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HA Sustainable Infrastructure Capital, Inc.

HASI Clue Score51
United States Fiscal year ends December CIK 0001561894
$36.49 +0.39% Close, 9 Oct 2026
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Price $36.49 −33.01% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Revenue81.2Net income14.7EPS, diluted0.32Fiscal year 2017Revenue106.0 +30.5%Net income30.9 +110.6%EPS, diluted0.57 +78.1%Fiscal year 2018Revenue139.4 +31.5%Net income41.6 +34.7%EPS, diluted0.75 +31.6%Fiscal year 2019Revenue141.6 +1.6%Net income81.6 +96.2%EPS, diluted1.24 +65.3%Fiscal year 2020Revenue186.9 +32.0%Net income82.4 +1.0%EPS, diluted1.10 −11.3%Fiscal year 2021Revenue213.2 +14.0%Net income126.6 +53.6%EPS, diluted1.51 +37.3%Fiscal year 2022Revenue239.7 +12.5%Net income41.5 −67.2%EPS, diluted0.47 −68.9%Fiscal year 2023Revenue319.9 +33.4%Net income148.8 +258.6%EPS, diluted1.42 +202.1%Fiscal year 2024Revenue383.6 +19.9%Net income200.0 +34.4%EPS, diluted1.62 +14.1%Fiscal year 2025Revenue400.5 +4.4%Net income184.5 −7.7%EPS, diluted1.41 −13.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 81.2 106.0 139.4 141.6 186.9 213.2 239.7 319.9 383.6 400.5
Growth +30.5% +31.5% +1.6% +32.0% +14.0% +12.5% +33.4% +19.9% +4.4%
Net income 14.7 30.9 41.6 81.6 82.4 126.6 41.5 148.8 200.0 184.5
Growth +110.6% +34.7% +96.2% +1.0% +53.6% −67.2% +258.6% +34.4% −7.7%
EPS, diluted 0.32 0.57 0.75 1.24 1.10 1.51 0.47 1.42 1.62 1.41
Growth +78.1% +31.6% +65.3% −11.3% +37.3% −68.9% +202.1% +14.1% −13.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2016Net margin18.0%Fiscal year 2017Net margin29.1%Fiscal year 2018Net margin29.8%Fiscal year 2019Net margin57.6%Fiscal year 2020Net margin44.1%Fiscal year 2021Net margin59.4%Fiscal year 2022Net margin17.3%Fiscal year 2023Net margin46.5%Fiscal year 2024Net margin52.1%Fiscal year 2025Net margin46.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin 18.0% 29.1% 29.8% 57.6% 44.1% 59.4% 17.3% 46.5% 52.1% 46.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flow
Fiscal year 2016Operating cash flow56.9Dividends paid−49.5Fiscal year 2017Operating cash flow11.7Dividends paid−68.2Fiscal year 2018Operating cash flow58.8Dividends paid−71.0Fiscal year 2019Operating cash flow29.5Dividends paid−86.4Fiscal year 2020Operating cash flow73.3Dividends paid−99.9Fiscal year 2021Operating cash flow13.3Dividends paid−113.5Fiscal year 2022Operating cash flow0.2Dividends paid−132.2Fiscal year 2023Operating cash flow99.7Dividends paid−159.8Fiscal year 2024Operating cash flow5.9Dividends paid−192.3Fiscal year 2025Operating cash flow167.3Dividends paid−209.8
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 56.9 11.7 58.8 29.5 73.3 13.3 0.2 99.7 5.9 167.3
Dividends paid −49.5 −68.2 −71.0 −86.4 −99.9 −113.5 −132.2 −159.8 −192.3 −209.8

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash29.4Total debt692.0Net cash (debt)−662.6Shareholders’ equity574.3Debt to equity1.20Fiscal year 2017Cash57.3Total debt1,211.0Net cash (debt)−1,153.7Shareholders’ equity642.8Debt to equity1.88Fiscal year 2018Cash21.4Total debt835.0Net cash (debt)−813.6Shareholders’ equity804.5Debt to equity1.04Fiscal year 2019Cash6.2Total debt700.0Net cash (debt)−693.8Shareholders’ equity939.9Debt to equity0.74Fiscal year 2020Cash286.3Total debt593.0Net cash (debt)−306.8Shareholders’ equity1,210.1Debt to equity0.49Fiscal year 2021Cash226.2Total debt430.0Net cash (debt)−203.8Shareholders’ equity1,566.5Debt to equity0.27Fiscal year 2022Cash155.7Total debt433.0Net cash (debt)−277.3Shareholders’ equity1,664.7Debt to equity0.26Fiscal year 2023Cash62.6Shareholders’ equity2,141.6Fiscal year 2024Cash129.8Shareholders’ equity2,405.1Fiscal year 2025Cash110.2Shareholders’ equity2,657.9
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 29.4 57.3 21.4 6.2 286.3 226.2 155.7 62.6 129.8 110.2
Total debt 692.0 1,211.0 835.0 700.0 593.0 430.0 433.0 n/a n/a n/a
Net cash (debt) −662.6 −1,153.7 −813.6 −693.8 −306.8 −203.8 −277.3 n/a n/a n/a
Shareholders’ equity 574.3 642.8 804.5 939.9 1,210.1 1,566.5 1,664.7 2,141.6 2,405.1 2,657.9
Debt to equity 1.20 1.88 1.04 0.74 0.49 0.27 0.26 n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Operations
56.9 11.7 58.8 29.5 73.3 13.3 0.2 99.7 5.9 167.3
Growth −79.4% +401.8% −49.8% +148.5% −81.8% −98.3% +43,243.0% −94.1% +2,759.1%
7.7 3.6 4.5 3.6 3.6 3.8 4.0 3.1 1.0 0.8
Investment
−190.6 −297.9 50.8 −201.1 −831.7 −703.4 −592.1 −1,992.8 −131.2 −855.8
Financing
113.7 345.2 −168.4 218.9 962.1 630.8 516.8 1,792.2 200.4 683.6
−49.5 −68.2 −71.0 −86.4 −99.9 −113.5 −132.2 −159.8 −192.3 −209.8

Capital expenditure, dividends and buybacks are shown as money out, so negative.