| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 38 | 56.6x | 17.8x | Bottom tier | |
Growth | 58 | 26.5% | 7.1% | Around median | |
Quality | 33 | — | — | Bottom tier | |
Safety | 37 | — | — | Bottom tier | |
Capital Return | 44 | 4.47% | 2.12% | Around median | |
Momentum | 69 | 44.9% | 2.9% | Top tier | |
Sentiment | 67 | 10 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
HA Sustainable Infrastructure Capital, trading under the ticker HASI, operates as an investor and provider of capital solutions for infrastructure projects related to the energy transition in the United States. The company generates returns from recurring investment income, gains on investment sales, and upfront and ongoing fees associated with assets it manages directly or through CCH1 and securitization structures; assets under management reached $16.4 billion in Q1 FY2026, up 13% year over year. Its core opportunities include grid-connected projects, residential and behind-the-meter solar, renewable natural gas, and the other sustainable infrastructure category.
In Q1 FY2026, the financial statements reported revenue of $124.2 million and a GAAP net loss of $72.0 million, equivalent to a loss of $0.57 per share, while the provided data did not include a figure for gross profit or gross margin. By contrast, adjusted earnings per share reached $0.77 versus $0.64 in the same period of the previous year, and adjusted earnings rose 31% to $102 million, while adjusted return on equity reached a quarterly record of 15.7%. Management attributed the gap between the GAAP and adjusted results to an accounting loss related to the timing of distributions of tax credit sale proceeds to tax equity investors, and said on May 8, 2026, that it expected the loss to reverse fully in the following quarter.
Adjusted recurring net investment income reached $101 million in Q1 FY2026, growing 29% year over year, compared with $23 million in gains on sales and $9 million in upfront and advisory fees. Investments closed during the quarter totaled $637 million, of which $462 million was designated to be retained through CCH1 and the balance sheet, while the portfolio yield rose 90 basis points year over year to 9.2%. A report published on August 7, 2026, stated that Q2 FY2026 revenue grew 41% year over year and earnings exceeded estimates, as management raised its adjusted earnings per share outlook through FY2028.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is Buy, with an average price target of $53.25 and a range of $50 to $60; the average is approximately 21% above the 52-week range high of $44.13, while the highest target is approximately 36% above it. The provided data does not offer a valid price-to-earnings ratio for comparison, so the valuation rests on HASI's ability to convert recurring-income growth and adjusted return on equity into stable GAAP earnings, balanced against the Q1 FY2026 loss and volatility in gains on sales.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
Adjusted recurring net investment income reached $101 million in Q1 FY2026, up 29% year over year, while assets under management grew 13% to $16.4 billion. The portfolio yield rose 90 basis points to 9.2% after yields on newly closed assets remained above 10.5% for the eighth consecutive quarter. Fee-generating assets also reached $1.1 billion, an increase of 130% year over year. On August 7, 2026, Q2 FY2026 results reported 41% year-over-year revenue growth and earnings above estimates.
Neogenyx is a biofuels joint venture created through the separation of Ameresco's business in this field, and HASI will own 30% of it. HASI's initial commitment totals $400 million, of which approximately $100 million is associated with existing operating projects and $300 million will be invested as additional projects are developed. HASI receives priority in cash distributions until a specified return is achieved, and management expects a higher long-term return than on its typical investments. The initial plan focuses on organic growth, benefiting from a relationship of more than 20 years and more than 60 investments between HASI and Ameresco.
98% of the portfolio remained in risk rating 1, and the average annual realized loss rate was below 10 basis points. 2 assets were moved to risk rating 2, with management linking one of them to technical equipment challenges requiring additional investment to restore the project's original economics. The company also noted a slight increase in delinquencies in the residential solar sector, but said 100% of loans in that sector were performing as of May 8, 2026. Therefore, signs of stress appear limited in the provided data, but warrant monitoring because of the rating change and increase in residential delinquencies.
HASI issued no shares through its at-the-market program during Q1 FY2026. Management explained that the targeted investment range of $2 billion to $3 billion during FY2026 could allow for minimal equity issuance, and potentially no issuance depending on actual funding volume. CCH1 supports this shift, as its assets reached $2.3 billion and HASI owns 50% of its equity, while its total capacity is estimated at approximately $5 billion. Subordinated notes and reinvestment of portfolio cash flows also provide funding sources that reduce reliance on new equity.
The Q1 FY2026 financial statements showed a net loss of $72.0 million and a loss of $0.57 per share. By contrast, adjusted earnings reached $102 million, an increase of 31% year over year, and adjusted earnings per share reached $0.77 versus $0.64 in the comparable period. Management attributed the difference to an accounting loss related to the timing of the distribution of tax credit sale proceeds to tax equity investors. It said during the May 8, 2026, call that it expected this impact to reverse fully in the following quarter.
Management reaffirmed FY2028 guidance on May 8, 2026, for adjusted earnings per share of $3.50 to $3.60 and an adjusted return on equity of 17%. In Q1 FY2026, adjusted return on equity reached 15.7%, the highest quarterly level in the company's history according to management. An August 7, 2026, update then reported that the company raised its adjusted earnings per share outlook through FY2028 after Q2 FY2026 revenue grew 41% year over year. Achieving these targets depends on continued execution of high-yield investments, growth in CCH1, and maintaining financing efficiency without significant shareholder dilution.
