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HA Sustainable Infrastructure Capital (HASI) Financials

HA Sustainable Infrastructure Capital logo
$30.68 -0.47 (-1.49%)
Closing price 10/3/2025 03:59 PM Eastern
Extended Trading
$30.54 -0.14 (-0.46%)
As of 10/3/2025 07:54 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for HA Sustainable Infrastructure Capital

Annual Income Statements for HA Sustainable Infrastructure Capital

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
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
Net Income / (Loss) Attributable to Common Shareholders		 7.96 15 31 42 82 82 127 42 149 200
Consolidated Net Income / (Loss)		 8.03 15 31 42 82 83 127 42 151 204
Net Income / (Loss) Continuing Operations		 8.03 15 31 42 82 83 127 42 151 204
Total Pre-Tax Income 		8.15 15 32 44 90 80 145 49 182 274
Total Revenue		 32 36 41 63 77 95 91 124 149 141
Net Interest Income / (Expense)		 13 4.78 -3.25 -0.94 12 3.38 -15 19 37 21
Total Interest Income		 39 50 62 76 76 96 107 135 208 264
Investment Securities Interest Income		 39 50 62 76 76 96 107 135 208 264
Total Interest Expense		 26 45 65 77 64 92 122 116 171 242
Long-Term Debt Interest Expense		 26 45 65 77 64 92 122 116 171 242
Total Non-Interest Income		 20 31 44 63 65 91 106 105 112 120
Other Service Charges		 - - - - - - 12 22 22 37
Net Realized & Unrealized Capital Gains on Investments		 9.22 17 21 33 24 50 68 57 69 80
Other Non-Interest Income		 9.11 12 20 25 26 26 26 26 21 2.10
Provision for Credit Losses		 - - 0.00 0.00 8.03 10 0.50 13 12 1.06
Total Non-Interest Expense		 24 27 31 41 43 53 73 93 96 114
Salaries and Employee Benefits		 17 19 20 26 29 38 53 63 64 81
Other Operating Expenses		 7.26 8.29 11 15 15 15 20 30 31 33
Nonoperating Income / (Expense), net		 -0.10 6.11 22 22 64 48 126 31 141 248
Income Tax Expense		 0.12 0.14 0.89 2.14 8.10 -2.78 17 7.38 32 70
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.08 0.10 0.18 0.22 0.36 0.34 0.77 0.41 1.92 3.59
Basic Earnings per Share		 $0.21 $0.32 $0.57 $0.75 $1.25 $1.13 $1.57 $0.47 $1.45 $1.72
Weighted Average Basic Shares Outstanding		 30.76M 40.29M 50.36M 52.78M 63.92M 72.39M 79.99M 87.50M 101.84M 115.55M
Diluted Earnings per Share		 $0.21 $0.32 $0.57 $0.75 $1.24 $1.10 $1.51 $0.47 $1.42 $1.62
Weighted Average Diluted Shares Outstanding		 30.76M 40.29M 50.36M 52.78M 64.77M 74.37M 87.67M 90.61M 109.47M 130.50M
Weighted Average Basic & Diluted Shares Outstanding		 37.90M 45.80M 54.20M 55.40M 67.09M 78.15M 85.52M 91.01M 112.43M 119.28M
Cash Dividends to Common per Share		 - - $1.32 $1.32 - - - - $1.58 $1.66

Quarterly Income Statements for HA Sustainable Infrastructure Capital

This table shows HA Sustainable Infrastructure Capital'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		 35 -20 24 14 21 90 123 27 -20 70 57
Consolidated Net Income / (Loss)		 35 -20 25 14 22 91 125 27 -19 71 58
Net Income / (Loss) Continuing Operations		 35 -20 25 14 22 91 125 27 -19 71 58
Total Pre-Tax Income 		43 -27 26 12 17 128 171 37 -26 92 82
Total Revenue		 61 -2.77 32 34 47 36 44 35 23 40 32
Net Interest Income / (Expense)		 -30 41 5.89 8.32 11 12 6.82 3.25 4.67 6.69 1.72
Total Interest Income		 0.00 71 43 48 54 62 69 63 64 68 66
Investment Securities Interest Income		 - - 43 48 54 62 69 63 64 68 66
Total Interest Expense		 30 31 37 40 43 51 62 60 59 62 65
Long-Term Debt Interest Expense		 30 31 37 40 43 51 62 60 59 62 65
Total Non-Interest Income		 91 -43 26 26 36 24 37 32 18 33 31
Other Service Charges		 0.35 13 3.79 4.83 7.11 6.46 6.67 5.86 10 15 12
Net Realized & Unrealized Capital Gains on Investments		 45 -25 16 15 22 16 29 26 7.68 18 19
Other Non-Interest Income		 45 -32 6.49 6.49 6.04 2.24 1.85 0.08 0.08 0.08 0.08
Provision for Credit Losses		 -2.46 6.58 1.88 0.81 9.79 -0.65 2.02 -4.20 1.23 2.00 3.81
Total Non-Interest Expense		 21 21 26 24 23 22 30 29 24 32 34
Salaries and Employee Benefits		 13 13 18 14 16 16 21 21 17 23 25
Other Operating Expenses		 8.15 7.24 8.02 10 6.71 6.46 9.05 7.96 6.99 8.90 9.38
Nonoperating Income / (Expense), net		 - - 22 2.25 2.76 114 159 27 -23 86 88
Income Tax Expense		 7.59 -6.41 1.43 -1.60 -5.13 37 46 10 -7.11 21 24
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.41 -0.27 0.49 0.00 0.20 1.23 1.52 0.40 0.44 1.22 1.57
Basic Earnings per Share		 $0.39 ($0.24) $0.26 $0.14 $0.20 $0.85 $1.08 $0.23 ($0.17) $0.58 $0.47
Weighted Average Basic Shares Outstanding		 87.72M 87.50M 91.10M 97.00M 107.72M 101.84M 112.62M 114.33M 116.58M 115.55M 119.38M
Diluted Earnings per Share		 $0.38 ($0.21) $0.26 $0.14 $0.20 $0.82 $0.98 $0.23 ($0.17) $0.58 $0.44
Weighted Average Diluted Shares Outstanding		 90.76M 90.61M 94.13M 99.99M 109.15M 109.47M 131.00M 114.43M 116.58M 130.50M 137.96M
Weighted Average Basic & Diluted Shares Outstanding		 88.98M 91.01M 91.86M 107.27M 111.30M 112.43M 114.03M 116.75M 118.79M 119.28M 121.45M
Cash Dividends to Common per Share		 - - - - $0.40 - - - $0.42 - $0.42

Annual Cash Flow Statements for HA Sustainable Infrastructure Capital

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
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
Net Change in Cash & Equivalents		 9.07 -20 59 -59 47 204 -59 -75 -101 75
Net Cash From Operating Activities		 19 57 12 59 29 73 13 0.23 100 5.85
Net Cash From Continuing Operating Activities		 19 57 12 59 29 73 13 0.23 100 5.85
Net Income / (Loss) Continuing Operations		 8.03 15 31 42 82 83 127 42 151 204
Consolidated Net Income / (Loss)		 8.03 15 31 42 82 83 127 42 151 204
Provision For Loan Losses		 - - 0.00 0.00 8.03 10 0.50 13 12 1.06
Depreciation Expense		 3.95 7.66 3.55 4.53 3.59 3.58 3.80 3.99 3.13 1.00
Amortization Expense		 - - 9.62 11 6.44 7.79 11 12 13 17
Non-Cash Adjustments to Reconcile Net Income		 3.75 -2.09 -23 -2.11 -64 -12 -112 7.67 -132 -220
Changes in Operating Assets and Liabilities, net		 2.79 37 -9.27 3.85 -6.78 -19 -17 -78 53 3.11
Net Cash From Investing Activities		 -349 -191 -298 51 -201 -832 -703 -592 -1,993 -131
Net Cash From Continuing Investing Activities		 -349 -191 -298 51 -201 -832 -703 -592 -1,993 -131
Purchase of Investment Securities		 -568 -412 -538 -422 -696 -1,178 -955 -864 -2,316 -1,101
Sale and/or Maturity of Investments		 219 221 262 475 493 362 262 254 323 970
Other Investing Activities, net		 0.00 0.00 -22 -1.87 1.75 -15 -10 17 0.00 0.00
Net Cash From Financing Activities		 340 114 345 -168 219 962 631 517 1,792 200
Net Cash From Continuing Financing Activities		 340 114 345 -168 219 962 631 517 1,792 200
Issuance of Debt		 714 406 1,062 241 740 1,057 1,150 666 2,495 2,911
Issuance of Common Equity		 180 177 97 187 138 298 201 189 492 204
Repayment of Debt		 -423 -341 -595 -437 -535 -261 -592 -193 -1,002 -2,768
Payment of Dividends		 -32 -49 -68 -71 -86 -100 -114 -132 -160 -192
Other Financing Activities, Net		 -100 -79 -150 -89 -38 -32 -14 -13 -33 46
Cash Interest Paid		 24 38 49 72 48 76 108 99 138 193

Quarterly Cash Flow Statements for HA Sustainable Infrastructure Capital

This table details how cash moves in and out of HA Sustainable Infrastructure Capital'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		 -5.99 -122 -12 -12 18 -94 2.25 84 -103 92 -67
Net Cash From Operating Activities		 91 -64 49 17 27 7.35 21 -25 22 -12 -37
Net Cash From Continuing Operating Activities		 91 -64 49 17 27 7.35 21 -25 22 -12 -37
Net Income / (Loss) Continuing Operations		 35 -20 25 14 22 91 125 27 -19 71 58
Consolidated Net Income / (Loss)		 35 -20 25 14 22 91 125 27 -19 71 58
Provision For Loan Losses		 -2.46 6.58 1.88 0.81 9.79 -0.65 2.02 -4.20 1.23 2.00 3.81
Depreciation Expense		 1.01 1.06 0.93 0.94 0.88 0.38 0.34 0.18 0.18 0.31 0.17
Amortization Expense		 3.03 3.02 3.25 3.07 3.03 3.61 4.01 4.18 4.80 4.05 4.15
Non-Cash Adjustments to Reconcile Net Income		 -22 41 -9.09 0.92 -11 -113 -162 -31 38 -66 -65
Changes in Operating Assets and Liabilities, net		 77 -96 27 -2.33 1.82 26 52 -21 -3.23 -24 -38
Net Cash From Investing Activities		 1.68 -338 -449 -240 -731 -574 -70 255 -131 -185 -324
Net Cash From Continuing Investing Activities		 4.01 -341 -449 -240 -731 -574 -70 255 -131 -185 -324
Purchase of Investment Securities		 -78 -377 -481 -294 -840 -702 -359 -159 -221 -362 -383
Sale and/or Maturity of Investments		 82 34 32 54 109 128 289 414 90 176 59
Net Cash From Financing Activities		 -99 280 388 210 722 472 51 -146 6.48 289 294
Net Cash From Continuing Financing Activities		 -99 280 388 210 722 472 51 -146 6.48 289 294
Issuance of Debt		 - 316 412 155 862 1,065 585 662 830 835 356
Issuance of Common Equity		 49 62 23 334 107 27 30 52 98 24 47
Repayment of Debt		 -109 -62 -10 -241 -273 -478 -562 -791 -839 -577 -35
Payment of Dividends		 -33 -34 -35 -37 -43 -45 -45 -48 -49 -50 -50
Other Financing Activities, Net		 -5.63 -1.69 -1.82 -1.38 68 -98 43 -21 -33 57 -23
Cash Interest Paid		 14 36 20 48 24 46 33 77 33 50 62

Annual Balance Sheets for HA Sustainable Infrastructure Capital

This table presents HA Sustainable Infrastructure Capital'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
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
Total Assets		 1,470 1,746 2,250 2,155 2,387 3,459 4,148 4,760 6,552 7,080
Cash and Due from Banks		 43 29 57 21 6.21 286 226 156 63 130
Trading Account Securities		 408 421 693 641 573 1,335 1,777 1,880 2,973 3,619
Loans and Leases, Net of Allowance		 0.00 516 0.00 945 263 0.00 0.00 0.00 0.00 0.00
Loans Held for Sale		 784 - - - - 0.00 22 85 35 76
Customer and Other Receivables		 - - - 72 124 164 210 177 219 249
Other Assets		 235 779 1,500 476 1,421 1,673 1,912 2,462 3,262 3,007
Total Liabilities & Shareholders' Equity		 1,470 1,746 2,250 2,155 2,387 3,459 4,148 4,760 6,552 7,080
Total Liabilities		 1,038 1,172 1,607 1,350 1,447 2,249 2,582 3,095 4,411 4,675
Short-Term Debt		 247 283 70 259 31 23 151 51 431 101
Long-Term Debt		 664 692 1,359 983 1,362 2,166 2,342 2,924 3,816 4,298
Other Long-Term Liabilities		 108 196 153 109 54 60 89 120 163 276
Total Equity & Noncontrolling Interests		 432 574 643 805 940 1,210 1,567 1,665 2,142 2,405
Total Preferred & Common Equity		 428 571 639 801 936 1,203 1,545 1,629 2,092 2,337
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 428 571 639 801 936 1,203 1,545 1,629 2,092 2,337
Common Stock		 483 664 772 966 1,103 1,395 1,729 1,925 2,383 2,594
Retained Earnings		 -53 -92 -131 -163 -170 -204 -194 -285 -304 -297
Accumulated Other Comprehensive Income / (Loss)		 -1.91 -1.39 -1.07 -1.68 3.30 13 9.90 -10 13 40
Noncontrolling Interest		 3.91 3.73 3.60 3.42 3.43 6.85 22 36 49 68

Quarterly Balance Sheets for HA Sustainable Infrastructure Capital

This table presents HA Sustainable Infrastructure Capital'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
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
Total Assets		 4,498 5,140 5,375 5,908 6,728 6,659 6,673 7,476
Cash and Due from Banks		 273 142 127 156 61 146 44 67
Trading Account Securities		 1,932 2,260 2,309 2,573 3,271 3,378 3,371 4,000
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Loans Held for Sale		 17 17 5.24 17 5.42 36 22 92
Customer and Other Receivables		 178 193 204 183 220 238 258 265
Other Assets		 2,098 2,527 2,730 2,980 3,170 2,860 2,978 3,051
Total Liabilities & Shareholders' Equity		 4,498 5,140 5,375 5,908 6,728 6,659 6,673 7,476
Total Liabilities		 2,847 3,481 3,381 3,808 4,455 4,336 4,349 5,005
Short-Term Debt		 200 459 383 537 267 427 135 431
Long-Term Debt		 2,528 2,901 2,884 3,121 3,984 3,686 3,996 4,291
Other Long-Term Liabilities		 119 121 114 - 204 - 219 283
Total Equity & Noncontrolling Interests		 1,651 1,659 1,994 2,100 2,273 2,323 2,323 2,471
Total Preferred & Common Equity		 1,616 1,617 1,950 2,053 2,218 2,260 2,258 2,393
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,616 1,617 1,950 2,053 2,218 2,260 2,258 2,393
Common Stock		 1,862 1,948 2,284 2,355 2,416 2,469 2,569 2,648
Retained Earnings		 -231 -298 -326 -349 -228 -249 -318 -292
Accumulated Other Comprehensive Income / (Loss)		 -15 -33 -8.00 47 29 41 7.54 38
Noncontrolling Interest		 35 42 44 47 56 63 65 77

Annual Metrics And Ratios for HA Sustainable Infrastructure Capital

This table displays calculated financial ratios and metrics derived from HA Sustainable Infrastructure Capital's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
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
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 12.84% 11.34% 12.68% 54.32% 23.70% 22.48% -3.45% 35.77% 19.88% -5.13%
EBITDA Growth		 -1.83% 34.80% 38.66% 62.41% -3.14% 20.95% -23.48% 1.44% 70.70% -23.48%
EBIT Growth		 -15.78% 6.51% 9.61% 126.14% 18.65% 23.89% -43.52% -0.45% 130.01% -37.33%
NOPAT Growth		 -16.78% 7.05% 7.58% 121.24% 13.52% 40.87% -51.90% -3.96% 123.61% -43.62%
Net Income Growth		 -17.77% 83.67% 110.32% 34.68% 95.99% 1.02% 53.88% -67.09% 259.71% 35.07%
EPS Growth		 -51.16% 52.38% 78.13% 31.58% 65.33% -11.29% 37.27% -68.87% 202.13% 14.08%
Operating Cash Flow Growth		 261.49% 207.01% -79.39% 401.78% -49.84% 148.51% -81.84% -98.27% 43,243.04% -94.13%
Free Cash Flow Firm Growth		 -3.54% 53.58% -158.85% 108.91% -676.57% -292.65% 37.62% 12.28% -203.35% 76.89%
Invested Capital Growth		 47.77% 15.38% 33.65% -1.20% 14.01% 45.70% 19.43% 14.30% 37.69% 6.50%
Revenue Q/Q Growth		 64.24% -3.78% 3.05% 23.15% 0.55% 1.77% 5.53% -19.54% 35.20% 2.72%
EBITDA Q/Q Growth		 9.32% -1.18% -10.05% 490.07% -22.16% -10.45% 35.25% -55.07% 332.67% -15.02%
EBIT Q/Q Growth		 8.17% -12.64% -28.74% 150.58% -25.13% -15.03% 73.34% -69.74% 1,537.64% -23.89%
NOPAT Q/Q Growth		 12.10% -30.81% -70.80% -42.64% -47.46% -1.71% 62.77% -87.75% -13.51% -21.51%
Net Income Q/Q Growth		 10.77% 17.30% -3.21% 15.76% 82.95% -20.41% 42.22% -66.45% 280.97% -8.81%
EPS Q/Q Growth		 10.53% 18.52% -5.00% 15.38% 79.71% -26.67% 39.81% -66.90% 264.10% -12.90%
Operating Cash Flow Q/Q Growth		 454.13% 19.13% -57.09% 193.17% -51.33% 47.26% -69.12% -99.59% 248.62% -76.96%
Free Cash Flow Firm Q/Q Growth		 7.57% 41.59% 7.87% 150.14% -1,692.36% -1.71% -13.84% -44.63% -28.09% 40.99%
Invested Capital Q/Q Growth		 20.74% 5.87% 0.95% -6.08% 4.23% 3.39% 5.07% 5.96% 10.97% 5.44%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 37.78% 45.74% 56.28% 59.23% 46.38% 45.80% 36.30% 27.12% 38.62% 31.15%
EBIT Margin		 25.55% 24.44% 23.77% 34.84% 33.41% 33.80% 19.77% 14.50% 27.81% 18.37%
Profit (Net Income) Margin		 24.88% 41.04% 76.60% 66.85% 105.92% 87.37% 139.24% 33.75% 101.27% 144.18%
Tax Burden Percent		 98.55% 99.05% 97.23% 95.12% 91.01% 103.47% 88.13% 85.03% 82.66% 74.36%
Interest Burden Percent		 98.81% 169.53% 331.43% 201.75% 348.32% 249.80% 799.12% 273.83% 440.48% 1,055.29%
Effective Tax Rate		 1.45% 0.95% 2.77% 4.88% 9.00% -3.47% 11.87% 14.97% 17.34% 25.64%
Return on Invested Capital (ROIC)		 0.72% 0.60% 0.52% 1.01% 1.07% 1.16% 0.43% 0.35% 0.62% 0.29%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.71% 1.24% 2.32% 2.59% 5.51% 3.93% 5.19% 1.33% 3.85% 4.56%
Return on Net Nonoperating Assets (RNNOA)		 1.55% 2.33% 4.58% 4.77% 8.32% 6.54% 8.75% 2.24% 7.30% 8.66%
Return on Equity (ROE)		 2.28% 2.93% 5.10% 5.78% 9.39% 7.70% 9.17% 2.59% 7.92% 8.96%
Cash Return on Invested Capital (CROIC)		 -37.84% -13.68% -28.28% 2.22% -12.02% -36.05% -17.28% -13.00% -31.10% -6.01%
Operating Return on Assets (OROA)		 0.67% 0.55% 0.48% 0.99% 1.14% 1.10% 0.48% 0.40% 0.73% 0.38%
Return on Assets (ROA)		 0.65% 0.92% 1.55% 1.90% 3.61% 2.83% 3.35% 0.94% 2.67% 2.99%
Return on Common Equity (ROCE)		 2.25% 2.91% 5.07% 5.75% 9.36% 7.66% 9.08% 2.55% 7.74% 8.73%
Return on Equity Simple (ROE_SIMPLE)		 1.88% 2.59% 4.86% 5.22% 8.75% 6.88% 8.24% 2.57% 7.21% 8.71%
Net Operating Profit after Tax (NOPAT)		 8.13 8.70 9.36 21 24 33 16 15 34 19
NOPAT Margin		 25.18% 24.21% 23.11% 33.14% 30.41% 34.97% 17.42% 12.33% 22.99% 13.66%
Net Nonoperating Expense Percent (NNEP)		 0.01% -0.64% -1.80% -1.58% -4.43% -2.77% -4.76% -0.97% -3.23% -4.26%
SG&A Expenses to Revenue		 51.98% 52.50% 48.64% 41.03% 37.21% 39.87% 57.92% 51.09% 43.22% 57.58%
Operating Expenses to Revenue		 74.45% 75.56% 76.23% 65.16% 56.21% 55.54% 79.69% 75.20% 64.24% 80.88%
Earnings before Interest and Taxes (EBIT)		 8.25 8.79 9.63 22 26 32 18 18 41 26
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 12 16 23 37 36 43 33 34 57 44
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.42 1.41 1.36
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.42 1.41 1.36
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 18.66 19.76 22.57
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 55.83 19.76 15.93
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 5.76% 5.98% 4.64%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.79% 5.06% 6.28%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.11 1.12 1.11
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 41.65 48.20 53.28
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 153.57 124.81 171.07
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 287.32 173.30 290.01
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 337.92 209.65 389.99
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 22,487.05 71.98 1,285.93
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
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 2.11 1.70 2.22 1.54 1.48 1.81 1.59 1.79 1.98 1.83
Long-Term Debt to Equity		 1.54 1.21 2.11 1.22 1.45 1.79 1.50 1.76 1.78 1.79
Financial Leverage		 2.19 1.87 1.98 1.85 1.51 1.67 1.69 1.69 1.90 1.90
Leverage Ratio		 3.51 3.19 3.28 3.04 2.60 2.72 2.74 2.76 2.97 3.00
Compound Leverage Factor		 3.47 5.42 10.88 6.14 9.07 6.79 21.89 7.55 13.09 31.64
Debt to Total Capital		 67.83% 62.94% 68.97% 60.68% 59.71% 64.40% 61.41% 64.12% 66.48% 64.66%
Short-Term Debt to Total Capital		 18.41% 18.28% 3.38% 12.64% 1.34% 0.66% 3.71% 1.10% 6.75% 1.49%
Long-Term Debt to Total Capital		 49.42% 44.66% 65.59% 48.05% 58.37% 63.73% 57.70% 63.03% 59.73% 63.17%
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%
Noncontrolling Interests to Total Capital		 0.29% 0.24% 0.17% 0.17% 0.15% 0.20% 0.54% 0.77% 0.77% 1.00%
Common Equity to Total Capital		 31.88% 36.82% 30.86% 39.15% 40.14% 35.40% 38.05% 35.11% 32.75% 34.34%
Debt to EBITDA		 74.68 59.32 62.65 33.53 38.83 50.45 75.09 88.34 73.88 100.01
Net Debt to EBITDA		 71.19 57.53 60.13 32.95 38.66 43.86 68.27 83.72 72.79 97.06
Long-Term Debt to EBITDA		 54.41 42.09 59.58 26.55 37.96 49.93 70.55 86.83 66.38 97.71
Debt to NOPAT		 112.06 112.07 152.55 59.94 59.23 66.07 156.44 194.39 124.10 228.00
Net Debt to NOPAT		 106.82 108.69 146.43 58.91 58.97 57.43 142.24 184.22 122.27 221.28
Long-Term Debt to NOPAT		 81.64 79.52 145.08 47.46 57.90 65.39 146.99 191.07 111.51 222.77
Noncontrolling Interest Sharing Ratio		 1.23% 0.76% 0.60% 0.49% 0.39% 0.48% 1.03% 1.77% 2.23% 2.59%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -426 -198 -512 46 -263 -1,033 -644 -565 -1,715 -396
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -16.15 -4.37 -7.82 0.59 -4.10 -11.21 -5.29 -4.89 -10.03 -1.64
Operating Cash Flow to Interest Expense		 0.70 1.26 0.18 0.76 0.46 0.80 0.11 0.00 0.58 0.02
Operating Cash Flow Less CapEx to Interest Expense		 0.70 1.26 0.18 0.76 0.46 0.80 0.11 0.00 0.58 0.02
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.03 0.02 0.02 0.03 0.03 0.03 0.02 0.03 0.03 0.02
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 1,343 1,550 2,071 2,046 2,333 3,399 4,059 4,640 6,389 6,805
Invested Capital Turnover		 0.03 0.02 0.02 0.03 0.04 0.03 0.02 0.03 0.03 0.02
Increase / (Decrease) in Invested Capital		 434 207 521 -25 287 1,066 660 581 1,749 416
Enterprise Value (EV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,172 7,175 7,525
Market Capitalization		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,317 2,941 3,187
Book Value per Share		 $11.19 $13.17 $12.04 $14.82 $14.26 $15.96 $18.24 $18.31 $18.80 $19.67
Tangible Book Value per Share		 $11.19 $13.17 $12.04 $14.82 $14.26 $15.96 $18.24 $18.31 $18.80 $19.67
Total Capital		 1,343 1,550 2,071 2,046 2,333 3,399 4,059 4,640 6,389 6,805
Total Debt		 911 975 1,428 1,242 1,393 2,189 2,493 2,975 4,247 4,400
Total Long-Term Debt		 664 692 1,359 983 1,362 2,166 2,342 2,924 3,816 4,298
Net Debt		 868 946 1,371 1,220 1,387 1,903 2,267 2,820 4,185 4,270
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.10 -6.05 -22 -21 -58 -50 -111 -27 -117 -184
Net Nonoperating Obligations (NNO)		 911 975 1,428 1,242 1,393 2,189 2,493 2,975 4,247 4,400
Total Depreciation and Amortization (D&A)		 3.95 7.66 13 15 10 11 15 16 16 18
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.21 $0.00 $0.00 $0.00 $0.00 $0.00 $1.57 $0.47 $1.45 $1.72
Adjusted Weighted Average Basic Shares Outstanding		 30.76M 0.00 0.00 0.00 0.00 0.00 79.99M 87.50M 101.84M 115.55M
Adjusted Diluted Earnings per Share		 $0.21 $0.00 $0.00 $0.00 $0.00 $0.00 $1.51 $0.47 $1.42 $1.62
Adjusted Weighted Average Diluted Shares Outstanding		 30.76M 0.00 0.00 0.00 0.00 0.00 87.67M 90.61M 109.47M 130.50M
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
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 38.33M 0.00 0.00 0.00 0.00 0.00 85.52M 91.01M 112.43M 119.28M
Normalized Net Operating Profit after Tax (NOPAT)		 8.13 8.70 9.36 21 24 22 16 15 34 19
Normalized NOPAT Margin		 25.18% 24.21% 23.11% 33.14% 30.41% 23.66% 17.42% 12.33% 22.99% 13.66%
Pre Tax Income Margin		 25.24% 41.43% 78.79% 70.28% 116.39% 84.43% 158.00% 39.69% 122.51% 193.89%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 0.31 0.19 0.15 0.28 0.40 0.35 0.15 0.16 0.24 0.11
NOPAT to Interest Expense		 0.31 0.19 0.14 0.27 0.37 0.36 0.13 0.13 0.20 0.08
EBIT Less CapEx to Interest Expense		 0.31 0.19 0.15 0.28 0.40 0.35 0.15 0.16 0.24 0.11
NOPAT Less CapEx to Interest Expense		 0.31 0.19 0.14 0.27 0.37 0.36 0.13 0.13 0.20 0.08
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 393.22% 335.33% 219.86% 169.84% 105.48% 120.67% 89.14% 315.43% 105.99% 94.42%
Augmented Payout Ratio		 393.22% 335.33% 219.86% 169.84% 105.48% 120.67% 89.14% 315.43% 105.99% 94.42%

Quarterly Metrics And Ratios for HA Sustainable Infrastructure Capital

This table displays calculated financial ratios and metrics derived from HA Sustainable Infrastructure Capital'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		 183.96% -110.11% 0.19% 1.34% -23.86% 1,400.25% 37.82% 1.61% -51.53% 10.41% -26.58%
EBITDA Growth		 594.70% -267.53% -39.35% 12,107.14% -62.05% 171.03% 112.47% 8.04% -88.15% -42.37% -109.62%
EBIT Growth		 1,383.81% -358.68% -60.48% 358.36% -67.64% 148.01% 237.66% 7.74% -120.95% -56.69% -148.44%
NOPAT Growth		 1,641.65% -275.52% -53.66% 518.70% -48.39% 154.86% 160.64% -31.38% -111.19% -52.84% -147.07%
Net Income Growth		 1,227.49% -132.15% -46.18% 172.94% -38.05% 550.56% 406.33% 99.26% -188.59% -21.63% -53.28%
EPS Growth		 1,050.00% -128.38% -49.02% 166.67% -47.37% 490.48% 276.92% 64.29% -185.00% -29.27% -55.10%
Operating Cash Flow Growth		 280.52% -660.95% 252.78% 234.89% -70.71% 111.53% -57.11% -246.66% -17.56% -266.05% -277.35%
Free Cash Flow Firm Growth		 16.20% 7.77% -16.36% -50.17% -182.91% -190.18% -69.15% -39.73% 48.68% 76.38% 55.00%
Invested Capital Growth		 13.35% 14.30% 21.50% 19.19% 31.47% 37.69% 29.99% 22.35% 12.09% 6.50% 10.26%
Revenue Q/Q Growth		 79.97% -104.53% 1,251.91% 7.98% 35.22% -22.69% 32.23% -20.38% -35.51% 76.10% -18.80%
EBITDA Q/Q Growth		 41,483.04% -155.49% 130.13% 75.57% 29.26% 3.87% 6.07% -10.72% -85.82% 405.25% -115.05%
EBIT Q/Q Growth		 1,236.45% -170.35% 112.07% 167.74% 42.33% 4.40% 5.06% -14.57% -127.68% 315.82% -194.92%
NOPAT Q/Q Growth		 1,433.93% -153.31% 118.32% 221.40% 64.41% -43.33% -90.23% -15.38% -126.81% 338.77% -186.88%
Net Income Q/Q Growth		 288.48% -157.80% 221.80% -45.03% 60.09% 320.34% 36.88% -78.37% -171.17% 471.88% -18.41%
EPS Q/Q Growth		 280.95% -155.26% 223.81% -46.15% 42.86% 310.00% 19.51% -76.53% -173.91% 441.18% -24.14%
Operating Cash Flow Q/Q Growth		 1,698.24% -170.15% 176.56% -65.33% 57.27% -72.39% 184.81% -218.57% 188.41% -155.62% -204.20%
Free Cash Flow Firm Q/Q Growth		 13.63% -24.62% -47.64% 5.50% -62.71% -27.83% 9.75% 21.94% 40.23% 41.17% -63.94%
Invested Capital Q/Q Growth		 -0.78% 5.96% 8.17% 4.82% 9.44% 10.97% 2.12% -1.35% 0.27% 5.44% 5.71%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 76.17% 0.00% 24.42% 39.71% 37.96% 51.00% 37.65% 42.22% 9.28% 26.63% -4.93%
EBIT Margin		 69.55% 0.00% 11.33% 28.08% 29.56% 39.91% 27.75% 29.77% -12.78% 15.66% -18.31%
Profit (Net Income) Margin		 57.14% 0.00% 77.15% 39.27% 46.50% 252.81% 283.42% 77.01% -84.98% 179.46% 180.34%
Tax Burden Percent		 82.16% 75.90% 94.50% 113.43% 131.04% 71.14% 72.94% 72.26% 72.95% 77.44% 70.89%
Interest Burden Percent		 100.00% 88.94% 720.83% 123.30% 120.05% 890.42% 1,400.34% 358.01% 911.83% 1,479.93% -1,389.82%
Effective Tax Rate		 17.84% 0.00% 5.50% -13.43% -31.04% 28.86% 27.06% 27.74% 0.00% 22.56% 29.11%
Return on Invested Capital (ROIC)		 2.14% 0.00% 0.29% 0.82% 0.84% 0.77% 0.56% 0.59% -0.20% 0.26% -0.25%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.14% 0.00% 1.01% 0.91% 0.95% 3.00% 3.60% 1.12% -0.64% 1.80% 1.15%
Return on Net Nonoperating Assets (RNNOA)		 3.51% 0.00% 1.82% 1.54% 1.63% 5.70% 6.97% 1.91% -1.13% 3.42% 2.17%
Return on Equity (ROE)		 5.65% 0.00% 2.11% 2.36% 2.47% 6.46% 7.54% 2.51% -1.33% 3.68% 1.92%
Cash Return on Invested Capital (CROIC)		 -9.48% -13.00% -19.11% -16.98% -26.41% -31.10% -25.42% -19.45% -11.00% -6.01% -9.67%
Operating Return on Assets (OROA)		 2.54% 0.00% 0.30% 0.71% 0.63% 1.05% 0.75% 0.80% -0.28% 0.32% -0.33%
Return on Assets (ROA)		 2.09% 0.00% 2.05% 0.99% 0.98% 6.65% 7.69% 2.07% -1.86% 3.72% 3.29%
Return on Common Equity (ROCE)		 5.55% 0.00% 2.07% 2.31% 2.41% 6.32% 7.35% 2.45% -1.30% 3.58% 1.87%
Return on Equity Simple (ROE_SIMPLE)		 7.73% 0.00% 1.29% 2.71% 1.93% 0.00% 11.31% 11.68% 9.89% 0.00% 5.74%
Net Operating Profit after Tax (NOPAT)		 35 -19 3.41 11 18 10 8.89 7.53 -2.02 4.82 -4.19
NOPAT Margin		 57.14% 0.00% 10.70% 31.85% 38.73% 28.39% 20.24% 21.51% -8.94% 12.13% -12.98%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.06% -0.72% -0.08% -0.11% -2.24% -3.04% -0.53% 0.44% -1.54% -1.39%
SG&A Expenses to Revenue		 21.15% 0.00% 57.61% 40.26% 35.00% 43.95% 47.05% 59.49% 76.32% 56.90% 77.42%
Operating Expenses to Revenue		 34.48% 0.00% 82.77% 69.58% 49.41% 61.89% 67.65% 82.23% 107.31% 79.30% 106.49%
Earnings before Interest and Taxes (EBIT)		 43 -30 3.61 9.67 14 14 12 10 -2.88 6.22 -5.91
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 47 -26 7.79 14 18 18 17 15 2.09 11 -1.59
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 1.42 0.00 0.00 1.04 1.41 0.00 0.00 1.76 1.36 1.44
Price to Tangible Book Value (P/TBV)		 0.00 1.42 0.00 0.00 1.04 1.41 0.00 0.00 1.76 1.36 1.44
Price to Revenue (P/Rev)		 0.00 18.66 0.00 0.00 19.42 19.76 0.00 0.00 28.92 22.57 26.53
Price to Earnings (P/E)		 0.00 55.83 0.00 0.00 54.62 19.76 0.00 0.00 18.10 15.93 25.72
Dividend Yield		 0.00% 5.76% 0.00% 0.00% 7.73% 5.98% 0.00% 0.00% 4.70% 4.64% 4.32%
Earnings Yield		 0.00% 1.79% 0.00% 0.00% 1.83% 5.06% 0.00% 0.00% 5.53% 6.28% 3.89%
Enterprise Value to Invested Capital (EV/IC)		 0.00 1.11 0.00 0.00 0.99 1.12 0.00 0.00 1.26 1.11 1.14
Enterprise Value to Revenue (EV/Rev)		 0.00 41.65 0.00 0.00 51.65 48.20 0.00 0.00 59.11 53.28 63.06
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 153.57 0.00 0.00 428.02 124.81 0.00 0.00 156.99 171.07 316.01
Enterprise Value to EBIT (EV/EBIT)		 0.00 287.32 0.00 0.00 0.00 173.30 0.00 0.00 238.39 290.01 1,040.88
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 337.92 0.00 0.00 143.71 209.65 0.00 0.00 330.59 389.99 1,404.11
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 22,487.05 0.00 0.00 198.88 71.98 0.00 0.00 319.91 1,285.93 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		 1.65 1.79 2.03 1.64 1.74 1.98 1.87 1.77 1.78 1.83 1.91
Long-Term Debt to Equity		 1.53 1.76 1.75 1.45 1.49 1.78 1.75 1.59 1.72 1.79 1.74
Financial Leverage		 1.64 1.69 1.80 1.70 1.70 1.90 1.94 1.71 1.76 1.90 1.89
Leverage Ratio		 2.70 2.76 2.86 2.76 2.77 2.97 3.02 2.79 2.84 3.00 2.99
Compound Leverage Factor		 2.70 2.45 20.62 3.40 3.33 26.46 42.26 9.98 25.94 44.37 -41.61
Debt to Total Capital		 62.30% 64.12% 66.95% 62.10% 63.53% 66.48% 65.15% 63.91% 64.00% 64.66% 65.65%
Short-Term Debt to Total Capital		 4.58% 1.10% 9.14% 7.28% 9.32% 6.75% 4.09% 6.63% 2.09% 1.49% 6.00%
Long-Term Debt to Total Capital		 57.72% 63.03% 57.81% 54.82% 54.21% 59.73% 61.07% 57.27% 61.92% 63.17% 59.66%
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		 0.80% 0.77% 0.83% 0.84% 0.82% 0.77% 0.86% 0.97% 1.00% 1.00% 1.08%
Common Equity to Total Capital		 36.91% 35.11% 32.22% 37.07% 35.66% 32.75% 33.99% 35.12% 34.99% 34.34% 33.27%
Debt to EBITDA		 36.40 88.34 117.37 77.44 275.28 73.88 64.17 61.08 79.79 100.01 182.67
Net Debt to EBITDA		 32.76 83.72 112.40 74.43 263.58 72.79 63.24 58.91 78.94 97.06 180.07
Long-Term Debt to EBITDA		 33.72 86.83 101.35 68.36 234.89 66.38 60.14 54.74 77.19 97.71 165.99
Debt to NOPAT		 21.84 194.39 241.01 128.59 92.43 124.10 110.95 108.19 168.02 228.00 811.65
Net Debt to NOPAT		 19.65 184.22 230.79 123.59 88.50 122.27 109.35 104.36 166.23 221.28 800.07
Long-Term Debt to NOPAT		 20.23 191.07 208.12 113.52 78.87 111.51 103.99 96.96 162.54 222.77 737.51
Noncontrolling Interest Sharing Ratio		 1.72% 0.00% 1.97% 2.16% 2.18% 2.23% 2.48% 2.47% 2.53% 2.59% 2.81%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -481 -599 -885 -836 -1,360 -1,739 -1,496 -1,168 -698 -411 -673
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -16.27 -19.63 -23.77 -20.95 -31.42 -34.37 -24.19 -19.62 -11.75 -6.67 -10.41
Operating Cash Flow to Interest Expense		 3.07 -2.09 1.31 0.42 0.61 0.15 0.34 -0.42 0.37 -0.20 -0.57
Operating Cash Flow Less CapEx to Interest Expense		 3.07 -2.09 1.31 0.42 0.61 0.15 0.34 -0.42 0.37 -0.20 -0.57
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.04 0.03 0.03 0.03 0.02 0.03 0.03 0.03 0.02 0.02 0.02
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 4,379 4,640 5,019 5,261 5,758 6,389 6,524 6,436 6,454 6,805 7,193
Invested Capital Turnover		 0.04 0.03 0.03 0.03 0.02 0.03 0.03 0.03 0.02 0.02 0.02
Increase / (Decrease) in Invested Capital		 516 581 888 847 1,378 1,749 1,505 1,176 696 416 669
Enterprise Value (EV)		 0.00 5,172 0.00 0.00 5,687 7,175 0.00 0.00 8,127 7,525 8,170
Market Capitalization		 0.00 2,317 0.00 0.00 2,138 2,941 0.00 0.00 3,976 3,187 3,437
Book Value per Share		 $18.44 $18.31 $17.77 $21.23 $19.14 $18.80 $19.69 $19.82 $19.34 $19.67 $20.05
Tangible Book Value per Share		 $18.44 $18.31 $17.77 $21.23 $19.14 $18.80 $19.69 $19.82 $19.34 $19.67 $20.05
Total Capital		 4,379 4,640 5,019 5,261 5,758 6,389 6,524 6,436 6,454 6,805 7,193
Total Debt		 2,728 2,975 3,360 3,267 3,658 4,247 4,251 4,113 4,131 4,400 4,723
Total Long-Term Debt		 2,528 2,924 2,901 2,884 3,121 3,816 3,984 3,686 3,996 4,298 4,291
Net Debt		 2,455 2,820 3,218 3,140 3,502 4,185 4,189 3,968 4,087 4,270 4,655
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 1.57 -21 -2.55 -3.62 -81 -116 -19 17 -66 -62
Net Nonoperating Obligations (NNO)		 2,728 2,975 3,360 3,267 3,658 4,247 4,251 4,113 4,131 4,400 4,723
Total Depreciation and Amortization (D&A)		 4.05 4.07 4.18 4.00 3.91 3.99 4.35 4.36 4.98 4.36 4.31
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.39 ($0.24) $0.26 $0.14 $0.20 $0.85 $1.08 $0.23 ($0.17) $0.58 $0.47
Adjusted Weighted Average Basic Shares Outstanding		 87.72M 87.50M 91.10M 97.00M 107.72M 101.84M 112.62M 114.33M 116.58M 115.55M 119.38M
Adjusted Diluted Earnings per Share		 $0.38 ($0.21) $0.26 $0.14 $0.20 $0.82 $0.98 $0.23 ($0.17) $0.58 $0.44
Adjusted Weighted Average Diluted Shares Outstanding		 90.76M 90.61M 94.13M 99.99M 109.15M 109.47M 131.00M 114.43M 116.58M 130.50M 137.96M
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		 88.98M 91.01M 91.86M 107.27M 111.30M 112.43M 114.03M 116.75M 118.79M 119.28M 121.45M
Normalized Net Operating Profit after Tax (NOPAT)		 35 -19 3.41 6.77 9.63 10 8.89 7.53 -2.02 4.82 -4.19
Normalized NOPAT Margin		 57.14% 0.00% 10.70% 19.66% 20.69% 28.39% 20.24% 21.51% -8.94% 12.13% -12.98%
Pre Tax Income Margin		 69.55% 0.00% 81.63% 34.62% 35.48% 355.39% 388.55% 106.58% -116.50% 231.73% 254.41%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.44 -0.98 0.10 0.24 0.32 0.28 0.20 0.18 -0.05 0.10 -0.09
NOPAT to Interest Expense		 1.18 -0.61 0.09 0.27 0.42 0.20 0.14 0.13 -0.03 0.08 -0.06
EBIT Less CapEx to Interest Expense		 1.44 -0.98 0.10 0.24 0.32 0.28 0.20 0.18 -0.05 0.10 -0.09
NOPAT Less CapEx to Interest Expense		 1.18 -0.61 0.09 0.27 0.42 0.20 0.14 0.13 -0.03 0.08 -0.06
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 102.83% 315.43% 651.40% 263.68% 376.47% 105.99% 67.70% 68.50% 83.69% 94.42% 143.94%
Augmented Payout Ratio		 102.83% 315.43% 651.40% 263.68% 376.47% 105.99% 67.70% 68.50% 83.69% 94.42% 143.94%

Financials Breakdown Chart

Key Financial Trends

HA Sustainable Infrastructure Capital, Inc. (NYSE: HASI) has shown varied financial performance and capital management trends over the past four years through Q1 2025. Here's an analysis based on key metrics and trends from their income statements, cash flow statements, and balance sheets.

  • Net Income Growth in 2024-2025: HASI's net income attributable to common shareholders rebounded strongly after a downturn in mid-2024, with Q1 2025 net income at $56.6 million compared to losses of approximately -$19.6 million in Q3 2024 and solid gains in prior quarters. This indicates improving profitability.
  • Strong Capital Gains Contribution: Non-interest income from net realized and unrealized capital gains has been a significant contributor to revenues, with $18.7 million in Q1 2025. This reflects effective asset investment strategies bolstering income beyond core operations.
  • Increased Equity Capital: Common stock value on the balance sheet has steadily increased, reaching over $2.64 billion by Q1 2025, indicating successful equity financing and a growing capital base.
  • Rising Total Assets: Total assets increased over the years, reaching approximately $7.48 billion in Q1 2025 from about $4.5 billion in Q3 2022, showing growth and scaling of the company's investment portfolio.
  • Consistent Dividend Payments: HASI has maintained cash dividends per common share around $0.40 to $0.42 quarterly in recent periods, supporting shareholder returns despite some volatility in earnings.
  • Stable Interest Income and Expense: Total interest income has hovered around $60-70 million per quarter, with interest expenses also stable around $50-65 million - net interest income remains positive but relatively small compared to total revenue.
  • Large Investment Securities Holdings: The company maintains substantial trading account securities assets (around $4 billion in Q1 2025) supporting its infrastructure investment model but subject to market risks.
  • Operating Expenses Are Moderating: Salaries, benefits, and other operating expenses have increased with scale but remain within expected growth patterns for the business size, reaching about $34 million in total non-interest expenses in Q1 2025.
  • Volatile Non-Operating Income: Non-operating income fluctuates widely, e.g., $87.9 million in Q1 2025 but negative or lower in prior periods, reflecting sensitivity to market conditions and asset valuation changes.
  • Amortization and Depreciation: Amortization expenses have consistently increased, reflecting growing intangible assets, while depreciation remains a smaller component.
  • Significant Net Cash Outflows from Operations: Several recent quarters show negative net cash from operating activities, e.g., -$37.1 million in Q1 2025 and -$12.2 million in Q4 2024, signaling operational cash pressures that may impact liquidity.
  • Hefty Investment Securities Purchases: The company deploys large capital to purchase investment securities, causing heavy negative cash flow in investing activities (e.g., -$383 million in Q1 2025), which could increase financial risk if market conditions deteriorate.
  • High Leverage and Debt Levels: Long-term debt has risen to approximately $4.29 billion by Q1 2025, with total liabilities at over $5 billion against $2.39 billion in equity. This high leverage exposes the company to interest rate and refinancing risks.
  • Declining Retained Earnings: Retained earnings have been negative and worsening (e.g., -$291 million in Q1 2025), indicating cumulative losses or heavy dividend payouts exceeding net income retained, which may restrict future growth or capital flexibility.
  • Volatile Earnings Per Share (EPS): EPS fluctuated from loss positions in 2024 (e.g., -$0.17 in Q3 2024) to moderate gains around $0.44-$0.47 in Q1 2025, reflecting inconsistent earnings performance that adds uncertainty for investors.

Summary: HA Sustainable Infrastructure Capital has demonstrated capacity to grow assets and equity capital, with profitability improving into 2025 after fluctuations. However, the company faces challenges managing high leverage, volatile operational cash flows, and stretches in retained earnings. Investors should watch cash flow trends and debt management closely amid changing market conditions impacting investment securities valuations.

10/06/25 03:19 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About HA Sustainable Infrastructure Capital's Financials

When does HA Sustainable Infrastructure Capital's financial year end?

According to the most recent income statement we have on file, HA Sustainable Infrastructure Capital's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has HA Sustainable Infrastructure Capital's net income changed over the last 9 years?

HA Sustainable Infrastructure Capital's net income appears to be on an upward trend, with a most recent value of $203.63 million in 2024, rising from $8.03 million in 2015. The previous period was $150.76 million in 2023. See where experts think HA Sustainable Infrastructure Capital is headed by visiting HA Sustainable Infrastructure Capital's forecast page.

How has HA Sustainable Infrastructure Capital's revenue changed over the last 9 years?

Over the last 9 years, HA Sustainable Infrastructure Capital's total revenue changed from $32.29 million in 2015 to $141.23 million in 2024, a change of 337.3%.

How much debt does HA Sustainable Infrastructure Capital have?

HA Sustainable Infrastructure Capital's total liabilities were at $4.68 billion at the end of 2024, a 6.0% increase from 2023, and a 350.6% increase since 2015.

How much cash does HA Sustainable Infrastructure Capital have?

In the past 9 years, HA Sustainable Infrastructure Capital's cash and equivalents has ranged from $6.21 million in 2019 to $286.25 million in 2020, and is currently $129.76 million as of their latest financial filing in 2024.

How has HA Sustainable Infrastructure Capital's book value per share changed over the last 9 years?

Over the last 9 years, HA Sustainable Infrastructure Capital's book value per share changed from 11.19 in 2015 to 19.67 in 2024, a change of 75.8%.


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This page (NYSE:HASI) was last updated on 10/6/2025 by MarketBeat.com Staff
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