NYSE : AMRC
Ameresco, Inc. — Financial statements
Industrials · Engineering & Construction · United States
Last price 21 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.11B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Ameresco, Inc. (AMRC) reported revenue of 2.02B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.02B | 1.93B | 1.77B | 1.37B | 1.82B | 1.22B |
| Cost of Revenue | 1.70B | 1.63B | 1.51B | 1.13B | 1.53B | 985.34M |
| Gross Profit | 326.51M | 304.01M | 256.09M | 246.43M | 290.83M | 230.36M |
| Selling, General & Admin | 183.70M | 173.96M | 166.52M | 155.27M | 153.90M | 129.44M |
| Amortization of Goodwill & Intangibles | 2.19M | 2.29M | 2.13M | 2.37M | 1.31M | 321.00K |
| Operating Expenses | 188.11M | 178.47M | 173.61M | 161.79M | 157.87M | 132.90M |
| Operating Income | 138.40M | 125.55M | 82.48M | 84.64M | 132.96M | 97.45M |
| Interest Expense | -98.38M | -88.49M | -67.97M | -40.95M | -28.93M | -18.30M |
| Earnings From Equity Investments | 1.53M | 1.45M | 792.00K | 1.76M | 1.65M | -118.00K |
| Currency Exchange Gain (Loss) | 1.71M | 7.10M | -3.84M | 581.00K | -144.00K | -852.00K |
| Other Non Operating Income (Expenses) | -193.00K | 3.19M | -3.00M | -3.58M | 1.80M | 1.86M |
| EBT Excluding Unusual Items | 43.07M | 48.79M | 8.47M | 42.45M | 107.33M | 80.05M |
| Impairment of Goodwill | -2.22M | |||||
| Gain (Loss) on Sale of Assets | 38.01M | |||||
| Asset Writedown | -3.75M | -3.75M | -12.38M | -1.61M | -1.90M | |
| Other Unusual Items | -71.00K | -71.00K | -149.00K | -347.00K | -1.61M | |
| Pretax Income | 39.25M | 44.98M | 33.94M | 38.27M | 105.72M | 78.14M |
| Income Tax Expense | -13.04M | -11.70M | -20.00M | -25.64M | 7.17M | -2.05M |
| Earnings From Continuing Operations | 52.29M | 56.67M | 53.94M | 63.90M | 98.55M | 80.19M |
| Minority Interest in Earnings | -23.95M | -12.39M | 2.82M | -1.43M | -3.62M | -9.73M |
| Net Income | 28.34M | 44.28M | 56.76M | 62.47M | 94.93M | 70.46M |
| Preferred Dividends & Other Adjustments | 100.00K | 108.00K | 107.00K | 108.00K | 116.00K | 116.00K |
| Net Income to Common | 28.24M | 44.18M | 56.65M | 62.36M | 94.81M | 70.34M |
| Shares Outstanding (Basic) | 52.85M | 52.68M | 52.38M | 52.14M | 51.84M | 50.85M |
| Shares Outstanding (Diluted) | 53.31M | 53.29M | 53.14M | 53.23M | 53.28M | 52.27M |
| EPS (Basic) | 0.53 | 0.84 | 1.08 | 1.20 | 1.83 | 1.38 |
| EPS (Diluted) | 0.53 | 0.83 | 1.07 | 1.17 | 1.78 | 1.35 |
| Free Cash Flow | -464.73M | -436.36M | -320.75M | -621.76M | -666.19M | -356.07M |
| Free Cash Flow Per Share | -8.72 | -8.19 | -6.04 | -11.68 | -12.50 | -6.81 |
| Gross Margin | 16.13% | 15.73% | 14.47% | 17.93% | 15.94% | 18.95% |
| Operating Margin | 6.84% | 6.50% | 4.66% | 6.16% | 7.29% | 8.02% |
| Profit Margin | 1.40% | 2.29% | 3.20% | 4.54% | 5.20% | 5.79% |
| Free Cash Flow Margin | -22.96% | -22.58% | -18.12% | -45.23% | -36.52% | -29.29% |
| EBITDA | 253.39M | 230.25M | 172.02M | 150.81M | 187.38M | 144.15M |
| EBITDA Margin | 12.52% | 11.92% | 9.72% | 10.97% | 10.27% | 11.86% |
| D&A For EBITDA | 114.99M | 104.70M | 89.54M | 66.17M | 54.42M | 46.70M |
| EBIT | 138.40M | 125.55M | 82.48M | 84.64M | 132.96M | 97.45M |
| EBIT Margin | 6.84% | 6.50% | 4.66% | 6.16% | 7.29% | 8.02% |
| Effective Tax Rate | 6.78% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 138.33M | 71.78M | 108.52M | 79.27M | 115.53M | 50.45M |
| Cash & Short-Term Investments | 138.33M | 71.78M | 108.52M | 79.27M | 115.53M | 50.45M |
| Accounts Receivable | 1.18B | 1.11B | 940.91M | 823.35M | 788.43M | 511.21M |
| Other Receivables | 60.60M | 72.55M | 18.02M | 80.23M | 24.62M | 5.26M |
| Receivables | 1.24B | 1.18B | 958.93M | 903.58M | 813.05M | 516.47M |
| Inventory | 12.64M | 12.61M | 11.56M | 13.64M | 14.22M | 8.81M |
| Prepaid Expenses | 15.58M | 16.28M | 12.00M | 10.70M | 8.18M | 25.38M |
| Restricted Cash | 87.12M | 92.52M | 69.71M | 62.31M | 20.78M | 24.27M |
| Other Current Assets | 187.16M | 176.21M | 140.43M | 58.98M | 29.58M | 13.21M |
| Total Current Assets | 1.68B | 1.55B | 1.30B | 1.13B | 1.00B | 638.59M |
| Property, Plant & Equipment | 2.32B | 2.17B | 2.01B | 1.77B | 1.24B | 911.63M |
| Long-Term Investments | 45.98M | 46.60M | 22.08M | 22.68M | 16.06M | 10.12M |
| Goodwill | 68.88M | 69.30M | 66.31M | 75.59M | 70.63M | 71.16M |
| Other Intangible Assets | 6.30M | 7.46M | 8.81M | 6.81M | 4.69M | 6.96M |
| Long-Term Accounts Receivable | 526.91M | 503.45M | 609.13M | 609.26M | 509.51M | 557.67M |
| Long-Term Deferred Tax Assets | 97.58M | 96.87M | 56.52M | 26.41M | 3.04M | 3.70M |
| Long-Term Deferred Charges | 1.74M | 1.74M | 3.95M | |||
| Other Long-Term Assets | 84.99M | 93.41M | 88.02M | 77.42M | 34.34M | 21.04M |
| Total Assets | 4.83B | 4.54B | 4.16B | 3.71B | 2.88B | 2.22B |
| Accounts Payable | 641.55M | 691.20M | 529.34M | 402.75M | 349.13M | 308.96M |
| Accrued Expenses | 108.49M | 113.17M | 106.64M | 108.23M | 88.91M | 42.76M |
| Current Portion of Long-Term Debt | 163.66M | 131.58M | 148.73M | 321.38M | 329.49M | 75.81M |
| Current Portion of Leases | 10.09M | 8.51M | 11.17M | 14.44M | 7.82M | 9.40M |
| Current Income Taxes Payable | 5.31M | 3.85M | 744.00K | 1.17M | 1.67M | 822.00K |
| Current Unearned Revenue | 75.54M | 79.91M | 91.73M | 52.90M | 34.80M | 35.92M |
| Other Current Liabilities | 707.00K | 651.00K | 598.00K | 261.00K | 554.00K | |
| Total Current Liabilities | 1.00B | 1.03B | 889.01M | 901.47M | 812.07M | 474.22M |
| Long-Term Debt | 2.33B | 2.24B | 2.04B | 1.70B | 1.04B | 904.49M |
| Long-Term Leases | 64.29M | 67.47M | 71.75M | 55.31M | 45.77M | 51.24M |
| Long-Term Unearned Revenue | 42.98M | 43.81M | 40.06M | 29.45M | 19.64M | 19.75M |
| Long-Term Deferred Tax Liabilities | 1.03M | 2.94M | 2.22M | 4.48M | 9.18M | 3.87M |
| Other Long-Term Liabilities | 37.12M | 33.30M | 65.26M | 53.59M | 32.09M | 20.80M |
| Total Liabilities | 3.48B | 3.41B | 3.11B | 2.74B | 1.96B | 1.47B |
| Common Stock | 5.00K | 5.00K | 5.00K | 5.00K | 5.00K | 5.00K |
| Additional Paid-In Capital | 565.16M | 395.66M | 378.32M | 320.89M | 306.31M | 283.98M |
| Retained Earnings | 688.13M | 696.74M | 652.56M | 595.91M | 533.55M | 438.73M |
| Treasury Stock | -11.79M | -11.79M | -11.79M | -11.79M | -11.79M | -11.79M |
| Comprehensive Income & Other | -4.77M | -460.00K | -5.87M | -3.04M | -4.05M | -6.67M |
| Total Common Equity | 1.24B | 1.08B | 1.01B | 901.98M | 824.03M | 704.26M |
| Minority Interest | 114.35M | 44.09M | 34.39M | 70.78M | 95.62M | 46.18M |
| Shareholders' Equity | 1.35B | 1.12B | 1.05B | 972.75M | 919.65M | 750.45M |
| Total Liabilities & Equity | 4.83B | 4.54B | 4.16B | 3.71B | 2.88B | 2.22B |
| Total Debt | 2.57B | 2.44B | 2.27B | 2.09B | 1.42B | 1.04B |
| Net Cash (Debt) | -2.43B | -2.37B | -2.17B | -2.01B | -1.31B | -990.48M |
| Net Cash Per Share | -45.59 | -44.51 | -40.76 | -37.74 | -24.51 | -18.95 |
| Filing Date Shares Outstanding | 53.07M | 52.88M | 52.54M | 52.28M | 51.95M | 51.72M |
| Total Common Shares Outstanding | 53.07M | 52.86M | 52.50M | 52.28M | 51.95M | 51.72M |
| Working Capital | 675.64M | 523.62M | 412.13M | 227.00M | 189.28M | 164.36M |
| Book Value Per Share | 23.31 | 20.43 | 19.30 | 17.25 | 15.86 | 13.62 |
| Tangible Book Value | 1.16B | 1.00B | 938.11M | 819.58M | 748.70M | 626.15M |
| Tangible Book Value Per Share | 21.89 | 18.98 | 17.87 | 15.68 | 14.41 | 12.11 |
| Land | 6.15M | 6.94M | 6.94M | 6.78M | 6.78M | |
| Machinery | 26.71M | 24.86M | 33.45M | 27.10M | 22.02M | |
| Leasehold Improvements | 2.30M | 2.31M | 2.57M | 2.48M | 2.47M | |
| Order Backlog | 6.51B | 6.20B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 28.34M | 44.28M | 56.76M | 62.47M | 94.93M | 70.46M |
| Depreciation & Amortization | 114.99M | 104.70M | 89.54M | 66.17M | 54.42M | 46.70M |
| Other Amortization | 7.04M | 6.19M | 5.15M | 4.20M | 4.21M | 2.85M |
| Loss (Gain) From Sale of Assets | 1.34M | -38.01M | ||||
| Asset Writedown & Restructuring Costs | 2.56M | 2.22M | 12.81M | 3.93M | 937.00K | 1.90M |
| Loss (Gain) From Sale of Investments | -575.00K | |||||
| Loss (Gain) on Equity Investments | -402.00K | -322.00K | -792.00K | -1.76M | -1.65M | 118.00K |
| Stock-Based Compensation | 15.38M | 14.42M | 14.13M | 10.32M | 15.05M | 8.72M |
| Provision & Write-off of Bad Debts | 219.00K | 217.00K | 1.34M | 356.00K | -382.00K | 187.00K |
| Other Operating Activities | -15.68M | -33.11M | -29.96M | -30.46M | 8.82M | 5.36M |
| Change in Accounts Receivable | -299.11M | -187.09M | -56.26M | 43.77M | -264.44M | -142.03M |
| Change in Inventory | 153.00K | -1.05M | 2.08M | 581.00K | -5.41M | -232.00K |
| Change in Accounts Payable | 187.50M | 132.49M | 143.78M | 53.24M | 36.16M | 83.47M |
| Change in Unearned Revenue | -14.76M | -6.43M | 50.74M | 26.20M | 449.00K | -693.00K |
| Change in Income Taxes | -2.29M | 2.62M | 3.68M | 1.31M | -1.61M | 4.39M |
| Change in Other Net Operating Assets | -122.27M | -159.51M | -137.40M | -310.33M | -279.77M | -252.91M |
| Operating Cash Flow | -97.00M | -80.36M | 117.60M | -69.99M | -338.29M | -172.30M |
| Capital Expenditures | -367.74M | -356.00M | -438.35M | -551.77M | -327.90M | -183.78M |
| Cash Acquisitions | -623.00K | -4.59M | -9.18M | -14.93M | ||
| Divestitures | 54.25M | |||||
| Sale (Purchase) of Real Estate | -4.27M | |||||
| Investment in Securities | -3.91M | -27.82M | -11.76M | -5.43M | -7.33M | |
| Other Investing Activities | 82.00M | 132.37M | 13.49M | -565.00K | -459.00K | 774.00K |
| Investing Cash Flow | -290.27M | -256.04M | -386.64M | -566.94M | -328.36M | -205.26M |
| Long-Term Debt Issued | 767.28M | 908.31M | 997.84M | 844.74M | 345.21M | |
| Long-Term Debt Repaid | -435.53M | -618.26M | -346.06M | -161.86M | -106.27M | |
| Net Debt Issued (Repaid) | 231.00M | 331.75M | 290.05M | 651.78M | 682.88M | 238.94M |
| Issuance of Common Stock | 3.11M | 2.91M | 2.76M | 4.46M | 5.96M | 127.01M |
| Other Financing Activities | 214.28M | -11.56M | 21.14M | -15.43M | 41.38M | -487.00K |
| Financing Cash Flow | 448.38M | 323.10M | 313.94M | 640.80M | 730.23M | 365.46M |
| Foreign Exchange Rate Adjustments | -2.53M | 1.44M | -203.00K | -81.00K | -747.00K | 309.00K |
| Net Cash Flow | 58.58M | -11.86M | 44.70M | 3.79M | 62.83M | -11.78M |
| Free Cash Flow | -464.73M | -436.36M | -320.75M | -621.76M | -666.19M | -356.07M |
| Free Cash Flow Margin | -22.96% | -22.58% | -18.12% | -45.23% | -36.52% | -29.29% |
| Free Cash Flow Per Share | -8.72 | -8.19 | -6.04 | -11.68 | -12.50 | -6.81 |
| Levered Free Cash Flow | -371.46M | -335.94M | -300.42M | -516.26M | -401.14M | -158.50M |
| Unlevered Free Cash Flow | -317.01M | -286.82M | -263.09M | -494.87M | -387.27M | -149.91M |
| Cash Interest Paid | 121.22M | 107.64M | 110.39M | 80.25M | 32.95M | 18.78M |
| Cash Income Tax Paid | 6.15M | 4.80M | 4.46M | 3.83M | 7.28M | 2.67M |
| Change in Working Capital | -250.78M | -218.97M | 6.62M | -185.22M | -514.62M | -308.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.11B | 1.55B | 1.23B | 1.65B | 2.97B | 4.20B |
| Enterprise Value | 3.54B | 3.95B | 3.46B | 3.60B | 4.47B | 5.13B |
| Last Close Price | 20.96 | 29.29 | 23.48 | 31.67 | 57.14 | 81.44 |
| PE Ratio | 39.41 | 35.01 | 21.74 | 26.53 | 31.29 | 59.69 |
| Forward PE | 16.06 | 32.80 | 13.82 | 17.96 | 35.76 | 44.37 |
| PS Ratio | 0.55 | 0.80 | 0.70 | 1.20 | 1.63 | 3.45 |
| PB Ratio | 0.90 | 1.38 | 1.18 | 1.70 | 3.23 | 5.59 |
| P/TBV Ratio | 0.96 | 1.54 | 1.31 | 2.02 | 3.96 | 6.71 |
| P/OCF Ratio | 10.47 | |||||
| PEG Ratio | 1.46 | 0.68 | 0.48 | 0.79 | 1.38 | 2.43 |
| EV/Sales Ratio | 1.75 | 2.05 | 1.95 | 2.62 | 2.45 | 4.22 |
| EV/EBITDA Ratio | 13.98 | 17.18 | 20.09 | 23.87 | 23.86 | 35.58 |
| EV/EBIT Ratio | 25.60 | 31.50 | 41.91 | 42.54 | 33.63 | 52.63 |
| Debt / Equity Ratio | 1.90 | 2.17 | 2.17 | 2.15 | 1.55 | 1.39 |
| Debt / EBITDA Ratio | 9.60 | 10.01 | 12.23 | 12.94 | 7.23 | 6.76 |
| Net Debt / Equity Ratio | 1.80 | 2.11 | 2.07 | 2.06 | 1.42 | 1.32 |
| Net Debt / EBITDA Ratio | 9.59 | 10.30 | 12.59 | 13.32 | 6.97 | 6.87 |
| Net Debt / FCF Ratio | -5.23 | -5.44 | -6.75 | -3.23 | -1.96 | -2.78 |
| Asset Turnover | 0.44 | 0.44 | 0.45 | 0.42 | 0.71 | 0.61 |
| Inventory Turnover | 135.63 | 134.75 | 120.18 | 81.00 | 133.21 | 113.38 |
| Quick Ratio | 1.37 | 1.22 | 1.20 | 1.09 | 1.14 | 1.20 |
| Current Ratio | 1.67 | 1.51 | 1.46 | 1.25 | 1.23 | 1.35 |
| Return on Equity (ROE) | 4.32% | 5.22% | 5.34% | 6.75% | 11.80% | 12.51% |
| Return on Assets (ROA) | 1.90% | 1.80% | 1.31% | 1.60% | 3.26% | 3.06% |
| Return on Invested Capital (ROIC) | 3.76% | 3.74% | 2.66% | 3.25% | 6.25% | 6.33% |
| Return on Capital Employed (ROCE) | 3.60% | 3.60% | 2.50% | 3.00% | 6.40% | 5.60% |
| Earnings Yield | 2.54% | 2.86% | 4.61% | 3.78% | 3.20% | 1.68% |
| FCF Yield | -41.78% | -28.22% | -26.05% | -37.59% | -22.46% | -8.48% |
| Buyback Yield / Dilution | -0.44% | -0.29% | 0.17% | 0.09% | -1.93% | -6.66% |