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HASI
(NYSE:HASI)
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Rating:53Neutral
Price Target:
$39.00
â–¼(-3.15% Downside)
Action:Reiterated
Date:09/07/26
Overall score reflects mid-range fundamentals with elevated leverage and volatile/reliability-challenged recent financial signals as the main constraint. Technical indicators are currently weak, adding near-term risk. Corporate financing events are constructive (improved/expanded funding at lower spreads), but valuation remains a drag due to a high P/E despite a solid dividend yield.
Positive Factors
Specialized climate-finance model
HASI’s focus on financing climate-positive infrastructure gives it a specialized business model aligned with enduring energy-transition investment. Contracted or creditworthy project cash flows can support recurring interest and distribution income, while specialization may reinforce sector expertise over the next several quarters.
Negative Factors
Elevated leverage
Leverage materially above equity amplifies exposure to refinancing conditions and changes in funding costs, which are central to HASI’s spread-based model. Although debt can support asset growth, this capital structure leaves less flexibility if credit conditions worsen or portfolio returns come under pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Specialized climate-finance model
HASI’s focus on financing climate-positive infrastructure gives it a specialized business model aligned with enduring energy-transition investment. Contracted or creditworthy project cash flows can support recurring interest and distribution income, while specialization may reinforce sector expertise over the next several quarters.
Read all positive factors
HASI (HASI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.58B
Dividend Yield4.65%
Average Volume (3M)1.02M
Price to Earnings (P/E)55.3
Beta (1Y)0.36
Revenue Growth26.51%
EPS Growth-60.58%
CountryUS
Employees170
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.66
Shares Outstanding128,495,790
10 Day Avg. Volume868,025
30 Day Avg. Volume1,020,076
Financial Highlights & Ratios
PEG Ratio-1.58
Price to Book (P/B)1.50
Price to Sales (P/S)9.65
P/FCF Ratio23.10
Enterprise Value/Market Cap2.45
Enterprise Value/Revenue24.27
Enterprise Value/Gross Profit87.64
Enterprise Value/Ebitda-691.96
Forecast
1Y Price Target
$49.00Price Target Upside21.68% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)3.03
Revenue Forecast (FY)$470.12M
HASI Business Overview & Revenue Model
Company Description
HA Sustainable Infrastructure Capital, Inc. (HASI) specializes in providing financial capital and making investments in initiatives that address climate change. The company funnels its resources into projects and assets developed by businesses ope...
How the Company Makes Money
HASI makes money primarily by deploying capital into sustainable infrastructure investments and earning a spread between the income it receives from those investments and its own cost of funds. Key revenue and earnings drivers include: (1) Interes...
HASI Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The earnings call conveyed a predominantly positive picture: strong growth in adjusted earnings, record quarterly ROE, sizable increases in recurring investment income and managed assets, high portfolio yields, a large pipeline, and active balance sheet optimization (longer maturities and available liquidity). Management acknowledged industry-wide risks—geopolitical volatility, tax-equity rule uncertainty, variability in gain-on-sale, and a small project technical issue—but characterized these as manageable and largely within underwriting expectations. The company further advanced strategic initiatives including a $400M JV investment (Neogenix) and continued expansion of fee-generating assets, while minimizing equity issuance in the quarter.Positive Updates
Record and Growing Profitability
Adjusted EPS of $0.77 in Q1 2026 (up from $0.64 YoY) and adjusted earnings of $102 million (management noted a 31% increase YoY). Adjusted ROE reached 15.7%, the highest quarterly level in company history (up from 12.8% YoY).
Negative Updates
Macroeconomic and Geopolitical Volatility
Management cited ongoing volatility from geopolitical events (notably the Iran war) and macro developments that have driven oil and power price volatility and affordability challenges; these dynamics create market uncertainty even though company sees strategic tailwinds for renewables.
Read all updates
Q1-2026 Updates
Positive
Negative
Record and Growing Profitability
Adjusted EPS of $0.77 in Q1 2026 (up from $0.64 YoY) and adjusted earnings of $102 million (management noted a 31% increase YoY). Adjusted ROE reached 15.7%, the highest quarterly level in company history (up from 12.8% YoY).
Read all positive updates
Company Guidance
Management reaffirmed its 2028 targets of $3.50–$3.60 adjusted EPS and a 17% adjusted ROE, and reiterated a 2026 origination target of $2.0–$3.0 billion while expecting minimal ATM share issuance in 2026; Q1 results that support this trajectory included adjusted EPS of $0.77, adjusted ROE of 15.7% (a quarterly high), adjusted recurring net investment income up 29% YoY to ~$101M, adjusted earnings of $102M (+31% YoY), managed assets of $16.4B (+13% YoY) and a >$6.5B 12‑month pipeline; portfolio yields rose 90 bps YoY to 9.2% with new-asset yields >10.5% for the eighth consecutive quarter, Q1 total volume was $637M (≈$462M to be held at CCH1) with >$460M in new transactions placed on the balance sheet, fee‑generating assets grew 130% YoY to $1.1B, CCH1 assets are $2.3B, average annual realized loss remains <10 bps, liquidity stands at $2.3B, and the company has been lowering and lengthening its cost of capital (issued $1.0B of bonds—$400M senior at 6% and $600M junior at 7.125%—retired $450M at 8%, and extended corporate term debt weighted‑average maturity from 7.9 to 12.8 years); management also noted the Q1 HLBV loss should fully reverse next quarter and reiterated that full‑year gain‑on‑sale is expected to be similar to last year (Q1 gain‑on‑sale was $23M).HASI Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
47
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 462.89M | 400.50M | 631.47M | 460.85M | 271.03M | 339.59M |
| Gross Profit | 128.17M | 108.10M | 389.11M | 289.84M | 155.47M | 217.88M |
| EBITDA | -16.23M | -26.40M | 274.83M | 185.50M | 53.28M | 148.31M |
| Net Income | 86.15M | 184.55M | 200.04M | 148.84M | 41.50M | 126.58M |
Balance Sheet | ||||||
| Total Assets | 8.94B | 8.19B | 7.08B | 6.55B | 4.76B | 4.15B |
| Cash, Cash Equivalents and Short-Term Investments | 249.92M | 145.22M | 129.76M | 62.63M | 155.71M | 226.20M |
| Total Debt | 5.90B | 5.08B | 4.40B | 4.25B | 2.98B | 2.49B |
| Total Liabilities | 6.29B | 5.53B | 4.68B | 4.41B | 3.10B | 2.58B |
| Stockholders Equity | 2.54B | 2.57B | 2.34B | 2.09B | 1.63B | 1.54B |
Cash Flow | ||||||
| Free Cash Flow | 208.53M | 167.32M | 5.85M | 99.69M | 230.00K | 13.31M |
| Operating Cash Flow | 208.53M | 167.32M | 5.85M | 99.69M | 230.00K | 13.31M |
| Investing Cash Flow | -1.02B | -855.83M | -131.19M | -1.99B | -592.11M | -703.40M |
| Financing Cash Flow | 983.51M | 683.58M | 200.41M | 1.79B | 516.78M | 630.84M |
HASI Technical Analysis
Neutral
40.27
Price Trends
37.68
Negative
37.82
Negative
37.22
Negative
Market Momentum
-0.27
Negative
49.26
Neutral
23.34
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HASI, the sentiment is Neutral. The current price of 40.27 is above the 20-day moving average (MA) of 36.14, above the 50-day MA of 37.68, and above the 200-day MA of 37.22, indicating a neutral trend. The MACD of -0.27 indicates Negative momentum. The RSI at 49.26 is Neutral, neither overbought nor oversold. The STOCH value of 23.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HASI.
HASI Risk Analysis
HASI disclosed 57 risk factors in its most recent earnings report. HASI reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
HASI Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $2.38B | 4.86 | 19.60% | 7.35% | 46.05% | -9.23% | |
70 Outperform | $17.07B | 36.13 | 18.59% | 5.08% | 29.91% | 507.73% | |
68 Neutral | $38.65B | 51.10 | 15.20% | 4.42% | 33.64% | 22.53% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
53 Neutral | $4.58B | 55.27 | 3.39% | 4.65% | 26.51% | -60.58% |
* Financial Sector Average
HASI
HASI
36.54
9.67
35.98%
UTF
Cohen & Steers Infrastructure Fund
26.08
3.78
16.95%
KYN
Kayne Anderson Energy Infrastructure Fund
14.13
3.26
29.95%
ARES
Ares Management
123.70
-18.83
-13.21%
TPG
TPG
46.17
-7.22
-13.52%
HASI Corporate Events
Business Operations and StrategyPrivate Placements and Financing
HASI secures new sustainability-linked term loan facility
Positive
Jul 20, 2026
On July 14, 2026, HA Sustainable Infrastructure Capital, Inc. entered into a new $400 million, three‑year senior unsecured term loan facility structured around its CarbonCount® metric, with JPMorgan serving as administrative agent and s...
Business Operations and StrategyPrivate Placements and Financing
HASI Issues $1 Billion Green Senior Unsecured Notes
Positive
Jun 26, 2026
On June 24, 2026, HA Sustainable Infrastructure Capital, Inc. issued $1 billion of 5.950% green senior unsecured notes due July 15, 2033 in a private offering to qualified institutional buyers and certain offshore investors. The notes are guarante...
Business Operations and StrategyPrivate Placements and Financing
HASI Launches Green Senior Notes to Fund Growth
Positive
Jun 15, 2026
On June 15, 2026, HA Sustainable Infrastructure Capital, Inc. launched, subject to market conditions, a private offering of green senior unsecured notes, supported by guarantees from several affiliated entities, as it continues to scale its role a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.