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

FY2025 annual

Revenue $400.5M +4.4% YoY

Net Income $184.5M -7.7% YoY

EPS (Diluted) $1.41 -13.0% YoY

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

HA SUSTAINABLE INFRA CAP INC (HASI) reported $400.5M in revenue for fiscal year 2025, up 4.4% from the prior fiscal year. This page shows its 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 health score not available

HA SUSTAINABLE INFRA CAP INC does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

2/6

HA SUSTAINABLE INFRA CAP INC passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 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.

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.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

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 as of fiscal year 2025; long-term debt is not reported for that period.

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.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

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.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

None of these metrics is reported for fiscal year 2025.

HASI Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

HASI annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$462.9M	$400.5M+4.4%	$383.6M+19.9%	$319.9M+33.4%	$239.7M+12.5%	$213.2M+14.0%	$186.9M+32.0%	$141.6M+1.6%	$139.4M+31.5%	$106.0M+30.5%	$81.2M+38.4%	$58.7M+29.6%	$45.3M+85.2%	$24.4M+41.4%	$17.3M+140.1%	$7.2M
SG&A Expenses	$32.9M	$30.7M-6.8%	$32.9M+5.2%	$31.3M+4.5%	$29.9M+50.4%	$19.9M+34.1%	$14.8M+1.0%	$14.7M-2.6%	$15.1M+35.0%	$11.2M+34.8%	$8.3M+14.3%	$7.3M+24.0%	$5.8M+52.2%	$3.8M-1.5%	$3.9M+55.7%	$2.5M
Interest Expense	$334.7M	$292.4M+20.6%	$242.4M+41.7%	$171.0M+48.0%	$115.6M-5.0%	$121.7M+32.0%	$92.2M+43.5%	$64.2M-16.4%	$76.9M+17.4%	$65.5M+44.7%	$45.2M+71.5%	$26.4M+58.4%	$16.7M	N/A	N/A	N/A
Income Tax	$49.4M	$85.2M+21.4%	$70.2M+122.0%	$31.6M+328.4%	$7.4M-57.0%	$17.2M+717.4%	-$2.8M-134.3%	$8.1M+277.7%	$2.1M+142.3%	$885K+527.7%	$141K+19.5%	$118K+353.8%	$26K+110.4%	-$251K	N/A	N/A
Net Income	$86.2M	$184.5M-7.7%	$200.0M+34.4%	$148.8M+258.6%	$41.5M-67.2%	$126.6M+53.6%	$82.4M+1.0%	$81.6M+96.2%	$41.6M+34.7%	$30.9M+110.6%	$14.7M+84.1%	$8.0M-17.2%	$9.6M+191.9%	-$10.5M-374.9%	$3.8M+175.9%	-$5.0M
EPS (Diluted)	—	$1.41-13.0%	$1.62+14.1%	$1.42+202.1%	$0.47-68.9%	$1.51+37.3%	$1.10-11.3%	$1.24+65.3%	$0.75+31.6%	$0.57+78.1%	$0.32+52.4%	$0.21	$0.43+163.2%	-$0.68	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$120.8M-2.8%	$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
SG&A Expenses	$8.0M-21.6%	$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
Interest Expense	$87.5M-11.9%	$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
Income Tax	$57.0M+285.1%	-$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
Net Income	$128.6M+278.7%	-$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
EPS (Diluted)	$0.92+261.4%	-$0.57	N/A	$0.61-17.6%	$0.74+68.2%	$0.44	N/A	-$0.17

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

HASI Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

HASI annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$8.2B+15.6%	$7.1B+8.1%	$6.6B+37.7%	$4.8B+14.7%	$4.1B+19.9%	$3.5B+44.9%	$2.4B+10.8%	$2.2B-4.2%	$2.3B+28.9%	$1.7B+18.8%	$1.5B+45.7%	$1.0B+76.5%	$571.4M+145.8%	$232.5M	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+4511.0%	$6.2M-71.0%	$21.4M-62.6%	$57.3M+94.6%	$29.4M-31.0%	$42.6M-26.7%	$58.2M+82.8%	$31.8M+52.0%	$20.9M+1182.8%	$1.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$3.8M0.0%	$3.8M	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+55.4%	$1.4B+7.2%	$1.4B-16.0%	$1.6B+37.2%	$1.2B+12.9%	$1.0B+41.2%	$734.6M+74.6%	$420.8M+97.3%	$213.3M	N/A
Long-Term Debt	N/A	N/A	N/A	$433.0M+0.7%	$430.0M-27.5%	$593.0M-15.3%	$700.0M-16.2%	$835.0M-31.0%	$1.2B+75.0%	$692.0M+4.2%	$664.0M+107.0%	$320.7M+23.4%	$259.9M	N/A	N/A
Total Equity	$2.7B+10.5%	$2.4B+12.3%	$2.1B+28.6%	$1.7B+6.3%	$1.6B+29.4%	$1.2B+28.8%	$939.9M+16.8%	$804.5M+25.2%	$642.8M+11.9%	$574.3M+32.9%	$432.1M+57.7%	$274.0M+81.9%	$150.6M+686.1%	$19.2M+17.7%	$16.3M
Retained Earnings	-$323.1M-8.6%	-$297.5M+2.0%	-$303.5M-6.3%	-$285.5M-47.4%	-$193.7M+5.1%	-$204.1M-20.2%	-$169.8M-4.0%	-$163.2M-24.3%	-$131.3M-42.3%	-$92.2M-75.0%	-$52.7M-110.8%	-$25.0M-80.4%	-$13.9M-264.2%	$8.4M	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$8.9B+9.0%	$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
Cash & Equivalents	$249.9M+100.7%	$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
Total Liabilities	$6.3B+11.0%	$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
Total Equity	$2.7B+4.5%	$2.5B-4.6%	$2.7B-1.0%	$2.7B+3.8%	$2.6B+4.8%	$2.5B+2.7%	$2.4B+3.5%	$2.3B
Retained Earnings	-$375.9M+16.5%	-$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

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities.

HASI Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

HASI annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$208.5M	$167.3M+2759.1%	$5.9M-94.1%	$99.7M+43243.0%	$230K-98.3%	$13.3M-81.8%	$73.3M+148.5%	$29.5M-49.8%	$58.8M+401.8%	$11.7M-79.4%	$56.9M+207.0%	$18.5M+261.5%	$5.1M+147.6%	-$10.8M-210.4%	$9.7M+535.4%	$1.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$65K-70.0%	$217K+317.3%	$52K
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$10.8M-213.6%	$9.5M+543.1%	$1.5M
Investing Cash Flow	-$1.0B	-$855.8M-552.3%	-$131.2M+93.4%	-$2.0B-236.6%	-$592.1M+15.8%	-$703.4M+15.4%	-$831.7M-313.5%	-$201.1M-495.9%	$50.8M+117.1%	-$297.9M-56.3%	-$190.6M	N/A	N/A	-$229.3M-470.0%	-$40.2M-590.5%	$8.2M
Financing Cash Flow	$983.5M	$683.6M+241.1%	$200.4M-88.8%	$1.8B+246.8%	$516.8M-18.1%	$630.8M-34.4%	$962.1M+339.6%	$218.9M+230.0%	-$168.4M-148.8%	$345.2M+203.6%	$113.7M	N/A	N/A	$263.9M+429.7%	$49.8M+472.3%	-$13.4M
Dividends Paid	$220.0M	$209.8M+9.1%	$192.3M+20.3%	$159.8M+20.9%	$132.2M+16.5%	$113.5M+13.7%	$99.9M+15.6%	$86.4M+21.7%	$71.0M+4.0%	$68.2M+37.9%	$49.5M+56.6%	$31.6M+127.9%	$13.9M+94.5%	$7.1M	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$205K-44.0%	$366K	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$68.0M+335.8%	$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
Investing Cash Flow	-$359.2M-95.1%	-$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
Financing Cash Flow	$420.9M+141.4%	$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
Dividends Paid	$55.8M-1.7%	$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

HASI Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

HASI annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Net Margin	46.1%-6.1pp	52.1%+5.6pp	46.5%+29.2pp	17.3%-42.1pp	59.4%+15.3pp	44.1%-13.5pp	57.6%+27.8pp	29.8%+0.7pp	29.1%+11.1pp	18.0%+4.5pp	13.6%-7.7pp	21.2%+64.0pp	-42.8%-64.8pp	22.0%+91.6pp	-69.6%
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%-1.9pp	8.7%+3.5pp	5.2%+0.4pp	4.8%+2.3pp	2.5%+0.7pp	1.8%-1.7pp	3.5%+10.5pp	-6.9%-26.8pp	19.9%+50.6pp	-30.8%
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%-1.0pp	3.4%+1.5pp	1.9%+0.6pp	1.4%+0.5pp	0.8%+0.3pp	0.5%-0.4pp	0.9%+2.8pp	-1.8%-3.5pp	1.6%	N/A
Debt-to-Equity	2.08+0.1x	1.94-0.1x	2.06+1.8x	0.260.0x	0.27-0.2x	0.49-0.3x	0.74-0.3x	1.04-0.8x	1.88+0.7x	1.20-0.3x	1.54+0.4x	1.17-0.6x	1.73-9.4x	11.13	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-44.3%-99.3pp	55.1%+34.5pp	20.6%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Net Margin	106.5%	-57.9%-11.1pp	-46.8%-127.6pp	80.8%	114.9%	58.4%-10.8pp	69.2%+93.1pp	-23.9%
Return on Equity	4.9%+7.7pp	-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%
Return on Assets	1.4%+2.3pp	-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%
Debt-to-Equity	2.37+0.1x	2.24+0.2x	2.080.0x	2.05+0.1x	1.93-0.1x	2.03+0.1x	1.94+0.1x	1.87

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.

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Where HA SUSTAINABLE INFRA CAP INC Ranks

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 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.