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MARKETS / NYSE / 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
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
200M400M20112013201520172019202120232025
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 five years — 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%20112013201520172019202120232025
ROE

Not available in our data for this period.

Cash & shareholders
USD 209.8M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2024 · FCF 5.9
40M80M-80M20112013201520172019202120232025
Net buybacks $M Dividends $M
FY2025 · Dividends 209.8 · Net buybacks —
80M160M-80M2013201520172019202120232025

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
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 %···············
Shares out B0.130.120.110.090.090.080.070.060.050.050.040.030.020.02·

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

Compare

This company against its peers

Provenance
Company facts, as filed
How we verify · 1 failures · 2 divergences in 42 reconciliationsAUDITED

Reconciled in 12 of 19 fiscal years. 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. 15 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente1 failures2 divergent
ActivityInvestors, NEC
Listed onNYSE
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2011

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