Is HA Sustainable Infrastructure Capital (HASI) overvalued or fairly valued?

MarketChacha shows HA Sustainable Infrastructure Capital's valuation in context — a trailing P/E of about 23.9, a forward P/E of about 12.1, a price-to-book of about 2.0 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

What is HA Sustainable Infrastructure Capital's revenue?

HA Sustainable Infrastructure Capital reported revenue of $400.5M for FY2025, with net profit of $184.5M, per official filings.

What is the share price of HA Sustainable Infrastructure Capital (HASI)?

HA Sustainable Infrastructure Capital last traded at $40.57 (-0.3% on the day), as of 8/10/2026 — a delayed quote shown for education, not investment advice.

HA Sustainable Infrastructure Capital

HASI · NYSE · Financials · United States

Snapshot

TickerHASI

ExchangeNYSE

SectorFinancials

IndustryAsset Management

CountryUnited States

Employees170

HeadquartersAnnapolis, United States

Websitewww.hasi.com

Filings tracked25

About HA Sustainable Infrastructure Capital

HA Sustainable Infrastructure Capital, Inc., through its subsidiaries, engages in the investment in energy efficiency, renewable energy, and other sustainable infrastructure markets in the United States. The company's portfolio includes equity investments, receivables, and debt securities. It invests in climate solutions, including Behind-the-Meter that distributes energy projects which reduce energy cost or usage that distributes energy projects which reduce energy; Grid-Connected, a renewable energy projects that deploy cleaner energy sources, such as solar, solar-plus-storage, and wind, to generate cleaner, lower cost energy; and Fuels, Transport, and Nature, a range of infrastructure assets that are designed to reduce emissions and/or provide environmental benefits in projects beyond the power grid, such as transportation and fuels, including renewable natural gas (RNG) plants, transportation fleet enhancements, and ecological restoration, and other projects. The company was formerly known as Hannon Armstrong Sustainable Infrastructure Capital, Inc. and changed its name to HA Sustainable Infrastructure Capital, Inc. in June 2024. HA Sustainable Infrastructure Capital, Inc. was founded in 1981 and is headquartered in Annapolis, Maryland.

Who owns it

Insiders2.2%
Institutions97.8%
Public & other0.0%

557 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.16.63%
Wellington Management Group, LLP8.87%
Vanguard Portfolio Management LLC6.03%
T. Rowe Price Investment Management, Inc.5.33%
State Street Corporation4.46%
Vanguard Capital Management LLC4.44%
Alliancebernstein L.P.3.56%
JPMORGAN CHASE & CO3.08%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

Over 3 years only 0.51× of reported profit became operating cash — the classic sign that headline earnings may be running ahead of the cash actually generated. Often explained by working capital funding growth; worth a closer look.

Cash conversion0.51×

Net margin trend46.5% → 46.1%

Margin has held broadly steady over the period — stable profitability.

Return on equity6.9%

Latest ROE of 6.9% is on the low side — the business earns a modest return on shareholder capital.

Growth qualityrev 12% · PAT 11%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $43.0M · EPS 0.78

Est. earnings growth +16.4%

Next fiscal year

Rev $208.0M · EPS 3.35

Est. earnings growth +10.6%

Analyst consensus estimates — not the company's own guidance.

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$400.5M

Net margin

46.1%

ROE

6.9%

Revenue CAGR (2y)

+11.9%

Profit CAGR (2y)

+11.4%

EPS (FY2025)

1.41

Net profit (FY2025)

$184.5M

Ask MarketChacha about HASI

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Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$400.5M	$184.5M	1.41	46.1%	6.9%
FY2024	$383.6M	$200.0M	1.62	52.1%	8.3%
FY2023	$319.9M	$148.8M	1.42	46.5%	6.9%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	$120.8M	$128.6M	0.92	106.5%
2026Q1	$124.2M	$-72.0M	-0.57	-57.9%
2025Q3	$103.1M	$83.3M	0.61	80.8%
2025Q2	$85.7M	$98.4M	0.74	114.9%
2025Q1	$96.9M	$56.6M	0.44	58.4%
2024Q3	$82.0M	$-19.6M	-0.17	-23.9%
2024Q2	$94.5M	$26.5M	0.23	28.1%
2024Q1	$105.8M	$123.0M	0.98	116.3%
2023Q3	$89.9M	$21.4M	0.20	23.9%
2023Q2	$74.3M	$13.5M	0.14	18.2%
2023Q1	$69.1M	$24.1M	0.26	34.9%

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

10-Q filing
SEC8/7/2026
8-K — Results of operations, Exhibits
SEC8/6/2026material
8-K — Material agreement, Termination of agreement, Material financial obligation, Other events, Exhibits
SEC7/20/2026material
8-K — Material agreement, Material financial obligation, Exhibits
SEC6/26/2026material
8-K — Other events
SEC6/15/2026material
8-K — Shareholder vote results
SEC6/5/2026material
10-Q filing
SEC5/8/2026
8-K — Results of operations, Exhibits
SEC5/7/2026material
8-K — Executive/director change
SEC3/27/2026material
10-K/A filing
SEC3/26/2026
8-K — Other events
SEC3/3/2026material
8-K — Material agreement, Material financial obligation, Exhibits
SEC3/2/2026material
8-K — Material agreement, Material financial obligation, Exhibits
SEC2/27/2026material
8-K — Material agreement, Exhibits
SEC2/23/2026material
8-K — Reg FD disclosure, Other events
SEC2/18/2026material
10-K filing
SEC2/13/2026
8-K — Results of operations, Exhibits
SEC2/12/2026material
8-K — Exhibits
SEC1/6/2026material

2025

8-K — Other events, Exhibits
SEC12/29/2025material
8-K — Executive/director change
SEC12/15/2025material
8-K — Other events
SEC12/15/2025material
8-K — Other events, Exhibits
SEC12/10/2025material
8-K — Material agreement, Material financial obligation, Exhibits
SEC11/20/2025material
8-K — Material agreement, Exhibits
SEC11/19/2025material
8-K — Reg FD disclosure, Other events
SEC11/13/2025material

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.