# HA Sustainable Infrastructure Capital, Inc. (HASI)

> Source: Nexqual · https://nexqual.com/HASI · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, HA Sustainable Infrastructure Capital, Inc. (HASI), nexqual.com/HASI" · informational, not investment advice.

**Price:** USD 36.82 (-0.94% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 37.17 · day 36.66–37.12 · 52w 27.28–44.13 · market cap $4.73B · NYQ

## Key facts
- 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)
| 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)
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
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)
|  | 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) |

## Peers (Asset Management)
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%

## More
Full page: https://nexqual.com/HASI · 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

## Supply chain and relationships (SEC annual reports)

Named in HASI's own 10-K filed 2026-02-13 (https://www.sec.gov/Archives/edgar/data/1561894/000156189426000007/hasi-20251231.htm):

| 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 an…" |

## Company outlook (8-K filed 2026-08-06)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.73 | $0.73 | -0.0% | $111.1M | 14 |
| Next quarter (ends 2026-12-31) | $0.60 | $0.63 | -5.4% | $117.5M | 4 |
| Current fiscal year (ends 2026-12-31) | $3.03 | $3.00 | +1.0% | $473.6M | 14 |
| Next fiscal year (ends 2027-12-31) | $2.21 | $2.23 | -1.0% | $525.4M | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±10.5%; last 8 reports averaged ±5.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 23 | 47.6% | ±10.5% |
| 2026-12-18 | 51 | 33.5% | ±11.9% |
| 2027-03-19 | 142 | 36.7% | ±18.3% |

## 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).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-13 | Schedule 13G/A | Wellington Management Group LLP, Wellington Group Holdings LLP: 7.8% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1561894/000090221926000256/0000902219-26-000256-index.htm |
| 2026-08-10 | S-4 | Registration for a merger | https://www.sec.gov/Archives/edgar/data/1561894/000110465926093382/0001104659-26-093382-index.htm |
| 2026-08-07 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1561894/000156189426000136/0001561894-26-000136-index.htm |
| 2026-08-06 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1561894/000156189426000132/0001561894-26-000132-index.htm |
| 2026-07-20 | 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,…” | https://www.sec.gov/Archives/edgar/data/1561894/000110465926084887/0001104659-26-084887-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.