HA Sustainable Infrastructure Capital, Inc. (HASI) Financial Ratios
15 years of historical data (2011–2025) · Financial Services · Financial - Diversified
EV/EBITDA
↓
37.30
↓-26% vs avg
5yr avg: 50.17
30Y Low28.3·High79.2
P/FCF
↓
22.02
↓-99% vs avg
5yr avg: 2482.89
30Y Low13.5·High103.4
P/B Ratio
↓
2.03
+12% vs avg
5yr avg: 1.81
30Y Low1.1·High3.9
ROE
↓
7.3%
↓+2% vs avg
5yr avg: 7.1%
30Y Low-31%·High21%
Debt/EBITDA
↑
19.08
↓-27% vs avg
5yr avg: 26.13
30Y Low14.9·High48.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
HASI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
HA Sustainable Infrastructure Capital, Inc. trades at 27.7x earnings, 12% below its 5-year average of 31.6x, sitting at the 42nd percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a premium of 104%. On a free-cash-flow basis, the stock trades at 22.0x P/FCF, 99% below the 5-year average of 2482.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.0B | $4.3B | $3.5B | $3.0B | $2.6B | $4.7B | $4.7B | $2.1B | $1.0B | $1.2B | $765M |
| Enterprise Value | $9.9B | $9.3B | $7.8B | $7.2B | $5.4B | $6.9B | $6.6B | $3.5B | $2.2B | $2.6B | $1.7B |
| P/E Ratio → | 27.70 | 22.29 | 16.56 | 19.42 | 64.40 | 35.18 | 57.66 | 25.95 | 25.40 | 42.21 | 59.34 |
| P/S Ratio | 12.46 | 10.84 | 5.54 | 6.55 | 9.69 | 13.71 | 20.09 | 10.13 | 6.22 | 9.45 | 8.76 |
| P/B Ratio | 2.03 | 1.63 | 1.46 | 1.41 | 1.58 | 2.97 | 3.90 | 2.22 | 1.25 | 1.89 | 1.33 |
| P/FCF | 22.02 | 19.16 | 598.32 | 30.29 | 11416.78 | 349.92 | 64.37 | 70.68 | 17.10 | 103.41 | 13.46 |
| P/OCF | 22.02 | 19.16 | 598.32 | 30.29 | 11416.78 | 349.92 | 64.37 | 70.68 | 17.10 | 103.41 | 13.46 |
P/E links to full P/E history page with 30-year chart
HASI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
HA Sustainable Infrastructure Capital, Inc.'s enterprise value stands at 37.3x EBITDA, 26% below its 5-year average of 50.2x. The Financial Services sector median is 11.4x, placing the stock at a 227% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 23.16 | 12.31 | 15.63 | 20.09 | 20.39 | 28.19 | 16.87 | 13.78 | 20.14 | 19.60 |
| EV / EBITDA | 37.30 | 34.87 | 28.28 | 38.83 | 102.19 | 46.69 | 79.23 | 37.08 | 45.92 | 72.82 | 75.86 |
| EV / EBIT | 37.41 | 16.39 | 28.38 | 39.50 | 110.47 | 47.91 | 82.77 | 38.56 | 50.65 | 80.92 | 114.86 |
| EV / FCF | — | 40.90 | 1327.94 | 72.26 | 23675.79 | 520.24 | 90.34 | 117.71 | 37.86 | 220.44 | 30.10 |
HASI Profitability
Margins and return-on-capital ratios measuring operating efficiency
HA Sustainable Infrastructure Capital, Inc. earns an operating margin of 66.2%, significantly above the Financial Services sector average of 20.3%. Operating margins have expanded from 39.6% to 66.2% over the past 3 years, signaling improving operational efficiency. ROE of 7.3% is modest, trailing the sector median of 9.0%. ROIC of 2.7% represents below-average returns on invested capital versus a sector median of 5.5%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 99.6% | 99.6% | 61.6% | 62.9% | 57.4% | 64.2% | 60.8% | 68.8% | 52.4% | 49.0% | 48.2% |
| Operating Margin | 66.2% | 66.2% | 43.4% | 39.6% | 18.2% | 42.6% | 34.1% | 43.7% | 27.2% | 24.9% | 17.1% |
| Net Profit Margin | 46.1% | 46.1% | 31.7% | 32.3% | 15.3% | 37.3% | 35.1% | 39.6% | 25.7% | 24.1% | 16.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.3% | 7.3% | 8.8% | 7.8% | 2.6% | 9.1% | 7.7% | 9.4% | 5.7% | 5.1% | 2.9% |
| ROA | 2.4% | 2.4% | 2.9% | 2.6% | 0.9% | 3.3% | 2.8% | 3.6% | 1.9% | 1.5% | 0.9% |
| ROIC | 2.7% | 2.7% | 3.1% | 2.5% | 0.8% | 2.9% | 2.1% | 3.1% | 1.6% | 1.3% | 0.8% |
| ROCE | 3.5% | 3.5% | 4.2% | 3.3% | 1.1% | 3.9% | 2.8% | 4.0% | 2.0% | 1.6% | 0.9% |
HASI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
HA Sustainable Infrastructure Capital, Inc. carries a Debt/EBITDA ratio of 19.1x, which is highly leveraged (348% above the sector average of 4.3x). Net debt stands at $4.9B ($5.1B total debt minus $145M cash). Interest coverage of just 1.9x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.91 | 1.91 | 1.83 | 1.98 | 1.79 | 1.59 | 1.81 | 1.48 | 1.54 | 2.22 | 1.70 |
| Debt / EBITDA | 19.08 | 19.08 | 16.01 | 22.90 | 55.84 | 16.81 | 26.20 | 14.88 | 25.62 | 40.27 | 43.25 |
| Net Debt / Equity | — | 1.86 | 1.78 | 1.95 | 1.69 | 1.45 | 1.57 | 1.48 | 1.52 | 2.13 | 1.65 |
| Net Debt / EBITDA | 18.54 | 18.54 | 15.54 | 22.56 | 52.91 | 15.28 | 22.77 | 14.81 | 25.18 | 38.66 | 41.94 |
| Debt / FCF | — | 21.75 | 729.63 | 41.98 | 12259.02 | 170.32 | 25.96 | 47.03 | 20.76 | 117.02 | 16.64 |
| Interest Coverage | 1.94 | 1.94 | 1.13 | 1.07 | 0.43 | 1.19 | 0.87 | 1.40 | 0.57 | 0.49 | 0.33 |
HASI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
HA Sustainable Infrastructure Capital, Inc.'s current ratio of 255.93x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 19.42x to 255.93x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 255.93 | 255.93 | 11.25 | 19.42 | 18.57 | 18.82 | 25.03 | 21.45 | 29.10 | 43.56 | 42.49 |
| Quick Ratio | 255.93 | 255.93 | 11.25 | 19.42 | 18.57 | 18.82 | 25.03 | 21.45 | 29.10 | 43.56 | 42.49 |
| Cash Ratio | 9.68 | 9.68 | 0.47 | 0.38 | 1.30 | 2.55 | 4.78 | 0.11 | 0.62 | 2.33 | 1.17 |
| Asset Turnover | — | 0.05 | 0.09 | 0.07 | 0.06 | 0.08 | 0.07 | 0.09 | 0.07 | 0.06 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
HASI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
HA Sustainable Infrastructure Capital, Inc. returns 4.1% to shareholders annually — split between a 3.9% dividend yield and 0.2% buyback yield. The payout ratio exceeds 100% at 113.7%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 3.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.9% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 113.7% | 113.7% | 96.1% | 107.4% | 318.5% | 89.7% | 121.2% | 105.9% | 170.7% | 221.1% | 337.7% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.6% | 4.5% | 6.0% | 5.1% | 1.6% | 2.8% | 1.7% | 3.9% | 3.9% | 2.4% | 1.7% |
| FCF Yield | 4.5% | 5.2% | 0.2% | 3.3% | 0.0% | 0.3% | 1.6% | 1.4% | 5.8% | 1.0% | 7.4% |
| Buyback Yield | 0.2% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 4.1% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $138M | $131M | $109M | $91M | $88M | $74M | $65M | $53M | $50M | $40M |
Peer Comparison
Compare HASI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 HASIYou | $5B | 27.7 | 37.3 | 22.0 | 99.6% | 66.2% | 7.3% | 2.7% | 19.1 |
 CSWC | $1B | 12.1 | 12.9 | — | 94.3% | 76.9% | 11.9% | 7.1% | 5.8 |
 ARCC | $13B | 9.7 | 12.8 | 11.3 | 75.7% | 69.7% | 9.4% | 5.7% | 7.3 |
 GBDC | $3B | 8.7 | 11.8 | — | 81.5% | 78.9% | 9.4% | 5.9% | 7.1 |
 TPVG | $203M | 4.1 | 8.6 | — | 83.5% | 77.9% | 14.1% | 7.2% | 6.2 |
 BEP | $11B | -522.8 | 13.2 | — | 16.8% | 13.4% | -0.1% | 0.9% | 10.7 |
 CWEN | $8B | 26.4 | 16.1 | 20.8 | 15.2% | 12.3% | 2.9% | 0.9% | 9.6 |
 NEE | $181B | 26.4 | 17.8 | — | 62.8% | 30.1% | 10.7% | 4.1% | 6.2 |
 ENPH | $7B | 40.5 | 31.2 | 71.8 | 46.6% | 11.2% | 17.9% | 6.8% | 5.1 |
 SEDG | $4B | -8.4 | — | 43.7 | 15.3% | -24.1% | -74.7% | -29.5% | — |
 FSLR | $28B | 18.1 | 11.5 | 23.3 | 40.6% | 32.3% | 17.4% | 17.6% | 0.2 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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HASI — Frequently Asked Questions
Quick answers to the most common questions about buying HASI stock.
What is HA Sustainable Infrastructure Capital, Inc.'s P/E ratio?
HA Sustainable Infrastructure Capital, Inc.'s current P/E ratio is 27.7x. The historical average is 41.0x. This places it at the 42th percentile of its historical range.
What is HA Sustainable Infrastructure Capital, Inc.'s EV/EBITDA?
HA Sustainable Infrastructure Capital, Inc.'s current EV/EBITDA is 37.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 53.0x.
What is HA Sustainable Infrastructure Capital, Inc.'s ROE?
HA Sustainable Infrastructure Capital, Inc.'s return on equity (ROE) is 7.3%. The historical average is 3.4%.
Is HASI stock overvalued?
Based on historical data, HA Sustainable Infrastructure Capital, Inc. is trading at a P/E of 27.7x. This is at the 42th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is HA Sustainable Infrastructure Capital, Inc.'s dividend yield?
HA Sustainable Infrastructure Capital, Inc.'s current dividend yield is 3.89% with a payout ratio of 113.7%.
What are HA Sustainable Infrastructure Capital, Inc.'s profit margins?
HA Sustainable Infrastructure Capital, Inc. has 99.6% gross margin and 66.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does HA Sustainable Infrastructure Capital, Inc. have?
HA Sustainable Infrastructure Capital, Inc.'s Debt/EBITDA ratio is 19.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.