HASI · Hannon Armstrong Sustainable Infrastructure Capital, 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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $400.50M | $383.60M | $319.87M | $239.74M | $213.17M | $186.91M |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | $30.68M | $32.91M | $31.28M | $29.93M | $19.91M | $14.85M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $780.0K | $1.00M | $3.13M | $3.99M | $3.80M | $3.58M |
| Operating Income | ($27.18M) | $25.95M | $41.40M | $18.00M | $18.08M | $32.02M |
| Interest Expense | $292.40M | $242.36M | $171.01M | $115.56M | $121.70M | $92.18M |
| Income Tax | $85.25M | $70.20M | $31.62M | $7.38M | $17.16M | ($2.78M) |
| Net Income | $184.55M | $200.04M | $148.84M | $41.50M | $126.58M | $82.42M |
| EPS - Basic | $1.49 | $1.72 | $1.45 | $0.47 | $1.57 | $1.13 |
| EPS - Diluted | $1.41 | $1.62 | $1.42 | $0.47 | $1.51 | $1.10 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $110.22M | $129.76M | $62.63M | $155.71M | $226.20M | $286.25M |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - |
| Total Assets | $8.19B | $7.08B | $6.55B | $4.76B | $4.15B | $3.46B |
| Current Liabilities | - | - | - | - | - | - |
| Long-term Debt | - | - | - | $433.00M | $430.00M | $593.00M |
| Total Liabilities | $5.53B | $4.68B | $4.41B | $3.10B | $2.58B | $2.25B |
| Stockholders' Equity | $2.66B | $2.41B | $2.14B | $1.66B | $1.57B | $1.21B |
| Retained Earnings | ($323.07M) | ($297.50M) | ($303.54M) | ($285.47M) | ($193.71M) | ($204.11M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $167.32M | $5.85M | $99.69M | $230.0K | $13.31M | $73.28M |
| Investing Cash Flow | ($855.83M) | ($131.19M) | ($1.99B) | ($592.11M) | ($703.40M) | ($831.65M) |
| Financing Cash Flow | $683.58M | $200.41M | $1.79B | $516.78M | $630.84M | $962.12M |
| CapEx | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | -6.8% | 6.8% | 12.9% | 7.5% | 8.5% | 17.1% |
| EBITDA margin | -6.6% | 7.0% | 13.9% | 9.2% | 10.3% | 19.0% |
| Net margin | 46.1% | 52.1% | 46.5% | 17.3% | 59.4% | 44.1% |
| Free cash flow margin | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 7.7% | 8.6% | 9.8% | 12.5% | 9.3% | 7.9% |
| Effective tax rate | 31.6% | 26.0% | 17.5% | 15.1% | 11.9% | -3.5% |
| Return on assets | 2.3% | 2.8% | 2.3% | 0.9% | 3.1% | 2.4% |
| Return on equity | 6.9% | 8.3% | 6.9% | 2.5% | 8.1% | 6.8% |
| Return on invested capital | - | - | - | 0.7% | 0.8% | 1.8% |
| Liquidity | ||||||
| Current ratio | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - |
| Leverage | ||||||
| Debt / Equity | - | - | - | 0.26 | 0.27 | 0.49 |
| Debt / Assets | - | - | - | 0.09 | 0.10 | 0.17 |
| Debt / EBITDA | - | - | - | 19.69 | 19.65 | 16.66 |
| Interest coverage | -0.1x | 0.1x | 0.2x | 0.2x | 0.1x | 0.3x |
| Equity multiplier | 3.08 | 2.94 | 3.06 | 2.86 | 2.65 | 2.86 |
| Liabilities / Assets | 0.68 | 0.66 | 0.67 | 0.65 | 0.62 | 0.65 |
| Efficiency | ||||||
| Asset turnover | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 22.3x | 16.6x | 19.4x | 61.7x | 35.2x | 57.7x |
| P / B | 1.6x | 1.5x | 1.4x | 1.6x | 3.0x | 3.9x |
| P / S | 10.8x | 9.1x | 9.4x | 11.0x | 21.8x | 25.2x |
| EV / EBITDA | - | 125.1x | 66.4x | 132.0x | 222.1x | 141.1x |
| Growth | ||||||
| Revenue growth (YoY) | 4.4% | 19.9% | 33.4% | 12.5% | 14.0% | 32.0% |
| Revenue CAGR (3y) | 18.7% | 21.6% | 19.6% | 19.2% | 15.7% | 21.0% |
| Revenue CAGR (5y) | 16.5% | 22.1% | 18.3% | 17.8% | 21.3% | 26.1% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | - | -37.3% | 130.0% | -0.5% | -43.5% | 23.9% |
| Net income growth (YoY) | -7.7% | 34.4% | 258.6% | -67.2% | 53.6% | 1.0% |
| EPS growth (YoY) | -13.0% | 14.1% | 202.1% | -68.9% | 37.3% | -11.3% |
| EPS CAGR (3y) | 44.2% | 2.4% | 8.9% | -27.6% | 26.3% | 24.5% |
| EPS CAGR (5y) | 5.1% | 5.5% | 13.6% | -3.8% | 36.4% | 39.3% |
| FCF growth (YoY) | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 10.5% | 12.3% | 28.6% | 6.3% | 29.4% | 28.8% |
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
2/9
Weak
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✗Cash flow > net income
- -Long-term debt decreased
- -Current ratio improved
- ✗No share dilution
- -Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Investors, NEC
Comparing Hannon Armstrong Sustainable Infrastructure Capital against the 5 most active filers in the same SIC group.
Dividends
$1.68/share trailing 12 months · +1.2% YoY
| Ex-date | Per share |
|---|---|
| Apr 2, 2026 | $0.4250 |
| Dec 29, 2025 | $0.4200 |
| Oct 3, 2025 | $0.4200 |
| Jul 2, 2025 | $0.4200 |
| Apr 4, 2025 | $0.4200 |
| Dec 30, 2024 | $0.4150 |
| Oct 4, 2024 | $0.4150 |
| Jul 3, 2024 | $0.4150 |
| Apr 4, 2024 | $0.4150 |
| Dec 28, 2023 | $0.3950 |
| Oct 3, 2023 | $0.3950 |
| Jul 3, 2023 | $0.3950 |
| Mar 31, 2023 | $0.3950 |
| Dec 27, 2022 | $0.3750 |
| Oct 3, 2022 | $0.3750 |
| Jul 1, 2022 | $0.3750 |
| Apr 1, 2022 | $0.3750 |
| Dec 27, 2021 | $0.3500 |
| Sep 30, 2021 | $0.3500 |
| Jul 1, 2021 | $0.3500 |
| Apr 1, 2021 | $0.3500 |
| Dec 24, 2020 | $0.3400 |
| Oct 1, 2020 | $0.3400 |
| Jul 1, 2020 | $0.3400 |