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AMRC

Ameresco, Inc.

AMRC

Ameresco, Inc. • NYSE
$34.71 ▲ 0.17% (+0.06)
Market Cap $1.83 B
52w High $44.93
52w Low $8.49
Dividend Yield 0%
P/E 29.17
Volume 161.10K
Outstanding Shares 52.79M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $525.987M ▲ $41.979M ▼ $18.532M ▲ 3.523% ▲ $0.35 ▲ $67.526M ▲
Q2-2025 $472.284M ▲ $45.584M ▲ $12.864M ▲ 2.724% ▲ $0.24 ▲ $59.104M ▲
Q1-2025 $352.829M ▼ $38.227M ▲ $-5.483M ▼ -1.554% ▼ $-0.1 ▼ $39.427M ▼
Q4-2024 $532.667M ▲ $22.15M ▼ $37.085M ▲ 6.962% ▲ $0.71 ▲ $67.037M ▲
Q3-2024 $500.873M $41.98M $17.599M 3.514% $0.34 $57.319M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $94.551M ▲ $4.426B ▲ $3.331B ▲ $1.056B ▲
Q2-2025 $81.633M ▲ $4.295B ▲ $3.223B ▲ $1.035B ▲
Q1-2025 $71.593M ▼ $4.17B ▲ $3.122B ▲ $1.012B ▼
Q4-2024 $108.516M ▼ $4.159B ▲ $3.111B ▲ $1.013B ▲
Q3-2024 $185.37M $3.982B $2.973B $937.342M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $18.505M ▲ $17.712M ▲ $-81.325M ▼ $88.113M ▼ $22.614M ▼ $-63.724M ▼
Q2-2025 $15.518M ▲ $-26.873M ▲ $-57.663M ▲ $107.388M ▼ $25.244M ▲ $-27.02M ▲
Q1-2025 $-5.606M ▼ $-28.304M ▼ $-118.37M ▼ $114.547M ▲ $-31.605M ▼ $-142.544M ▼
Q4-2024 $37.91M ▲ $18.376M ▼ $-31.245M ▲ $8.886M ▼ $-6.013M ▲ $-61.526M ▲
Q3-2024 $17.014M $25.091M $-122.18M $66.623M $-28.709M $-93.377M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Energy Assets Revenue
Energy Assets Revenue
 $60.00M ▲$60.00M ▲$60.00M ▲$60.00M ▲
Operations And Maintenance Revenue
Operations And Maintenance Revenue
 $30.00M ▲$20.00M ▼$30.00M ▲$30.00M ▲
Other Revenue
Other Revenue
 $30.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
Project Revenue
Project Revenue
 $420.00M ▲$250.00M ▼$360.00M ▲$410.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Ameresco has grown its revenue meaningfully over the past five years, although the path has been uneven, with a sharp jump in 2022, a pullback in 2023, and a recovery in 2024. Gross profit and operating profit have generally trended higher with scale, but earnings per share peaked a few years ago and have since eased back. That suggests the company is working harder—through more projects and higher sales—to generate roughly similar bottom‑line profits recently. Overall, the business appears solidly profitable, but margins look sensitive to project mix, timing, and cost pressures, which can cause noticeable swings from year to year.

Balance Sheet

Balance Sheet The balance sheet shows a company in expansion mode. Total assets have climbed steadily as Ameresco builds and owns more energy assets. Shareholders’ equity has also grown, reflecting cumulative profitability and reinvestment. At the same time, debt has risen faster than equity, meaning the business is leaning more on borrowing to fund its growth. Financial leverage is clearly higher than it was a few years ago, which amplifies both the potential gains from successful projects and the risk if cash flows or project economics disappoint. Cash on hand is modest relative to the size of the balance sheet, so access to financing and disciplined capital management remain important.

Cash Flow

Cash Flow On cash flow, Ameresco looks like a heavy builder and owner of long‑lived assets. Free cash flow has been consistently negative for several years, driven by sizable capital spending on new projects and assets it retains on its own balance sheet. Operating cash flow was negative for several years as well but has recently turned positive, which is a welcome sign that the underlying operations are beginning to better support the investment program. Still, the overall picture is one of a company reinvesting aggressively ahead of cash returns, which can pay off over time but also leaves less room for error and heightens dependence on external funding.

Competitive Edge

Competitive Edge Ameresco occupies a differentiated niche in clean energy and energy efficiency, especially for government and institutional customers. Its vendor‑agnostic, turnkey model—covering design, financing, construction, and ongoing operations—reduces complexity for clients and builds long‑term relationships. Deep ties to federal agencies and the municipal, university, school, and hospital markets create meaningful barriers to entry for rivals, since these customers value proven execution and are slow to switch providers. The project‑to‑asset model, where Ameresco often keeps ownership and sells energy back under long contracts, strengthens its recurring revenue base. The main competitive risks are project‑driven cyclicality, policy and funding changes in public markets, and ongoing pressure from other energy service companies and large industrial players moving into clean energy solutions.

Innovation and R&D

Innovation and R&D Ameresco’s innovation is less about lab research and more about applied engineering and integration across many clean technologies. It has strong capabilities in distributed energy resources: microgrids, battery storage, combined heat and power, and converting landfill or wastewater biogas into renewable natural gas. The company is also pushing into newer areas like green hydrogen pilots, smart city infrastructure, and tailored energy solutions for power‑hungry data centers. Its technology‑agnostic stance allows it to combine the best available equipment with in‑house know‑how, while gradually layering in software, data analytics, and AI to optimize performance. This approach supports its competitive moat but also requires continued investment and careful execution as technologies and policy incentives evolve.

Summary

Ameresco looks like a growth‑oriented clean energy platform that is scaling up by building and owning more energy assets, especially for government and institutional customers. The income statement shows solid, if somewhat volatile, profitability, with revenue growing faster than earnings in recent years, hinting at margin pressure and project‑mix effects. The balance sheet and cash flows tell the story of aggressive reinvestment funded partly by rising debt, which increases both upside potential and financial risk. Competitively, Ameresco benefits from strong customer relationships, integrated capabilities, and a project‑to‑asset model that builds recurring revenue. Its focus on distributed energy, storage, renewable gas, and emerging areas like green hydrogen and data center solutions positions it well within the broader energy transition, but also exposes it to policy shifts, interest‑rate sensitivity, and execution risk on large, complex projects.

NEWS

November 14, 2025 · 8:05 AM UTC

Ameresco and City of Chandler Launch Energy Initiative to Cut Municipal Utility Costs by Over $1 Million Annually

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November 12, 2025 · 4:05 PM UTC

Ameresco Receives Gold Award in 2025 Globee Awards for American Business

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November 6, 2025 · 4:05 PM UTC

Klickitat Valley Health and Ameresco Break Ground on Clean Energy Projects

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November 3, 2025 · 4:05 PM UTC

Ameresco Reports Third Quarter 2025 Financial Results

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October 28, 2025 · 4:05 PM UTC

Ameresco Collaborates with The Resilience Authority of Annapolis and Anne Arundel County to Advance Fleet Electrification

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