HA Sustainable Infrastructure Capital, Inc. · Investors, NEC

HASI

Moderate riskNext report: Around Nov 5 (est.)

View price ↗

The short version

A profitable company with growing sales. Institutions are adding.

Going well

Sales up 41% in the latest quarter vs a year ago
Profitable every year for 10 years
Sales growth speeding up

Watch out for

Share count growing 15.1% a year (dilution)
1 offering filing in 6 months (may sell new shares)

Money moves

No insider buying or selling in the last 30 days
Institutions added 4.5% to their holdings in the quarter ending June 2026 (204 bought, 146 sold)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$36.16-0.4% that day

Company value: $4.6B; Share price times all shares
Price vs profit (P/E): 62.3x; You pay about $62 for each $1 of yearly profit
Price vs sales: 10.0x; Company value is 10.0 times a year of sales
Cash vs value: 5%; Cash as a share of company value
Debt vs value: 9%; Debt as a share of company value

From HASI's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$120.8M+41% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $462.9M, up 27% from the 12 months before. Over 5 years, sales grew about 17% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of HASI. Starting points are the company's recent numbers.

Sales growth+27% a yearRecently: +27% a yearProfit margin19%Last 12 months: 18.6%P/E at the end40xToday: 62.3x. Many steady companies trade at 12x to 25xShare count change+10% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$1.5B

Profit in 5 years$291M

Price these guesses point to$56.16+55% vs $36.16 todayAbout +9.2% a year, before dividends

What today's price needs: with a 19% margin and a 40x P/E, sales would have to grow about 16% a year for 5 years just to match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

3/4Mixed

PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.46.1%
PassProfitable every yearSteady profits, not one good year.10 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$167.3M
MissShare count not growingNot diluting owners. Falling means buybacks.+52.5% in 3 years

Revenue: $400.5M; +4.4% vs prior year
5-year growth: +16.5%/yr; revenue, per year
Total debt: $403.4M
Free cash flow: $167.3M; 41.8% of revenue

From annual reports filed with the SEC. Gross margin doesn't apply to banks and insurers, so it isn't scored. Not in this company's SEC data, so not scored: return on equity 15%+, debt under half of equity. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Jun 30, 2026

Reported Aug 6

Revenue: $120.8M; +41.0% YoY
EPS: $0.92; vs $0.74
Free cash flow: $68.0M
Share count: +3.7%; vs a year ago

Insider rating

Last 90 days

No open-market insider buys or sells in the last 90 days.

Weekly insider trend

No trades to chart yet.

Filing buzz

Last 7 days vs normal

86/ 100

This week: 3
Normal week: 0.5
vs normal: 6.0x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Accumulating+4.5%

Institutions added 4.5% to their holdings. 204 bought, 146 sold.

Shares held by institutions132.0M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

+6.2%

Cash runwayAt last year's cash burn

Cash flow positive

Debt to equityLatest balance sheet: debt compared with what owners have

0.1x · $404.3M debt

Shares outstandingLatest reported

128M

Why moderate risk

Share count growing 6.2% a year
1 offering filing in 6 months (may sell new shares)

Earnings reports

Last 12

Next reportAround Nov 5 (est.)Estimated from the same quarter last year

Results filedAug 6
Results filedMay 7
Results filedFeb 12
Results filedNov 6, 2025
Results filedAug 7, 2025

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

Offering prospectusAug 19 · View filing ↗Offering 5%+ holder update (passive)Aug 13 · View filing ↗Big holder

Insider trades

Open-market buys and sells, last 90 days

No open-market buys or sells in 90 days. Grants and option exercises are left out.

"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.

Latest filings

Straight from SEC EDGAR

Offering prospectusAug 19 · Form 424B3 ↗EFFECTAug 18 · Form EFFECT ↗CORRESPAug 14 · Form CORRESP ↗CORRESPAug 14 · Form CORRESP ↗5%+ holder update (passive)Aug 13 · Form SCHEDULE 13G/A ↗UPLOADAug 13 · Form UPLOAD ↗S-4Aug 10 · Form S-4 ↗Quarterly reportAug 7 · Form 10-Q ↗Earnings resultsAug 6 · Form 8-K ↗Major agreementJul 20 · Form 8-K ↗Major agreementJun 26 · Form 8-K ↗Other company newsJun 15 · Form 8-K ↗Shareholder vote resultsJun 5 · Form 8-K ↗

Stock awardTeresa BrennerDirector

3,553 shares

+13% of holdings
Now owns 30,787 shares
LTIP Units
Filed 2 days after trade

Jun 3Form 4 ↗

Stock awardKimberly A. ReedDirector

3,553 shares

+24% of holdings
Now owns 18,286 shares
LTIP Units
Filed 2 days after trade

Jun 3Form 4 ↗

Source: SEC EDGAR filings. For informational purposes. Not investment advice.

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