Ameresco (AMRC) Financials

$15.00 -1.10 (-6.80%)

Closing price 06/20/2025 03:59 PM Eastern

Extended Trading

$15.27 +0.26 (+1.74%)

As of 06/20/2025 07:56 PM Eastern

Annual Income Statements for Ameresco

This table shows Ameresco's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	10	0.84	12	37	38	44	54	70	95	62	57
Consolidated Net Income / (Loss)	10	-4.68	12	34	38	40	57	80	99	64	54
Net Income / (Loss) Continuing Operations	10	-4.68	12	34	38	40	57	80	99	64	54
Total Pre-Tax Income	6.29	0.29	16	29	42	37	56	78	106	38	34
Total Operating Income	13	7.06	24	37	59	52	71	95	131	80	108
Total Gross Profit	117	117	134	144	174	168	188	230	291	246	256
Total Revenue	593	631	651	717	787	867	1,032	1,216	1,824	1,375	1,770
Operating Revenue	593	631	651	717	787	867	1,032	1,216	1,824	1,375	1,770
Total Cost of Revenue	476	514	517	573	614	699	845	985	1,534	1,128	1,514
Operating Cost of Revenue	476	514	517	573	614	699	845	985	1,534	1,128	1,514
Total Operating Expenses	104	110	111	108	115	117	116	135	159	166	148
Selling, General & Admin Expense	104	110	111	108	115	117	116	133	159	162	174
Other Operating Expenses / (Income)	-	-	-	-	-	-	-	-	0.00	0.00	-38
Impairment Charge	-	-	-	-	-	-	-	1.90	0.00	3.83	12
Total Other Income / (Expense), net	-6.86	-6.77	-7.41	-7.87	-17	-15	-15	-17	-26	-42	-74
Interest & Investment Income	-	-	-	-	-	-	-	-0.12	1.65	1.76	0.79
Other Income / (Expense), net	-6.86	-6.77	-7.41	-7.87	-17	-15	-15	-17	-27	-44	-75
Income Tax Expense	-4.09	4.98	4.37	-4.79	4.81	-3.75	-0.49	-2.05	7.17	-26	-20
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-5.53	-0.04	-3.98	-0.41	-4.14	2.87	9.73	3.62	1.43	-2.82
Basic Earnings per Share	$0.22	$0.02	$0.26	$0.82	$0.83	$0.95	$1.13	$1.38	$1.83	$1.20	$1.08
Weighted Average Basic Shares Outstanding	46.16M	46.49M	46.41M	45.51M	45.73M	46.59M	47.70M	50.86M	51.84M	52.14M	52.38M
Diluted Earnings per Share	$0.22	$0.02	$0.26	$0.82	$0.81	$0.93	$1.10	$1.35	$1.78	$1.17	$1.07
Weighted Average Diluted Shares Outstanding	47.03M	47.67M	46.49M	45.75M	46.83M	47.77M	49.01M	52.27M	53.28M	53.23M	53.14M
Weighted Average Basic & Diluted Shares Outstanding	47.20M	14.10M	46.30M	45.70M	-3.80B	47.38M	48.25M	51.72M	51.95M	52.28M	52.54M

This table shows Ameresco's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	27	18	1.10	6.37	21	34	-2.94	5.01	18	37	-5.48
Consolidated Net Income / (Loss)	28	19	1.56	8.41	21	33	-6.18	5.19	17	38	-5.61
Net Income / (Loss) Continuing Operations	28	19	1.56	8.41	21	33	-6.18	5.19	17	38	-5.61
Total Pre-Tax Income	31	15	1.05	8.42	11	18	-6.18	5.19	14	21	-4.42
Total Operating Income	39	21	9.10	18	21	32	7.99	21	35	44	14
Total Gross Profit	80	62	50	59	64	74	47	65	77	67	52
Total Revenue	441	332	271	327	335	441	298	438	501	533	353
Operating Revenue	441	332	271	327	335	441	298	438	501	533	353
Total Cost of Revenue	362	270	221	268	271	367	251	373	424	466	301
Operating Cost of Revenue	362	270	221	268	271	367	251	373	424	466	301
Total Operating Expenses	41	39	41	41	43	41	40	44	42	22	38
Selling, General & Admin Expense	41	39	41	41	43	37	40	44	42	48	38
Total Other Income / (Expense), net	-7.06	-7.23	-7.59	-8.82	-10	-16	-14	-16	-21	-23	-18
Interest & Investment Income	0.49	0.17	0.45	0.38	0.53	0.40	0.56	0.01	0.16	0.07	0.26
Other Income / (Expense), net	-7.55	-7.40	-8.04	-9.20	-11	-16	-14	-16	-21	-23	-18
Income Tax Expense	3.66	-3.73	-0.50	0.01	-10	-15	0.00	0.00	-3.32	-17	1.19
Net Income / (Loss) Attributable to Noncontrolling Interest	0.34	0.71	0.46	2.05	-0.42	-0.64	-3.24	0.18	-0.59	0.83	-0.12
Basic Earnings per Share	$0.53	$0.34	$0.02	$0.12	$0.41	$0.65	($0.06)	$0.10	$0.34	$0.70	($0.10)
Weighted Average Basic Shares Outstanding	51.87M	51.84M	51.96M	52.13M	52.21M	52.14M	52.29M	52.36M	52.41M	52.38M	52.54M
Diluted Earnings per Share	$0.51	$0.34	$0.02	$0.12	$0.40	$0.63	($0.06)	$0.09	$0.33	$0.71	($0.10)
Weighted Average Diluted Shares Outstanding	53.30M	53.28M	53.26M	53.21M	53.30M	53.23M	52.29M	53.11M	53.24M	53.14M	52.54M
Weighted Average Basic & Diluted Shares Outstanding	51.91M	51.95M	52.12M	52.20M	52.23M	52.28M	52.34M	52.40M	52.44M	52.54M	52.60M

This table details how cash moves in and out of Ameresco's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	6.59	-2.12	1.47	7.28	38	-21	22	-12	63	3.79	45
Net Cash From Operating Activities	1.31	-50	-53	-136	-53	-196	-103	-172	-338	-70	118
Net Cash From Continuing Operating Activities	1.31	-50	-53	-136	-53	-196	-103	-172	-338	-70	118
Net Income / (Loss) Continuing Operations	10	-4.68	12	34	38	40	57	80	99	64	54
Consolidated Net Income / (Loss)	10	-4.68	12	34	38	40	57	80	99	64	54
Depreciation Expense	18	20	22	24	29	39	41	46	52	64	87
Amortization Expense	6.09	5.29	3.86	3.07	3.25	3.14	3.37	3.17	6.07	6.57	7.29
Non-Cash Adjustments To Reconcile Net Income	-54	-70	-113	-163	-149	-288	-211	-364	-519	-265	-119
Changes in Operating Assets and Liabilities, net	21	-0.48	22	-33	26	9.83	6.61	62	24	61	89
Net Cash From Investing Activities	-39	-52	-80	-88	-133	-142	-181	-205	-328	-567	-387
Net Cash From Continuing Investing Activities	-39	-52	-80	-88	-133	-142	-181	-205	-328	-567	-387
Purchase of Property, Plant & Equipment	-28	-53	-76	-88	-130	-141	-183	-184	-328	-552	-438
Acquisitions	-14	0.00	-3.58	-2.41	-3.59	-1.60	-0.13	-15	-0.46	-9.75	0.00
Purchase of Investments	-	-	-	-	-	-	-	-9.00	0.00	-5.43	-12
Divestitures	-	-	-	-	-	0.00	0.00	1.67	0.00	0.00	67
Other Investing Activities, net	3.73	-	-	-	0.00	0.78	1.87	0.77	0.00	0.00	-3.87
Net Cash From Financing Activities	43	101	134	230	225	317	305	365	730	641	314
Net Cash From Continuing Financing Activities	43	101	134	230	225	317	305	365	730	641	314
Repayment of Debt	-19	-15	-16	-44	-41	43	-76	-109	146	488	9.96
Payment of Dividends	-0.01	-0.12	-	-	-	-	0.00	0.00	-1.13	-23	-1.79
Issuance of Debt	8.02	18	42	48	88	44	116	186	295	0.00	100
Issuance of Common Equity	0.00	6.02	6.39	7.47	12	29	15	128	39	8.19	38
Other Financing Activities, net	54	92	108	222	168	202	250	160	252	167	168
Effect of Exchange Rate Changes	1.11	-1.46	-0.42	0.65	-0.30	0.45	0.00	0.31	-0.75	-0.08	-0.20
Cash Interest Paid	6.58	5.54	7.22	12	16	17	20	19	33	80	110
Cash Income Taxes Paid	3.13	1.44	3.48	5.78	2.26	3.90	1.47	2.67	7.28	3.83	4.46

This table details how cash moves in and out of Ameresco's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	52	-14	64	-112	74	-22	-5.71	85	-29	-6.01	-32
Net Cash From Operating Activities	35	-65	59	-93	-6.57	-30	21	53	25	18	-28
Net Cash From Continuing Operating Activities	35	-65	59	-93	-6.57	-30	21	53	25	18	-28
Net Income / (Loss) Continuing Operations	28	19	1.56	8.41	21	33	-6.18	5.19	17	38	-5.61
Consolidated Net Income / (Loss)	28	19	1.56	8.41	21	33	-6.18	5.19	17	38	-5.61
Depreciation Expense	14	13	14	15	16	18	18	20	23	26	23
Amortization Expense	1.28	1.74	1.09	2.26	1.73	1.48	1.52	1.88	1.98	1.91	1.98
Non-Cash Adjustments To Reconcile Net Income	-24	-32	66	-119	-62	-150	-32	-47	121	-171	20
Changes in Operating Assets and Liabilities, net	16	-67	-24	0.61	16	68	39	73	-138	124	-68
Net Cash From Investing Activities	-70	-126	-101	-178	-186	-102	-104	-129	-122	-31	-118
Net Cash From Continuing Investing Activities	-70	-126	-101	-178	-186	-102	-104	-129	-122	-31	-118
Purchase of Property, Plant & Equipment	-70	-126	-92	-178	-188	-94	-112	-128	-118	-80	-114
Acquisitions	-0.46	-0.00	-9.22	-0.00	2.19	-2.72	-4.78	-1.42	-4.25	10	-4.13
Divestitures	-	-	0.00	-	-	-	13	-	0.14	54	0.00
Net Cash From Financing Activities	89	176	106	159	267	108	77	161	67	8.89	115
Net Cash From Continuing Financing Activities	89	176	106	159	267	108	77	161	67	8.89	115
Repayment of Debt	129	121	-16	-131	-152	787	24	-212	-250	537	-21
Payment of Dividends	-0.22	-0.34	-0.16	-21	-0.16	-1.49	-0.20	-1.07	-0.52	-0.01	-1.00
Issuance of Debt	-97	-36	58	286	385	-729	0.00	270	304	-564	100
Issuance of Common Equity	1.85	21	17	-13	0.27	4.31	29	3.24	3.40	2.48	3.29
Other Financing Activities, net	55	70	47	38	35	47	24	101	9.21	33	33
Effect of Exchange Rate Changes	-0.57	1.11	0.04	-0.10	-0.92	0.90	-0.13	0.20	1.76	-2.03	0.52
Cash Interest Paid	9.99	9.30	13	19	19	29	27	26	28	30	22
Cash Income Taxes Paid	0.90	3.55	0.32	2.18	0.22	1.12	0.06	0.77	1.12	2.51	1.17

This table presents Ameresco's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	622	723	797	984	1,162	1,374	1,754	2,225	2,877	3,714	4,159
Total Current Assets	216	264	226	287	311	425	491	639	1,001	1,128	1,301
Cash & Equivalents	24	22	21	24	61	33	66	50	116	79	109
Restricted Cash	7.32	16	12	16	17	20	22	24	21	62	70
Note & Lease Receivable	-	-	-	-	-	17	30	43	38	34	40
Accounts Receivable	72	73	85	85	86	96	125	162	174	153	257
Inventories, net	8.90	13	12	8.14	7.77	9.24	8.58	8.81	14	14	12
Prepaid Expenses	8.67	12	12	14	12	29	27	25	39	123	146
Current Deferred & Refundable Income Taxes	3.53	2.15	0.41	6.05	5.30	5.03	9.80	5.26	7.75	5.78	1.69
Other Current Assets	92	125	84	134	122	215	202	319	592	657	667
Plant, Property, & Equipment, net	7.37	5.33	5.02	5.30	0.00	10	8.98	13	16	17	11
Total Noncurrent Assets	399	454	566	692	844	939	1,254	1,573	1,860	2,568	2,846
Noncurrent Note & Lease Receivables	79	126	158	249	294	231	397	558	510	609	609
Goodwill	60	59	58	56	58	58	59	71	71	76	66
Intangible Assets	11	6.77	3.93	2.44	2.00	1.61	0.93	6.96	4.69	6.81	8.81
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	3.86	3.70	3.05	26	57
Other Noncurrent Operating Assets	243	263	346	384	489	648	794	934	1,272	1,850	2,106
Total Liabilities & Shareholders' Equity	622	723	797	984	1,162	1,374	1,754	2,225	2,877	3,714	4,159
Total Liabilities	336	436	496	637	770	914	1,222	1,474	1,957	2,741	3,111
Total Current Liabilities	143	180	191	202	223	337	383	474	812	901	889
Short-Term Debt	12	13	19	22	27	70	69	79	331	322	149
Accounts Payable	88	115	127	136	134	202	231	309	349	403	529
Accrued Expenses	24	22	23	23	36	31	42	43	89	109	107
Current Deferred Revenue	18	29	21	20	24	27	34	36	35	53	92
Current Deferred & Payable Income Tax Liabilities	0.81	0.81	0.78	0.76	1.10	0.49	0.98	0.82	1.67	1.17	0.74
Other Current Liabilities	-	-	-	-	0.00	5.80	6.11	6.28	5.83	14	11
Total Noncurrent Liabilities	193	256	306	435	547	577	839	1,000	1,145	1,840	2,222
Long-Term Debt	90	100	141	173	219	266	312	377	569	1,170	1,484
Capital Lease Obligations	-	-	-	-	0.00	29	35	-	32	42	59
Noncurrent Deferred & Payable Income Tax Liabilities	2.57	6.14	9.04	0.58	4.35	0.12	6.23	3.87	9.18	4.48	2.22
Other Noncurrent Operating Liabilities	91	141	148	254	317	281	486	619	536	623	676
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	0.49	6.85	10	15	32	39	46	47	47	2.46
Total Equity & Noncontrolling Interests	286	287	294	337	377	429	493	704	873	926	1,045
Total Preferred & Common Equity	286	287	294	337	377	429	493	704	824	902	1,013
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	286	287	294	337	377	429	493	704	824	902	1,013
Common Stock	107	110	113	116	125	134	146	284	306	321	378
Retained Earnings	181	182	194	236	270	314	368	439	534	596	653
Treasury Stock	-	0.00	-6.39	-9.80	-12	-12	-12	-12	-12	-12	-12
Accumulated Other Comprehensive Income / (Loss)	-2.62	-5.23	-6.59	-5.63	-5.95	-7.51	-9.29	-6.67	-4.05	-3.05	-5.87
Noncontrolling Interest	-0.00	-	-	-	-	-	-	0.00	49	24	32

This table presents Ameresco's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	2,885	3,038	2,967	3,041	3,461	3,803	3,965	3,982	4,170
Total Current Assets	1,065	1,093	958	922	1,030	1,126	1,240	1,225	1,257
Cash & Equivalents	68	123	179	49	108	78	150	114	72
Restricted Cash	27	24	21	39	57	58	68	72	75
Note & Lease Receivable	43	42	36	38	33	32	39	43	45
Accounts Receivable	208	220	131	123	133	147	155	230	227
Inventories, net	11	13	14	14	14	13	12	12	12
Prepaid Expenses	23	22	56	59	68	119	134	155	242
Current Deferred & Refundable Income Taxes	4.30	4.12	7.63	7.50	7.22	4.84	4.82	4.47	2.09
Other Current Assets	680	645	514	592	610	675	676	594	582
Plant, Property, & Equipment, net	14	15	17	17	18	17	17	17	11
Total Noncurrent Assets	1,806	1,930	1,993	2,102	2,413	2,660	2,708	2,741	2,902
Noncurrent Note & Lease Receivables	671	727	540	499	529	578	552	566	615
Goodwill	71	70	78	78	77	75	75	76	68
Intangible Assets	5.53	5.09	8.67	8.14	7.35	6.20	5.64	5.39	9.17
Noncurrent Deferred & Refundable Income Taxes	3.65	3.36	3.05	3.59	9.44	26	30	37	67
Other Noncurrent Operating Assets	1,055	1,125	1,363	1,513	1,790	1,975	2,045	2,057	2,142
Total Liabilities & Shareholders' Equity	2,885	3,038	2,967	3,041	3,461	3,803	3,965	3,982	4,170
Total Liabilities	2,055	2,175	2,026	2,119	2,515	2,829	2,980	2,973	3,122
Total Current Liabilities	604	860	767	752	882	1,162	1,232	965	798
Short-Term Debt	83	301	313	333	410	539	524	343	149
Accounts Payable	433	411	285	290	328	437	497	399	436
Accrued Expenses	42	95	115	81	94	110	100	101	112
Current Deferred Revenue	40	43	39	40	37	61	97	108	91
Current Deferred & Payable Income Tax Liabilities	1.63	3.07	7.95	1.56	1.11	0.40	0.22	0.66	0.12
Other Current Liabilities	5.95	6.13	5.87	5.94	13	14	14	12	9.59
Total Noncurrent Liabilities	1,451	1,315	1,259	1,367	1,632	1,667	1,748	2,008	2,324
Long-Term Debt	698	512	632	784	1,022	1,012	1,079	1,318	1,567
Capital Lease Obligations	33	31	32	32	39	51	49	58	58
Noncurrent Deferred & Payable Income Tax Liabilities	8.86	11	2.87	7.97	4.13	4.58	4.37	2.60	2.12
Other Noncurrent Operating Liabilities	711	762	592	542	567	600	616	630	696
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	48	48	47	48	47	44	44	43	1.97
Total Equity & Noncontrolling Interests	782	815	895	874	899	930	941	967	1,046
Total Preferred & Common Equity	766	798	829	844	869	905	915	937	1,012
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	766	798	829	844	869	905	915	937	1,012
Common Stock	294	299	311	317	322	327	332	336	382
Retained Earnings	488	516	535	541	562	593	598	616	647
Treasury Stock	-12	-12	-12	-12	-12	-12	-12	-12	-12
Accumulated Other Comprehensive Income / (Loss)	-4.35	-5.65	-4.65	-2.88	-3.74	-3.59	-3.80	-2.80	-4.94
Noncontrolling Interest	15	17	66	30	31	25	26	29	34

This table displays calculated financial ratios and metrics derived from Ameresco's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.32%	6.34%	3.23%	10.12%	9.76%	10.14%	19.07%	17.77%	50.07%	-24.65%	28.76%
EBITDA Growth	25.28%	-15.49%	65.50%	30.98%	34.54%	4.14%	29.32%	26.11%	27.43%	-34.41%	19.59%
EBIT Growth	128.05%	-95.36%	5,505.14%	75.46%	47.61%	-13.77%	54.37%	38.48%	33.18%	-64.92%	-9.21%
NOPAT Growth	273.99%	-621.63%	115.40%	144.97%	22.71%	8.62%	26.74%	35.78%	25.02%	9.74%	27.69%
Net Income Growth	330.12%	-145.11%	356.13%	179.30%	12.14%	7.25%	41.24%	40.88%	22.89%	-35.16%	-15.59%
EPS Growth	340.00%	-90.91%	1,200.00%	215.38%	-1.22%	14.81%	18.28%	22.73%	31.85%	-34.27%	-8.55%
Operating Cash Flow Growth	102.16%	-3,887.31%	-6.25%	-157.57%	60.76%	-268.96%	47.74%	-67.96%	-96.34%	79.31%	268.02%
Free Cash Flow Firm Growth	138.35%	-627.13%	62.26%	32.15%	108.07%	-6,470.55%	90.87%	-1,070.85%	-164.26%	-12.01%	95.19%
Invested Capital Growth	-0.51%	3.04%	17.64%	17.38%	9.91%	39.85%	11.26%	31.68%	51.54%	37.93%	8.30%
Revenue Q/Q Growth	0.84%	-1.14%	0.07%	5.43%	0.80%	11.48%	0.75%	9.12%	-4.41%	8.67%	5.44%
EBITDA Q/Q Growth	16.68%	-23.71%	25.57%	13.37%	5.92%	3.92%	9.04%	6.38%	-7.19%	4.75%	9.63%
EBIT Q/Q Growth	117.04%	-96.84%	115.07%	29.45%	5.45%	3.51%	16.10%	7.96%	-12.25%	1.95%	8.48%
NOPAT Q/Q Growth	105.61%	-669.47%	416.38%	93.49%	-17.11%	25.69%	-0.39%	8.37%	-6.17%	34.42%	9.44%
Net Income Q/Q Growth	214.35%	-144.04%	515.55%	104.44%	-20.74%	32.66%	5.90%	7.84%	-10.00%	29.22%	9.81%
EPS Q/Q Growth	214.29%	-90.91%	62.50%	110.26%	-25.00%	30.99%	0.92%	5.47%	-10.10%	32.95%	8.08%
Operating Cash Flow Q/Q Growth	104.79%	-157.77%	18.14%	-41.68%	31.07%	-38.35%	35.63%	-27.50%	-2.79%	33.68%	68.84%
Free Cash Flow Firm Q/Q Growth	-30.93%	-405.66%	11.26%	44.67%	121.78%	-67.73%	66.35%	-4.34%	-27.67%	12.95%	81.40%
Invested Capital Q/Q Growth	-2.33%	6.73%	7.83%	5.47%	0.17%	11.31%	6.02%	5.96%	9.97%	5.02%	0.76%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	19.71%	18.56%	20.63%	20.10%	22.06%	19.39%	18.17%	18.95%	15.94%	17.93%	14.47%
EBITDA Margin	5.14%	4.08%	6.55%	7.79%	9.54%	9.02%	9.80%	10.49%	8.91%	7.76%	7.20%
Operating Margin	2.22%	1.12%	3.65%	5.10%	7.51%	5.95%	6.93%	7.85%	7.20%	5.85%	6.10%
EBIT Margin	1.06%	0.05%	2.51%	4.00%	5.39%	4.22%	5.47%	6.43%	5.70%	2.66%	1.87%
Profit (Net Income) Margin	1.75%	-0.74%	1.84%	4.67%	4.77%	4.65%	5.51%	6.60%	5.40%	4.65%	3.05%
Tax Burden Percent	165.02%	-1,604.11%	73.30%	116.68%	88.65%	110.25%	100.88%	102.62%	93.22%	166.99%	158.93%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	101.58%	104.82%	102.39%
Effective Tax Rate	-65.02%	1,704.11%	26.70%	-16.68%	11.35%	-10.25%	-0.88%	-2.62%	6.78%	-66.99%	-58.93%
Return on Invested Capital (ROIC)	6.13%	-31.57%	4.40%	9.17%	9.93%	8.59%	8.84%	9.84%	8.60%	6.58%	6.96%
ROIC Less NNEP Spread (ROIC-NNEP)	-9.47%	120.27%	-0.95%	2.67%	0.57%	1.57%	4.09%	4.83%	4.54%	0.15%	-1.13%
Return on Net Nonoperating Assets (RNNOA)	-2.44%	29.94%	-0.33%	1.17%	0.24%	0.87%	2.64%	2.67%	3.20%	0.17%	-1.62%
Return on Equity (ROE)	3.69%	-1.63%	4.07%	10.34%	10.18%	9.46%	11.47%	12.51%	11.80%	6.75%	5.34%
Cash Return on Invested Capital (CROIC)	6.64%	-34.56%	-11.81%	-6.82%	0.49%	-24.64%	-1.83%	-17.52%	-32.38%	-25.30%	-1.01%
Operating Return on Assets (OROA)	1.02%	0.04%	2.15%	3.22%	3.95%	2.88%	3.61%	3.93%	4.08%	1.11%	0.84%
Return on Assets (ROA)	1.69%	-0.70%	1.58%	3.76%	3.50%	3.18%	3.64%	4.03%	3.86%	1.94%	1.37%
Return on Common Equity (ROCE)	3.69%	-1.63%	4.02%	10.07%	9.83%	8.95%	10.66%	11.68%	10.80%	6.16%	5.06%
Return on Equity Simple (ROE_SIMPLE)	3.63%	-1.63%	4.08%	9.95%	9.97%	9.40%	11.55%	11.39%	11.96%	7.08%	5.32%
Net Operating Profit after Tax (NOPAT)	22	-113	17	43	52	57	72	98	122	134	172
NOPAT Margin	3.66%	-17.94%	2.68%	5.95%	6.66%	6.56%	6.99%	8.06%	6.71%	9.77%	9.69%
Net Nonoperating Expense Percent (NNEP)	15.60%	-151.84%	5.35%	6.50%	9.36%	7.02%	4.75%	5.00%	4.06%	6.44%	8.09%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	6.78%	5.46%	6.27%
Cost of Revenue to Revenue	80.29%	81.44%	79.37%	79.90%	77.94%	80.61%	81.83%	81.05%	84.06%	82.07%	85.53%
SG&A Expenses to Revenue	17.49%	17.44%	16.98%	15.00%	14.55%	13.44%	11.24%	10.93%	8.74%	11.80%	9.82%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	17.49%	17.44%	16.98%	15.00%	14.55%	13.44%	11.24%	11.09%	8.74%	12.07%	8.37%
Earnings before Interest and Taxes (EBIT)	6.29	0.29	16	29	42	37	56	78	104	37	33
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	30	26	43	56	75	78	101	128	163	107	128
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.13	1.01	0.86	1.16	1.72	1.92	5.07	5.96	3.60	1.83	1.22
Price to Tangible Book Value (P/TBV)	1.51	1.31	1.09	1.41	2.05	2.23	5.77	6.71	3.96	2.02	1.31
Price to Revenue (P/Rev)	0.55	0.46	0.39	0.55	0.82	0.95	2.42	3.45	1.63	1.20	0.70
Price to Earnings (P/E)	31.25	344.47	20.96	10.44	17.07	18.52	46.26	59.60	31.25	26.48	21.70
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.20%	0.29%	4.77%	9.58%	5.86%	5.40%	2.16%	1.68%	3.20%	3.78%	4.61%
Enterprise Value to Invested Capital (EV/IC)	1.12	1.01	0.90	1.11	1.50	1.51	3.34	4.09	2.25	1.32	1.09
Enterprise Value to Revenue (EV/Rev)	0.67	0.58	0.59	0.78	1.06	1.35	2.78	3.81	2.11	2.27	1.57
Enterprise Value to EBITDA (EV/EBITDA)	12.98	14.26	9.06	9.98	11.06	14.92	28.34	36.27	23.73	29.24	21.80
Enterprise Value to EBIT (EV/EBIT)	62.88	1,257.75	23.58	19.41	19.60	31.92	50.81	59.21	37.07	85.40	83.87
Enterprise Value to NOPAT (EV/NOPAT)	18.23	0.00	22.15	13.05	15.86	20.50	39.75	47.24	31.51	23.21	16.21
Enterprise Value to Operating Cash Flow (EV/OCF)	302.49	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	23.64
Enterprise Value to Free Cash Flow (EV/FCFF)	16.83	0.00	0.00	0.00	324.28	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.36	0.40	0.53	0.56	0.63	0.79	0.78	0.61	1.01	1.58	1.62
Long-Term Debt to Equity	0.31	0.35	0.47	0.50	0.56	0.64	0.65	0.50	0.65	1.25	1.47
Financial Leverage	0.26	0.25	0.34	0.44	0.43	0.55	0.64	0.55	0.70	1.16	1.44
Leverage Ratio	2.18	2.34	2.58	2.75	2.91	2.98	3.15	3.10	3.05	3.48	3.90
Compound Leverage Factor	2.18	2.34	2.58	2.75	2.91	2.98	3.15	3.10	3.10	3.65	3.99
Debt to Total Capital	26.32%	28.35%	34.68%	36.05%	38.59%	44.23%	43.92%	37.80%	50.33%	61.20%	61.77%
Short-Term Debt to Total Capital	3.15%	3.34%	4.18%	4.12%	4.22%	8.47%	7.32%	6.54%	17.90%	12.85%	5.45%
Long-Term Debt to Total Capital	23.17%	25.01%	30.49%	31.93%	34.37%	35.76%	36.60%	31.26%	32.42%	48.35%	56.32%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.12%	1.49%	1.91%	2.31%	3.83%	4.10%	3.83%	5.16%	2.82%	1.25%
Common Equity to Total Capital	73.68%	71.53%	63.84%	62.04%	59.10%	51.94%	51.98%	58.37%	44.51%	35.97%	36.97%
Debt to EBITDA	3.36	4.42	3.75	3.50	3.28	4.67	4.12	3.58	5.73	14.39	13.28
Net Debt to EBITDA	2.34	2.95	2.98	2.79	2.23	3.99	3.24	2.99	4.89	13.06	11.88
Long-Term Debt to EBITDA	2.95	3.90	3.30	3.10	2.92	3.78	3.43	2.96	3.69	11.37	12.10
Debt to NOPAT	4.71	-1.01	9.17	4.58	4.70	6.42	5.77	4.66	7.61	11.42	9.87
Net Debt to NOPAT	3.28	-0.67	7.29	3.64	3.20	5.48	4.55	3.89	6.50	10.37	8.83
Long-Term Debt to NOPAT	4.15	-0.89	8.07	4.06	4.18	5.19	4.81	3.85	4.90	9.02	9.00
Altman Z-Score	2.12	1.77	1.58	1.63	1.72	1.66	2.29	2.74	2.00	1.06	1.03
Noncontrolling Interest Sharing Ratio	0.00%	0.09%	1.25%	2.65%	3.39%	5.44%	7.10%	6.63%	8.49%	8.79%	5.21%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.51	1.47	1.19	1.42	1.40	1.26	1.28	1.35	1.23	1.25	1.46
Quick Ratio	0.67	0.53	0.56	0.54	0.66	0.43	0.58	0.54	0.40	0.30	0.46
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	24	-124	-47	-32	2.56	-163	-15	-174	-461	-516	-25
Operating Cash Flow to CapEx	4.60%	-95.58%	-69.22%	-158.32%	-41.05%	-138.81%	-56.13%	-93.75%	-103.17%	-12.68%	26.83%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.97	0.94	0.86	0.81	0.73	0.68	0.66	0.61	0.72	0.42	0.45
Accounts Receivable Turnover	7.72	8.70	8.21	8.41	9.20	9.53	9.35	8.47	10.86	8.40	8.63
Inventory Turnover	49.74	46.45	40.82	56.61	77.15	82.21	94.85	113.37	133.21	81.01	120.18
Fixed Asset Turnover	73.83	99.34	125.89	138.97	0.00	0.00	108.17	110.02	126.59	83.05	124.49
Accounts Payable Turnover	5.69	5.07	4.28	4.37	4.54	4.15	3.90	3.65	4.66	3.00	3.25
Days Sales Outstanding (DSO)	47.27	41.96	44.48	43.38	39.67	38.28	39.05	43.08	33.61	43.46	42.31
Days Inventory Outstanding (DIO)	7.34	7.86	8.94	6.45	4.73	4.44	3.85	3.22	2.74	4.51	3.04
Days Payable Outstanding (DPO)	64.10	71.95	85.21	83.60	80.38	87.94	93.62	99.99	78.31	121.62	112.37
Cash Conversion Cycle (CCC)	-9.49	-22.13	-31.79	-33.77	-35.98	-45.22	-50.72	-53.69	-41.97	-73.66	-67.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	353	364	428	503	552	772	860	1,132	1,715	2,366	2,562
Invested Capital Turnover	1.68	1.76	1.64	1.54	1.49	1.31	1.27	1.22	1.28	0.67	0.72
Increase / (Decrease) in Invested Capital	-1.81	11	64	74	50	220	87	272	583	651	196
Enterprise Value (EV)	396	367	386	557	831	1,167	2,867	4,627	3,858	3,118	2,780
Market Capitalization	324	291	252	391	648	823	2,501	4,199	2,966	1,654	1,231
Book Value per Share	$6.18	$6.18	$6.42	$7.40	$8.20	$9.12	$10.30	$13.66	$15.87	$17.27	$19.32
Tangible Book Value per Share	$4.63	$4.76	$5.07	$6.11	$6.88	$7.84	$9.05	$12.14	$14.42	$15.69	$17.89
Total Capital	389	402	461	543	638	826	948	1,207	1,851	2,507	2,740
Total Debt	102	114	160	196	246	365	416	456	932	1,535	1,693
Total Long-Term Debt	90	100	141	173	219	295	347	377	600	1,212	1,543
Net Debt	71	76	127	156	168	312	328	381	796	1,393	1,515
Capital Expenditures (CapEx)	28	52	76	86	130	141	183	184	328	552	438
Debt-free, Cash-free Net Working Capital (DFCFNWC)	54	60	22	67	37	105	88	169	384	408	383
Debt-free Net Working Capital (DFNWC)	85	97	55	107	115	159	177	243	521	549	561
Net Working Capital (NWC)	73	84	35	85	88	89	108	164	189	227	412
Net Nonoperating Expense (NNE)	11	-109	5.43	9.18	15	17	15	18	24	70	118
Net Nonoperating Obligations (NNO)	67	76	127	156	161	312	328	381	796	1,393	1,515
Total Depreciation and Amortization (D&A)	24	25	26	27	33	42	45	49	58	70	94
Debt-free, Cash-free Net Working Capital to Revenue	9.11%	9.44%	3.35%	9.38%	4.69%	12.14%	8.57%	13.87%	21.07%	29.66%	21.65%
Debt-free Net Working Capital to Revenue	14.35%	15.44%	8.41%	14.96%	14.64%	18.28%	17.14%	20.01%	28.54%	39.96%	31.72%
Net Working Capital to Revenue	12.28%	13.31%	5.45%	11.84%	11.22%	10.21%	10.43%	13.52%	10.38%	16.51%	23.28%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.22	$0.06	$0.26	$0.82	$0.83	$0.95	$1.13	$1.38	$1.83	$1.20	$1.08
Adjusted Weighted Average Basic Shares Outstanding	46.16M	46.49M	46.41M	45.51M	45.73M	46.59M	47.70M	50.86M	51.84M	52.14M	52.38M
Adjusted Diluted Earnings per Share	$0.22	$0.06	$0.26	$0.82	$0.81	$0.93	$1.10	$1.35	$1.78	$1.17	$1.07
Adjusted Weighted Average Diluted Shares Outstanding	46.72M	47.66M	46.49M	45.75M	46.83M	47.77M	49.01M	52.27M	53.28M	53.23M	53.14M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	46.42M	46.77M	45.39M	45.32M	46.30M	47.38M	48.25M	51.72M	51.95M	52.28M	52.54M
Normalized Net Operating Profit after Tax (NOPAT)	9.21	4.94	17	26	52	36	50	68	122	59	84
Normalized NOPAT Margin	1.55%	0.78%	2.68%	3.57%	6.66%	4.17%	4.85%	5.60%	6.71%	4.29%	4.76%
Pre Tax Income Margin	1.06%	0.05%	2.51%	4.00%	5.39%	4.22%	5.47%	6.43%	5.79%	2.78%	1.92%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.09%	-2.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.14%	35.21%	3.32%
Augmented Payout Ratio	0.09%	-2.48%	53.24%	10.18%	4.89%	0.36%	0.01%	0.00%	1.14%	35.21%	3.32%

This table displays calculated financial ratios and metrics derived from Ameresco's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	61.24%	-20.24%	-42.82%	-43.35%	-24.05%	33.05%	10.10%	33.91%	49.45%	20.69%	18.24%
EBITDA Growth	45.23%	-30.20%	-53.83%	-50.21%	-37.55%	22.28%	-15.43%	3.38%	33.03%	36.41%	53.74%
EBIT Growth	64.46%	-51.08%	-94.97%	-77.73%	-65.63%	16.85%	-686.15%	-38.30%	25.43%	26.77%	28.49%
NOPAT Growth	36.94%	-20.17%	-46.36%	-52.97%	20.35%	123.03%	-58.36%	19.01%	5.06%	32.31%	71.30%
Net Income Growth	36.76%	-37.00%	-91.93%	-74.41%	-24.85%	77.50%	-496.79%	-38.26%	-18.37%	14.56%	9.26%
EPS Growth	54.55%	-37.04%	-93.75%	-80.33%	-21.57%	85.29%	-400.00%	-25.00%	-17.50%	12.70%	-66.67%
Operating Cash Flow Growth	274.58%	-16.38%	121.28%	-191.99%	-118.95%	54.59%	-64.58%	157.56%	481.79%	162.14%	-235.97%
Free Cash Flow Firm Growth	-96.68%	-132.94%	50.88%	13.07%	-42.56%	-6.20%	-194.22%	0.95%	62.14%	80.07%	68.36%
Invested Capital Growth	46.01%	51.54%	17.58%	28.09%	44.43%	37.93%	42.02%	21.90%	12.88%	8.30%	9.68%
Revenue Q/Q Growth	-23.57%	-24.83%	-18.29%	20.67%	2.47%	31.69%	-32.39%	46.77%	14.36%	6.35%	-33.76%
EBITDA Q/Q Growth	-11.52%	-37.09%	-47.53%	61.35%	10.98%	23.17%	-63.46%	97.25%	42.80%	26.30%	-56.79%
EBIT Q/Q Growth	-16.96%	-55.70%	-93.22%	698.67%	28.15%	50.64%	-134.31%	184.07%	160.51%	52.25%	-121.45%
NOPAT Q/Q Growth	-8.11%	-22.61%	-53.15%	31.01%	135.16%	43.43%	-91.06%	274.49%	107.60%	80.62%	-87.80%
Net Income Q/Q Growth	-15.63%	-32.78%	-91.65%	440.33%	147.74%	58.78%	-118.67%	184.07%	227.57%	122.82%	-114.79%
EPS Q/Q Growth	-16.39%	-33.33%	-94.12%	500.00%	233.33%	57.50%	-109.52%	250.00%	266.67%	115.15%	-114.08%
Operating Cash Flow Q/Q Growth	209.31%	-287.80%	190.25%	-257.59%	92.90%	-349.94%	170.40%	156.11%	-52.94%	-26.76%	-254.03%
Free Cash Flow Firm Q/Q Growth	4.81%	-21.79%	56.10%	-71.45%	-56.10%	9.27%	-21.83%	42.28%	40.33%	52.25%	-92.35%
Invested Capital Q/Q Growth	0.72%	9.97%	0.18%	15.45%	13.57%	5.02%	3.14%	-0.91%	5.17%	0.76%	4.46%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	18.03%	18.57%	18.43%	17.93%	18.99%	16.81%	15.75%	14.88%	15.40%	12.54%	14.72%
EBITDA Margin	10.48%	8.77%	5.95%	7.96%	8.62%	8.06%	4.57%	6.14%	7.67%	9.11%	5.94%
Operating Margin	8.82%	6.42%	3.36%	5.39%	6.39%	7.32%	2.68%	4.78%	6.99%	8.26%	3.88%
EBIT Margin	7.11%	4.19%	0.39%	2.57%	3.22%	3.68%	-2.07%	1.19%	2.70%	3.87%	-1.25%
Profit (Net Income) Margin	6.28%	5.62%	0.57%	2.57%	6.22%	7.50%	-2.07%	1.19%	3.40%	7.12%	-1.59%
Tax Burden Percent	88.35%	124.98%	147.72%	99.94%	193.20%	183.75%	100.00%	100.00%	124.28%	178.53%	126.89%
Interest Burden Percent	100.00%	107.26%	100.00%	100.00%	100.00%	110.82%	100.00%	100.00%	101.18%	103.07%	100.00%
Effective Tax Rate	11.65%	-24.98%	-47.72%	0.06%	-93.20%	-83.75%	0.00%	0.00%	-24.28%	-78.53%	0.00%
Return on Invested Capital (ROIC)	11.32%	10.29%	5.06%	4.18%	8.20%	9.06%	1.26%	3.29%	6.08%	10.60%	1.94%
ROIC Less NNEP Spread (ROIC-NNEP)	10.06%	8.93%	3.42%	3.15%	6.15%	6.66%	0.21%	2.03%	4.21%	7.80%	0.96%
Return on Net Nonoperating Assets (RNNOA)	6.71%	6.29%	2.89%	3.20%	6.81%	7.70%	0.25%	2.65%	6.12%	11.22%	1.46%
Return on Equity (ROE)	18.03%	16.58%	7.94%	7.38%	15.00%	16.77%	1.52%	5.94%	12.20%	21.82%	3.40%
Cash Return on Invested Capital (CROIC)	-27.47%	-32.38%	-9.35%	-19.56%	-31.11%	-25.30%	-27.66%	-12.43%	-5.57%	-1.01%	-2.45%
Operating Return on Assets (OROA)	5.42%	3.00%	0.23%	1.19%	1.25%	1.54%	-0.86%	0.51%	1.22%	1.74%	-0.57%
Return on Assets (ROA)	4.79%	4.02%	0.34%	1.19%	2.42%	3.13%	-0.86%	0.51%	1.53%	3.20%	-0.73%
Return on Common Equity (ROCE)	16.77%	15.17%	7.18%	6.78%	13.82%	15.29%	1.37%	5.48%	11.26%	20.68%	3.22%
Return on Equity Simple (ROE_SIMPLE)	13.73%	0.00%	9.75%	6.68%	5.69%	0.00%	6.21%	5.79%	5.24%	0.00%	5.39%
Net Operating Profit after Tax (NOPAT)	34	27	13	18	41	59	5.60	21	43	79	9.58
NOPAT Margin	7.80%	8.03%	4.96%	5.38%	12.35%	13.45%	1.88%	4.78%	8.68%	14.75%	2.72%
Net Nonoperating Expense Percent (NNEP)	1.27%	1.36%	1.63%	1.03%	2.05%	2.40%	1.05%	1.26%	1.87%	2.80%	0.98%
Return On Investment Capital (ROIC_SIMPLE)	-	1.48%	-	-	-	2.41%	-	-	-	2.87%	0.34%
Cost of Revenue to Revenue	81.97%	81.43%	81.57%	82.07%	81.01%	83.19%	84.25%	85.12%	84.60%	87.46%	85.28%
SG&A Expenses to Revenue	9.31%	11.89%	15.24%	12.66%	12.76%	8.31%	13.26%	10.10%	8.41%	8.98%	10.91%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	9.31%	11.89%	15.24%	12.66%	12.76%	9.18%	13.26%	10.10%	8.41%	4.17%	10.91%
Earnings before Interest and Taxes (EBIT)	31	14	1.05	8.42	11	16	-6.18	5.19	14	21	-4.42
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	46	29	16	26	29	36	14	27	38	49	21
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.32	3.60	3.08	3.00	2.32	1.83	1.39	1.65	2.12	1.22	0.63
Price to Tangible Book Value (P/TBV)	4.77	3.96	3.44	3.35	2.57	2.02	1.53	1.81	2.32	1.31	0.68
Price to Revenue (P/Rev)	1.81	1.63	1.58	1.85	1.59	1.20	0.90	1.00	1.18	0.70	0.35
Price to Earnings (P/E)	32.76	31.25	32.51	48.01	43.13	26.48	21.59	26.42	37.23	21.70	11.71
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.05%	3.20%	3.08%	2.08%	2.32%	3.78%	4.63%	3.79%	2.69%	4.61%	8.54%
Enterprise Value to Invested Capital (EV/IC)	2.70	2.25	2.01	1.85	1.51	1.32	1.15	1.25	1.41	1.09	0.86
Enterprise Value to Revenue (EV/Rev)	2.20	2.11	2.13	2.68	2.69	2.27	1.99	1.99	2.14	1.57	1.26
Enterprise Value to EBITDA (EV/EBITDA)	24.02	23.73	23.70	30.84	33.37	29.24	26.41	28.20	30.90	21.80	17.05
Enterprise Value to EBIT (EV/EBIT)	35.48	37.07	40.16	65.13	94.85	85.40	90.11	108.26	117.61	83.87	65.86
Enterprise Value to NOPAT (EV/NOPAT)	32.25	31.51	31.85	41.06	33.99	23.21	19.05	18.73	22.92	16.21	13.25
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	79.26	51.60	23.64	33.57
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.98	1.01	1.04	1.25	1.55	1.58	1.64	1.68	1.70	1.62	1.69
Long-Term Debt to Equity	0.63	0.65	0.70	0.89	1.12	1.25	1.09	1.14	1.36	1.47	1.55
Financial Leverage	0.67	0.70	0.84	1.02	1.11	1.16	1.17	1.31	1.45	1.44	1.53
Leverage Ratio	3.18	3.05	3.19	3.38	3.59	3.48	3.53	3.67	3.81	3.90	3.94
Compound Leverage Factor	3.18	3.28	3.19	3.38	3.59	3.86	3.53	3.67	3.85	4.02	3.94
Debt to Total Capital	49.45%	50.33%	50.92%	55.50%	60.85%	61.20%	62.18%	62.64%	63.00%	61.77%	62.87%
Short-Term Debt to Total Capital	17.65%	17.90%	16.34%	16.07%	16.96%	12.85%	20.94%	19.87%	12.58%	5.45%	5.29%
Long-Term Debt to Total Capital	31.80%	32.42%	34.58%	39.42%	43.89%	48.35%	41.24%	42.77%	50.42%	56.32%	57.58%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.80%	5.16%	5.87%	3.79%	3.22%	2.82%	2.68%	2.67%	2.64%	1.25%	1.28%
Common Equity to Total Capital	46.74%	44.51%	43.21%	40.72%	35.93%	35.97%	35.14%	34.70%	34.36%	36.97%	35.85%
Debt to EBITDA	4.82	5.73	6.72	9.65	14.45	14.39	15.12	15.47	14.78	13.28	13.16
Net Debt to EBITDA	3.98	4.89	5.34	8.91	12.83	13.06	13.84	13.42	13.18	11.88	12.08
Long-Term Debt to EBITDA	3.10	3.69	4.56	6.85	10.42	11.37	10.03	10.56	11.83	12.10	12.05
Debt to NOPAT	6.47	7.61	9.03	12.85	14.72	11.42	10.91	10.27	10.96	9.87	10.23
Net Debt to NOPAT	5.34	6.50	7.18	11.86	13.07	10.37	9.99	8.91	9.78	8.83	9.38
Long-Term Debt to NOPAT	4.16	4.90	6.13	9.13	10.62	9.02	7.24	7.01	8.77	9.00	9.37
Altman Z-Score	1.94	1.90	1.63	1.49	1.13	1.04	0.84	0.90	1.13	1.02	0.91
Noncontrolling Interest Sharing Ratio	6.97%	8.49%	9.64%	8.08%	7.89%	8.79%	9.48%	7.80%	7.67%	5.21%	5.20%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.27	1.23	1.25	1.23	1.17	1.25	0.97	1.01	1.27	1.46	1.57
Quick Ratio	0.45	0.40	0.45	0.28	0.31	0.30	0.22	0.28	0.40	0.46	0.43
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-457	-557	-243	-417	-652	-591	-716	-413	-247	-118	-227
Operating Cash Flow to CapEx	49.59%	-51.81%	63.86%	-52.04%	-3.49%	-31.59%	18.59%	41.64%	21.18%	23.00%	-24.78%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.76	0.72	0.59	0.46	0.39	0.42	0.41	0.43	0.45	0.45	0.46
Accounts Receivable Turnover	11.47	10.86	9.68	8.28	7.17	8.40	10.09	10.88	9.24	8.63	9.77
Inventory Turnover	150.12	133.21	115.66	89.66	77.12	81.01	86.83	94.92	110.47	120.18	122.98
Fixed Asset Turnover	162.68	126.59	108.36	88.78	78.27	83.05	82.39	89.30	97.80	124.49	129.36
Accounts Payable Turnover	5.29	4.66	5.22	3.10	2.79	3.00	3.21	3.21	3.89	3.25	3.58
Days Sales Outstanding (DSO)	31.81	33.61	37.71	44.10	50.91	43.46	36.16	33.54	39.51	42.31	37.36
Days Inventory Outstanding (DIO)	2.43	2.74	3.16	4.07	4.73	4.51	4.20	3.85	3.30	3.04	2.97
Days Payable Outstanding (DPO)	68.99	78.31	69.94	117.66	130.89	121.62	113.85	113.77	93.81	112.37	101.90
Cash Conversion Cycle (CCC)	-34.74	-41.97	-29.08	-69.49	-75.24	-73.66	-73.48	-76.39	-51.00	-67.02	-61.57
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,560	1,715	1,718	1,984	2,253	2,366	2,440	2,418	2,543	2,562	2,676
Invested Capital Turnover	1.45	1.28	1.02	0.78	0.66	0.67	0.67	0.69	0.70	0.72	0.71
Increase / (Decrease) in Invested Capital	491	583	257	435	693	651	722	434	290	196	236
Enterprise Value (EV)	4,208	3,858	3,446	3,675	3,397	3,118	2,797	3,011	3,594	2,780	2,299
Market Capitalization	3,446	2,966	2,557	2,535	2,013	1,654	1,262	1,508	1,988	1,231	635
Book Value per Share	$15.39	$15.87	$15.96	$16.18	$16.64	$17.27	$17.31	$17.48	$17.89	$19.32	$19.26
Tangible Book Value per Share	$13.94	$14.42	$14.29	$14.53	$15.02	$15.69	$15.75	$15.93	$16.34	$17.89	$17.78
Total Capital	1,707	1,851	1,918	2,072	2,417	2,507	2,576	2,636	2,728	2,740	2,823
Total Debt	844	932	977	1,150	1,471	1,535	1,601	1,651	1,719	1,693	1,775
Total Long-Term Debt	543	600	663	817	1,061	1,212	1,062	1,128	1,376	1,543	1,625
Net Debt	697	796	777	1,062	1,306	1,393	1,466	1,433	1,533	1,515	1,628
Capital Expenditures (CapEx)	70	126	92	178	188	94	112	128	118	80	114
Debt-free, Cash-free Net Working Capital (DFCFNWC)	387	384	304	414	393	408	368	313	418	383	462
Debt-free Net Working Capital (DFNWC)	534	521	504	503	558	549	503	531	603	561	608
Net Working Capital (NWC)	233	189	191	170	148	227	-36	7.57	260	412	459
Net Nonoperating Expense (NNE)	6.67	7.98	12	9.19	21	26	12	16	26	41	15
Net Nonoperating Obligations (NNO)	697	796	777	1,062	1,306	1,393	1,466	1,433	1,533	1,515	1,628
Total Depreciation and Amortization (D&A)	15	15	15	18	18	19	20	22	25	28	25
Debt-free, Cash-free Net Working Capital to Revenue	20.28%	21.07%	18.76%	30.23%	31.07%	29.66%	26.25%	20.69%	24.89%	21.65%	25.32%
Debt-free Net Working Capital to Revenue	27.98%	28.54%	31.10%	36.66%	44.09%	39.96%	35.91%	35.12%	35.93%	31.72%	33.33%
Net Working Capital to Revenue	12.19%	10.38%	11.77%	12.37%	11.68%	16.51%	-2.55%	0.50%	15.48%	23.28%	25.15%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.53	$0.34	$0.02	$0.12	$0.41	$0.65	($0.06)	$0.10	$0.34	$0.70	($0.10)
Adjusted Weighted Average Basic Shares Outstanding	51.87M	51.84M	51.96M	52.13M	52.21M	52.14M	52.29M	52.36M	52.41M	52.38M	52.54M
Adjusted Diluted Earnings per Share	$0.51	$0.34	$0.02	$0.12	$0.40	$0.63	($0.06)	$0.09	$0.33	$0.71	($0.10)
Adjusted Weighted Average Diluted Shares Outstanding	53.30M	53.28M	53.26M	53.21M	53.30M	53.23M	52.29M	53.11M	53.24M	53.14M	52.54M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	51.91M	51.95M	52.12M	52.20M	52.23M	52.28M	52.34M	52.40M	52.44M	52.54M	52.60M
Normalized Net Operating Profit after Tax (NOPAT)	34	15	6.37	18	15	23	5.60	15	25	31	9.58
Normalized NOPAT Margin	7.80%	4.50%	2.35%	5.38%	4.48%	5.13%	1.88%	3.35%	4.89%	5.78%	2.72%
Pre Tax Income Margin	7.11%	4.50%	0.39%	2.57%	3.22%	4.08%	-2.07%	1.19%	2.73%	3.99%	-1.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.72%	1.14%	1.15%	38.02%	43.19%	35.21%	40.12%	5.49%	6.66%	3.32%	4.77%
Augmented Payout Ratio	0.72%	1.14%	1.15%	38.02%	43.19%	35.21%	40.12%	5.49%	6.66%	3.32%	4.77%

Key Financial Trends

Ameresco’s Q1 2025 results show continued top-line growth and margin expansion, but the company remains cash-flow negative and delivered a wider net loss.

Revenue grew 18.2% year-over-year to $352.8 M in Q1 2025, marking the fourth consecutive quarter of double-digit growth
EBITDA margin expanded to 5.9% in Q1 2025 from 4.6% in Q1 2024, driven by higher gross profits and disciplined SG&A
Operating margin improved to 3.9% in Q1 2025 versus 2.7% in Q1 2024, reflecting leverage on rising revenue
Net Operating Profit After Tax (NOPAT) rose to $9.6 M in Q1 2025, up 71% year-over-year
Current ratio strengthened to 1.57× in Q1 2025 from 1.25× in Q1 2024, indicating improved short-term liquidity
Capital expenditures remained elevated at $114.2 M in Q1 2025 to fund new projects and acquisitions
Net cash from financing activities totaled $114.5 M in Q1 2025, supporting operational needs
Consolidated net loss widened to $5.6 M in Q1 2025 versus a $2.9 M loss in Q1 2024
Operating cash flow was negative $28.4 M in Q1 2025, compared with positive $20.8 M in Q1 2024
Free Cash Flow to Firm remained deeply negative at ‑$226.6 M in Q1 2025, reflecting heavy capex and working capital investments

06/22/25 10:23 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Ameresco's Financials

When does Ameresco's fiscal year end?

According to the most recent income statement we have on file, Ameresco's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Ameresco's net income changed over the last 10 years?

Ameresco's net income appears to be on an upward trend, with a most recent value of $53.94 million in 2024, rising from $10.38 million in 2014. The previous period was $63.90 million in 2023. View Ameresco's forecast to see where analysts expect Ameresco to go next.

What is Ameresco's operating income?

Ameresco's total operating income in 2024 was $107.95 million, based on the following breakdown:

Total Gross Profit: $256.09 million
Total Operating Expenses: $148.14 million

How has Ameresco's revenue changed over the last 10 years?

Over the last 10 years, Ameresco's total revenue changed from $593.24 million in 2014 to $1.77 billion in 2024, a change of 198.3%.

How much debt does Ameresco have?

Ameresco's total liabilities were at $3.11 billion at the end of 2024, a 13.5% increase from 2023, and a 827.1% increase since 2014.

How much cash does Ameresco have?

In the past 10 years, Ameresco's cash and equivalents has ranged from $20.61 million in 2016 to $115.53 million in 2022, and is currently $108.52 million as of their latest financial filing in 2024.

How has Ameresco's book value per share changed over the last 10 years?

Over the last 10 years, Ameresco's book value per share changed from 6.18 in 2014 to 19.32 in 2024, a change of 212.8%.

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This page (NYSE:AMRC) was last updated on 6/22/2025 by MarketBeat.com Staff

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Ameresco (AMRC) Financials

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