HA Sustainable Infrastructure Capital, Inc. (HASI) Stock Price & Analysis
HA Sustainable Infrastructure Capital, Inc. (HASI) closed at USD 36.82 on Wednesday, October 28, 2026, down 0.94% on the day. The US market is currently closed; this is not a live price.
The prior close was USD 37.17; the Oct 28, 2026 session ranged USD 36.66–37.12 on volume of 749,775 shares. Market capitalization is $4.73B, with a 52-week range of USD 27.28–44.13 (NYQ). Source: Nexqual, retrieved October 29, 2026 at 07:10 UTC.
Also available as compact Markdown for AI agents: nexqual.com/HASI.md
Key facts (HASI)
- Last four reported quarters (through Jun 30, 2026): revenue $463M, net income $86.2M (18.6% margin) (SEC filings).
- Valuation: P/E 54.9x (avg 20.4x at the last 3 fiscal year-ends), net debt $155M.
- Analysts: Buy (mean 1.93 on a 1–5 scale) (15 analysts), mean target USD 49.29 (range 43–60).
- Total return with dividends: 1Y +37.2% vs S&P 500 +13.6%; 5Y -20.8% vs S&P 500 +79.8%.
- Next earnings: 2026-11-05, EPS estimate USD 0.73, revenue estimate $111M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (HASI)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $213M | $240M | $320M | $384M | $401M | $463M |
| Net income | $127M | $41.5M | $149M | $200M | $185M | $86.2M |
| EPS (diluted) | $1.51 | $0.47 | $1.42 | $1.62 | $1.41 | — |
| Net margin | 59.4% | 17.3% | 46.5% | 52.1% | 46.1% | 18.6% |
| Revenue growth | +14.0% | +12.5% | +33.4% | +19.9% | +4.4% | — |
| Cash + short-term investments | $226M | $156M | $62.6M | $130M | $110M | — |
| Total debt | $480M | $433M | $640M | $720M | $629M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (HASI)
P/E 54.9x · P/S 10.2x · EV/Sales 10.6x · P/B 1.8x · Earnings yield 1.82% · Dividend yield (paid, TTM) 4.65% · Net debt $155M · EV $4.89B
P/E at fiscal year-ends: Dec 2025 23.5x, Dec 2024 17.5x, Dec 2023 20.3x.
Analysts (HASI)
Consensus Buy (mean 1.93 on a 1–5 scale), 15 analysts; mean target USD 49.29 (low 43, high 60).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | JP Morgan | Target lowered | Overweight | $51 → $45 |
| 2026-09-09 | Mizuho | Target raised | Outperform | $41 → $50 |
| 2026-09-04 | UBS | Downgrade | Buy → Neutral | $51 → $44 |
| 2026-08-18 | Morgan Stanley | Target raised | Overweight | $57 → $60 |
| 2026-08-07 | UBS | Target raised | Buy | $50 → $51 |
| 2026-08-07 | JP Morgan | Target raised | Overweight | $50 → $51 |
Total return (dividends reinvested) (HASI)
| 1Y (from 2025-10-29) | 5Y (from 2021-10-25) | |
|---|---|---|
| Total return | +37.2% | -20.8% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +37.4% | -4.5% |
| Volatility (annualized) | 29.4% | 50.4% |
| Max drawdown | -17.0% (May 2026→Sep 2026) | -75.1% (Nov 2021→Oct 2023) |
HASI earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 6, 2026 | Quarter ended Jun 30, 2026 | $0.75 | $0.73 | Beat +2.7% | +6.6% |
| May 7, 2026 | Quarter ended Mar 31, 2026 | $0.77 | $0.69 | Beat +11.6% | -5.2% |
| Feb 12, 2026 | Quarter ended Dec 31, 2025 | $0.67 | $0.66 | Beat +1.5% | +6.7% |
| Nov 6, 2025 | Quarter ended Sep 30, 2025 | $0.80 | $0.69 | Beat +15.9% | +10.7% |
| Aug 7, 2025 | — | — | — | — | +5.2% |
| May 7, 2025 | — | — | — | — | +0.3% |
| Feb 13, 2025 | — | — | — | — | +0.9% |
| Nov 7, 2024 | — | — | — | — | -11.3% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).
HASI recent SEC filings (last 120 days)
| Filed | Form | What it says |
|---|---|---|
| Aug 13, 2026 | Schedule 13G/A | Wellington Management Group LLP, Wellington Group Holdings LLP: 7.8% of shares, passive 5%+ holder (amended) |
| Aug 10, 2026 | S-4 | Registration for a merger |
| Aug 7, 2026 | 10-Q | Quarterly report · period ended Jun 30, 2026 |
| Aug 6, 2026 | 8-K | Quarterly results |
| Jul 20, 2026 | 8-K | Entered a material agreement; Ended a material agreement; New debt or off-balance-sheet obligation; Other material event “On July 14, 2026, HA Sustainable Infrastructure Capital, Inc. (the "Company") as borrower, entered into a new $2.250 billion, 5-year unsecured revolving credit facility pursuant to a CarbonCount -based revolving credit agreement (the "New Credit Agreement") with JPMorgan Chase Bank, N.A. ("JPMorgan") as administrative agent, sole bookrunner, sustainability structuring agent and lead arranger, Citibank, N.A., Co peratieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, ING Capital LLC, Mizuho Bank,…” |
Source: SEC EDGAR. Quotes are the opening words of each item as filed; each form links to the filing. Insider Form 4 filings are listed in the insider sections.
HASI suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Jupiter Equity Holdings | “Alongside the project sponsor and under terms outlined in the partnership agreement, we have $78 million in loans outstanding to Jupiter for payments to allow for the restructuring of certain power purchase agreements and tax equity arrangements, which we expect to increase both near-term cash flows and expected lifetime return.” |
Quoted from the company's 10-K filed Feb 13, 2026.
HASI company outlook (results filed Aug 6, 2026)
- “Guidance on 24% Y/Y Adjusted EPS Growth YTD and Adjusted ROE Above 15% ANNAPOLIS, Md., August 6, 2026 -- (BUSINESS WIRE) -- HA Sustainable Infrastructure Capital, Inc.”
Quoted word-for-word from the SEC 8-K results press release.
HASI analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.73 | $0.73 | -0.0% | $111.1M | 14 |
| Next quarter (ends Dec 2026) | $0.60 | $0.63 | -5.4% | $117.5M | 4 |
| Current fiscal year (ends Dec 2026) | $3.03 | $3.00 | +1.0% | $473.6M | 14 |
| Next fiscal year (ends Dec 2027) | $2.21 | $2.23 | -1.0% | $525.4M | 6 |
HASI options: expected move
Options price a move of about ±10.5% (±$3.85) by Nov 20, 2026, which includes earnings on Nov 5, 2026. Over the last 8 reports the stock moved ±5.9% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 23 | 47.6% | ±10.5% |
| Dec 18, 2026 | 51 | 33.5% | ±11.9% |
| Mar 19, 2027 | 142 | 36.7% | ±18.3% |
30-day implied volatility 34.7% vs 20.4% realized over the last 30 trading days. Put/call ratio (volume) 1.56. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 29, 2026 at 07:10 UTC)
| Price | USD 36.82 |
|---|---|
| Change | ▼ 0.94% (down) |
| Previous Close | USD 37.17 |
| Open | USD 37.12 |
| Day Range | USD 36.66 – 37.12 |
| 52-Week Range | USD 27.28 – 44.13 |
| Volume | 749,775 shares |
| Market Cap | $4.73B |
| Exchange | NYQ |
Technical Analysis (HASI)
Nexqual's technical model rates HASI "NEUTRAL" based on 2 bullish and 3 bearish signals across 127 daily candles, as of October 29, 2026 at 07:10 UTC.
| Overall Signal | NEUTRAL |
|---|---|
| RSI (14) | 51.7 (neutral) |
| vs SMA50 | Below (USD 37.47) |
| MACD | -0.16 (negative) |
Analyst Ratings (HASI)
Wall Street analysts rate HASI "Buy" based on 15 analysts, with a mean price target of USD 49.29 (range USD 43–60), per Nexqual as of October 29, 2026 at 07:10 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 15 |
| Mean Target | USD 49.29 |
| High Target | USD 60 |
| Low Target | USD 43 |
| Buy / Hold / Sell | 12 / 3 / 0 |
Earnings (HASI)
| Next Earnings Date | 2026-11-05 |
|---|---|
| EPS Estimate | USD 0.73 |
| Revenue Estimate | $111.08M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.75 vs est 0.73 ▲ beat |
| 2026-03-31 | USD 0.77 vs est 0.69 ▲ beat |
| 2025-12-31 | USD 0.67 vs est 0.66 ▲ beat |
| 2025-09-30 | USD 0.8 vs est 0.69 ▲ beat |
Source: Nexqual, October 29, 2026 at 07:10 UTC.
Financials & Fundamentals (HASI)
| Total Revenue | $127.34M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +804.40% |
| Gross Margin | +100.00% |
| Operating Margin | +22.21% |
| Profit Margin | +67.65% |
| ROE | +3.37% |
| Debt / Equity | 2.23 |
| Current Ratio | 8.7 |
| Total Cash | $252.92M |
| Total Debt | $5.90B |
Source: Nexqual, October 29, 2026 at 07:10 UTC.
Financial Health Score (HASI)
Nexqual rates HA Sustainable Infrastructure Capital, Inc.'s overall financial health "Weak" across five dimensions, as of October 29, 2026 at 07:10 UTC.
| Growth | Critical — Revenue -23% YoY (annual), sharp decline |
|---|---|
| Profitability | Solid — Operating margin 22% |
| Balance Sheet | Weak — $250M cash and investments vs $404M debt (Jun 2026, SEC) |
| Cash Flow | Solid — Operating cash flow $167M (FY ended Dec 2025, 10-K) |
| Efficiency | Weak — ROE 3%, ROA 1.0% (last 4 quarters, SEC) |
Ownership (HASI)
| Insider Ownership | +2.24% |
|---|---|
| Institutional Ownership | +110.99% |
| Shares Outstanding | 128.50M |
| Float | 125.62M |
| Short % of Float | +15.45% |
Source: Nexqual, October 29, 2026 at 07:10 UTC.
Leadership (HASI)
HA Sustainable Infrastructure Capital, Inc. is led by Jeffrey A. Lipson, President, CEO & Director, per Nexqual as of October 29, 2026 at 07:10 UTC.
| President, CEO & Director | Jeffrey A. Lipson |
|---|---|
| Treasurer, Senior MD & CFO | Charles W. Melko |
| Senior MD & COO | Nitya Gopalakrishnan |
| Senior Managing Director & Co-Chief Investment Officer | Amanuel Haile-Mariam |
| Senior Managing Director & Co-Chief Investment Officer | Annmarie Reynolds |
Major Backers & Investors (HASI)
Notable institutional backers of HA Sustainable Infrastructure Capital, Inc. include Wellington Management, T. Rowe Price, Alliancebernstein L.P., according to Nexqual as of October 29, 2026 at 07:10 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Wellington Management | 7.61% |
| T. Rowe Price | 5.19% |
| Alliancebernstein L.P. | 3.55% |
| JPMorgan | 3.48% |
| Invesco | 2.22% |
| TR PRICE-Price (T.Rowe) U.S. Small-Cap Value Equity Trust | 1.33% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 16.62% |
| Vanguard Group | 10.64% |
| State Street | 4.46% |
| Geode Capital | 2.88% |
Source: Nexqual, October 29, 2026 at 07:10 UTC.
From HA Sustainable Infrastructure Capital, Inc.'s Latest SEC 10-K Filing (filed 2026-02-13)
Key Strengths & Strategy (as disclosed to the SEC)
- Beginning in 2013, we became one of the first capital providers to evaluate the climate impact of our investments, and we measure and report the efficiency with which all HASI investments avoid carbon emissions using CarbonCount®, our proprietary quantitative impact score of the avoided carbon dioxide equivalent emissions.
- As of December 31, 2025, our Portfolio totaled approximately $7.6 billion, consisting of over 700 investments.
- For FTN assets, the offtakers may be oil and gas refiners, industrial companies, and vertically integrated electric utilities.
- We may adjust the mix and duration of our assets over time in order to allow us to manage various aspects of our Portfolio.
Partnerships
- Of our pipeline, 35% is related to BTM assets, 37% is related to GC assets, 20% is related to FTN assets, with the remainder related to "Next Frontier" assets, which represent opportunities in adjacent markets where potential investments align with our investment strategy.
- L.P. ("KKR") In 2025, we increased the equity commitment to $1.5 billion per investor and agreed to allow CCH1 to issue up to $1.5 billion in unsecured debt, for a total of $4.5 billion of capital to be invested in eligible projects by CCH1.
Legal & Regulatory Risks (Item 1A, quoted)
- We cannot predict the unintended consequences and market distortions that may stem from far-ranging governmental intervention in the economic and financial system or from regulatory reform of the oversight of financial markets.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| BXSL | Blackstone Secured Lending Fund | USD 23.2 | ▲ 0.39% |
| PDI | PIMCO Dynamic Income Fund | USD 14.1 | ▲ 0.21% |
| VCTR | Victory Capital Holdings, Inc. | USD 111.87 | ▲ 1.12% |
| AMG | Affiliated Managers Group, Inc. | USD 393.24 | ▲ 0.32% |
| SEIC | SEI Investments Company | USD 103.2 | ▲ 0.31% |
| IVZ | Invesco Ltd | USD 28.68 | ▲ 0.88% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 29, 2026 at 07:10 UTC. This page is informational and not investment advice.
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