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HA Sustainable Infrastructure Capital, Inc.NYSE:HASI Stock Report

Market Cap US$5.2b
Share Price
US$40.24
US$49.4
18.5% undervalued intrinsic discount
1Y61.7%
7D-2.6%
1D
Portfolio Value
​
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HA Sustainable Infrastructure Capital, Inc.

NYSE:HASI Stock Report

Market Cap: US$5.2b

HA Sustainable Infrastructure Capital (HASI) Stock Overview

Through its subsidiaries, engages in the investment in energy efficiency, renewable energy, and other sustainable infrastructure markets in the United States. More details

HASI fundamental analysis
Snowflake Score
Valuation3/6
Future Growth3/6
Past Performance2/6
Financial Health1/6
Dividends3/6

Rewards

Trading at 24.5% below our estimate of its fair value

Earnings are forecast to grow 29.35% per year

Analysts in good agreement that stock price will rise by 22.8%

Risk Analysis

Debt is not well covered by operating cash flow

Dividend of 4.22% is not well covered by earnings or free cash flows

Profit margins (61.4%) are lower than last year


HASI Community Fair Values

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HA Sustainable Infrastructure Capital, Inc. Competitors

Price History & Performance

Summary of share price highs, lows and changes for HA Sustainable Infrastructure Capital
Historical stock prices
Current Share PriceUS$40.24
52 Week HighUS$44.13
52 Week LowUS$24.38
Beta1.42
1 Month Change-6.35%
3 Month Change12.21%
1 Year Change61.67%
3 Year Change57.06%
5 Year Change-22.79%
Change since IPO252.98%

Recent News & Updates

Seeking Alpha • May 11

HA Sustainable Infrastructure Capital: Earnings Are Scaling - Valuation Hasn't Caught Up

Summary HA Sustainable Infrastructure Capital is transitioning from a yield-oriented REIT to a high-return infrastructure financing platform focused on renewable energy and energy transition assets. Despite double-digit earnings growth and >17% ROE guidance by 2028, HASI trades at compressed multiples, presenting a valuation disconnect and upside opportunity. My scenario analysis suggests 25% base case upside if management delivers on EPS guidance, with up to 50% upside in a bull case where the market re-rates the stock. I rate HASI a Buy, as sustained earnings growth and capital deployment are not yet reflected in current market valuation. Read the full article on Seeking Alpha

Recent updates

Seeking Alpha • May 11

HA Sustainable Infrastructure Capital: Earnings Are Scaling - Valuation Hasn't Caught Up

Summary HA Sustainable Infrastructure Capital is transitioning from a yield-oriented REIT to a high-return infrastructure financing platform focused on renewable energy and energy transition assets. Despite double-digit earnings growth and >17% ROE guidance by 2028, HASI trades at compressed multiples, presenting a valuation disconnect and upside opportunity. My scenario analysis suggests 25% base case upside if management delivers on EPS guidance, with up to 50% upside in a bull case where the market re-rates the stock. I rate HASI a Buy, as sustained earnings growth and capital deployment are not yet reflected in current market valuation. Read the full article on Seeking Alpha
Seeking Alpha • Jan 21

HA Sustainable Infrastructure: A High-Yield Bargain I Wouldn't Ignore

Summary HA Sustainable Infrastructure Capital offers a compelling value and income opportunity with a 6% dividend yield and a forward P/E of 11.6, below its historical average. HASI has $13.1 billion in managed assets and a $5.5 billion investment pipeline, demonstrating consistent growth in asset base, portfolio yield, and earnings. Management guides for 9-10% annual EPS growth through 2030, supported by a diversified asset platform and investment-grade credit ratings. Read the full article on Seeking Alpha
Seeking Alpha • Nov 08

HA Sustainable Infrastructure Capital: Sound Income, Whoever Is President

Summary HA Sustainable is a strong buy for income investors, offering a growing dividend and diversified revenue from solar, wind, and natural gas investments. Transitioning to a C-corp in 2024 allows HASI to reinvest more earnings and capitalize on growth opportunities, including increased energy demand from data centers. Despite near-term debt risks and potential long-term competition from nuclear power, the Company's historical resilience and growth prospects make it an attractive investment. The current yield is competitive, and with projected growth, the yield on cost could reach 7–8% in a decade, reinforcing its buy rating. Read the full article on Seeking Alpha
Seeking Alpha • Aug 26

Hannon Armstrong: Q2 Earnings Beat, Sustainable Infrastructure Powers Growth

Summary HA Sustainable Infrastructure Capital, Inc. (HASI) focuses on financing and managing sustainable infrastructure assets, including renewable energy, energy efficiency, and carbon capture, valued at $13 billion. HASI's diversified portfolio includes residential solar, wind and solar farms, and ecological restoration, using the CarbonCount® tool to measure carbon reduction per investment dollar. Revenue streams include net investment income from long-term contracts, gain-on-sale securitization, and asset management fees, with strategic partnerships to co-invest in large-scale projects. Operating like a REIT, HASI emphasizes climate-positive investments, aiming to reduce greenhouse gas emissions and drive sustainable energy development. Read the full article on Seeking Alpha
Seeking Alpha • Jun 11

Hannon Armstrong: An Attractive Yield That Is Subject To Accelerated Growth

Summary Hannon Armstrong Sustainable Infrastructure Capital channels capital into renewable energy assets through equity investments, joint ventures, and lending. The company aims to capture positive spreads between portfolio yield and cost of capital, similar to mortgage REITs, with a focus on debt investments. HASI has potential for a significant dividend growth due to reduced adjusted EPS payout ratio, new joint venture with KKR, and strong financial profile. It is a buy for yield-seeking investors that also want to have a decent income growth component in place. Read the full article on Seeking Alpha
Seeking Alpha • Apr 28

Hannon Armstrong: Dividend Creates Massive Value

Summary Hannon Armstrong Sustainable Infrastructure Capital has been hit hard by the Fed's interest rate hikes, but its dividend is secure and growing steadily. The dividend yield sits over 6% and is projected to grow close to 10%. HASI has a strong balance sheet and resilient operations, with ample distributable earnings to cover the dividend and a pipeline of future projects. Read the full article on Seeking Alpha
Seeking Alpha • Feb 22

Hannon Armstrong Sustainable Infrastructure Capital: Promising And Stable Bet In A Turbulent Market

Summary Hannon Armstrong Sustainable Infrastructure Capital is a top choice for investors looking for a resilient investment unaffected by geopolitical factors. HASI focuses on investing in real assets that facilitate the energy transition, managing assets worth over $11 billion. The company's portfolio growth and yield continue to increase, and it maintains its targets for future growth. Read the full article on Seeking Alpha
Seeking Alpha • Nov 29

Hannon Armstrong: Should Shareholders Leave Before The Change From REIT Structure?

Summary Hannon Armstrong's performance in 2023 has been disrupted by the Fed's fight against inflation, but the dividend has been maintained. The company is currently paying out a 6.7% annualized forward dividend yield. A move to discontinue its REIT status from 2024 is not a reason to sell if the dividend is maintained, which management has guided for. Read the full article on Seeking Alpha
Seeking Alpha • Nov 08

Hannon Armstrong: This Underperformer Is On The Verge Of A Pivotal Inflection

Summary Hannon Armstrong Sustainable Infrastructure Capital invests in renewable energy and sustainable projects, avoiding early-stage projects and focusing on earnings visibility. The company has a well-diversified portfolio and invests across the energy transition infrastructure to mitigate concentration risks. Despite underperforming in the past year, the company remains confident in its long-term growth profile and does not anticipate near-term funding challenges. I assessed that the worst is likely over as the Fed inches closer to its peak rates. Despite that, investors shouldn't expect HASI to recover its 2021 all-time highs soon. I argue why it's timely for buyers to consider catching this falling knife, even though its distributable EPS growth is expected to slow further. Read the full article on Seeking Alpha
Seeking Alpha • Oct 26

The Curious Case Of Hannon Armstrong

Summary Hannon Armstrong Sustainable Infrastructure Capital's stock has, like many REITs, suffered in 2023. Despite high short interest, analysts remain positive on the stock. In this article, we unpack the high and lowlights of the stock as it stands today. Read the full article on Seeking Alpha

Shareholder Returns

HASIUS Diversified FinancialUS Market
7D-2.6%-1.2%-0.1%
1Y61.7%-11.2%26.3%

Return vs Industry: HASI exceeded the US Diversified Financial industry which returned -12.9% over the past year.

Return vs Market: HASI exceeded the US Market which returned 26.2% over the past year.

Price Volatility

Is HASI's price volatile compared to industry and market?
HASI volatility
HASI Average Weekly Movement3.4%
Diversified Financial Industry Average Movement6.0%
Market Average Movement7.2%
10% most volatile stocks in US Market16.6%
10% least volatile stocks in US Market3.1%

Stable Share Price: HASI has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: HASI's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1981170Jeff Lipsonwww.hasi.com

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.

HA Sustainable Infrastructure Capital, Inc. Fundamentals Summary

How do HA Sustainable Infrastructure Capital's earnings and revenue compare to its market cap?
HASI fundamental statistics
Market capUS$5.18b
Earnings (TTM)US$53.95m
Revenue (TTM)US$87.91m
95.3x
P/E Ratio
58.5x
P/S Ratio

Is HASI overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
HASI income statement (TTM)
RevenueUS$87.91m
Cost of RevenueUS$0
Gross ProfitUS$87.91m
Other ExpensesUS$33.96m
EarningsUS$53.95m

Last Reported Earnings

Mar 31, 2026

Next Earnings Date

n/a

Earnings per share (EPS)0.42
Gross Margin100.00%
Net Profit Margin61.37%
Debt/Equity Ratio212.7%

How did HASI perform over the long term?

See historical performance and comparison

Dividends

4.2%
Current Dividend Yield
390%
Payout Ratio

Does HASI pay a reliable dividends?

See HASI dividend history and benchmarks
When do you need to buy HASI by to receive an upcoming dividend?
HA Sustainable Infrastructure Capital dividend dates
Ex Dividend DateJul 02 2026
Dividend Pay DateJul 10 2026
Days until Ex dividend27 days
Days until Dividend pay date35 days

Does HASI pay a reliable dividends?

See HASI dividend history and benchmarks

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/04 11:48
End of Day Share Price 2026/06/04 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

HA Sustainable Infrastructure Capital, Inc. is covered by 25 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Benjamin KalloBaird
Jonathan WindhamBarclays
Justin AgesBerenberg