Hannon Armstrong Sustainable Infrastructure Capital
Hannon Armstrong Sustainable Infrastructure Capital's revenue rose 4.4% to $400 million in fiscal 2025. Its net margin was 46.1%, down from 52.1% a year earlier. It paid out $210 million in dividends and buybacks. The diluted share count rose 5.9%.
Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
Charts show fiscal years, from the 10-K filings.
What Hannon Armstrong Sustainable Infrastructure Capital does
HASI, formerly Hannon Armstrong, is an investor in sustainable infrastructure that supports the shift to cleaner energy. It puts money into income-generating real assets that have long-term recurring cash flows. It is internally managed by its own executive team.
It invests in three markets: behind-the-meter projects (such as residential, commercial and industrial solar and energy efficiency), grid-connected projects (such as utility-scale solar, onshore wind and battery storage), and fuels, transport and nature (such as renewable natural gas, fleet decarbonization and ecological restoration). Its investments take many forms, including equity, joint ventures, real estate, receivables and securities. It earns money from the returns on these investments and from fees.
It works over and over with U.S. clean energy developers, owners and operators, utilities and energy service companies, and says these relationships lead to repeat investments.
Its biggest risks, as it describes them
- Falling costs of energy from traditional sources, which could cut demand for the projects it funds.
- Reduced net metering and other policies, or utility regulation, that hurts project economics.
- Changes in government laws, policies and support for clean energy.
- Interest rate changes, since many of its assets pay a fixed rate.
- Assets that are hard to sell or value.
Income statement
From fiscal 2016 to 2025, earnings per share grew 17.9% a year and net income 32.5% a year, as new shares raised the share count by 243% and diluted each share's earnings.
Returns on capital
Balance sheet
Five years at a glance
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 226 | 156 | 63 | 130 | 110 |
| Debt incl. finance leases | 480 | 433 | — | — | — |
| Net debt (negative means net cash) | 254 | 278 | — | — | — |
| Net debt to EBITDA | 0.9x | 1.6x | — | — | — |
| Debt to equity | 0.3x | 0.3x | — | — | — |
| Interest coverage | 2.2x | 1.4x | 2.1x | 2.1x | 1.9x |
| Current ratio | — | — | — | — | — |
| Quick ratio | — | — | — | — | — |
Cash flow
Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for Hannon Armstrong Sustainable Infrastructure Capital's filings doesn't give both for any year, so free cash flow is left out.
Projections
Project Hannon Armstrong Sustainable Infrastructure Capital's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.
Insider trades
Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Hannon Armstrong Sustainable Infrastructure Capital shares on the open market, and 1 insider sold $5.3 million.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Feb 17, 2026 | Jeffrey EckelDirector | Sold | 134,398 | $39.23 | $5.3 million | Form 4 |
Indicators
Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.
| Indicator | FY23 | FY24 | FY25 |
|---|---|---|---|
| Piotroski F-score | — | — | — |
| Rule of 40 | — | — | — |
| Altman Z'' | — | — | — |
| Accruals ratio | 0.9% | 2.9% | 0.2% |
The nine F-score tests
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Pass | Fail | Fail |
| Cash from operations exceeds net income | Fail | Fail | Fail |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | — |
| Share count didn't rise | Fail | Fail | Fail |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | Pass | Fail | Fail |
| F-score | — | — | — |
Compare
Put Hannon Armstrong Sustainable Infrastructure Capital side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Hannon Armstrong Sustainable Infrastructure Capital | FY25 | 4.4% | — | — | — | — | — | |
| Ellington Financial | FY25 | 10.1% | — | −275.1% | — | −0.5x | — | Compare |
| Credit Acceptance | FY25 | 7.2% | — | 45.4% | 30.9% | 1.0x | — | Compare |
| Goosehead Insurance | FY25 | 16.1% | 20.4% | 23.6% | 75.5% | 3.0x | 5 | Compare |
| Sezzle | FY25 | 66.1% | 39.3% | 46.5% | — | — | — | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 81 | 106 | 139 | 142 | 187 | 213 | 240 | 320 | 384 | 400 |
| Revenue growth | 38.4% | 30.5% | 31.5% | 1.6% | 32.0% | 14.1% | 12.5% | 33.4% | 19.9% | 4.4% |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Research and development | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Net income | 15 | 31 | 42 | 82 | 82 | 127 | 42 | 149 | 200 | 184 |
| Diluted EPS (US$) | 0.32 | 0.57 | 0.75 | 1.24 | 1.10 | 1.51 | 0.47 | 1.42 | 1.62 | 1.41 |
| Diluted shares (millions) | 40 | 50 | 53 | 65 | 74 | 88 | 91 | 110 | 130 | 138 |
| Cash flow | ||||||||||
| Cash from operations | 57 | 12 | 59 | 30 | 73 | 13 | 0 | 100 | 6 | 167 |
| Capital expenditure | — | — | — | — | — | — | — | — | — | — |
| Free cash flow | — | — | — | — | — | — | — | — | — | — |
| Dividends paid | 50 | 68 | 71 | 86 | 100 | 114 | 132 | 160 | 192 | 210 |
| Share buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based compensation | 10 | 11 | 10 | 14 | 17 | 17 | 20 | 20 | 26 | 30 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 29 | 57 | 21 | 6 | 286 | 226 | 156 | 63 | 130 | 110 |
| Debt incl. finance leases | 692 | 1,211 | 835 | 700 | 593 | 480 | 433 | — | — | — |
| Total assets | 1,746 | 2,250 | 2,155 | 2,387 | 3,459 | 4,148 | 4,760 | 6,552 | 7,080 | 8,188 |
| Total liabilities | 1,172 | 1,607 | 1,350 | 1,447 | 2,249 | 2,582 | 3,095 | 4,411 | 4,675 | 5,530 |
| Shareholders' equity | 574 | 643 | 804 | 940 | 1,210 | 1,566 | 1,665 | 2,142 | 2,405 | 2,658 |
| Margins and ratios | ||||||||||
| Gross margin | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Net margin | 18.0% | 29.1% | 29.8% | 57.6% | 44.1% | 59.4% | 17.3% | 46.5% | 52.1% | 46.1% |
| Free cash flow margin | — | — | — | — | — | — | — | — | — | — |
| Rule of 40 (growth + FCF margin) | — | — | — | — | — | — | — | — | — | — |
| Return on capital | 5.2% | 6.2% | 6.7% | 8.6% | 10.9% | 14.1% | 7.5% | — | — | — |
| Return on equity | 2.9% | 5.1% | 5.8% | 9.3% | 7.7% | 9.1% | 2.6% | 7.8% | 8.8% | 7.3% |
| Return on assets | 0.9% | 1.5% | 1.9% | 3.6% | 2.8% | 3.3% | 0.9% | 2.6% | 2.9% | 2.4% |
| Net debt to EBITDA | 9.8x | 11.4x | 6.5x | 4.4x | 1.8x | 0.9x | 1.6x | — | — | — |