What is HA SUSTAINABLE INFRA CAP INC's earnings per share (EPS)?

HA SUSTAINABLE INFRA CAP INC (HASI) reported diluted earnings per share of $1.41 for fiscal year 2025. This represents a -13.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

HA SUSTAINABLE INFRA CAP INC Financials

HASI

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows HA SUSTAINABLE INFRA CAP INC (HASI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI HASI FY2025 2026-05-08

Balance-sheet expansion, not simple sales growth, appears to drive this business, with external capital and funding costs setting the pace.

Between FY2024 and FY2025, operating cash conversion improved sharply as operating cash flow jumped from $5.9M to $167.3M while reported profit fell modestly. Because liabilities still reached $5.53B and cash remained only $110.2M, that better cash realization does not mean the company now self-funds its asset growth.

Asset growth has been the main engine: total assets expanded from $6.55B in FY2023 to $8.19B in FY2025, far outpacing revenue, so returns are better read through ROA than through conventional product-style margins. Funding cost pressure is clear because interest expense climbed to $292.4M as ROA eased to 2.3%, showing a larger portfolio did not automatically raise profit per dollar invested.

Capital recycling is central to the operating model: FY2025 investing outflows of $855.8M were largely offset by financing inflows of $683.6M, which is how expansion continued despite limited on-hand cash. Shareholder payouts also leaned on that structure, since dividends of $209.8M were higher than FY2025 net income of $184.5M.

Financial Health Signals

Financial Profile 23/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of HA SUSTAINABLE INFRA CAP INC's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

HA SUSTAINABLE INFRA CAP INC's revenue grew a modest 4.4% year-over-year to $400.5M. This slow but positive growth earns a score of 53/100.

Leverage

HA SUSTAINABLE INFRA CAP INC has a moderate D/E ratio of 2.08. This balance of debt and equity financing earns a leverage score of 60/100.

Returns

HA SUSTAINABLE INFRA CAP INC generates a 6.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 27/100. This is down from 8.3% the prior year.

Piotroski F-Score Weak

2/9

HA SUSTAINABLE INFRA CAP INC passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Mixed

0.91x

For every $1 of reported earnings, HA SUSTAINABLE INFRA CAP INC generates $0.91 in operating cash flow ($167.3M OCF vs $184.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$400.5M

YoY+4.4%

5Y CAGR+16.5%

10Y CAGR+21.2%

HA SUSTAINABLE INFRA CAP INC generated $400.5M in revenue in fiscal year 2025. This represents an increase of 4.4% from the prior year.

EBITDA

N/A

Net Income

$184.5M

YoY-7.7%

5Y CAGR+17.5%

10Y CAGR+36.9%

HA SUSTAINABLE INFRA CAP INC reported $184.5M in net income in fiscal year 2025. This represents a decrease of 7.7% from the prior year.

EPS (Diluted)

$1.41

YoY-13.0%

5Y CAGR+5.1%

10Y CAGR+21.0%

HA SUSTAINABLE INFRA CAP INC earned $1.41 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 13.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$110.2M

YoY-15.1%

5Y CAGR-17.4%

10Y CAGR+10.0%

HA SUSTAINABLE INFRA CAP INC held $110.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

128M

YoY+7.5%

5Y CAGR+10.9%

10Y CAGR+13.2%

HA SUSTAINABLE INFRA CAP INC had 128M shares outstanding in fiscal year 2025. This represents an increase of 7.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

46.1%

YoY-6.1pp

5Y CAGR+2.0pp

10Y CAGR+32.5pp

HA SUSTAINABLE INFRA CAP INC's net profit margin was 46.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 6.1 percentage points from the prior year.

Return on Equity

6.9%

YoY-1.4pp

5Y CAGR+0.1pp

10Y CAGR+5.1pp

HA SUSTAINABLE INFRA CAP INC's ROE was 6.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

HASI Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$400.5M+4.4%	$383.6M+19.9%	$319.9M+33.4%	$239.7M+12.5%	$213.2M+14.0%	$186.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$30.7M-6.8%	$32.9M+5.2%	$31.3M+4.5%	$29.9M+50.4%	$19.9M+34.1%	$14.8M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$292.4M+20.6%	$242.4M+41.7%	$171.0M+48.0%	$115.6M-5.0%	$121.7M+32.0%	$92.2M
Income Tax	$85.2M+21.4%	$70.2M+122.0%	$31.6M+328.4%	$7.4M-57.0%	$17.2M+717.4%	-$2.8M
Net Income	$184.5M-7.7%	$200.0M+34.4%	$148.8M+258.6%	$41.5M-67.2%	$126.6M+53.6%	$82.4M
EPS (Diluted)	$1.41-13.0%	$1.62+14.1%	$1.42+202.1%	$0.47-68.9%	$1.51+37.3%	$1.10

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$124.2M+8.2%	$114.8M+11.4%	$103.1M+20.3%	$85.7M-11.6%	$96.9M-4.3%	$101.3M+23.6%	$82.0M-13.3%	$94.5M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$10.2M+19.9%	$8.5M+34.0%	$6.3M-2.6%	$6.5M-30.7%	$9.4M+5.3%	$8.9M+27.3%	$7.0M-12.1%	$8.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$99.3M+29.8%	$76.5M+7.0%	$71.5M-10.4%	$79.7M+23.3%	$64.7M+5.1%	$61.6M+3.6%	$59.4M-0.2%	$59.5M
Income Tax	-$30.8M-172.2%	-$11.3M-132.8%	$34.5M-9.6%	$38.2M+59.7%	$23.9M+15.1%	$20.8M+392.0%	-$7.1M-168.7%	$10.3M
Net Income	-$72.0M-33.8%	-$53.8M-164.6%	$83.3M-15.4%	$98.4M+73.9%	$56.6M-19.2%	$70.1M+457.3%	-$19.6M-173.9%	$26.5M
EPS (Diluted)	$-0.57	N/A	$0.61-17.6%	$0.74+68.2%	$0.44	N/A	$-0.17-173.9%	$0.23

HASI Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$8.2B+15.6%	$7.1B+8.1%	$6.6B+37.7%	$4.8B+14.7%	$4.1B+19.9%	$3.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$110.2M-15.1%	$129.8M+107.2%	$62.6M-59.8%	$155.7M-31.2%	$226.2M-21.0%	$286.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.5B+18.3%	$4.7B+6.0%	$4.4B+42.5%	$3.1B+19.9%	$2.6B+14.8%	$2.2B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	$433.0M+0.7%	$430.0M-27.5%	$593.0M
Total Equity	$2.7B+10.5%	$2.4B+12.3%	$2.1B+28.6%	$1.7B+6.3%	$1.6B+29.4%	$1.2B
Retained Earnings	-$323.1M-8.6%	-$297.5M+2.0%	-$303.5M-6.3%	-$285.5M-47.4%	-$193.7M+5.1%	-$204.1M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$8.2B+0.2%	$8.2B-0.2%	$8.2B+8.0%	$7.6B+1.6%	$7.5B+5.6%	$7.1B+6.1%	$6.7B+0.2%	$6.7B
Current Assets	$262.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$124.5M+13.0%	$110.2M-63.5%	$301.8M+248.9%	$86.5M+28.4%	$67.4M-48.1%	$129.8M+194.5%	$44.1M-69.8%	$145.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.7B+2.5%	$5.5B+0.2%	$5.5B+10.2%	$5.0B0.0%	$5.0B+7.1%	$4.7B+7.5%	$4.3B+0.3%	$4.3B
Current Liabilities	$56.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$3.4B	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.5B-4.6%	$2.7B-1.0%	$2.7B+3.8%	$2.6B+4.8%	$2.5B+2.7%	$2.4B+3.5%	$2.3B0.0%	$2.3B
Retained Earnings	-$449.9M-39.3%	-$323.1M-49.9%	-$215.5M+12.2%	-$245.4M+15.9%	-$291.9M+1.9%	-$297.5M+6.5%	-$318.1M-27.6%	-$249.3M

HASI Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$167.3M+2759.1%	$5.9M-94.1%	$99.7M+43243.0%	$230K-98.3%	$13.3M-81.8%	$73.3M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$855.8M-552.3%	-$131.2M+93.4%	-$2.0B-236.6%	-$592.1M+15.8%	-$703.4M+15.4%	-$831.7M
Financing Cash Flow	$683.6M+241.1%	$200.4M-88.8%	$1.8B+246.8%	$516.8M-18.1%	$630.8M-34.4%	$962.1M
Dividends Paid	$209.8M+9.1%	$192.3M+20.3%	$159.8M+20.9%	$132.2M+16.5%	$113.5M+13.7%	$99.9M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$15.6M-93.7%	$246.7M+302.5%	-$121.8M-253.1%	$79.6M+314.4%	-$37.1M-204.2%	-$12.2M-155.6%	$21.9M+188.4%	-$24.8M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$184.1M+46.6%	-$344.8M-171.9%	-$126.8M-109.6%	-$60.5M+81.3%	-$323.7M-74.7%	-$185.3M-41.3%	-$131.1M-151.4%	$255.2M
Financing Cash Flow	$174.4M+331.6%	-$75.3M-116.2%	$463.5M+42580.8%	$1.1M-99.6%	$294.3M+1.8%	$289.0M+4359.0%	$6.5M+104.4%	-$146.3M
Dividends Paid	$56.8M+4.9%	$54.1M+1.8%	$53.2M+2.2%	$52.0M+3.3%	$50.4M+0.6%	$50.1M+2.4%	$48.9M+1.5%	$48.2M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HASI Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	46.1%-6.1pp	52.1%+5.6pp	46.5%+29.2pp	17.3%-42.1pp	59.4%+15.3pp	44.1%
Return on Equity	6.9%-1.4pp	8.3%+1.4pp	7.0%+4.5pp	2.5%-5.6pp	8.1%+1.3pp	6.8%
Return on Assets	2.3%-0.6pp	2.8%+0.6pp	2.3%+1.4pp	0.9%-2.2pp	3.0%+0.7pp	2.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.08+0.1	1.94-0.1	2.06+1.8	0.26-0.0	0.27-0.2	0.49
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-57.9%-11.1pp	-46.8%-127.6pp	80.8%-34.1pp	114.9%+56.5pp	58.4%-10.8pp	69.2%+93.1pp	-23.9%-52.0pp	28.1%
Return on Equity	-2.8%-0.8pp	-2.0%-5.1pp	3.1%-0.7pp	3.8%+1.5pp	2.3%-0.6pp	2.9%+3.8pp	-0.8%-2.0pp	1.1%
Return on Assets	-0.9%-0.2pp	-0.7%-1.7pp	1.0%-0.3pp	1.3%+0.5pp	0.8%-0.2pp	1.0%+1.3pp	-0.3%-0.7pp	0.4%
Current Ratio	4.68	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.24+0.2	2.08+0.0	2.05+0.1	1.93-0.1	2.03+0.1	1.94+0.1	1.870.0	1.87
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is HA SUSTAINABLE INFRA CAP INC's annual revenue?

HA SUSTAINABLE INFRA CAP INC (HASI) reported $400.5M in total revenue for fiscal year 2025. This represents a 4.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is HA SUSTAINABLE INFRA CAP INC's revenue growing?

HA SUSTAINABLE INFRA CAP INC (HASI) revenue grew by 4.4% year-over-year, from $383.6M to $400.5M in fiscal year 2025.

Is HA SUSTAINABLE INFRA CAP INC profitable?

Yes, HA SUSTAINABLE INFRA CAP INC (HASI) reported a net income of $184.5M in fiscal year 2025, with a net profit margin of 46.1%.

What is HA SUSTAINABLE INFRA CAP INC's net profit margin?

HA SUSTAINABLE INFRA CAP INC (HASI) had a net profit margin of 46.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is HA SUSTAINABLE INFRA CAP INC's return on equity (ROE)?

HA SUSTAINABLE INFRA CAP INC (HASI) has a return on equity of 6.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is HA SUSTAINABLE INFRA CAP INC's operating cash flow?

HA SUSTAINABLE INFRA CAP INC (HASI) generated $167.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are HA SUSTAINABLE INFRA CAP INC's total assets?

HA SUSTAINABLE INFRA CAP INC (HASI) had $8.2B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does HA SUSTAINABLE INFRA CAP INC have outstanding?

HA SUSTAINABLE INFRA CAP INC (HASI) had 128M shares outstanding as of fiscal year 2025.

What is HA SUSTAINABLE INFRA CAP INC's debt-to-equity ratio?

HA SUSTAINABLE INFRA CAP INC (HASI) had a debt-to-equity ratio of 2.08 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is HA SUSTAINABLE INFRA CAP INC's return on assets (ROA)?

HA SUSTAINABLE INFRA CAP INC (HASI) had a return on assets of 2.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is HA SUSTAINABLE INFRA CAP INC's Piotroski F-Score?

HA SUSTAINABLE INFRA CAP INC (HASI) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are HA SUSTAINABLE INFRA CAP INC's earnings high quality?

HA SUSTAINABLE INFRA CAP INC (HASI) has an earnings quality ratio of 0.91x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is HA SUSTAINABLE INFRA CAP INC?

HA SUSTAINABLE INFRA CAP INC (HASI) scores 23 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.