HA Sustainable Infrastructure Capital Inc. Common Stock (HASI)

FairStock Score: 34/100 — RISKY

Key Financials

AI Analysis

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

Viewed through a Graham-and-Buffett lens, HA Sustainable Infrastructure Capital is a specialist investor in renewable energy and energy-efficiency projects. The business has a real tailwind and a five-year record that FairStock classifies as a Lynch STALWART: profit growth of 17.5% a year and revenue growth of 16.5% over five years. Filed figures show revenue of $319.9M in fiscal year 2023, the year ended 2023-12-31; $383.6M in fiscal year 2024, the year ended 2024-12-31; and $400.5M in fiscal year 2025, the year ended 2025-12-31. Profit has not followed smoothly: net income was $148.8M, $200.0M, and $184.5M in those same years, and diluted EPS was $1.42, $1.62, and $1.41. Recent quarters are volatile: in fiscal Q1 2026, the quarter ended 2026-03-31, HASI lost $72.0M, or $0.57 per diluted share; in fiscal Q2 2026, the quarter ended 2026-06-30, it earned $128.6M, or $0.92 per diluted share, on $120.8M of revenue. Quality metrics are weak: FairStock shows ROE of 3.37%, ROCE of 1.07%, D/E of 2.23, and an Altman Z-Score of 0.81. The dividend yield is 4.63%, but TTM FCF is $208.5M and FCF yield is 4.4%, so coverage is not lush. Valuation is the rub. At the 2026-10-13 close of $36.92, FairStock's P/E is 56.8 and P/B is 1.85. Its Graham Number is $17.05, implying the price is 116.54% above that calculated value. FairStock Score 34/100 and Piotroski 5/9 suggest a mixed picture. I would want evidence that the fiscal Q2 2026 profit is durable, leverage is falling, and FCF covers the dividend before calling this a bargain.

In plain English: HA Sustainable Infrastructure Capital invests in renewable energy and energy-efficiency projects, mainly by holding loans, debt and equity stakes. The business has grown revenue, but profits have been uneven and the balance sheet carries a lot of debt. At the recent price, the shares look expensive compared with the company's recent earnings and accounting 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) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

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