Ameresco (AMRC) Financials

$31.82 +0.05 (+0.16%)

Closing price 05/22/2026 03:59 PM Eastern

Extended Trading

$32.00 +0.18 (+0.56%)

As of 05/22/2026 07:50 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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	6.37	21	34	-2.94	5.01	18	37	-5.48	13	19	-18
Consolidated Net Income / (Loss)	8.41	21	33	-6.18	5.19	17	38	-5.61	16	22	-14
Net Income / (Loss) Continuing Operations	8.41	21	33	-6.18	5.19	17	38	-5.61	16	22	-14
Total Pre-Tax Income	8.42	11	18	-6.18	5.19	14	21	-4.42	13	18	-18
Total Operating Income	18	21	32	7.99	21	35	44	14	28	42	10
Total Gross Profit	59	64	74	47	65	77	67	52	73	84	56
Total Revenue	327	335	441	298	438	501	533	353	472	526	401
Operating Revenue	327	335	441	298	438	501	533	353	472	526	401
Total Cost of Revenue	268	271	367	251	373	424	466	301	399	442	345
Operating Cost of Revenue	268	271	367	251	373	424	466	301	399	442	345
Total Operating Expenses	41	43	41	40	44	42	22	38	46	43	46
Selling, General & Admin Expense	41	43	37	40	44	42	48	38	46	43	46
Total Other Income / (Expense), net	-8.82	-10	-16	-14	-16	-21	-23	-18	-15	-23	-28
Interest & Investment Income	0.38	0.53	0.40	0.56	0.01	0.16	0.07	-20	0.15	1.39	-25
Other Income / (Expense), net	-9.20	-11	-16	-14	-16	-3.05	-23	1.80	-15	-3.70	-2.63
Income Tax Expense	0.01	-10	-15	0.00	0.00	-3.32	-17	1.19	-2.90	-3.68	-3.18
Net Income / (Loss) Attributable to Noncontrolling Interest	2.05	-0.42	-0.64	-3.24	0.18	-0.59	0.83	-0.12	2.65	3.31	3.90
Basic Earnings per Share	$0.12	$0.41	$0.65	($0.06)	$0.10	$0.34	$0.70	($0.10)	$0.24	$0.35	($0.35)
Weighted Average Basic Shares Outstanding	52.13M	52.21M	52.14M	52.29M	52.36M	52.41M	52.38M	52.54M	52.64M	52.72M	52.89M
Diluted Earnings per Share	$0.12	$0.40	$0.63	($0.06)	$0.09	$0.33	$0.71	($0.10)	$0.24	$0.35	($0.35)
Weighted Average Diluted Shares Outstanding	53.21M	53.30M	53.23M	52.29M	53.11M	53.24M	53.14M	52.54M	52.82M	53.37M	52.89M
Weighted Average Basic & Diluted Shares Outstanding	52.20M	52.23M	52.28M	52.34M	52.40M	52.44M	52.54M	52.60M	52.70M	52.80M	52.95M

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Net Change in Cash & Equivalents	-112	74	-22	-5.71	85	-29	-6.01	-32	25	24	66
Net Cash From Operating Activities	-93	-6.57	-30	21	53	25	18	-28	-27	18	35
Net Cash From Continuing Operating Activities	-93	-6.57	-30	21	53	25	18	-28	-27	18	35
Net Income / (Loss) Continuing Operations	8.41	21	33	-6.18	5.19	17	38	-5.61	16	22	-14
Consolidated Net Income / (Loss)	8.41	21	33	-6.18	5.19	17	38	-5.61	16	22	-14
Depreciation Expense	15	16	18	18	20	23	26	23	25	27	29
Amortization Expense	2.26	1.73	1.48	1.52	1.88	1.98	1.91	1.98	1.99	2.21	2.56
Non-Cash Adjustments To Reconcile Net Income	-119	-62	-150	-32	-47	121	-171	20	-48	-105	8.81
Changes in Operating Assets and Liabilities, net	0.61	16	68	39	73	-138	124	-68	-21	72	9.71
Net Cash From Investing Activities	-178	-186	-102	-104	-129	-122	-31	-118	-58	-82	-97
Net Cash From Continuing Investing Activities	-178	-186	-102	-104	-129	-122	-31	-118	-58	-82	-97
Purchase of Property, Plant & Equipment	-178	-188	-94	-112	-128	-118	-80	-114	-105	-81	-97
Acquisitions	-0.00	2.19	-2.72	-4.78	-1.42	-4.25	10	-4.13	-24	-0.81	0.00
Net Cash From Financing Activities	159	267	108	77	161	67	8.89	115	107	89	129
Net Cash From Continuing Financing Activities	159	267	108	77	161	67	8.89	115	107	89	129
Repayment of Debt	-131	-152	787	24	-212	-250	537	-21	103	44	58
Payment of Dividends	-21	-0.16	-1.49	-0.20	-1.07	-0.52	-0.01	-1.00	-1.85	-2.49	-1.21
Issuance of Debt	286	385	-729	0.00	270	304	-564	100	-	-	45
Issuance of Common Equity	-13	0.27	4.31	29	3.24	3.40	2.48	3.29	1.80	1.08	0.46
Other Financing Activities, net	38	35	47	24	101	9.21	33	33	4.69	46	26
Effect of Exchange Rate Changes	-0.10	-0.92	0.90	-0.13	0.20	1.76	-2.03	0.52	2.39	-0.92	-1.02
Cash Interest Paid	19	19	29	27	26	28	30	22	28	29	32
Cash Income Taxes Paid	2.18	0.22	1.12	0.06	0.77	1.12	2.51	1.17	2.61	0.38	2.23

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	723	797	984	1,162	1,374	1,754	2,225	2,877	3,714	4,159	4,537
Total Current Assets	264	226	287	311	425	491	639	1,001	1,128	1,301	1,553
Cash & Equivalents	22	21	24	61	33	66	50	116	79	109	72
Restricted Cash	16	12	16	17	20	22	24	21	62	70	93
Note & Lease Receivable	-	-	-	-	17	30	43	38	34	40	54
Accounts Receivable	73	85	85	86	96	125	162	174	153	257	258
Inventories, net	13	12	8.14	7.77	9.24	8.58	8.81	14	14	12	13
Prepaid Expenses	12	12	14	12	29	27	25	39	123	146	240
Current Deferred & Refundable Income Taxes	2.15	0.41	6.05	5.30	5.03	9.80	5.26	7.75	5.78	1.69	2.17
Other Current Assets	125	84	134	122	215	202	319	592	657	667	822
Plant, Property, & Equipment, net	5.33	5.02	5.30	0.00	10	8.98	13	16	17	11	10
Total Noncurrent Assets	454	566	692	844	939	1,254	1,573	1,860	2,568	2,846	2,974
Noncurrent Note & Lease Receivables	126	158	249	294	231	397	558	510	609	609	503
Goodwill	59	58	56	58	58	59	71	71	76	66	69
Intangible Assets	6.77	3.93	2.44	2.00	1.61	0.93	6.96	4.69	6.81	8.81	7.46
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	3.86	3.70	3.05	26	57	97
Other Noncurrent Operating Assets	263	346	384	489	648	794	934	1,272	1,850	2,106	2,297
Total Liabilities & Shareholders' Equity	723	797	984	1,162	1,374	1,754	2,225	2,877	3,714	4,159	4,537
Total Liabilities	436	496	637	770	914	1,222	1,474	1,957	2,741	3,111	3,413
Total Current Liabilities	180	191	202	223	337	383	474	812	901	889	1,029
Short-Term Debt	13	19	22	27	70	69	79	331	322	149	132
Accounts Payable	115	127	136	134	202	231	309	349	403	529	691
Accrued Expenses	22	23	23	36	31	42	43	89	109	107	114
Current Deferred Revenue	29	21	20	24	27	34	36	35	53	92	80
Current Deferred & Payable Income Tax Liabilities	0.81	0.78	0.76	1.10	0.49	0.98	0.82	1.67	1.17	0.74	3.85
Other Current Liabilities	-	-	-	0.00	5.80	6.11	6.28	5.83	14	11	7.96
Total Noncurrent Liabilities	256	306	435	547	577	839	1,000	1,145	1,840	2,222	2,384
Long-Term Debt	100	141	173	219	266	312	377	569	1,170	1,484	1,750
Capital Lease Obligations	-	-	-	0.00	29	35	-	32	42	59	56
Noncurrent Deferred & Payable Income Tax Liabilities	6.14	9.04	0.58	4.35	0.12	6.23	3.87	9.18	4.48	2.22	2.94
Other Noncurrent Operating Liabilities	141	148	254	317	281	486	619	536	623	676	575
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	0.49	6.85	10	15	32	39	46	47	47	2.46	1.42
Total Equity & Noncontrolling Interests	287	294	337	377	429	493	704	873	926	1,045	1,123
Total Preferred & Common Equity	287	294	337	377	429	493	704	824	902	1,013	1,080
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	287	294	337	377	429	493	704	824	902	1,013	1,080
Common Stock	110	113	116	125	134	146	284	306	321	378	396
Retained Earnings	182	194	236	270	314	368	439	534	596	653	697
Treasury Stock	0.00	-6.39	-9.80	-12	-12	-12	-12	-12	-12	-12	-12
Accumulated Other Comprehensive Income / (Loss)	-5.23	-6.59	-5.63	-5.95	-7.51	-9.29	-6.67	-4.05	-3.05	-5.87	-0.46
Noncontrolling Interest	-	-	-	-	-	-	0.00	49	24	32	43

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	3,038	2,967	3,041	3,461	3,803	3,965	3,982	4,170	4,295	4,426	4,641
Total Current Assets	1,093	958	922	1,030	1,126	1,240	1,225	1,257	1,280	1,420	1,554
Cash & Equivalents	123	179	49	108	78	150	114	72	82	95	104
Restricted Cash	24	21	39	57	58	68	72	75	89	99	91
Note & Lease Receivable	42	36	38	33	32	39	43	45	48	49	49
Accounts Receivable	220	131	123	133	147	155	230	227	246	254	249
Inventories, net	13	14	14	14	13	12	12	12	12	13	13
Prepaid Expenses	22	56	59	68	119	134	155	242	183	190	236
Current Deferred & Refundable Income Taxes	4.12	7.63	7.50	7.22	4.84	4.82	4.47	2.09	2.87	3.60	3.45
Other Current Assets	645	514	592	610	675	676	594	582	618	719	808
Plant, Property, & Equipment, net	15	17	17	18	17	17	17	11	11	9.85	10
Total Noncurrent Assets	1,930	1,993	2,102	2,413	2,660	2,708	2,741	2,902	3,004	2,996	3,077
Noncurrent Note & Lease Receivables	727	540	499	529	578	552	566	615	609	516	513
Goodwill	70	78	78	77	75	75	76	68	69	69	69
Intangible Assets	5.09	8.67	8.14	7.35	6.20	5.64	5.39	9.17	8.75	8.11	6.87
Noncurrent Deferred & Refundable Income Taxes	3.36	3.05	3.59	9.44	26	30	37	67	71	76	99
Other Noncurrent Operating Assets	1,125	1,363	1,513	1,790	1,975	2,045	2,057	2,142	2,246	2,326	2,389
Total Liabilities & Shareholders' Equity	3,038	2,967	3,041	3,461	3,803	3,965	3,982	4,170	4,295	4,426	4,641
Total Liabilities	2,175	2,026	2,119	2,515	2,829	2,980	2,973	3,122	3,223	3,331	3,530
Total Current Liabilities	860	767	752	882	1,162	1,232	965	798	822	939	1,044
Short-Term Debt	301	313	333	410	539	524	343	149	161	167	162
Accounts Payable	411	285	290	328	437	497	399	436	452	570	667
Accrued Expenses	95	115	81	94	110	100	101	112	105	106	119
Current Deferred Revenue	43	39	40	37	61	97	108	91	96	87	85
Current Deferred & Payable Income Tax Liabilities	3.07	7.95	1.56	1.11	0.40	0.22	0.66	0.12	0.56	1.43	1.78
Other Current Liabilities	6.13	5.87	5.94	13	14	14	12	9.59	7.62	8.06	9.58
Total Noncurrent Liabilities	1,315	1,259	1,367	1,632	1,667	1,748	2,008	2,324	2,401	2,392	2,485
Long-Term Debt	512	632	784	1,022	1,012	1,079	1,318	1,567	1,662	1,717	1,825
Capital Lease Obligations	31	32	32	39	51	49	58	58	58	56	54
Noncurrent Deferred & Payable Income Tax Liabilities	11	2.87	7.97	4.13	4.58	4.37	2.60	2.12	2.18	2.77	3.49
Other Noncurrent Operating Liabilities	762	592	542	567	600	616	630	696	679	616	604
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	48	47	48	47	44	44	43	1.97	1.54	1.56	1.47
Total Equity & Noncontrolling Interests	815	895	874	899	930	941	967	1,046	1,071	1,094	1,110
Total Preferred & Common Equity	798	829	844	869	905	915	937	1,012	1,035	1,056	1,065
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	798	829	844	869	905	915	937	1,012	1,035	1,056	1,065
Common Stock	299	311	317	322	327	332	336	382	386	390	400
Retained Earnings	516	535	541	562	593	598	616	647	660	678	678
Treasury Stock	-12	-12	-12	-12	-12	-12	-12	-12	-12	-12	-12
Accumulated Other Comprehensive Income / (Loss)	-5.65	-4.65	-2.88	-3.74	-3.59	-3.80	-2.80	-4.94	0.24	-1.07	-2.32
Noncontrolling Interest	17	66	30	31	25	26	29	34	36	38	45

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	52,797,456.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	52,797,456.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.35
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-43.35%	-24.05%	33.05%	10.10%	33.91%	49.45%	20.69%	18.24%	7.83%	5.01%	13.78%
EBITDA Growth	-50.21%	-37.55%	22.28%	-15.43%	3.38%	33.03%	36.41%	53.74%	45.17%	18.67%	-4.90%
EBIT Growth	-77.73%	-65.63%	16.85%	-686.15%	-38.30%	25.43%	26.77%	28.49%	140.05%	20.97%	-50.78%
NOPAT Growth	-52.97%	20.35%	123.03%	-58.36%	19.01%	5.06%	32.31%	71.30%	62.14%	17.08%	-25.16%
Net Income Growth	-74.41%	-24.85%	77.50%	-496.79%	-38.26%	-18.37%	14.56%	9.26%	198.77%	28.36%	-156.56%
EPS Growth	-80.33%	-21.57%	85.29%	-400.00%	-25.00%	-17.50%	12.70%	-66.67%	166.67%	6.06%	-250.00%
Operating Cash Flow Growth	-191.99%	-118.95%	54.59%	-64.58%	157.56%	481.79%	162.14%	-235.97%	-150.41%	-29.41%	225.06%
Free Cash Flow Firm Growth	13.07%	-42.56%	-6.20%	-194.22%	0.95%	62.14%	80.07%	68.36%	20.19%	-0.67%	-20.47%
Invested Capital Growth	28.09%	44.43%	37.93%	42.02%	21.90%	12.88%	8.30%	9.68%	15.05%	11.77%	10.47%
Revenue Q/Q Growth	20.67%	2.47%	31.69%	-32.39%	46.77%	14.36%	6.35%	-33.76%	33.86%	11.37%	0.00%
EBITDA Q/Q Growth	61.35%	10.98%	23.17%	-63.46%	97.25%	42.80%	26.30%	-56.79%	86.26%	72.67%	0.00%
EBIT Q/Q Growth	698.67%	28.15%	50.64%	-134.31%	184.07%	160.51%	52.25%	-121.45%	382.21%	209.97%	0.00%
NOPAT Q/Q Growth	31.01%	135.16%	43.43%	-91.06%	274.49%	107.60%	80.62%	-87.80%	254.46%	49.90%	0.00%
Net Income Q/Q Growth	440.33%	147.74%	58.78%	-118.67%	184.07%	227.57%	122.82%	-114.79%	376.81%	40.74%	0.00%
EPS Q/Q Growth	500.00%	233.33%	57.50%	-109.52%	250.00%	266.67%	115.15%	-114.08%	340.00%	45.83%	0.00%
Operating Cash Flow Q/Q Growth	-257.59%	92.90%	-349.94%	170.40%	156.11%	-52.94%	-26.76%	-254.03%	5.06%	165.91%	0.00%
Free Cash Flow Firm Q/Q Growth	-71.45%	-56.10%	9.27%	-21.83%	42.28%	40.33%	52.25%	-92.35%	-45.61%	24.73%	0.00%
Invested Capital Q/Q Growth	15.45%	13.57%	5.02%	3.14%	-0.91%	5.17%	0.76%	4.46%	3.95%	2.17%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	17.93%	18.99%	16.81%	15.75%	14.88%	15.40%	12.54%	14.72%	15.53%	16.03%	14.06%
EBITDA Margin	7.96%	8.62%	8.06%	4.57%	6.14%	7.67%	9.11%	5.94%	8.27%	12.82%	9.68%
Operating Margin	5.39%	6.39%	7.32%	2.68%	4.78%	6.99%	8.26%	3.88%	5.85%	8.05%	2.55%
EBIT Margin	2.57%	3.22%	3.68%	-2.07%	1.19%	2.70%	3.87%	-1.25%	2.64%	7.35%	1.90%
Profit (Net Income) Margin	2.57%	6.22%	7.50%	-2.07%	1.19%	3.40%	7.12%	-1.59%	3.29%	4.15%	-3.58%
Tax Burden Percent	99.94%	193.20%	183.75%	100.00%	100.00%	124.28%	178.53%	126.89%	122.98%	120.25%	81.88%
Interest Burden Percent	100.00%	100.00%	110.82%	100.00%	100.00%	101.18%	103.07%	100.00%	101.20%	46.99%	-230.48%
Effective Tax Rate	0.06%	-93.20%	-83.75%	0.00%	0.00%	-24.28%	-78.53%	0.00%	-22.98%	-20.25%	0.00%
Return on Invested Capital (ROIC)	4.18%	8.20%	9.06%	1.26%	3.29%	6.08%	10.60%	1.94%	5.14%	6.77%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	3.15%	6.15%	6.66%	0.21%	2.03%	4.21%	7.80%	0.96%	3.97%	5.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	3.20%	6.81%	7.70%	0.25%	2.65%	6.12%	11.22%	1.46%	6.06%	7.79%	0.00%
Return on Equity (ROE)	7.38%	15.00%	16.77%	1.52%	5.94%	12.20%	21.82%	3.40%	11.20%	14.57%	0.00%
Cash Return on Invested Capital (CROIC)	-19.56%	-31.11%	-25.30%	-27.66%	-12.43%	-5.57%	-1.01%	-2.45%	-7.04%	-4.18%	-9.95%
Operating Return on Assets (OROA)	1.19%	1.25%	1.54%	-0.86%	0.51%	1.22%	1.74%	-0.57%	1.19%	3.29%	0.00%
Return on Assets (ROA)	1.19%	2.42%	3.13%	-0.86%	0.51%	1.53%	3.20%	-0.73%	1.48%	1.86%	0.00%
Return on Common Equity (ROCE)	6.78%	13.82%	15.29%	1.37%	5.48%	11.26%	20.68%	3.22%	10.61%	13.79%	0.00%
Return on Equity Simple (ROE_SIMPLE)	6.68%	5.69%	0.00%	6.21%	5.79%	5.24%	0.00%	5.39%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	18	41	59	5.60	21	43	79	9.58	34	51	7.17
NOPAT Margin	5.38%	12.35%	13.45%	1.88%	4.78%	8.68%	14.75%	2.72%	7.19%	9.68%	1.79%
Net Nonoperating Expense Percent (NNEP)	1.03%	2.05%	2.40%	1.05%	1.26%	1.87%	2.80%	0.98%	1.17%	1.77%	1.24%
Return On Investment Capital (ROIC_SIMPLE)	-	-	2.41%	-	-	-	2.87%	0.34%	1.15%	1.68%	0.23%
Cost of Revenue to Revenue	82.07%	81.01%	83.19%	84.25%	85.12%	84.60%	87.46%	85.28%	84.47%	83.97%	85.94%
SG&A Expenses to Revenue	12.66%	12.76%	8.31%	13.26%	10.10%	8.41%	8.98%	10.91%	9.68%	8.25%	11.54%
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	12.66%	12.76%	9.18%	13.26%	10.10%	8.41%	4.17%	10.91%	9.68%	8.25%	11.54%
Earnings before Interest and Taxes (EBIT)	8.42	11	16	-6.18	5.19	14	21	-4.42	12	39	7.62
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	26	29	36	14	27	38	49	21	39	67	39
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.00	2.32	1.83	1.39	1.65	2.12	1.22	0.63	0.77	1.68	1.26
Price to Tangible Book Value (P/TBV)	3.35	2.57	2.02	1.53	1.81	2.32	1.31	0.68	0.84	1.81	1.36
Price to Revenue (P/Rev)	1.85	1.59	1.20	0.90	1.00	1.18	0.70	0.35	0.43	0.94	0.00
Price to Earnings (P/E)	48.01	43.13	26.48	21.59	26.42	37.23	21.70	11.71	12.87	28.09	0.00
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	2.08%	2.32%	3.78%	4.63%	3.79%	2.69%	4.61%	8.54%	7.77%	3.56%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.85	1.51	1.32	1.15	1.25	1.41	1.09	0.86	0.92	1.25	1.10
Enterprise Value to Revenue (EV/Rev)	2.68	2.69	2.27	1.99	1.99	2.14	1.57	1.26	1.37	1.89	0.00
Enterprise Value to EBITDA (EV/EBITDA)	30.84	33.37	29.24	26.41	28.20	30.90	21.80	17.05	17.32	22.56	0.00
Enterprise Value to EBIT (EV/EBIT)	65.13	94.85	85.40	90.11	108.26	117.61	83.87	65.86	60.37	72.75	0.00
Enterprise Value to NOPAT (EV/NOPAT)	41.06	33.99	23.21	19.05	18.73	22.92	16.21	13.25	14.08	19.03	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	79.26	51.60	23.64	33.57	0.00	0.00	0.00
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	1.25	1.55	1.58	1.64	1.68	1.70	1.62	1.69	1.75	1.77	1.84
Long-Term Debt to Equity	0.89	1.12	1.25	1.09	1.14	1.36	1.47	1.55	1.60	1.62	1.69
Financial Leverage	1.02	1.11	1.16	1.17	1.31	1.45	1.44	1.53	1.53	1.56	1.61
Leverage Ratio	3.38	3.59	3.48	3.53	3.67	3.81	3.90	3.94	4.02	3.99	4.08
Compound Leverage Factor	3.38	3.59	3.86	3.53	3.67	3.85	4.02	3.94	4.06	1.88	-9.40
Debt to Total Capital	55.50%	60.85%	61.20%	62.18%	62.64%	63.00%	61.77%	62.87%	63.68%	63.91%	64.74%
Short-Term Debt to Total Capital	16.07%	16.96%	12.85%	20.94%	19.87%	12.58%	5.45%	5.29%	5.44%	5.50%	5.15%
Long-Term Debt to Total Capital	39.42%	43.89%	48.35%	41.24%	42.77%	50.42%	56.32%	57.58%	58.24%	58.40%	59.59%
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	3.79%	3.22%	2.82%	2.68%	2.67%	2.64%	1.25%	1.28%	1.28%	1.31%	1.49%
Common Equity to Total Capital	40.72%	35.93%	35.97%	35.14%	34.70%	34.36%	36.97%	35.85%	35.04%	34.78%	33.78%
Debt to EBITDA	9.65	14.45	14.39	15.12	15.47	14.78	13.28	13.16	12.79	12.31	0.00
Net Debt to EBITDA	8.91	12.83	13.06	13.84	13.42	13.18	11.88	12.08	11.63	11.08	0.00
Long-Term Debt to EBITDA	6.85	10.42	11.37	10.03	10.56	11.83	12.10	12.05	11.70	11.25	0.00
Debt to NOPAT	12.85	14.72	11.42	10.91	10.27	10.96	9.87	10.23	10.39	10.38	0.00
Net Debt to NOPAT	11.86	13.07	10.37	9.99	8.91	9.78	8.83	9.38	9.45	9.35	0.00
Long-Term Debt to NOPAT	9.13	10.62	9.02	7.24	7.01	8.77	9.00	9.37	9.50	9.49	0.00
Altman Z-Score	1.49	1.13	1.04	0.84	0.90	1.13	1.02	0.91	0.93	1.12	0.57
Noncontrolling Interest Sharing Ratio	8.08%	7.89%	8.79%	9.48%	7.80%	7.67%	5.21%	5.20%	5.26%	5.32%	3.84%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.23	1.17	1.25	0.97	1.01	1.27	1.46	1.57	1.56	1.51	1.49
Quick Ratio	0.28	0.31	0.30	0.22	0.28	0.40	0.46	0.43	0.46	0.42	0.39
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-417	-652	-591	-716	-413	-247	-118	-227	-330	-248	-273
Operating Cash Flow to CapEx	-52.04%	-3.49%	-31.59%	18.59%	41.64%	21.18%	23.00%	-24.78%	-25.71%	21.75%	36.51%
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	-12.12	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	0.86	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	-3.11	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.46	0.39	0.42	0.41	0.43	0.45	0.45	0.46	0.45	0.45	0.00
Accounts Receivable Turnover	8.28	7.17	8.40	10.09	10.88	9.24	8.63	9.77	9.28	7.78	0.00
Inventory Turnover	89.66	77.12	81.01	86.83	94.92	110.47	120.18	122.98	127.81	129.85	0.00
Fixed Asset Turnover	88.78	78.27	83.05	82.39	89.30	97.80	124.49	129.36	133.86	141.50	0.00
Accounts Payable Turnover	3.10	2.79	3.00	3.21	3.21	3.89	3.25	3.58	3.35	3.32	0.00
Days Sales Outstanding (DSO)	44.10	50.91	43.46	36.16	33.54	39.51	42.31	37.36	39.33	46.90	0.00
Days Inventory Outstanding (DIO)	4.07	4.73	4.51	4.20	3.85	3.30	3.04	2.97	2.86	2.81	0.00
Days Payable Outstanding (DPO)	117.66	130.89	121.62	113.85	113.77	93.81	112.37	101.90	108.92	110.00	0.00
Cash Conversion Cycle (CCC)	-69.49	-75.24	-73.66	-73.48	-76.39	-51.00	-67.02	-61.57	-66.74	-60.29	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,984	2,253	2,366	2,440	2,418	2,543	2,562	2,676	2,782	2,842	2,957
Invested Capital Turnover	0.78	0.66	0.67	0.67	0.69	0.70	0.72	0.71	0.71	0.70	0.00
Increase / (Decrease) in Invested Capital	435	693	651	722	434	290	196	236	364	299	280
Enterprise Value (EV)	3,675	3,397	3,118	2,797	3,011	3,594	2,780	2,299	2,546	3,556	3,238
Market Capitalization	2,535	2,013	1,654	1,262	1,508	1,988	1,231	635	799	1,770	1,346
Book Value per Share	$16.18	$16.64	$17.27	$17.31	$17.48	$17.89	$19.32	$19.26	$19.67	$20.03	$20.16
Tangible Book Value per Share	$14.53	$15.02	$15.69	$15.75	$15.93	$16.34	$17.89	$17.78	$18.18	$18.56	$18.73
Total Capital	2,072	2,417	2,507	2,576	2,636	2,728	2,740	2,823	2,952	3,035	3,152
Total Debt	1,150	1,471	1,535	1,601	1,651	1,719	1,693	1,775	1,880	1,940	2,040
Total Long-Term Debt	817	1,061	1,212	1,062	1,128	1,376	1,543	1,625	1,719	1,773	1,878
Net Debt	1,062	1,306	1,393	1,466	1,433	1,533	1,515	1,628	1,710	1,747	1,845
Capital Expenditures (CapEx)	178	188	94	112	128	118	80	114	105	81	97
Debt-free, Cash-free Net Working Capital (DFCFNWC)	414	393	408	368	313	418	383	462	448	455	477
Debt-free Net Working Capital (DFNWC)	503	558	549	503	531	603	561	608	619	648	672
Net Working Capital (NWC)	170	148	227	-36	7.57	260	412	459	458	481	510
Net Nonoperating Expense (NNE)	9.19	21	26	12	16	26	41	15	18	29	22
Net Nonoperating Obligations (NNO)	1,062	1,306	1,393	1,466	1,433	1,533	1,515	1,628	1,710	1,747	1,845
Total Depreciation and Amortization (D&A)	18	18	19	20	22	25	28	25	27	29	31
Debt-free, Cash-free Net Working Capital to Revenue	30.23%	31.07%	29.66%	26.25%	20.69%	24.89%	21.65%	25.32%	24.13%	24.17%	0.00%
Debt-free Net Working Capital to Revenue	36.66%	44.09%	39.96%	35.91%	35.12%	35.93%	31.72%	33.33%	33.30%	34.41%	0.00%
Net Working Capital to Revenue	12.37%	11.68%	16.51%	-2.55%	0.50%	15.48%	23.28%	25.15%	24.66%	25.54%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.12	$0.41	$0.65	($0.06)	$0.10	$0.34	$0.70	($0.10)	$0.24	$0.35	($0.35)
Adjusted Weighted Average Basic Shares Outstanding	52.13M	52.21M	52.14M	52.29M	52.36M	52.41M	52.38M	52.54M	52.64M	52.72M	52.89M
Adjusted Diluted Earnings per Share	$0.12	$0.40	$0.63	($0.06)	$0.09	$0.33	$0.71	($0.10)	$0.24	$0.35	($0.35)
Adjusted Weighted Average Diluted Shares Outstanding	53.21M	53.30M	53.23M	52.29M	53.11M	53.24M	53.14M	52.54M	52.82M	53.37M	52.89M
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	52.20M	52.23M	52.28M	52.34M	52.40M	52.44M	52.54M	52.60M	52.70M	52.80M	52.95M
Normalized Net Operating Profit after Tax (NOPAT)	18	15	23	5.60	15	25	31	9.58	19	30	7.17
Normalized NOPAT Margin	5.38%	4.48%	5.13%	1.88%	3.35%	4.89%	5.78%	2.72%	4.09%	5.64%	1.79%
Pre Tax Income Margin	2.57%	3.22%	4.08%	-2.07%	1.19%	2.73%	3.99%	-1.25%	2.67%	3.45%	-4.38%
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	1.89	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.49	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	-2.09	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	-1.49	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	38.02%	43.19%	35.21%	40.12%	5.49%	6.66%	3.32%	4.77%	5.20%	7.68%	0.00%
Augmented Payout Ratio	38.02%	43.19%	35.21%	40.12%	5.49%	6.66%	3.32%	4.77%	5.20%	7.68%	0.00%

Financials Breakdown Chart

Key Financial Trends

Ameresco (AMRC) has shown a mix of improving liquidity and recurring capital investment over the last four years. Below are the most notable trends from the quarterly statements across 2023–2026, with positives listed first, followed by neutral findings, then potential negatives.

Strong liquidity growth: Cash & equivalents rose to about $103.97M in Q1 2026, up from roughly $81.63M in 2025 Q2 and $71.59M in 2025 Q1.
Operating cash flow improved to a positive run rate: Net cash from continuing operating activities was about $35.4M in Q1 2026, after several quarters of negative or subdued CFO in 2025.
Financing activity provided liquidity: Net cash from financing activities in Q1 2026 was about $128.5M, signaling access to external capital to support growth and capex.
Earnings resilience in several recent quarters: Net income attributable to common shareholders was positive in multiple quarters (e.g., Q4 2024: +$37.1M; Q3 2025: +$18.5M; Q2 2025: +$12.9M), indicating meaningful GAAP profitability alongside cash generation.
Revenue volatility: Quarterly revenue fluctuates (e.g., Q3 2025: ~$526.0M; Q1 2026: ~$401.5M; Q4 2024: ~$532.7M), suggesting earnings can swing with project mix and timing.
Asset growth with rising leverage: Total assets generally trend higher (2025–2026 span around $4.1–4.6B), with total equity near $1.0–$1.1B and long-term debt typically around $1.7–$1.9B.
Debt posture remains sizable: Long-term debt remains a dominant component of liabilities, indicating ongoing leverage to fund capex and growth initiatives.
Capex outflows are substantial: Purchases of property, plant & equipment are consistently large (e.g., Q1 2026 PPE ≈ $96.9M; Q3 2025 ≈ $81.4M; Q4 2024 ≈ $79.9M), pressuring near-term cash flow from investing activities.
Free cash flow softness in several quarters: With CFO around $35.4M in Q1 2026 but investing outflows near $97M, free cash flow is negative in these periods, implying financing is often needed to support cash needs.

05/25/26 04:29 PM ETAI Generated. May Contain Errors.

Ameresco Financials - Frequently Asked Questions

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.

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. See Ameresco's forecast for analyst expectations on what's next for the company.

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

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%.

Ameresco's total liabilities were at $3.41 billion at the end of 2025, a 9.7% increase from 2024, and a 683.6% increase since 2015.

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 $71.79 million as of their latest financial filing in 2025.

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%.

Related Companies

Financial statements for NYSE:AMRC last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Ameresco (AMRC) Financials

Financials Breakdown Chart

Key Financial Trends

Ameresco Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Ameresco (AMRC) Financials

Annual Income Statements for Ameresco

Quarterly Income Statements for Ameresco

Annual Cash Flow Statements for Ameresco

Quarterly Cash Flow Statements for Ameresco

Annual Balance Sheets for Ameresco

Quarterly Balance Sheets for Ameresco

Annual Metrics And Ratios for Ameresco

Quarterly Metrics And Ratios for Ameresco

Financials Breakdown Chart

Key Financial Trends

Ameresco Financials - Frequently Asked Questions

When does Ameresco's fiscal year end?

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

What is Ameresco's operating income?

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

How much debt does Ameresco have?

How much cash does Ameresco have?

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

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools