | Switzerland | $6.18B | +36% | +11% | 25% | 12.6× | n/a | n/a |
| EFG International EFGN.SW | Switzerland | $6.26B | -1% | -1% | 26% | 14.4× | n/a | n/a |
| ChinaLin Securities 002945.SZ | China | $6.27B | 0% | +15% | 25% | n/a | n/a | n/a |
| Cohen & Steers CNS | United States | $3.76B | +1% | +13% | 33% | 20.1× | n/a | n/a |
| Eurazeo RF.PA | France | $3.70B | +2% | +18% | -2% | 28.7× | n/a | n/a |
| AMP AMP.AX | Australia | $3.69B | +46% | -5% | -1% | 15.7× | n/a | n/a |
HA Sustainable Infrastructure Capital has 7 bonds outstanding with $4.50B face value. The agencies rate it BBB-; its bonds trade like BB+. Weighted yield 6.33%, a spread of 162 bp over government bonds.