Ha Sustainable Infrastructure Capital, Inc.

$HASI Market Cap: $3.663 Billion

Research Board Inbox Deep Research Not Interested Shortlisted

Financial Snapshot

Revenue

$368.9M

TTM

Gross Margin

36.91%

TTM

Net Earnings

$219.4M

TTM

Current Assets

$2.966B

Q3 2024

Current Liabilities

$237.1M

Q3 2024

Current Ratio

1250.88%

Q3 2024

Total Assets

$6.673B

Q3 2024

Total Liabilities

$4.349B

Q3 2024

Book Value

$2.323B

Q3 2024

Cash

$44.00M

Q3 2024

P/E

16.70

Nov 29, 2024 EST

Free Cash Flow

$7.349M

TTM

Revenues

Revenue YoY Change

Revenues

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Revenue	$319.9M	$239.7M	$213.2M	$186.9M	$141.6M	$139.4M	$106.0M	$81.20M	$58.68M	$45.28M	$24.45M	$17.29M	$7.199M	$15.30M
YoY Change	33.43%	12.46%	14.05%	32.01%	1.57%	31.52%	30.53%	38.38%	29.61%	85.21%	41.4%	140.14%	-52.95%	29.66%

Expenses

Cost Of Revenues

Gross Profit

Gross Profit Margin

Gross Profit

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Revenue	$319.9M	$239.7M	$213.2M	$186.9M	$141.6M	$139.4M	$106.0M	$81.20M	$58.68M	$45.28M	$24.45M	$17.29M	$7.199M	$15.30M
Cost Of Revenue	$171.0M	$115.6M	$121.7M	$92.20M	$64.20M	$76.90M	$65.50M	$45.20M	$26.40M	$16.70M	$9.800M
Gross Profit	$148.9M	$124.2M	$91.46M	$94.70M	$77.30M	$62.50M	$40.50M	$36.00M	$32.30M	$28.60M	$14.60M
Gross Profit Margin	46.54%	51.8%	42.91%	50.67%	54.6%	44.84%	38.21%	44.34%	55.05%	63.17%	59.73%

Selling, General & Admin Expense

Research & Development

Depreciation, Depletion & Amortization

SGA Expense to Gross Profit Ratio

R&D To Gross Profit Ratio

DDA To Gross Profit Ratio

Operating Expenses Total

Operating Profits/Loss

Operational Expenses

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Selling, General & Admin	$95.63M	$93.38M	$72.88M	$52.60M	$43.50M	$40.70M	$30.90M	$27.20M	$23.30M	$16.10M	$16.20M	$11.60M	$6.500M	$9.000M
YoY Change	2.41%	28.12%	38.56%	20.92%	6.88%	31.72%	13.6%	16.74%	44.72%	-0.62%	39.66%	78.46%	-27.78%	42.86%
% of Gross Profit	64.24%	75.2%	79.69%	55.54%	56.27%	65.12%	76.3%	75.56%	72.14%	56.29%	110.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$3.127M	$3.993M	$3.801M	$3.580M	$3.593M	$4.526M	$3.550M	$7.658M	$3.950M	$2.631M	$1.099M	$440.0K	$430.0K	$680.0K
YoY Change	-21.69%	5.05%	6.17%	-0.36%	-20.61%	27.49%	-53.64%	93.87%	50.13%	139.4%	149.77%	2.33%	-36.76%	-15.0%
% of Gross Profit	2.1%	3.22%	4.16%	3.78%	4.65%	7.24%	8.77%	21.27%	12.23%	9.2%	7.53%
Operating Expenses	$107.5M	$106.2M	$73.38M	$62.70M	$51.60M	$40.80M	$30.90M	$27.20M	$24.00M	$16.30M	$27.50M	$12.00M	$6.900M	$9.700M
YoY Change	1.21%	44.7%	17.03%	21.51%	26.47%	32.04%	13.6%	13.33%	47.24%	-40.73%	129.17%	73.91%	-28.87%	36.62%
Operating Profit	$41.40M	$18.00M	$18.08M	$32.00M	$25.70M	$21.70M	$9.600M	$8.800M	$8.300M	$12.30M	-$12.90M
YoY Change	130.01%	-0.45%	-43.49%	24.51%	18.43%	126.04%	9.09%	6.02%	-32.52%	-195.35%

Interest Expenses

Interest Expenses To Operating Income %

Other Expense/Income

Interest & Other Expense/Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Interest Expense	$171.0M	$115.6M	$121.7M	$92.18M	$64.24M	$76.87M	$65.47M	$45.24M	$26.39M	$16.66M	$0.00	-$1.500M	-$5.300M	$8.400M
YoY Change	47.98%	-5.05%	32.03%	43.49%	-16.43%	17.42%	44.72%	71.46%	58.42%		-100.0%	-71.7%	-163.1%	-1033.33%
% of Operating Profit	413.02%	641.96%	673.04%	288.07%	249.96%	354.26%	682.0%	514.1%	317.89%	135.41%
Other Income/Expense, Net
YoY Change

Income/Loss

Pretax Income

Income Tax

Net Profits/Loss

Pretax Income YoY Change

Income Tax Rate

Net Profits/Loss YoY Change

Basic EPS

Net Income To Revenue Ratio

Pretax & Net Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Pretax Income	$182.4M	$49.29M	$144.5M	$79.98M	$90.02M	$43.94M	$31.92M	$14.90M	$8.152M	$9.796M	-$12.89M	$3.804M	-$5.012M	$14.10M
YoY Change	270.0%	-65.89%	80.68%	-11.15%	104.85%	37.66%	114.27%	82.74%	-16.78%	-176.03%	-438.72%	-175.9%	-135.55%	271.05%
Income Tax	$32.00M	$7.000M	$17.00M	-$3.000M	$8.000M	$2.144M	$885.0K	$141.0K	$118.0K	$26.00K	-$251.0K	$0.00	$0.00	$0.00
% Of Pretax Income	17.55%	14.2%	11.76%	-3.75%	8.89%	4.88%	2.77%	0.95%	1.45%	0.27%		0.0%		0.0%
Net Earnings	$148.8M	$41.50M	$126.6M	$82.40M	$81.60M	$41.60M	$30.90M	$14.65M	$7.958M	$9.607M	-$10.46M			$14.10M
YoY Change	258.55%	-67.22%	53.64%	0.98%	96.15%	34.63%	110.89%	84.12%	-17.16%	-191.85%				271.05%
Net Earnings / Revenue	46.52%	17.31%	59.39%	44.09%	57.63%	29.84%	29.15%	18.04%	13.56%	21.22%	-42.79%			92.16%
Basic Earnings Per Share	$1.45	$0.47	$1.57	$1.13	$1.25	$0.75	$0.57	$0.32	$0.21	$0.43	-$0.68
Diluted Earnings Per Share	$1.42	$0.47	$1.51	$1.10	$1.24	$0.75	$0.57	$0.32	$0.21	$0.43	-$0.68

Assets & Liabilities

Cash & Short-Term Investments

Cash & Equivalents

Cash To Operating Expenses Ratio

Inventory

Receivables

Total Short-Term Assets

Property, Plant And Equipment

Long-Term Investments

Total Long-Term Assets

Total Assets

Net Income To Total Assets Percentage

Accounts Payable

Short-Term Debt

Long Term Debt Due

Total Short-Term Liabilities

Long-Term Debt

Other Long-Term Liabilities

Total Long-Term Liabilities

Total Liabilities

Short-Term To Long-Term Debt Ratio

Short-Term Assets To Debt Ratio

Long-Term Debt To Net Income Ratio

Assets & Liabilities

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Cash & Short-Term Investments	$62.63M	$155.7M	$226.2M	$286.3M	$6.200M	$21.40M	$57.30M	$29.40M	$42.60M	$58.20M	$31.80M	$20.90M	$1.600M	$5.300M
YoY Change	-59.78%	-31.16%	-20.99%	4517.74%	-71.03%	-62.65%	94.9%	-30.99%	-26.8%	83.02%	52.15%	1206.25%	-69.81%
Cash & Equivalents	$62.63M	$155.7M	$226.2M	$286.3M	$6.200M	$21.40M	$57.30M	$29.40M	$42.60M	$58.20M	$31.80M	$20.90M	$1.600M	$5.300M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables												$195.6M	$143.8M	$159.2M
Other Receivables												$0.00	$0.00	$0.00
Total Short-Term Assets	$188.6M	$343.5M	$373.8M	$534.8M	$269.4M	$518.9M	$595.9M	$29.40M	$103.0M	$120.5M	$56.60M	$216.5M	$145.4M	$164.5M
YoY Change	-45.09%	-8.12%	-30.1%	98.52%	-48.08%	-12.92%	1926.87%	-71.46%	-14.52%	112.9%	-73.86%	48.9%	-11.61%
Property, Plant & Equipment	$111.0M	$353.0M	$356.1M	$359.2M	$362.3M	$365.4M	$340.8M	$172.3M	$155.7M	$114.0M	$0.00
YoY Change	-68.55%	-0.87%	-0.87%	-0.86%	-0.85%	7.22%	97.79%	10.66%	36.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$3.192B	$2.057B	$1.988B	$1.499B	$697.1M	$640.8M	$673.8M	$421.4M	$347.8M	$171.2M	$101.3M	$7.000M	$20.00M	$20.30M
YoY Change	55.2%	3.48%	32.57%	115.09%	8.79%	-4.9%	59.9%	21.16%	103.15%	69.0%	1347.14%	-65.0%	-1.48%
Other Assets	$12.00M	$20.00M	$25.00M	$0.00	$101.0M	$38.00M					$49.90M	$2.000M	$2.300M	$300.0K
YoY Change	-40.0%	-20.0%		-100.0%	165.79%						2395.0%	-13.04%	666.67%
Total Long-Term Assets	$6.364B	$4.417B	$3.774B	$2.924B	$2.118B	$1.636B	$1.654B	$1.717B	$1.367B	$888.2M	$514.8M	$16.00M	$29.20M	$27.70M
YoY Change	44.08%	17.01%	29.07%	38.08%	29.46%	-1.11%	-3.62%	25.6%	53.86%	72.53%	3117.5%	-45.21%	5.42%
Total Assets	$6.552B	$4.760B	$4.148B	$3.459B	$2.387B	$2.155B	$2.250B	$1.746B	$1.470B	$1.009B	$571.4M	$232.5M	$174.6M	$192.2M
YoY Change
Accounts Payable	$163.3M	$120.1M	$88.87M	$59.90M	$53.50M	$36.50M	$25.60M	$25.20M	$17.90M	$11.40M	$7.300M	$6.100M	$2.000M	$1.200M
YoY Change	35.96%	35.16%	48.36%	11.96%	46.58%	42.58%	1.59%	40.78%	57.02%	56.16%	19.67%	205.0%	66.67%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$163.3M	$120.1M	$88.87M	$59.90M	$53.50M	$36.50M	$25.60M	$25.20M	$17.90M	$11.40M	$7.300M	$8.400M	$3.200M	$1.500M
YoY Change	35.96%	35.16%	48.36%	11.96%	46.58%	42.58%	1.59%	40.78%	57.02%	56.16%	-13.1%	162.5%	113.33%
Long-Term Debt	$4.247B	$2.975B	$2.493B	$2.189B	$1.393B	$1.242B	$1.428B	$975.4M	$911.1M	$634.9M	$337.0M	$204.9M	$155.1M	$168.2M
YoY Change	42.76%	19.35%	13.88%	57.14%	12.18%	-13.06%	46.44%	7.06%	43.5%	88.4%	64.47%	32.11%	-7.79%
Other Long-Term Liabilities					$800.0K	$72.10M	$153.3M	$170.9M	$108.5M	$88.30M	$74.70M
YoY Change					-98.89%	-52.97%	-10.3%	57.51%	22.88%	18.21%
Total Long-Term Liabilities	$4.247B	$2.975B	$2.493B	$2.189B	$1.394B	$1.314B	$1.582B	$1.146B	$1.020B	$723.2M	$411.7M	$204.9M	$155.1M	$168.2M
YoY Change	42.76%	19.35%	13.88%	57.05%	6.08%	-16.93%	37.98%	12.43%	40.98%	75.66%	100.93%	32.11%	-7.79%
Total Liabilities	$4.460B	$3.131B	$2.604B	$2.256B	$1.451B	$1.354B	$1.611B	$1.175B	$1.041B	$739.4M	$424.9M	$213.3M	$158.3M	$169.8M
YoY Change	42.45%	20.25%	15.42%	55.49%	7.17%	-15.97%	37.07%	12.86%	40.84%	74.02%	99.2%	34.74%	-6.77%

Ownership

Basic Shares Outstanding

Diluted Shares Outstanding

Preferred Stock

Treasury Stock Shares

Stock Issuance & Repurchase

Ownership Data

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Basic Shares Outstanding	101.8M shares	87.50M shares	79.99M shares	72.39M shares	63.92M shares	52.78M shares	50.36M shares	40.29M shares	30.76M shares	20.66M shares	15.72M shares
Diluted Shares Outstanding	109.5M shares	90.61M shares	87.67M shares	74.37M shares	64.77M shares	52.78M shares	50.36M shares	40.29M shares	30.76M shares	20.66M shares	15.72M shares
Preferred Stock
Treasury Stock Shares

Return On Shareholders' Equity

Book Value

Free Cash Flow

Free Cash Flow YoY

Free Cash Flow Margin

Dividends

Stock Price

Market Cap: $3.6634 Billion

About HA Sustainable Infrastructure Capital, Inc.

Hannon Armstrong Sustainable Infrastructure Capital, Inc. engages in investing in climate solutions and the provision of capital to assets developed by companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. The company is headquartered in Annapolis, Maryland and currently employs 137 full-time employees. The company went IPO on 2013-04-18. The firm invests in a variety of asset classes across its three primary climate solutions markets: Behind the Meter; Grid-Connected; and Fuels, Transport, and Nature. Behind the Meter includes residential solar and storage, community solar and commercial and industrial solar, and energy efficiency. Grid-Connected includes utility-scale solar, onshore wind, and battery energy storage systems. Fuels, Transport, and Nature include renewable natural gas, fleet decarbonization, and ecological restoration. Its investments take various forms, including equity, joint ventures, commercial and government receivables or securities, and other financing transactions. The firm funds its investments in climate solutions using a range of financing sources.

Industry: Real Estate Investment Trusts Peers: AGNC Investment Corp. ANNALY CAPITAL MANAGEMENT INC Apollo Commercial Real Estate Finance, Inc. ARBOR REALTY TRUST INC BLACKSTONE MORTGAGE TRUST, INC. CHIMERA INVESTMENT CORP Claros Mortgage Trust, Inc. Rithm Capital Corp. STARWOOD PROPERTY TRUST, INC.