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HA Sustainable Infrastructure Capital, Inc. HASI

NYSE · stock · Investors, NEC · website · IPO 2013-04-18 · LEI

HA Sustainable Infrastructure Capital, Inc. statistics & valuation

Market cap$5.1B
P / E27.4×
P / S12.6×
P / B1.9×
Dividend yield4.15%
Net margin46.1%
Return on equity6.9%
Graham number -40.9%$24.70

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($24.70); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
18.00% 29.10% 29.80% 57.60% 44.10% 59.40% 17.30% 46.50% 52.10% 46.10% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
2016201720182019202020212022202320242025
Return on equity (%)
2.60% 4.80% 5.20% 8.70% 6.80% 8.10% 2.50% 6.90% 8.30% 6.90% 2016201720182019202020212022202320242025
Shares outstanding
46.5M 51.7M 60.5M 66.3M 76.5M 87.7M 90.8M 112.2M 130.5M 138.2M 2016201720182019202020212022202320242025
Net debt ($)
$662.6M $1.15B $813.6M $693.8M $306.8M $203.8M $277.3M 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
0.80% 1.40% 1.90% 3.40% 2.40% 3.10% 0.90% 2.30% 2.80% 2.30% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
1.20× 1.88× 1.04× 0.74× 0.49× 0.27× 0.26× 2016201720182019202020212022202320242025
EPS ($)
$0.32 $0.57 $0.75 $1.24 $1.10 $1.51 $0.47 $1.42 $1.62 $1.41 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

HA Sustainable Infrastructure Capital, Inc. trades at about 29.7× earnings — near its 10-year norm (10-year range 16.8×–78.5×, median 30.1×).

16.8× 78.5×

Shaded band = 10-year range (16.8×–78.5×); dot = today's 29.7×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Net margin46.1%52.1%46.5%17.3%59.4%44.1%57.6%29.8%29.1%18.0%
Return on assets2.3%2.8%2.3%0.9%3.1%2.4%3.4%1.9%1.4%0.8%
Return on equity6.9%8.3%6.9%2.5%8.1%6.8%8.7%5.2%4.8%2.6%
Debt / equity———0.26×0.27×0.49×0.74×1.04×1.88×1.20×

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.