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HA Sustainable Infrastructure Capital, Inc., through its subsidiaries, engages in the investment in energy efficiency, renewable energy, and other sustainable infrastructure markets in the United States. The company's portfolio includes equity investments, receivables, and debt securities. It invests in climate solutions, including Behind-the-Meter that distributes energy projects which reduce energy cost or usage that distributes energy projects which reduce energy; Grid-Connected, a renewable energy projects that deploy cleaner energy sources, such as solar, solar-plus-storage, and wind, to generate cleaner, lower cost energy; and Fuels, Transport, and Nature, a range of infrastructure assets that are designed to reduce emissions and/or provide environmental benefits in projects beyond the power grid, such as transportation and fuels, including renewable natural gas (RNG) plants, transportation fleet enhancements, and ecological restoration, and other projects. The company was formerly known as Hannon Armstrong Sustainable Infrastructure Capital, Inc. and changed its name to HA Sustainable Infrastructure Capital, Inc. in June 2024. HA Sustainable Infrastructure Capital, Inc. was founded in 1981 and is headquartered in Annapolis, Maryland.
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 | $409M | - | $185M | $167M | 7.2% | 5.1% | -7.7% |
| 2024 | $389M | - | $200M | $6M | 8.6% | 34.3% | 34.4% |
| 2023 | $290M | - | $149M | $100M | 7.1% | 86.4% | 258.6% |
| 2022 | $155M | - | $42M | $0M | 2.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 155.47 | 289.84 | 389.11 | 408.76 |
| Operating Revenue | - | 155.47 | 289.84 | 389.11 | 408.76 |
| Operating Expense | - | 106.18 | 107.46 | 115.28 | 135.28 |
| Selling General And Administration | - | 29.93 | 31.28 | 32.90 | 30.68 |
| Interest Income | - | 152.56 | 229.04 | 265.89 | 286.36 |
| Interest Expense | - | 115.56 | 171.01 | 242.36 | 292.40 |
| Net Interest Income | - | 37 | 58.04 | 23.52 | -6.04 |
| Pretax Income | - | 49.29 | 182.38 | 273.83 | 273.48 |
| Tax Provision | - | 7.38 | 31.62 | 70.20 | 85.25 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 41.91 | 150.76 | 203.63 | 188.24 |
| Net Income From Continuing And Discontinued Operation | - | 41.50 | 148.84 | 200.04 | 184.55 |
| Net Income From Continuing Operation Net Minority Interest | - | 41.50 | 148.84 | 200.04 | 184.55 |
| Net Income | - | 41.50 | 148.84 | 200.04 | 184.55 |
| Net Income Common Stockholders | - | 41.50 | 148.84 | 200.04 | 184.55 |
| Net Income Including Noncontrolling Interests | - | 41.91 | 150.76 | 203.63 | 188.24 |
| Normalized Income | - | 41.50 | 148.84 | 200.04 | 184.55 |
| Diluted NI Availto Com Stockholders | - | 41.50 | 148.84 | 200.04 | 184.55 |
| Basic Average Shares | - | 87.50 | 101.84 | 115.55 | 122.98 |
| Diluted Average Shares | - | 90.61 | 109.47 | 130.50 | 138.18 |
| Reconciled Depreciation | - | 3.99 | 3.13 | 1 | 0.78 |
| Minority Interests | - | -0.41 | -1.92 | -3.59 | -3.69 |
| Gain On Sale Of Security | - | 57.19 | 68.64 | 80.34 | 65.09 |
| General And Administrative Expense | - | 29.93 | 31.28 | 32.90 | 30.68 |
| Other Operating Expenses | - | 12.80 | 11.83 | 1.06 | 12.14 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| HA Sustainable Infrastructure Capital, Inc.this co. | HASI | $5.1B | 27.87↑ premium | 2.00 | 7.2% | - |
| Victory Capital Holdings, Inc. | VCTR | $5.6B | 16.82 | 2.29 | 13.6% | 11.02 |
| Atlantic Union Bankshares Corporation | AUB | $5.4B | 19.74 | 1.08 | 5.5% | - |
| Mercury General Corporation | MCY | $5.4B | 9.99 | 2.24 | 22.4% | - |
| MARA Holdings, Inc. |
| 2021 | - | - | - | - | - | - | - |
| MARA |
| $5.3B |
| -4.04 |
| 1.52 |
| -37.8% |
| -15.34 |
| Piper Sandler Companies | PIPR | $5.2B | 18.51 | 3.80 | 20.5% | - |
| Moelis & Company | MC | $5.1B | 22.10 | 9.06 | 41.0% | 17.18 |
| BGC Group, Inc. | BGC | $5.1B | 32.65 | 5.20 | 15.9% | 14.02 |
| Axos Financial, Inc. | AX | $5.0B | 11.52 | 1.86 | 16.1% | - |
| Peer Median | - | 17.66 | 2.26 | 16.0% | 12.52 | |