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HASI

HA Sustainable Infrastructure Capital, Inc.

HASI

HA Sustainable Infrastructure Capital, Inc. • NYSE
$34.36 ▲ 1.33% (+0.45)
Market Cap $4.33 B
52w High $34.54
52w Low $21.98
Dividend Yield 1.68%
P/E 14.81
Volume 489.16K
Outstanding Shares 126.08M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $227.624M ▼ $36.74M ▲ $83.257M ▼ 36.577% ▼ $0.66 ▼ $119.581M ▼
Q2-2025 $243.365M ▲ $25.666M ▼ $98.445M ▲ 40.452% ▲ $0.8 ▲ $138.204M ▲
Q1-2025 $184.93M ▼ $38.17M ▲ $56.612M ▼ 30.613% ▼ $0.47 ▼ $82.25M ▼
Q4-2024 $187.156M ▲ $33.515M ▲ $70.088M ▲ 37.449% ▲ $0.59 ▲ $92.394M ▲
Q3-2024 $58.56M $25.447M $-19.616M -33.497% $-0.17 $-26.113M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $301.824M ▲ $8.204B ▲ $5.518B ▲ $2.605B ▲
Q2-2025 $86.508M ▲ $7.596B ▲ $5.008B ▲ $2.51B ▲
Q1-2025 $67.39M ▼ $7.476B ▲ $5.005B ▲ $2.393B ▲
Q4-2024 $129.758M ▲ $7.08B ▲ $4.675B ▲ $2.337B ▲
Q3-2024 $44.053M $6.673B $4.349B $2.258B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $84.906M ▼ $-121.806M ▼ $-126.826M ▼ $463.513M ▲ $214.881M ▲ $-121.806M ▼
Q2-2025 $99.795M ▲ $79.571M ▲ $-60.496M ▲ $1.086M ▼ $20.161M ▲ $79.571M ▲
Q1-2025 $58.185M ▼ $-37.121M ▼ $-323.665M ▼ $294.275M ▲ $-66.511M ▼ $-37.121M ▼
Q4-2024 $71.312M ▲ $-12.203M ▼ $-185.263M ▼ $288.987M ▲ $91.521M ▲ $-12.203M ▼
Q3-2024 $-19.176M $21.941M $-131.134M $6.481M $-102.712M $21.941M

Five-Year Company Overview

Income Statement

Income Statement HASI’s income statement shows a business that has scaled meaningfully over the past few years while generally maintaining healthy profitability. Revenue has risen steadily each year, suggesting a growing portfolio of climate and infrastructure investments. Profitability metrics have also improved, indicating that growth is not purely volume-driven but supported by solid economics per deal. There was a noticeable dip in earnings a few years ago, but results have since rebounded and now sit comfortably above earlier levels. This pattern suggests the model can absorb periods of pressure—likely from interest rate moves, credit costs, or transaction timing—and then recover as new deals ramp. Overall, this is a growth story with some lumpiness, but with a clear trend toward stronger earnings over time. Key watchpoints on the income side are sensitivity to interest rates, the health of counterparties in renewable and infrastructure projects, and whether fee-based revenues from partnerships can keep rising to smooth out any volatility in interest income.

Balance Sheet

Balance Sheet The balance sheet reflects a capital-intensive finance business that has expanded significantly. Total assets have grown steadily as HASI has funded more projects, and shareholder equity has increased alongside that growth, which is encouraging and points to value being built over time rather than just balance sheet expansion. Debt levels are substantial and have risen as the company has scaled, which is normal for a lending and investment platform but does increase sensitivity to funding costs and credit conditions. The gap between total debt and equity shows that leverage is a core part of the model, so the quality and diversification of the loan and investment book remain critical. Cash balances are relatively modest compared with total assets, which is typical for a company that actively deploys capital but does mean access to external funding markets is important. Investors should focus on funding flexibility, debt maturity profiles, and the company’s ability to maintain its credit rating as it continues to grow.

Cash Flow

Cash Flow Cash flow is more uneven than the earnings trend might suggest, which is common for specialized finance and project-based businesses. Operating and free cash flow have swung between very low and stronger years, driven by the timing of project originations, repayments, and securitizations rather than simple recurring cash generation. Because traditional capital expenditures are minimal, nearly all cash flow dynamics come from the investment book itself: loans and equity stakes going out, interest and principal payments coming back, and occasional portfolio sales or securitizations. This structure can lead to lumpy reported cash flows even when underlying economics are sound. The main implication is that the business model depends heavily on continuous access to capital markets and partner funding. Stability of funding sources, pricing of debt, and the success of the newer “capital-light” structures will matter at least as much as year‑to‑year reported cash flow figures.

Competitive Edge

Competitive Edge HASI sits in a specialized niche at the intersection of finance and climate infrastructure, where its long operating history and focused expertise give it a meaningful edge. Few competitors combine a multi-decade track record in sustainable infrastructure with a public-market presence, which helps attract both deal flow and mission-aligned investors. Its competitive position rests on several pillars: deep relationships with major renewable developers and energy service companies, the ability to structure highly tailored financing across the capital stack, and a reputation for being a flexible, repeat partner rather than a one-off lender. This relationship-driven, programmatic model can create a steady pipeline of projects that is hard for newer entrants to replicate. On the funding side, access to diverse capital sources, including public markets and large partners like KKR, supports scale and lowers funding costs. At the same time, the broader environment is becoming more competitive as banks, private credit funds, and infrastructure investors increase their climate focus. HASI’s differentiation therefore depends on maintaining superior structuring capabilities, risk discipline, and project sourcing while navigating interest rate and policy changes that affect the entire sector.

Innovation and R&D

Innovation and R&D Innovation at HASI is less about physical technology and more about financial and analytical tools. The hallmark is its CarbonCount® system, which quantifies the emissions avoided by each dollar invested. This gives the firm a proprietary lens for prioritizing projects, demonstrating impact to clients and investors, and aligning capital allocation tightly with its climate mission. Beyond CarbonCount®, HASI’s innovation shows up in deal design and platform strategy—structuring complex financings, securitization platforms for clean-energy assets, and now co-investment vehicles like the CarbonCount Holdings partnership with KKR. These arrangements move the model toward managing third-party capital, which can generate fee income and reduce reliance on HASI’s own balance sheet. Looking ahead, potential innovation areas include deeper use of data and analytics for risk management, expansion into newer climate-related asset classes such as sustainable fuels or nature-based solutions, and further development of asset-management style products. The main risk is execution: entering new segments or structures too quickly could stretch underwriting capabilities, so disciplined growth and careful testing of new models are key.

Summary

Overall, HASI represents a specialized, scaled platform focused on financing climate and sustainable infrastructure projects. The financials show a clear progression: rising revenues, generally improving profitability, a larger asset base, and growing equity, all built on a leveraged but so far well-managed balance sheet. The company’s strengths lie in its focused expertise, longstanding industry relationships, differentiated impact analytics with CarbonCount®, and its ability to design flexible capital solutions. Strategic moves toward a capital-light, partnership-driven model—exemplified by the KKR tie-up—could support continued growth while diversifying revenue streams. Key uncertainties revolve around interest rate sensitivity, reliance on capital markets, credit and project execution risk in a still-evolving energy transition, and exposure to shifting policy and regulatory frameworks. How effectively HASI balances growth, leverage, and risk management within this environment will largely determine the durability of its financial performance over the coming years.

NEWS

November 14, 2025 · 7:00 AM UTC

HASI Prices Offering of $500 Million of Green Junior Subordinated Notes

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November 6, 2025 · 4:05 PM UTC

HASI Announces Third Quarter 2025 Results with Record Adjusted EPS of $0.80 and a New $1.2b Investment

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October 16, 2025 · 7:00 AM UTC

HASI Announces Third Quarter 2025 Earnings Release Date and Conference Call

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