AMRC · Ameresco, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $401.46M | $525.99M | $472.28M | $352.83M | - | $500.87M | $437.98M | $298.41M | - | $335.15M |
| Cost of Revenue | $345.00M | $441.66M | $398.93M | $300.91M | - | $423.73M | $372.81M | $251.41M | - | $271.49M |
| Gross Profit | $56.46M | $84.33M | $73.36M | $51.92M | - | $77.14M | $65.17M | $46.99M | - | $63.66M |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $46.31M | $43.37M | $45.73M | $38.49M | - | $42.14M | $44.23M | $39.55M | - | $42.75M |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $29.26M | $27.23M | $25.20M | $23.94M | - | $22.99M | $19.90M | $18.38M | - | $16.61M |
| Operating Income | $10.25M | $42.35M | $27.77M | $13.69M | - | $35.16M | $20.95M | $7.99M | - | $21.43M |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | ($3.18M) | ($3.68M) | ($2.90M) | $1.19M | - | ($3.32M) | $0 | $0 | - | ($10.05M) |
| Net Income | ($18.28M) | $18.53M | $12.86M | ($5.48M) | - | $17.60M | $5.01M | ($2.94M) | - | $21.27M |
| EPS - Basic | ($0.35) | $0.35 | $0.24 | ($0.10) | - | $0.34 | $0.10 | ($0.06) | - | $0.41 |
| EPS - Diluted | ($0.35) | $0.35 | $0.24 | ($0.10) | - | $0.33 | $0.09 | ($0.06) | - | $0.40 |
Balance Sheet
| Line item | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $71.78M | $94.55M | $81.63M | $71.59M | $108.52M | $113.50M | $150.28M | $77.68M | $79.27M | $107.78M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | $12.61M | $12.79M | $12.39M | $12.35M | $11.56M | $11.97M | $12.48M | $13.08M | $13.64M | $13.65M |
| Accounts Payable | $691.20M | $569.60M | $451.57M | $435.63M | $529.34M | $399.24M | $497.03M | $437.24M | $402.75M | $328.15M |
| Current Assets | $1.55B | $1.42B | $1.28B | $1.26B | $1.30B | $1.22B | $1.24B | $1.13B | $1.13B | $1.03B |
| Total Assets | $4.64B | $4.43B | $4.30B | $4.17B | $4.16B | $3.98B | $3.97B | $3.80B | $3.71B | $3.46B |
| Current Liabilities | $1.03B | $939.30M | $822.08M | $798.30M | $889.01M | $964.67M | $1.23B | $1.16B | $901.47M | $882.34M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | - | - | - | - | - | - | - | - | - | - |
| Stockholders' Equity | $1.06B | $1.06B | $1.03B | $1.01B | $1.01B | $937.34M | $914.70M | $904.94M | $901.98M | $868.51M |
| Retained Earnings | $678.41M | $678.39M | $659.89M | $647.05M | $652.56M | $615.50M | $597.93M | $592.95M | $595.91M | $562.20M |
Cash Flow
| Line item | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $35.40M | - | - | ($28.30M) | - | - | - | $20.82M | - | - |
| Investing Cash Flow | ($96.94M) | - | - | ($118.37M) | - | - | - | ($103.77M) | - | - |
| Financing Cash Flow | $128.50M | - | - | $114.55M | - | - | - | $77.37M | - | - |
| CapEx | $542.0K | - | - | $422.0K | - | - | - | $962.0K | - | - |
| Free Cash Flow | $34.85M | - | - | ($28.73M) | - | - | - | $19.86M | - | - |
Ratios
| Metric | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 14.1% | 16.0% | 15.5% | 14.7% | - | 15.4% | 14.9% | 15.7% | - | 19.0% |
| Operating margin | 2.6% | 8.1% | 5.9% | 3.9% | - | 7.0% | 4.8% | 2.7% | - | 6.4% |
| EBITDA margin | 9.8% | 13.2% | 11.2% | 10.7% | - | 11.6% | 9.3% | 8.8% | - | 11.4% |
| Net margin | -4.6% | 3.5% | 2.7% | -1.6% | - | 3.5% | 1.1% | -1.0% | - | 6.3% |
| Free cash flow margin | 8.7% | - | - | -8.1% | - | - | - | 6.7% | - | - |
| FCF / Net income | -1.91 | - | - | 5.24 | - | - | - | -6.76 | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 11.5% | 8.2% | 9.7% | 10.9% | - | 8.4% | 10.1% | 13.3% | - | 12.8% |
| Effective tax rate | - | -24.8% | -29.1% | - | - | -23.3% | 0.0% | - | - | -89.7% |
| Return on assets | -0.4% | 0.4% | 0.3% | -0.1% | - | 0.4% | 0.1% | -0.1% | - | 0.6% |
| Return on equity | -1.7% | 1.8% | 1.2% | -0.5% | - | 1.9% | 0.5% | -0.3% | - | 2.4% |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 1.51 | 1.51 | 1.56 | 1.57 | 1.46 | 1.27 | 1.01 | 0.97 | 1.25 | 1.17 |
| Quick ratio | 1.50 | 1.50 | 1.54 | 1.56 | 1.45 | 1.26 | 1.00 | 0.96 | 1.24 | 1.15 |
| Cash ratio | 0.07 | 0.10 | 0.10 | 0.09 | 0.12 | 0.12 | 0.12 | 0.07 | 0.09 | 0.12 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 4.36 | 4.19 | 4.15 | 4.12 | 4.10 | 4.25 | 4.33 | 4.20 | 4.12 | 3.98 |
| Liabilities / Assets | - | - | - | - | - | - | - | - | - | - |
| Efficiency | ||||||||||
| Asset turnover | 0.09 | 0.12 | 0.11 | 0.08 | - | 0.13 | 0.11 | 0.08 | - | 0.10 |
| Inventory turnover | 27.36 | 34.55 | 32.20 | 24.37 | - | 35.39 | 29.86 | 19.23 | - | 19.89 |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | 13d | 11d | 11d | 15d | - | 10d | 12d | 19d | - | 18d |
| Days payable outstanding | 731d | 471d | 413d | 528d | - | 344d | 487d | 635d | - | 441d |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | 95.9x | 63.3x | - | - | 115.0x | 320.1x | - | - | 96.4x |
| P / B | 1.3x | 1.7x | 0.8x | 0.6x | - | 2.2x | 1.7x | 1.4x | - | 2.4x |
| P / S | 3.4x | 3.4x | 1.7x | 1.8x | - | 4.0x | 3.5x | 4.2x | - | 6.1x |
| EV / EBITDA | 32.3x | 24.4x | 13.6x | 15.0x | - | 32.8x | 33.8x | 44.9x | - | 51.2x |
| Growth | ||||||||||
| Revenue growth (YoY) | 13.8% | 5.0% | 7.8% | 18.2% | - | 49.4% | 33.9% | 10.1% | - | -24.1% |
| Revenue CAGR (3y) | 14.0% | 6.0% | -6.5% | -9.4% | - | 22.3% | 16.9% | 5.8% | - | 5.9% |
| Revenue CAGR (5y) | 9.7% | 13.2% | 16.2% | 10.7% | - | 18.8% | 17.2% | 14.7% | - | 10.4% |
| Gross profit growth (YoY) | 8.8% | 9.3% | 12.6% | 10.5% | - | 21.2% | 11.1% | -5.9% | - | -20.0% |
| Operating income growth (YoY) | -25.2% | 20.5% | 32.6% | 71.3% | - | 64.1% | 18.9% | -12.1% | - | -45.0% |
| Net income growth (YoY) | -233.4% | 5.3% | 156.8% | -86.7% | - | -17.2% | -21.3% | - | - | -22.4% |
| EPS growth (YoY) | -250.0% | 6.1% | 166.7% | -66.7% | - | -17.5% | -25.0% | - | - | -21.6% |
| EPS CAGR (3y) | - | -11.8% | -26.7% | - | - | 0.0% | -29.8% | - | - | -0.8% |
| EPS CAGR (5y) | - | -3.1% | 21.7% | - | - | 11.7% | -13.9% | - | - | 11.7% |
| FCF growth (YoY) | - | - | - | - | - | - | - | -65.2% | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 5.2% | 12.6% | 13.1% | 11.8% | 12.3% | 7.9% | 8.4% | 9.2% | 9.5% | 8.9% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2024-12-31.
Business segments
$1.77B totalNorth America Regions$878.83M · 49.7%
USFederal$372.54M · 21.0%
Europe Segment$250.57M · 14.2%
Renewable Fuels$173.34M · 9.8%
All Other Segments$94.65M · 5.3%
Product / service
$878.83M totalProject Revenue$762.40M · 86.8%
Energy Assets Revenue$73.06M · 8.3%
Operations And Maintenance Revenue$35.71M · 4.1%
Other Revenue$7.66M · 0.9%
Geographic
$1.77B totalUS$1.45B · 81.7%
Europe$250.68M · 14.2%
CA$72.37M · 4.1%
Peer comparison
Same SIC group: Construction - Special Trade Contractors
Comparing Ameresco against the 5 most active filers in the same SIC group.