# Ameresco, Inc. (AMRC)

> Source: Nexqual · https://nexqual.com/AMRC · data as of 2026-10-15 20:00 UTC · cite as "Nexqual, Ameresco, Inc. (AMRC), nexqual.com/AMRC" · informational, not investment advice.

**Price:** USD 20.09 (-0.10% on the day) · last close of Oct 15, 2026; US market closed, not a live price. Prev close 20.11 · day 19.05–20.17 · 52w 18.38–42.83 · market cap $1.07B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.92B, net income $22.8M (1.2% margin), free cash flow -$82.2M (SEC filings).
- Valuation: P/E 46.7x (avg 27.0x at the last 3 fiscal year-ends), EV/EBITDA 12.2x, net debt $1.82B.
- 1 of 80 tracked superinvestors hold AMRC (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.25 on a 1–5 scale) (12 analysts), mean target USD 41.4 (range 26–62).
- Total return with dividends: 1Y -52.9% vs S&P 500 +18.1%; 5Y -68.1% vs S&P 500 +85.1%.
- Next earnings: 2026-11-09, EPS estimate USD 0.57, revenue estimate $573M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.03B | $1.22B | $1.82B | $1.37B | $1.77B | $1.92B |
| Gross profit | $188M | $230M | $291M | $246M | $256M | — |
| Operating income | $71.5M | $95.4M | $133M | $82.2M | $109M | $125M |
| Net income | $54.1M | $70.5M | $94.9M | $62.5M | $56.8M | $22.8M |
| EPS (diluted) | $1.10 | $1.35 | $1.78 | $1.17 | $1.07 | — |
| Free cash flow | -$105M | -$177M | -$344M | -$75.7M | $113M | -$82.2M |
| Gross margin | 18.2% | 18.9% | 15.9% | 17.9% | 14.5% | — |
| Operating margin | 6.9% | 7.9% | 7.3% | 6.0% | 6.1% | 6.5% |
| Net margin | 5.2% | 5.8% | 5.2% | 4.5% | 3.2% | 1.2% |
| Revenue growth | +19.1% | +17.8% | +50.1% | -24.7% | +28.8% | — |
| Cash + short-term investments | $66.4M | $50.5M | $116M | $79.3M | $109M | — |
| Total debt | $381M | $456M | $900M | $1.49B | $1.63B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 46.7x · P/S 0.6x · EV/EBITDA 12.2x · EV/Sales 1.5x · P/B 0.9x · FCF yield -7.71% · Earnings yield 2.14% · Net debt $1.82B · EV $2.89B
P/E at fiscal year-ends: Dec 2024 22.0x, Dec 2023 27.0x, Dec 2022 32.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold AMRC. Change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.03% | $20.7M | Added +34.9% |

## Analysts
Consensus Buy (mean 2.25 on a 1–5 scale), 12 analysts; mean target USD 41.4 (low 26, high 62).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-27 | Cantor Fitzgerald | Target lowered | Overweight | $44 → $36 |
| 2026-08-18 | Baird | Downgrade | Outperform → Neutral | $36 → $32 |
| 2026-08-05 | UBS | Target raised | Neutral | $28 → $32 |
| 2026-08-04 | BNP Paribas | Upgrade | Neutral → Outperform | $34 → $40 |
| 2026-08-04 | Canaccord Genuity | Target raised | Buy | $59 → $62 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-16) | 5Y (from 2021-10-11) |
|---|---|---|
| Total return | -52.9% | -68.1% |
| S&P 500 (SPY) | +18.1% | +85.1% |
| Per year | -53.0% | -20.4% |
| Volatility (annualized) | 68.1% | 69.9% |
| Max drawdown | -56.6% (Oct 2025→Jul 2026) | -89.8% (Nov 2021→Apr 2025) |

## Peers (Engineering & Construction)
WLDN (Willdan Group, Inc.) USD 71.61 -3.40% · ITG (ITG, Inc.) USD 5.94 -20.80% · BWMN (Bowman Consulting Group Ltd.) USD 42.79 +0.12% · CDLR (Cadeler A/S) USD 21.36 -1.79% · BBCP (Concrete Pumping Holdings, Inc.) USD 9.12 -3.39% · ORN (Orion Group Holdings, Inc.) USD 8.77 -4.15%

## More
Full page: https://nexqual.com/AMRC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt