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Ameresco, Inc. engages in the provision of energy solutions in the United States, Canada, and Europe. The company operates through North America Regions, U.S. Federal, Renewable Fuels, Europe, and All Other segments. It offers energy efficiency, infrastructure upgrades, energy security and resilience, asset sustainability, and renewable energy solutions for businesses and organizations. The company also designs, develops, engineers, and installs projects that reduce the energy, as well as operations and maintenance (O&M) costs of its customers' facilities; and projects primarily include various measures customized for the facility and designed to enhance the efficiency of building systems, such as heating, ventilation, cooling, and lighting systems. In addition, it offers renewable energy solutions and services, such as the development and construction of small-scale plants that the company owns or develops for customers that produce electricity, gas, heat, or cooling from renewable sources of energy and O&M services; and sells electricity, processed renewable gas fuel, and heat or cooling produced from renewable sources of energy. Further, the company provides photovoltaic (PV) solar energy products and systems, as well as provides consulting, and enterprise energy management services. It serves the federal, state and local governments, utilities, data centers, educational and healthcare institutions, housing authorities, and commercial and industrial customers. Ameresco, Inc. was incorporated in 2000 and is headquartered in Framingham, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.9B | $237M | $44M | $-436M | 4.1% | 9.2% | -22.0% |
| 2024 | $1.8B | $193M | $57M | $-321M | 5.6% | 28.8% | -9.1% |
| 2023 | $1.4B | $145M | $62M | $-622M | 6.9% | -24.7% | -34.2% |
| 2022 | $1.8B | $191M | $95M | $-666M | 11.5% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,824.42 | 1,374.63 | 1,769.93 | 1,932.13 |
| Operating Revenue | - | 1,824.42 | 1,374.63 | 1,769.93 | 1,932.13 |
| Cost Of Revenue | - | 1,533.59 | 1,128.20 | 1,513.84 | 1,628.11 |
| Gross Profit | - | 290.83 | 246.43 | 256.09 | 304.01 |
| Operating Expense | - | 156.89 | 161.56 | 174.10 | 175.46 |
| Selling General And Administration | - | 159.49 | 162.14 | 173.76 | 178.54 |
| Total Expenses | - | 1,690.48 | 1,289.77 | 1,687.94 | 1,803.57 |
| Operating Income | - | 133.94 | 84.87 | 81.99 | 128.56 |
| Total Operating Income As Reported | - | 132.99 | 82.22 | 108.74 | 123.18 |
| EBITDA | - | 190.63 | 144.55 | 193.33 | 237.18 |
| Normalized EBITDA | - | 189.87 | 146.69 | 170.52 | 229.11 |
| EBIT | - | 136.35 | 78.64 | 104.12 | 132.91 |
| Interest Expense | - | 30.63 | 40.37 | 70.18 | 87.94 |
| Net Interest Income | - | -30.63 | -46.21 | -71.65 | -93.10 |
| Other Non Operating Income Expenses | - | - | -5.84 | -1.47 | - |
| Other Income Expense | - | 2.41 | -0.38 | 23.60 | 9.52 |
| Interest Expense Non Operating | - | 30.63 | 40.37 | 70.18 | 87.94 |
| Net Non Operating Interest Income Expense | - | -30.63 | -46.21 | -71.65 | -93.10 |
| Pretax Income | - | 105.72 | 38.27 | 33.94 | 44.98 |
| Tax Provision | - | 7.17 | -25.64 | -20 | -11.70 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.05 | -0.45 | 4.79 | 1.70 |
| Net Income Continuous Operations | - | 98.55 | 63.90 | 53.94 | 56.68 |
| Net Income From Continuing And Discontinued Operation | - | 94.93 | 62.47 | 56.76 | 44.28 |
| Net Income From Continuing Operation Net Minority Interest | - | 94.93 | 62.47 | 56.76 | 44.28 |
| Net Income | - | 94.93 | 62.47 | 56.76 | 44.28 |
| Net Income Common Stockholders | - | 94.93 | 62.47 | 56.76 | 44.28 |
| Net Income Including Noncontrolling Interests | - | 98.55 | 63.90 | 53.94 | 56.68 |
| Normalized Income | - | 94.22 | 64.16 | 38.74 | 37.91 |
| Diluted NI Availto Com Stockholders | - | 94.93 | 62.47 | 56.76 | 44.28 |
| Basic Average Shares | - | 51.84 | 52.14 | 52.38 | 52.68 |
| Diluted Average Shares | - | 53.28 | 53.23 | 53.14 | 53.29 |
| Reconciled Depreciation | - | 54.28 | 65.91 | 89.21 | 104.27 |
| Reconciled Cost Of Revenue | - | 1,533.59 | 1,128.20 | 1,513.84 | 1,628.11 |
| Total Unusual Items | - | 0.76 | -2.14 | 22.81 | 8.07 |
| Total Unusual Items Excluding Goodwill | - | 0.76 | -2.14 | 22.81 | 8.07 |
| Minority Interests | - | -3.62 | -1.43 | 2.82 | -12.39 |
| Special Income Charges | - | 0 | -3.83 | 25.62 | -3.75 |
| Gain On Sale Of Business | - | 0 | 0 | 38.01 | 0 |
| Write Off | - | 0 | 3.83 | 12.38 | 3.75 |
| Gain On Sale Of Security | - | 0.76 | 1.69 | -2.81 | 11.82 |
| Total Other Finance Cost | - | - | 5.84 | 1.47 | 5.17 |
| Other Operating Expenses | - | -2.60 | -0.58 | 0.34 | -3.08 |
| Earnings From Equity Interest | - | 1.65 | 1.76 | 0.79 | 1.45 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ameresco, Inc.this co. | AMRC | $1.7B | 39.14↑ premium | 1.60 | 4.1% | 15.21 |
| Enovix Corporation | ENVX | $1.8B | - | 6.72 | -57.8% | - |
| JetBlue Airways Corporation | JBLU | $1.8B | -2.99 | 0.85 | -28.4% | 18.80 |
| CBIZ, Inc. | CBZ | $1.8B | 15.50 | 1.02 | 6.6% | 9.83 |
| Proto Labs, Inc. | PRLB | $1.8B | 83.79 | 2.64 |
| - |
| - |
| - |
| - |
| 3.2% |
| 27.86 |
| Enerpac Tool Group Corp. | EPAC | $1.8B | 18.89 | 4.04 | 21.4% | 12.23 |
| Vestis Corporation | VSTS | $1.7B | -43.48 | 2.02 | -4.6% | 16.43 |
| Huron Consulting Group Inc. | HURN | $1.7B | 16.54 | 3.29 | 19.9% | 10.27 |
| Target Hospitality Corp. | TH | $1.7B | -45.10 | 4.30 | -9.5% | 44.27 |
| Peer Median | - | 15.50 | 2.96 | -0.7% | 16.43 | |