NYSE : HASI
HA Sustainable Infrastructure Capital, Inc. — Financial statements
Financials · Asset Management · United States
Last price 37.52 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 4.85B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest and Dividend Income | 319.60M | 286.36M | 265.89M | 229.04M | 152.56M | 116.58M |
| Total Interest Expense | 334.72M | 292.40M | 242.36M | 171.01M | 115.56M | 121.70M |
| Net Interest Income | -15.12M | -6.04M | 23.52M | 58.04M | 37.00M | -5.12M |
| Gain (Loss) on Sale of Loans & Receivables | 77.17M | 65.09M | 80.34M | 68.64M | 57.19M | 68.33M |
| Other Revenue | 66.11M | 49.05M | 37.37M | 22.19M | 29.99M | 28.25M |
| Revenue Before Loan Losses | 128.17M | 108.10M | 141.23M | 148.86M | 124.18M | 91.46M |
| Provision for Loan Losses | 830.00K | 12.14M | 1.06M | 11.83M | 12.80M | 496.00K |
| Revenue | 127.34M | 95.95M | 140.17M | 137.03M | 111.38M | 90.97M |
| Salaries & Employee Benefits | 111.37M | 92.46M | 81.32M | 64.34M | 63.45M | 52.98M |
| Cost of Services Provided | 32.94M | 30.68M | 32.91M | 31.28M | 29.93M | 19.91M |
| Total Operating Expenses | 144.31M | 123.14M | 114.22M | 95.63M | 93.38M | 72.88M |
| Operating Income | -16.97M | -27.18M | 25.95M | 41.40M | 18.00M | 18.08M |
| Earnings From Equity Investments | 154.65M | 300.67M | 247.88M | 140.97M | 31.29M | 126.42M |
| Pretax Income | 137.69M | 273.48M | 273.83M | 182.38M | 49.29M | 144.50M |
| Income Tax Expense | 49.39M | 85.25M | 70.20M | 31.62M | 7.38M | 17.16M |
| Earnings From Continuing Ops. | 88.30M | 188.24M | 203.63M | 150.76M | 41.91M | 127.35M |
| Minority Interest in Earnings | -2.15M | -3.69M | -3.59M | -1.92M | -409.00K | -767.00K |
| Net Income | 86.15M | 184.55M | 200.04M | 148.84M | 41.50M | 126.58M |
| Preferred Dividends & Other Adjustments | 2.22M | 1.92M | 1.53M | 996.00K | 700.00K | 900.00K |
| Net Income to Common | 83.93M | 182.63M | 198.51M | 147.84M | 40.80M | 125.68M |
| Shares Outstanding (Basic) | 126.64M | 122.98M | 115.55M | 101.84M | 87.50M | 79.99M |
| Shares Outstanding (Diluted) | 140.79M | 138.18M | 130.50M | 109.47M | 90.61M | 87.67M |
| EPS (Basic) | 0.66 | 1.49 | 1.72 | 1.45 | 0.47 | 1.57 |
| EPS (Diluted) | 0.66 | 1.41 | 1.62 | 1.42 | 0.47 | 1.51 |
| Dividend Per Share | 1.69 | 1.68 | 1.66 | 1.58 | 1.50 | 1.40 |
| Operating Margin | -13.33% | -28.33% | 18.51% | 30.21% | 16.16% | 19.88% |
| Profit Margin | 65.91% | 190.33% | 141.62% | 107.89% | 36.63% | 138.16% |
| Effective Tax Rate | 35.87% | 31.17% | 25.64% | 17.34% | 14.97% | 11.87% |
| Revenue as Reported | 462.89M | 400.50M | 383.60M | 319.87M | 239.74M | 213.17M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 249.92M | 110.22M | 129.76M | 62.63M | 155.71M | 226.20M |
| Long-Term Investments | 4.85B | 4.19B | 3.62B | 2.97B | 1.88B | 1.78B |
| Trading Asset Securities | 3.00M | 28.00M | 70.00M | 22.00M | ||
| Other Receivables | 3.15B | 3.28B | 2.90B | 3.07B | 1.99B | 1.42B |
| Property, Plant & Equipment | 2.89M | 3.29M | 2.80M | 97.04M | 269.00M | 269.09M |
| Other Intangible Assets | 14.00M | 84.00M | 87.00M | |||
| Restricted Cash | 31.00M | 35.00M | 20.00M | 12.00M | 20.00M | 25.00M |
| Other Current Assets | 72.80M | 113.94M | 75.56M | 35.30M | 85.25M | 22.21M |
| Long-Term Deferred Charges | 6.00M | 8.00M | ||||
| Other Long-Term Assets | 575.59M | 420.56M | 266.90M | 262.06M | 276.27M | 317.52M |
| Total Assets | 8.94B | 8.19B | 7.08B | 6.55B | 4.76B | 4.15B |
| Accounts Payable | 390.30M | 134.70M | 117.64M | 66.31M | 76.11M | 63.87M |
| Short-Term Debt | 112.00K | 234.21M | 103.06M | 50.20M | 192.00K | 50.09M |
| Current Portion of Long-Term Debt | 12.00M | 638.00M | ||||
| Long-Term Debt | 5.89B | 4.29B | 4.30B | 4.22B | 2.98B | 2.44B |
| Long-Term Deferred Tax Liabilities | 237.00M | 155.00M | 77.00M | 44.00M | 25.00M | |
| Total Liabilities | 6.29B | 5.53B | 4.68B | 4.41B | 3.10B | 2.58B |
| Common Stock | 1.28M | 1.28M | 1.19M | 1.12M | 908.00K | 853.00K |
| Additional Paid-In Capital | 2.86B | 2.85B | 2.59B | 2.38B | 1.92B | 1.73B |
| Retained Earnings | -375.89M | -323.07M | -297.50M | -303.54M | -285.47M | -193.71M |
| Comprehensive Income & Other | 59.22M | 47.08M | 40.10M | 13.16M | -10.40M | 9.90M |
| Total Common Equity | 2.54B | 2.57B | 2.34B | 2.09B | 1.63B | 1.54B |
| Minority Interest | 108.10M | 82.99M | 68.32M | 49.36M | 35.51M | 21.80M |
| Shareholders' Equity | 2.65B | 2.66B | 2.41B | 2.14B | 1.66B | 1.57B |
| Total Liabilities & Equity | 8.94B | 8.19B | 7.08B | 6.55B | 4.76B | 4.15B |
| Total Debt | 5.90B | 5.16B | 4.40B | 4.27B | 2.98B | 2.49B |
| Net Cash (Debt) | -5.65B | -5.02B | -4.20B | -4.18B | -2.82B | -2.27B |
| Net Cash Per Share | -40.11 | -36.33 | -32.20 | -38.21 | -31.12 | -25.85 |
| Filing Date Shares Outstanding | 127.95M | 127.72M | 118.96M | 112.30M | 90.86M | 85.33M |
| Total Common Shares Outstanding | 127.38M | 127.18M | 118.64M | 112.04M | 90.67M | 85.13M |
| Working Capital | 3.10B | 2.56B | 2.97B | 3.09B | 2.17B | 1.58B |
| Book Value Per Share | 19.95 | 20.25 | 19.70 | 18.67 | 17.97 | 18.14 |
| Tangible Book Value | 2.54B | 2.57B | 2.34B | 2.08B | 1.55B | 1.46B |
| Tangible Book Value Per Share | 19.95 | 20.25 | 19.70 | 18.55 | 17.04 | 17.12 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 86.15M | 184.55M | 200.04M | 148.84M | 41.50M | 126.58M |
| Depreciation & Amortization | 736.00K | 780.00K | 1.00M | 3.13M | 3.99M | 3.80M |
| Other Amortization | 14.85M | 15.33M | 17.04M | 12.96M | 11.69M | 11.32M |
| Gain on Sale of Loans & Receivables | -61.34M | -40.04M | -70.69M | -43.54M | -28.61M | -48.33M |
| Provision for Credit Losses | 830.00K | 12.14M | 8.36M | 13.14M | 12.80M | 496.00K |
| Loss (Gain) on Equity Investments | 104.02M | -81.88M | -179.75M | -108.03M | 16.40M | -94.77M |
| Stock-Based Compensation | 35.35M | 29.89M | 25.61M | 19.78M | 20.10M | 17.05M |
| Change in Accounts Payable | 92.94M | 104.46M | 101.41M | 48.48M | 18.18M | 11.31M |
| Change in Other Net Operating Assets | -18.45M | -23.76M | -29.27M | 51.54M | -62.95M | -22.04M |
| Other Operating Activities | 47.05M | 34.32M | 10.74M | -2.50M | -17.23M | 9.48M |
| Operating Cash Flow | 208.53M | 167.32M | 5.85M | 99.69M | 230.00K | 13.31M |
| Investment in Securities | -854.82M | -459.08M | -353.15M | -853.68M | -11.41M | -369.41M |
| Net Decrease (Increase) in Loans Originated / Sold - Investing | -165.41M | -329.47M | 105.50M | -1.13B | -595.91M | -329.01M |
| Other Investing Activities | 5.22M | -67.27M | 684.00K | -5.68M | 15.21M | -4.97M |
| Investing Cash Flow | -1.02B | -855.83M | -131.19M | -1.99B | -592.11M | -703.40M |
| Short-Term Debt Issued | 125.50M | 70.00M | 30.00M | 50.00M | ||
| Long-Term Debt Issued | 2.68B | 2.84B | 2.49B | 715.92M | 1.10B | |
| Total Debt Issued | 4.06B | 2.80B | 2.91B | 2.52B | 715.92M | 1.15B |
| Short-Term Debt Repaid | -50.00M | |||||
| Long-Term Debt Repaid | -2.07B | -2.74B | -1.01B | -181.04M | -560.41M | |
| Total Debt Repaid | -2.90B | -2.07B | -2.74B | -1.01B | -231.04M | -560.41M |
| Net Debt Issued (Repaid) | 1.16B | 735.89M | 173.01M | 1.52B | 484.88M | 589.59M |
| Issuance of Common Stock | 116.86M | 236.74M | 203.53M | 492.38M | 188.88M | 200.64M |
| Repurchase of Common Stock | -3.21M | -14.02M | ||||
| Common Dividends Paid | -219.99M | -209.78M | -192.27M | -159.79M | -132.20M | -113.51M |
| Other Financing Activities | -70.71M | -79.28M | 16.14M | -56.03M | -21.57M | -31.86M |
| Financing Cash Flow | 983.51M | 683.58M | 200.41M | 1.79B | 516.78M | 630.84M |
| Net Cash Flow | 177.03M | -4.93M | 75.08M | -100.89M | -75.10M | -59.26M |
| Cash Interest Paid | 259.69M | 252.38M | 192.96M | 138.42M | 98.70M | 108.27M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.95B | 3.96B | 3.18B | 3.07B | 2.57B | 4.49B |
| PE Ratio | 57.77 | 21.70 | 16.01 | 20.74 | 63.10 | 35.71 |
| PS Ratio | 37.80 | 41.30 | 22.68 | 22.38 | 23.11 | 49.34 |
| PB Ratio | 1.87 | 1.49 | 1.32 | 1.43 | 1.55 | 2.87 |
| P/OCF Ratio | 23.08 | 23.68 | 543.20 | 30.76 | 11,193.68 | 337.25 |
| Debt / Equity Ratio | 2.23 | 1.94 | 1.83 | 1.99 | 1.79 | 1.59 |
| Net Debt / Equity Ratio | 2.13 | 1.89 | 1.75 | 1.95 | 1.69 | 1.45 |
| Quick Ratio | 8.45 | 3.40 | 14.03 | 27.11 | 28.12 | 14.48 |
| Current Ratio | 8.70 | 3.54 | 14.46 | 27.52 | 29.50 | 14.89 |
| Asset Turnover | 0.01 | 0.01 | 0.02 | 0.02 | 0.03 | 0.02 |
| Return on Equity (ROE) | 3.37% | 7.44% | 8.96% | 7.92% | 2.59% | 9.17% |
| Return on Assets (ROA) | 1.07% | 2.47% | 2.99% | 2.67% | 0.94% | 3.35% |
| Return on Invested Capital (ROIC) | -0.13% | -0.26% | 0.29% | 0.62% | 0.35% | 0.43% |
| Earnings Yield | 1.73% | 4.66% | 6.29% | 4.85% | 1.61% | 2.82% |
| Dividend Yield | 4.44% | 5.39% | 6.20% | 5.77% | 5.28% | 2.66% |
| Payout Ratio | 256.50% | 113.67% | 96.12% | 107.36% | 318.53% | 89.68% |
| Buyback Yield / Dilution | -5.50% | -5.89% | -19.21% | -20.81% | -3.35% | -17.88% |
| Total Shareholder Return | -0.93% | -0.50% | -13.02% | -15.04% | 1.93% | -15.23% |