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MARKETS / NYSE / Financials / Holding and investment offices / HASI
NYSE · INVESTORS, NEC · LARGE CAP

HA Sustainable Infrastructure Capital, Inc. HASI

15 fiscal years on record · USD · FY2025 reported · SEC filings only
$400.5M
▲ 4.4% YoY
$184.5M
▼ 7.7% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

HASI is an investor in sustainable infrastructure assets. As of December 31, 2025, its managed assets totaled approximately $16.1 billion. As of December 31, 2025, its Portfolio totaled approximately $7.6 billion, consisting of over 700 investments. As of December 31, 2025, the company employed 178 people. It makes investments in a variety of asset classes across three climate solutions markets: Behind the Meter, Grid-Connected, and Fuels, Transport, and Nature (BTM, GC and FTN). The company elected and qualified to be taxed as a REIT for U.S. federal income tax purposes from its taxable year ended December 31, 2013 through its taxable year ended December 31, 2023, and its Board approved revocation of that REIT status effective January 1, 2024, after which it has been taxed as a C Corporation beginning with tax year 2024.

Written from the business description in HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 13 February 2026. Every sentence was checked against that document before publication.

Growth

USD 400.5M
Revenue, FY2025 · full 15-year series below
Revenue $M Net income $M
FY2025 · Revenue 400.5 · Net income 184.5
150M300M
201120142017202020232025
Compound annual growth
+18.7%
+16.5%
+21.2%
+64.4%
+17.5%
+36.9%
+44.2%
+5.1%
+21.0%
+16.6%
+16.0%
+20.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +16.5% a year over the five years to FY2025 — but profit grew faster: net income at +17.5%, earnings per share at +5.1%.

The share count rose from 0.08B to 0.13B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

47 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 68.3% · Net 47.0%
20%40%60%-20%-40%-60%
201120182025
ROE
FY2025 · ROE 7.3%
5%-5%-10%
201120182025
Three returns, three denominators.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.
Gross margin·
Operating margin68.3%
Net margin47.0%
EBITDAUSD 274.3M

Each USD of equity produced 7 cents of profit this year.

Cash & shareholders

USD 209.8M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2024 · FCF 5.9
40M80M-100M-200M
201120182025
Net buybacks $M Dividends $M
FY2025 · Dividends 209.8 · Net buybacks ·
100M200M-100M-200M
2013201520172019202120232025
Dividends paidUSD 209.8M
Net buybacks·
Share of profit113.7%
Consecutive raises·

USD 209.8M in dividends — 114% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 8.2B
CashUSD 110.2M

Not available: we don't have the total debt figure for this period.

The 15-year record

15 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
HASI, 15-year financial record
Metric 202520242023202220212020201920182017201620152014201320122011
Revenue $B0.40.40.30.20.20.20.10.10.10.10.10.00.00.00.0
Operating income $B0.30.30.20.00.10.10.10.00.00.00.00.0−0.00.0−0.0
EBITDA $B0.30.30.20.10.10.10.10.00.00.00.00.0−0.00.0◌
Income tax $B0.10.10.00.00.0−0.00.00.00.00.00.00.0−0.0◌◌
Net income $B0.20.20.10.00.10.10.10.00.00.00.00.0−0.00.0−0.0
Free cash flow $B◌0.00.1−0.00.00.10.00.0−0.20.0−0.0−0.0−0.00.00.0
EPS, diluted $1.411.621.420.471.511.101.240.750.570.320.210.43−0.68◌◌
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout %1149610731990121106171221338397144−68——
ROE %7.38.87.82.69.17.79.45.75.12.92.34.5−13.4◌◌
Shares out B0.130.120.110.090.090.080.070.060.050.050.040.030.020.02◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

This company against its peers

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Provenance

Company facts, as filed

How we verify · 1 failure · 2 divergences in 42 reconciliationsAUDITED

Reconciled in 12 of the 15 fiscal years we could check. 2 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. Six checks were skipped: EPS is not tagged before 2013. Five checks were skipped: the balance sheet is not tagged before 2012.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency1 failure2 divergent
ActivityInvestors, NEC
Listed onNYSE
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2011

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