Ameresco Inc. Class A Common Stock (AMRC)

FairStock Score: 26/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor, I start with the business and the price. Ameresco provides energy efficiency and renewable energy solutions, but the filed numbers show modest profitability and heavy cash use. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $515.5M and net income $9.7M, or $0.18 per diluted share. That was higher revenue than fiscal Q2 2025, the quarter ended 2025-06-30, when revenue was $472.3M, but net income fell from $12.9M and diluted EPS from $0.24. Fiscal Q1 2026, the quarter ended 2026-03-31, lost $18.3M, or $0.35 per diluted share. Longer term, FY2024 net income was $56.8M and diluted EPS $1.07, down from FY2023 net income $62.5M and EPS $1.17, and well below FY2022 net income $94.9M and EPS $1.78. The trend is not one of improving owner earnings. FairStock's calculations at the 2026-10-13 close of $20.89 show a P/E of 39.42, P/B of 0.90, ROE of 4.32%, ROCE of 1.90%, and a debt-to-equity ratio of 1.90. Free cash flow is -$464.7M over the trailing twelve months, a -41.3% FCF yield, and FairStock's Altman Z-Score is 0.70. Those are not the marks of a fortress balance sheet. The Graham Number is $16.67, so the price carries a negative 25.31% margin of safety. FairStock's rules call it an ASSET PLAY because it trades at 0.90x book. Cheap assets can be a starting point, but without durable returns and cash generation, book value may be worth less than it appears. I see a speculative asset situation, not a high-quality compounder.

In plain English: Ameresco designs and installs energy-saving and renewable-energy projects for businesses and government organizations. Sales grew in the latest quarter compared with a year earlier, but profits are thin and the company is burning cash, so the business looks financially strained. At the 2026-10-13 close of $20.89, the stock looks mixed: it trades below the value of its assets minus debts, but above a simple earnings-based value.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31) · FY2022 10-K (period ended 2022-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer