HASI vs TPL
HA Sustainable Infrastructure Capital, Inc. and Texas Pacific Land Corp., side by side — 8 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | HASI | TPL |
|---|---|---|
| Revenue | $400.5M | $798.2M |
| Net income | $184.5M | $481.4M |
| Gross margin | · | · |
| Net margin | 47.0% | 60.3% |
| Return on equity | 7.3% | 37.2% |
| Diluted EPS | $1.41 | $6.97 |
| Dividend / share | · | $2.13 |
| Payout ratio | 113.7% | 30.7% |
| Free cash flow | · | $510.0M |
| Equity | · | $1.5B |
| Net debt / equity | · | · |
| Current ratio | · | 4.40× |
| Revenue CAGR 5y | 16.5% | 21.4% |
| Profit CAGR 5y | 17.5% | 22.3% |
TPL bills 2.0× the revenue of HASI, and keeps more of each dollar of revenue as profit (60.3% against 47.0%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
8 years side by side
| Fiscal year | HASI | TPL |
|---|---|---|
| FY2025 | $400.5M | $798.2M |
| FY2024 | $383.6M | $705.8M |
| FY2023 | $319.9M | $631.6M |
| FY2022 | $239.7M | $667.4M |
| FY2021 | $213.2M | $451.0M |
| FY2020 | $186.9M | $302.6M |
| FY2019 | $141.6M | $490.5M |
| FY2018 | $139.4M | $300.2M |
Bottom line
| Fiscal year | HASI | TPL |
|---|---|---|
| FY2025 | $184.5M | $481.4M |
| FY2024 | $200.0M | $454.0M |
| FY2023 | $148.8M | $405.6M |
| FY2022 | $41.5M | $446.4M |
| FY2021 | $126.6M | $270.0M |
| FY2020 | $82.4M | $176.0M |
| FY2019 | $81.6M | $318.7M |
| FY2018 | $41.6M | $209.7M |
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −$397,688,000 | TPL |
| FY2024 | −$322,228,000 | TPL |
| FY2023 | −$311,724,000 | TPL |
| FY2022 | −$427,685,000 | TPL |
| FY2021 | −$237,792,000 | TPL |
| FY2020 | −$115,657,000 | TPL |
| FY2019 | −$348,915,000 | TPL |
| FY2018 | −$160,824,000 | TPL |
TPL has reported the higher revenue in every one of these 8 fiscal years. The gap has widened since the earliest year compared.
8 of 15 comparable fiscal years — a year missing data on either side is not counted.
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −13.3 pp | TPL |
| FY2024 | −11.2 pp | TPL |
| FY2023 | −17.1 pp | TPL |
| FY2022 | −49.4 pp | TPL |
| FY2021 | −0.1 pp | TPL |
| FY2020 | −13.9 pp | TPL |
| FY2019 | −7.1 pp | TPL |
| FY2018 | −39.9 pp | TPL |
TPL has kept the higher net margin in every one of these 8 fiscal years.
8 of 15 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
HASI's net margin has been more volatile than TPL's over the 8 comparable fiscal years — 13.4 percentage points of standard deviation against 3.7.
8 of 15 comparable fiscal years — a year missing data on either side is not counted.
Year by year
TPL led in net margin in every one of the 8 comparable fiscal years — a structural lead, not a recent swing.
8 of 15 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
TPL's return on equity has been more volatile than HASI's over the 8 comparable fiscal years — 19.0 percentage points of standard deviation against 2.1.
8 of 13 comparable fiscal years — a year missing data on either side is not counted.
Year by year
TPL led in return on equity in every one of the 8 comparable fiscal years — a structural lead, not a recent swing.
8 of 13 comparable fiscal years — a year missing data on either side is not counted.