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Ameresco, Inc. (AMRC) 10-Year Financial Performance & Capital Metrics

AMRC • • Industrial / General
IndustrialsEngineering & ConstructionEnergy & Industrial ConstructionIndustrial Plant Construction
AboutAmeresco, Inc., a clean technology integrator, provides a portfolio of energy efficiency and renewable energy supply solutions in the United States, Canada, and internationally. It offers energy efficiency, infrastructure upgrades, energy security and resilience, asset sustainability, and renewable energy solutions for businesses and organizations. The company operates through U.S. Regions, U.S. Federal, Canada, and Non-Solar Distributed Generation segments. It designs, develops, engineers, and installs projects that reduce the energy, as well as operations and maintenance (O&M) costs of its customers' facilities. The company's projects primarily include various measures customized for the facility and designed to enhance the efficiency of building systems, such as heating, ventilation, cooling, and lighting systems. It also offers renewable energy solutions and services, such as the construction of small-scale plants that the company owns or develops for customers that produce electricity, gas, heat, or cooling from renewable sources of energy and O&M services; and electricity, processed renewable gas fuel, and heat or cooling produced from renewable sources of energy. In addition, the company sells photovoltaic (PV) solar energy products and systems, as well as provides consulting and enterprise energy management services; and owns and operates a wind power project located in Ireland. It serves the federal, state, and local governments, as well as healthcare and educational institutions, airports, public housing authorities and public universities, and commercial and industrial customers. As of December 31, 2021, the company owned and operated 147 small-scale renewable energy plants and solar PV installations. Ameresco, Inc. was founded in 2000 and is headquartered in Framingham, Massachusetts.Show more
  • Revenue $1.77B +28.8%
  • EBITDA $198M +33.6%
  • Net Income $57M -9.1%
  • EPS (Diluted) 1.07 -8.5%
  • Gross Margin 14.47% -19.3%
  • EBITDA Margin 11.18% +3.8%
  • Operating Margin 6.14% +2.7%
  • Net Margin 3.21% -29.4%
  • ROE 5.62% -14.9%
  • ROIC 3.21% +8.8%
  • Debt/Equity 1.63 +2.2%
  • Interest Coverage 1.52 -14.7%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9
  • ✓Momentum leader: RS Rating 87 (top 13%)
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 15.3%

✗Weaknesses

  • ✗Negative free cash flow
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.55%
5Y15.34%
3Y13.34%
TTM12.22%

Profit (Net Income) CAGR

10Y18.51%
5Y5.02%
3Y-6.95%
TTM17.96%

EPS CAGR

10Y17.14%
5Y2.84%
3Y-7.46%
TTM20.2%

ROCE

10Y Avg4.88%
5Y Avg5.19%
3Y Avg4.64%
Latest3.58%

Peer Comparison

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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
AGXArgan, Inc.4.57B329.6653.6052.47%13.11%28.57%3.52%0.01
AMRCAmeresco, Inc.1.09B31.3229.2728.76%3.34%5.75%1.63
KBRKBR, Inc.5.71B44.9816.0611.3%4.71%25.87%6.74%1.95
FLRFluor Corporation7B43.443.535.43%25.35%69.19%9.48%0.28
SUNESUNation Energy Inc.3.61M1.06-0.00-28.59%-33.82%-93.5%2.39
FGLFounder Group Limited Ordinary Shares2.68M0.15-2.18-38.98%-5.7%-32.28%2.09
MTRXMatrix Service Company381.37M13.56-12.795.64%-2.93%-17.54%28.79%0.15

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+630.83M651.23M717.15M787.14M866.93M1.03B1.22B1.82B1.37B1.77B
Revenue Growth %0.06%0.03%0.1%0.1%0.1%0.19%0.18%0.5%-0.25%0.29%
Cost of Goods Sold+513.77M516.88M572.99M613.53M698.82M844.73M985.34M1.53B1.13B1.51B
COGS % of Revenue0.81%0.79%0.8%0.78%0.81%0.82%0.81%0.84%0.82%0.86%
Gross Profit+117.06M134.34M144.16M173.61M168.12M187.55M230.36M290.83M246.43M256.09M
Gross Margin %0.19%0.21%0.2%0.22%0.19%0.18%0.19%0.16%0.18%0.14%
Gross Profit Growth %0%0.15%0.07%0.2%-0.03%0.12%0.23%0.26%-0.15%0.04%
Operating Expenses+110.01M110.57M107.57M114.51M116.5M116.05M134.92M157.84M164.21M147.35M
OpEx % of Revenue0.17%0.17%0.15%0.15%0.13%0.11%0.11%0.09%0.12%0.08%
Selling, General & Admin110.01M110.57M107.57M114.51M116.5M116.05M132.9M159.49M162.14M173.76M
SG&A % of Revenue0.17%0.17%0.15%0.15%0.13%0.11%0.11%0.09%0.12%0.1%
Research & Development528K238K128K47K000000
R&D % of Revenue0%0%0%0%------
Other Operating Expenses0000002.02M-1.65M2.07M-26.41M
Operating Income+7.06M23.78M36.59M59.1M51.61M71.5M95.43M132.99M82.22M108.75M
Operating Margin %0.01%0.04%0.05%0.08%0.06%0.07%0.08%0.07%0.06%0.06%
Operating Income Growth %-0.46%2.37%0.54%0.62%-0.13%0.39%0.33%0.39%-0.38%0.32%
EBITDA+31.38M48.53M62.08M89.63M91.05M113.54M142.01M187.27M148.13M197.96M
EBITDA Margin %0.05%0.07%0.09%0.11%0.11%0.11%0.12%0.1%0.11%0.11%
EBITDA Growth %-0.13%0.55%0.28%0.44%0.02%0.25%0.25%0.32%-0.21%0.34%
D&A (Non-Cash Add-back)24.32M24.75M25.49M30.53M39.44M42.04M46.58M54.28M65.91M89.21M
EBIT7.06M23.78M37.35M57.42M52.62M74.54M95.35M136.35M84.48M105.59M
Net Interest Income+-4.76M-7.68M-9.16M-15.03M-16.07M-18.11M-17.21M-30.63M-46.21M-71.65M
Interest Income0000000000
Interest Expense3.73M6.51M9.16M15.03M16.07M18.11M17.21M30.63M46.21M71.65M
Other Income/Expense-6.76M-7.41M-7.87M-16.71M-15.06M-15.07M-17.29M-27.27M-43.95M-74.81M
Pretax Income+292K16.37M28.72M42.39M36.55M56.43M78.14M105.72M38.27M33.94M
Pretax Margin %0%0.03%0.04%0.05%0.04%0.05%0.06%0.06%0.03%0.02%
Income Tax+2.84M4.37M-4.79M4.81M-3.75M-494K-2.05M7.17M-25.64M-20M
Effective Tax Rate %10.2%0.74%1.31%0.9%1.22%0.96%0.9%0.9%1.63%1.67%
Net Income+2.98M12.03M37.49M37.98M44.44M54.05M70.46M94.93M62.47M56.76M
Net Margin %0%0.02%0.05%0.05%0.05%0.05%0.06%0.05%0.05%0.03%
Net Income Growth %-0.71%3.04%2.12%0.01%0.17%0.22%0.3%0.35%-0.34%-0.09%
Net Income (Continuing)-4.68M12M33.51M37.58M40.3M56.92M80.19M98.55M63.9M53.94M
Discontinued Operations0000000000
Minority Interest490K6.85M10.34M14.72M31.62M38.85M46.18M95.63M70.78M34.39M
EPS (Diluted)+0.020.260.820.810.931.101.351.781.171.07
EPS Growth %-0.91%12%2.15%-0.01%0.15%0.18%0.23%0.32%-0.34%-0.09%
EPS (Basic)0.020.260.820.830.951.131.381.831.201.08
Diluted Shares Outstanding47.66M46.49M45.75M46.83M47.77M49.01M52.27M53.28M53.23M53.14M
Basic Shares Outstanding46.49M46.41M45.51M45.73M46.59M47.7M50.85M51.84M52.14M52.38M
Dividend Payout Ratio----------

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+263.7M226.06M287.08M310.97M425.19M490.71M638.59M1B1.13B1.3B
Cash & Short-Term Investments21.64M20.61M24.26M61.4M33.22M66.42M50.45M115.53M79.27M108.52M
Cash Only21.64M20.61M24.26M61.4M33.22M66.42M50.45M115.53M79.27M108.52M
Short-Term Investments0000000000
Accounts Receivable185.31M160.14M213.51M191.64M315.08M341.16M516.47M796.17M829.13M942.59M
Days Sales Outstanding107.2289.75108.6788.86132.66120.63155.06159.29220.15194.38
Inventory13.22M12.1M8.14M7.76M9.24M8.57M8.81M14.22M13.64M11.56M
Days Inventory Outstanding9.398.555.184.624.823.713.263.384.412.79
Other Current Assets31.77M21.48M27.13M38.6M40.52M47.7M37.48M75.42M206.44M238.47M
Total Non-Current Assets+465.05M571.22M696.87M850.66M948.82M1.26B1.59B1.88B2.59B2.86B
Property, Plant & Equipment249.64M324.78M361.75M466.94M622.36M777.51M911.63M1.24B1.77B2.01B
Fixed Asset Turnover2.53x2.01x1.98x1.69x1.39x1.33x1.33x1.48x0.78x0.88x
Goodwill59.09M57.98M56.13M58.33M58.41M58.71M71.16M70.63M75.59M66.31M
Intangible Assets6.77M3.93M2.44M2M1.61M927K6.96M4.69M6.81M8.81M
Long-Term Investments127.1M149.17M248.33M289.65M1.31M1.19M0000
Other Non-Current Assets18.45M26.33M27.64M29.39M265.13M425.06M592.78M561.64M711.09M719.23M
Total Assets+728.74M797.28M983.95M1.16B1.37B1.75B2.22B2.88B3.71B4.16B
Asset Turnover0.87x0.82x0.73x0.68x0.63x0.59x0.55x0.63x0.37x0.43x
Asset Growth %0.16%0.09%0.23%0.18%0.18%0.28%0.27%0.29%0.29%0.12%
Total Current Liabilities+179.72M190.6M202.14M222.63M336.65M383.1M474.22M812.07M901.47M889.01M
Accounts Payable114.76M126.58M135.88M134.33M202.42M230.92M308.96M349.13M402.75M529.34M
Days Payables Outstanding81.5389.3986.5679.92105.7299.78114.4583.09130.3127.63
Short-Term Debt13.43M19.29M22.38M26.89M64.97M65.09M78.93M331.48M322.25M149.36M
Deferred Revenue (Current)1000K1000K1000K1000K001000K1000K1000K1000K
Other Current Liabilities000029.61M36.73M0000
Current Ratio1.47x1.19x1.42x1.40x1.26x1.28x1.35x1.23x1.25x1.46x
Quick Ratio1.39x1.12x1.38x1.36x1.24x1.26x1.33x1.22x1.24x1.45x
Cash Conversion Cycle35.098.9127.313.5731.7624.5643.8879.5894.2769.54
Total Non-Current Liabilities+259.48M312.37M445.19M562.13M576.89M839.36M1B1.15B1.84B2.22B
Long-Term Debt105.79M140.59M173.24M219.16M494.87M743.15M377.18M568.63M1.17B1.48B
Capital Lease Obligations000052.6M54.53M35.13M31.7M42.26M59.48M
Deferred Tax Liabilities4.01M9.04M584K4.35M003.87M9.18M4.48M2.22M
Other Non-Current Liabilities19.34M22M29.09M43.93M29.42M41.67M43.18M49.49M82.71M114.45M
Total Liabilities439.2M502.98M647.33M784.76M913.54M1.22B1.47B1.96B2.74B3.11B
Total Debt+119.22M159.88M195.61M246.05M623.24M873.15M497.53M937.65M1.55B1.7B
Net Debt97.58M139.28M171.35M184.66M590.02M806.73M447.08M822.11M1.47B1.59B
Debt / Equity0.41x0.53x0.56x0.63x1.35x1.64x0.66x1.02x1.59x1.63x
Debt / EBITDA3.80x3.29x3.15x2.75x6.84x7.69x3.50x5.01x10.45x8.60x
Net Debt / EBITDA3.11x2.87x2.76x2.06x6.48x7.11x3.15x4.39x9.92x8.06x
Interest Coverage1.89x3.65x3.99x3.93x3.21x3.95x5.55x4.34x1.78x1.52x
Total Equity+290.03M301.15M346.96M391.59M460.47M531.66M750.45M919.65M972.75M1.05B
Equity Growth %0.01%0.04%0.15%0.13%0.18%0.15%0.41%0.23%0.06%0.08%
Book Value per Share6.086.487.588.369.6410.8514.3617.2618.2819.71
Total Shareholders' Equity289.54M294.31M336.62M376.88M428.86M492.81M704.26M824.03M901.98M1.01B
Common Stock5K5K5K5K5K5K5K5K5K5K
Retained Earnings184.45M194.35M235.84M269.81M314.46M368.39M438.73M533.55M595.91M652.56M
Treasury Stock0-6.39M-9.8M-11.64M-11.78M-11.79M-11.79M-11.79M-11.79M-11.79M
Accumulated OCI-5.23M-6.59M-5.63M-5.95M-7.51M-9.29M-6.67M-4.05M-3.04M-5.87M
Minority Interest490K6.85M10.34M14.72M31.62M38.85M46.18M95.63M70.78M34.39M

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-49.54M-58.07M-136.56M-53.2M-196.29M-102.58M-172.3M-338.29M-69.99M117.6M
Operating CF Margin %-0.08%-0.09%-0.19%-0.07%-0.23%-0.1%-0.14%-0.19%-0.05%0.07%
Operating CF Growth %-196.03%-0.17%-1.35%0.61%-2.69%0.48%-0.68%-0.96%0.79%2.68%
Net Income-2.55M12M33.51M37.58M40.3M56.92M80.19M98.55M63.9M56.76M
Depreciation & Amortization24.32M24.75M25.49M30.53M39.44M42.04M46.58M54.28M65.91M89.54M
Stock-Based Compensation1.77M1.46M1.29M1.26M1.62M1.93M8.72M15.05M10.32M14.13M
Deferred Taxes1.95M2.87M-4.53M5.52M-3.35M3.4M-4.76M3.92M-27.6M-24.32M
Other Non-Cash Items6.99M6.13M-83K4.8M-1.21M4.97M4.99M4.54M2.7M-25.14M
Working Capital Changes-82.02M-105.28M-192.24M-132.88M-273.1M-211.85M-308M-514.62M-185.22M6.62M
Change in Receivables-8.3M-8.13M3.15M13.55M-11.87M-244.9M-391.75M-523.93M-216.6M-215.19M
Change in Inventory-4.33M1.12M3.97M373K-1.47M660K-232K-5.41M581K2.08M
Change in Payables26.27M-2.24M19.65M2.94M43.53M29.05M83.47M36.16M53.24M143.78M
Cash from Investing+-51.83M-79.62M-88.75M-133.21M-142.22M-181.01M-205.26M-328.36M-566.94M-386.64M
Capital Expenditures-52.68M-76.04M-89.11M-129.62M-140.63M-182.76M-183.78M-327.9M-551.77M-438.35M
CapEx % of Revenue0.08%0.12%0.12%0.16%0.16%0.18%0.15%0.18%0.4%0.25%
Acquisitions----------
Investments----------
Other Investing854K-73.23M-86.26M-125.67M-135.25M1.87M774K-459K-565K-5.21M
Cash from Financing+100.7M137.3M228.79M224.51M317.42M305.17M365.46M730.23M640.8M313.94M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing76.54M98.83M175.58M170.38M228.76M259.74M165.66M285.71M143.36M185.91M
Net Change in Cash----------
Free Cash Flow+-102.22M-134.11M-225.67M-182.82M-336.92M-285.34M-356.07M-666.19M-621.76M-320.75M
FCF Margin %-0.16%-0.21%-0.31%-0.23%-0.39%-0.28%-0.29%-0.37%-0.45%-0.18%
FCF Growth %-2.63%-0.31%-0.68%0.19%-0.84%0.15%-0.25%-0.87%0.07%0.48%
FCF per Share-2.14-2.88-4.93-3.90-7.05-5.82-6.81-12.50-11.68-6.04
FCF Conversion (FCF/Net Income)-16.64x-4.83x-3.64x-1.40x-4.42x-1.90x-2.45x-3.56x-1.12x2.07x
Interest Paid5.54M7.22M11.68M15.56M17.47M20.14M18.78M32.95M80.25M80.25M
Taxes Paid1.44M3.48M5.78M2.26M3.9M1.47M2.67M7.28M3.83M4.46M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)1.03%4.07%11.57%10.29%10.43%10.9%10.99%11.37%6.6%5.62%
Return on Invested Capital (ROIC)1.41%4.31%5.72%8.1%4.76%4.49%5.64%6.79%2.95%3.21%
Gross Margin18.56%20.63%20.1%22.06%19.39%18.17%18.95%15.94%17.93%14.47%
Net Margin0.47%1.85%5.23%4.83%5.13%5.24%5.8%5.2%4.54%3.21%
Debt / Equity0.41x0.53x0.56x0.63x1.35x1.64x0.66x1.02x1.59x1.63x
Interest Coverage1.89x3.65x3.99x3.93x3.21x3.95x5.55x4.34x1.78x1.52x
FCF Conversion-16.64x-4.83x-3.64x-1.40x-4.42x-1.90x-2.45x-3.56x-1.12x2.07x
Revenue Growth6.34%3.23%10.12%9.76%10.14%19.07%17.77%50.07%-24.65%28.76%

Revenue by Segment

2015201620172018201920202021202220232024
Project Revenue------903.96M1.48B1B1.34B
Project Revenue Growth-------63.86%-32.40%33.70%
Energy Assets Revenue------151.25M126.09M178.89M213.34M
Energy Assets Revenue Growth--------16.64%41.87%19.26%
Other Revenue------40.67M96.1M56.22M111.43M
Other Revenue Growth-------136.29%-41.50%98.20%
Operations And Maintenance Revenue------78.61M84.97M92.48M106.47M
Operations And Maintenance Revenue Growth-------8.08%8.85%15.12%
Other U.S Regions-----347.14M----
Other U.S Regions Growth----------
U.S Federal-----327.63M----
U.S Federal Growth----------
Others-----31.25M----
Others Growth----------
Small Scale Infrastructure-----21.88M----
Small Scale Infrastructure Growth----------
Projects434.38M454.2M506.55M-611.06M-----
Projects Growth-4.56%11.53%-------
Generating Assets55.13M64.88M69.24M-98.04M-----
Generating Assets Growth-17.69%6.72%-------
Operations and Maintenance59.12M63.08M60.57M-66.71M-----
Operations and Maintenance Growth-6.71%-3.98%-------
Integrated PV40.07M29.32M38.8M-47.95M-----
Integrated PV Growth--26.82%32.30%-------
All Other42.13M39.74M41.99M39.72M43.16M-----
All Other Growth--5.69%5.67%-5.40%8.66%-----

Revenue by Geography

2015201620172018201920202021202220232024
UNITED STATES567.82M588.79M665.79M--955.44M1.13B1.71B1.16B1.45B
UNITED STATES Growth-3.69%13.08%---17.87%52.05%-32.15%24.54%
Europe--------149.49M250.68M
Europe Growth---------67.69%
CANADA48.97M49.71M42.19M--45.09M45.78M53.46M63.37M72.37M
CANADA Growth-1.51%-15.13%---1.54%16.77%18.53%14.21%
Other Countries14.05M12.73M9.17M15.66M16.5M31.75M43.77M58.63M--
Other Countries Growth--9.39%-27.94%70.74%5.33%92.46%37.87%33.95%--

Frequently Asked Questions

Valuation & Price

Ameresco, Inc. (AMRC) has a price-to-earnings (P/E) ratio of 29.3x. This suggests investors expect higher future growth.

Growth & Financials

Ameresco, Inc. (AMRC) reported $1.88B in revenue for fiscal year 2024. This represents a 159% increase from $728.2M in 2011.

Ameresco, Inc. (AMRC) grew revenue by 28.8% over the past year. This is strong growth.

Yes, Ameresco, Inc. (AMRC) is profitable, generating $63.0M in net income for fiscal year 2024 (3.2% net margin).

Dividend & Returns

Ameresco, Inc. (AMRC) has a return on equity (ROE) of 5.6%. This is below average, suggesting room for improvement.

Ameresco, Inc. (AMRC) had negative free cash flow of $294.8M in fiscal year 2024, likely due to heavy capital investments.

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